/raid1/www/Hosts/bankrupt/TCRAP_Public/200214.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, February 14, 2020, Vol. 23, No. 33

                           Headlines



A U S T R A L I A

ALEX PERRY: To Close Bricks and Mortar Flagship Store
BAIXIN GROUP: First Creditors' Meeting Set for Feb. 20
KELA CHARMS: Second Creditors' Meeting Set for Feb. 21
MINDARIE MANAGEMENT: Second Creditors' Meeting Set for Feb. 20
RHODES WATERFRONT: Second Creditors' Meeting Set for Feb. 21

STELLER MAINTENANCE: Second Creditors' Meeting Set for Feb. 20


I N D I A

ALUPAN COMPOSITE: Insolvency Resolution Process Case Summary
B R KOHLI BULD: Insolvency Resolution Process Case Summary
CAMEX LIMITED: Ind-Ra Puts BB+ Issuer Rating on RWN, Outlook Stable
DELECTO FOODS: Insolvency Resolution Process Case Summary
DEWAN HOUSING: Ex-Directors Move NCLT Seeking Meeting Participation

DNS ELECTRONICS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
GANGOTRI GLAZED: Insolvency Resolution Process Case Summary
HARMANI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
HARYANA TELECOM: Insolvency Resolution Process Case Summary
INTENSIV-FILTER HIMENVIRO: CRISIL Cuts Rating on INR5cr Loan to D

KATARIYA PET: Insolvency Resolution Process Case Summary
KCG ENGINEERS PRIVATE: Insolvency Resolution Process Case Summary
KISANVEER SATARA: CRISIL Hikes Rating on INR147.77cr Loan to B
LAKSHMI KNIT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
M.K. INFRASTRUCTURE: Insolvency Resolution Process Case Summary

NEW FIELD: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
NRI EDUCATIONAL: CRISIL Lowers Rating on INR20cr Loans to 'D'
PALM DEVELOPERS: Insolvency Resolution Process Case Summary
R. D. SALES: CRISIL Maintains 'B' Rating in Not Cooperating
R.S. CORPORATION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

RELIANCE DIAMOND: CRISIL Maintains B+ Rating in Not Cooperating
RENAISSANCE EDUCATION: Insolvency Resolution Process Case Summary
S M ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating
S.B. INDUSTRIES: CRISIL Keeps 'D' Rating in Not Cooperating
SARVODAYA EDUCATION: CRISIL Maintains B Rating in Not Cooperating

SASA MUSA: CRISIL Maintains 'D' Rating in Not Cooperating
SASI POWER: Insolvency Resolution Process Case Summary
SCANIA STEELS: CRISIL Maintains D Rating in Not Cooperating
SHELAR PROPERTIES: CRISIL Maintains B- Rating in Not Cooperating
SHIVAM CORPORATION: CRISIL Keeps 'B-' Rating in Not Cooperating

SHREE BADRI: CRISIL Maintains B+ Rating in Not Cooperating
SHREE GANESH: CRISIL Maintains B+ Rating in Not Cooperating
SHREE GANPATLAL: CRISIL Maintains B- Rating in Not Cooperating
SHREE HANUMAN PULSES: CRISIL Lowers Rating on INR8cr Loan to B+
SHREE HANUMAN: CRISIL Lowers Rating on INR10cr Loan to B+

SHREE RAJ: CRISIL Maintains 'B' Rating in Not Cooperating
SHREE SAI: CRISIL Lowers Rating on INR4.35cr Loan to B+
SHREEGOPAL GOVIND: CRISIL Maintains B+ Rating in Not Cooperating
SHRI GANESH: Insolvency Resolution Process Case Summary
SHRI KALYANIKA: CRISIL Keeps 'D' Rating in Not Cooperating

SHRI RANISATI: CRISIL Maintains 'B' Rating in Not Cooperating
SHUBHAM INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
SNEHAL ENTERPRISES: CRISIL Maintains B+ Rating in Not Cooperating
SPERRY INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
SRI BALAJI: CRISIL Maintains 'B-' Rating in Not Cooperating

SRI CHANDRA: CRISIL Maintains 'D' Rating in Not Cooperating
STERIMED INC: CRISIL Maintains 'B' Rating in Not Cooperating
SUDEEP EXIM: CRISIL Maintains B+ Rating in Not Cooperating
SUKATA TRACTOR: CRISIL Lowers Rating on INR5.95cr Loan to B+
SURYA MANUFACTURING: Insolvency Resolution Process Case Summary

U S REALTY PRIVATE: Insolvency Resolution Process Case Summary
VAMSADHARA RICE: CRISIL Migrates B+ Rating to Not Cooperating
VENKATESH INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
VOGUE CLOTHIERS: Insolvency Resolution Process Case Summary


M A L A Y S I A

PERAK CORP: Slips Into PN17 Status After Loan Payment Default


N E W   Z E A L A N D

CRYPTOPIA LTD: Liquidators Reveal Anti-Money Laundering Issues
ZIERA SHOES: Placed Into Liquidation After IP Sale


S I N G A P O R E

RYOBI KISO: Judicial Managers Get Court OK to Pay Some Creditors
SWEE HONG: Gets 3-Month Extension to AGM Deadline till April 30

                           - - - - -


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

ALEX PERRY: To Close Bricks and Mortar Flagship Store
-----------------------------------------------------
James Hall at news.com.au reports that prominent Australian fashion
designer Alex Perry will close his flagship store to focus on
online sales.

The former Australia's Next Top Model judge will shut his only
bricks and mortar operation located in Sydney's glitzy Strand
Arcade in March but will continue to stock his collection in more
than 100 sites across the globe, he confirmed to news.com.au.

According to the report, Mr. Perry said digital sales were nearly
four times greater on the web than his only physical store and
admits the "retail environment is changing".

"There are some people who will always want a great shopping
experience and will want to go into a store and try something on,"
the report quotes Mr. Perry as saying.  

He says generational and behavioural changes have made online
shopping more accessible.

"But those two things will coexist always," the designer said.

"The message is if you are bricks and mortar, in Australia
especially, that you offer an exceptional level of service and you
have variety of items available to people.

"We're just in a different time and there are different ways that
people choose to shop."

Weak consumer confidence and increased competition from online have
been blamed for the dozens of recent retailers going out of
business, the report says.

But on a more local scale, Mr. Perry attributed the disruption from
the construction of the light rail network in Sydney's CBD.

"There's a class-action suit from businesses on George Street that
had to shut down because it had such a massive impact on the street
over how many years it took to build," he told news.com.au.

"It killed so many businesses, it was catastrophic."

Mr. Perry's decision comes hot on the heels of a slew of other
high-profile Australian businesses that have folded in the first
fortnight of 2020, the report adds.

BAIXIN GROUP: First Creditors' Meeting Set for Feb. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Baixin Group
Pty Ltd will be held on Feb. 20, 2020, at 11:30 a.m. at Level 17,
at 383 Kent Street, in Sydney, NSW.

Philip Campbell-Wilson and Said Jahani of Grant Thornton Australia
were appointed as administrators of Baixin Group on Feb. 10, 2020.

KELA CHARMS: Second Creditors' Meeting Set for Feb. 21
------------------------------------------------------
A second meeting of creditors in the proceedings of Kela Charms Pty
Ltd and Kela Holdings Pty Ltd has been set for Feb. 21, 2020, at
12:00 p.m. at the offices of BPS Recovery, Level 18, at 201 Kent
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2020, at 4:00 p.m.

David Anthony Hurst and David Henry Sampson of BPS Recovery were
appointed as administrators of Kela Charms on Jan. 16, 2020.

MINDARIE MANAGEMENT: Second Creditors' Meeting Set for Feb. 20
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Mindarie
Management Pty Ltd has been set for Feb. 20, 2020, at 10:00 a.m. at
the offices of KPMG, Level 8, at 235 St Georges Terrace, in Perth,
WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 19, 2020, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of KPMG were appointed
as administrators of Mindarie Management on Jan. 15, 2020.

RHODES WATERFRONT: Second Creditors' Meeting Set for Feb. 21
------------------------------------------------------------
A second meeting of creditors in the proceedings of Rhodes
Waterfront Pty Ltd (Formerly t/as Bare Witness) has been set for
Feb. 21, 2020, at 11:00 a.m. at the offices of Greengate Advisory,
Suite 4.05, Level 4, at 130 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2020, at 4:00 p.m.

Patrick Loi of Greengate Advisory NSW was appointed as
administrator of Rhodes Waterfront on Jan. 22, 2020.

STELLER MAINTENANCE: Second Creditors' Meeting Set for Feb. 20
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Steller
Maintenance Pty Ltd has been set for Feb. 20, 2020, at 2:30 p.m. at
the offices of Worrells Solvency & Forensic Accountants, Level 15,
at 114 William 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. 19, 2020, at 5:00 p.m.

Con Kokkinos and Matthew Kucianski of Worrells Solvency & Forensic
Accountants were appointed as administrators of Steller Maintenance
on Jan. 15, 2020.



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

ALUPAN COMPOSITE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Alupan Composite Panels Private Limited
        7D Hansalya Building
        15, Barakhamba Road
        New Delhi 110001

Insolvency Commencement Date: January 24, 2020

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

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

Insolvency professional: Dharmendra Kumar

Interim Resolution
Professional:            Dharmendra Kumar
                         92 C, DDA Pocket-4
                         Mayur Vihar Phase-1
                         New Delhi 110091
                         E-mail: kumard36@hotmail.com

Last date for
submission of claims:    February 18, 2020


B R KOHLI BULD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: B R Kohli Build Tech Private Limited

        Registered office:
        T-5, Kohli Plaza
        Plot No. 5, LSC CU Block
        Pitam Pura, Delhi 110088

           - and -

        Avalon Rangoli Bhiwadi
        Alwar Bypass Road
        Bhiwadi

Insolvency Commencement Date: January 14, 2020

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

Estimated date of closure of
insolvency resolution process: July 12, 2020

Insolvency professional: Jyoti Ranjan Tarafdar

Interim Resolution
Professional:            Jyoti Ranjan Tarafdar
                         91, Siddhartha Enclave
                         Near Ashram Chowk
                         New Delhi 110014
                         E-mail: ip.jyotiranjan@gmail.com
                                 brkohlibtcirp@gmail.com

Last date for
submission of claims:    February 17, 2020


CAMEX LIMITED: Ind-Ra Puts BB+ Issuer Rating on RWN, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Camex Limited's
(Camex) Long-Term Issuer Rating of 'IND BB+' on Rating Watch
Negative (RWN). The Outlook on the earlier rating was Stable.

The instrument-wise rating actions are:

-- 150 mil. Fund-based Limits placed on RWN with IND BB+ / RWN /
    INDA4+ / RWN rating; and

--100 mil. Non-fund-based limit placed on RWN with INDA4+/RWN
    rating.

KEY RATING DRIVERS

The RWN follows the announcement of Camex's quarterly result, which
shows a 6.4% YoY decline in the revenue to INR297.24 million due to
lack of orders. Furthermore, the company reduced imports of raw
material from China (44% of the total purchase, as of September
2019) and this will impact its top-line and EBITDA margins,
considering the high costs involving in sourcing raw material from
the domestic market. The management expects this slowdown to
continue in 1QFY21 as well.

The company's 6MFY20 interest coverage (operating EBITDA/net
interest expense) improved to 5.36x (FY19: 4.0x) due to lower
interest costs, while net leverage (total adjusted net
debt/operating EBITDA) deteriorated to  3.8x (FY19: 1.6x) owing to
the reduction in absolute EBITDA. EBITDA fell to INR23.08 million
in 6MFY20 (FY19: INR74 million) owing to fewer orders. Camex's
total debt reduced to INR106.5 million in 6MFY20 (FY19: INR138
million), as the company withdrew interest-bearing unsecured loans
to reduce its interest burden, and also because its working capital
requirement reduced owing to the fall in orders. The company's
9MFY20 interest coverage deteriorated to 4.6x due to a further
decline in the absolute EBITDA to INR27.71 million.

Ind-Ra will closely monitor the results and will resolve the RWN
once the agency has additional information on the company's
resumption of imports from China, its financial or operational
impact on the business and the management's future action plans.

RATING SENSITIVITIES

The RWN indicates that the ratings may be downgraded or affirmed.
Ind-Ra is likely to resolve the RWN within 90 days.

COMPANY PROFILE

Camex, incorporated in 1989, is promoted by Mr. CB Chopra and
family. The company is engaged in the manufacturing and trading of
reactive dyes, intermediates, pigments and specialty chemicals used
in the textile industry.

DELECTO FOODS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Delecto Foods Private Limited
        202, Oxford Plaza
        No. 9-1-12/1, S.D. Road
        Secunderabad 500003
        Telangana

Insolvency Commencement Date: February 5, 2020

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Chillale Rajesh

Interim Resolution
Professional:            Chillale Rajesh
                         B-421, Western Plaza
                         O.U. Colony, H.S. Darga
                         Hyderabad 500008
                         Telangana
                         E-mail: chillalerajesh@yahoo.co.in
                                 cirp.delecto@gmail.com

Last date for
submission of claims:    February 21, 2020


DEWAN HOUSING: Ex-Directors Move NCLT Seeking Meeting Participation
-------------------------------------------------------------------
BloombergQuint reports that former directors of Dewan Housing
Finance Corporation Ltd. on Feb. 12 filed an application in the
National Company Law Tribunal seeking participation in the
committee of creditors meetings.

BloombergQuint relates that the DHFL former directors were denied
participation in the CoC meetings as its board was superseded by
the Reserve Bank of India in November 2019.

The participation in the CoC meetings cannot be allowed as the
insolvency process was initiated by the RBI, the counsel
representing the administrator said. The tribunal directed the
administrator to file a reply in this regard before Feb. 19, the
report notes.

Meanwhile, last week, the Uttar Pradesh Power Corporation
Contributory Provident Fund Trust had moved NCLT to recover dues
from DHFL, BloombergQuint reports. The trust, which manages the
power corporation's provident fund, claimed that the non-bank
lender owes it more than INR148 crore that it invested in DHFL's
fixed deposits.

Further, the counsel representing the trust told the Mumbai bench
of NCLT that they have filed claims with the CoC to DHFL. NCLT
directed the administrator for two weeks' time to file a reply
after the CoC meeting. DHFL became the first financial services
company to be referred to the NCLT under new rules notified by the
government on Nov. 15, 2019.

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2019, Deccan Herald said the Mumbai bench of the National
Company Law Tribunal (NCLT) on Dec. 2, 2019, admitted a petition by
the Reserve Bank of India (RBI) seeking bankruptcy proceedings to
resolve the mortgage player Dewan Housing Finance (DHFL). The move
came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.

RBI appointed R Subramaniah Kumar as the company's administrator.

Financial creditors to DHFL have submitted claims worth INR86,892
crore against the mortgage lender, BloombergQuint disclosed.

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

The instrument-wise rating action is:

-- INR240 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

DEPL is an exclusive distributor of products such as mobile phones,
home appliances, water geysers, lubricants for companies such as LG
Electronics Limited, VIP Industries Limited, Philips India Limited,
Samsung India Electronics Private Limited, Sony India Private
Limited and Lenovo (India) Private Limited. It supplies to several
wholesalers in Delhi. It was incorporated in 2006 by Rajan Dhingra
and Vikas Dhingra.

GANGOTRI GLAZED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Gangotri Glazed Tiles Private Limited
        Survey no. 130/P, N.H. 8-A
        Tal. Wankaner
        Dhuva 363622
        Gujarat, India

Insolvency Commencement Date: January 27, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 30, 2020

Insolvency professional: Mr. Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Mr. Keyur Jagdishbhai Shah
                         408, Chitrarath Complex
                         Opp. Municipal Market
                         Off C.G. Road
                         Behind Hotel President
                         Navrangpura, Ahmedabad 380009
                         Gujarat, India
                         E-mail: cs.keyurshah@gmail.com
                                 cirp.gangotri@gmail.com

Last date for
submission of claims:    February 15, 2020


HARMANI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harmani Agro Export
Limited (SIL) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         7        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SIL for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SIL continues to be 'CRISIL D Issuer not
cooperating'.

Promoted by Mr. Bimalpal Singh, Mr. Taranbir Singh and Mr. Satbir
Sharma, SIL was incorporated 2012 and processes basmati and
non-basmati rice at its plant in Faridkot (Punjab). SIL has total
milling capacity of 5 metric tonne per hour.

HARYANA TELECOM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Haryana Telecom Limited

        Registered and Principal office:
        SCO No. 175-176, Sector 8C
        Madhya Marg, Chandigarh 160009

        Factory address:
        Village Kheri Sadh
        District Rohtak
        State-Haryana
        Pin Code: 124021

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: August 5, 2020
                               (180 days from commencement)

Insolvency professional: Sanyam Goel

Interim Resolution
Professional:            Sanyam Goel
                         Unit No. 110, First Floor
                         JMP Pacific Square
                         Sector 15, Part II
                         Gurugram, Haryana 122001
                         E-mail: goelsanyam@gmail.com
                                 cirp.htl@gmail.com

Last date for
submission of claims:    February 21, 2020


INTENSIV-FILTER HIMENVIRO: CRISIL Cuts Rating on INR5cr Loan to D
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
short-term bank facilities of Intensiv-Filter Himenviro Private
Limited (IFHPL; part of the Intensive Filter group) to 'CRISIL A4
Issuer Not Cooperating'. However, the management has subsequently
started sharing the requisite information for carrying out a
comprehensive review of the rating. CRISIL has now downgraded the
rating to 'CRISIL D' from 'CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL D (Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Inland/Import          6         CRISIL D (Downgraded from
   Letter of Credit                 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

The downgrade reflects continuous devolvement of letters of credit
due to poor liquidity. The group also has working capital-intensive
operations. However, it benefits from an established presence in
the pollution control equipment industry.

Analytical Approach
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of IFHPL and Himenviro Environmental
Engineering Company Pvt Ltd (HEECPL). That's because, the two
companies, collectively referred to as the Intensive Filter group,
are in the same business, and have common management and
operational synergies. IFHPL holds 41.8% share in HEECPL.

Key Rating Drivers & Detailed Description

Weaknesses:
* Devolvement of LCs:
LC were not settled for more than 30 days due to delayed
realisation of debtors, which impacted liquidity.

* Working capital-intensive operations:
Gross current assets were 270-412 days over the past three fiscals
(412 days as on March 31, 2019). That was primarily driven by
stretched debtors as significant credit is extended to customers to
combat competition. Debtors stood at 229 days as on March 31, 2019.
Inventory has remained moderate at 30-40 days. The working capital
requirement is partially funded by stretching creditors.

Strength:
* Established presence in the pollution control equipment
industry:
Benefits from the group's established presence and healthy order
pipeline should support the business. It offers a wide range of
products such as electrostatic precipitators, fabric filters,
hybrid electro filters, reverse air bag housing, and air-to-air
heat exchangers that find application in cement, steel, power and
food industries. It has a large and reputed clientele, which
includes UltraTech Cement Ltd ('CRISIL AAA/Stable/CRISIL A1+') and
Shree Cement Ltd (the biggest customer; 'CRISIL AAA/Stable/CRISIL
A1+') in the domestic market. In the overseas market, clients
include Tetra Pak in Australia, New Zealand, the US, and the
Netherlands; Loesche in Germany; and Nestle in Switzerland.

Liquidity Poor
There has been devolvement of LCs for more than 30 days due to
stretched debtor realisation.

Rating sensitivity factors:
Upward factors:
*Timely debt servicing for more than 90 days
*Improvement in the working capital cycle.

Incorporated in 2007 as Himenviro Environmental Technologies Pvt
Ltd (HETPL), IFHPL is promoted by Mr Manoj Garg, based in Noida,
Uttar Pradesh. The company is engaged in the designing, engineering
and installation of air pollution control equipment, and de-dusting
and filtration equipment. In 2012, HETPL acquired the German
company, Intensive Filter GmbH, and the name was changed to IFHPL.

HEECPL, incorporated in 1993, is promoted by Mr Manoj Garg. The
company is engaged in the designing, engineering and manufacturing
of pollution control equipment (mainly air pollution). Its
manufacturing facilities are at Shamli and Noida (both in Uttar
Pradesh).

KATARIYA PET: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Katariya Pet Private Limited
        Gat No. 3/4/1A, Milkat No. 2253
        Handewadi Road
        Opp Indian Oil Petrol Pump
        Behind Samriddhi Hotel
        UruliDevachi Road
        Katraj-bypass Road
        Taluk Haveli, Pune
        Maharashtra 421308

Insolvency Commencement Date: December 6, 2019

Court: National Company Law Tribunal, Nagpur Bench

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

Insolvency professional: Megha Agrawal

Interim Resolution
Professional:            Megha Agrawal
                         001, Shivranjini Apartments
                         In Circle of Congress Nagar Garden
                         Congress Nagar, Nagpur 400012
                         E-mail: megs9june@yahoo.com

                            - and -

                         13, 2nd floor, NKY Towers
                         Wardha Road, Nagpur 440010
                         E-mail: cirp.katariyapet@gmail.com

Last date for
submission of claims:    February 11, 2020


KCG ENGINEERS PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: KCG Engineers Private Limited
        Gat No. 390/1/2
        Grampanchayat Shiroli Pulachi
        Tal. Hatkanangale
        Dist. Kolhapur 416112
        India

Insolvency Commencement Date: January 20, 2020

Court: National Company Law Tribunal, Kolhapur Bench

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

Insolvency professional: Mr. Neehal Mahamulal Pathan

Interim Resolution
Professional:            Mr. Neehal Mahamulal Pathan
                         Plot No. 27, R.S.No. 825
                         Sahjeevan Parisar
                         Near TPM Church
                         Behind Circuit House
                         Kolhapur 416003 MH
                         E-mail: ca.neehal@gmail.com

Last date for
submission of claims:    February 14, 2020


KISANVEER SATARA: CRISIL Hikes Rating on INR147.77cr Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kisanveer Satara Sahakari Sakhar Karkhana Limited (KSSSKL) to
'CRISIL B/Stable' from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Pledge Loan           25         CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term   147.77      CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan             53.23      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects the track record of timely servicing of
term debt for three months, because of improved liquidity. With
stable sugar cane crushing and sugar realizations, cash flows
should be moderate, and thus, support liquidity.

The rating continues to reflect the below-average financial risk
profile, working capital-intensive operations, and exposure to
regulatory changes and cyclicality in the sugar industry. These
strengths are partially offset by KSSSKL's established market
position in the sugar industry, and the integrated scale of
operations.

Key Rating Drivers & Detailed Description

Weaknesses:
* Below-average financial risk profile: Financial risk profile is
marked by a modest networth of INR25.6 crore, and high total
outside liabilities to tangible networth ratio of 32 times as on
March 31, 2019, driven by sugar stock and payables during the
season. Debt protection metrics are average, as reflected in
interest coverage and net cash accrual to total debt ratios, of 1.5
times and 0.06 time, respectively, for fiscal 2019.

* Large working capital requirement: Gross current assets were high
at 468 days, due to sizeable inventory of 300 days, as on March 31,
2019. The crushing activity occurs between November and April, and
the company has to hold sugar inventory after the crushing season,
as sale as based on sugar sales quota. Receivables, however, are
low, as payments are received immediately.

* Exposure to regulatory changes and cyclicality in the sugar
industry:  The sugar industry is cyclical and highly regulated.
Production and availability of sugarcane are highly dependent on
monsoon, cane prices and prices of alternative crops. The
government regulates the domestic demand-supply scenario, by
restricting imports and exports, and managing prices of sugar and
cane procurement.

Strengths:
* Established market position in the sugar industry: Presence of
nearly five decades in the domestic sugar industry, and strategic
location of the mill in the sugarcane growing belt, will continue
to support KSSSKL's business risk profile.

* Integrated scale of operations: The society has been operational
since 1968, and has integrated operations. It has sugarcane
crushing capacity of 4000 tonne per day, a distillery with output
of 100 kilolitre per day, and a co-generation unit with 22-megawatt
capacity. The integrated operations supports overall cash flows of
the society.

Liquidity Stretched
The society is expected to service its debt in a timely manner,
backed by stable cash flows from sale of sugar. Expected cash
accrual of INR14-20 crore, should comfortably cover the maturing
debt of INR13-14 crore, over the medium term. Bank limit
utilisation averaged around 55% in the 12 months ended October 31,
2019. Current ratio was modest at 0.83 time as on March 31, 2019.

Outlook: Stable

CRISIL believes KSSSKL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors:
Upward Factors:
* Growth in revenue, sustained profitability, and cash accrual of
over INR25 crore
* Sustained improvement in capital structure

Downward Factors:
* Lower-than-expected sugar cane crushing, and weaker operating
performance, leading to cash accrual of less than INR13 crore
* Stretch in the working capital cycle, or any large, debt-funded
capex, weakening financial risk profile and liquidity.

KSSSKL is a cooperative sugar mill, at Bhuinj in Satara district of
Maharashtra. It was set up in 1968, by the late Mr Kisan Mahadeo
(Abasaheb) Veer and Mr Prataprao Bhosale. The society is currently
chaired by Mr Madan Bhosale.

LAKSHMI KNIT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lakshmi Knit
Wear's (LKW) Long-Term Issuer Rating to 'IND D' from 'IND B+'. The
Outlook was Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital facilities (Long-
     term/Short-term) downgraded with IND D rating; and

-- INR6.40 mil. (reduced from INR6.96 mil.) Term loan (Long-term)

     due on March 2024 downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects LKW's over 30 days of delay in the repayment
of the loan due on December 31, 2019, due to tight liquidity
position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

LKW is a partnership firm established in 2000. It is promoted by
Ayyaswamy and his son A. Jayaprakash. LKW is engaged in the
manufacture and export of knitted garments.

M.K. INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M.K. Infrastructure Private Limited
        1, Agarsen Road
        P O Siliguri Darjeeling
        WB 734405
        IN

Insolvency Commencement Date: January 24, 2020

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Jugraj Singh Bedi

Interim Resolution
Professional:            Jugraj Singh Bedi
                         JSBA House, 1250 Ground Floor
                         Mukherjee Nagar Delhi 110009
                         E-mail: jb@jsba.in
                                 irp.mkipl@gmail.com

Last date for
submission of claims:    February 18, 2020


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

The instrument-wise rating actions are:

-- INR132.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1971, NFIEPL is primarily engaged in the design and
manufacture of engineering equipment such as heat exchangers,
condensers and gas skids. NFIEPL is managed by Sumul Patel and
Ritesh Master. The company largely caters to the power and gas
sector.

NRI EDUCATIONAL: CRISIL Lowers Rating on INR20cr Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of NRI Educational Society - Guntur (NRI) to 'CRISIL D' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      0.1       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Secured Overdraft      19.9       CRISIL D (Downgraded from
   Facility                          'CRISIL B+/Stable')

The downgrade reflects continuous overdrawal/irregularity in
secured overdraft facility for more than 30 consecutive days
because of weak liquidity.

The rating continues to reflect NRI's modest scale of operations
and a weak financial risk profile. The rating also factors in its
low operating margins and exposure to high degree of regulation by
Governmental agencies. These rating weaknesses are partially offset
by the benefits derived from the extensive experience of its
members in the education sector.

Key Rating Drivers & Detailed Description

Weaknesses:
* Delay in debt servicing: Secured overdraft facility remained
overdrawn for more than 30 consecutive days and interest servicing
is delayed because of weak liquidity due to delays in collection of
receivables.

* Modest scale of operations
Scale is modest as reflected in its revenue of Rs. 105 crore in
fiscal 2019. The society's growth over the medium term will be
constrained due to its geographical concentration in its revenue
profile and exposure to stiff competition from other schools in the
same and other region.

* Weak financial risk profile
Financial profile is weak marked by a modest networth of INR11.8
crore, high total outside liabilities to tangible net worth
(TOLTNW) of 4.46 times, respectively, as on March 31, 2019. On
account of modest accruals and high debt levels the society has
sub-par debt protection metrics marked by interest coverage and net
cash accrual to total debt ratios of about 2.2 times and 0.11 times
respectively for fiscal 2019.

* Exposure to high degree of regulation by Governmental agencies
NRI is exposed to highly regulated environment in the education
sector. The establishment and running of higher educational
institutions are governed by various governmental and
quasi-governmental agencies such as the University Grants
Commission (UGC), AICTE, universities, and state governments.

* Low operating margin
NRI's margins have been in the range of 5-7 per cent over the last
5 years ending March, 2098. This is primarily because of high rents
and salaries which restrict the operating margin.

Strength:
* Extensive industry experience of the members
NRI has a long track record in the education sector for over two
decades and has gradually diversified its revenue profile by
providing education across various disciplines from primary
education to post graduation. NRI is managed by Mr. Alapati
Rajendra Prasad who has around two decades of experience in
education sector.

Liquidity Poor
Bank limits remained overdrawn for more than 30 consecutive days
because of poor liquidity.

Rating Sensitivity factors

Upward factors
* Track record of timely debt servicing for at least over 90 days
* Improvement in liquidity driven by higher operating margin and
faster collection of receivables.

Established in 2005, NRI operates 45 junior colleges (FYJC and
SYJC) for science and commerce. It also runs 10 schools offering
education from kindergarten to class 10. The schools under the
trust operate under the name of Indian Springs which is located in
Hyderabad and Guntur while the colleges run under the names NRI
Vidya Junior College, NRI SAI Junior College, and NRI Junior
College. The society is managed by Mr. Alapti Rajendra Prasad.

PALM DEVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Palm Developers Private Limited

        Registered office:
        Plot No. 1, Ground Floor
        Kilkori, Maharani Bagh
        Delhi 110065

Insolvency Commencement Date: Janaury 27, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: July 24, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Manoj Kumar Singh

Interim Resolution
Professional:            Mr. Manoj Kumar Singh
                         Mars & Associates
                         Cost Accountants 203, 2nd Floor
                         10 Sikka Complex Community Centre
                         Preet Vihar, New Delhi
                         Delhi 92
                         E-mail: cma.msingh@gmail.com

Classes of creditors:    Allottee Under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sandeep Khanna
                         604 Supertech Residency
                         Plot No. 6A, Sector 5
                         Vaishali, Ghaziabad 201010
                         E-mail: cma.skhanna@gmail.com

                         Vishnu Upadhyay
                         A-44, Bhaskar Enclave-II
                         Nr Harbinger Heights
                         Golyawas, VT Road
                         Mansarovar, Jaipur 302020
                         Rajasthan (India)
                         E-mail: ipvishnu.upadhyay@gmail.com

                         Jayant Prakash
                         House No. 775, Sector-15
                         Vasundhara, Ghaziabad 201012
                         E-mail: jayant_prakash@yahoo.com

Last date for
submission of claims:    February 12, 2020


R. D. SALES: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of R. D. Sales (RDS)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Electronic Dealer      4         CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING)
   (e-DFS)                

   Proposed Long Term     4         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RDS for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RDS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RDS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of RDS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

RDS was set up as a proprietorship concern by Mr. Anil Bansal in
2007 and is based in Delhi. It was reconstituted as a partnership
firm in 2012. The firm trades in steel and is an authorised dealer
of Steel Authority of India Ltd for north Delhi.

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

The instrument-wise rating actions are as follows:

-- INR32 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR48 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR10 mil. Proposed non-fund-based limits migrated to non-
     cooperating category with Provisional IND A4+ (ISSUER NOT
     COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 28, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1994, RSCORP undertakes civil construction projects
in Gujarat. Pravin M Patel and Daxaben Patel are the partners.

RELIANCE DIAMOND: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Reliance Diamond
Tools (RDT) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.6       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     4.9       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              6.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RDT for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RDT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RDT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of RDT continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Set up in 1994 as a proprietorship concern by Mr. J Ravi, RDT
manufactures diamond-cutting tools used in the automobile industry.

RENAISSANCE EDUCATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Renaissance Education Private Limited
        Apte Phata Mumbai Goa Highway
        Karnala Bird Sanctuary
        Panvel, Maharashtra 410220

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 8, 2020

Insolvency professional: Brijendra Kumar Mishra

Interim Resolution
Professional:            Brijendra Kumar Mishra
                         Flat No. 202, Bhoj Bahavan
                         Plot No. 18-D, Shivpuri
                         Sion-Trombay Road
                         Chembur (E), Mumbai
                         Maharashtra 400071
                         E-mail: mishrabk1959@gmail.com

                            - and -

                         I-21/22, Paragon Centre
                         Pandurang Budhkar Marg
                         Worli, Mumbai
                         Maharashtra 400013
                         E-mail: rp.reepl@gmail.com

Last date for
submission of claims:    January 24, 2020


S M ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of S M Enterprises -
East Delhi (SME) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      17       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)


CRISIL has been consistently following up with SME for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.


Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SME, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SME is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SME continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up as a proprietorship concern by Mr. Bharat Kalra, SME is
engaged into supply of construction and building materials.


S.B. INDUSTRIES: CRISIL Keeps 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of S.B. Industries (SB)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     1.5       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        5.5       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SB for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SB continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

SB was established in Delhi by Mr. Bhutani in 1984. The firm
manufactures and markets electrical wires and cables.

SARVODAYA EDUCATION: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sarvodaya Education
Society (SES) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         25        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SES for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SES is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SES continues to be 'CRISIL B/Stable Issuer not
cooperating'.

SES was established by the late Mrs. Jayalakshmi Siddaiah in 1959.
The society runs three schools in Bengaluru. Dr. B.Ramdas is the
current president of the society. The day-to-day operations are
handled by Dr. Vivekananda Siddiah, General Secretary.

SES reported, a profit after tax (PAT) of Rs.2 million on operating
income of Rs.36 million for 2014-15 (refers to financial year,
April 1 to March 31); the Society reported a PAT of Rs.11 million
on operating income of Rs.39 million for 2013-14.

SASA MUSA: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sasa Musa Sugar Works
Private Limited (SMSWPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           55        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     1.6      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan              4.9      CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SMSWPL for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SMSWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMSWPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SMSWPL continues to be 'CRISIL D Issuer not
cooperating'.

SMSWL was promoted by the late Mr. Sheikh Mohammad Ibrahim in 1933.
The company produces sugar at its factory in Sasa Musa (Bihar).

SASI POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sasi Power Private Limited
        A-60, Okhla Indl. Area
        PH-II, New Delhi 110020

Insolvency Commencement Date: January 29, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Pankaj Khetan

Interim Resolution
Professional:            Pankaj Khetan
                         H-38, LGF, Jangpura Extension
                         Near Eros Complex
                         New Delhi 110014
                         E-mail: pankaj.khetan@yahoo.com

                            - and -

                         K-37/A, Basement, Kailash Colony
                         Near Kailash Colony Metro Station
                         Delhi 110048
                         E-mail: cirpsasipower@gmail.com

Last date for
submission of claims:    February 12, 2020


SCANIA STEELS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Scania Steels and
Powers Limited (Scania) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           24.43      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        6.80      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of Credit       3.00      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     5.60      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             23.76      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital       12.41      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with Scania for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Scania, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Scania is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Scania continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Scania was originally set up by Mr. Satish Garg and his family
(from New Delhi) in 1995 and was engaged in manufacture of sponge
iron. In 2006-07, Mr. Sanjay Gadodia, based in Rourkela (Odisha),
purchased this company. Scania has also established a rolling mill.

SHELAR PROPERTIES: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shelar Properties
Private Limited (SPPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        6.95       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    5.55       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            24.00       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SPPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

SPPL, incorporated in 1999, operates two multi-facility hotels at
Nashik and Thane, both in Maharashtra, under the Express- Inn
brand. Its operations are managed by the promoter, Mr. Narayan
Shelar.

SHIVAM CORPORATION: CRISIL Keeps 'B-' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shivam Corporation
India (Shivam) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            20       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with Shivam for obtaining
information through letters and emails dated June 29, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shivam, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Shivam is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Shivam continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Shivam trades in pig iron, cast iron, and iron scrap. It has
dealership of Jayaswal Neco Industries Ltd, Tata Metaliks Ltd and
Sesa Goa Ltd amongst others. Shivam has warehouses in Faridabad
(Haryana), Ghaziabad (Uttar Pradesh), Samalkha (Haryana), and
Delhi.


SHREE BADRI: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Badri Kedar
Udyog Private Limited (SBKUPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            15         CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SBKUPL for obtaining
information through letters and emails dated June 29, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBKUPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBKUPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SBKUPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

SBKUPL, incorporated in 2011 by Mr. Amit Sarawgi and based in
Ranchi (Jharkhand), trades in fabrics in the domestic market.
Initially, the company was in the civil construction business.
However, the promoters decided to discontinue the construction
business and entered the trading business in 2013-14 (refers to
financial year, April 1 to March 31).

SHREE GANESH: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Ganesh
Automobiles (SGA) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Inventory Funding      7         CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with SGA for obtaining
information through letters and emails dated November 30, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SGA continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

SGA was incorporated in 2001 as a proprietorship firm by Mr Sudha
Sindhu Panda as an authorised dealer of ALL's CVs.  The firm also
sells spares and trades in MRF tyres and Gulf Oil lubricants. It
has 5 showrooms.

SHREE GANPATLAL: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Ganpatlal
Onkarlal Agarwal and Co. (SGOANC) continues to be 'CRISIL B-/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SGOANC for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGOANC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGOANC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SGOANC continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Swastik Coal Corporation Pvt Ltd
(SCCPL), Arka Carbon Fuels Pvt Ltd (Arka Carbon), and Shree
Ganpatlal Onkarlal Agarwal & Company (Shree Ganpatlal). This is
because the three entities, together referred to as the Swastik
group, are held and managed by the same promoters and have
operational and financial linkages.

SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in
indigenous and imported coal. The group also provides logistic
services through Shree Ganpatlal. Established in 1984 by members of
the Bindal family for trading in indigenous coal, the group is
focused on imported coal; it both directly imports coal from
international suppliers and relies on merchant importers in India.

SHREE HANUMAN PULSES: CRISIL Lowers Rating on INR8cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shree Hanuman
Pulses (SHP) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SHP for obtaining
information through letters and emails dated November 30, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SHP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SHP Revised to 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 1985, SHP is a partnership firm engaged in
processing and trading of pulses such as tur, chana and matar dal.
The firm is promoted by Mr Ratan Jhawar and Mr Ramesh Jhawar and
has a facility in Raipur.

SHREE HANUMAN: CRISIL Lowers Rating on INR10cr Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shree Hanuman
Loha Limited (SHLL; part of the Balajee group) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with SHLL for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SHLL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHLL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SHLL Revised to 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Balajee Loha Ltd (BLL), Shree Hanuman
Loha Ltd (SHLL), and Balajee Structurals (India) Ltd (BSIL). This
is because these companies, collectively referred to as the Balajee
group, have a common management and fungible cash flow, and are in
the same business.

Promoted by Raipur-based Agrawal family, the Balajee group
manufactures ingots and billets, steel long products, and
structural products. The group utilises ingots/billets manufactured
in-house for its rolling mills.

SHREE RAJ: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Raj Fashion
Fabrics (SRSST) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.56      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              3.94      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SRSST for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRSST, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRSST is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SRSST continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Formed in 2012, SRFF manufactures fabrics and undertakes job work
for weaving and knitting of fabrics for ready-made garments
manufacturers. The firm is managed by Mr. Hitesh Kothari, Mr.
Dipesh Kothari, and Mrs. Leeladevi Kothari and has its registered
office at Bhiwandi, Mumbai.

SHREE SAI: CRISIL Lowers Rating on INR4.35cr Loan to B+
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shree Sai Het
Agro (SSHA) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.15      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Cash         4.35      CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    0.29      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan             1.21      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')COOPERATING')

CRISIL has been consistently following up with SSHA for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSHA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSHA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SSHA Revised to 'CRISIL B+/Stable Issuer not
cooperating'.

SSHA was set up as a proprietorship concern by Mr Pragneshkumar R
Naik, in 2012. The firm mills paddy into processed rice at its
manufacturing facility in Navsari, Gujarat.

SHREEGOPAL GOVIND: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shreegopal Govind
Sponge Private Limited (SGSPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SGSPL for obtaining
information through letters and emails dated November 30, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SGSPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

SGSPL was established in 2002 by Mr Ram Kumar Sarda in Raniganj
(West Bengal). It manufactures sponge iron.

SHRI GANESH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Shri Ganesh Fire Equipments Private Limited

        Registered office:
        6/205, Second Floor Didar Commercial Complex
        DLF Indl Area Moti Nagar
        New Delhi DL 110015
        IN

        Unit: I
        6/6 Didar Comm. Complex D.L.F.
        Indl. Area, Moti Nagar
        New Delhi 110015

        Unit: II
        Plot No. 27F/1A, Khasra No. 93/10
        Mundka Indl. Area
        New Delhi 110041

        Unit: III
        Plot No. D-4, E.P.I.P. Hajipur
        Distt. Vaishali 844101 (Bihar)

Insolvency Commencement Date: February 6, 2020

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

Estimated date of closure of
insolvency resolution process: August 3, 2020
                               (180 days from commencement)

Insolvency professional: Rekha Sharma

Interim Resolution
Professional:            Rekha Sharma
                         Building No. 11, 3rd Floor
                         Hargovind Enclave
                         Vikas Marg, Delhi 110092
                         E-mail: rekhaip.vrsa@gmail.com

Last date for
submission of claims:    February 24, 2020


SHRI KALYANIKA: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Kalyanika
Promotors and Developers Private Limited (SSBJDHIPL) continues to
be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          10        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SSBJDHIPL for
obtaining information through letters and emails dated June 29,
2019 and December 9, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSBJDHIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SSBJDHIPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SSBJDHIPL continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

SSBJDHIPL was set up in 2012-13 (refers to financial year, April 1
to March 31) by Mr. Anand Haldiwal, Mr. Omprakash Haldiwal, Mrs.
Rakhi Haldiwal, Dr. Jagdish Chand Yadav, Dr. Manoj Gurjar, and Dr.
Vishal Yadav. The company runs a hospital in Barwani (Madhya
Pradesh). It started operations in July 2014.

SHRI RANISATI: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ranisati Steel
Traders (SRSST) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SRSST for obtaining
information through letters and emails dated November 30, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRSST, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRSST is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SRSST continues to be 'CRISIL B/Stable Issuer not
cooperating'.

SRSST, based in Raipur, Chhattisgarh, trades in iron and steel
products, especially galvanised plain and corrugated sheets and
coils. Set up in May 2014 by Mr Satyaprakash and Mr Pawan
Jhunjhunwala, the firm deals in products of principals such as
Uttam Galva Steels Ltd, Bhushan Power & Steel Ltd, Bhushan Steel
Ltd, and Uttam Value Steels Ltd. Operations are in Raipur and
Nagpur.

SHUBHAM INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shubham Industries -
Kadi (SI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           14          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated June 29, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Set up in 2005, SI is promoted by Mr. Ashok Patel and family. The
firm gins and presses cotton at its facility in Kadi (Gujarat).

SNEHAL ENTERPRISES: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Snehal Enterprises
(SE) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            34        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SE continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2007, SE is a Hindu Undivided Family (HUF), owned and
managed by Mr Nitin Jain. The firm trades in various agricultural
commodities including rice, paddy, and bardana in the local markets
of Punjab and Delhi. It is based in Amritsar.

SPERRY INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sperry International
Private Limited (SIPL; part of the Sperry group) continues to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Letter of Comfort     12        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with Sperry International
Private Limited (SIPL; part of the Sperry group) for obtaining
information through letters and emails dated June 29, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SIPL continues to be 'CRISIL D Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPL and Sperry Plast Ltd (SPL; together
referred to as the Sperry group) as SIPL is a subsidiary of SPL and
both companies are in a similar business, and have financial
linkages and a common management.

                           About the Group

SIPL
Incorporated in December 2004, SIPL is a subsidiary of SPL (holding
80.03% stake) which has invested in Sperry Wictor SRL, Italy (100%
subsidiary of SIPL - which is into manufacturing of adhesives).
SIPL is promoted by Mr Vikram Jain.

SPL
Incorporated in April 1992, SPL is a closely held company promoted
by Mr Vikram Jain and his family. It manufactures thermoplastic
rubber compound, plastic moulded components, and expanded
polystyrene (EPS) foam. It has its four manufacturing facilities in
Greater Noida (2 units), Chennai and Jammu.

SRI BALAJI: CRISIL Maintains 'B-' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Balaji Poultry
Farm (SBPF) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.


                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)
   Term Loan             8.19       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SBPF for obtaining
information through letters and emails dated July 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBPF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SBPF continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Established in 2008 as a proprietorship entity,SBPF is engaged in
the production of commercial eggs. The firm is promoted by
Mr.L.Kumar Goud and his family and has its poultry farm situated at
Shadnagar region of Andhra Pradesh.

SRI CHANDRA: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Chandra
Moulishvar Spinning Mills Private Limited (SCMSM) continues to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)  Ratings
   ----------      -----------  -------
   Bank Guarantee      .09      CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit       10.00      CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     7.75      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SCMSM for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SCMSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCMSM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SCMSM continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Established in September 2004 by Mr M Ravichandran, SCMSM
manufactures hosiery yarn in Tirupur (Tamil Nadu).

STERIMED INC: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sterimed INC (SI)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan        1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working      1.0        CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 1996, SI is involved in wholesale distribution of
sterilisation packaging, monitoring products, cleaning chemicals,
and teaching aids. The firm has long-term agreements with its
principals'Steris Corporation, Westfield Medical Ltd, Albert Browne
Ltd, and Nasco Fort Atkinson. It is managed by the managing
partner, Mr. A K Chandrasekharan.

SUDEEP EXIM: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sudeep Exim Private
Limited (SEPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Channel Financing     3.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information
on either the financial performance or strategic intent of SEPL,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on SEPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of SEPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

SEPL is promoted by Mr. Sushil Kanodia and Mr. Deepak Kanodia.
Company was incorporated in 2006. It is an authorized distributor
for JSW Steel Ltd.  Company is engaged in the distributorship of  
Mild Steel Flat & Long Products, CR Sheets, CRCA Sheets, CRCA Coils
and Cold Rolled Coils.

SUKATA TRACTOR: CRISIL Lowers Rating on INR5.95cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sukata Tractor
Parts Private Limited (STPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.95      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    3.70      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan             0.35      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with STPPL for obtaining
information through letters and emails dated November 30, 2019 and
December 09, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of STPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of STPPL Revised to 'CRISIL B+/Stable Issuer not
cooperating'.

STPPL was incorporated in 1996, by the promoters, Mr Kunal Arora
and Mr Anish Arora. The company manufactures seats, handles,
compartment doors, and other auto components, mainly for the
tractor industry and the railways, and has three manufacturing
units at Panchkula (Haryana).

SURYA MANUFACTURING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Surya Manufacturing Private Limited
        204, IInd Floor, Property No. 2603-2604 & 2568
        Street No. 9, Chuna Mandi
        Paharganj, New Delhi 110055

Insolvency Commencement Date: February 5, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Manohar Lal Vij

Interim Resolution
Professional:            Manohar Lal Vij
                         204, CA Apartments
                         A-3, Paschim Vihar
                         New Delhi 110063
                         E-mail: mlvij1956@gmail.com

                            - and -

                         AVM Resolution Professionals LLP
                         (IPE) Corporate Office:
                         8/28, 3rd Floor, WEA
                         Abdul Aziz Road, Karol Bagh
                         New Delhi 110005
                         E-mail: cirp.surya@avmresolution.com

Last date for
submission of claims:    February 19, 2020


U S REALTY PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: U S Realty Private Limited
        115, J K Chambers
        Sec-17, Vashi
        Navi Mumbai 400705

Insolvency Commencement Date: January 29, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Pravin R. Navandar

Interim Resolution
Professional:            Pravin R. Navandar
                         Pravin R. Navandar & Co.
                         D-519/520, Neelkanth Business Park
                         Nathani Road, Vidyavihar West
                         Mumbai 400086
                         E-mail: ip.usrealty@prnco.in
                                 pravin@prnco.in

Classes of creditors:    Allotees under real estate projects

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Shekhar Agrawal
                         Mr. Pramod Mulgund
                         Mr. Hemant Mehta

Last date for
submission of claims:    February 11, 2020


VAMSADHARA RICE: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vamsadhara
Rice Industries (VRI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     2         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VRI for obtaining
information through letters and emails dated October 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VRI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VRI to 'CRISIL B+/Stable Issuer not cooperating'.

Established in 2006, VRI is engaged in processing of paddy into
rice, rice bran, broken rice and husk. The firm, located in Guntur
(Andhra Pradesh).


VENKATESH INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venkatesh
Industries (VKTIND) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        1.66       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.54       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VKTIND for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VKTIND, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VKTIND is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VKTIND to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2014 as a proprietorship firm by Mr Nitin Agarwal, VKTIND
gins and presses raw cotton and sells cotton lint and seeds. The
unit in Sendhwa, Madhya Pradesh, began operations in November 2014.

VOGUE CLOTHIERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vogue Clothiers Private Limited
        110, 1st Floor, Plot NO. 5
        LSC, Mohan Complex
        H Block, Ashok Vihar
        Phase-1, Delhi 110052

Insolvency Commencement Date: January 30, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Karuna Sharma

Interim Resolution
Professional:            Karuna Sharma
                         G-13, First Floor, South City-2
                         Sector-50, Gurgaon
                         Haryana 122018
                         E-mail: sharma.karuna@gmail.com
                         Mobile: 9871145777

Last date for
submission of claims:    February 13, 2020




===============
M A L A Y S I A
===============

PERAK CORP: Slips Into PN17 Status After Loan Payment Default
-------------------------------------------------------------
Tan Xue Ying at theedgemarkets.com reports that Perak Corp Bhd --
whose Movie Animation Park Studios (MAPS) theme park in Ipoh was
closed last month until further notice -- has lapsed into Practice
Note 17 (PN17) status.

According to the report, the state-owned firm told the stock
exchange on Feb. 11 that it is now regarded a PN17 company, arising
from the default in payment and its inability to declare solvency.


This comes after the group defaulted on another repayment of
principal, this time in respect of the Musharakah Mutanaqisah Term
Financing-i and Tawarruq Revolving Credit-i of up to RM100 million
granted by Affin Islamic Bank Bhd, theedgemarkets.com says.

Last October, Animation Theme Park Sdn Bhd -- a 51%-owned
subsidiary of PCB Development Sdn Bhd, which in turn is a
wholly-owned unit of Perak Corp -- defaulted in its repayment of
principal for a syndicated term loan facility of up to RM280
million involving Affin Hwang Investment Bank Bhd, Affin Bank Bhd,
Bank Pembangunan Malaysia Bhd and Malaysia Debt Ventures Bhd, the
report recalls.

"After taking into consideration the group's current cash flow
position vis-a-vis its total debt obligations payable and the
available cash flow, the company is unable to declare that it is
solvent, pursuant to paragraph 9.19A(4) of the Listing
Requirements.

"Arising from the default in payment and the company is unable to
declare that it is solvent, the company has triggered the
prescribed criteria under paragraph 2.1(f) of the PN 17 of the
Listing Requirements," it added.

theedgemarkets.com adds that Perak Corp said it is in the midst of
developing a debt restructuring scheme to manage the debts of the
group.

"The successful completion of the debt restructuring exercise will
put the group on a firmer financial footing, while relieving its
cash flow in the short to medium term," it explained.

Shares in thinly-traded Perak Corp closed 1.5 sen up at 37.5 sen on
Feb. 11, bringing a market capitalisation of RM37.5 million, the
report discloses.

Perak Corporation Berhad is an investment holding company. The
Company, through its subsidiaries, develops integrated privatized
project, operates multipurpose port facilities, sells and leases
port related land. Perak Corp. also develops tourism project,
operates in property investment and development, manages hotel,
distributes water supply, and provides transport and travel
services.



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

CRYPTOPIA LTD: Liquidators Reveal Anti-Money Laundering Issues
--------------------------------------------------------------
Madison Reidy at Radio New Zealand reports that cryptocurrency
exchange Cryptopia likely breached anti-money laundering laws
before it was hacked, its liquidators have told the High Court at
Christchurch.

RNZ relates that evidence filed by liquidators from Grant Thornton
stated their investigation to date suggested the Christchurch-based
business did not meet its legal requirements when setting up new
customer accounts.

"[We] have given careful consideration to the limited personal
identification information available because, in our view, it
raises various issues including anti-money laundering compliance,"
liquidators David Ruscoe and Malcolm Moore's affidavit said, RNZ
relays.

David Ruscoe told RNZ Business he was liaising with the New Zealand
Police and the Department of Internal Affairs regarding Cryptopia's
anti-money laundering compliance.

Liquidators did not have information for most of the 933,000 active
user accounts, other than a username and an email address, the
report notes.

RNZ says some 100 customers who wanted to trade up to NZD500,000,
were required to send proof of their identification, a photo of
their face while holding the identification and a statement
explaining their source of wealth. Cryptopia verified their address
using Google Maps.

More than 44,000 early customers holding NZD23 million were not
verified and had no trading limits, the report states.

Internet location addressees showed most of Cryptopia's 2.2 million
customers were based in the United States, Russia, Britain, India,
and the Netherlands, as well as Germany, Japan, Canada, Brazil and
South Korea, RNZ discloses.

Just 9,475 were based in New Zealand.

According to RNZ, thousands of accounts holding more than NZD3m
were traced back to uninhabited tropical islands near Australia, or
could not be traced back to any location.

Cryptopia was liquidated in May, after its trading plummeted
following a hack of its systems in January 2019 that reportedly
stole up to NZD24 million.

The liquidator's affidavit said the theft included cryptocurrencies
Bitcoin, Ethereum, Litecoin, relates RNZ.

The assets were stolen from a data centre in Phoenix, Arizona,
which liquidators had travelled to retrieve customer information.

RNZ says a four-day hearing was to begin on Feb. 11 at the
Christchurch High Court to determine the property of the remaining
crypto-assets, reported to be worth as much as NZD250 million, to
distribute back to traders.

Liquidators were still working to separate customer accounts and
assets that were pooled together, RNZ notes.

However, liquidators anticipated traders would need to provide
additional identification information to comply with anti-money
laundering laws, before their crypto-assets could be returned.

According to RNZ, the second liquidator's report showed they had
NZD7 million on hand to fund the liquidation, after recovering NZD5
million from a third-party trust account and converting hundreds of
Bitcoin to New Zealand currency. Unsecured creditor claims totalled
NZD3 million.

They had spent almost NZD700,000 on legal fees by December last
year, adds RNZ.

                      About Cryptopia Limited

Cryptopia Limited -- https://support.cryptopia.co.nz/csm -- is a
cryptocurrency exchange based in New Zealand.

On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's affairs.

Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019.  Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.


ZIERA SHOES: Placed Into Liquidation After IP Sale
--------------------------------------------------
Aimee Shaw at NZ Herald reports that Ziera Shoes, formerly known as
Kumfs, has been placed into liquidation following the sale of the
intellectual property of the brand for NZD800,000.

Kumfs Group, which owes creditors a combined NZD30 million, was
placed into liquidation on February 11 following a vote by
creditors to have all four companies in the group liquidated, the
Herald relates.

The company, along with the Australian business Ziera Retail, was
placed into voluntary administration in September last year.

Conor McElhinney and Andrew Grenfell of McGrath Nicol have been
appointed liquidators, the report discloses.

Mr. McElhinney told the Herald the liquidation was the next step in
the process to dissolve the business now that the Ziera brand had
been sold to Australian retailer Munro Footwear Group for
AUD750,000 (NZD800,000) in November.

Munro Footwear acquired Ziera's shoe designs, its customer
databases, brands and websites. It will continue the manufacture
and sale of Ziera shoes through its wholesale channels and the
Ziera website.

Kumfs Group owes about NZD11.7 million to local creditors, of which
about NZD3.8 million is expected to be paid to secured creditors,
Mr. McElhinney said.

Including inter-company claims, the group owes NZD30.7 million.

"It is one of the best outcomes for creditors from a retail
insolvency that I'm aware of," he said, comparing it to the
insolvencies of Pumpkin Patch, Dick Smith and Topshop.

The liquidators' first report will be released today, Feb. 14, the
Herald notes.

According to the Herald, Mr. McElhinney said the new owner did not
plan to re-establish retail stores in New Zealand and Australia,
and would instead utilise its wholesale channels.

"Munro Footwear Group will be relaunching the business, running it
out of Australia."

The Herald says the administrator's watershed creditors report
outlines that Ziera Shoes became insolvent after its performance
suffered due to falling sales in its retail stores, falling orders
from wholesale customers due to a reduction in the number of
independent footwear retailers and changes to the supply chain
causing delays to season deliveries, "quality issues" and higher
manufacturing costs.

The report also cited the New Zealand dollar devaluing against the
USD, causing costs to increase, and the Australian dollar devaluing
against the Kiwi, causing sales in Australia to be less profitable,
as reasons why the company became insolvent, the Herald relays.

Ziera was orginially established by two podiatrists and had been
manufacturing shoes for 70 years prior to it being placed into
administration. Over that time it developed strong customer bases
in New Zealand, Australia, Singapore and the United States.

"By combining Ziera's 70 years of expertise in comfort technology
with our successful history in supplying independent and major
retailers, I'm confident that we will further develop the Ziera
brand and offering for current and future customers," Jay Munro,
chief executive of Munro Footwear Group, said in a statement late
last year, the Herald recalls.

The Ziera brand will be incorporated into Munro Footwear's
wholesale subsidiary Styling Services, the Herald notes.



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

RYOBI KISO: Judicial Managers Get Court OK to Pay Some Creditors
----------------------------------------------------------------
Annabeth Leow at The Business Times reports that Ryobi Kiso
Holdings and its Ryobi Kiso (S) subsidiary have been allowed to
make interim distributions to creditors, the judicial managers of
the two companies disclosed in a bourse filing on Feb. 12.

According to the report, the judicial managers had applied in
November 2019 to make interim distributions of up to SGD7 million
to Ryobi Kiso's creditors, and up to SGD20 million to the creditors
of Ryobi Kiso (S).

They received permission from the court to do so on Feb 5, subject
to terms in the court orders that can be given to creditors upon
request, according to the latest disclosure cited by BT.

Judicial managers Goh Thien Phong and Chan Kheng Tek added that
they will make more announcements in due course and will notify all
creditors "regarding the filing of proofs of debt and related
matters," BT relays.

Ryobi Kiso Holdings Ltd. -- http://www.ryobi-kiso.com/-- an
investment holding company, provides ground engineering solutions
in Singapore, Australia, Malaysia, Vietnam, and Indonesia. Its
Bored Piling segment offers piling works to carry heavy vertical
loads from structures, such as buildings and bridges; and
horizontal loads in earth retaining structures for deep excavation,
including MRT tunnels and basements of buildings.

SWEE HONG: Gets 3-Month Extension to AGM Deadline till April 30
---------------------------------------------------------------
Annabeth Leow at The Business Times reports that watch-listed Swee
Hong has been given a three-month extension to its annual general
meeting (AGM) deadline, the board disclosed on Feb. 12.

Swee Hong said the company could not hold the AGM by the initial
deadline of Jan. 31 because, given its cash flow difficulties and
non-payment of audit fees, the external auditors "were unwilling to
commence audit of the FY2019 accounts", BT relays.

But, as it has since negotiated with the auditors and paid them the
fees, "it is now intended for them to commence audit and for the
company to hold its AGM as soon as possible", the board added.

Still, to get the AGM deadline extended to April 30,
Mainboard-listed Swee Hong must start its audit by Feb. 14,
according to conditions imposed by the Singapore Exchange, the
report relates. It has also applied to the Accounting and Corporate
Regulatory Authority for more time for its AGM.

BT says the company must also confirm in writing that it is not
aware of any hitherto unannounced information that will have a
material bearing on investor decisions.

Trading in Swee Hong shares has been suspended since May 2019, BT
notes.

                            About Swee Hong

Swee Hong Ltd (SGX:QF6) -- http://sweehong.sg/-- is a
Singapore-based company, which is engaged in the business of
building construction and investment holding. Its segments include
Civil Engineering and Tunnelling. The Civil Engineering segment
includes civil engineering works, such as road construction works,
road maintenance works, sewerage rehabilitation (excluding
tunneling works), drains (excluding tunneling works), soil
improvement works and other infrastructure works. The Tunnelling
segment includes micro-tunneling works. The Company's ongoing
projects include road widening of upper Paya Lebar road from Upper
Serangoon road to Bartley road and sewer diversion at Springleaf
station. The Company focuses on Parks and Services, Infrastructure
Construction and Tunneling. It provides services, such as
architectural, mechanical and electrical (M&E); civil and structure
(C&S); soil works; landscaping; roads; bridges; flyover; canals,
and project management.


                           *********


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 ***