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       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

          Monday, March 2, 2020, Vol. 23, No. 44

                           Headlines



A U S T R A L I A

CAP COAST: Pre-Insolvency Adviser Imprisoned for Money Laundering
FLY365 PTY: Enters Voluntary Administration
GREEN SIGNAL: First Creditors' Meeting Set for March 6
GS ADELAIDE: First Creditors' Meeting Set for March 6
GS DISTRIBUTION: First Creditors' Meeting Set for March 6

KIRCHNER CONSTRUCTIONS: First Creditors' Meeting Set for March 12
RVM CAPITAL: AFS Licence Cancelled for Failure to File Reports
TACE PTY: First Creditors' Meeting Set for March 10


C H I N A

YIDA CHINA: Dollar Bond Swap Offer Sparks Default Concern


I N D I A

AGRAWAL DISTILLERIES: Ind-Ra Withdraws BB+, Non-Cooperating Rating
ALPHA CONSUMABLES: CRISIL Keeps B Rating in Not Cooperating
AMRIT HUMIFRESH: CRISIL Lowers Rating on INR19.8cr Loan to B+
ARCHON POWERINFRA: Insolvency Resolution Process Case Summary
ARUN SHELTERS: CRISIL Keeps 'B' Rating in Not Cooperating

BASU & CO: Insolvency Resolution Process Case Summary
BHARAT ALUMINIUM: CRISIL Keeps B Rating in Not Cooperating
BISMILLAH JEWELLERS: CRISIL Maintains B Rating in Not Cooperating
COSMIC EXPORT: Insolvency Resolution Process Case Summary
DHARTI COTTON: CRISIL Keeps 'D' Rating in Not Cooperating

DOABA KHALSA: Ind-Ra Maintains 'D' Loan Rating in Non-Cooperating
GARG INDUSTRIES: CRISIL Maintains 'B' Rating in Not Cooperating
GHSPL AMRO: CRISIL Maintains 'B+' Rating in Not Cooperating
GHSPL MUZF: CRISIL Maintains B+ Rating in Not Cooperating
GLOBAL ESTATES: CRISIL Keeps 'B' Rating in Not Cooperating

GUJARAT GINNING: CRISIL Maintains 'B' Rating in Not Cooperating
HARIOM INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
HYQUIP SYSTEMS: Ind-Ra Assigns B- LT Issuer Rating, Outlook Stable
JAAHNAVEE LIFE: CRISIL Maintains 'B' Rating in Not Cooperating
JAGAT RADHA: CRISIL Keeps 'B' INR5.25cr Loan Rating in Non-Coop.

JAI JALARAM: CRISIL Maintains 'B' Loan Ratings in Not Cooperating
JAI MAA: CRISIL Maintains 'D' Rating in Not Cooperating
JAYAHO AGRI: CRISIL Maintains 'D' INR12cr Loan Rating in Non-Coop.
KF FARMS: CRISIL Maintains 'B' Loan Ratings in Not Cooperating
LAGAN ENGINEERING: CRISIL Maintains 'D' Loan Ratings in Non-Coop.

LINUS AGROVENTURES: Insolvency Resolution Process Case Summary
M. R COTTON: CRISIL Raises Rating on INR10cr Loans to B+
NAVJEEVAN HATCHERIES: CRISIL Assigns D Rating to INR11.7cr Loan
PCP INTERNATIONAL: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
PRABHAT CABLES: CRISIL Withdraws B+ Rating on INR20cr Loan

RELIGARE FINVEST: Ind-Ra Affirms 'D' Long Term Issuer Rating
SHIVOM COTSPIN: CRISIL Maintains 'B' Rating in Not Cooperating
SHRI GOPAL: Insolvency Resolution Process Case Summary
SONA CHANDI: CRISIL Maintains 'D' Rating in Not Cooperating
SPRING MERCHANDISERS: CRISIL Keeps D Rating in Not Cooperating

SSPDL LIMITED: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
STAR SCHOOL: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
SURYA DESIGN: Insolvency Resolution Process Case Summary
SWARAJ INDIA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
UNIVERSAL AUTO: Insolvency Resolution Process Case Summary



N E W   Z E A L A N D

CALIBRE CONTRACTING: Goes Into Liquidation Owing 50-Plus Creditors


P H I L I P P I N E S

PROVIDENCE RURAL: Placed Under PDIC Receivership


S I N G A P O R E

HONTOP ENERGY: Goes Into Receivership in Singapore

                           - - - - -


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

CAP COAST: Pre-Insolvency Adviser Imprisoned for Money Laundering
-----------------------------------------------------------------
Former pre-insolvency adviser Stephen O'Neill has been sentenced at
Brisbane District Court to five years in prison with a non-parole
period of 22 months, after pleading guilty to one charge of dealing
in the proceeds of crime.

In October 2014, Mr. O'Neill, along with John Narramore of SME's R
Us Pty Ltd, advised Richard Ludwig, a former director of Cap Coast
Telecoms Pty Ltd, to engage in activity that would involve the
illegal removal of company assets to prevent creditors from
accessing these assets.

Messrs. O'Neill and Narramore issued fictitious invoices from
companies under their control to Cap Coast Telecoms and arranged
for AUD743,050 to be transferred from Cap Coast Telecoms' bank
accounts to the bank accounts of companies under their control.
Messrs. O'Neill and Narramore then transferred the funds to Ludwig
or his associates.

Once funds had been transferred by Messrs. O'Neill and Narramore,
Cap Coast Telecoms was wound up on January 19, 2015. At the time,
it owed creditors AUD2,955,128.

In delivering the sentence, Judge Rosengren found that Mr.
O'Neill's offences were of a serious nature, and that he carried
them out for financial gain. Judge Rosengren found that O'Neill
understood the criminality of the offences and that the
transactions were made to defeat creditor interests and to
undermine the liquidator.

Following sentencing, ASIC Commissioner John Price again emphasised
ASIC's commitment to ensuring creditors have access to company
assets during insolvency proceedings.

'Companies in financial distress trust advisors to provide sound
and ethical advice,' said Commissioner Price.

'This outcome demonstrates that when pre-insolvency advisors
provide illegal advice and facilitate criminal conduct, ASIC will
act and the culprits will be jailed.'    

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

The matter was referred to ASIC through an unfunded supplementary
report by the liquidator of Cap Coast Telecoms, Mr. Mark Hutchins
of Cor Cordis.

On Oct. 3, 2019, Mr. O'Neill pleaded guilty to one breach of
s400.4(2) of the Criminal Code Act (Cth) 1995 for intentionally
dealing in proceeds of crime worth AUD100,000 or more.

Mr. Narramore, who was also charged with dealing in the proceeds of
crime, previously pleaded guilty and was sentenced to four and half
years jail for his part in the criminal enterprise.

Mr. Ludwig was charged with one count of intentionally dealing in
proceeds of crime and 10 counts of breaching his directors' duties.
He appeared in the Brisbane District Court on Feb. 26, 2020 for a
plea hearing. The matter is ongoing.

FLY365 PTY: Enters Voluntary Administration
-------------------------------------------
The Guardian reports that an online flight booking company with
links to collapsed budget airfare company Bestjet has left
travellers thousands of dollars out of pocket after it entered
voluntary administration just days after customers say they handed
over money to the firm.

The Guardian relates that Sydney-based Fly365 appointed a voluntary
administrator on Feb. 21, wiping both its website and Facebook page
and leaving customers who believed they had secured flight bookings
through the company with little information about how to recoup
their money.

According to the report, the company is just one of a number of
online flight-booking agencies to collapse in recent months, and
its demise raises questions about the adequacy of self-regulation
in the industry.

Among the hundreds of Fly365 customers to have potentially lost
money from the company's collapse are James Price and Steven
Somers, who spent AUD11,000 booking flights to Europe for
themselves and family members on February 14, the Guardian
reports.

The Guardian says the couple booked the trip after Somers was
diagnosed with multiple sclerosis in January. "We decided that with
a host of potential travel issues in the future we'd go while we
still could, we wanted to travel with our family to Europe," the
report quotes Mr. Price as saying.

The money was withdrawn from their account five days later, but
when Mr. Somers attempted to choose seats on the flight he
discovered the booking reference number didn't work.

The Guardian relates that the couple attempted to contact Fly365 on
Feb. 21, only to receive a one-line response stating the company
was "no longer trading".

"Please be advised that Fly365 Pty Ltd is no longer trading. Please
contact your airline directly regarding bookings you have made,"
the email seen by the Guardian read.

After finding out the name of the liquidator and being added to a
list of creditors, Mr. Somers set up a Facebook group to see
whether others had also lost money making bookings with the
company.

The Guardian says 24 hours later the group now has more than 250
members, with some saying they made bookings with the company only
the day before it entered voluntary liquidation while others have
been unable to receive refunds on flights cancelled due to the
spread of the coronavirus.

But Fly365 is just the latest in a string of online booking
companies to go belly-up, the report states. In January last year
the collapse of online booking site Bestjet left travellers who
booked flights through the company thousands of dollars out of
pocket and searching for answers.

According to the Guardian, Bestjet was founded by Rachel James, the
wife of former Air Australia owner Michael James, just weeks after
the budget airline's high-profile collapse in 2012.

The company's former general manager, Scott Mayne, is also a
director of Fly365, the Guardian discloses citing documents lodged
with the Australian Securities and Investment Commission.

Unlike Bestjet, however, Fly365 was accredited with the Australian
Federation of Travel Agents, the organisation charged with the
self-regulation of travel agencies in Australia, the report notes.

GREEN SIGNAL: First Creditors' Meeting Set for March 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Green Signal
Pty Ltd will be held on March 6, 2020, at 10:00 a.m. at The
Boardroom of Chifley Advisory, Suite 1903, Level 19, at 31 Market
Street, in Sydney, NSW.

Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of Green Signal on Feb. 25, 2020.

GS ADELAIDE: First Creditors' Meeting Set for March 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of GS Adelaide
Pty. Ltd. will be held concurrently on March 6, 2020, at the
meeting room at the offices of:

   - Charles Sturt
     Rydges Adelaide, 1 South Terrace
     Adelaide SA
     Time: 10:30 a.m.

   - Chifley Advisory
     Level 19, 31 Market Street
     Sydney NSW
     Time: 11:00 a.m.

Gavin Moss and Desmond Teng of Chifley Advisor were appointed as
administrators of GS Adelaide on Feb. 25, 2020.

GS DISTRIBUTION: First Creditors' Meeting Set for March 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of GS
Distribution Pty. Ltd. will be held on March 6, 2020, at 10:30 a.m.
at The Boardroom of Chifley Advisory, Suite 1903, Level 19, at 31
Market Street, in Sydney, NSW.

Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of GS Distribution on Feb. 25, 2020.



KIRCHNER CONSTRUCTIONS: First Creditors' Meeting Set for March 12
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Kirchner
Constructions Pty. Ltd. will be held on March 12, 2020, at 4:00
p.m. at the offices of Hamilton Murphy, Level 1, at 255 Mary
Street, in Richmond, Victoria.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Kirchner Constructions on Feb. 28, 2020.


RVM CAPITAL: AFS Licence Cancelled for Failure to File Reports
--------------------------------------------------------------
The Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of RVM Capital Pty
Ltd (RVM) for failing to lodge its annual financial statements and
auditor's reports for three consecutive years.

RVM Capital Pty Ltd held the AFS licence no. 457140. The licence
cancellation was effective from Jan. 21, 2020.

The cancellation of RVM's AFS licence is part of ASIC's ongoing
efforts to improve standards across the financial services
industry.

Licensees must have the financial resources to provide the services
covered by their licence and to conduct their business lawfully.
They must demonstrate this by lodging their financial statements
and auditor's reports annually.

ASIC may suspend or cancel a licence if the licensee fails to meet
this obligation.

TACE PTY: First Creditors' Meeting Set for March 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Tace Pty.
Ltd. as Trustee for Summerfield (1987) Unit Trust will be held on
March 10, 2020, at 3:30 p.m. at Central Park, Level 43, 152-158 St
Georges Terrace, in Perth, WA.

David Hodgson -- david.hodgson@au.gt.com -- and Andrew Stewart Reed
Hewitt -- andrew.hewitt@au.gt.com -- of Grant Thornton were
appointed as administrators of Tace Pty on Feb. 26, 2020.




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

YIDA CHINA: Dollar Bond Swap Offer Sparks Default Concern
---------------------------------------------------------
Bloomberg News reports that Yida China Holdings Ltd. has sparked
concern about a potential default on a dollar bond, after offering
investors a swap for cash and new bonds for the bulk of the $300
million note.

Yida China proposed an exchange for at least 75% of the bond due
April, saying its existing internal resources "may be insufficient
to repay" the note, according to a company filing to the Hong Kong
Stock Exchange, Bloomberg relays.

Bloomberg relates that based on the offer, for each $1,000 of the
bond, investors would get $80 in cash plus $920 worth of new notes
due 2022. The interest on the new notes will be 10% for the first
six months and 14% for the remainder of the tenor. The coupon for
Yida's current dollar bond is 6.95%.

In a report published Feb. 27, S&P Global Ratings said it views
Yida's offer as "distressed", adding that upon its completion, the
ratings firm "would likely assess the transaction as tantamount to
a default," Bloomberg relays.

According to Bloomberg, a bond failure would make Yida the second
Chinese property developer to renege on dollar notes since Wuzhou
International Holdings Ltd.'s default in 2018. It would also follow
the footsteps of Tewoo Group Co. and Qinghai Provincial Investment
Group Co. which have since December committed the two biggest
dollar-bond defaults among Chinese state-run firms in 20 years, the
report says.

                          About Yida China

Yida China mainly engages in the development, sales, and operation
of business parks, as well as the development and sales of
residential properties in China. The Dalian-based company owns six
business parks and manages 26 parks on behalf of other owners in
China. While the company's land reserves span eight cities, 75% are
located in Dalian as of end-2018. Some 83% of contracted sales are
from its business parks, and the remaining are from stand-alone
property projects.

Founded in 1997 by Sun Yinhuan, Yida was listed on the Hong Kong
stock exchange in June 2014. As of April 2019, CMIG owns 61% of the
company.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
28, 2020, S&P Global Ratings lowered its long-term issuer credit
rating on Yida China Holdings Ltd. to 'CC' from 'CCC-'. At the same
time, S&P lowered its long-term issue rating on the China-based
company's senior unsecured notes to 'C' from 'CC'.

S&P said, "We lowered the rating on Yida because we view the
proposed transaction as a distressed exchange rather than an
opportunistic one. We believe the company is highly likely to
default on its notes in the absence of a successful exchange offer.
Yida has a low cash balance and few viable near-term refinancing
options.  "In our view, Yida has insufficient internal resources to
repay the notes maturing in April 2020. We estimate the company has
less than Chinese renminbi (RMB) 1 billion unrestricted cash as of
Dec. 31, 2019, and limited operating cash inflow in January of this
year."  

In addition, Yida has made no material breakthrough in other
funding options it explored, nor has the potential sale of China
Minsheng Investment Group Corp. Ltd. (CMIG)'s stake in Yida to
third party been completed.




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

AGRAWAL DISTILLERIES: Ind-Ra Withdraws BB+, Non-Cooperating Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Agrawal
Distilleries Private Limited's Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' to the non-cooperating category and
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR23.8 mil. Term loan* due on April 2023 migrated to the non-

     cooperating category and withdrawn;

-- INR40 mil. Fund-based limit** migrated to the non-cooperating
    category and withdrawn; and

-- INR20 mil. Non-fund based limit*** migrated to the non-
     cooperating category and withdrawn.

*Migrated to 'IND BB+ (ISSUER NOT COOPERATING)' before withdrawn.
**Migrated to 'IND BB+ (ISSUER NOT COOPERATING)' before
    withdrawn.
***Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before
     withdrawn.

KEY RATING DRIVERS

ADPL did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Agrawal Distilleries Private Limited manufactures portable spirit
(country liquor) and has a bottling unit in Khargone, Madhya
Pradesh.

ALPHA CONSUMABLES: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Alpha Consumables
(Alpha) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with Alpha for obtaining
information through letters and emails dated July 29, 2019 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 Alpha, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Alpha 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 Alpha continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established as a partnership firm in 1994, Alpha is an authorised
Hewlett Packard channel partner for ink and toner cartridges. Based
in Bengaluru, the firm is promoted and managed by Mr. Majid Yusuf
Patanwala.

AMRIT HUMIFRESH: CRISIL Lowers Rating on INR19.8cr Loan to B+
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amrit Humifresh
Preservation Private Limited (AHPPL) has been revised to 'CRISIL
B+/Stable Issuer not cooperating' from 'CRISIL BB-/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Long Term Loan        19.8        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with AHPPL for obtaining
information through letters and emails dated July 29, 2019 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 AHPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHPPL 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 AHPPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

AHPPL is an integrated storage chain providing cold storage
facilities for fruits, vegetables, dry fruits, and spices.
Incorporated in 2000, it is promoted Mr B K Gupta and became
operational in 2003. Mr Deepak Agarwal, the promoter's son, manages
operations.


ARCHON POWERINFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Archon Powerinfra India Private Limited
        Shop No. 3, Vinayak Complex
        Vinayak Bunglows
        Nr Sola Railway Crossing
        Sola Road, Ghatlodiya
        Ahmedabad 380061

Insolvency Commencement Date: February 10, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Manish Kumar Bhagat

Interim Resolution
Professional:            Manish Kumar Bhagat
                         103-104, Panchdeep Complex
                         Mithakhali Six Road
                         Navrangpura
                         Ahmedabad 380009
                         E-mail: mbhagat2003@gmail.com

Last date for
submission of claims:    March 2, 2020


ARUN SHELTERS: CRISIL Keeps 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Arun Shelters Private
Limited (ASPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         20        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated July 29, 2019 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 ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPL 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 ASPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Arun Shelters Private Limited (ASPL) was incorporated in the year
2005 is engaged in execution residential projects primarily in
Bangalore, Karnataka. The company is being promoted by Mr Arun
Kumar .M and his family.

BASU & CO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Basu & Co Road Contractors Private Limited
        278A, Santosh Roy Road
        Kamal Bhaban, Ground Floor
        Kolkata 700008

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 17, 2020

Insolvency professional: Ananda Rao Korada

Interim Resolution
Professional:            Ananda Rao Korada
                         Flat-3, 400B/2F
                         N S C Bose Road
                         Kolkata 700047
                         E-mail: raoka55@gmail.com

Last date for
submission of claims:    March 4, 2020


BHARAT ALUMINIUM: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Bharat Aluminium Co.
(BAC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BAC for obtaining
information through letters and emails dated July 29, 2019 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 BAC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BAC 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 BAC continues to be 'CRISIL B/Stable Issuer not
cooperating'.

BAC, a proprietorship firm of Mr. Ramesh Singhvi set up in 1980 and
based in Mumbai, distributes products of Jindal Aluminium Ltd such
as aluminium bars, rods etc.

BISMILLAH JEWELLERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bismillah Jewellers
Private Limited (BJPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BJPL for obtaining
information through letters and emails dated July 29, 2019 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 BJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BJPL 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 BJPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

BJPL, set up in 2004, is promoted by Mr. Mohammed Fazlulla Baig,
Mr. Manzoor Ahemed, Mr. Athaur Rahaman Khan, Mr. Mohammed Asadullah
Baig, and Mr. Raffeq Ahmed.

The company retails gold jewellery such as necklaces, rings,
earrings, bangles, and bracelets. It has two retail showrooms in
Hyderabad under the name Mujtaba Jewellers.

COSMIC EXPORT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Cosmic Export Solutions (India) Private Limited
        C-802, Groma House
        Opp. APMC Market
        Sector-19
        Turbhe Navi Mumbai
        Thane 400705

Insolvency Commencement Date: February 13, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Mr. Prakash Dattatraya Naringrekar
                         503-A, Blue Diamond CHS Ltd
                         Chincholi Bunder
                         Link Road Junction
                         Malad West, Mumbai 400064
                         E-mail: prakash03041956@gmail.com
                                 cesipl.cirp@gmail.com

Last date for
submission of claims:    March 6, 2020


DHARTI COTTON: CRISIL Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Dharti Cotton
Industries (DCI) continues to be 'CRISIL D Issuer not
cooperating'.

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

CRISIL has been consistently following up with DCI for obtaining
information through letters and emails dated July 29, 2019 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 DCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCI 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 DCI 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.

DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.

DOABA KHALSA: Ind-Ra Maintains 'D' Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Doaba Khalsa
Trust's term loan facility rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR336 mil. Term loans (long-term) due on February 2023
     maintained in a non-cooperating category with IND D (ISSUER
NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Doaba Khalsa Trust is a charitable educational trust registered
under the Indian Trust Act. It was established in 1997-1998 by S.
Khushia Singh Bath.

GARG INDUSTRIES: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Garg Industries
Limited (GIL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            23        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2.59     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with GIL for obtaining
information through letters and emails dated July 29, 2019 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 GIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GIL 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 GIL 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.

GIL, incorporated in 1991, manufactures wire rod, square, and
thermomechanically treated bars. Its manufacturing facility
comprises rolling mill (around100 tonne per day) in Ludhiana. It
procures scrap and sponge iron from spot market. GIL's main
customers are cycle manufacturers who require spokes for cycle
wheels.

GHSPL AMRO: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of GHSPL AMRO Super
Speciality Healthcare LLP (Amro, part of the Glocal group)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5.6       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-         4.4       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)


CRISIL has been consistently following up with Amro for obtaining
information through letters and emails dated December 31, 2019 and
January 28, 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 Amro, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Amro 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 Amro continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Amro and Glocal Healthcare Systems Pvt
Ltd (Glocal) as they are in the same line of operations, under a
common management and have financial linkages.

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary hospitals
of 100 beds each. Incorporated in 2013, AMRO is a secondary care
hospital in Amroha, Uttar Pradesh.

GHSPL MUZF: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of GHSPL MUZF Super
Speciality Healthcare LLP (MUZF, part of the Glocal group)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Long Term Loan         10         CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with MUZF for obtaining
information through letters and emails dated December 31, 2019 and
January 28, 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 MUZF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MUZF 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 MUZF continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MUZF and Glocal Healthcare Systems Pvt
Ltd (Glocal) as they are in the same line of operations, under a
common management and have financial linkages.

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary hospitals
of 100 beds each.

GLOBAL ESTATES: CRISIL Keeps 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Global Estates AC
Ambassador Hotel (GEAH) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.08       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             8.42       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GEAH for obtaining
information through letters and emails dated July 29, 2019 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 GEAH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GEAH 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 GEAH continues to be 'CRISIL B/Stable Issuer not
cooperating'.

GEAH, set up in 2013 by Mr. Simerdeep Singh, operates Ambassador
Hotel in Jalandhar. The hotel commenced operations in August 2015.


GUJARAT GINNING: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gujarat Ginning and
Oil Industries (GGOI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            12         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GGOI for obtaining
information through letters and emails dated July 29, 2019 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 GGOI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GGOI 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 GGOI 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.

GGOI, set up in 1994 as a partnership firm with nine partners, and
based at Gondal in Rajkot. It engaged in ginning and pressing of
cotton. The firm is currently managed by Mr. Maganbhai Parvadia (65
percent stake) and Mr. Chandubhai Parvardia (35 percent).


HARIOM INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hariom Industries
(HI) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HI for obtaining
information through letters and emails dated July 29, 2019 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 HI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HI 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 HI 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 2012, HI is a partnership firm based in Bhavnagar
(Gujarat). It gins and presses raw cotton, and sells cotton lint
and cotton seeds. Mr. Vallabhbhai Solanki and Mr. Jinabhai Solanki
are the partners.

HYQUIP SYSTEMS: Ind-Ra Assigns B- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hyquip Systems
Limited (HSL) a Long-Term Issuer Rating of 'IND B-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR86.6 mil. Fund-based facilities assigned with IND B-/
     Stable /IND A4 rating; and

-- INR102 mil. Non-fund-based facilities assigned with IND A4
     rating.

KEY RATING DRIVERS

Liquidity Indicator – Poor: HSL recorded multiple instances of
overutilization of its fund-based facilities over the 12 months
ended January 2020 on the devolvement of its non-fund-based limits
over the same period. Cash and cash equivalent remained low at
INR0.9 million in FY19 (FY18: INR2.1 million) and free cash flow
(FCF) turned negative at INR5 million (INR23 million, negative
INR35 million). HSL's net cash conversion cycle remained elongated
despite improving to 471 days in FY19 (FY18: 1,731 days) on
inventory days of 402 (1,603). Ind-Ra expects net cash conversion
cycle to remain elongated over the long term on higher inventory
holding days, inherent to the industry.

HSL's credit metrics were weak in FY19 with interest coverage
(operating EBITDA/gross interest expense) of 0.7x (FY18: 0.9x) and
net leverage (adjusted net debt/operating EBITDAR) of 9.8x (5.9x).
HSL's absolute EBITDA was low at INR14 million in FY19 (FY18: INR23
million) due to an increase in the cost of raw material consumed.
Ind-Ra expects credit metrics to remain weak in FY20 on continued
low absolute EBITDA and an increase in the total debt as the
company has proposed for an export packing credit limit of INR60
million, which, according to the management, is expected to be
sanctioned by end-February 2020.

The ratings also reflect HSL's small scale of operations with
revenue of INR244 million in FY19 (FY18: INR138 million). In FY19,
the company reported higher revenue year-on-year due to increased
orders from existing customers and the addition of new customers.
In 9MFY20, the revenue achieved was INR119.41 million. According to
the management, on 6 February 2020, HSL had orders worth around
INR580 million (2.4x of FY19 revenue), of which, INR280 million
will be executed by end-March 2020 and remaining INR300 million by
end-June 2020. Ind-Ra expects the revenue to increase in FY20
considering the revenue achieved in 9MFY20 and the orders in hand.

The company's EBITDA margin was modest at 5.8% in FY19 (FY18:
16.3%) with a return on capital employed of 3.7% (6.5%). In FY19,
the margin reduced year-on-year due to an increase in the cost of
raw material consumed and a reduction in the revenue contribution
from the high-margin product. Ind-Ra expects EBITDA margin to
improve in FY20 due to the higher sale in the product division.

The ratings, however, are supported by HSL's promoter's experience
of over three decades in manufacturing the bulk material handling
equipment and projects for steel, cement, sugar, paper & power
industries, leading to longstanding relationships with their
customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the liquidity profile with deterioration
in the revenue and credit metrics, all on a sustained basis, will
be negative for the ratings.

Positive: An improvement in the liquidity profile with a rise in
the revenue and an improvement in the credit metrics, all on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

HSL was incorporated in 1987. It is an engineering company
manufacturing bulk material handling equipment and projects for
varied industries. Its office and plant are located in Hyderabad.

JAAHNAVEE LIFE: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jaahnavee Life
Sciences Private Limited (JLPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      6.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with JLPL for obtaining
information through letters and emails dated July 29, 2019 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 JLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JLPL 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 JLPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2013, JLPL is setting up a bulk drug manufacturing
unit in Vishakhapatnam. Based out of Hyderabad, the company is
promoted by Mr. Shaik Ali, Mr. Shaik Babjee and Mr. Leela Koteswara
Rao.

JAGAT RADHA: CRISIL Keeps 'B' INR5.25cr Loan Rating in Non-Coop.
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jagat Radha Motors
Private Limited (JRMPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer       6.25      CRISIL B/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING)
   (e-DFS)               

CRISIL has been consistently following up with JRMPL for obtaining
information through letters and emails dated July 29, 2019 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 JRMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JRMPL 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 JRMPL 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.

Incorporated in 2009 and promoted by Champaran (Bihar)-based Singh
family, JRMPL is an authorised dealer of Tata Motors Ltd (TML) for
commercial and passenger vehicles in Champaran. The operations are
primarily managed by Mr. Abhay Kumar Singh.

JAI JALARAM: CRISIL Maintains 'B' Loan Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Jalaram Ceramic
Works Private Limited (JJCWPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     2.0      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with JJCWPL for obtaining
information through letters and emails dated July 29, 2019 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 JJCWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JJCWPL 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 JJCWPL 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.

JJCWPL, originally set up in 1973, was purchased by its present
promoter, Mr. Raman Patel, in 2007. The company undertakes cotton
ginning, which contributes the major portion of its revenue, and
also manufactures ceramic pipes. It is located in Vijapur, Gujarat,
and is managed by Mr. Patel.

JAI MAA: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Maa Jagdamba
Flour Private Limited (JMJFPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
  Cash Credit              20        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with JMJFPL for obtaining
information through letters and emails dated July 29, 2019 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 JMJFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMJFPL 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 JMJFPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up as a proprietorship firm in 2003 by Mr. Krishna Murari
Choudhary and reconstituted as a private limited company in 2004,
JMJFPL processes wheat flour, maida, and suji at its mill in
Dhanbad, Jharkhand, which has capacity of 300 tonne per day.

JAYAHO AGRI: CRISIL Maintains 'D' INR12cr Loan Rating in Non-Coop.
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jayaho Agri Ventures
Private Limited (JAVPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
  Cash Credit             12        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JAVPL for obtaining
information through letters and emails dated July 29, 2019 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 JAVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JAVPL 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 JAVPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 2009 by Mr. Nagothu Sleeva Raju and his family members,
JAVPL trades in tobacco. The company is based in Guntur district,
Andhra Pradesh.

KF FARMS: CRISIL Maintains 'B' Loan Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of KF Farms Private
Limited (KFFPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working      5.5        CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with KFFPL for obtaining
information through letters and emails dated July 29, 2019 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 KFFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KFFPL 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 KFFPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2003 by the Kapur group of companies, KFFPL grows
potatoes, maize, paddy, and sunflower on 1200 acres of land in
Jalandhar, Punjab.

LAGAN ENGINEERING: CRISIL Maintains 'D' Loan Ratings in Non-Coop.
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lagan Engineering
Company Limited (LECL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         3          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit            5.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit       0.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility     4.58       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan               7.5       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with LECL for obtaining
information through letters and emails dated July 29, 2019 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 LECL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LECL 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 LECL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

LECL (formerly, The Lagan Jute Machinery Company Ltd) was acquired
by the Kajaria family in 2000 following divestment by the
Government of India. LECL is among a handful of jute mill machine
manufacturers in the organised sector. Its product profile includes
spreaders, carding and drawing machines, and spinning and twisting
frames. Its manufacturing facilities are in Hooghly and it supplies
largely to jute mills in West Bengal and Bangladesh.

LINUS AGROVENTURES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Linus Agroventures Private Limited

        Registered office:
        Mouza, Radhanagar Avirampur
        24 Paragnas North
        Kolkata 743502
        West Bengal

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Anup Kumar Singh

Interim Resolution
Professional:            Mr. Anup Kumar Singh
                         162/D/702 Lake Gardens
                         Kolkata, West Bengal 700045
                         E-mail: anup_singh@sumedhamanagement.com

                            - and -

                         Sumedha Management Solutions Pvt. Ltd.
                         11/1, Sarat Bose Road
                         Ideal Plaza, South Block
                         4th Floor, Room No. 405
                         Kolkata 700020
                         E-mail: ip.linusagro@gmail.com

Last date for
submission of claims:    March 4, 2020


M. R COTTON: CRISIL Raises Rating on INR10cr Loans to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M. R Cotton Industries (MRC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.25       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term    3.75       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects improvement in the financial risk profile. The
gearing has reduced to 2.66 times as on March 31, 2019, from 2.86
times a year earlier, and is likely to remain below 2 times over
the medium term. The interest coverage ratio has increased to 3.68
times in fiscal 2019 from 1.48 times in fiscal 2018, and should be
sustained over the medium term.

The rating reflects a modest scale of operations and fluctuation in
the operating margin in the intensely competitive cotton industry,
and an average financial risk profile. These weaknesses are
partially offset by the extensive industry experience of the
partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, and fluctuation in the operating
margin in an intensely competitive industry
Revenue, which reduced to INR21.03 crore in fiscal 2019 from
INR26.89 crore in the previous fiscal, remains modest on account of
competition in the cotton industry given the low entry barrier. The
operating margins of players in the industry are highly affected by
the price of cotton in the commodity markets. The margin of the
firm increased in fiscal 2019 to 4.1% from 3.8% in the previous
fiscal, but has remained volatile in the past.

* Average financial risk profile
The networth was at INR2.35 crore as on March 31, 2019, and has
reduced from INR2.42 crore and INR2.71 crore at the end of fiscals
2018 and 2017, respectively. That's due to capital withdrawal by
the partners. The networth is expected to increase yet remain
modest over the medium term. Though the gearing declined to 2.66
times as on March 31, 2019, from 2.86 times a year earlier, it
remains high. Debt protection metrics are moderate, as reflected in
interest coverage ratio of 3.2 times for fiscal 2019. Though the
gearing is likely to improve over the medium term on account of
expected reduction in working capital debt and moderate accretion
to reserves, withdrawal of capital will remain a key monitorable.

Strength
* Extensive industry experience of the partners
A presence of more than two decades in the cotton industry through
group entities has enabled the promoters to understand local market
dynamics, and establish a strong relationship with suppliers and
customers.

Liquidity Poor
Cash and cash equivalents were very low at INR0.07 crore as on
March 31, 2019, and cash accrual is expected to be just around
INR0.51 crore for fiscal 2020. Average utilisation of the
fund-based limit of INR6.25 crore was 61% during the 12 months
ended December 31, 2019. The facilities remain fully utilised
during the season. Capital withdrawal by the partners has also
impacted liquidity. The ability to meet working capital requirement
depends on an increase in cash accrual or access to incremental
fund-based facilities.

Outlook: Stable

CRISIL believes MRC will continue to benefit from the extensive
experience of the partners

Rating Sensitivity Factors
Upward Factors
*Improvement in revenue by about 10-15%
*Sustenance in operating margin and working capital cycle.

Downward Factors
*Decline in current ratio to less than 1 time
*Capital withdrawal by partners.

MRC was set up in 2011 as a partnership firm by Mr Dhiren Patel, Mr
Mahendra Patel, Mr Chetan Kumar Patel, Mr Rumit Kumar Patel, and Ms
Veena Vinod Patel. It is based in Mehsana, Gujarat. Operations are
managed by Mr Mahendra Patel, Mr Chetan Kumar Patel, and Mr Rumit
Kumar Patel. The firm gins and presses raw cotton (kapas) to make
cotton bales; it also sells cotton seeds and cotton seed cakes.

NAVJEEVAN HATCHERIES: CRISIL Assigns D Rating to INR11.7cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Navjeevan Hatcheries Private Limited (NHPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            11.7       CRISIL D (Assigned)

The rating reflects instances of continuous overdrawals for more
than 30 days in the working capital facilities due to weak
liquidity caused by stretch in working capital cycle.

The rating also reflects NHPL's large working capital requirements
and weak financial risk profile marked by highly leveraged capital
structure. However, the company benefits from extensive experience
of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak Liquidity
Liquidity is weak due to continuous overdrawals for more than 30
days in the working capital facilities, due to the weak liquidity
due to stretch in working capital cycle. Furthermore, auditors have
mentioned in the remarks that the company had defaulted in
repayment of loans from Central Bank of India in FY18.

* Large working capital requirement
Gross current assets were 135 days as on March 31, 2019 because of
high inventory and receivables of 85 days and 51 days
respectively.

* Highly leveraged capital structure
Owing to accumulated losses, the company's networth remained
negative in FY19. The improvement in the capital structure will
remain key monitorable.

Strength
* Experience of the proprietor
Benefits from the promoter's experience of over two decades, his
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity Poor
The bank limits have been highly utilised with overdrawal for more
than 30 continous days in January 2020. This is driven by stretched
receivables.

Rating Sensitivity factors

Upward factors
* Track record of timely debt servicing for more than 3 months
* Improving gearing levels to less than 2.5 times

NHPL was incorporated in 1998 by the promoter, Mr Harshwardhan
Joshi. The company is engaged in the business of selling DOC and
broiler birds.

PCP INTERNATIONAL: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned PCP International
Limited (PCP) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:  

-- INR150 mil. Fund-based limit assigned with IND BB/Stable/IND
     A4+ rating; and

-- INR370 mil. Non-fund-based limit assigned with IND BB / Stable

     / IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PCP's small scale of operations, as evident
from revenue of INR700 million in FY19 (FY18: INR720 million). The
revenue decreased by 3% YoY in FY19 due to a fall in orders on
account of poor market conditions.  PCP achieved revenue of INR 530
million 10MFY20.

The rating factor in PCP's modest EBITDA margins due to the intense
competition in the construction industry. The EBITDA margin fell
marginally to 12.41% in FY19 (FY18: 12.71%) due to an increase in
raw material costs. PCP's return on capital employed was 4.37% in
FY19 (FY18: 4.44%).

Liquidity Indicator – Poor: PCP's average maximum utilization of
fund-based limits was about 98.91% for the 12 months ended November
2019. The networking capital cycle elongated to 246 days in FY19
(FY18: 211 days) on account of a decline in creditor days and an
increase in inventory days. However, the cash flow from operations
turned positive at INR47 million in FY19 (FY18: negative INR29
million) on account of favorable changes in other current assets
and liabilities. Moreover, as of March 31, 2019, PCP had cash of
INR48 million against the total debt of INR282.07 million.

The ratings also factor in PCP's moderate credit metrics due to the
modest margins. The interest coverage (operating EBITDAR/gross
interest expense) deteriorated to 2.45x in FY19 (FY18: 2.97x) due
to a decrease in the absolute EBITDA to INR86.92 million (INR91.51
million). The net leverage (total adjusted net debt/operating
EBITDA) improved to 2.70x in FY19 (FY18: 2.85x) owing to a decrease
in net debt.

The ratings, however, are supported by the director's experience of
more than five decades in the erection, fabrication, and
commissioning of boilers turbines for power plants

RATING SENSITIVITIES

Negative: Any deterioration in the scale of operations and
liquidity position, leading to the interest coverage declining
below 1.5x, on a sustained basis, could be negative for the
ratings.

Positive: An improvement in the liquidity position, leading to an
improvement in overall credit metrics, on a sustained basis, could
lead to positive rating action.

COMPANY PROFILE

PCP International Limited was incorporated in 1969 as Punjab
Chemi-Plants (P) Ltd. The company mainly erects, fabricates and
commissions boilers turbines for power plants under a boiler,
turbine and generator package.

PRABHAT CABLES: CRISIL Withdraws B+ Rating on INR20cr Loan
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Prabhat
Cables Private Limited (PCPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer       20        CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING; Migrated from
   (e-DFS)                           'CRISIL B+/Stable'; Rating
                                     Withdrawn)

CRISIL has been consistently following up with PCPL for obtaining
information through letters and emails dated February 5, 2020 and
February 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 PCPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for PCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has migrated
the ratings on the bank facilities of PCPL to 'CRISIL B+/Stable
Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of PCPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
PCPL was set up as a partnership firm in 1958 in Mumbai and was
reconstituted as a private limited company in 2010. PCPL
distributes products of Polycab such as coaxial cables, polyvinyl
chloride heavy cables, and submersible cables. Mr Amrish Kacharia,
Mr Manoj Kacharia and Mr Rickin Kacharia manage operations.

RELIGARE FINVEST: Ind-Ra Affirms 'D' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Religare Finvest
Limited's (RFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR4 mil. Lower Tier 2 sub-debt# affirmed with IND C rating;
     and

-- INR150 mil. Long-term bank loans affirmed with an IND D
rating.

#Details in Annexure

KEY RATING DRIVERS

The affirmation reflects RFL's continued delays in debt servicing
since April 2019. Ind-Ra understands the company is in discussion
with its lenders to implement its proposed resolution plan and
according to the management, it is estimated to close by FYE20.

With TCG Advisory Services Private Limited (TCG), Religare
Enterprises signed a binding term sheet agreement in July 2019 and
a share purchase agreement in October 2019. Under this agreement,
TCG will be taking over REL's stake in RFL. The transaction is
subjected to the receipt of all statutory and regulatory approvals
and the fulfillment of other conditions and according to the
management, is expected to complete by FYE20. Both the proceedings
will be importantly monitorable for RFL's ratings.                 
                                                              

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in the re-assessment of credit profile.

COMPANY PROFILE

RFL is a non-bank finance company that primarily provides loans to
small and medium enterprises through its product offering of loans
against property and working capital loans. RFL had total assets
worth INR60.79 billion at end-December 2019. During FY19, RFL
incurred a net loss of INR15.5 billion.

SHIVOM COTSPIN: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shivom Cotspin
Limited (SCL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Long Term     6.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan             12.0        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SCL for obtaining
information through letters and emails dated July 29, 2019 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 SCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCL 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 SCL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2007 and promoted by Mr. Satish Bansal, SCL
manufactures yarn. Its plant in Himachal Pradesh receives tax
exemption and is equipped with 18,000 spindles, with processing
capacity of 9 tonne per day (tpd). In 2010-11 (refers to financial
year, April 1 to March 31), the company installed an open-ended
yarn machine with a capacity of 4 tpd, which subsequently increased
to around 8 tpd in 2011-12. In 2013-14, SCL converted all its
openended yarn manufacturing capacities to ring-frame yarn of
similar capacity by adding new machinery or replacing the old
machineries.

SHRI GOPAL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shri Gopal Agro Food Private Limited

        Registered office:
        H.No. 52, T/F
        B/Side, Tamoor Nagar
        New Friends Colony
        New Delhi 110065

        Plant address:
        Khasra No. 798
        Lamana Village
        Via-Khaewa, Pishangan
        Ajmer, Rajasthan 305202

Insolvency Commencement Date: January 16, 2020

Court: National Company Law Tribunal, New Delhi
       (Court no. III) Bench

Estimated date of closure of
insolvency resolution process: July 14, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Vinay Kumar Singhal

Interim Resolution
Professional:            Mr. Vinay Kumar Singhal
                         411, 4th Floor, Essel House
                         Asaf Ali Road
                         New Delhi 110002
                         E-mail: vinaysinghal.ip@gmail.com
                                 irp.shrigopal@gmail.com

Last date for
submission of claims:    March 5, 2020


SONA CHANDI: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sona Chandi Agro
Processors (SCAP) continues to be 'CRISIL D Issuer not
cooperating'.

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

CRISIL has been consistently following up with SCAP for obtaining
information through letters and emails dated July 29, 2019 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 SCAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCAP 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 SCAP continues to be 'CRISIL D Issuer not
cooperating'.

Established in year 1985, SCAP, promoted by the Arora family, mills
and processes par-boiled basmati rice (Pusa 1121 quality). It has a
processing unit at Tarn Taran in Amritsar (Punjab), with milling
capacity of 8 tonne per hour. It commenced commercial production in
October 2004.

SPRING MERCHANDISERS: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Spring Merchandisers
Private Limited (SMPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            4.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Inland/Import          6.5        CRISIL D (ISSUER NOT
   Letter of Credit                  COOPERATING)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated July 29, 2019 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 SMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPL 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 SMPL 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.

SMPL, incorporated in 1995, manufactures brass, zinc, copper, and
aluminium ingots and trades in non-ferrous scrap. The operations
are managed by Mr. Ajay Garg and his sons, Mr. Gaurav Garg and Mr.
Anirudh Garg. The company is based in Mumbai and has a
manufacturing unit in Daman.

SSPDL LIMITED: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SSPDL Limited's
Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR61.15 mil. Term loan* due on July 2027 maintained in non-
     cooperating and withdrawn.

*Maintained in 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Incorporated in 1994, SSPDL is a real estate developer listed on
the Bombay Stock Exchange.

STAR SCHOOL: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Star School
Samiti's bank loan ratings in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR89.5 mil. Term loan (long-term) due on December 2021
     maintained in a non-cooperating category with IND D (ISSUER
NOT
     COOPERATING) rating; and

-- INR20 mil. Fund-based working capital facility (long-term)
     maintained in a non-cooperating category with IND D (ISSUER
NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Star School Samiti was established in 1980 to provide technical and
allied education services. It manages two institutes (Shiv Kumar
Singh Institute of Technology and Science and Shiv Kumar Singh
College of Professional Studies) and two schools (SKS International
School and Star Public School) in Indore.

SURYA DESIGN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Surya Design Line Private Limited
        N-39, Panchshila Park
        New Delhi
        North East Delhi 110017
        IN

Insolvency Commencement Date: February 20, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mahavir Parshad Jain

Interim Resolution
Professional:            Mahavir Parshad Jain
                         M-4, Harsha House
                         Karampura, Commercial Complex
                         Delhi 110015
                         E-mail: jain.mp54@gmail.com

                         334, Vardhman Premium Mall
                         Pitampura, Delhi 110034
                         E-mail: surya.cirp@gmail.com

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

                            - and -

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

Last date for
submission of claims:    March 5, 2020


SWARAJ INDIA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Swaraj India
Agro Limited's (SIAL) Long-Term Issuer Rating to 'IND D' from 'IND
BBB-/Negative'.

The instrument-wise rating actions are:

-- INR1,904.30 bil. Long-term loans (Long-term) due on October
     2025 downgrade with IND D rating; and

-- INR230.00 mil. Fund-based limits (Long-term/short-term)
     downgrade with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects SIAL's over-utilization of overdraft
facility for more than 30 consecutive days, which was regularized
on December 9, 2019.

RATING SENSITIVITIES

Positive: A positive rating action may result from timely debt
servicing for three consecutive months.

COMPANY PROFILE

SIAL was incorporated in 2010 and runs a fully-integrated sugar
manufacturing facility in Phaltan taluka of Maharashtra's Satara
district.

UNIVERSAL AUTO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Universal Auto Components Private Limited
        715, Large Sector, Phase-VIII
        Srirampur Gamharia
        JH 832108
        IN

Insolvency Commencement Date: February 18, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Manish Jain

Interim Resolution
Professional:            Mr. Manish Jain
                         Manish Mahavir & Co.
                         2B, Grant Lane
                         Room No. 303, 3rd floor
                         Bajarang Kunj
                         Kolkata 700012
                         E-mail: manishmahavir@gmail.com
                                 cirp.universalauto@gmail.com
                         Mobile: 9830248684
                                 8582806221

Last date for
submission of claims:    March 3, 2020




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

CALIBRE CONTRACTING: Goes Into Liquidation Owing 50-Plus Creditors
------------------------------------------------------------------
Brent Melville at Otago Daily Times reports that Calibre
Contracting Equipment, a company owned by Queenstown businessman
Graham Smolenski, has gone into liquidation owing more than 50
creditors.

According to the report, Mr. Smolenski is the former director of
failed insurance company Western Pacific Insurance, which was
placed in liquidation in 2011 owing almost $8 million to creditors
and more than $65 million stemming from the Christchurch
earthquakes of 2010 and 2011.

Canterbury policy holders were subsequently paid a total of $36.8
million by liquidators during 2017, ODT notes.

Liquidator Rodgers Reidy said Calibre now owes creditors more than
$830,000, including a disputed tax bill of $705,000, ODT relays.

The company, which manufactured and exported excavator attachments,
ceased operations last year, with the loss of three jobs.  

Its Brisbane-based sister company was placed in liquidation in
May.

Mr. Smolenski is a co-founder of Millbrook Resort, as well as a
former shareholder and director of companies including NZSki,
Queenstown Airport and Gibbston Wines.

He confirmed on Feb. 27 that he had relocated to Auckland as part
of his "retirement plan", though he was yet to sell his $4.9
million, five-bedroom, four-bathroom Streamside Lane, Millbrook
home, ODT relates.

The liquidator's initial report lists 53 creditors, but is unable
to quantify how much is owed at this stage.

According to ODT, Mr. Smolenski said the decision had been made to
close down the manufacturing division in New Zealand that supplied
and supported the Australian operation, as costs and dollar parity
meant New Zealand was no longer competitive against Asian imports.

He said the failure of one of Calibre's products in Australia --
supplied by a third party -- had affected sales and had put
pressure on the business and its staff, ODT relates.

"The Australian company owed the New Zealand company a considerable
amount of money. As this was unlikely to be paid, and there was no
Australian operation to take components being made in New Zealand,
the decision was made to cease trading in New Zealand last June."

ODT adds that Mr. Smolenski disputed that he owed money to the IRD,
saying the claim resulted from "confusion of internal IRD
computerised assessments across two different accounts".

Calibre had recently sold full ownership of its Sure-Grip,
Heli-Tilt, and Ram-Tilt Coupler brands to engineering firm Attach2
Equipment, the report notes.



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

PROVIDENCE RURAL: Placed Under PDIC Receivership
------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Providence Rural Bank, Inc. from doing business in the
Philippines through MB Resolution No. 291.B dated Feb. 27, 2020
which also directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation of
Providence Rural Bank, Inc. PDIC took over the bank on Feb. 28,
2020.

Providence Rural Bank, Inc. is a single-unit rural bank located on
National Highway cor. Aglipay St., Brgy. Bulala, Camalaniugan,
Cagayan.

Latest available records show that as of December 31, 2019,
Providence Rural Bank, Inc. has 2,431 deposit accounts with total
deposit liabilities of PhP33.4 million, of which 93% or PhP31.06
million are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PhP500,000.00.
Individual account holders of valid deposits with balances of
PhP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with Providence Rural Bank, Inc.
These individual depositors must ensure that they have complete and
updated addresses with the bank. PDIC representatives will be
distributing Mailing Address Update Forms at the bank premises and
depositors may submit the forms until March 4, 2020.

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

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

For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on March 10, 2020. Details will be
posted at the bank premises and in other public places.

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

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




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

HONTOP ENERGY: Goes Into Receivership in Singapore
--------------------------------------------------
Reuters reports that Hontop Energy (Singapore) Pte Ltd, the trading
arm of a Shandong-based refiner, has gone into receivership,
according to its business profile on the website of Singapore's
accounting and corporate regulator.

Singapore bank DBS, one of Hontop's creditors, has appointed
accounting firm KPMG as the receiver, a KPMG official told
Reuters.

"Hontop continues to be run by the existing management. The
receiver has been appointed over specific charged assets which
mainly relate to one trade transaction financed by DBS. Their
involvement is limited to realizing DBS' security and to discharge
DBS' debts," Reuters quotes Kelvin Koh -- kelvin.koh@tsmplaw.com
-- a partner at law firm TSMP Law Corporation, acting on behalf of
Hontop, said.

"China Wanda Group maintains a positive outlook on the future
growth of its oil refinery business in China," he added, Reuters
relays.

Hontop, a unit of China Wanda Group, buys crude oil for the group's
100,000 barrels per day refinery in Dongying, Shandong province,
operated by Tianhong Chemicals Co Ltd.

China Wanda Group, which also owns petrochemical, electric cables
and property businesses, has no relation with the conglomerate
Dalian Wanda Group, Reuters notes.

Hontop last issued a tender in October, said a Singapore-based
trader who regularly participates in its tenders, Reuters relates.
Hontop typically buys Russian, Angolan and Brazilian crude.

According to Reuters, Chinese independent refiners, or teapots,
account for about 20% of China's oil imports, but they have
recently come under pressure with ample fuel supplies at home and
bleak demand due to the coronavirus outbreak weighing on margins.

Reuters reported earlier this week that banks have suspended credit
lines for some of these teapots amid rising concerns about overall
industrial defaults.


                           *********


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
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