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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

          Friday, March 6, 2020, Vol. 23, No. 48

                           Headlines



A U S T R A L I A

AVALON GRANNY: Goes Into Liquidation; Owes About AUD1.6MM
CENCAT PTY: First Creditors' Meeting Set for March 13
COCKBURN CENTRAL: Second Creditors' Meeting Set for March 13
EMECO HOLDINGS: Fitch Upgrades LT IDR to B+, Outlook Stable
HARRIS SCARFE: Spotlight to Buy Collapsed Retail Chain

P3 SPORTS: First Creditors' Meeting Set for March 13
PEC AMSTEL: First Creditors' Meeting Set for March 13
PEC PORTFOLIO: First Creditors' Meeting Set for March 13
SCOOTI PTY: Second Creditors' Meeting Set for March 12
STELLER CAPITAL: First Creditors' Meeting Set for March 13

TOTAL SCOOTER: Second Creditors' Meeting Set for March 12


C H I N A

JINGRUI HOLDINGS: Moody's Rates New Senior Unsec. USD Notes 'B3'


I N D I A

AANCHAL ISPAT: Insolvency Resolution Process Case Summary
ABHINANDAN DYEING: Insolvency Resolution Process Case Summary
AJANTA SPINTEX: CRISIL Lowers Rating on INR22cr Loan to 'D'
BALGOPAL DISTRIBUTORS: Insolvency Resolution Process Case Summary
BHADRAMARUTI CONCAST: Insolvency Resolution Process Case Summary

CHAIPERTECH ELECTRONICS: Insolvency Resolution Case Summary
ECO SAND: CRISIL Migrates 'D' Rating to Not Cooperating Category
ESS DEE: Insolvency Resolution Process Case Summary
FIROZABAD CERAMICS: CRISIL Moves B Rating to Not Cooperating
FOREST VIEW: CRISIL Withdraws D Rating on INR8cr LT Loan

FREEZE ENGINEERING: CRISIL Moves 'C' Rating to Not Cooperating
G R POLYPLY: CRISIL Assigns 'B+' Rating to INR3.36cr Term Loan
GAMMON INFRASTRUCTURE: NCLT Admits Unit for Insolvency Process
GURBAXANI ENGINEERING: Ind-Ra Assigns 'BB+' Rating, Outlook Stable
GURBAXANI INFRAVENTURES: Ind-Ra Assigns BB+ Rating, Outlook Stable

HOLY TRINITY: CRISIL Migrates 'D' Rating to Not Cooperating
IDEAL ENERGY: Insolvency Resolution Process Case Summary
IRIS ECOPOWER: CRISIL Raises Rating on INR109.5cr Loan to 'B'
JANGIPUR BITUMEN: Insolvency Resolution Process Case Summary
JAY DURGA: CRISIL Migrates D Rating to Not Cooperating Category

JAYARATHANA EXPORTS: CRISIL Migrates D Rating to Not Cooperating
K-LIFESTYLE: Insolvency Resolution Process Case Summary
KETAN CONSTRUCTION: Ind-Ra Moves D Issuer Rating to NonCooperating
KOLLURI IMPEX: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Coop.
LAURENT TILES: Insolvency Resolution Process Case Summary

MEHTA API: Ind-Ra Puts BB+ LT Issuer Rating on RWN
OLIVE ECOPOWER: CRISIL Hikes Rating on INR20.16cr Loan to 'B'
RAJAT WIRES: Insolvency Resolution Process Case Summary
RELIANCE COMMUNICATIONS: Lenders Approve Resolution Plan
RUTTONPORE PLANTATIONS: CRISIL Hikes Rating on INR7cr Loan to B-

SARU AGRO: Insolvency Resolution Process Case Summary
SHRI SHIVJOT: CRISIL Maintains 'B' Rating in Not Cooperating
SHYAMALI COLD: CRISIL Cuts Rating on INR3.45cr Loan to D
SOLARATRIA CLEAN: Insolvency Resolution Process Case Summary
SOUTHERN BATTERIES: Insolvency Resolution Process Case Summary

SRAVANI RAW: CRISIL Maintains 'B-' Rating in Not Cooperating
SRI VIJAYA: CRISIL Maintains 'B+' Rating in Not Cooperating
SUNSHINE INFRA: CRISIL Maintains 'D' Rating in Not Cooperating
SUPERLATIVE INFRASTRUCTURE: Insolvency Resolution Case Summary
SUPREME (INDIA) IMPEX: Insolvency Resolution Process Case Summary

SUVI INTERNATIONAL: CRISIL Keeps 'B' Rating in Not Cooperating
TEMPLE CITY: CRISIL Maintains 'D' Rating in Not Cooperating
TWO WAY: Insolvency Resolution Process Case Summary
UDGEETH NIRMAN: CRISIL Lowers Rating on INR10cr Loan to B+
UNIPHOS INTERNATIONAL: Ind-Ra Affirms 'BB+' Rating, Outlook Stable

V. G. SHIPBREAKERS: CRISIL Keeps 'D' Rating in Not Cooperating
VACC-SYN BIOTECH: Insolvency Resolution Process Case Summary
VAISHNAVI KOSMETICOS: CRISIL Cuts Rating on INR10cr Loan to B+
VEDANTA RESOURCES: Moody's Downgrades CFR to B1, Outlook Stable
VIJAYA AERO: CRISIL Keeps 'D' Rating in Not Cooperating Category

VINAYAGA IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
VINOD WINE: CRISIL Lowers Rating on INR11cr Loan to B+
YADAV RICE: CRISIL Maintains 'B+' Rating in Not Cooperating
YAK GRANITE: CRISIL Maintains 'C' Rating in Not Cooperating
ZERO MICROFINANCE: CRISIL Maintains B- Rating in Not Cooperating



S I N G A P O R E

HYFLUX LTD: To Reallocate Advisor Fees After WongPartnership Exit
MAGNUS ENERGY: Receives Letter of Demand for SGD5.1MM
ROOFTOP GROUP: Debtor Questions Releases in Committee Plan

                           - - - - -


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

AVALON GRANNY: Goes Into Liquidation; Owes About AUD1.6MM
---------------------------------------------------------
Michael Bleby at Australian Financial Review reports that more than
60 creditors across NSW and Queensland may have been left with
nothing after a builder of granny flats went into liquidation last
month owing an estimated AUD1.6 million.

AFR relates that Avalon Granny Flats, which tapped the growing
demand for accommodation that would allow people to make extra
income or create extra housing space in east coast Australia's
growing housing affordability crisis, went into liquidation on
Valentine's Day, leaving suppliers and customers stranded.

"This company when presented to us was clearly insolvent,"
liquidator Paul Nogueira told The Australian Financial Review.

"There weren't sufficient resources to even consider doing an
administration to enable the company to continue trading."

AFR says the liquidation means the Booval, Queensland-based Avalon
Granny Flats director Lee Janssen will lose his building licence,
which was suspended for late payment of his licence fee in 2018 and
again in April last year for failure to comply with a financial
audit by the regulator.

According to the report, the Queensland Building and Construction
Commission said it was taking action to cancel the licence of Mr
Janssen, whose phone number has been disconnected and could not be
reached for comment.

"The QBCC has begun immediate action to cancel Mr Janssen's
building design-low rise licence and launched exclusion action
against him, as director of Avalon Homes Group Pty Ltd, following
the appointment of a liquidator to the company," AFR quotes a
spokesman as saying.

But the cancellation of Mr. Janssen's licence shows, just like the
cancellation of Grocon boss Daniel Grollo's licence last month, the
weaknesses in Australia's state-based regulatory system, which
allows a practitioner to keep operating in one state, even if they
have been disbarred in another state.

Mr. Nogueira said it was too early to say whether any of the
creditors would get any money back, AFR adds.

CENCAT PTY: First Creditors' Meeting Set for March 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cencat Pty.
Limited will be held on March 13, 2020, at 11:00 a.m. at the
offices of Amos Insolvency, 25/185 Airds Road, in Leumeah, NSW.

Peter Andrew Amos of Amos Insolvency was appointed as administrator
of Cencat Pty on March 3, 2020.

COCKBURN CENTRAL: Second Creditors' Meeting Set for March 13
------------------------------------------------------------
A second meeting of creditors in the proceedings of Cockburn
Central Cosmetic and Medical Centre Pty Ltd, formerly trading as
"Medivive Cosmetic Medical Clinic", has been set for March 13,
2020, at 10:30 a.m. at the offices of Ticcidew Insolvency, at 463
Scarborough Beach Road, in Osborne Park, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 5, 2020, at 4:00 p.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Cockburn Central on Feb. 6, 2020.

EMECO HOLDINGS: Fitch Upgrades LT IDR to B+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings upgraded Australia-based Emeco Holdings Limited's
Long-Term Issuer Default Rating to 'B+' from 'B'. The Outlook is
Stable.

The upgrade reflects Fitch's view that Emeco's business profile has
improved following its acquisition of Pit N Portal and its
successful integration of Force Equipment Pty Ltd and Matilda
Equipment. The upgrade also captures the company's improving credit
metrics as the growth and diversity of its earnings have been
predominantly funded with equity.

The acquisitions enhance Emeco's scale and diversify its earnings
stream. In addition, Emeco's differentiated asset strategy, driven
by Force's rebuilding capability and Emeco's procurement network,
allows the company to achieve cost savings and reduces its capital
intensity. Fitch also believes that Emeco's wider value proposition
helps offset its exposure to the inherent cyclicality and
volatility of commodity markets. Furthermore, Emeco's financial
profile has improved with the equity-funded acquisitions and the
company's commitment to its deleveraging path.

Fitch believes that Emeco's enhanced scale, wider earnings stream,
cost and capex savings through centralised procurement plus
planning and asset management, rebuilding capability, and
commitment to maintaining a conservative balance sheet will allow
the company to generate free cash flow (FCF) and run its business
through the cycle. Specifically, improving yields on its fleet and
capex savings through better procurement and rebuilding capability
allow Emeco to generate the FCF, including cash receipts from asset
sales, even after it made investments in growth assets in the
financial year ended June 2019 (FY19). Fitch does not expect the
company to have large capex requirements and forecast that Emeco
will generate positive FCF over the next two-three years.

KEY RATING DRIVERS

Improved Business Profile: Emeco's business profile has
strengthened through the acquisition of five companies. These allow
Emeco to move its business model from pure rental-equipment
provider to a mining-service company with diversified offerings.
Fitch believes Emeco's diversified earnings stream will enable it
to manage cyclical downturns. The acquisition of Pit N Portal also
provides cash flow visibility due to its longer contractual
arrangements. The successful integration of Matilda and Force
allows Emeco to pursue its unique asset strategy of procuring
mid-life assets and run these through its own workshop to extend
component life and reduce the group's capital intensity. Therefore,
Emeco will be able to achieve better margins and capex savings.

Commitment to Deleveraging: The company's improving credit metrics
reflect the equity-funded acquisitions and stronger earnings
profile on its existing business, which has led to lower gross debt
under its excess cash sweep provision. Fitch expects Emeco to
adhere to its publicly announced financial target of net debt to
operating EBITDA of 1x (company defined) and reduce its gross debt
when it refinances its US dollar notes.

The Stable Outlook reflects its view that leverage, measured by FFO
net leverage, will improve to around 1.0x by 2022 due to
incremental earnings from the acquisitions, an increase in
utilisation and rates in Western Australia, and a reduction in
gross leverage over the next two years. Fitch believes Emeco's
conservative balance sheet position allows it to run its business
through the cycle. The company's enhanced fleet size provides
another layer of protection to secured lenders and could become an
additional source of cash flow to support its deleveraging, if
required.

Supportive Industry Conditions: Fitch expects capex in the
Australian mining industry to increase over the next few years
following years of underinvestment in growth. Fitch believes mining
companies will maintain their financial discipline and therefore
support Emeco's value provision over a direct fleet investment. In
addition, Fitch expects mining equipment supply to remain adequate
and rational compared with the peak in 2012. Therefore, Fitch does
not expect Emeco to face pressure on its fleet utilisation and
rates over the next few years.

DERIVATION SUMMARY

Emeco's rating can be compared with that of PT Bukit Makmur Mandiri
Utama (BB-/Stable), which has better revenue visibility and a
relatively stable operating profile that stem from the
Indonesia-based company's long-term contracts with miners and its
diversified service offerings at various production stages. Bukit
Makmur also benefits from the long transition time of around three
years to switch mining contractors, which results in high switching
costs for coal miners. Bukit Makmur therefore had a more stable
operating profile during the previous downturn and better earnings
visibility than Emeco. However, Emeco's business profile has
improved over the last few years and it has a better financial
profile than Bukit Makmur, which somewhat offsets its relatively
weak business profile. These factors underscore the one-notch
rating differential.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Operating utilisation rate to rise to above 65% due to tight
rental-equipment market conditions and strong activity levels in
the mining sector.

  - Net capex at around 20%-25% of revenue from FY20-FY23; FY20 net
capex estimated at around AUD110 million.

  - Emeco continues to repay debt under its excess cash-sweep
provision until it refinances its US dollar notes.

RATING SENSITIVITIES

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

  - FFO net leverage below 1x on a sustained basis.

  - A further improvement in business profile in terms of lower
correlation between each business line and enhanced diversification
in service offerings.

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

  - Deterioration of operating performance, including shrinkage of
the operating utilisation rate and loss of major contracts.

  - FFO net leverage exceeding 2x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Emeco's next significant debt maturity is in
March 2022, consisting of USD322 million of 9.25% senior secured
notes issued by its wholly owned subsidiary, Emeco Pty Ltd. The
company had a committed undrawn revolving facility of AUD100million
and cash in hand of AUD53 million at end-2019. Fitch also expects
Emeco to generate positive free cash flow over the next four
years.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).

HARRIS SCARFE: Spotlight to Buy Collapsed Retail Chain
------------------------------------------------------
Stephanie Chalmers at ABC News reports that collapsed department
store chain Harris Scarfe has found a buyer in the Spotlight Group,
but the future of its remaining stores and staff remains unclear.

ABC relates that the 170-year-old retailer called in the
administrators in December, just a month after it was acquired by
private equity firm Allegro Funds.

The number of Harris Scarfe stores has been reduced from 66 to 44
in the months since, and job cuts reduced employee numbers from
more than 1,800 to around 1,300.

According to ABC, receivers from Deloitte Restructuring Services
have granted the Spotlight group exclusive rights to buy the
business, after four parties were shortlisted.

The Spotlight Group runs the eponymous chain of fabric and craft
stores, as well as camping and outdoor brands Mountain Designs and
Anaconda.

The receivers said they were "seeking to secure the ongoing
employment" of the remaining staff members.

"We are hopeful all of the 44 stores will be retained under the
sale but ultimately, this will be dependent on how the transaction
progresses over the next couple of weeks," ABC quotes receiver
Vaughan Strawbridge as saying.

Harris Scarfe is one of a growing list of retail casualties in
recent months, including accessories brand Colette and clothing
chains Jeanswest and Bardot, which all shut down some of their
stores after entering administration.

After closing a quarter of its stores and making more than 260
employees redundant, Jeanswest was last week sold to Harbour
Guidance, the subsidiary of a Hong Kong company run by the same
family that previously owned it.

The already-struggling retail sector has had a tough start to the
year, with a horror bushfire season impacting domestic travel and
spending in fire-affected areas and the coronavirus outbreak
disrupting supply chains.

The latest ANZ-Roy Morgan survey showed consumer confidence fell
3.2 per cent last week, to be at its lowest in more than five
years.

"The virus-induced sell-off in the local and global stock markets
and the big drop in [Chinese manufacturing] likely contributed to
the weakness," ANZ's head of Australian economics David Plank
said.

Respondents' views of current economic conditions dropped sharply,
by more than 16 per cent, but there was more positivity around
personal finances.

"So far the negative economic outlook has been a better guide to
household spending than more positive financial sentiment," Mr
Plank said.

The receivers for Harris Scarfe said they expected to finalise the
sale to Spotlight as early as mid-April.

                        About Harris Scarfe

Harris Scarfe employs more than 1,800 staff and said the
appointment of DRS partners Vaughan Strawbridge, Kathryn Evans and
Tim Norman was made by an unnamed secured lender to the group.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
12, 2019, The Sydney Morning Herald said department store chain
Harris Scarfe has become the latest casualty of the flagging retail
sector after being placed into receivership.  The AUD380 million
chain has 66 stores across the country from Top Ryde in Sydney's
northern suburbs, Westfield Chermside and Carindale in Brisbane,
Canberra, Wagga Wagga down to Geelong in Victoria, Adelaide and
Hobart.

P3 SPORTS: First Creditors' Meeting Set for March 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of P3 Sports &
Recovery (Casey) Pty Ltd will be held on March 13, 2020, at 10:30
a.m. at the offices of Worrells Solvency & Forensic Accountants,
Level 15, at 114 William Street, in Melbourne, Victoria.  

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of P3 Sports on March 3, 2020.


PEC AMSTEL: First Creditors' Meeting Set for March 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of PEC Amstel
Nominees Pty Ltd ATF PEC Amstel Centre SPV will be held on March
13, 2020, at 11:30 a.m. at the offices of Hall Chadwick, Level 14,
at 440 Collins Street, in Melbourne, Victoria.

David Anthony Ross of Hall Chadwick was appointed as administrator
of PEC Amstel on March 2, 2020.


PEC PORTFOLIO: First Creditors' Meeting Set for March 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of PEC
Portfolio 1 Pty. Ltd. will be held on March 13, 2020, at 11:00 a.m.
at the offices of Hall Chadwick, Level 14, at 440 Collins Street,
in Melbourne, Victoria.

David Anthony Ross of Hall Chadwick was appointed as administrator
of PEC Portfolio on March 2, 2020.

SCOOTI PTY: Second Creditors' Meeting Set for March 12
------------------------------------------------------
A second meeting of creditors in the proceedings of Scooti Pty Ltd
has been set for March 12, 2020, at 3:30 p.m. at the offices of
Deloitte Financial Advisory Pty Ltd, Level 10, at 550 Bourke
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 11, 2020, at 4:00 p.m.

David Ian Mansfield and Robert Woods of Deloitte Financial Advisory
were appointed as administrators of Scooti Pty on Feb. 5, 2020.

STELLER CAPITAL: First Creditors' Meeting Set for March 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Steller
Capital Pty Ltd will be held on
March 13, 2020, at 10:00 a.m. at the offices of Hall Chadwick,
Level 14, at 440 Collins Street, in Melbourne, Victoria.  

David Anthony Ross of Hall Chadwick was appointed as administrator
of Steller Capital on March 2, 2020.


TOTAL SCOOTER: Second Creditors' Meeting Set for March 12
---------------------------------------------------------
A second meeting of creditors in the proceedings of Total Scooter
Holdings Pty Ltd has been set for March 12, 2020, at 3:00 p.m. at
the offices of Deloitte Financial Advisory Pty Ltd, Level 10, at
550 Bourke Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 11, 2020, at 4:00 p.m.

David Ian Mansfield and Robert Woods of Deloitte Financial Advisory
were appointed as administrators of Scooti Pty on Feb. 5, 2020.




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C H I N A
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JINGRUI HOLDINGS: Moody's Rates New Senior Unsec. USD Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Jingrui
Holdings Limited's (B2 stable) proposed senior unsecured USD
notes.

Jingrui plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Jingrui's debt maturity
profile and improve its liquidity profile, without a material
impact on the company's credit metrics," says Cedric Lai, a Moody's
Vice President and Senior Analyst.

Moody's expects Jingrui's leverage, as measured by revenue/adjusted
debt, will trend toward 64%-66% over the next 12-18 months from 52%
for the 12 months ended June 2019. This improvement will be
supported by increasing revenue growth as it recognizes solid
contracted sales of the past two years, while debt growth will slow
over the same period.

Similarly, Moody's expects adjusted EBIT/interest coverage will
slightly improve to 2.0x-2.1x over the next 12-18 months from 1.7x
for the 12 months ended June 2019, as strong revenue recognition
and an improving gross margin will fully offset rising funding
costs.

Jingrui's contracted sales fell 38.0% year-on-year to RMB866
million in the first two months of 2020, due to the impact of the
Chinese New Year festival and the outbreak of the coronavirus.
Although the company's sales are likely to stay weak in 1Q 2020
because of the outbreak, Moody's expects sales will recover through
the remainder of 2020, keeping total contracted sales at a level
similar to that achieved in 2019. Moody's will continue to monitor
developments and evaluate the credit impact if the disruption is
prolonged.

Jingrui's B2 corporate family rating reflects its modest scale,
moderate financial profile and low but improving profitability. The
rating also takes into account the company's track record of
developing properties in Shanghai and other cities in the
economically strong Yangtze River Delta area.

However, the CFR is constrained by the company's small scale and
relatively high geographic concentration in the Yangtze River
Delta.

In terms of governance consideration, Moody's has taken into
account the concentrated ownership by Jingrui's founder and key
shareholder, Mr. Yan Hao, who held about 38% stake in Jingrui as of
June 30, 2019.

Such concentrated ownership is mitigated by the presence of three
special committees, the audit committee, the remuneration committee
and the nomination committee, two of which are dominated and
chaired by the independent non-executive directors.

Additionally, the company has established internal governance
structures and standards as required under the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange.

Jingrui's liquidity position is adequate. Moody's expects the
company's cash balance and cash flow from operating activities will
be sufficient to cover its committed land payments and maturing
debt over the next 12-18 months. As of June 2019, the company's
cash balance of RMB14.2 billion covered about 1.4x its maturing
debt of RMB10.4 billion as of the same date.

Jingrui's B3 senior unsecured debt rating is one notch lower than
the CFR due to structural subordination risk. This risk reflects
the fact that the majority of claims are at the operating
subsidiaries and have priority over Jingrui's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.

The stable ratings outlook reflects Moody's expectation that
Jingrui's will sustain its improved sales execution for properties
in higher-tier cities in China over the next 12-18 months.

Moody's could upgrade the ratings if Jingrui substantially grows
its scale while maintaining (1) sound credit metrics, with adjusted
revenue/debt above 95%-100%, and EBIT/interest coverage above 3.5x
on a sustained basis; and (2) an adequate liquidity position on a
sustained basis.

Moody's could downgrade the ratings if Jingrui's (1) liquidity
weakens, such that cash/short-term debt falls below 100%; and (2)
profit margins come under pressure, constraining its interest
coverage and financial flexibility, such that EBIT interest
coverage falls below 2.0x.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Jingrui Holdings Limited is a Shanghai-based property developer.
The company was listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen Xin
Ge and Mr. Yan Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China. As of June 2019, Jingrui's land bank
of about 5.5 million square meters was spread across 13 cities in
China, including Tianjin, Ningbo, Suzhou, Hangzhou, Wuhan and
Shanghai.



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I N D I A
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AANCHAL ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aanchal Ispat Limited

        Registered office:
        J.L. No. 5, National Highway No. 6
        Chamrail, Howrah 711114
        West Bengal

Insolvency Commencement Date: February 21, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Bijay Murmuria

Interim Resolution
Professional:            Mr. Bijay Murmuria
                         6A, Geetanjali Apartment
                         8B, Middleton Street
                         Kolkata 700071
                         E-mail: bijay_murmuria@
                                 sumedhamangament.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.aanchalispat@gmail.com

Last date for
submission of claims:    March 5, 2020


ABHINANDAN DYEING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Abhinandan Dyeing Private Limited
        Village: Jalsukha Barasat-24
        Pargans (N) Kolkata 700121
        West Bengal

           - and -

        46 Jamunalal Bajaj Street
        Ground Floor, Room No. 14
        Kolkata 700007
        West Bengal

Insolvency Commencement Date: February 21, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Sanjeev Jhunjhunwala

Interim Resolution
Professional:            Sanjeev Jhunjhunwala
                         Siddha Weston
                         9 Weston Street
                         Suite no. 134, 1st Floor
                         Kolkata 700013
                         E-mail: sanjeevjhunjhunwala@gmail.com
                                 cirp.abhinandan@gmail.com

Last date for
submission of claims:    March 5, 2020


AJANTA SPINTEX: CRISIL Lowers Rating on INR22cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded the ratings of Ajanta Spintex Private Limited
(ASPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable
Issuer Not Cooperating'.  The downgrade reflects delays in
servicing of term loan, because of its stretched liquidity
position.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            14         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Long Term Loan         22         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      5.5       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated February 22, 2019 and
November 30, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not
Cooperating'.

The downgrade reflects delays in servicing of term loan, because of
its stretched liquidity position.

ASPL, which was set up in 2010, by the promoter, Mr I Dhana Reddy
and his family members, manufactures cotton yarn. The manufacturing
facility, near Guntur (Andhra Pradesh), has a capacity of around
25,000 spindles.

BALGOPAL DISTRIBUTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Balgopal Distributors Private Limited
        235/2A, A.J.C. Bose Road
        3rd Floor
        Kolkata 700020

Insolvency Commencement Date: February 17, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kailash Kumar Rathi

Interim Resolution
Professional:            Kailash Kumar Rathi
                         91 Burtolla Street
                         2nd Floor
                         Kolkata 700007
                         E-mail: kailashk.rathi@gmail.com
                                 cirp.balgopal@rediffmail.com

Last date for
submission of claims:    March 8, 2020


BHADRAMARUTI CONCAST: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Bhadramaruti Concast Private Limited
        Plot No. E-12, Phase II
        Additional MIDC
        Jalnamh 431203

Insolvency Commencement Date: February 4, 2020

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Amedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368
                                 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    March 3, 2020


CHAIPERTECH ELECTRONICS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Chaipertech Electronics Private Limited
        2, Mansarovar CHS Ltd
        Sector 9, Plot No. 62, 63, 64 Airoli
        Navi Mumbai, Maharashtra 400708

Insolvency Commencement Date: February 17, 2020

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Shivaganga Muralidhar Pramod

Interim Resolution
Professional:            Shivaganga Muralidhar Pramod
                         BMP & Co. LLP #4272, 2nd Floor
                         Saptagiri, Vivekananda Park Road
                         Near Seetha Circle
                         Girinagar, Bangalore 560085
                         E-mail: pramod@adyanta.co.in

Last date for
submission of claims:    March 2, 2020


ECO SAND: CRISIL Migrates 'D' Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Eco Sand (ES)
to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured Overdraft     3.56       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Term Loan             8.94       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ES for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 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 ES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ES is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ES to 'CRISIL D Issuer not cooperating'.

ES was established in 2014 as a partnership firm, promoted by Ms
Sunitha Raghuveer and six others. The firm manufactures sand and
aggregates and has a crushing unit at Chikkaballapur, Karnataka.

ESS DEE: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: ESS DEE Aluminium Limited

        Registered office:
        1, Sagore Dutta Ghat Road
        Kamarhati, Kolkata
        West Bengal 700058

        Other than Registered office:
        ESS DEE House
        Akurli Road
        Kandivali East Mumbai
        Maharashtra 400101

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 12, 2020
                               (180 days from commencement)

Insolvency professional: Mrs. Deepika Bhugra Prasad

Interim Resolution
Professional:            Mrs. Deepika Bhugra Prasad
                         202, Samrat Ashok Enclave
                         Sector-18A, Plot No. 6
                         Dwarka, New Delhi
                         National Capital Territory of Delhi
                         110075
                         E-mail: deepika.bhugra@gmail.com

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: essdee@aaainsolvency.com

Last date for
submission of claims:    March 2, 2020


FIROZABAD CERAMICS: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Firozabad
Ceramics Private Limited (FCPL) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Long Term Loan        4.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.8       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FCPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 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 FCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

FCPL was set up in 1981, by Mr Shyam Sunder Jain. The company
manufactures glassware products such as jars, tableware, and
bottles used in various industries, including FMCG, pharma,
cosmetic and liquor. The manufacturing unit is at Firozabad.

FOREST VIEW: CRISIL Withdraws D Rating on INR8cr LT Loan
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Forest
View Resort (FVR) 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
   ----------       -----------    -------
   Long Term Loan          8       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with FVR for obtaining
information through letters and emails dated January 14, 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 FVR. 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 FVR 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
Continues the ratings on the bank facilities of FVR to 'CRISIL D
Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of FVR 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.

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

FVR is a proprietorship concern of Mr Deepanshu Gautam. The firm
has a resort, De Exotica Crest Resort and Spa, at Theoug, 28
kilometre from Shimla.

FREEZE ENGINEERING: CRISIL Moves 'C' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Freeze
Engineering Industries Private Limited (FEIPL) to 'CRISIL C/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting       2.5      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Export Packing         6.0      CRISIL C (ISSUER NOT
   Credit                          COOPERATING; Rating Migrated)

   Proposed Long Term     1.5      CRISIL C (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of FEIPL to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

FEIPL was set up at Kollam (Kerala) in 1980. The company processes
and exports sea fish such as cuttlefish, mackerels, leatherjacket
fish, cods, tuna and shrimps.

G R POLYPLY: CRISIL Assigns 'B+' Rating to INR3.36cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of G R Polyply (GRP). The rating reflects modest scale
of operations amid intense competition and below average financial
risk profile. These weaknesses are partially offset by its
extensive industry experience of the partners.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            3.36        CRISIL B+/Stable (Assigned)
   Cash Credit          1.90        CRISIL B+/Stable (Assigned)
   Proposed Cash
   Credit Limit          .04        CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations amid intense competition:  Scale of
operations is modest as indicated by revenue of INR7.67 crore in
fiscal 2019 and faces intense competition from unorganized players
and from substitute products like plywood, aluminum and steel
products which may continue to constrain scalability and pricing
power.

* Below Average financial risk profile:  GRP's gearing levels are
high at 3.91 times as on 31st March 2019 and it is expected to
improve in the absence of any further debt funded capital
expenditure (capex). The debt protection measures have also been
weak with interest coverage ratio and net cash accrual to total
debt (NCATD) ratio at 1.40 times and 0.04 times respectively for
fiscal 2019.

Strength
* Extensive industry experience of the partners: The partners have
extensive experience in this industry. This has given them an
understanding of the dynamics of the market, and enabled them to
establish relationships with suppliers and customers.

Liquidity Stretched
GRP has stretched liquidity marked by marginal cash and cash
equivalents of INR0.46 crore as on March 31, 2019 and tightly
matched accruals in the range of INR0.40 - 0.65 crore to service
term debt obligations in the range of INR0.25 - 0.30 crore over the
medium term.  The firm has access to fund based limits of INR1.5
crore, which are utilized 94 % over the 12 months ended December
2019 due to working capital intensive nature of operations.

Outlook: Stable

CRISIL believe GRP will continue to benefit from the extensive
experience of its partner, and established relationships with
clients.

Rating Sensitivity Factor
Upward factor
*Improvement in gearing levels to less than 2.5 times
*Increase in net cash accruals

Downward factor
*Decline in operating margins to 7% leading to lower net cash
accruals
*Any large debt funded capex adversely impacting financial risk
profile.

GRP was establish in 2016. GRP is owned & managed by Mr G.
Ramalingeswar, Mrs G. Sai Lakshmi Mr G.Ganesh Kumar & Ms N.
Deepika. GRP is engaged in manufacturing of wood-plastic composites
(WPC) doors, WPC boards, Polyvinyl chloride (PVC) foam boards &
allied. GRP manufacturing facility is located in Kurnool, Andhra
Pradesh.

GAMMON INFRASTRUCTURE: NCLT Admits Unit for Insolvency Process
--------------------------------------------------------------
Financial Express reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has admitted Rajahmundry Godavari
Bridge, a subsidiary of Gammon Infrastructure, for Corporate
Insolvency Resolution Process (CIRP). Vishal Ghisulal Jain has been
appointed as the resolution professional for the process, the
report says.

FE relates that the company (RGBL) had entered into a concessions
agreement with Andhra Pradesh Road Development Corporation (APRDC)
for design, construction, finance, operations and maintenance of a
4.15-kilometre long four-lane bridge across the river Godavari.

The project also included 10.34 kilometre of approach roads on
either side of the bridge. The bridge connects Kovvur and
Rajahmundry in Andhra Pradesh, the report says. It has been
operational since November 2015. In February 2018, RGBL served a
termination notice to APRDC "on account of several breaches of the
said concession agreement".

Following the termination, dues aggregating to over INR1,120 crore
became payable to the company's lenders. Following this, in July
2018, Union Bank of India had initiated CIRP against the company.
Following this, RGBL has requested the state-owned bank to explore
other options instead, according to FE.

Parent company Gammon Infrastructure is the infrastructure project
development company promoted by Gammon India. Union Bank of India
in 2018 moved the NCLT against Gammon India, as well.


GURBAXANI ENGINEERING: Ind-Ra Assigns 'BB+' Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gurbaxani
Engineering & Constructions Private Limited's (GECPL) debt
instruments a rating of 'IND BB+'. The Outlook is Stable.

The detailed rating action is:

-- INR475.1 mil. Senior secured rupee term loan due on March 2029

     assigned with IND BB+/ Stable rating.

*Bank guarantee worth INR102.6 million is a sub-limit of the rupee
term loan facility

Ind-Ra has analyzed the rating of the senior secured rupee term
loan of GECPL and has also factored in the credit profile of
GECPL's sponsor, D.C. Gurbaxani (DCG). Additionally, the promoter's
contribution in the form of the unsecured loan worth INR37.8
million to be injected in GECPL in the form of quasi-equity is
fully subordinated to the senior ranking rupee term loan, and
therefore, has not been considered as additional debt in Ind-Ra's
analysis.

KEY RATING DRIVERS

The project's scheduled construction period is 730 days from the
appointed date. GECPL has appointed its promoter firm, DCG, as the
engineering, procurement, and construction (EPC) contractor; DCG
has sufficient experience and specialization in developing road
projects of national and state highways. The presence of a
fixed-price, fixed-time construction contract partly mitigates the
potential cost overrun risk. Additionally, the concession authority
will make construction grant payments linked to physical progress
milestones.

The project's physical progress was just above 10% until December
31, 2019; it is significantly running behind schedule due to the
prolonged monsoons in 2019. As of December 31, 2019, the promoters
had brought-in the committed equity of INR170.9 million in the form
of equity share capital in GECPL. According to the management,
GECPL had received 12% of BPC as of February 27, 2020, as a
construction grant towards the achievement of the first payment
milestone. The company applied for an extension of the timeline
(EOT) of 420 days in the first week of January and expects to get
final approval for the same by end-April 2020.

GECPL requires nominal land acquisition, as a large part of the
construction has to be done in the existing right of way (ROW) that
is already in possession with the GoM. Till end-December 2019, even
11 months post the appointed date (January 29, 2019), the total
land acquired for the project road development accounted for 80% of
the overall land required. As per the management, GECPL expects the
timely acquisition of the remaining land and does not anticipate
any hindrances or delays in the matter.

DCG has undertaken to infuse committed equity in the project in a
timely manner along with meeting shortfalls for project cost/ time
overrun and a shortfall in resources. DCG has also undertaken to
meet any non-receipt or shortfall or delay in construction support
provided by the PWD and in case of the termination of the
concession agreement. Also, the sponsor will bring in funds
required for incurring O&M and major maintenance expenses that are
over and above the management's expectations. DCG shall also
provide additional support for the timely creation of the
stipulated two-quarters of debt service reserve (DSR) and meeting
the first six months of interest obligations and O&M expenses post
the COD.

Furthermore, DCG has provided an unconditional, absolute and
irrevocable guarantee to provide funds for debt servicing
obligations in the event of a default by GECPL at any time until
the final settlement date of the term loan.

The rating draws reasonable comfort from the committed half-yearly
annuities to be received from the government of Maharashtra's (GoM)
public works department (PWD), which is the concession authority.
The first annuity payment by the PWD to GECPL is due and payable
within 15 days of completion of six months from the scheduled
commercial operations date (COD), and DCG shall bring in additional
funds for any unanticipated delay in annuity payments. GECPL shall
receive total annuity payments worth 40% of the bid project cost
(BPC; INR1,709.5 million), adjusted for a price index multiple, in
the form of 20 bi-annual installments for 10 years. Additionally,
interest shall be payable to GECPL on the outstanding annuity
payments payable at a rate equal to the Reserve Bank of India's
bank rate plus 3%. The GoM shall also reimburse GECPL for
inflation-indexed operations and maintenance (O&M) payments in line
with the bid proposal on semi-annuity payment dates.

Any deductions for non-conformance to maintenance requirements
during the concession term could lead to a shortfall in the
forthcoming annuity payments. However, the reasonable operating
track record of the proposed O&M contractor, DCG, in managing road
contracts for national and state highways since the past three
decades, and the relatively low complexity involved in the O&M of
hybrid annuity model (HAM)-based road projects vis-à-vis other
infrastructure projects support the rating. Moreover, two cycles of
major maintenance are scheduled during the concession period, with
the first cycle related to micro-seal surfacing after three years
from the COD, and the second cycle related to overlaying of the
entire stretch with bitumen seven years post the COD.

The repayment schedule of GECPL provides for a cushion of six
months (the difference between first repayment date and first
annuity payment date from the COD) to partially safeguard the
project from any unanticipated delays in forthcoming annuity
payments. The availability of a tail period of two years provides
partial comfort to the rating.

Also, the financing documents stipulate a minimum annual DSCR of
1.20x during operations, the breach of which shall lead to the
discontinuation of restricted payments, until restored to
stipulated levels. Any default on sponsor debt shall accelerate
debt repayments of GECPL under a cross-default linked mechanism.

Interest servicing of the project for the first six months till the
first annuity as well as O&M expenses during the same period shall
be funded from inflation-indexed construction grants, which is a
part of the project cost. GECPL will avail term loans after the
completion of at least 25% physical progress, as per the financing
documents. However, Ind-Ra derives moderate comfort from the
creditworthiness of the sponsor during the construction period to
support any project cost or time overruns or delay in construction
grant receipts.

RATING SENSITIVITIES

Positive: Future developments that could, individually or
collectively, lead to an upgrade are as follows:-

- completion of the project earlier than the targeted scheduled
date, leading to bonus payments from the GoM;

- receipt of the first annuity payment before schedule;

Negative: Future developments that could, individually or
collectively, lead to a downgrade are:-

- lag in construction activity by six months;

- non-receipt of project approvals in a timely fashion, including
concession authority's approval for extension in COD;

- non-injection of funds in a timely manner;

- absence of timely sponsor support for project cost escalations
during the construction period;

- non-creation of the stipulated DSRA prior to COD as per
financing documents;

- deterioration in the credit profile of the sponsor or concession
authority

COMPANY PROFILE

GECPL, a special purpose vehicle incorporated by DCG, has been
awarded a 12-year concession (including a two-year construction
period) for the improvement and operation/maintenance of two-laning
of roads totaling 45.2km in the Chandrapur district in Maharashtra.


The total bid-project cost of GECPL is INR1,709.5 million; it is
expected to be financed by an equity contribution of INR208.7
million by DCG, construction grants of INR1,025.7 million payable
by concession authority and project debt of INR475.1 million. The
appointed date of the project was received on January 29, 2019, and
the scheduled construction period is two years.

GURBAXANI INFRAVENTURES: Ind-Ra Assigns BB+ Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gurbaxani
Infraventures Private Limited (GIPL) debt instruments a rating of
'IND BB+'. The Outlook is Stable.

The detailed rating action is:

-- INR431 mil. Senior secured rupee term loan due on March 2029
     assigned with IND BB+/ Stable rating.

*Bank Guarantee worth INR93.0 million is a sub-limit of the rupee
term loan facility

Ind-Ra has analyzed the rating of the senior secured rupee term
loan of GIPL and has also factored in the credit profile of GIPL's
sponsor, D.C. Gurbaxani (DCG). Additionally, the promoter's
contribution in the form of an unsecured loan worth INR34.3 million
to be injected in GIPL in the form of quasi-equity is fully
subordinated to the senior ranking rupee term loan, and therefore,
has not been considered as additional debt in Ind-Ra's analysis.

KEY RATING DRIVERS

The project's scheduled construction period is 730 days from the
appointed date. GIPL has appointed its promoter firm, DCG, as the
engineering, procurement, and construction (EPC) contractor; DCG
has sufficient experience and specialization in developing road
projects of national and state highways. The presence of a
fixed-price, fixed-time construction contract partly mitigates the
potential cost overrun risk. Additionally, the concession authority
will make construction grant payments linked to physical progress
milestones.

The project's physical progress was approximately 25% until
February 26, 2020. It is moderately behind schedule due to the
prolonged monsoons in 2019. As of December 31, 2019, the promoters
had brought-in the committed equity of INR155.1 million in the form
of equity share capital in GIPL. While GIPL has already received
12% of BPC as construction grant towards the achievement of the
first payment milestone (10% physical progress), the company
expects to achieve the scheduled second project milestone of at
least 35% physical progress by early March 2020, which is in line
with concession terms.

GIPL requires nominal land acquisition, as a large part of the
construction has to be done in the existing right of way (ROW) that
is already in possession with the GoM. Till end-December 2019, even
11 months post the appointed date (January 29, 2019), the total
land acquired for the project road development accounted for 80% of
the overall land required. As per the management, GIPL expects the
timely acquisition of the remaining land and does not anticipate
any hindrances or delays in the matter.

DCG has undertaken to infuse committed equity in the project in a
timely manner along with meeting shortfalls for project cost/ time
overrun and the shortfall in resources. DCG has also undertaken to
meet any non-receipt or shortfall or delay in construction support
provided by the PWD and in case of the termination of the
concession agreement. Also, the sponsor will bring in funds
required for incurring O&M and major maintenance expenses that are
over and above the management's expectations. DCG shall also
provide additional support for the timely creation of the
stipulated two-quarters of debt service reserve (DSR) and meeting
the first six months of interest obligations and O&M expenses post
the COD.

Furthermore, DCG has provided an unconditional, absolute and
irrevocable guarantee to provide funds for debt servicing
obligations in the event of a default by GIPL at any time until the
final settlement date of the term loan.

The rating draws reasonable comfort from the committed half-yearly
annuities to be received from the government of Maharashtra's (GoM)
public works department (PWD), which is the concession authority.
The first annuity payment by the PWD to GIPL is due and payable
within 15 days of completion of six months from the scheduled
commercial operations date (COD), and DCG shall bring in additional
funds for any unanticipated delay in annuity payments. GIPL shall
receive total annuity payments worth 40% of the bid project cost
(BPC; INR1,550.9 million), adjusted for a price index multiple, in
the form of 20 bi-annual installments for 10 years. Additionally,
interest shall be payable to GIPL on the outstanding annuity
payments payable at a rate equal to the Reserve Bank of India's
(RBI) bank rate plus 3%. The GoM shall also reimburse GIPL for
inflation-indexed operations and maintenance (O&M) payments in line
with the bid proposal on semi-annuity payment dates.

Any deductions for non-conformance to maintenance requirements
during the concession term could lead to a shortfall in the
forthcoming annuity payments. However, the reasonable operating
track record of the proposed O&M contractor, DCG, in managing road
contracts for national and state highways since the past three
decades, and the relatively low complexity involved in the O&M of
hybrid annuity model (HAM)-based road projects vis-à-vis other
infrastructure projects support the rating. Moreover, two cycles of
major maintenance are scheduled during the concession period, with
the first cycle related to micro-seal surfacing after three years
from the COD, and the second cycle related to overlaying of the
entire stretch with bitumen seven years post the COD.

The repayment schedule of GIPL provides for a cushion of six months
(the difference between first repayment date and first annuity
payment date from the COD) to partially safeguard the project from
any unanticipated delays in forthcoming annuity payments. The
availability of a tail period of two years provides partial comfort
to the rating.

Also, the financing documents stipulate a minimum annual DSCR of
1.20x during operations, the breach of which shall lead to the
discontinuation of restricted payments, until restored to
stipulated levels. Any default on sponsor debt shall accelerate
debt repayments of GIPL under a cross-default linked mechanism.

Interest servicing of the project for the first six months till the
first annuity as well as O&M expenses during the same period shall
be funded from inflation-indexed construction grants, which is a
part of the project cost. GIPL will avail term loans after the
completion of at least 25% physical progress, as per the financing
documents. However, Ind-Ra derives moderate comfort from the
creditworthiness of the sponsor during the construction period to
support any project cost or time overruns or delay in construction
grant receipts.

RATING SENSITIVITIES

Positive: Future developments that could, individually or
collectively, lead to an upgrade are as follows:-

- completion of the project earlier than the targeted scheduled
date, leading to bonus payments from the GoM;

- receipt of the first annuity payment before schedule;

Negative: Future developments that could, individually or
collectively, lead to a downgrade are:-

- lag in construction activity by six months;

- non-receipt of project approvals in a timely fashion;

- non-injection of funds in a timely manner;

- absence of timely sponsor support for project cost escalations
during the construction period;

- non-creation of the stipulated DSRA prior to COD as per
financing documents;

- deterioration in the credit profile of the sponsor or concession
authority

COMPANY PROFILE

GIPL, a special purpose vehicle incorporated by DCG, has been
awarded a 12-year concession (including a two-year construction
period for the improvement and operation/maintenance of two-laning
of roads totaling 32.9km in Chandrapur district in Maharashtra.
The total bid-project cost of GIPL is INR1,550.9 million, which is
likely to be financed by an equity contribution of INR189.4 million
by DCG, construction grants of INR930.5 million payable by
concession authority and project debt of INR431.0 million. The
appointed date of the project was received on January 29, 2019, and
the scheduled construction period is two years.

HOLY TRINITY: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Holy Trinity
Trust (HTT) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Rupee Term Loan        12       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HTT for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 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 HTT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HTT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HTT to 'CRISIL D Issuer not cooperating'.

HTT was established in 2006 and runs and operates coeducational
schools under its aegis by the name of Holy Trinity Anglo-Indian
International School in Thevalakkara, Kerala. It is an English
medium school that runs classes from Nursery to Class XI under the
affiliation of ICSE. Day-to-day activity is managed by Mr Pramod R.

IDEAL ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ideal Energy Projects Limited
        Wing B 1203/1204, Building No. 6
        Lake Lucerne, Sub Plot No. 4
        Phase 3, Lake Homes Chandivali Farm Rd off
        AS Marg Powai, Mumbai City
        Maharashtra 400076

Insolvency Commencement Date: January 28, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Anil Goel

Interim Resolution
Professional:            Mr. Anil Goel
                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: anilgoel@aaainsolvency.com
                                 ideal.energy@aaainsolvency.com

Last date for
submission of claims:    March 3, 2020


IRIS ECOPOWER: CRISIL Raises Rating on INR109.5cr Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Iris Ecopower Venture Private Limited (Iris) to 'CRISIL B/Stable'
from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan           109.55        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by Iris, between
November 2019 and January 2020. However, the rating remains
constrained by weak liquidity, and a subdued performance during
fiscal 2019 and the first nine months of fiscal 2020 due to
unfavourable wind patterns.

Analytical Approach

For arriving at the rating, CRISIL has made a standalone assessment
of Iris, as against the consolidation approach applied earlier.
With debt at the holding company (Leap Green Energy Pvt Ltd) being
refinanced with limited debt servicing obligation over the medium
term, CRISIL does not expect any transfer of cash flows to the
holding company and the other group special purpose vehicles (SPVs)
unless the yearly maturing debt is first met.

Key Rating Drivers & Detailed Description

Weakness:
* Subdued operational performance
Business performance remained muted in fiscal 2019 and the first
nine months of fiscal 2020, as unfavourable wind patterns led to
modest cash accrual. Average plant load factor (PLF) was low at
19.55% in fiscal 2019, as compared with 21.26% in the previous
fiscal, and below the P90 level of 22.32%. PLF for the first nine
months of fiscal 2020 was also low at 23.38% as compared with
24.07% in the corresponding period of the previous fiscal.

* Exposure to inherent risk of variability in wind speed and
pattern:
Cash flow of wind power projects is highly sensitive to PLF, and is
also affected by other factors such as operating cost and interest
rate. PLF is inherently unpredictable, as it depends on wind
patterns. Any unfavourable deviation in wind speed and pattern can
significantly reduce the PLF, thereby impairing debt servicing
ability.

Strengths
* Timely servicing of debt over the past three months
Prior to November 2019, there were instances of delay in servicing
of debt owing to a cash flow mismatch and the group's stretched
liquidity. However, in August 2019, debt at the holding company was
completely refinanced using funds from the promoter, AIRRO
(Mauritius) Holdings II. Debt refinancing, along with better cash
flow, ensured timely debt servicing between November 2019 and
January 2020.

* Minimal cash flow support required at the holding company in the
medium term
In August 2019, the holding company refinanced the existing debt
through external commercial borrowing of INR617 crore from AIRRO
(Mauritius) Holdings II. The refinanced debt has an interest and
principal moratorium for two and four years, respectively.
Consequently, debt servicing requirement at the holding company
remains low in the medium term.

* Diversified client mix
The company has power purchase agreements (PPAs) with industrial
and commercial customers under the group captive model for tenure
of 9-12 years at competitive tariffs as compared with the grid
tariff. The entire capacity has been tied-up with around 15
customers, resulting in lower concentration and offtake risks, thus
providing revenue visibility.

Liquidity Poor
Liquidity remains subdued, with cash and cash equivalents of
INR0.79 crore and debt service reserve account of INR3.9 crore as
on January 31, 2020  In addition, the company doesn't have any
access to a working capital limit. While the debt servicing
obligations is around INR11 crore in the first half of calendar
year 2021, company has banked power of INR3.3 crore as on December
31, 2019, lending some support to overall liquidity.


Outlook: Stable
CRISIL believes the operational performance and receivables of Iris
will remain stable over the medium term.

Rating Sensitivity factors

Upward factors
* Sustained improvement in liquidity to at least four months of
debt servicing requirement
* Healthy operational performance, in line with the P90 PLF level

Downward factors
* Decline in PLF levels (more than 20%) from the P90 PLF levels on
a sustained basis.
* Deterioration in liquidity from the current levels on account of
lower-than-expected cash accrual.

Iris (part of the Leap Green group), incorporated on October 22,
2012, was formed as an SPV, to install and operate a 42.05 megawatt
wind-based power plant in Tamil Nadu. The company generates power
from renewable sources of energy. It has PPAs of 9-12 years, with
industrial and commercial establishments in Tamil Nadu. Iris is a
subsidiary of Leap Green Energy Pvt Ltd (holding company); the
ultimate holding company is AIRRO (Mauritius) Holdings II.

JANGIPUR BITUMEN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jangipur Bitumen Private Limited
        Mouza-Shrikantabati
        J.L.No. 114, Banipur
        P.O. Miyapur
        P.S. Raghunathganj
        Murshidabad
        WB 742235

Insolvency Commencement Date: February 4, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R. Kothari & Company 16A
                         Shkaespeare Sarani 5th Floor
                         Kolkata 700071
                         E-mail: savita_22@hotmail.com

Last date for
submission of claims:    March 9, 2020


JAY DURGA: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jay Durga
Enzymatic Private Limited (JDEPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     4.41     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan               .59     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JDEPL for obtaining
information through letters and emails dated
December 31, 2019, February 3, 2020 and February 7, 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 JDEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JDEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JDEPL to 'CRISIL D Issuer not cooperating'.

JDEPL was incorporated in 2012; operations are handled by Mr
Kailash Prusty and Mr Deepak Prusty. The company manufactures wall
putty and cement paints, and trades in white cement. It is based in
Cuttack, Odisha, and has a production capacity of 10 tonne per day
of cement paints and 3 tonne per day of wall putty.

JAYARATHANA EXPORTS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jayarathana
Exports (JE) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         4.3       CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Foreign Bill           4.0       CRISIL D (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)

   Long Term Loan         0.2       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JE to '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.

JE was set up as a proprietorship firm by Mr Pradeep Shetty in
1992. It manufactures and exports readymade garments. The
manufacturing facilities are in Tirupur, Tamil Nadu.

K-LIFESTYLE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: K-Lifestyle & Industries Limited

        Registered office:
        58-A, Dhanu Udyog Ind. Estate
        Piperia, Silvassa
        UT Dadar Nagar Haveli
        DN 396230

        Corporate office:
        Kamat Industrial Estate
        396, Veer Savarkar Marg
        Prabhadevi, Mumbai 400025

Insolvency Commencement Date: February 5, 2020

Court: National Company Law Tribunal, Gurugram Bench

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

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskrit Apartment GH-22
                         Sector 56, Gurugram
                         Haryana 122011
                         E-mail: cmaajitjha@gmail.com

                            - and -

                         Sun Resolution Professionals Private
                         Limited
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.klifestyle@gmail.com

Last date for
submission of claims:    March 3, 2020


KETAN CONSTRUCTION: Ind-Ra Moves D Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ketan Construction
Ltd's (KCL) Long-Term Issuer Rating at 'IND D' and has
simultaneously migrated it to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR1.050 bil. Fund-based working capital limit (Long-term)
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR5.010 bil. Non-fund-based working capital limit (Short-
     term) affirmed and migrated to non-cooperating category with

     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

KEY RATING DRIVERS

The affirmation follows KCL's classification as a non-performing
asset by its lenders.

RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

KCL is an Ahmedabad-based civil contracting company. The company
executes irrigation, road, transmission and mining projects.  

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

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2012, located at Yellareddyguda, Telangana, KIPL is
engaged in the trading of coal, sponge iron and other steel allied
products.

LAURENT TILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Laurent Tiles Private Limited
        8A National Highway
        Lakhdirpura Road
        Morabi Gujarat 363641
        India

Insolvency Commencement Date: February 20, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Keyur Jagdishbhai Shah

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

Last date for
submission of claims:    March 10, 2020


MEHTA API: Ind-Ra Puts BB+ LT Issuer Rating on RWN
--------------------------------------------------
India Ratings has placed Mehta API Private Limited's (MAPL)
Long-Term Issuer Rating of 'IND BB+' on Rating Watch Negative. The
Outlook on the earlier rating was Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits placed on RWN with IND BB+/RWN/
     IND A4+/RWN rating;

-- INR5.39 mil. (reduced from INRINR8.89 mil.) Long-term loan due

     on October 2023 placed on RWN with IND BB+/RWN rating; and

-- INR305 mil. Non-fund-based limits placed on RWN with IND BB+ /

     RWN / IND A4+/RWN rating.

The RWN reflects the outbreak of coronavirus, which has restricted
imports from China. MAPL procures a significant portion of its raw
material requirement from China.

KEY RATING DRIVERS

The ratings reflect a decline in MAPL's continued moderate scale of
operations. Its revenue declined to INR1,200 million in FY19 (FY18:
INR1,245 million) due to decreased orders and demand. Product
demand was low owing to the implementation of goods and services
tax amid a poor market condition. The company's revenue was also
impacted by the government's decision to suspend trade with
Pakistan owing to political reasons. The business, however,
normalized in FY20.

The ratings remain constrained by the highly regulated nature of
the pharmaceutical industry.

The rating factor in the company's average margins, which expanded
to 9.08% in FY19 (FY18: 5.47%) due to an increase in the absolute
EBITDA to INR109 million (INR68 million). Its return on capital
employed stood at 14.63% in FY19 (FY18: 9.18%).

Liquidity Indicator - Adequate: MAPL's average working capital
limit utilization was 45% for the 12-months ended in January 2020.
Its fund flow from operations remained positive in FY19 while cash
flow from operations turned positive at INR28 million to lower
working capital requirements. The cash and cash equivalents stood
at INR4.8 million in FYE19 (FYE18: INR4.40 million). However, the
networking capital cycle elongated to 95 days in FY19 (FY18: 84
days) on account of an increase in inventory days.

The ratings, however, continue to draw support from the promoters'
experience of five decades in the pharmaceutical industry.
Additionally, MAPL has decade-long associations with reputed
clients such as Cadila Pharmaceuticals Limited, IPCA Laboratories
Limited, and Strides Arcolab Ltd.  

The ratings are also supported by MAPL's comfortable credit
metrics. Its net financial leverage (total adjusted net
debt/operating EBITDA) improved to 1.6x in FY19 (FY18: 7.0x) and
interest coverage (operating EBITDAR/gross interest expense) to
5.21x (4.16x) owing to higher EBITDA and lower debt due to
scheduled term loan repayment and low usage of working capital
limits.

RATING SENSITIVITIES

The RWN indicates that the ratings may be downgraded or affirmed.
Ind-Ra is likely to resolve the RWN once there is more clarity on
the impact of the outbreak of novel coronavirus on imports from
China which will affect MAPL'S operating and financial
performance.

COMPANY PROFILE

MAPL manufactures and trades active pharmaceutical ingredients and
intermediates. It is managed by Harshadrai P Mehta.

OLIVE ECOPOWER: CRISIL Hikes Rating on INR20.16cr Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Olive Ecopower Private Limited (Olive) to 'CRISIL B/Stable' from
'CRISIL D'.

CRISIL has also withdrawn its rating on INR68.12 crore of bank
facilities as the term loans were repaid. The rating withdrawal is
in line with CRISIL's policy on withdrawal of ratings.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan            20.16        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan            68.12        CRISIL B/Stable Withdrawn  

The rating upgrade reflects the timely servicing of debt by Olive,
between November 2019 and January 2020. However, the rating remains
constrained by weak liquidity, and subdued performance seen during
fiscal 2019 and the first nine months of fiscal 2020, on account of
unfavourable wind patterns.

Analytical Approach

For arriving at the rating, CRISIL has made a standalone assessment
of Olive, as against the consolidation approach applied earlier.
With debt at the holding company (Leap Green Energy Pvt Ltd) being
refinanced with limited debt obligation over the medium term,
CRISIL does not expect any transfer of cash flows to the holding
company and the other group special purpose vehicles (SPVs), unless
the yearly maturing debt is first met.

Key Rating Drivers & Detailed Description

Weaknesses
* Subdued operational performance
Business performance remained muted in fiscal 2019 and the first
half of fiscal 2020, as unfavourable wind patterns led to modest
cash accrual. Average plant load factor (PLF) was low at 20.78% in
fiscal 2019, as compared to 22.00% in the previous fiscal, and
below P90 level of 22.68%. PLF for the first nine months of fiscal
2020 was also low at 23.24% as compared to 24.81% in the same
period last fiscal.

* Exposure to inherent risk of variability in wind speed and
pattern:
Cash flow of wind power projects is highly sensitive to PLF, and is
also affected by other factors such as operating cost and interest
rate. PLF is inherently unpredictable, as it depends on wind
patterns. Any unfavourable deviation in wind speed and pattern can
significantly reduce PLF, thereby impairing debt servicing
ability.

Strengths
* Timely servicing of debt over the last three months
Prior to November 2019, there were instances of delay in servicing
of debt, on account of a cash flow mismatch and the group's
stretched liquidity position. However, in August 2019, debt at the
holding company was completely refinanced using proceeds from the
promoter, AIRRO (Mauritius) Holdings II. Debt refinancing, along
with better cash flow in the company, ensured timely debt servicing
between November 2019 and January 2020.

* Minimal cash flow support required at the holding company over
the near to medium term
In August 2019, the holding company refinanced the existing debt
through external commercial borrowing of INR617 crore from AIRRO
(Mauritius) Holdings II. The refinanced debt has an interest and
principal moratorium for two and four years, respectively.
Consequently, debt obligation at the holding company, remains low
over the near to medium term.

* Diversified clientele mix
Olive has undertaken power purchase agreements (PPAs) with
industrial and commercial customers under the group captive model
for tenure of 9-12 years at competitive tariffs, as compared to the
grid tariff. The entire capacity has been tied-up with more than 20
customers resulting in lower risk of revenue concentration, low
offtake risk, and better revenue visibility.

Liquidity Poor
Liquidity remains subdued, with cash and cash equivalent of INR1.92
crore as on January 31, 2020. In addition, the company does not
have any access to working capital limit. While the debt obligation
stood at INR15 crore in the first half of calendar year 2021, the
company has banked power of INR4.2 crore as on December 31, 2019,
lending some support to overall liquidity.

Outlook: Stable

CRISIL believes Olive's operational performance and receivables
will remain stable over the medium term.

Rating sensitivity factors:

Upward factors
* Sustained improvement in liquidity, amounting to at least four
months of debt servicing requirement
* Healthy operational performance, in line with P90 PLF levels

Downward factors
* Decline in PLF levels (more than 20%) from the P90 PLF levels on
a sustained basis
* Deterioration in liquidity from the current levels on account of
lower-than-expected cash accrual.

Olive (a part of the Leap Green group) was incorporated on March
18, 2011, and was formed as a SPV, to install and operate a 51.55
megawatt wind-based power plant in Tamil Nadu. The company
generates and sells power generated from renewable sources of
energy. Olive has undertaken power purchase agreements of 9-12
years, with industrial and commercial establishments in Tamil Nadu.
The company is a subsidiary of Leap Green Energy Pvt Ltd (holding
company) and the ultimate holding company is AIRRO (Mauritius)
Holdings II.


RAJAT WIRES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rajat Wires Private Limited
        31/6, New Rohtak Road
        New Delhi 110005
        IN

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Kanti Mohan Rustagi

Interim Resolution
Professional:            Mr. Kanti Mohan Rustagi
                         E-7, Kailash Colony
                         New Delhi 110048
                         E-mail: kanti.rustagi@
                                 patanjaliassociates.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         905, 9th Floor, Tower C
                         Unitech Business Zone
                         Nirvana Country Sector-50
                         Gurgaon 122018
                         E-mail: cirp.rajatwires@gmail.com

Last date for
submission of claims:    March 3, 2020


RELIANCE COMMUNICATIONS: Lenders Approve Resolution Plan
--------------------------------------------------------
Livemint reports that the committee of creditors to Reliance
Communications Ltd on March 4 approved the resolution plans
submitted by Reliance Jio Infocomm Ltd and UV Asset Reconstruction
Company (UVARC) for the now-defunct telecom operator's businesses,
two bank officials said, requesting anonymity.

While Jio offered around INR4,700 crore to buy the tower and fibre
assets of Reliance Infratel Ltd, UVARC offered INR14,000 crore for
RCom's real estate assets and telecom spectrum, as well as its
enterprise and data centre businesses, which are part of RCom and
Reliance Telecom Ltd, they said, Livemint relates.

Jio and UVARC have committed to pay 30% of the total amount within
90 days, the report says. "In addition, the lenders will clawback
the priority payments of around INR4,300 crore made to Chinese and
Indian lenders," the first bank official said, adding that while
INR3,000 crore will be clawed back from Indian lenders, the rest
will come from Chinese banks, Livemint relays.

According to Livemint, the clawback provision allows a liquidator
to seek a recovery, or claw back, of payments made to a creditor by
the company, or make the transaction void.  However, despite the
clawback provisions, loans of Chinese lenders will reduce by nearly
65% from about INR12,000 crore to around INR4,000 crore, the first
person added.

RCom's 38 lenders will recover INR23,000 crore, which is more than
70% of the INR33,000 crore in outstanding secured debt. Lenders had
submitted claims for INR49,000 crore, including unsecured debt, in
August, Livemint discloses.

"This will be the highest-ever recovery of dues by financial
creditors in the telecom sector, which has seen the exit or
shutting down of 11 out of 12 telcos since 2012," the second bank
official, as cited by Livemint, said.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency.  With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.

RUTTONPORE PLANTATIONS: CRISIL Hikes Rating on INR7cr Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ruttonpore Plantations Private Limited (RPPL; part of the Mantri
group) to 'CRISIL B-/Stable' from 'CRISIL C'. The upgrade has been
driven by improved operating efficiency of the company because of
better operating profitability.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Cash          0.37      CRISIL B-/Stable (Upgraded
   Credit Limit                     from 'CRISIL C')

CRISIL's rating reflects the group's exposure to seasonality of tea
production, high operating leverage, and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the tea industry.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Manipur Tea Co Pvt Ltd, Mantri Tea Co.
Pvt Ltd (MTCPL), Derby Plantation Pvt Ltd (DPPL), and RPPL
collectively referred to as the Mantri group. This is because these
entities have a common management, and are in the same line of
business, with operational and financial linkages.

Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description
Weakness:
* Exposure to seasonality of tea production and high operating
leverage
Being a seasonal product, the production of tea depends on the
monsoon and remains susceptible to adverse weather conditions. Tea
plantations also incur fixed cost, with labour alone accounting for
nearly 40% of total cost. If tea production is lower than expected,
then the group could incur operating losses, as seen in the past.
Limited pricing power further constrains the operating margin of
small players like the Mantri group.

* Weak financial risk profile
The weak financial risk profile is reflected in below-average debt
protection metrics. Interest coverage and net cash accrual to total
debt ratios were minus 1.29 times and minus 0.02 time,
respectively, for fiscal 2019. Gearing and networth were moderate
at 2.13 times and INR19.43 crore, respectively, as on March 31,
2019.

Strength:
* Extensive experience of the promoters in the tea industry
The promoters have an experience of five decades in the tea
plantation business, which has helped the group sustain its
position, despite regular volatility in prices, and report stable
revenue growth over the four fiscals through 2018.

Liquidity Stretched
* High bank limit utilisation:
Bank limit utilisation is high at 92.04% for the six months through
September 2019.

* Cash accrual insufficient to meet debt obligation
Cash accrual is expected to be over INR0.60 crore, which is
insufficient against term debt obligation of INR1.00 crore over the
medium term. The same is supported by unsecured loans from the
promoters.

* Low current ratio:
Current ratio was low at 0.62 time as on March 31, 2019.

* Support from the promoters in the form of equity infusion or
unsecured loans
The promoters are likely to extend support in the form of equity or
unsecured loans to meet the company's working capital requirement
and debt obligation.

Outlook: Stable

CRISIL believes that growth in revenue along with stable operating
margin will lead to healthy financial risk profile. The outlook may
be revised to 'Positive' if the firm reports significant revenue
growth and healthy operating margin, and improves its financial
risk profile. The outlook may be revised to 'Negative' in case of
lower-than-expected growth in revenue, drop in profitability, or
any large capital withdrawal, weakening the financial risk
profile.

Rating Sensitivity factors

Upward factors
* Sustained improvement in revenue by at least 10% and stable
operating margin, leading to higher cash accrual (in excess of debt
obligation)
* Improvement in working capital cycle, with debtors falling below
45 days

Downward factors
* Overdrawing of working capital limit for more than 30 days
* Single-day delay in repayment of term debt (either principal or
interest)

The Mantri group was formed in 1948 by Mr Govind Prasad Mantri. The
Manipur Tea Estate, located in Assam, was its first acquisition in
1954. Subsequently, the group acquired three more tea gardens in
Assam: Ruttonpore Tea Estate in 1986, Derby Tea Estate in 2005, and
Pathini Tea Estate (MTCPL) in 2006. Daily operations are now
overseen by the second and third-generation members of the promoter
family, along with a professional management team.

SARU AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Saru Agro Foods Limited
        Office No. B-301, 3rd Floor
        Plot No. 36, Vishnu Commercial Complex
        Sector-15, CBD Belapur Navi
        Mumbai, Thane 400614

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 12, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Dilipkumar Natvarlal Jagad

Interim Resolution
Professional:            Mr. Dilipkumar Natvarlal Jagad
                         C/o DMKH Insolvency Resolution
                         Services LLP
                         803/804 Ashok Heights
                         Old Nagardas X Road
                         Gundavali, Andheri (East)
                         Mumbai 400069
                         E-mail: dilipjagad@hotmail.com
                                 saruagro.irp@gmail.com
                         Tel: 26824800/4900

Last date for
submission of claims:    March 3, 2020


SHRI SHIVJOT: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Shivjot
Developers And Builders Limited (SSDB) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSDB 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 SSDB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSDB 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 SSDB continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Formed in 2005, SSDC undertake real estate projects in Punjab.
Company undertakes both residential and commercial real estate
projects majorly in Mohali. Currently company has one ongoing
commercial real estate project 'Shivjot Green' in Kharar, Punjab.

SHYAMALI COLD: CRISIL Cuts Rating on INR3.45cr Loan to D
--------------------------------------------------------
CRISIL has downgraded the rating of Shyamali Cold Storage Private
Limited (SCSPL) to 'CRISIL D; Issuer Not Cooperating' from 'CRISIL
B-/Stable; Issuer Not Cooperating'.  The downgrade reflects delay
in term loan servicing account due to stretched liquidity.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           3.45        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Long Term Loan        2.80        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Working Capital       0.75        CRISIL D (Downgraded from
   Term Loan                         'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with SCSPL for obtaining
information through letters and emails dated
September 28, 2018, and December 31, 2019, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the ratings assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are 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 the company, which restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes information available is consistent with
'Scenario 1' outlined in the Framework for Assessing Consistency of
Information with 'CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the rating to 'CRISIL D;
Issuer Not Cooperating' from 'CRISIL B-/Stable; Issuer Not
Cooperating'.

The downgrade reflects delay in term loan servicing account due to
stretched liquidity.

SCSPL, incorporated in 2005, is engaged in the business of
providing cold storage services to the potato farmers and traders.
The company is owned by West Bengal based Rudra family. GCSPL's
cold storage, having storage capacity of about 2 lakh quintal. The
facility is located in Burdwan district of West Bengal.

SOLARATRIA CLEAN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Solaratria Clean Tech Private Limited
        No. 11, 1st Floor
        Commissariat Road
        Bangalore 560025

Insolvency Commencement Date: February 17, 2020

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Sumana Rao

Interim Resolution
Professional:            Sumana Rao
                         No. 56, 4th Cross
                         2nd Sector, Nobo Nagar
                         Bannerghatta Road
                         Bengaluru 560076
                         E-mail: csraosumana@gmail.com
                                 sumanarao@sraoassociates.com

Last date for
submission of claims:    March 10, 2020


SOUTHERN BATTERIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Southern Batteries Private Limited
        Plot No. 30, Kiadb
        Industrial Area
        Bommasandra
        Bangalore 560099
        Karnataka
        IN

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Ramanahalli Shivanna Doddabyregowda

Interim Resolution
Professional:            Ramanahalli Shivanna Doddabyregowda
                         No. 350, 1st Cross
                         Canara Bank Layout
                         Kodigehalli
                         Vidyaranyapura (Post)
                         Bengaluru 560097
                         Mobile: 9916633897
                                 9483080322
                         E-mail: rsdgowda@yahoo.co.in

Last date for
submission of claims:    March 9, 2020


SRAVANI RAW: CRISIL Maintains 'B-' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sravani Raw & Boiled
Rice Mill (SRBRM) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

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

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

   Proposed Cash          1         CRISIL B-/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with SRBRM 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 SRBRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRBRM 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 SRBRM continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Set up in 2010, SRBRM is engaged in milling of raw and par-boiled
rice. The firm is promoted by Mr.L.Durga Prasad and his family
members.

SRI VIJAYA: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Vijaya Lakshmi
Raw and Boiled Rice Mill (SVRB) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Proposed Long Term     3         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SVRB 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 SVRB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVRB 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 SVRB continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 1983, SVRB processes rice and is a partnership firm
set-up by Mr B Purna Chandra Rao and family.Its manufacturing
facility is based in Maddipadu, in Prakasam district (Andhra
Pradesh).


SUNSHINE INFRA: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sunshine Infra
Engineers India Private Limited (SIPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         70        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    105        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Secured Overdraft      35        CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with SIPL 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 SIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SIPL was set up in 2010 by Smt. Lalitha Kumari and her business
associates. The company undertakes integrated projects for
construction of concrete and asphalt roads, including installation
of streetlights. It also undertakes projects involving resurfacing
of roads. The company is based in Hyderabad (Telangana), and caters
to state government entities in South India.

SUPERLATIVE INFRASTRUCTURE: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: Superlative Infrastructure Private Limited

        Registered address:
        B-292, Chandra Kanta Complex
        Shop No. 8
        Near Metro Pillar No. 161
        New Ashok Nagar
        New Delhi 110096

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Principal Bench

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

Insolvency professional: Mr. Udayraj Patwardhan

Interim Resolution
Professional:            Mr. Udayraj Patwardhan
                         Sumedha Management Solutions Private
                         Limited
                         C703, Maratho Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: udayraj_patwardhan@
                                 sumedhamanagement.com

                            - and -

                         809-810, 8th Floor
                         B-Wing, Trade World
                         Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         E-mail: superlative@sumedhamanagement.com

Last date for
submission of claims:    March 4, 2020


SUPREME (INDIA) IMPEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Supreme (India) Impex Limited

        Registered office:
        Plot No. 823/2
        Road No. 8 GIDC
        Sachin, Surat
        Gujarat 394230

Insolvency Commencement Date: February 4, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         C/o. Dipti Enterprises
                         55, Nehru Pulta
                         Itwari, Nagpur
                         Maharashtra 440002
                         E-mail: vikas.gupta@bngca.com

                            - and -

                         405, K.P. Aurum, 4th Floor
                         Marol Maroshi Road
                         Marol Naka, Andheri (East)
                         Mumbai 400059
                         E-mail: ip.supremeindia@gmail.com

Last date for
submission of claims:    March 2, 2020

SUVI INTERNATIONAL: CRISIL Keeps 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Suvi International
Private Limited (SIPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Long Term      1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SIPL 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 SIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr.
Sumit Singhal in 2006. The company manufactures EPE liners, which
are primarily used for providing inner seal protection for caps of
various bottles used in the beverage and pharmaceutical industries.
It has two units, one in Bawana (Delhi) and the other in Rai.


TEMPLE CITY: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Temple City
Developers Private Limited (TCDPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            9.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with TCDPL 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 TCDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TCDPL 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 TCDPL continues to be 'CRISIL D Issuer not
cooperating'.

TCDPL, based in Odisha, was established in 1995 and was taken over
by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial
year, April 1 to March 31) from its earlier promoters. The company
commenced operations in April 2013. TCDPL trades in iron ore fines
and construction materials; its operations are managed by Mr.
Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan.

TWO WAY: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Two Way Container Lines Private Limited
        Premises no. 28, Ward no. 16
        Shyama Charan Rakshit Road
        Barbazar Chandannagar
        Hooghly WB 712136
        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

Insolvency professional: Ajay Kumar Agarwal

Interim Resolution
Professional:            Ajay Kumar Agarwal
                         Plot No. 11D/31/1
                         Street No. 1111, PS Qube
                         Unit Number 1015A, 10th Floor
                         Beside City Centre 2
                         Kolkata 700161
                         E-mail: cs.aaa.2014@gmail.com
                                 irp.twowaycontainer@gmail.com

Last date for
submission of claims:    March 9, 2020


UDGEETH NIRMAN: CRISIL Lowers Rating on INR10cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Udgeeth Nirman
Private Limited (UNPL) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with UNPL 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 UNPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UNPL 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 UNPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Established in May 2010, UNPL, promoted by Mr Bijoy Kumar Jaiswal
and his wife, Ms Sandhya Jaiswal, who are based in Kolkata. The
company is the sole distributer of FMCG products (toothpaste,
juice, soap, shampoo, detergent, cosmetics, spices, and flour) of
PAL and ayurvedic products of DP in five districts of West Bengal
(Howrah, Hooghly, Nadia, Birbhum, and Bankura). FMCG products
account for 95% of total revenue, while ayurvedic medicines of DP,
subsidiary of Divya Yog Mandir Trust (DYMT) forms the rest.

UNIPHOS INTERNATIONAL: Ind-Ra Affirms 'BB+' Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Uniphos
International Limited's (UIL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities affirmed with IND BB+/Stable
     rating; and

-- INR110 mil. (reduced from INR170 mil.) Non-fund-based
     facilities affirmed with an IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects UIL's continued small scale of operations,
as indicated by revenue growth of INR468 million in FY19 (FY18:
INR235 million) due to the execution of new orders. For 9MFY20, the
company achieved revenue of INR371 million. As of January 2020, it
had an order book of INR218 million, of which the company plans to
execute orders worth INR118.4 million by March 2020.

The ratings further factor in the company's modest EBITDA margin of
7.8% in FY19 (FY18: 12.8%). The margin contracted due to the
increased execution of lower-margin products. The company's return
on capital employed stood at 11% in FY19 (FY18: 10%).

The ratings, however, are supported by UIL's continued comfortable
credit metrics as indicated by interest coverage (operating
EBITDA/gross interest expense) of 6.2x in FY19 (FY18: 8.2x) and
gross leverage (total adjusted debt/operating EBITDAR) of 2.4x
(FY18: 0.4). The deterioration in credit metrics was due to an
increase in the total debt to INR86 million in FY19 (FY18: INR11
million) to fund procurement of raw material; the letters of
credit-backed purchases of INR69 million has been considered a part
of adjusted debt. Ind-Ra expects credit metrics to deteriorate
further over the near-to-medium term on the increase in debt and
interest expenses.

Liquidity Indicator – Adequate: UIL's cash flow from operations
was positive, but reduced to INR21 million in FY19 (FY18: INR58
million) due to a change in the working capital. As of January
2019, UIL had unutilized bank lines in the form of a packing credit
facility of INR30 million, which provides liquidity cushion. The
company's average utilization of the fund-based and non-fund-based
facilities was 65.5% and 71.1%, respectively, during the 12-months
ended in December 2019. The networking capital cycle improved to
six days in FY19 (FY18: 16 days) due to an increase in creditor
days to 75 days in FY19 (FY18: 23 days) as suppliers from China
give increased credit period of 75-90 days. As of FYE19, the
company had a cash balance of INR4 million (FYE18: INR6 million).
The company also maintained a fixed deposit of INR248.58 million in
FY19 (FY18: INR236.90 million).

The ratings also remain supported by the prudent geographical
risk-control measures adopted by UIL as its sales are concentrated
in African and South American countries. The majority of sales 60%
are backed by letters of credit. In addition, UIL obtains
export-credit insurance from the Export Credit Guarantee
Corporation of India Ltd. in most transactions wherein sales are
not backed by letters of credit. Moreover, the company follows
conservative hedging policies to cover the risk of foreign currency
fluctuations.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
while maintaining a comfortable credit profile on a sustained basis
may lead to a rating upgrade.

Negative: A significant decline in the revenue or profitability,
resulting in sustained deterioration of interest coverage below
2.5x or liquidity position may lead to a rating downgrade.

COMPANY PROFILE

Incorporated in 1992, UIL is engaged in the import and export of
chemicals, agro products, and engineering goods. UIL is a
closely-held unlisted public limited company; the promoters hold
63.13% share, inclusive of 15.1% share held by UPL Group and others
hold the remaining.

V. G. SHIPBREAKERS: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of V. G. Shipbreakers
Private Limited (VGS) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          7       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit     8       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with VGS 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 VGS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VGS 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 VGS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.

VACC-SYN BIOTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Vacc-Syn Biotech Private Limited
        127-128, Laxmi Market
        1st Floor, Vartak Nagar
        Thane 400606
        Maharashtra

Insolvency Commencement Date: February 11, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 9, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Kamal Kishor Gurnani

Interim Resolution
Professional:            Mr. Kamal Kishor Gurnani
                         Flat No. 1301, Building No. 23E
                         Palazzio CHS Ltd.
                         Mahada Housing Society
                         Powai, Mumbai 400076
                         E-mail: kamalgurnaniip@gmail.com

                            - and -

                         702, Janki Centre
                         Dattaji Salvi Road
                         Off Veera Desai Road
                         Andheri West, Mumbai 400053
                         E-mail: cirp.vacc@rirp.co.in

Last date for
submission of claims:    February 29, 2020


VAISHNAVI KOSMETICOS: CRISIL Cuts Rating on INR10cr Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Vaishnavi
Kosmeticos Industries Private Limited (VKIPL) to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB+/Stable Issuer not
cooperating'.

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

   Proposed Long Term     2        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with VKIPL 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 VKIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VKIPL 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 VKIPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

VKIPL was incorporated in 2006, promoted by Mr R K Saxena. The
company manufactures home-care products such as detergent powder
and cakes, soaps, shampoo, and toothpaste exclusively for PAL.
Earlier it was manufacturing personal and home-care products such
as SURE deo and CIF for Hindustan Unilever Ltd (HUL) (80%) and
Godrej. The HUL contract was renewable annually but wasn't renewed
after December 2015. Mr Saxena and his wife, Ms Poonam Saxena, hold
100% shares in the company.

VEDANTA RESOURCES: Moody's Downgrades CFR to B1, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service downgraded Vedanta Resources Limited's
corporate family rating to B1 from Ba3.

Moody's has also downgraded the rating on senior unsecured bonds
issued by Vedanta and those issued by its wholly owned subsidiary,
Vedanta Resources Finance II Plc and guaranteed by Vedanta, to B3
from B2.

The outlook on all ratings is stable.

RATINGS RATIONALE

"Today's downgrade of Vedanta's ratings was triggered by a
sustained deterioration in the company's credit profile, and our
expectation that its credit metrics will remain weak for the
previous ratings," says Kaustubh Chaubal, a Moody's Vice President
and Senior Credit Officer.

In particular, Moody's expects that over the next 12 months,
Vedanta's credit metrics will breach Moody's downgrade triggers for
it's previous Ba3 rating of debt/EBITDA leverage above 4.0,
EBIT/interest below 2.5x, and cash flow from operations less
dividends/adjusted debt below 15%.

Moody's points out that the low and volatile commodity price
environment will mean that Vedanta's earnings will unlikely improve
significantly. Consequently, the company's financial profile will
take longer than anticipated to strengthen.

Based on the mid-to-low end of Moody's price sensitivities for base
metals and oil, Vedanta's leverage (including interest bearing
acceptances treated as debt) will likely register in the 4.0x -6.0x
range, and EBIT/interest coverage at less than 2.0x, even as
various cost rationalization efforts continue to strengthen the
company's position along the cost curve.

The rating actions also reflect Moody's revised view on the
treatment of the loan raised in 2018 by Vedanta's sole shareholder,
Volcan Investments, for Vedanta's privatization.

Moody's earlier analytical approach to assessing Vedanta's credit
strength was based on the separation of Vedanta and its operating
subsidiaries from its shareholder, and Moody's expectation that
Volcan will not require Vedanta to service any of its debt
obligations.

"However, we now expect Vedanta to pay an additional dividend
towards meeting Volcan's upcoming debt maturity," adds Chaubal, who
is also Moody's Lead Analyst on Vedanta. "While we note that the
additional dividend will be adjusted towards reducing dividend
payments in the next fiscal year, it blurs the separation between
the two companies."

Moody's estimates that the overall impact of adding Volcan's debt
and trade acceptances treated as debt on Vedanta's leverage to be
around 0.5x.

The B1 CFR is supported by Vedanta's large scale and diversified
low-cost operations that produce a wide range of commodities such
as zinc, oil and gas, aluminum, iron ore and power. In addition,
the company's strong position in key markets that enable it to
command pricing premium and track record of generating stable
margins through commodity cycles support its business profile, and
are key credit strengths.

The B3 rating on the senior unsecured notes issued/guaranteed by
the holding company is two notches lower than the CFR and reflects
the bondholders' acute legal and structural subordination risk
relative to operating company creditors.

ESG CONSIDERATIONS

In terms of environmental, social and governance (ESG) factors, the
CFR reflects elevated environmental risk and moderate social risk
associated with the company's mining and oil and gas production
activities that require government approval and licenses, and
historical instances of discontinued operations following
noncompliance with environmental regulation allegations.

Vedanta's concentrated ownership by Volcan raises the potential for
related-party transactions that are not in the best interests of
creditors. In this regard, Vedanta's related-party investment in
Volcan's structured product in 2019 - although subsequently unwound
- and the expected additional dividend this fiscal year to repay
the shareholder's scheduled debt maturity, are viewed negatively by
Moody's. Moody's assessment is premised on the two transactions'
materiality to the holding company.

LIQUIDITY

Vedanta's liquidity is weak at the holding company level. Moody's
estimates the holding company held cash of less than $50 million at
December 31, 2019. The holding company's cash needs until September
2021 include: (1) $1.9 billion of debt maturities, including the
$670 million bond due in June 2021; (2) Volcan's entire $625
million privatization debt; and (3) interest expense of $500
million and regular dividend payments.

The holding company has a committed 364-day $120 million revolving
credit facility which was entirely drawn and renewed in February
2020.

Moody's believes that the holding company will raise debt to meet
its cash needs to the extent that there is a shortfall from the
management fee and dividends it receives through its operating
subsidiaries.

OUTLOOK

The stable outlook reflects Moody's view that Vedanta's credit
profile will remain commensurate for its B1 CFR.

Vedanta has $1.9 billion of debt maturing at the holding company,
which comprises the $670 million bond due in June 2021 and $1.2
billion of bank loans that have a staggered maturity.

The stable outlook incorporates Moody's expectation that Vedanta
will upstream cash dividends from its operating subsidiaries to
itself to repay debt and complete refinancing for the balance of
the holding company debt in a timely manner. Moody's points out
that a delay in completing refinancing at least 12 months prior to
the relevant maturity dates will exert negative pressure on the
ratings.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward ratings pressure is unlikely to build, at least over the
next 12-18 months, following the downgrade.

Nevertheless, over a longer term, Moody's could upgrade the CFR
back to Ba3 if commodity prices improve and support an expansion in
Vedanta's earnings and free cash flow generation; thereby helping
the company reduce debt levels and strengthen credit metrics.

Financial indicators that support a Ba3 CFR include adjusted
debt/EBITDA leverage below 4.0x and EBIT/interest coverage of at
least 2.5x; both on a sustained basis.

But Moody's could further downgrade the CFR if commodity prices
remain weak or Vedanta is unable to sustain and improve its cost
reduction initiatives, such that profitability weakens, with
consolidated EBIT margin falling below 15% on a sustained basis.

Leverage remaining in excess of 4.5x or EBIT/interest coverage
failing to improve above 1.5x, both on a sustained basis, will be
leading indicators for a downgrade of the CFR to B2.

Moody's could also downgrade the CFR if: (1) there is any
additional exposure of Vedanta to Volcan in the form of additional
dividends or upstreaming, other than towards servicing the balance
of the privatization loan, which Moody's now includes for Vedanta's
leverage calculations; (2) Vedanta undertakes large debt-financed
acquisitions that materially skew its financial profile; or (3)
there is any adverse ruling with respect to Cairn India Limited's
disputed tax liability.

The principal methodology used in these ratings was Mining
published in September 2018.

VIJAYA AERO: CRISIL Keeps 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vijaya Aero Blocks
Private Limited (VABPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)
   Long Term Loan       24.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VABPL 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 VABPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VABPL 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 VABPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2012, VABPL manufactures AAC bricks and blocks at
the manufacturing unit in Mahabub Nagar District, Telangana. The
company started commercial operations in January 2016, and
operations are managed by Mr. Prasanna Kumar and Mr. Ram Prasad.

VINAYAGA IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vinayaga Impex
Private Limited (VIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            3.4        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Export Bill            4.5        CRISIL D (ISSUER NOT
   Rediscounting                     COOPERATING)

   Inland/Import          0.25       CRISIL D (ISSUER NOT
   Letter of Credit                  COOPERATING)

   Overdraft              2.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Packing Credit         2.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     1.39       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               .46       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with VIPL 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 VIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VIPL 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 VIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).

VINOD WINE: CRISIL Lowers Rating on INR11cr Loan to B+
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Vinod Wine
Agencies (VWA) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      3        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with VWA 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 VWA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VWA 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 VWA Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

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

VWA started operations in fiscal 1995. Mrs Surekha Bhangale is the
proprietor of the firm. It currently has distributorship of alcohol
products of Pernod Ricard India Pvt Ltd and Carlsberg India Pvt Ltd
for the Jalgaon area.

YADAV RICE: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Yadav Rice Mills
(YRM) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            6          CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with YRM 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 YRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YRM 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 YRM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

YRM was set up by Mr Pankaj Yadav and family of Muktsar (Punjab) in
1997 as a partnership firm. It mills and processes paddy into
basmati rice, rice bran, broken rice and husk. Mr Om Prakash Yadav,
the key partner, manages the business.

YAK GRANITE: CRISIL Maintains 'C' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Yak Granite
Industries Private Limited (YGIPL) continues to be 'CRISIL C/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        .25         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit          6.00         CRISIL C (ISSUER NOT
                                     COOPERATING)

   Letter of Credit     0.25         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term   1.50         CRISIL C (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with YGIPL 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 YGIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YGIPL 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 YGIPL continues to be 'CRISIL C/CRISIL A4 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 1982 by Mr Badri Narayan, YGIPL processes rough granite
blocks, monuments, and granite slabs. Operations are managed by Mr
Narayan.

ZERO MICROFINANCE: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Zero Microfinance and
Savings Support Foundation (ZMF, a part of the ALW group) continues
to be 'CRISIL B-/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term        15      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with ZMF 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 ZMF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ZMF 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 ZMF continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of ZMF and A Little World Private
Limited (ALW). This is because both entities, together referred to
as the ALW group, are managed by the same promoters and have common
business. There is large financial support extended by ALW to ZMF.
Both entities are expected to be merged over the near to medium
term.

ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and trading
and delivery systems. ZMF operates as one of the largest business
correspondents for State Bank of India (SBI, rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+') and is engaged in the extension of
banking services in the rural and urban areas of India where
banking penetration is limited. The group is managed and operated
by Mr. Anurag Gupta.



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

HYFLUX LTD: To Reallocate Advisor Fees After WongPartnership Exit
-----------------------------------------------------------------
Singapore Business Review reports that Hyflux Ltd expressed a need
to undertake a reallocation exercise after the discharge of its
former legal advisor, WongPartnership, according to a letter in
response to queries from the Securities Investors Association
Singapore (SIAS).

Further, the company will engage its new legal advisors to take
over the conduct of matters previously handled by WongPartnership
at short notice, the report relates.

According to SBR, the company initially planned for a pro rata
distribution that would satisfy at least 75% of the professional
advisors' fees. The firm plans for the SIAS advisors to be paid by
proportion out of the sums that Utico is providing based on the
restructuring agreement.

SBR relates that Hyflux projected that if Utico pushes with raising
the advisor pot from SGD40 million to SGD50 million, all verified
outstanding professional advisors' fees would be paid "to a
significant degree."

The company further clarified to SIAS that there was no trust to
which a sum of SGD1.5 million was held for the SIAS advisors, as
was said by Hyflux's former legal advisor during the stakeholders'
meeting in December 2019, the report relays.

". . . and we had raised questions with the Company's former legal
advisors about their representations to the Court," Hyflux said.

The firms said that SIAS' advisors have been paid some SGD2.4m to
date, SBR relays.

Additionally, its board asserted that the advisory fees paid to
nTan Corporate Advisory were "fully justified," noting that it
advised the firm to stave off the unsecured working group's (UWG)
push to place it into judicial management (JM), secure an investor
and restructure.

According to the report, Hyflux said that if it is put in JM, the
P&P holders would most likely receive no returns as the proceeds
from the sale of the company's assets would not be enough to repay
the senior unsecured creditors in full.

"nTan has also provided invaluable advice to the Board in
navigating the difficult restructuring process and dealing with the
myriad of complex conflicting issues and challenges faced by the
Company and the Board," it said.

SBR relates that the firm also said that the terms offered to the
P&P holders was ultimately decided by white knight Utico. It noted
the holders' concerns on Utico's ability to meet their financial
obligations under the proposed scheme.

"We believe that these questions should be addressed by Utico. To
that end, we have instructed our legal advisors to reach out to
Utico's legal advisors, White & Case, to obtain further financial
information on the Utico entities," it added.

                            About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

MAGNUS ENERGY: Receives Letter of Demand for SGD5.1MM
-----------------------------------------------------
Rachel Mui at The Business Times reports that Magnus Energy Group
has received a letter of demand amounting to about SGD5.1 million
for repayment of loans which former chief executive Luke Ho
allegedly borrowed in 2016, purportedly on behalf of the company.

Magnus Energy received the letter of demand on Feb. 29 from
solicitors acting on behalf of a person named Thong Soon Seng, the
troubled oil and gas firm said in a bourse filing on March 3, BT
relays.

According to the report, the repayment sought by Mr Thong comprises
SGD4.6 million in loan principal and contractual interest owed as
at Jan 18, 2018, as well as further interest on the same of about
SGD519,000.

BT relates that Magnus Energy said no legal proceedings have been
commenced against the company at this stage. The board added that
it is seeking independent legal advice on the basis and merits of
the claim and will make further announcements on the material
developments as necessary, the report relays.

In January this year, Magnus Energy said it had reached a mutual
agreement with Mr Ho for him to relinquish his role with effect
from Jan. 9, BT recalls.

Among other things, the company was involved in a board tussle
where Charles Madhavan and his team edged out independent director
Lee Chong Ping at an extraordinary general meeting (EGM) held on
Jan. 9, 2020.

Nearly 100 mostly mom-and-pop retail investors turned up for the
EGM. Many had told The Business Times then that they were fed up
with shenanigans in the company, which have cost them their
investments.

Trading in Magnus Energy's shares has been suspended since August
last year, the report notes.

Magnus Energy Group Limited -- https://www.magnusenergy.com.sg/ --
is an upstream oil and gas company. The Company's businesses
involves oil and gas equipment distribution in Asia Pacific, gas
exploration in Australia, crude oil production in China and coal
mining activities in Indonesia.

ROOFTOP GROUP: Debtor Questions Releases in Committee Plan
----------------------------------------------------------
Rooftop Group International Pte. Ltd., filed a limited objection to
the adequacy of the Disclosure Statement for the Plan of
Reorganization/ Liquidation proposed by the Official Committee of
Unsecured Creditors.

The Debtor objects to the scope of the third-party release
provisions proposed in Sec. 12.8 of the Plan (the "Release
Provision").  This Release Provision contains layers of releases of
claims by and against overlapping constituent groups that may
extend so far as to release prepetition claims held by the Debtor,
the bankruptcy estate, or the Reorganized Debtor.

The original versions of the Plan and the Disclosure Statement on
file with the Court required that the Debtor, the bankruptcy
estate, and the post-Confirmation Debtor, and "all Holders of
Claims and Interests" release all pre-petition claims against
members of the Committee relating to the Debtor and any of the
Debtor’s direct or indirect subsidiaries. In prior
discussions with the Committee, the Debtor expressed its strong
concern that such claims should not be released before they have
been properly investigated and their potential value to the estate
and creditors assessed.

According to the Debtor, the First Amended Plan and First Amended
Disclosure Statement rework this language and partially cull back
the broad releases of the Debtor's claims, but the new (and still
convoluted) language is still unclear in whether it would release
prepetition estate claims that might be pursued by the Debtor, its
estate, or the Reorganized Debtor.

Attorneys for the Debtor:

     Michael P. Cooley
     Lindsey L. Robin
     Devan J. Dal Col
     REED SMITH LLP
     2501 N. Hardwood Street, Suite 1700
     Dallas, Texas 75201
     Tel: 469.680.4200
     Fax: 469.680.4299
     E-mail: mpcooley@reedsmith.com
             lrobin@reedsmith.com
             ddalcol@reedsmith.com

                   About Rooftop Group Int'l

Rooftop Group International Pte. Ltd. is a private limited company
organized under the laws of Singapore.  It was formed to hold
certain intellectual property assets, including registered
trademarks and patents, relating to the manufacture and sale of
hobby-grade drones under the name Propel RC(R).  At present, it has
no operations and has no employees, and its remaining assets are
composed almost entirely of certain patents, trademarks, and other
intellectual property.  In addition, it licenses certain of its
trademarks to Amax Industrial Group China Co, Ltd., under a
nonexclusive license agreement.

Certain of Rooftop Group's prepetition secured creditors commenced
collection actions against the Debtor in Singapore courts
pertaining to prepetition debt obligations under which the Debtor
was either a primary obligor or guarantor.  The Debtor's
intellectual property assets are not encumbered by any lien or
security interest; however, a portion of the outstanding equity in
the Debtor is pledged to secure repayment of certain of the
Debtor's prepetition obligations and certain prepetition creditors
assert liens on certain asset classes other than intellectual
property.

To preserve the value of its intellectual property assets for the
benefit of all its unsecured creditors, on April 30, 2019, the
Debtor filed a voluntary petition for relief under chapter 11 of
the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-31443).  In the
petition  signed by Darren Matloff, director, the Debtor was
estimated to have $1 million to $10 million in assets and $50
million to $100 million in liabilities.

The Hon. Harlin DeWayne Hale oversees the case.  

The Debtor is represented by Reed Smith LLP.

The Office of the U.S. Trustee on June 13, 2019, appointed three
creditors to serve on an official committee of unsecured creditors
in the Chapter 11 case.  The committee is represented by Barnes &
Thornburg LLP.


                           *********


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

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

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

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

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



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