/raid1/www/Hosts/bankrupt/TCRAP_Public/200312.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, March 12, 2020, Vol. 23, No. 52

                           Headlines



A U S T R A L I A

ALLISE GROUP: Second Creditors' Meeting Set for March 20
B. & A. DEANE: Second Creditors' Meeting Set for March 18
ELEGANCE TIPS: Second Creditors' Meeting Set for March 19
GOLD VALLEY: Contractors Out of Pocket Following Administration
HELLENIC HOTEL: Second Creditors' Meeting Set for March 17

KIKKI.K PTY: First Creditors' Meeting Set for March 19
KIKKI.K PTY: Receivers Seek Possible Buyers for Collapsed Retailer
OLD TOWN: Chinese Restaurant Goes Into Liquidation
T & S NEW ERA: Second Creditors' Meeting Set for March 18


C H I N A

TIANJIN REAL ESTATE: Asset Frozen After Missed Debt Payment
[*] CHINA: Over 100 Homebuilders Go Bust as Virus Strains Deepen


I N D I A

AIZANT DRUG: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
BALAJI AGRITRADE: CRISIL Migrates 'D' Rating to Not Cooperating
BANSAL ALUMEX: Insolvency Resolution Process Case Summary
BRIGHTSUN TECHNOCRAFT: Insolvency Resolution Process Case Summary
DALMIA HEALTHCARE: Insolvency Resolution Process Case Summary

DASH EXPORTS: Insolvency Resolution Process Case Summary
DHANANJAY GIRI: CRISIL Migrates 'B' Rating to Not Cooperating
DULICHAND AUTO: Insolvency Resolution Process Case Summary
EVERSHINE SOLVEX: Insolvency Resolution Process Case Summary
FATHIMA CASHEW: CRISIL Lowers Rating on INR1.5cr Loan to 'B'

FLPL LOGISTICS: Insolvency Resolution Process Case Summary
GEMINI ENTERPRISES: CRISIL Cuts Rating on INR7cr Cash Loan to D
GEORGE MAIJO: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
GREENS FARM: Insolvency Resolution Process Case Summary
JP MOTOR: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating

KAMNA MEDICAL: CRISIL Assigns 'D' Rating to INR5.85cr Term Loan
LANCO KONDAPALLI: CRISIL Maintains 'D' Rating in Not Cooperating
LEMON ELECTRONICS: Insolvency Resolution Process Case Summary
MAA BHUASUNI: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
MEENAKSHI TEXTILE: CRISIL Migrates B+ Rating to Not Cooperating

METENERE LIMITED: CRISIL Maintains 'D' Rating in Not Cooperating
NANO-AGRO FOODS: CRISIL Migrates 'B+' Rating to Not Cooperating
NARAYAN INDUSTRIES: CRISIL Cuts Rating on INR9cr Cash Loan to D
NARESH MARKETING: CRISIL Migrates B+ Rating to Not Cooperating
NATIONAL HOTELS: Ind-Ra Affirms & Withdraws 'D' LT Issuer Rating

OMAR INTERNATIONAL: Insolvency Resolution Process Case Summary
RR METALMAKERS: CRISIL Withdraws 'D' Rating on INR6.5cr Loan
SAI KALYAN: CRISIL Migrates 'B+' Rating to Not Cooperating
SHREE DAKSH: Insolvency Resolution Process Case Summary
SRS THERMAX: CRISIL Migrates 'D' Rating to Not Cooperating

SURANI PAPER: CRISIL Migrates B+ Rating to Not Cooperating
SWAMI PALANI: CRISIL Withdraws 'B' Rating on INR0.8cr LT Loan
TERA SOFTWARE: Ind-Ra Moves 'BB+' Issuer Rating to Non-Cooperating
UNIQUE FOODS: Ind-Ra Lowers Loan Rating to 'BB', Outlook Stable
V.P. HI-TECH: CRISIL Migrates 'B' Rating to Not Cooperating

VAKRANGEE FOUNDATION: Ind-Ra Keeps B+ Rating in Non-Cooperating
VISHVAKARMA ELECTRONICS: CRISIL Withdraws 'B' Cash Loan Rating
VISHVAS POWER: CRISIL Assigns 'B' Rating to INR8.5cr Cash Loan
VISTA MINING: Insolvency Resolution Process Case Summary
VREP CONSTRUCTION: CRISIL Moves 'C' Rating to Not Cooperating

YES BANK: CBI Accuses Co-Founder of Taking Kickbacks
YES BANK: Ind-Ra Cuts LT Issuer Rating to BB-, Maintains RWN
YOUNG INDIA: CRISIL Migrates 'B+' Rating to Not Cooperating


M A L A Y S I A

NAM CHEONG: Replies to SGX 'Going Concern' Queries


S I N G A P O R E

HYFLUX LTD: Judge Attempts to Order Funds Into Escrow

                           - - - - -


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

ALLISE GROUP: Second Creditors' Meeting Set for March 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Allise Group
Pty Limited has been set for March 20, 2020, at 11:30 a.m. at the
offices of Vincents, Level 14 MLC Centre, at 19-29 Martin Place, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 19, 2020, at 5:00 p.m.

Henry McKenna of Vincents was appointed as administrator of Allise
Group on Feb. 14, 2020.

B. & A. DEANE: Second Creditors' Meeting Set for March 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of B. & A. Deane
Investments Pty Ltd has been set for March 18, 2020, at 2:30 p.m.
at The Gifford Room, Pilgrim House Conference Centre, at 69
Northbourne Avenue, in Canberra City, ACT.

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 17, 2020, at 4:00 p.m.

Anthony Graeme Lane of Vincents-Canberra was appointed as
administrator of B. & A. Deane on Nov. 18, 2019.

ELEGANCE TIPS: Second Creditors' Meeting Set for March 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of Elegance Tips &
Toes on Lygon Pty Ltd, trading as Tips & Toes, has been set for
March 19, 2020, at 2:00 p.m. at the offices of Hamilton Murphy
Advisory Pty Ltd, Level 1, at 255 Mary Street, in Richmond,
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 18, 2020, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Elegance Tips on Feb. 14, 2020.

GOLD VALLEY: Contractors Out of Pocket Following Administration
---------------------------------------------------------------
ABC News reports that an iron ore company in Western Australia's
East Kimberley has been put into voluntary administration only six
months after restarting the mothballed Ridges mine, 165 kilometres
south of Kununurra.

At a meeting of creditors held on February 25, administrators from
KordaMentha were appointed to Gold Valley Iron Ore (GVI), which was
given the right to mine the Ridges iron ore deposit owned by
Kimberly Metals Group in a deal last year, ABC discloses.

It is understood work at Ridges stopped last week while
administrators assessed the financial position of its operators
from Gold Valley, the report says.

According to ABC, KordaMentha partner Richard Tucker said early
indications were that the company had racked up about $10 million
of debt, and that local contractors had been left out of pocket.

"Our role since our appointment has been focused on trying to find
a solution to recommence operations, such that local businesses and
the larger contract creditors could be supported [and] employees
could go back to work," ABC quotes Mr. Tucker as saying.

"As part of that there's been a lot of good will from both the
employees and the major contractors, and we were able to a get a
non-binding term sheet where someone would provide several million
dollars to recommence operations.

"However, unfortunately, events superseded that and the right to
mine was terminated by the owner of the mine; so the ability to
continue to mine in the existing structure is now unlikely."

ABC relates that Mr. Tucker said Kimberley Metals Group owned the
tenement, and that it would be up to it to decide on the future of
the mine.

KMG has been contacted for comment, but the ABC understands the
company is making efforts to find a way to get the site back up and
running in the coming weeks.

It is yet another roadblock for the embattled Ridges iron ore
project, which was put into care and maintenance in 2015 by KMG,
laying off 220 workers following the mine's closure, ABC states.

According to ABC, the Chinese-owned group began operations in 2011
and also own the undeveloped, higher grade Matsu iron ore deposit
10km south of the Ridges mining operation.

The company's chairman, ZhengZeng Du, is also Chair of Tangshan
Ganglu Iron and Steel Co. Ltd, which is one of the largest
privately-owned steel mills in China, ABC discloses.

ABC recalls that KMG shipped 6.2 million tonnes of high-grade ore
to China from the Wyndham Port until it closed its doors four years
ago due to poor commodity prices.

At the time it was a huge blow to the town, with several other big
commodity projects also shutting up shop amidst a mining downturn
in the region, the report notes.

HELLENIC HOTEL: Second Creditors' Meeting Set for March 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of:

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

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

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

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

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

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

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

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

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

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

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

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

   - Restaurant Brands Pty Ltd ATF the Restaurant Brands Unit
     Trust

   - Sycal Pty Ltd ATF the Sycal Unit Trust

   - Jimmy Grants Pty Ltd ATF the Jimmy Grants Unit Trust

   - Made Establishment Pty Ltd ATF The Restaurant Holdings Unit
     Trust

   - JGOPS Pty Ltd ATF the JGOPS Unit Trust

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

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

   - Pressing Events Pty Ltd

   - JGIP Pty Ltd ATF the JGIP Unit Trust

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

has been set for March 17, 2020, at 3:00 p.m. at the offices of
KordaMentha, Rialto South Tower, Level 31, at 525 Collins 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 16, 2020, at 4:00 p.m.

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


KIKKI.K PTY: First Creditors' Meeting Set for March 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kikki.K Pty
Ltd will be held on March 19, 2020, at 3:00 p.m. at the offices of
Chartered Accountants Australia and New Zealand, Bourke Place,
Level 18, at 600 Bourke Street, in Melbourne, Victoria.  

James Patrick Downey of JP Downey & Co was appointed as
administrator of Kikki.K Pty on March 10, 2020.



KIKKI.K PTY: Receivers Seek Possible Buyers for Collapsed Retailer
------------------------------------------------------------------
Debrin Foxcroft at Stuff.co.nz reports that receivers of luxury
stationery retailer Kikki.K Pty are working on a plan to sell the
failed business.

The Australian company, which has seven stores in New Zealand, was
put into receivership in March 10 after a difficult trading period
in December and January, Stuff discloses.

According to Stuff, receivers Cor Cordis said stores in New Zealand
would remain open company's financial position had been assessed.

There are 65 Kikki K stores globally employing the equivalent of
450 full-time staff.

Stuff relates that Cor Cordis spokesman Michael Smith said it was
too early to say what the future would be for the company but the
receivers would like to keep it intact.

Receivers Barry Wight and Bruno Secatore would have a better
understanding of the company's position by the end of this week,
Mr. Smith said.

In a statement Mr. Wight said Kikki K had joined a "long list of
financially distressed retailers" to have fallen victim of
"softening consumer spending, high leasing costs, compounded by a
disappointing December and January trading period," Stuff relays.

"That said, we believe Kikki K has a strong brand with a large
global following, producing sales of almost AUD70 million (NZD72MM)
a year."

The receivers were working with management on a plan to restructure
the business for possible sale, Mr. Wright, as cited by Stuff,
said.

According to Stuff, Chief executive Paul Lacy said an
"unprecedented line up of external factors" such as the coronavirus
had contributed to the business' collapse.

"We've had the triple-whammy of soft consumer demand, the business
impact of bushfires and more recently the unprecedented and
profound impact of coronavirus which is hitting so many businesses
and countries so hard," he said.

The unrest in Hong Kong, where Kikki K has a number of stores, had
also taken a toll, Mr. Smith said, Stuff relays.

"This unprecedented line-up of external factors, particularly in
recent weeks, has really taken its toll. As we looked ahead we just
didn't have the certainty we could keep going so have had to take
this decision."

Stuff relates that Mr. Smith said Kikki K executives had been close
to a rescue deal with a large global investor prior to the
collapse, but "ran out of time.

Receivers would continue existing negotiations as well as look to
other potential buyers, he said.

In the interim, stores would continue trading, adds Stuff.

OLD TOWN: Chinese Restaurant Goes Into Liquidation
--------------------------------------------------
Frank Chung at news.com.au reports that more Chinese restaurants
have gone into liquidation in Sydney after flatlining sales due to
the coronavirus outbreak has forced other iconic venues to close
their doors.

According to the report, Old Town Hong Kong's eatery on Dixon
Street in the heart of Chinatown was placed into liquidation on
March 6, along with another business owned by the same directors,
Super Dish Chinese Restaurant in the largely Asian southwestern
Sydney suburb of Cabramatta.

A second Old Town Hong Kong location at Barangaroo on Mercantile
Walk, operated under a separate business entity, will continue to
trade, the report relates.

The report says the Hong Kong-born owners have not stated a reason
for the closure.

Timothy Cook from Balance Insolvency has been appointed liquidator
of both Old Town Pty Ltd and SuperDish Pty Ltd "as the company is
unable to pay its debts as and when they fall due", news.com.au
discloses citing documents filed with the corporate regulator.

Mr. Cook has been contacted for comment on whether the directors
attribute the failure of the businesses to coronavirus fears, which
some Chinatown traders have blamed for revenue falls of 50 per cent
or more, the report notes.

It comes after the Parramatta Phoenix, part of the high-profile
family-owned Phoenix Restaurant Group, was placed into voluntary
administration on March 9. At the same time, Parramatta Phoenix Pty
Ltd director Calvin Chen's other business, Darlinghurst Asian
Fusion restaurant Mister Dee's Kitchen, was placed into
liquidation, news.com.au discloses.

"The director has indicated in initial discussions that one of the
factors in the fall in turnover of the restaurants is a reaction to
the coronavirus," Christopher Darin, partner at insolvency firm
Worrells, said in a statement to news.com.au on March 3.

According to news.com.au, insolvency firm Jirsch Sutherland said it
is receiving up to a dozen calls a day to a dedicated coronavirus
hotline for affected businesses, but expected that number to
rapidly rise as many reach the end of their cash reserves over the
next few weeks.

news.com.au relates that Jirsch Sutherland partner Andrew Spring
said March 3 that while tourism, travel, retail, hospitality and IT
were the most directly affected -- the tourism sector alone faces
billions of dollars in losses due to travel restrictions -- the
impacts were "far reaching" and often unexpected.

"There's a big crayfish and lobster industry up in WA that has
basically been mothballed," the report Mr. Spring as saying. "And
anecdotally some of the shipping lines are hurting off the back of
an inability to land goods, particularly in China."

T & S NEW ERA: Second Creditors' Meeting Set for March 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of T & S New Era
Constructions Pty Ltd has been set for March 18, 2020, at 3:00 p.m.
at Canberra Club, 51 Blackall Street, in Barton, ACT.

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 17, 2020, at 4:00 p.m.

Shumit Banerjee and Jason Lloyd Porter of SV Partners were
appointed as administrators of T & S New Era on Feb. 10, 2020.



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

TIANJIN REAL ESTATE: Asset Frozen After Missed Debt Payment
-----------------------------------------------------------
Iris Ouyang at South China Morning Post reports that Tianjin Real
Estate Group, a cash-strapped Chinese state-owned developer, has
missed another debt payment schedule in its struggle to stay
afloat, causing creditors to freeze one of its prime assets and
stoking concerns about its maturing debt pile this year.

SCMP relates that the group's 13.53 per cent stake in
Shanghai-listed builder Tianjin Realty Development has been frozen
for three years under a court order from February 24, builder said
in an exchange filing on March 10. Ping An Trust filed for the
freezing order from the Shenzhen Intermediate People's Court after
the developer failed to repay CNY1.7 billion (US$244.5 million) of
borrowings, the filing showed, SCMP relays.

According to SCMP, the non-payment reflects the state-backed
developer's long-running efforts to extricate itself from a debt
load accumulated through years of credit-fuelled investment and
expansion. The latest stumble puts the spotlight on its ability to
service its maturing debt at a time when China's economic slowdown
is being compounded by the coronavirus outbreak.

Tianjin Real Estate Group has about US$777 million of debt maturing
this year and US$2.1 billion in 2021, Bloomberg discloses citing
data from Refinitiv. The group had CNY20.61 billion in total debt
and CNY14.5 billion of cash and other liquid assets as of June
2018, according to Bloomberg data.

SCMP says Tianjin's economy has lost some momentum in recent years,
with growth easing to 3.6 per cent in 2017 from 9 per cent a year
earlier. Last year's expansion of 4.8 per cent was below the
nation's 6.1 per cent pace, as efforts to spur activity in the
Beijing-Tianjin-Hebei regional alliance came up against headwinds
such as the US-China trade war.

Bankers in the city, about half an hour's train ride from Beijing,
had been threatened with termination if they did not support the
government's efforts to stabilise the local economy amid the
slowdown, according to the Communist Party's discipline authority
in May last year, recalls SCMP.

Tianjin Realty's shares plunged as much as 3 per cent in Shanghai
on March 10 after the announcement. SCMP relates that the stock,
however, rebounded at the close of trading, gaining 2.9 per cent to
CNY2.81. The price values Tianjin Real Estate Group's 13.53 per
cent interest in the builder at CNY420 million, the report
discloses.

Meanwhile, the group's wholly-owned Tianjin Real Estate Trust has
paid a CNY21.92 million bond coupon due on March 9, Bloomberg
reports. The move came after China's security watchdog chastised
the unit last October for failing to disclose its annual results
for 2018.

Tianjin Real Estate Group Co.,Ltd operates as a real estate
developer. The Company offers real estate development, marketing,
property management, and other services. Tianjin Real Estate Group
also operates infrastructure construction, modern logistics, and
other businesses.

[*] CHINA: Over 100 Homebuilders Go Bust as Virus Strains Deepen
----------------------------------------------------------------
Bloomberg News reports that the coronavirus epidemic is
accelerating a shakeout in China's property sector as a cash crunch
forces distressed developers to throw in the towel.

With lockdowns across the world's most-populous nation entering
their third month, smaller home builders are being pushed to the
brink because they can't get enough money from pre-sales of
apartments to cover their costs, Bloomberg says. In the first two
months of this year, around 105 real estate firms issued bankruptcy
filing statements, after almost 500 collapses in 2019, data
compiled by Bloomberg show.

"A vast number of mid- to small-sized developers will face a choice
no one wants to make -- either sell their property assets and start
another business, or be bought out," Bloomberg quotes China Index
Holdings Ltd. Research Director Huang Yu as saying. "The shakeout
is just beginning."

Even before the new coronavirus, China's housing market was under
pressure, according to Bloomberg. Home prices rose at the slowest
pace in almost two years in January and several developers, saddled
with debt they're struggling to service, had begun to dial back on
construction, Bloomberg notes. S&P Global Ratings said in a note on
March 10 that as Covid-19 spreads, the squeeze may be felt most
acutely by Chinese banks and property firms.

As a result, mergers and acquisitions among the nation's almost
100,000 real estate companies will ramp up again in 2020, Yu said,
declining to put a number on the expected deal value, Bloomberg
relays.

"Declining sales will hurt developers' liquidity as the proceeds
still form the largest and most important funding source,"
Bloomberg quotes S&P credit analyst Christopher Yip as saying,
noting that with construction largely paused, delivery schedules
and revenue recognition are being pushed further out. "Several
companies already in the CCC category or with low ratings with
negative outlooks may face liquidity issues."

Bloomberg relates that New York-based Avenue Capital Group LLC, a
firm that trades distressed debt and invests in special situations,
said a China home market in flux spells increasingly versatile
buying opportunities. It's looking at scooping up soured developer
debt and buying troubled real estate projects at a discount.

"There'll be more bargains appearing on the market," said Wang
Yifeng, Avenue Capital's Shanghai-based head of China. "If you see
a distressed seller among the country's top 100 firms, don't be
surprised."

According to S&P, new home sales in China will register their first
drop in 12 years this year, with transactions down as much as 15%.
That's if the virus reaches a turning point this month. If the
nadir isn't until April, sales could be down around 20%, akin to
the hit taken during the 2008 global financial crisis, the report
adds.

Fusheng Group Co. is one of the first mid-sized developers to
falter, Bloomberg reports. The debt-laden company, based in China's
southeastern Fujian province, was in talks to sell a 70% stake to a
consortium led by Shimao Property Holdings Ltd., people familiar
with the matter said in December, Bloomberg relays.

Local media reported in January that a new joint venture has been
established, with Fusheng injecting its jettisoned property
projects into the fresh vehicle. Shimao is one of the nation's
biggest developers, the report notes.



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

AIZANT DRUG: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aizant Drug
Research Solutions Private Limited's (ADRSPL) Long-Term Issuer
Rating to 'IND BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR152.45 mil. (reduced from INR222 mil.) Long-term loans due
     on July 2023 downgraded with IND BB+/Stable rating;

-- INR115.00 mil. Fund-based limits downgraded with IND BB+ /
     Stable/IND A4+ rating; and

-- INR26.39 mil. Long-term loans due on March 2023 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects ADRSPL's EBITDA turning negative at INR48
million in 9MFY20 (FY19: INR200 million) and margins turning
negative at 5% (13.3%), owing to lower capacity utilized in the
manufacturing segment. In addition to this, the company's
investment in the internal product (IP) segment was not
capitalized. Consequently, credit metrics deteriorated with gross
interest coverage (operating EBITDA/gross interest expense) of
negative 3.3x and net leverage (adjusted net debt/operating EBITDA)
of negative 2.5x in 9MFY20. During FY19, the credit metrics were
strong with gross interest coverage of 7.6x and net leverage of
0.5x, owing to positive EBITDA coupled with lower debt due to
repayments during the year. The return on capital employed was 7%
in FY19 (FY18: negative 15%). Ind-Ra expects the credit metrics to
deteriorate further by FYE20 owing to EBITDA deterioration.
However, according to the management, EBITDA is likely to turn
positive in 4QFY20, owing to the revenue from the IP segment for
which the expenses have already been incurred during 9MFY20.

ADRSPL booked revenue of INR1,196 million in 11MFY20 (provisional).
Revenue grew to INR1,503 million in FY19 (FY18: INR1,083 million)
because of significant growth in the IP segment and formulation
segment of 64% and 34%, respectively. ADRSPL has an order book of
INR1,731 million to be executed by FY21.

Liquidity Indicator - Adequate: ADRSPL's average maximum
utilization of its fund-based limit was 32.6% and non-fund based
limits were 16% during the 12 months ended January 2020. The cash
flow from operations turned positive and improved significantly to
INR310 million in FY19 (FY18: negative INR289 million) due to
positive EBITDA and favorable changes in working capital. It
further leads to positive free cash flow from operations of INR185
million during FY19 (FY18: INR638 million). The debt obligations
for FY20 will be INR53.7 million. The cash and cash equivalents at
FYE19 were INR86 million (FYE18: INR6 million) owing to investments
in fixed deposits during FY19.

The pharmaceutical industry is highly regulated by the U.S. Food
and Drug Administration and thus, any adverse policy changes could
affect the credit profile of sector companies.

The ratings benefit from the promoter's experience of more than a
decade in the pharmaceutical industry which helps ADRSPL maintain
strong relations with its suppliers and customers and develop
high-quality products for domestic and international markets.
RATING SENSITIVITIES

Positive: A significant increase in the revenue and EBITDA margin
leading to an improvement in the credit metrics as well as in the
liquidity position, all on a sustained basis, will lead to positive
rating action.

Negative: A decline in the revenue and/or EBITDA margin, leading to
deterioration in the net leverage above 3.5x on a sustained basis
and/or a stressed liquidity position, will lead to a rating
downgrade.

COMPANY PROFILE

ADRSPL was incorporated on November 22, 2005, as Innodev
Pharmaceuticals Private Limited. On July 6, 2006, it was renamed
ADRSPL. It commenced commercial operations in 2008. ADRSPL provides
contract research services, with a focus on new drug delivery
systems, and conducts clinical trials on behalf of clients. The
company provides solutions for pre-formulation, formulation
development of conventional and novel drug delivery products,
analytical development, current good manufacturing practice
scale-up, niche commercial manufacturing, stability,
bioavailability, bioequivalence, bioanalysis, pharmacokinetics,
biostatistics, and clinical diagnostics. Its research laboratory
and clinical trial facility are in Hyderabad, Telangana.


BALAJI AGRITRADE: CRISIL Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balaji
Agritrade Private Limited (BAPL) 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 BAPL for obtaining
information through letters and emails dated 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 BAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BAPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

BAPL's primary business is trading of agro commodities. It deals in
the SriGanga Nagar, Rajasthan. However, in fiscal 2017, BAPL
undertook a project to build a private mandi, Balaji Agritrade. The
purpose of establishing mandi is to support the farmers to sell
their crop.


BANSAL ALUMEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bansal Alumex Private Limited
        32B, Lenin Sarani
        Kolkata, WB 700013
        IN

Insolvency Commencement Date: February 25, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Rachna Jhunjhunwala

Interim Resolution
Professional:            Rachna Jhunjhunwala
                         Vikram Vihar, BK-H
                         493/B/18, G.T. Road
                         Howrah 711102
                         E-mail: jsa.jhunjhunwala@gmail.com

                            - and -

                         Siddha Weston
                         9 Weston Street
                         Suite no. 134, 1st Floor
                         Kolkata 700013
                         E-mail: cirp.bansal@gmail.com

Last date for
submission of claims:    March 9, 2020


BRIGHTSUN TECHNOCRAFT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Brightsun Technocraft Private Limited
        B-134, 1st Floor
        Joshi Colony Mandawli Fazalpur
        Delhi 110092

           - and -

        175/F.I.E. Patparganj Industrial Area
        New Delhi 110092

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 5, 2020

Insolvency professional: Mr. Ksubhra Narayan Mohapatra

Interim Resolution
Professional:            Mr. Ksubhra Narayan Mohapatra
                         24, 2nd Floor, F-21
                         Lado Sarai, Behind Kalimata Mandir
                         New Delhi 110030
                         E-mail: ksnm72@hotmail.com

                            - and -

                         5, Ground Floor, F-21
                         Lado Sarai, Behind Kalimata Mandir
                         New Delhi 110030
                         E-mail: irp.brightsuntechocraft@gmail.com

Last date for
submission of claims:    March 13, 2020


DALMIA HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Dalmia Healthcare Limited

        Registered office:
        MB-9, Indraprakash Building
        21 Barakhamba Road
        New Delhi 110001

Insolvency Commencement Date: February 13, 2020

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

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

Insolvency professional: Manish Jain

Interim Resolution
Professional:            Manish Jain
                         BE-242 B, Gali No. 4 Hari Nagar
                         South West, New Delhi
                         National Capital Territory of Delhi
                         110064
                         E-mail: jainmanishca13@gmail.com

                            - and -

                         B-40, First Floor
                         Mayapuri Industrial Area
                         Phase-I, New Delhi 110064
                         E-mail: cirp.dalmia@gmail.com

Last date for
submission of claims:    March 3, 2020


DASH EXPORTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Dash Exports Pvt Ltd
        109, Samaipur, 1st floor
        Gali No. 6, New Delhi
        West Delhi 110042

Insolvency Commencement Date: February 26, 2020

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Mr. Santosh Sharma

Interim Resolution
Professional:            Mr. Santosh Sharma
                         6/129, Near Prakash Dairy
                         Lodhi Mohalla, Shahdara
                         New Delhi 110032
                         E-mail: sci.santoshsharma@gmail.com

                            - and -

                         Unit No. 110, First Floor
                         JMD Pacific Square
                         Sector-15, Part-II
                         Gurugram 122001
                         Haryana
                         E-mail: irp.dashexports@gmail.com

Last date for
submission of claims:    March 13, 2020


DHANANJAY GIRI: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dhananjay Giri
(DG) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DG for obtaining
information through letters and emails dated November 30, 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 DG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DG 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 DG to 'CRISIL B/Stable Issuer not cooperating'.

DG, is a Haldwani (Uttarakhand) based proprietorship firm, is
involved in construction of residential and commercial buildings
(hotels, shopping complexes, etc.), stadia, bridges, etc. on
contractual basis. The firm also earns 10-15% of its revenue from
mining operations.

DULICHAND AUTO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dulichand Auto Sales Private Limited
        53, Nalini Ranjan Avenue
        371, Block G
        New Alipore
        Kolkata 700053

Insolvency Commencement Date: February 28, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Partha Pratim Ghosh

Interim Resolution
Professional:            Partha Pratim Ghosh
                         CB-108 Salt Lake, Sector-1
                         Kolkata 700064
                         E-mail: cappghosh@gmail.com

                            - and -

                         P 325 C.I.T. Road
                         Kankurgachi, Scheme VI M
                         Kolkata 700054
                         E-mail: cirp.dulichand@gmail.com

Last date for
submission of claims:    March 12, 2020


EVERSHINE SOLVEX: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Evershine Solvex Private Limited
        Jalalabad Road, Mukstar
        Punjab 152026

Insolvency Commencement Date: February 27, 2020

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Anjum Goyal

Interim Resolution
Professional:            Anjum Goyal
                         4-Near Chawla Cement Store
                         Banke Bihari Lane
                         Batala Road, Amritsar
                         Punjab 143001
                         E-mail: agoyala4u@yahoo.com
                         Mobile: 9815203626

Last date for
submission of claims:    March 14, 2020


FATHIMA CASHEW: CRISIL Lowers Rating on INR1.5cr Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Fathima Cashew Company (FCC) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the rating on the short term
facilities at 'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            1.5      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Foreign Documentary    1.0      CRISIL A4 (Reaffirmed)
   Bills Purchase         

   Packing Credit         4.5      CRISIL A4 (Reaffirmed)

The downgrade reflects weakening of the firm's liquidity profile
due to lower-than-expected cash accruals and full bank limit
utilisation. Net cash accruals declined from 0.17 crores in fiscal
2018 to 0.04 crores in fiscal 2019 due to capital withdraws.
Revenue has remained modest at around 10 crores due to intense
competition from Vietnamese players. CRISIL believes FCC's
liquidity will remain at similar level over the medium term.

The ratings continue to reflect the modest scale of operations in a
highly fragmented and intensely competitive cashew industry and
below average financial risk profile, with small net worth. The
weaknesses are partially offset by extensive experience of the
proprietor in the cashew industry.

Key Rating Drivers & Detailed Description

Weaknesses:
* Modest scale of operations in a highly fragmented and intensely
competitive cashew industry:
The cashew industry is marked by limited differentiation in
technology involved in the processing of cashew nuts. This, coupled
with relatively moderate capital requirements to set up a cashew
processing unit, has resulted in low entry barriers. Consequently,
the domestic cashew processing industry is highly fragmented,
marked by the presence of many small players, leading to intense
competition in both the organized and unorganized segments. Also
raw cashew nuts trading, by its nature of operations has limited
barriers of entry.

* Below average financial risk profile:
The financial risk profile of the firm is constrained due to small
net worth of the firm (stood at Rs.2.7 Crores as on March 31, 2019)
and leveraged capital structure (high gearing of 2.42 times as on
March 31, 2019). The interest coverage has been in the range of
1.4-2 times and net cash accruals to total debt of less than 0.05
time over the past three fiscal years and is expected to remain in
the similar range over the medium term.

Strength:
* Extensive experience of the promoters in the cashew industry:
Mr. Basheer, the proprietor of FCC, has experience of around two
decades. His immediate family and relatives also have been in the
industry for more than four decades. The extensive experience has
helped him understand the industry dynamics and develop good
relationships with suppliers and customers. The firm has started
trading raw cashew nuts in fiscal 2016.

Liquidity Stretched

Liquidity is stretched with fully utilised bank limits and modest
cash accruals, however accruals are sufficient to meet repayment
obligation, firm's bank limits are fully utilised through December
2019. Liquidity is expected to remain at similar level over the
medium term

Outlook: Stable

CRISIL believes that over the medium term FCC will continue to
benefit from the extensive industry experience of the proprietor.

Rating Sensitivity factors:

Upward Factors
* Improvement in scale of operations
* Improvement in liquidity profile with higher cushion in bank
limits and net cash accruals of more than 0.2 crores

Downward Factors
* Decline in scale of operations or operating margin
* Leveraged capital structure with Gearing of more than 5 times

Established in 1999 by Mr. Basheer M, FCC is a proprietorship firm
based in Kollam area of Kerala. The firm is engaged in the
processing of cashew kernels as well as trading of raw cashew nuts
on high sea sales basis.

FLPL LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: FLPL Logistics Private Limited
        Khasra No. 71/1
        VPO-Ghevra
        New Delhi 110041

Insolvency Commencement Date: January 15, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Sukhdev Madnani

Interim Resolution
Professional:            Mr. Sukhdev Madnani
                         2-D Evershine Apartments
                         Vikaspuri, Block-D
                         New Delhi 110018
                         E-mail: sukhdevmadnani@hotmail.com

                            - and -

                         1636-40 S.P. Mulherjee Marg, 1st Floor
                         Above Shiv Mandir, Tyre Market
                         Delhi 110006
                         E-mail: cirp.flpl@gmail.com
                         Tel: +91-8802922789
                              +91-9313337646

Last date for
submission of claims:    March 11, 2020


GEMINI ENTERPRISES: CRISIL Cuts Rating on INR7cr Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gemini Enterprises-Hyderabad (GE) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with GE for obtaining
information through letters and emails dated September 17, 2019,
February 27, 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 GE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GE 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 there has been delays in
debt servicing in cash credit account, CRISIL has downgraded its
rating on the long-term bank facilities of GE to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

Established as a proprietorship firm in 1999 by Mr. V Ramesh, GE is
a primary distributor for HUL's products in Hyderabad.

GEORGE MAIJO: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/S George Maijo
Industries Private Limited's (Maijo) Long-Term Issuer Rating to
'IND BB-' from 'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR453.2 mil. (increased from INR315.7 mil.) Term loan due on
     March 2034 downgraded with IND BB-/Stable rating;

-- INR105.0 mil. Fund-based facilities Long-term downgraded and
     short-term affirmed with IND BB-/Stable/IND A4+ rating;

-- INR185.0 mil. Non-fund-based facilities affirmed with IND A4+
     rating; and

-- INR70.0 mil. Proposed fund-based facilities withdrawn (the
     the issuer did not proceed with the instrument as envisaged).

KEY RATING DRIVERS

Liquidity Indicator - Poor: The downgrade reflects the company's
near-full utilization of its fund-based working capital limits
during the 12 months ended December 2019. To meet the working
capital requirement, the company had several times availed
temporary overdraft limits, which were serviced with less than five
days of delays. At FYE19, the company had a cash balance of INR12.8
million, a restricted cash balance of INR19.9 million and an
outstanding term loan of INR453.3 million that will be repaid fully
by March 2034. Maijo's cash flow from operations was stretched in
FY19 and stood at negative INR429.0 million (FY18: negative INR20
million) due to the high working capital requirement. The
networking capital cycle stretched to 161 days in FY19 (FY18: 95
days) on high inventory days.

The ratings also factor in Maijo's deteriorated credit metrics with
interest coverage (operating EBITDA/gross interest expense) of
1.3.x in FY19 (FY18: 1.5x) and net leverage (adjusted net
debt/operating EBITDAR) of 8.9x (4.2x). The substantial stretch in
the leverage was mainly due to INR150 million term loan availed by
the company. Revenue declined to INR1,181 million in FY19 (FY18:
INR1,294 million) due to the closure of a low-margin segment
(trading of auto components) which contributed around 10% revenue
in FY18. Maijo achieved a turnover of INR653.1 million during
7MFY20. On January 15, 2020, the company had an outstanding order
of INR92.1 million that is likely to be completed by August 2020.
                                       
The ratings factor Maijo's improved-yet-moderate EBITDA margins of
6.1% in FY19 (FY18: 4.7%) with a return on capital employed of 9%
(12%).

The ratings, however, are supported by the company's promoter's
over five decades of experience in the distribution of Yamaha Motor
Co. Ltd.'s products.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position while increasing
in the scale of operations and maintaining the profitability,
leading to an improvement in the credit metrics on a sustained
basis could be positive for the ratings.

Negative: Further liquidity stretch or a decline in the revenue or
profitability, leading to deterioration in the credit metrics on a
sustained basis will be negative for the ratings.

COMPANY PROFILE

Maijo was incorporated in 1962 by late T.M. Joseph. Maijo is the
sole distributor of the marine engines, water vehicles, and boats
manufactured by Yamaha Motor Co. in India. The company has three
showrooms in Kerala and is also engaged in the trading of agri,
marine and power transmission products.

GREENS FARM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Greens Farm Tech Private Limited
        325/1, RMV Extension
        5th Cross, 14th Main
        Sadashiva Nagar
        Bengaluru KA 560080
        IN

Insolvency Commencement Date: February 20, 2020

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Jugraj Singh Bedi

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


Classes of creditors:    Unsecured Financial Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. C Ramadurai
                         Flat no. 301, Topaz Block
                         Esteem Heritage Apartments
                         Rose Garden Road
                         JP Nagar 5th Phase
                         Bangalore 560078
                         E-mail: crd27220@icai.org

                         Raghavendran L
                         242/02, First Floor
                         4th Main K.G. Nagar
                         Bangalore 560019
                         E-mail: ca.raghavendranl@gmail.com

                         Hem Chandra
                         57/1, Maruti9
                         6 Main between 13th and 15th Cross
                         Malleswaram, Bangalore
                         E-mail: hemiengarip@gmail.com

Last date for
submission of claims:    March 13, 2020


JP MOTOR: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated JP Motor Private
Limited's (JPMPL) 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:

-- INR114.53 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR5.47 mil. Term loan due on August 2022 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 5, 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 2006, JPMPL is an authorized dealer of Honda
two-wheelers in Lucknow. It was incorporated by Mr. Manoj Agarwal.
JPMPL has a network of six sub-dealers.

KAMNA MEDICAL: CRISIL Assigns 'D' Rating to INR5.85cr Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Kamna Medical Centre Private Limited (KMCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             1.91       CRISIL D (Assigned)
   Proposed Long Term
   Bank Loan Facility     .15       CRISIL D (Assigned)
   Term Loan             5.85       CRISIL D (Assigned)

The ratings reflect ongoing delays by KMCPL in debt servicing.

The ratings are also constrained by below-average financial risk
profile, and stretched receivables. The weaknesses are partially
offset by the extensive experience of the promoters, and the
benefits expected from robust growth prospects for the healthcare
industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Delays in debt servicing
There have been ongoing delays in debt repayment due to weak
liquidity; liquidity has remained modest owing to the inadequate
cash accrual against the yearly maturing debt.

* Below-average financial risk profile
The financial risk profile has been constrained by the major,
debt-funded capital expenditure undertaken during fiscal 2019.
Networth was low at INR5.87 crore as on March 31, 2019 and is
expected to erode further due to accumulation of net losses; thus,
gearing rose to 4.72 times from 1.93 times a year ago. Debt
protection metrics though remain moderate at 1.95 times during
fiscal 2019 as against 3.56 for fiscal 2018.

* Stretched receivables
The working capital cycle is likely to remain stretched owing to
large debtors that result from delayed payments from the Central
Government Health Scheme (CGHS). About half of KMCPL's revenue
comes through patients under CGHS, the terms of which are
prescribed by, and subject to regulatory changes by the government.
Further, the recovery period from the government for such cases is
usually greater than 90 days and often stretches to 120-150 days,
as against less than 60 days from others.

Strengths
* Extensive experience of the management
Benefits from the promoters' experience of over 15 years, their
strong understanding of local market dynamics has enabled them to
establish relationships with reputed doctors yielding high inflow
of patients. Further, KMC College of Nursing contributes around 18%
to the company's total revenue.

* Benefits expected from robust growth prospects for healthcare
industry
The hospital industry in India is grossly underpenetrated.
According to the World Health Organization, India has only nine
hospital beds per 10,000 persons, while the global median is 24
beds per 10,000 persons. This under-penetration indicates the
underlying opportunity available for healthcare companies in India
as competition in this sector is low (except in a few micro-markets
in top cities).

Liquidity Poor

Liquidity has been weak so far and may remain so going forward as
well. Cash accrual is projected at INR1.5-3.0 crore for fiscals
2021 and 2022, inadequate to meet the yearly maturing debt of
INR4.5 crore. The current ratio was below unity as on March 31,
2019. The company is expected to rely on support from promoters
going forward.

Rating Sensitivity factors

Upward factors
* Track record of regularity in debt repayment obligations
* Revenue growth of 20% along with steady profitability, leading to
sizeable cash accrual

KMCPL, incorporated in 2006, is operating a 260-bed hospital in
Meerut (Uttar Pradesh). The company also commenced paramedical
courses under the medical college (300 seats per batch) named KMC
College of Nursing. Dr Sunil Gupta and Dr Pratibha Agarwal are the
promoters.

LANCO KONDAPALLI: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lanco Kondapalli
Power Limited (LKPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          105.55      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit     424.00      CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Long Term Loan     3,015.00      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with LKPL for obtaining
information through letters and emails dated February 19, 2020 and
February 25, 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 LKPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LKPL 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 LKPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

LKPL is an independent power producer based at Kondapalli
Industrial Development Area near Vijayawada (Andhra Pradesh). The
company has installed capacity of 1,476.14 megawatt. LKPL was
promoted by the Lanco group; Eastern Generation Ltd, UK;
Commonwealth Development Corporation; and Doosan Heavy Engineering,
Korea. Phase I of the project was commissioned in October 2000 at
INR11,000 crore, Phase II in August 2010 at INR11,880 crore, and
Phase III in January 2016.


LEMON ELECTRONICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Lemon Electronics Limited

        Registered address:
        B-4, Ground Floor
        Shanker Garden
        Vikaspuri
        New Delhi-West
        Delhi DL 110018
        IN

Insolvency Commencement Date: February 27, 2020

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

Estimated date of closure of
insolvency resolution process: August 24, 2020

Insolvency professional: Mr. Umesh Garg

Interim Resolution
Professional:            Mr. Umesh Garg
                         334, Pocket-C
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: umeshg60@gmail.com

                            - and -

                         Excel Insolvency Professionals Pvt Ltd
                         115, 1st Floor, Devika Tower
                         Nehru Place, New Delhi 110019
                         E-mail: cirplemon@gmail.com

Last date for
submission of claims:    March 12, 2020


MAA BHUASUNI: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Maa Bhuasuni
Roller Flour Mills (MBRFM) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit affirmed with IND

     BB/Stable rating;

-- INR18.72 mil. (reduced from INR28.8 mil.) Long-term loans due
     on June 2020 affirmed with IND BB/Stable rating; and

-- INR30 mil. Proposed fund-based working capital limit* assigned

     with Provisional IND BB/Stable rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by MBRFM to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects MBRFM's continued small scale of
operations. Its revenue increased to INR867.45 million in FY19
(FY18: INR565.99 million) on account of increased orders, backed by
increased utilization of the flour milling plant along with an
enhancement in the existing milling capacity from 150 million tons
per day to 210 million tons per day.

The ratings factor in the company's average EBITDA margin, which
contracted to 3.96% in FY19 (FY18: 4.79%) owing to volatility in
the price of wheat. Its return on capital employed stood at 10% in
FY19 (FY18: 11%).

The ratings also factor in the company's modest credit metrics. Its
interest coverage ratio (operating EBITDAR/gross interest expense +
rents) improved to 1.98x in FY19 (FY18: 1.63x) due to an
improvement in the absolute operating EBITDAR to INR34.36 million
(INR27.09 million). The net leverage (total adjusted net
debt/operating EBITDAR) improved to 3.86x in FY19 (FY18: 4.26x) on
account of scheduled term loan repayment. Ind-Ra expects the
metrics to deteriorate marginally in FY20 as the overall debt will
increase due to enhancement in the working capital limits of INR30
million. The limits have been enhanced to procure raw materials in
advance to mitigate the risk of fluctuation in raw material
prices.

The ratings also factor in the partnership nature of the
organization.

Liquidity Indicator - Stretched: The maximum average utilization of
fund-based facilities was 98.6% during the 12-months ended December
2019. The company's cash flow from operations turned negative to
INR8.09 million in FY19 (FY18: INR7.08 million) due to increase in
the working capital requirements. The free cash flow also continued
to be negative at INR24.89 million in FY19 (FY18: negative INR16.86
million). The cash and cash equivalent stood at INR8.92 million at
FYE19 (FYE18: INR5.56 million).

The ratings, however, are supported by the promoters' experience of
more than three decades in the flour milling industry.

RATING SENSITIVITIES

Negative: Deterioration in the profitability and liquidity, leading
to deterioration in the interest coverage below 1.5x will be
negative for the ratings.

Positive: A substantial increase in the scale of operations, with
improvement in the liquidity with improvement in the interest
coverage above 2.5x on a sustained basis will be positive for the
ratings.

COMPANY PROFILE

MBRFM, established in 1984, processes wheat products such as white
flour, semolina, flour, and bran. The company sells flour in the
eastern part of India under the Rishta Food brand. The total
installed capacity of the firm is 210 million tons per day.

MEENAKSHI TEXTILE: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Meenakshi
Textile Mills (MTM) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             8.25      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MTM 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 MTM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTM is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

MTM was a partnership firm established in June 2017 and is engaged
in the manufacture of viscose yarn. The firm has its manufacturing
unit in Erode and the day to day activities are managed by
Mr.Shankar and Mrs.Saraswathi.


METENERE LIMITED: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Metenere Limited
(Metenere) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities        (INR Cr)   Ratings
   ----------        --------   -------
   Buyer's Credit a      35     CRISIL D (ISSUER NOT COOPERATING)
   Buyer's Credit b      127.5  CRISIL D (ISSUER NOT COOPERATING)
   Buyer's Credit b       10    CRISIL D (ISSUER NOT COOPERATING)
   Buyer's Credit c       53    CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit d1        89.50  CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit e         49     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit f         50     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit f        130     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit f         95     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit g         30     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit h        190     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit i1       117     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit j        117     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit k         70     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit l         50     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit l         35     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit           47     CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit            5     CRISIL D (ISSUER NOT COOPERATING)
   Letter of Creditm     75     CRISIL D (ISSUER NOT COOPERATING)
   Letter of Creditm1    65     CRISIL D (ISSUER NOT COOPERATING)
   Letter of Creditm1    40     CRISIL D (ISSUER NOT COOPERATING)
   Letter of Creditm1    15     CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit      20     CRISIL D (ISSUER NOT COOPERATING)
   Packing Credit in
   Foreign Currency      72     CRISIL D (ISSUER NOT COOPERATING)
   Post Shipment Credit  26     CRISIL D (ISSUER NOT COOPERATING)
   Proposed Long Term
   Bank Loan Facility   122.9   CRISIL D (ISSUER NOT COOPERATING)
   Proposed Short Term
   Bank Loan Facility    84.5   CRISIL D (ISSUER NOT COOPERATING)
   Term Loan            214.6   CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Metenere for
obtaining information through letters and emails dated February 19,
2020 and February 25, 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 Metenere, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Metenere
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 Metenere continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

Incorporated in 1997, Metenere, promoted by Mr Raman Gupta and his
family, began operations in lead recycling, and subsequently
diversified into manufacturing tin products. In fiscals 2009 and
2010, a new capacity to manufacture aluminium was set up.

Shrey Industries Pvt Ltd (SIPL), part of the Gupta group, was
merged with Metenere, effective April 1, 2012. SIPL manufactured
aluminium billets/extrusions, rods, and alloys from aluminium
scrap.

NANO-AGRO FOODS: CRISIL Migrates 'B+' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nano-Agro
Foods Private Limited (NAFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-          1       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NAFPL 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 NAFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NAFPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Set up in 2007, NAFPL is promoted by Mr Bhavesh Kotadia and Mr
Mansukhlal Gondalia. The company gins and presses raw cotton to
produce cotton bales and cotton seeds.

NARAYAN INDUSTRIES: CRISIL Cuts Rating on INR9cr Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating of Narayan industries -
Chattisgarh (NI) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating', as there has
been consistent overdrawals in working capital limits leading to
weak liquidity.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       3       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4+
                                ISSUER NOT COOPERATING')

   Cash Credit          9       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL BB-/
                                Stable ISSUER NOT COOPERATING')

CRISIL has been consistently following up with NI for obtaining
information through letters and emails dated December 17, 2018,
March 15, 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 Narayan Industries. 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 Narayan Industries 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 downgraded the
rating to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating', as there has been
consistent overdrawals in working capital limits leading to weak
liquidity.

The firm was established in 2007 as a proprietorship by Mr Mukesh
Motwani. It is engaged in processing of paddy into non-basmati rice
and sorting of various types of dal. It also trades in non-basmati
rice and undertakes rice milling on job work-basis for Food
Corporation of India (FCI). The firm's manufacturing facility is
located in Baloda Bazar, Chhattisgarh. It sells products to local
traders in the state.


NARESH MARKETING: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Naresh
Marketing (NM) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           6.4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NM for obtaining
information through letters and emails dated November 30, 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 NM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NM is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

Established in 1997 in Raipur, NM is a proprietorship concern of Mr
Naresh Meghani. The company sells air-conditioners through its
retail outlet in Raipur.

NATIONAL HOTELS: Ind-Ra Affirms & Withdraws 'D' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed National Hotels
Limited's (NHL) Long-Term Issuer Rating of 'IND D' and has
simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR30 mil. Fund-based working
     capital facilities (long-term/short-term)* is withdrawn; and

-- The 'IND D' rating on the INR33.28 mil. Term loan (long-term)*

     due on April 2026 is withdrawn.

*Affirmed at 'IND D' before being withdrawn

KEY RATING DRIVERS

The downgrade reflects NHL's delays in interest servicing of the
overdraft (on reducing drawing power basis) during the six months
ended January 2020 owing to a tight liquidity position.

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

COMPANY PROFILE

Incorporated in 2006, Gujarat-based NHL provides hospitality
services. It owns "The Ummed Hotel Jodhpur- Ummed Hotels Resorts &
Palaces" in Jodhpur. NHL is managed by Mr. Harshendra Pandya and
Mr. Ashwin Patel.

OMAR INTERNATIONAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Omar International Private Limited

        Registered office:
        303-A&B, 3rd Floor
        Sagar Complex, Plot No. 5
        New Rajdhani Enclave
        Delhi East Delhi
        DL 110092
        IN

Insolvency Commencement Date: February 28, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 29, 2020
                               (180 days from commencement)

Insolvency professional: Naveen Kumar Jain

Interim Resolution
Professional:            Naveen Kumar Jain
                         2236, Sector 46
                         Gurugram 122001
                         E-mail: insolvencyprofessional@
                                 rediffmail.com

                            - and -

                         F-1, Ram Chandra Gehlot Marg
                         Milap Nagar, Uttam Nagar
                         New Delhi 110059
                         E-mail: cirp.omar@gmail.com

Last date for
submission of claims:    March 16, 2020


RR METALMAKERS: CRISIL Withdraws 'D' Rating on INR6.5cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of RR
Metalmakers India Limited (RMIL; previously known as Shree
Surgovind Tradelink Limited) 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
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (ISSUER NOT  
                                    COOPERATING; Rating
                                    Withdrawn)

   Foreign Discounting   6          CRISIL D (ISSUER NOT
   Bill Purchase                    COOPERATING; Rating
                                    Withdrawn)

   Letter of Credit     12.5        CRISIL D (ISSUER NOT  
                                    COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with RMIL for obtaining
information through letters and emails dated January 21, 2020 and
January 27, 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 RMIL. 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 RMIL 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, CRISIL
has Continues the ratings on the bank facilities of RMIL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

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

SSTL was incorporated in 1985 in Ahmedabad. The company was founded
by Mr Sureshbhai Patel and Mr Somabhai Patel, and initially traded
in chemicals and copper. In 1988, liquidity eroded, resulting in
closure of operations till 2007. SSTL resumed operations in fiscal
2009, and commenced trading in spices and pulses. The company
started importing pulses and spices from Dubai, Singapore, China,
the US, Canada, Australia, Burma, and Indonesia, and also procured
from India. However, since fiscal 2015, it has only traded in flat
and long steel products.

SAI KALYAN: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sai Kalyan
Builders And Developers Private Limited (SKBDPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          55       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKBDPL for obtaining
information through letters and emails dated February 12, 2020 and
February 18, 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 SKBDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKBDPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Set up in 2013, SKBDPL engaged in development of residential real
estate in Bangalore. The firm is promoted by Mr. Yerraguntla
Venkatesulu Choudary and his family members.

SHREE DAKSH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shree Daksh Jyot Silk Mills Pvt. Ltd.
        Survey No. 20, 695/2/5
        New Mulchand Compound
        Katai Village, Bhiwandi Thane
        MH 421302
        IN

Insolvency Commencement Date: February 15, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near East-West Flyover
                         Bhayander West
                         Thane 401101
                         Maharashtra
                         E-mail: vimalpagarwal@rediffmail.com
                                 cirp.dakshjyot@gmail.com

Last date for
submission of claims:    February 29, 2020


SRS THERMAX: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SRS Thermax
Limited (SRS) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

SRS was incorporated in April 2013 and is promoted by the
Gwalior-based Mr Jaidev Sharma and family. The company manufactures
corrugated boxes, partitions, plates and boards used for industrial
packaging. Its manufacturing facility is at Gwalior. Operations are
managed by the promoter-director, Mr Jaidev Sharma.

SURANI PAPER: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Surani Paper
Private Limited (SUPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SUPPL 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 SUPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SUPPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incorporated in 2011, SUPPL, promoted by Mr Mehulbhai Patel, Mr
Hansrajbhai Patel, Mr Maheshbhai Patel, Mr Ramjibhai Patel, Mr
Surendrabhai Patel and Mr Prakashbhai Patel, manufactures kraft
paper from waste paper. Because of its strength, kraft paper is
used for many industrial and commercial applications. The material
is used for packing, wrapping individual items, bundling and void
fill. The facility is located at Kheda district of Gujrat.


SWAMI PALANI: CRISIL Withdraws 'B' Rating on INR0.8cr LT Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Swami
Palani Anadavar Spinners (India) Private Limited (SPAL) 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
   ----------       -----------    -------
   Goods Loan             4        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan         0.8      CRISIL B/Stable (ISSUER NOT     
   
                                   COOPERATING; Rating Withdrawn)

   Overdraft              7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SPAL 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 SPAL. 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 SPAL 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, CRISIL
has Continues the ratings on the bank facilities of SPAL to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

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

SPAL, set up in 1996 and based in Tiruppur, manufactures cotton
yarn. Its operations are managed by promoters Mr. R Kittusamy and
his son, Mr. K Prabhu.

TERA SOFTWARE: Ind-Ra Moves 'BB+' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tera Software
Limited's (Terasoft) 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:

-- INR430 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR880 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Hyderabad-based Terasoft provides hardware and software services
through long-term contracts on a build-own-operate-transfer basis
to government organizations. It provides services in three business
segments: projects, technical services, and systems integration.

UNIQUE FOODS: Ind-Ra Lowers Loan Rating to 'BB', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Unique Foods
(UF) to 'IND BB' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR117.5 mil. Fund-based limits downgraded with IND BB/Stable
     rating; and

-- INR25.3 mil. Long term loan limits due on March 2024
     downgraded with IND BB/Stable rating.

Analytical Approach: The downgrade reflects the weakening of legal
ties between UF and its group entity Radha Krishna Impex Private
Limited ('IND BB-'/Stable), resulting in a change in Ind-Ra's
analytical approach to standalone from consolidated. The legal
linkages have weakened due to the discontinuation of corporate
guarantee between the companies, as of January 2020. The
operational and strategic ties, however, continue to be moderate
with limited operational integration.

KEY RATING DRIVERS

The ratings factor in UF's continued small scale of operation. Its
revenue improved 9.10% yoy to INR730.96 million due to increase in
demand. The company booked revenue of INR550 million till January
2020.

The ratings also factor in deterioration in UF's moderate credit
metrics. Interest coverage (operating EBITDA/ gross interest
payment)) deteriorated to 5.0x in FY19 (FY18:9.3x) and net leverage
(net borrowings/operating EBITDA) to 3.8x (1.7x) due to decline in
absolute EBITDA and increase in external borrowings. The absolute
EBITDA declined to INR88.93 million in FY19 (FY18:INR106.83
million) on account of increase in raw material cost as the company
had to import a part of its raw material rather than procure it
locally. The company's net borrowings increased to INR356.64
million (INR203.03 million) lead by increase in utilization of
working capital.

Liquidity Indicator - Stretched: UF's average maximum utilization
of fund-based facilities in the last 12 months was 88.3% ending
December 2019. The cash flow from operation turned negative to
INR106.45 million (FY18:52.52 million) and fund flow from operation
also turned negative toINR157.35million (FY18: negative
INR35million) due to decline in absolute EBITDA and higher net
borrowings. The cash and cash balance at end-FY19 was INR22.17
million (FY18:INR22.78 million).

The ratings, however, derive support from healthy EBITDA margin.
The company's margin contracted to 12.2% in FY19 (FY18:15.9%) due
to higher raw material cost. The company's return on capital
employed stood at 16% in FY19 (FY18: 22%).

The ratings further derive support from its partners' experience of
more than two decades in the line of fruit pulp processing and
trading business, and the entity has a strong customer base, which
includes Dabur India Limited, Hindustan Coca Cola Beverages Pvt Ltd
('IND AAA'/Stable) and Reliance Fresh.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining credit metrics and improving liquidity profile may lead
to a positive rating action.

Negative: A decline in the scale of operations along with
deterioration in credit metrics with interest coverage falling
below 2.0x or further stretch in liquidity will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2009, Unique Foods has a 500 million tons per day
fruit processing unit in Muzaffarpur, Bihar. It processes black
plum, apple, mango and ginger to pulp and concentrates.

V.P. HI-TECH: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of V.P. Hi-Tech
Modern Rice Mill (VPH) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              5.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

VPH is a proprietary concern of Mr V P Raghu. It has a newly set up
rice mill in Red hills (Chennai). The firm processes and mills
paddy into par-boiled, steamed, and raw rice, and sells the
by-products: husk and rice bran.

VAKRANGEE FOUNDATION: Ind-Ra Keeps B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vakrangee
Foundation's bank loan rating in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR35.30 mil. Term loans due on February 2022 maintained in  
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Vakrangee Foundation was established in July 2010 and is
incorporated under the Societies Registration Act, 1973. The
society was founded by Mr. Manish Bohra and Mrs. Bhawna Bohra. The
society runs the Academic World School in Bemetara, Chhattisgarh.

VISHVAKARMA ELECTRONICS: CRISIL Withdraws 'B' Cash Loan Rating
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Vishvakarma Electronics (Regd.) (VE) 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
   ----------       -----------     -------
   Cash Credit           .55        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with VE for obtaining
information through letters and emails dated February 5, 2020 and
February 10, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VE. 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 VE 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, CRISIL
has migrated the ratings on the bank facilities of VE to 'CRISIL
B/Stable Issuer not cooperating'.

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

VE is a proprietorship concern set up by Mr Gurdial Rai in 1976. It
manufactures heat treatment furnaces at its facility in Ludhiana,
Punjab.

VISHVAS POWER: CRISIL Assigns 'B' Rating to INR8.5cr Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Vishvas Power Engineering Services Private Limited
(VPESPL) and has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
on the bank facilities of VPESPL. CRISIL had suspended the ratings
on July 28, 2014, owing to non-cooperation by VPESPL with CRISIL's
efforts to undertake a review of the ratings. VPESPL has now shared
the requisite information enabling CRISIL to assign its ratings.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       2.5        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit          8.5        CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit     5          CRISIL A4 (Assigned;
                                   Suspension Revoked)

The ratings reflect VPESPL's exposure to susceptibility to
tender-based operations and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of the promoters and a moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:
* Susceptibility to tender-based operations
Revenue and profitability entirely depend on the ability to win
tenders. Also, intense competition, necessitates aggressive
bidding, thereby restricting the operating margin. Also, given the
cyclicality inherent in the construction industry, the ability to
maintain profitability through operating efficiency becomes
critical.

* Working capital-intensive operations
GCAs increased to 389 days as on March 31, 2019, from 315 days as
on March 31, 2017, predominantly on account of increased debtors to
231 days in 2019 from 195 days in 2017. Furthermore, sizeable
amount being stuck with the Indian railways in form of stretched
receivables and security deposits also escalated the working
capital needs. This led to high dependence on the working capital
limit. In the wake of no enhancement plan, improvement in liquidity
leading to moderation in bank limit utilization will be monitored
over the medium term.

Strengths:
* Extensive experience of the promoters
Benefits from the promoters' experience of over 25 years, their
strong understanding of local market dynamics, and healthy
relations with suppliers and customers should continue to support
the business.

* Moderate financial risk profile
The financial risk profile has been healthy and may continue to be
so over the medium term, supported by steady profitability. Total
outside liabilities to tangible networth ratio was moderate at 1.34
times as on March 31, 2019. Debt protection metrics were moderate,
with interest coverage and net cash accrual to total debt ratios at
2.16 times and 0.18 time, respectively, for fiscal 2019.

Liquidity Stretched
Liquidity has been poor because of fully utilized working capital
lines in the past 12 months. However, the liquidity is expected to
be supported by higher cash accrual over INR1.80 crore per annum
over the medium term, against yearly maturing debt of INR0.62
crore. Also need based funding support from promoters should
support the liquidity. Current ratio was moderate at 1.64 times on
March 31, 2019 on account of higher debtors.

Outlook: Stable

CRISIL believes VPESPL will continue to benefit from the extensive
experience of the promoters, and established relationships with
clients.

Rating sensitivity factors:
Upward factors
* Revenue growth by 20% and steady profitability.
* Improvement in receivable cycle leading to improvement in working
capital management

Downward factors
* Decline in revenue and profitability, resulting in cash accrual
of less than INR1.0 crores.
* Further stretched in working capital cycle.

VPESPL, incorporated in 1996, undertakes manufacturing, erecting
and repairing of switchgears and power transformers. The
manufacturing facility is at Maharashtra Industrial Development
Corporation in Nagpur. Mr Rajeev Bhave, Mr Kiran Joharapurkar, and
Mr Savionsent Dmello are the promoters.

VISTA MINING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vista Mining Privat Limited

        Registered office address as per the MCA Records:
        1/1, Camac Street
        5th Floor, Suite No. 503
        Kolkata West Bengal 700016
        India

Insolvency Commencement Date: February 25, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         33A J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    March 12, 2020


VREP CONSTRUCTION: CRISIL Moves 'C' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vrep
Construction and Consultants Private Limited (VCCPL) to 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       4.5       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          0.5       CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VCCPL for obtaining
information through letters and emails dated
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 VCCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VCCPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

VCCPL initially established as a partnership firm by Mr. S.
Saikumar (Mechanical engineering with 25 years of experience and
background for setting up of Industrial project for beverages,
breweries, dairy, garments, soaps & detergents etc) in 2008 with
registered office in Bangalore, Karnataka , was converted into a
private limited company in 2012. The company undertakes civil
works, mainly commercial and residential projects, from private
players by bidding through tenders. The promoters of the company
have over 25 years of experience in the construction industry.

YES BANK: CBI Accuses Co-Founder of Taking Kickbacks
----------------------------------------------------
Amy Kazmin at The Financial Times reports that Indian criminal
investigators have accused Yes Bank's co-founder Rana Kapoor of
receiving illicit kickbacks in 2018 to provide funds to a now
bankrupt housing finance company, raising new questions about the
troubled institution's lending practices.

The FT relates that Mr. Kapoor -- who was forced to stand down as
Yes Bank chief executive and managing director in early 2019 amid
growing governance concerns -- was arrested on March 8, just days
after the Reserve Bank of India seized control of the lender he
founded.

In a complaint published on its website on March 9, India's Central
Bureau of Investigation accused Mr. Kapoor of providing financial
support from Yes Bank to then struggling Dewan Housing Finance in
2018.

According to the FT, the CBI complaint alleged that Mr. Kapoor had
entered a "criminal conspiracy" with Kapil Wadhawan, the former
chair of DHFL, in which Yes Bank had invested $521 million in the
second quarter of 2018 in short-term debentures issued by DHFL,
which was put into bankruptcy late last year.

As Yes Bank invested in the debentures, the CBI alleged that
"simultaneously, Mr Wadhawan paid a kickback of $84 million to [Mr]
Kapoor and his family in the garb of a builder loan" by DHFL to a
company owned by Mr. Kapoor's wife and daughters, the FT says.

The FT says the CBI, which has also accused Mr. Kapoor's wife and
three daughters of involvement in the scheme, on March 9 raided
seven locations, including homes and offices, as part of the
investigation.

In its complaint, the CBI said it believed that Mr. Kapoor had
similarly used his official position at Yes Bank in other
transactions and "obtained illegal kickbacks directly or indirectly
through entities controlled by him and his family members".

However, in a brief court appearance on March 8, Mr. Kapoor, though
his lawyer, denied wrongdoing, arguing that he had been made a
"scapegoat" for the problems of the bank, the FT relates.

The FT says the allegations of criminal wrongdoing, including
charges of cheating and bribery, by Yes Bank's once flamboyant
founder come as Prime Minister Narendra Modi's government is trying
to engineer a revival of the lender, which is India's
fourth-largest private bank with $47.5bn in assets.

On March 5, the RBI replaced Yes Bank's board and temporarily
capped withdrawals, saying it had no choice but to take over the
bank, which was confronting a serious liquidity crisis after
failing to raise fresh capital to shore up its fragile balance
sheet.

A day later, the RBI unveiled a rescue plan that will lead to
India's largest public sector bank, the State Bank of India, paying
up to $1.3bn for a 49 per cent stake in Yes Bank, although SBI
hopes to woo other potential investors to join a consortium so it
will not have to put in all the money itself

Mr. Wadhawan was arrested in late January over alleged
money-laundering in an unrelated case, linked to DHFL's
transactions with the family of a deceased gangster, and
subsequently released on bail on Feb. 21, the FT recalls. He denied
those claims and has yet to comment on the allegations involving
his dealings with Yes Bank.

The FT notes that Yes Bank was long known for its outsized risk
appetite, which put it under intense pressure as many of its
biggest clients struggled in India's sharply deteriorating economy
in recent years.

But the CBI's charge sheet, echoed in a separate complaint by
India's Enforcement Directorate, is likely to raise fresh concerns
about the quality of the bank's loan book and the amount of capital
required to stabilise it, the FT says.

                           About Yes Bank

Yes Bank Limited provides banking services. The Bank offers
deposits, personal loans, e-banking, trade finance, corporate, and
business banking services. YES BANK serves the food and
agribusiness, life sciences, healthcare, biotechnology,
telecommunications, media, information technology, and
infrastructure development industries in India.

As reported in Troubled Company Reporter-Asia Pacific on March 10,
2020, Moody's Investors Service downgraded Yes Bank Limited's
long-term foreign currency issuer rating to Caa3 from B2. The
ratings remain under review, with the direction uncertain.  
Moody's has also downgraded the bank's long-term foreign and local
currency bank deposit ratings to Caa1 from B2, and its foreign
currency senior unsecured MTN program rating to (P)Caa3 from (P)B2.
The ratings remain under review, with the direction uncertain.  In
addition, Moody's has downgraded the bank's long-term domestic and
foreign currency Counterparty Risk Rating and long-term
Counterparty Risk Assessment to Caa1 from B1 and Caa1(cr) from
B1(cr) respectively. The ratings remain under review, with the
direction uncertain.  At the same time, Moody's has downgraded Yes
Bank's Baseline Credit Assessment and adjusted BCA to ca from caa2.

YES BANK: Ind-Ra Cuts LT Issuer Rating to BB-, Maintains RWN
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Yes Bank Ltd's
Long-Term Issuer Rating to 'IND BB-' from 'IND A-' while
maintaining the Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR110 mil. Basel III Tier 2 bonds downgraded; maintained on
     RWN with IND B+/RWN rating;

-- INR111 mil. Additional Basel III Tier 1 (AT1) bonds downgraded

     with IND C rating; and

-- INR35.8 mil. Infrastructure bonds downgraded; maintained on
     RWN with IND BB-/RWN rating.

*Details in annexure

KEY RATING DRIVERS

The rating action is based on the gazetted notification issued by
the finance ministry (banking division) on March 5, 2020, where,
through an order of moratorium, it has stayed the commencement or
continuance of all actions and proceedings against Yes Bank until
April 3, 2020. The bank cannot make a payment of above INR50,000 to
any of its depositors till the duration of the moratorium, with
some exceptions. The agency also takes cognizance of the Reserve
Bank of India (RBI) circular, dated March 5, 2020, titled 'Yes Bank
Ltd. Placed under Moratorium' where it refers to the aforementioned
orders and also mentions that a scheme could be drawn up before the
end of a moratorium for the bank's reconstruction or amalgamation
with the approval of the central government. The RBI has appointed
Mr. Prashant Kumar, ex-DMD and CFO of State Bank of India ('IND
AAA'/Stable) as the administrator for Yes Bank after the
super-session of its board of directors.

The agency also refers to the draft reconstruction scheme for Yes
Bank issued by the RBI today. The scheme incorporates State Bank of
India's plan to infuse substantial equity into Yes Bank to hold up
to 49% shares in the latter. In addition, the plan, while
suggesting for a full write-down /conversion of AT1
investments/bonds, also proposes that all other liabilities
including deposits would be honored. The Finance Minister today
mentioned publicly that the depositor interest would be protected
and the depositors would not be taking haircuts.

For rating AT1 instruments, the agency considers the discretionary
component, coupon omission risk, and write-down/conversion risk as
to the key parameters. The agency has recognized the unique
going-concern loss-absorption features of these bonds and
differentiated them from the bank's senior debt (by four notches in
this case). In Ind-Ra's opinion, the possibility of exploring
principal write-down in AT1 instruments in the bank’s resolution
remains high. However, the coupon deferral, as well as principal
write-down, is part of the terms and conditions of Basel III
standard term sheets; coupon deferral is at the discretion of the
issuer, while the discretion applies to AT1 principal
write-down/conversion under certain conditions.

While Basel III Tier 2 instruments are senior to Basel III AT1
instruments, there is a possibility, however remote, that loss
absorption may be explored if the point of non-viability is
invoked. As per Ind-Ra's criteria 'Rating Bank Subordinated and
Hybrid Securities', the ratings of Tier 2 instruments are notched
down by at least one notch from the Long-Term Issuer Rating if the
latter is in the 'IND BBB' category or lower.   

Liquidity Indicator – Poor: The liquidity indicator for the bank
is stretched on account of the above restrictions. Ind-Ra is also
attempting to understand the quantum and the outcomes of covenant
breaches that could have occurred on the bank's foreign borrowings.


RATING SENSITIVITIES

The resolution plan that is being readied for the bank and the
ability of the bank to maintain a reasonable liability profile to
continue its business could lead to the resolution of the RWN.

COMPANY PROFILE

Yes Bank is a private bank headquartered in Mumbai. It was
incorporated in 2004 and has grown to become a full-service
commercial bank. The bank reached an asset size of INR3,465.8
billion at end-September 2019, with a net profit of INR17.2 billion
in FY19. At FYE19, the bank had a network of more than 1,100
branches and more than 1,700 ATMs (including bunch note acceptors)
spread across the country. The bank is now placed under the
moratorium by the finance ministry and RBI.

YOUNG INDIA: CRISIL Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Young India
Films (YIF) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Young India Films was set up in 1962 to distribute movies for
Columbia Pictures before moving into the education segment. YIF is
engaged in setting up smart classroom, language and math labs and
distribution of educational software.



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

NAM CHEONG: Replies to SGX 'Going Concern' Queries
--------------------------------------------------
Vivienne Tay at The Business Times reports that Nam Cheong will
have sufficient working capital and financial resources to meet any
obligations for at least the 12 months from Dec 31, 2019, said its
board on March 11.

Thus, the use of the going concern assumption is appropriate for
the offshore support vessel builder's financial statement
preparation for the year ended on the same date, the response to
the Singapore Exchange's (SGX) query noted, BT relates.

There are also sufficient cash inflows generated by the group's
chartering segment, with Nam Cheong anticipating its chartering
segment to generate sufficient operating cash informs. This was
based on its latest projections on reasonable expectations of daily
charter rates, vessel utilisation and low default rates by its
customers, the board said, BT relays.

Moreover, there are sufficient proceeds from the sale of certain
completed vessels held for the repayment of certain borrowings due
by Dec. 31, 2020.

According to BT, Nam Cheong has also yet to have any material
claims from creditors -- particularly subcontracted shipyards whose
contracts have yet to be terminated or have the debts owed
restructured.

These contracts and debts are likely to have a material effect on
the group's financial condition and operations if brought against
Nam Cheong, the board said.

In addition, offshore activities continue to keep steady in
Malaysia and Nam Cheong's vessels continue to be in demand, BT
relates.

Due to the group's ability to continue as a going concern, the
board believes trading in the company's shares should not be
suspended as per listing rules, the report says. It has also
confirmed sufficient disclosures were made for the continued
trading of Nam Cheong's shares in an orderly manner.

On the virus situation, the board said Nam Cheong is not able to
ascertain the magnitude of the possible Covid-19 impact to the
offshore and marine industry and the recent plunge in oil prices.
The group will continually assess as the situation develops, the
report adds.

Malaysia-based Nam Cheong Limited operates as a global offshore
marine group. The Company specializes in providing Offshore Support
Vessels(OSVs), as well as owns and operates ship building yards for
OSVs in Malaysia for use in the offshore oil and gas exploration
and production and oil services industries.



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

HYFLUX LTD: Judge Attempts to Order Funds Into Escrow
-----------------------------------------------------
Lee Meixian at The Business Times reports that the Court on March
10 attempted to find a back-stop measure for the advisers of some
34,000 retail investors in Hyflux Ltd's debt by getting creditors
to chip in towards an escrow amount that would help to pay the fees
for the advisers of the preference shares and perpetual securities
(PnP) holders and medium-term note (MTN) holders in the event of a
liquidation.

This is because these advisers would be unable to look to Sias or
the individual PnP holders for their fees should the Utico deal
fall through, BT says. Advisers of the Securities Investors
Association Singapore (Sias) include PricewaterhouseCoopers
Advisory Services, Drew & Napier LLC, Akin Gump Strauss Hauer &
Feld, BlackOak LLC and FTI Consulting, the report discloses.

According to BT, the exercise appeared to be targeted especially at
DBS, the sole lead manager and bookrunner of Hyflux's issue of
S$500 million, 6 per cent perpetual capital securities in 2016, and
S$400 million, 6 per cent perpetual preference shares in 2011. BT
says Justice Aedit Abdullah at one point pressed for a response
from any "creditor that might have gotten some benefit from the
sale of product initially".

BT relates that the escrow suggestion also appeared to be an
unpopular one, with opposition from Nish Shetty, partner at
Clifford Chance Asia, which represents Hyflux. While acknowledging
that retail investors should receive advice, he felt that an escrow
sum would place the Sias advisers "in a better position than any
other adviser" in the fee structure, according to the report.

"Should that be the case? I can understand recovery, but should
they be in a better position, and I would suggest no."

He also worried that this may result in other creditors asking for
similar arrangements, as the company simply does not have the money
to meet such requests, BT says.

Eventually, after the hat had been passed around, it came back
empty. No one volunteered, save for Hyflux which said that it can
set aside at the most SGD200,000 per month, up to a total of SGD1
million, although this would aggravate its already-terrible cash
flow situation, BT relates.

At this, Mr. Abdullah said: "I would have thought that there would
have been others who would have had some moral compulsion to step
up as well, but apparently not," BT relays.

On the grounds that it would cost more for the company alone to set
aside the money, he decided not to order any sum of money into
escrow, but added that in future similar cases, the company should
"press the other morally responsible parties earlier in the
process".

Once again, Justice Abdullah said: "The problem we have and why we
have had to go through this whole process is we don't seem to have
an appropriate structure to deal with the provision of advice to
the retail investors when things go wrong . . . What we have now is
wholly inappropriate," relays BT.

In the hearing, the unsecured working group (UWG) also said that it
has no confidence that rescue investor Utico and embattled water
treatment firm Hyflux would be able to resolve their issues, BT
adds. Consequently, it said that it would not be supporting the
scheme.

BT relates that the other "stumbling block" the UWG named was the
fact that it continued to be paid only 14 per cent of its
outstanding fees, versus 59 per cent for Hyflux's adviser, nTan
Corporate Advisory.

BT says the UWG's holdings are such that it exceeds the requisite
25 per cent required to block the vote within its class of
unsecured creditors, which include the medium-term note holders.
The other two classes are the inter-company creditors and PnP
holders, respectively.

According to BT, Eddee Ng -- eddeeng@tkqp.com.sg -- senior partner
at Tan Kok Quan Partnership, who represents the UWG, requested to
be paid the same percentage to date as nTan, but Justice Abdullah
waved away the suggestion, saying no such direction will be given
for creditors "who can take care of themselves" and negotiate it
out. He did however urge Hyflux's lawyers to resolve points of
discontention with the UWG advisers so as to gain their support for
the scheme.

The seven unsecured banks under the UWG include BNP Paribas, Mizuho
Bank, KFW IPEX-Bank, Bangkok Bank and Standard Chartered Bank, the
report discloses.

BT notes that the scheme meeting for Hyflux will be held on April
22; that for its subsidiaries will be a day later. If the scheme
goes through, the Court will sanction the scheme on April 30.

BT meanwhile reports that Hyflux in a statement on March 9
expressed its "disappointment'" in Utico's decision to conduct its
negotiations in relation to the restructuring through public
announcements.

This is especially as Utico's press announcement contains material
inaccuracies which "appear to be designed to further its
negotiation with the company and dissuade competing third-party
investors from investing". Hyflux said it will address these
inaccuracies and in due course in the right forum, BT Adds.

                           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.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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