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

                     A S I A   P A C I F I C

          Wednesday, September 2, 2020, Vol. 23, No. 176

                           Headlines



A U S T R A L I A

COTTEE JERSEY: First Creditors' Meeting Set for Sept. 9
REDZED TRUST 2020-2: Moody's Gives (P)B2 Rating on Class F Notes
VIRGIN AUSTRALIA: Company Secretary Steps Down


C H I N A

POWERLONG REAL: Moody's Alters Outlook on B1 CFR to Positive


I N D I A

A.K. SONI: CARE Keeps D Debt Ratings in Not Cooperating Category
A.M. DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating
AADHI VINAYAGA: ICRA Keeps B+ Debt Ratings in Not Cooperating
AAREN INTPRO: CARE Lowers Rating on INR3cr LT Loan to C
AARNEEL TECHNOCRAFTS: ICRA Cuts Rating on INR6cr Loan to B

AIRCEL LTD: DoT Moves NCLAT Challenging UV ARC's Resolution Plan
B.Y. AGRO & INFRA: Insolvency Resolution Process Case Summary
BUNDELA EXPORTS: ICRA Keeps B+ on INR7cr Loans in Not Cooperating
DEEPTHY FENISHERS: ICRA Keeps B on INR5cr Loans in Not Cooperating
DEVANSHI POWERS: CARE Keeps D on INR16cr Loans in Not Cooperating

FACOR ALLOYS: ICRA Withdraws D Rating on INR62.9cr Bank Loans
GEETA EDUCATIONAL: CARE Keeps D on INR7.7cr Debt in Not Cooperating
GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR836.83cr Loan
GURU GRANTH: CARE Keeps D on INR30cr Loans in Not Cooperating
HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating

J.B.K. DEVELOPERS: Insolvency Resolution Process Case Summary
JAIGO AGRO: ICRA Keeps B+ on INR10cr Credit in Not Cooperating
KAPSONS INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
MACRO GROUP: CARE Keeps D on INR16.5cr Loans in Not Cooperating
MEP NAGPUR: CARE Lowers Rating on INR250.95cr Loan to D

MEP SANJOSE: CARE Lowers Rating on INR303.55cr Loan to D
MILIND PULSES: ICRA Keeps D on INR5cr Debt in Not Cooperating
OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
PLUTO CERAMIC: CARE Keeps D on INR5.5cr Loans in Not Cooperating
R. R. PIPES: CARE Keeps D on INR10cr Loans in Not Cooperating

R. R. POLYNET: CARE Keeps D Debt Ratings in Not Cooperating
RAIMA TOLL: CARE Lowers Rating on INR64.80cr LT Loan to D
RAJALAKSHMY PACKAGING: CARE Cuts Rating on INR9cr Loan to D
RCS STEEL: CARE Keeps B- on INR3.98cr Loans in Not Cooperating
SAI SINDHU: Insolvency Resolution Process Case Summary

SANDHU FARMS: CARE Keeps D on INR3.03cr Loans in Not Cooperating
SHANTHA TRUST: ICRA Keeps D Debt Ratings in Not Cooperating
SHIRPUR GOLD: CARE Keeps D Debt Ratings in Not Cooperating
SHIVA SPECIALITY: CARE Keeps D Debt Ratings in Not Cooperating
SOLAR SEMICONDUCTOR: Insolvency Resolution Process Case Summary

TYSON RETAIL: Insolvency Resolution Process Case Summary
VAIBHAVLAXMI CLEAN: CARE Lowers Rating on INR42.07cr Loan to D
VAISHNAVI FOOD: ICRA Keeps B- on INR6cr Credit in Not Cooperating
VASCULAR THERAPEUTICS: Insolvency Resolution Process Case Summary
VIJAY INDUSTRIES: ICRA Lowers Rating on INR7cr LT Loan to B+

YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating
[*] INDIA: Single-Member Bench Cannot Hear Insolvency Plea


N E W   Z E A L A N D

AIR NEW ZEALAND: To Draw on Government Loan After First Loss
CLEAVER & CO: Christchurch Restaurant Placed Into Liquidation


S I N G A P O R E

FLOATEL INT'L: In Talks to Extend Lapsed Debt-Payment Agreement
HIN LEONG: Judicial Managers Sue Founder O.K. Lim & Two Children
KRISENERGY LTD: Applies for Fourth Extension of Debt Moratorium
KRISENERGY LTD: Says AIH Offer Was for Assets Only


X X X X X X X X

[*] Atradius Expects 26% Spike in Insolvencies in 2020 2nd Half

                           - - - - -


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

COTTEE JERSEY: First Creditors' Meeting Set for Sept. 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   - Cottee Jersey Group Pty Ltd;
   - Australian Jersey Dairy Pty Ltd;
   - Australia Jerseyjoy Dairy Group Pty Ltd;
   - AU Fine Dairy Group Pty Ltd; and
   - Australia Infinite Dairy Pty Ltd

will be held on Sept. 9, 2020, at 10:00 a.m. via webinar
facilities.

Philip Campbell Wilson and John McInerney of Grant Thornton
Australia Limited were appointed as administrators of Cottee Jersey
on Aug. 28, 2020.


REDZED TRUST 2020-2: Moody's Gives (P)B2 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Trustee Company
Limited as trustee of RedZed Trust Series 2020-2.

Issuer: Perpetual Trustee Company Limited as trustee of RedZed
Trust Series 2020-2

AUD115.0 million Class A-1-S Notes, Assigned (P)Aaa (sf)

AUD165.0 million Class A-1-L Notes, Assigned (P)Aaa (sf)

AUD62.0 million Class A-2 Notes, Assigned (P)Aaa (sf)

AUD29.2 million Class B Notes, Assigned (P)Aa2 (sf)

AUD4.4 million Class C Notes, Assigned (P)A2 (sf)

AUD7.6 million Class D Notes, Assigned (P)Baa2 (sf)

AUD5.2 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.0 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.6 million of Class G-1 and Class G-2 Notes (together, the
Class G Notes) are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RedZed Lending Solutions Pty
Limited (RedZed, unrated).

The portfolio includes 96.4% of loans to self-employed borrowers.
94.8% were extended on alternative income documentation
verification ('alt doc') basis; and, based on its classifications,
10.0% are to borrowers with adverse credit histories.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 14.5%. Moody's expected loss for this transaction is 2.3%.

Key transactional features are as follows:

  - While the Class A-2 Notes are subordinate to Class A-1-L Notes
in relation to charge-offs, Class A-2 and Class A-1-L Notes rank
pari passu in relation to principal payments, on the basis of their
stated amounts, before the call option date. This feature reduces
the absolute amount of credit enhancement available to the Class
A-1-L Notes.

  - The servicer is required to maintain the weighted average
interest rates on the mortgage loans at least at 4.50% above
one-month BBSW, which is within the current portfolio yield of
5.28% as at cutoff date. This generates a high level of excess
spread available to cover losses in the pool.

  - Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to approximately AUD750,000,
thereby limiting their exposure to losses. At the same time, the
retention amount ledger ensures that the level of credit
enhancement available to the more senior ranking notes is
preserved.

  - The Class B to Class F Notes will start receiving their
pro-rata share of principal if certain step-down conditions are
met. Pro-rata allocation is effectively limited to a maximum of two
years.

  - While the Class G Notes do not receive principal payments until
the other notes are repaid, once step-down conditions are met,
their pro-rata share of principal will be allocated in a reverse
sequential order, starting from the Class F Notes.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
of 69.0%, and 12.0% of the loans have scheduled LTVs over 80%.
There are no loans with a scheduled LTV over 85%.

  - Around 96.4% of the borrowers are self-employed. This is in
line with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may experience
higher default rates.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of consumer assets from the collapse
in Australian economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. As a result, the degree of uncertainty around its
forecasts is unusually high. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in May
2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization, or
better-than-expected collateral performance. The Australian jobs
market and the housing market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.

VIRGIN AUSTRALIA: Company Secretary Steps Down
----------------------------------------------
Travel Weekly reports that Sharyn Page, Virgin Australia Holdings'
company secretary, has resigned from her position, effective August
31, 2020.

Virgin advised the Australian Securities Exchange that Dayna Field
and Susan Schneider have been appointed as joint company
secretaries, Travel Weekly relates.

Travel Weekly says Ms. Field is Virgin's chief legal and risk
officer, and Ms. Schneider is the group's general manager of legal
and compliance.

As the company is still in voluntary administration, the
administrator (Deloitte) continues to be Virgin Australia's
representative under ASX listing rules for communications, the
report notes.

              About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York.  Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives.  Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.

In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital.  The size of
the bid for the airline has not been revealed.




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

POWERLONG REAL: Moody's Alters Outlook on B1 CFR to Positive
------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
rating outlook of Powerlong Real Estate Holdings Limited.

At the same time, Moody's has affirmed Powerlong's B1 corporate
family rating and its B2 senior unsecured debt ratings.

RATINGS RATIONALE

"The change in outlook to positive reflects our expectation that
Powerlong's credit metrics will improve over the next 12-18 months,
driven by strong revenue recognition as well as good profit
margins," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"We also expect Powerlong's growing investment property portfolio
will strengthen its recurring rental income, in turn supporting its
cash flow stability and profitability", adds Lai.

Powerlong's total contracted sales grew 11.3% to RMB39.0 billion in
the first seven months of 2020 compared with last year despite
disruptions from the coronavirus outbreak, after robust 47%
year-on-year growth to RMB60.4 billion for the full year 2019.
Moody's expects its contracted sales will increase in 2020 to
around RMB70 billion when compared with 2019, supported by good
sales execution abilities and its focus on the economically strong
Yangtze River Delta region with robust housing demand.

Such contracted sales growth will help fund the company's business
expansion and will support revenue growth and liquidity over the
next 12-18 months.

Moody's further estimates that the company's gross profit margin
will remain around 34% over the coming 12-18 months because of its
low-cost land bank. Its low land costs provide the company with
pricing flexibility.

Consequently, Moody's expects Powerlong's debt leverage -- as
measured by revenue/adjusted debt - will improve to 55%-65% over
the next 12-18 months from around 50% for the 12 months ended June
2019. Similarly, Moody's expects adjusted EBIT/interest will remain
strong at 3.0x-3.4x from about 2.9x over the same period.

Moody's expects that Powerlong's rental income will grow 25%
annually to around RMB2.1 billion over the next 12-18 months from
RMB1.9 billion in 2019, underpinned by the scheduled opening of its
new retail malls. The company plans to open ten retail malls in the
second half of 2020, and a further 13 malls in 2021. This will
support its rental income growth and strengthen its capability to
service interest payments.

Powerlong's B1 corporate family rating (CFR) reflects its (1) track
record of developing and selling commercial and residential
properties; (2) growing recurring revenue, which improves the
stability of its debt servicing; and (3) expansion into cities with
strong economic fundamentals where demand for its properties is
more favorable. However, the company's credit profile is
constrained by the execution risk related to its business
expansion, the high capital needs associated with its business
strategy and its moderate debt leverage.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Powerlong's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

Powerlong's liquidity is good. Its cash holdings of RMB26.4 billion
as of June 30, 2020 could fully cover its short-term debt of
RMB22.9 billion. Moody's expects the company's cash holdings,
together with expected operating cash inflow, will be able to cover
its committed land purchases, dividend payments, as well as capital
spending and payables for its previous acquisitions, over the next
12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholder, Hoi Kin Hong and Hoi Wa Fong, who held a
59% stake in the company as of June 30, 2020.

Moody's has also considered (1) the fact that independent directors
chair the audit and remuneration committees; (2) the low level of
related-party transactions and dividend payouts; and (3) the
presence of other internal governance structures and standards as
required by the Hong Kong Exchange.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework, because of the
substantial implications for public health and safety.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the ratings if Powerlong continues to grow in
scale while maintaining its adequate liquidity and sound credit
metrics, and improves its debt leverage to a level that matches its
business model of holding investment properties. Credit metrics
that could trigger a ratings upgrade include: (1) adjusted
EBIT/interest rising above 3.0x; and (2) revenue/adjusted debt in
excess of 60%-65%.

A rating downgrade is unlikely, given the positive outlook.
However, Moody's could revise Powerlong's outlook to stable if the
company's sales weaken or if it pursues a more aggressive expansion
strategy that weakens its credit metrics. Credit metrics that could
trigger a ratings downgrade include: (1) adjusted EBIT/interest
falling below 2.5x; (2) revenue/adjusted debt failing to trend
toward 55%.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company listed on the Hong
Kong Exchange in October 2009. The founding Hoi family held a 59%
stake in the company at June 30, 2020.

At June 30, 2020, Powerlong's land bank for development totaled
around 28.6 million square meters in gross floor area under
development and for future development.




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

A.K. SONI: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.K Soni
Hosiery Mills Private Limited (AKS) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       17.96      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank       0.50      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 13, 2019, placed the
rating of AKS under the 'issuer non-cooperating' category as A.K.
Soni Hosiery Mills Private Limited had failed to provide
information for monitoring of the rating. AKSHMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2020, August 7, 2020, August 6, 2020 and August 5, 2020.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating in June, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity position as the firm has incurred net losses in the past
leading to erosion of net worth base.

A.K Soni Hosiery Mills Private Limited (AKS) incorporated in
August, 2004 is currently being managed by Mr. Anand Kumar Soni,
Mrs. Rajrani and Mr. Sanjeev Soni. Prior to AKS, the
promoters-directors were carrying out operations through a
proprietorship firm 'A.K. Soni Hosiery Mills' (operational since
1971) engaged in similar business. The company is engaged in
manufacturing of knitted fabric.


A.M. DISTRIBUTORS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.M.
Distributors (AMD) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.14      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank       0.35      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019, placed the
rating(s) of AMD under the 'issuer not cooperating' category as AMD
had failed to provide information for monitoring of the rating.
A.M. Distributors continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated August 4, 2020 to August 10, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last press release dated June 26, 2019, the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Ongoing delays in servicing interest: AMD has been facing
liquidity issues from past few months, due to which the firm is
unable to service the interest obligation on term loan facility.
There are on-going delays in servicing of interest and bills for
over two months and over-drawls since July 2018.

* Constitution of a partnership concern with the risk of withdrawal
of capital: The firm was established as a partnership concern and
the risk of withdrawal of partner's capital prevails. There is
parity between the existence of the firm and the life of the
partners.

* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is into a fragmented
business segment and competitive industry. The market consists of
several small to mediumsized firms that compete with each other
along with several large enterprises. There are several small sized
firms in and around Kerala which compete with AMD.

Key Rating Strengths

* Experienced partners in auto component industry: Mr. M. Mohammed
Basheer and Mr. N. Abuty are the Managing partners of the firm and
looks after the day-to-day operations. Both the partners have more
than one decade of experience in dealing of car accessories. The
experience of the partners in the car accessories segment is
expected to benefit the firm at large.

* Growing demand for car accessories in India: The auto components
sector has been observing robust growth, and turnover is
anticipated to reach US$ 200 billion by FY26 from US$ 43.5 billion
in FY18. Turnover of auto-components industry is expected to grow
to US$ 47-49 billion in FY18. India's exports of auto components
could account for as much as 26 per cent of the market by 2021.

A.M. Distributors (AMD) was established as a partnership firm by
Mr. M. Mohammed Basheer and Mr. N. Abuty in 2005 with a profit
sharing ratio of 50:50. Later in 2011, the partnership was
reconstituted among Mr. M. Mohammed Basheer, Mr. N. Abuty, Ms.
Rajeena, Ms. C.P. Fousiyabi and Mr. Faheem Nellamcheri with profit
sharing ratio of 25:15:25:15:20 respectively. AMD is working as an
authorised dealer in sale of car accessories for the supplier
namely Pioneer India Electronics (P) Ltd., Harmon International
Industries, Focal etc. The firm purchases speaker, home theatre
etc. from the supplier and sells them on wholesale basis to retail
shops in Kerala. The firm is also engaged in providing car related
services like wheel alignment, wheel balancing, nitrogen filling
etc. The firm owns a show room at Edapally in Ernakulam (Kerala)
with a storage capacity of car accessories worth INR2.50 crore. AMD
has a registered office at Palarivattom in Cochin, Kerala.


AADHI VINAYAGA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facilities of
Aadhi Vinayaga Spinners (AVS) continue to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           3.02       [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           8.50       [ICRA]B+(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating Continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           0.48       [ICRA]B+(Stable); ISSUER NOT
   Proposed                        COOPERATING; Rating Continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

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


Aadhi Vinayaga Spinners was established by Mr. J Rajesh and Mrs. J
Gnanamani as a partnership firm in September 2003. The Firm is
engaged in the manufacture of carded warp yarn in the range of 20's
to 60's counts. It also manufactures slub yarn which contributes to
a small portion of the revenues. The Firm's manufacturing facility
is located in Coimbatore (Tamil Nadu) and operates with a capacity
of 14,672 spindles. The firm has employee strength of 190 permanent
workers and operates on a three-shift basis. It sells its produce
majorly in the markets of Ichalkaranji and Bhiwandi (Maharashtra),
Kolkata and Tirupur (Tamil Nadu).


AAREN INTPRO: CARE Lowers Rating on INR3cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aaren Intpro (AI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short Term Bank       5.00      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2019, placed the
rating(s) of AI under the 'issuer not cooperating' category as AI
had failed to provide no default statement for monitoring of the
rating. Aaren Intpro continues to be noncooperative despite
repeated requests for submission of information through phone calls
and e-mails dated August 4, 2020 to August 10, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings have been revised on account of non-availability of
last three year financials.

Detailed description of the key rating drivers

At the time of last press release dated June 25, 2019, the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations: The firm has a long track record of
operations however the total operating income (TOI), remained small
at INR9.77 crore in FY17 with low net worth base of INR 4.44 crore
as on March 31, 2017. Further the firm has achieved a total
operating income of INR 17.67 crore in FY18 (Prov.).

* Leveraged capital structure and weak debt coverage indicators: AI
has leveraged capital structure during review period. The debt
equity ratio and overall gearing ratio of the firm has deteriorated
from 0.59x and 1.41x respectively as on March 31, 2016 to 0.80x and
1.66x respectively as on March 31, 2017 due to sanction and
disbursement of new term loan for renovation of building to expand
its business operations, to purchase vehicles, furniture and
fixtures and increase in utilization of working capital bank
borrowings to support increased business operations. Further the
partners have infused additional capital of INR 3.31 crore in FY18
to support the increased business operations. AI's debt coverage
indicators remained weak. The total debt/GCA has improved from
76.88x in FY16 to 13.85x in FY 17 due to increase in gross cash
accruals at the back of increase in PBILDT. However, despite
increase in interest cost the PBILDT interest coverage ratio
remained moderate and improved from 1.35x in FY16 to 2.34x in FY 17
due to increase in PBILDT.

* Working capital intensive nature of business: AI operates in a
working capital intensive industry. The firm maintain inventory of
about six months as it procures the same in bulk to avail discount
and for display in the showroom. The operating cycle of the firm
has elongated and improved from 186 days in FY16 to 168 days in
FY17 mainly on account of decrease in collection period from 165
days in FY16 to 140 days in FY17 due to increase in focus on
collections from debtors mainly from builders and contractors.  The
firm mainly sells its products in the domestic market on credit
basis and the average credit period is about 40-60 days. However
the collection period is on higher side mainly because of delay in
collection from builders and due to yearend sales. The creditor's
days has increased from 133 days in FY16 to 143 days in FY17 as the
firm availed extension of credit period from its suppliers due to
long term relationship.

* Profitability margins are susceptible to fluctuation in foreign
exchange: The firm imports 50% of the traded goods from Europe and
Southeast Asia countries. Hence the profitability margins are
susceptible to fluctuation in foreign exchange prices. However, the
firm takes hedging policies against foreign currency fluctuations
by using forward contracts to the extent of 50% of imports.

* Partnership nature of constitution with risk of withdrawal of
capital: The firm being a partnership firm is exposed to inherent
risk of capital withdrawal by partners due its nature of
constitution. Any substantial withdrawals from capital account
would impact the net worth and thereby the gearing levels.

Key rating strengths

* Established track record and experience of the partners for more
than three decades in trading of interior products business: AI is
engaged in trading operations since 1990. The firm was promoted by
Mr. Mohanlal M Patel along with his wife Mrs. Saraswati R Patel,
who is having around 40 years of experience in similar line of
business. Mr. Mohanlal M Patel is a promoter and Managing partner
of the AI and successfully operating since 27 years in the line of
interior products. Mr. Mukund M Patel and Mr. Jignesh R Patel have
been associated with the firm from more than one decade and engaged
in the day to day business operations of the firm.

* Growth in total operating income during the review period: The
total operating income of the firm increased steadily y-o-y at a
CAGR of 18.14% i.e., from INR7.00 crore in FY15 to INR9.77 crore in
FY17, due to regular demand for the product from its existing
customers along with addition of new customers. Further the total
operating income of the firm has increased to INR 17.67 crore in
FY18 (Prov.) due to addition of new products like kitchen
furniture, ward robes, Tiles and sanitary fittings etc. during
FY18.

* Satisfactory profitability margins although fluctuating during
the review period: The PBILDT margin of the firm has been
fluctuating during the review period. The PBILDT margin has
decreased from 9.36% in FY15 to 3.72% in FY16 due to increase in
material cost and employee cost. The firm had initiated the
expansion in FY16 which resulted in increase in employee cost and
other operational expenses. Further the PBILDT margin of the firm
has improved from 3.72% in FY6 to 9.56% in FY17 due to increase in
sales volume coupled with decrease in material cost and employee
cost. Further the PAT margin has also increased from 0.61% in FY 16
to 1.45% in FY17 at the back of increase in PBILDT margin.

* Stable demand of Interior products: Construction Industry in
India is the second largest economic activity after agriculture.
Government has identified Infrastructure as one of the key drivers
of economic development in the country. This has proven to be major
driving force behind growth of construction industry. Accordingly,
the demand for construction materials, interior decor and aesthetic
products, furnishings and modular kitchens is rising, according to
leading players in the realty space.

Bengaluru (Karnataka) based Aaren Intpro (AI) is a partnership firm
and was established in the year 1990 by Mr. Mohanlal M Patel along
with his family members under the name "Poonam Timbers". In
November 2015 the firm changed its name to current nomenclature
i.e. Aaren Intpro. The firm is primarily engaged in the trading of
interior products (basically Wood, ply wood, Laminates, veneer,
Architectural Hardware fittings, kitchen furniture, ward robes,
Tiles and sanitary fittings etc.). The firm deals into luxury
segment of interior products. AI generates 20% of the revenue from
contractors & builders, remaining 80 % from retail individual
customers located across India. AI has expanded its product range
and included Architectural Hardware fittings, kitchen furniture,
ward robes, Tiles and sanitary fittings etc. AI is selling the
products under the brand names "Peeltly", "In Class Veneers' among
others. The firm imports 50% of the products from Europe and
Southeast Asia countries.


AARNEEL TECHNOCRAFTS: ICRA Cuts Rating on INR6cr Loan to B
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Aarneel
Technocrafts Private Limited (ATPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          6.00       [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

As part of its process and in accordance with its rating agreement
with Aarneel Technocrafts Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Aarneel Technocrafts Private Limited (ATPL) is a private limited
company involved in manufacturing of signages, light poles, bus
shelters and other metal fabricated fixtures that are installed on
roads. The company has been promoted and fully held by Mr. Samit
Holkar and Mr. Piyush Jain. ATPL's manufacturing facility is
located in Indore (Madhya Pradesh).


AIRCEL LTD: DoT Moves NCLAT Challenging UV ARC's Resolution Plan
----------------------------------------------------------------
BloombergQuint reports that the Department of Telecommunications
has moved the National Company Law Appellate Tribunal (NCLAT)
challenging UV Asset Reconstruction Co.'s INR6,630 crore resolution
plan for the bankrupt cellular operator Aircel Ltd, arguing that
the plan doesn't address the "huge amount" of dues owed by the
company against fees for telecom license and right to use
spectrum.

BloombergQuint relates that the appellate tribunal has directed the
parties to file affidavits within five days and will next hear the
matter on Sept. 11.

According to BloombergQuint, the case emanates from an order of the
Mumbai bench of the National Company Law Tribunal in June, which
approved a INR6,630-crore resolution plan proposed by the asset
reconstruction company. The resolution plan will be primarily
funded through zero-coupon optionally convertible debentures.

Aircel had obtained a "Unified Access Service License" for 20 years
by paying INR6,249 crore as licence fee for providing telecom
services in India's nine telecom circles, BloombergQuint notes. The
licence agreement obligates Aircel to make periodic payments to the
Telecom Department as per the licence agreement, failing which the
department reserves the right to suspend or terminate licences.

BloombergQuint relates that the present case is not the first
instance where the telecom department has been at loggerheads with
the bankrupt cellular operator. It had earlier proposed
cancellation of Aircel's spectrum and telecom licenses after
issuing a demand notice for INR55 crore as the company failed to
make timely payments of the license fee.

Aircel's resolution professional had then moved the tribunal
apprehending that the Telecom Department may cancel its licenses on
account of the default, BloombergQuint says. The dedicated
insolvency tribunal had ruled in the company's favor citing that
the telecom licences were the only valuable asset available with
the company and it would not be revived if the licenses were
cancelled, says BloombergQuint.

                        About Aircel Limited

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, is a telecom service provider with a
pan India presence. Aircel offers GSM-based 2G services in all the
22 telecom circles and has also introduced 3G services in select
geographies.

Aircel Ltd filed for bankruptcy on Feb. 28, 2018, pressured by a
high debt pile and mounting losses following a price war triggered
by a telecom upstart, according to Reuters. Talks between Aircel,
74% owned by Malaysia's Maxis Communications Bhd, and Reliance
Communications Ltd (RCom) to combine their wireless business was
called off in late 2017 due to regulatory and legal uncertainties
and interventions by various parties.

Aircel, whose debt amounts to INR155 billion (US$2.38 billion),
then tried unsuccessfully to restructure its debt, Reuters
related.


B.Y. AGRO & INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: B.Y. Agro & Infra Limited
        Khasra No. 275 at
        Village Sindhivihiri
        Tehsil Karanja (G)
        Sindhivihiri Wardha
        MH 442203

Insolvency Commencement Date: May 26, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 22, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Hajari Lal Saini

Interim Resolution
Professional:            Mr. Hajari Lal Saini
                         704 A Wing N.G. Sterling
                         Opp. Queen Marry High School
                         Old Golden Nest
                         Mira Bhayander Road
                         Mira Road (E) 401107
                         Thane, Maharashtra
                         E-mail: cahlsaini@rediffmail.com

                            - and -

                         201 2nd Floor, Shreeji Darshan
                         Opp Prasad Chamber
                         Opera House
                         Charni Road (E)
                         Mumbai 400004
                         E-mail: cirp.byagro@gmail.com

Last date for
submission of claims:    August 28, 2020


BUNDELA EXPORTS: ICRA Keeps B+ on INR7cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR7.00-crore bank facilities of
Bundela Exports continue to remain under 'Issuer Not Cooperating'
category'. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-           3.00      [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Fund Based-           4.00      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Bundela Exports was set up in 2000 by the Bundela family in
Lalitpur, Uttar Pradesh, with Mr. Sujan Singh Bundela, Mr. Chandra
Bhushan Singh Bundela and Mr. Shashi Bhushan Singh Bundela as
partners, with equal profit sharing. The firm processes granite
blocks into granite stones and has an existing production capacity
of 10,000 cubic meters per annum. The firm sources the granite from
a quarry owned by the partners.


DEEPTHY FENISHERS: ICRA Keeps B on INR5cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR5.00-crore bank facilities of
Deepthy Fenishers (DF) continues to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           5.00       [ICRA]B(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating Continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

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

Deepthy Fenishers is a partnership firm established in 1997 and is
providing fabric processing services on job-work basis. The firm is
located in Tirupur (Tamil Nadu) with capabilities for tubular and
open width compacting. The firm was promoted by Mr. Subramaniam and
currently has four partners. Mr. Subramaniam is the managing
partner of the firm having experience of more than a decade in the
textile industry. The firm caters to garment manufacturers located
in and around Tirupur providing fabric processing services.


DEVANSHI POWERS: CARE Keeps D on INR16cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Devanshi
Powers Limited (DPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       16.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019 placed the
ratings of DPL under the 'issuer non-cooperating' category as DPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. DPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 6, 2020, July
9, 2020 and August 14, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating done on August 19, 2019, the following
were the rating weaknesses.

Key rating weaknesses

* Delays in debt servicing: There had been delays in debt servicing
owing to stretched liquidity position of the company.

Initially established in July 2006 as a partnership firm 'M/s.
Devanshi Electricals' by Mr. Pankaj Shah, Mr. Pradip Shah, and Ms
Varsha Shah, Devanshi Powers Limited (DPL) was converted into
closely held Public Limited Company in October 4, 2012. DPL
manufactures bare copper wires and various types of copper and
aluminum-based household, industrial and instrumentation cables.
The Shah family is into business of copper products since 1982 at
Jaipur, Rajasthan through its group concern, M/s Shree Jagdish
Electrics & Engineering Works. The group has shifted its base to
Anand, Gujarat since 2006.


FACOR ALLOYS: ICRA Withdraws D Rating on INR62.9cr Bank Loans
-------------------------------------------------------------
ICRA has withdrawn the ratings of [ICRA]D/[ICRA]D outstanding for
the INR62.90-crore bank lines of Facor Alloys Limited (FAL). The
ratings have been withdrawn in accordance with ICRA's policy on the
withdrawal and suspension of credit ratings, at the request of the
company, and based on the No Due Certificates issued by the
lenders. ICRA does not have adequate information to suggest that
the credit risk has changed since the time the rating was last
reviewed.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term           10.72       [ICRA]D; withdrawn
   Fund-based
   Bank Facility
   (Cash Credit)       

   Long-term            0.40       [ICRA]D; withdrawn
   Fund-based
   Bank Facility
   (Bill Discounting)   

   Long-term            2.30       [ICRA]D; withdrawn
   Fund-based
   Bank Facility
   (Overdraft)          

   Long-term/          49.48       [ICRA]D/[ICRA]D; withdrawn
   Short-term
   Unallocated
   Limits              

FAL, incorporated in May 2004 as a part of a restructuring scheme
sanctioned to Ferro Alloys Corporation Limited (FACOR),
manufactures ferrochrome. Its manufacturing unit, having an
installed capacity of 72,500 tonne per annum (TPA), is located in
Garividi, district Vizianagaram (Andhra Pradesh).

In FY2020, the company reported a net profit of INR10.3 crore on an
operating income of INR291.4 crore, compared to a net profit of
INR12.0 crore on an operating income of INR361.0 crore in the
previous year.


GEETA EDUCATIONAL: CARE Keeps D on INR7.7cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geeta
Educational Trust (GET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.75       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 6, 2019, placed the
rating of GET Under the 'issuer non-cooperating' category as GET
had failed to provide information for monitoring of the rating. GET
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 10, 2020, August 7, 2020, August 6, 2020
and August 5, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on June 6, 2019, the following were the
rating strengths and weaknesses.

* Ongoing delays in the servicing of debt obligation: There are
instances of over utilization of overdraft limit for more than 30
days. The delays are on account of weak liquidity as the society is
unable to generate sufficient funds on timely manner.

Geeta Educational Trust (GET) got registered under the Society
Registration Act- 1860 in 2007 and is currently being managed by
Mr. Rakesh Goel, Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg
and Mr. Ramesh Goel as the trustees. The society was formed with an
objective to provide higher education in the field of engineering,
computer science and management. The society has established a
college, namely, Geeta Institute of Management and Technology
(GIMT) in Kurukshetra, Haryana in the year 2007. GIMT offers
B.Tech, BCA, BBA, M. Tech, MCA and MBA. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education). GIMT is also affiliated to Kurukshetra University,
Kurukshetra (KUK).


GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR836.83cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ghaziabad Aligarh Expressway Private Limited (GAEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       836.83     CARE D Reaffirmed with
   Facilities                      revocation of Issuer not
                                   Cooperating

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GAEPL continues to be
constrained by the on-going delays in debt servicing due to
stressed liquidity position resulting from delayed commencement of
commercial operation of partial project stretch and insufficient
toll collection.

Rating Sensitivities

Positive Factors

* Regularization of debt servicing for a continuous period of 3
months

* Company earning sufficient cash accruals so as to meet its debt
repayment obligations

Detailed description of the key rating drivers

Key rating Weaknesses

* On-going delays in debt servicing: There are on-going delays in
debt servicing obligation of the company. The collection of
inadequate toll vis-à-vis the repayment obligations of the company
has resulted in a stretched liquidity position of the company, thus
resulting into delays. The promoters of the company have been
continuously infusing funds in GAEPL in the form of unsecured loans
to fund the debt repayments of the company. The promoters infused
INR106.87 crore in FY20 as against INR116.17 crore in
FY19 to fund the debt repayment obligations.

* Improvement in financial performance during FY20: The total
operating income of the company witnessed a growth of ~19% y-o-y in
FY20. The increase was on account of IND-AS adjustment relating to
booking of construction income amounting to INR43 crore and
simultaneous booking of construction expenses. PBILDT continued to
remain at the same level of INR190.37 crore in FY20 (Rs.193.33
crore in FY19), however, PBILDT margin witnessed a decline from
81.55% in F19 to 67.54% in FY20 on account of booking of
construction income. PAT margin however, witnessed an improvement
from 0.77% in FY19 to 6.58% in FY20 on account of reduction in
interest cost due to repayment of term loans. Interest coverage
ratio though witnessed slight improvement, continued to remain low
at 1.49x in FY20.

Liquidity analysis: Poor

The company has poor liquidity position and there has been on-going
delay in debt servicing. The company earned a GCA of INR64.45 crore
in FY20 vis-à-vis debt repayment obligation of INR268 crore (out
of which company availed moratorium amounting to INR56.92 crore as
per RBI scheme for Covid-19). The shortfall in debt repayment to an
extent was met out of funds infused by promoters amounting to
INR106.87 crore in FY20. The company has cash and bank balance
amounting to INR2.18 crore as on March 31, 2020 against INR7.75
crore as on March 31, 2019. The company has scheduled debt
repayment obligation of INR318 crore in FY21 (including overdue
amount for previous years). Further, the company has availed
moratorium on its debt repayment obligations from March 2020 to
August 2020.

GAEPL, incorporated in December 2009, was promoted by SREI
Infrastructure Finance Ltd. (rated CARE BBB+/ CARE BBB/ CARE A2
under credit watch with developing implications), PNC Infratech
Ltd. (rated CARE AA-; Stable/ CARE A1+) and Galfar Engineering and
Contracting India Pvt. Ltd as a Special Purpose Vehicle (SPV) to
undertake the four laning of Ghaziabad to Aligarh section of NH-91
spanning 126.3 km, under NHDP Phase III in the state of Uttar
Pradesh on Build, Operate and Transfer (BOT)–Toll Basis.

The Concession Agreement (CA) was executed between GAEPL
(Concessionaire) and National Highways Authority of India (NHAI) on
May 20, 2010 for a concession period of 24 years from the appointed
date (i.e. February 25, 2011). The project had already commenced
partial tolling whereby 103.89 k.m. of stretch out of total project
stretch of 126.30 k.m. had become operational from June 23, 2015
onwards vis-à-vis the scheduled COD of end of March 2015. Such
scheduled COD of the project had been further extended to April 26,
2016 by NHAI. The company had received provisional completion
certificate for additional length of 19.41 k.m. on December 20,
2016 and tolling has started for this additional length from
December 22, 2016. The company has further completed 700 metres and
now the total operational length is 124 km out of the total project
length of 126.30 km. Out of the balance 2.3 km stretch, the company
has completed 1.3 km and applied for COD of the same while for the
rest 1 km stretch, the company has applied for de-scope. The
concession period of the project being 24 years and toll collection
has commenced from June 23, 2015. The total cost which has already
been incurred till March 31, 2020 is INR2265.76 crore.


GURU GRANTH: CARE Keeps D on INR30cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Guru
Granth Sahib World University (SGGSWU) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       30.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 24, 2019, placed the
rating of SGGSWU under the 'issuer non-cooperating' category as
SGGSWU failed to provide information for monitoring of the rating.
SGGSWU continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter dated August 12, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* History of delays in debt servicing: There were instances of
delay in the repayment of the term debt obligation by the
university in the past. The university has availed moratorium from
the bank for the debt obligations due from March-2020 till
August-2020 in light of COVID-19.

The establishment of SGGSWU was announced in 2004, subsequent to
the formation of the Sri Guru Granth Sahib Fourth Centenary
Memorial Trust (SGGST) in the same year. The university was
established by the trust under the Punjab State Act 2008 to provide
higher education. The trustees of SGGST include some of the eminent
members of the Shiromani Gurudwara Prabandhak Committee (SGPC). The
university has its campus in Fatehgarh Sahib (Punjab) with Academic
Year 2011-12 being the first academic session. SGGSWU is operating
twenty nine departments at its premises in Fatehgarh Sahib, Punjab,
offering various graduate, post-graduate and doctoral programmes in
sciences, arts, languages, etc. The university is approved under
section 2(f) of the UGC (University Grants Commission) Act, 1956.


HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Himachal
Fibres Limited (HFL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       22.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank       5.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
ratings of HFL under the 'issuer non-cooperating' category as HFL
failed to provide information for monitoring of the ratings. HFL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated August 12, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations of the company.

* Weak financial risk profile: The debt equity ratio and overall
gearing ratio remained weak at 1.24x and 2.18x, respectively, as on
March 31, 2019 (PY: 1.53x and 2.60x, respectively, as on March 31,
2018). The PBILDT interest coverage ratio stood at 1.25x in FY19
(refers to the period from April 1 to March 31; PY: 1.36x) and the
total debt to GCA ratio also remained weak at 19.19x as on March
31, 2019 as compared to 23.18x as on March 31, 2018. The total
operating income declined by ~14% in FY19. The PBILDT margins of
the company stood at 9.36% in FY19 as compared to 8.98% in FY18.
The company reported a net profit of INR0.35 cr. compared to net
losses in FY18.

* Working capital intensive nature of operations: The working
capital cycle of the company remained elongated at ~252 days as on
March 31, 2019 (PY: ~213 days).

Set up in 1980, Himachal Fibres Limited (HFL) was promoted by Mr.
BK Garodia in collaboration with Himachal Pradesh Minerals &
Industrial Development Corporation Limited. It was subsequently
acquired by the 'Shiva' group in 2010. The product profile of HFL
was also changed from cotton yarn to include polyester spun yarn,
acrylic yarn, blended yarns and knitted cloth. HFL operates from
its manufacturing facility in Baddi, Himachal Pradesh at an
installed capacity of 20,344 spindles and 504 rotors, as on March
31, 2015. The debt of the company was restructured in March-2015
due to liquidity constraints.


J.B.K. DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: J.B.K. Developers Private Limited
        99, Patpar Ganj
        Delhi 110091
        India

Insolvency Commencement Date: August 17, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 15, 2021
                               (180 days from commencement)

Insolvency professional: Pankaj Kumar Singhal

Interim Resolution
Professional:            Pankaj Kumar Singhal
                         A-233, Ground Floor
                         Bunkar Colony
                         Ashok Vihar, Phase IV
                         Delhi 110052
                         E-mail: aprassociatesllp@gmail.com

                         WP-509, Second Floor
                         Wazirpur Village
                         Ashok Vihar, Phase-I
                         Delhi 110052
                         E-mail: cirp.jbkdevelopers@gmail.com

                            - and -

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

Classes of creditors:    Home Buyers (allottee under Real
                         Estate Project)

Insolvency
Professionals
Representative of
Creditors in a class:    Ms. Karuna Sharma
                         G-13, 1st Floor
                         South City-II
                         Gurgaon, Sector 50
                         Haryana 122018
                         India
                         E-mail: sharma.karuna@gmail.com

                         Mr. Rakesh Kumar Jain
                         Flat J-6 2nd Floor
                         Pocket 9A Jasola
                         New Delhi
                         Delhi 110025
                         E-mail: sirshree.rakesh@gmail.com

                         Mr. Parveen Kumar Garg
                         105-B/2 Pal Mohan Plaza
                         D B Gupta Road
                         Karol Bagh
                         New Delhi 110005
                         E-mail: pkgcosec@rediffmail.com

Last date for
submission of claims:    September 2, 2020


JAIGO AGRO: ICRA Keeps B+ on INR10cr Credit in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Jaigo Agro Industries (JAI) continues to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           10.00      [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Jaigo Agro Industries was incorporated in 2015 as a partnership
firm by merging four proprietorship concerns owned by the managing
partner and his family members, namely, Murrali Modern Rice Mill
engaged in operating a rice mill since 2004, Sumathi Traders and
Perumal Traders which have been engaged in the trading of dhal and
rice since 2013 and Goutham Dhall Mill which has been operating a
dhal mill from 2015. It is engaged in milling, processing, sorting
and trading of rice and dhal.


KAPSONS INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kapsons
Industries Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      129.40      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank      29.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating of KIPL under the 'issuer non-cooperating' category as KIPL
had failed to provide information for monitoring of the rating.
KIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated August 12, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

* Ongoing delays in the debt servicing: There are ongoing delays in
the servicing of the debt obligations by KIPL. The company has been
classified as Non-Performing Asset (NPA) by the banks.

* Weak financial risk profile: The capital structure of the
company, stood weak as on March 31, 2019 on account of a negative
net worth base due to losses incurred by the company in the past.
The scale of operations of the company, however, increased by ~80%
in FY19. The company also reported profits at net level in FY19
compared to net losses in FY18.

KIPL was promoted by Mr. Surinder Kumar Sehgal and Mr. Narinder
Kumar Sehgal in 1980. The company was converted from public limited
to private limited company on April 10, 2015, under the name
Kapsons Industries Pvt. Ltd. The company is mainly engaged in the
manufacturing of electrical stampings used in the Rotating
Electrical Machinery. The company also manufactures Rotor die cast,
pressure aluminium die cast components and completely assembled
products like electrical motors and pumps. KIPL has its
manufacturing facilities in Jalandhar and Pune having combined
installed capacity of 26,000 metric tonnes per annum (MTPA) of
electrical stampings, as on September 30, 2015.


MACRO GROUP: CARE Keeps D on INR16.5cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Macro Group
Private Limited (MGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       16.50      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating of MGPL under the 'issuer non-cooperating' category as MGPL
had failed to provide information for monitoring of the rating.
MGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 23, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

* Ongoing delays in the debt servicing: There are ongoing delays in
the servicing of the debt obligations by MGPL. The company has been
classified as Non-Performing Asset (NPA) by the banks.
  
MGPL was incorporated in April 2013, by Mr. Deepak Chopra & Mrs.
Sonia Chopra as directors to take over the business of M/s Macro
Enterprises (MEP) (proprietorship concern of Mr. Deepak K Chopra).
The company has dealership business of Honda Motorcycle & Scooter
India Pvt. Ltd. (HMSI). The company owns & operates five showrooms
all providing 3S (sales, service and spare parts) facilities. Apart
from the above, the company also runs a distributorship business of
Castrol lubricants.


MEP NAGPUR: CARE Lowers Rating on INR250.95cr Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MEP
Nagpur Ring Road 1 Pvt. Ltd. (MNRRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      250.95      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+ (CE)^;
                                   Negative; on basis of best
                                   Available information

^Credit enhancement in the form of an unconditional, irrevocable
and continuing corporate guarantee extended by MEP Infrastructure
Developers Limited (MEPIDL, rated CARE D; Issuer Not Cooperating)
towards timely servicing of debt obligations.

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the long term bank
facilities of MEP Nagpur Ring Road 1 Pvt. Ltd. (MNRRPL) factors in
the delays in debt servicing as well as decline in profitability of
the guarantor and parent company, namely MEP Infrastructure
Developers Ltd. (MEPIDL) and consequent revision in its rating to
'CARE D; Issuer Not Cooperating' from 'CARE BB+; Negative; Issuer
Not Cooperating'. CARE does not derive comfort from the guarantee
and hence removes the explicit credit enhancement of the guarantor
and also notes the ongoing delays reported in the servicing of the
debt by MNRRPL. As per the information available in public domain
regarding annual financial results and lenders interaction with
CARE regarding delays in debt servicing, CARE had vide its press
release dated August 13, 2020 placed the rating of MEP
Infrastructure Developers Limited under the 'CARE D; Issuer Not
Cooperating' category. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers of Guarantor
(MEPIDL)

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the lenders
interaction with CARE, there are ongoing delays in the debt
servicing. The company has availed moratorium in both the terms
during Covid-19 period. Further, CARE has not received No Default
Statement (NDS) since the month of August, 2019.

* Decline in revenues as well as profitability: As per information
available in public domain, the company has reported a decline in
revenue in both the toll collection as well as construction
segments due to which total operating income has declined by more
than 20% from FY19 to FY20 in the consolidated financials. The drop
in revenues has resulted in losses of INR 86 crore for FY20 as
against Profit after Tax of INR 56 crore reported in FY19. CARE
believes the performance under both the segments- toll as well as
construction will continue to remain subdued in FY21 following the
outbreak of Covid-19 pandemic.

Liquidity: Stretched

MEPIDL has reported losses at PAT level as compared to previous
year. There has been a substantial decline in both the toll
collection and construction segments. As per lender interaction,
there have been delays in making debt repayments by MEPIDL and
moratorium has been availed in both the terms during Covid-19
period. The current ratio of MEPIDL at consolidated level is below
unity and Gross Cash Accruals(GCA) stood lower at INR 351.33 crore
for FY2020 as compared to INR570 crore for FY2019 (decline of 38%
Y-0-Y). Also, MNRRPL has been facing delays in debt servicing at
standalone level.

Credit enhancement rating: CARE has adopted consolidated approach
as MEPIDL has given unconditional & irrevocable corporate guarantee
to lenders of SPVs towards timely debt servicing. The operations of
MEP and its subsidiaries are closely linked and same is underpinned
by the centralized management and common treasury functions among
various entities through which it operates in toll collection
business.

                        About the Guarantor

MEP Infrastructure Developers Limited (MEPIDL) Incorporated in
2002, MEP Infrastructure Developers Limited (MEPIDL) started out
with road project contracts for toll collection and OMT (Operate,
Maintain & Transfer). However, it has now evolved into an
integrated road infrastructure developer with 17 current ongoing
projects: 3 long term tolling projects, 10 HAM (Hybrid annuity
model) projects, 3 OMT projects and 1 BOT project as on 31st March
2019. The toll collection and OMT projects are for a period of one
year to sixteen years. The company at standalone level executes
toll collection projects with tenure of upto one to three years. In
case of projects beyond one to three years are executed through
Special Purpose Vehicles (SPVs). The financing of these SPVs is
actively managed by MEPIDL, which has substantial exposure in the
form of investments as well as advances. Additionally, the company
is undertaking road BOT project through its subsidiary (Baramati
Tollway Private Limited) in Maharashtra. Also, the group through
its subsidiary MEP Highway Solutions Private Limited does in-house
Engineering Procurement Construction (EPC) towards repair and
maintenance work of roads as a part of some of the contracts
awarded to few SPVs.

* MEPIDL in JV (74: 26 & 60:40) with Sanjose India Infrastructure &
Construction Private Limited (SIIL), Indian subsidiary of Group San
Jose, Spain; won 6 HAM projects in March 2016.

* In March 2018, MEPIDL in JV with (51:49) Long Jian (a Chinese
road infrastructure Company); won 4 HAM projects in Maharashtra
worth INR 4100 crores covering 1084 lane kms.

                         About the Company  

MEP Nagpur Ring Road 1 Private Limited (MNRRPL) is a Special
Purpose Vehicle (SPV) promoted by MEP Infrastructure Developers
Limited in Joint Venture with M/s Sanjose India Infrastructure and
Construction Private Limited (74:26) for execution of project
envisaging four laning of standalone Ring road/bypasses for Nagpur
City, Package-I from km 0+500 to km 34+000 (Total Length - 33+500
km) in the State of Maharashtra on DBFOT (Hybrid Annuity) basis. As
of June 2019 the project has achieved 52.53% physical progress as
against the revised programme R2 progress of 100%. The financial
progress achieved till June 2019 is INR254.79 crore (i.e. 52.53% of
EPC cost -Rs. 485 crore) as against 100% planned financial
progress.


MEP SANJOSE: CARE Lowers Rating on INR303.55cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MEP
Sanjose Nagpur Ring Road 2 Pvt. Ltd. (MSNRRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      303.55      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+ (CE)^;
                                   Negative; on basis of best
                                   Available information

^ Credit enhancement in the form of an unconditional, irrevocable
and continuing corporate guarantee extended by MEP Infrastructure
Developers Limited (MEPIDL, rated CARE D; Issuer Not Cooperating)
towards timely servicing of debt obligations.

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the long term bank
facilities of MSNRRPL factors in the delays in debt servicing as
well as decline in profitability of the guarantor and parent
company, namely MEP Infrastructure Developers Ltd. (MEPIDL) and
consequent revision in its rating to 'CARE D; Issuer Not
Cooperating' from 'CARE BB+; Negative; Issuer Not Cooperating'.
CARE does not derive comfort from the guarantee and hence removes
the explicit credit enhancement of the guarantor and also notes the
ongoing delays reported in the servicing of the debt by MSNRRPL. As
per the information available in public domain regarding annual
financial results and lenders interaction with CARE regarding
delays in debt servicing, CARE had vide its press release dated
August 13, 2020 placed the rating of MEP Infrastructure Developers
Limited under the 'CARE D; Issuer Not Cooperating' category. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers of Guarantor
(MEPIDL)

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the lenders
interaction with CARE, there are ongoing delays in the debt
servicing. The company has availed moratorium in both the terms
during Covid-19 period. Further, CARE has not received No Default
Statement (NDS) since the month of August, 2019.

* Decline in revenues as well as profitability: As per information
available in public domain, the company has reported a decline in
revenue in both the toll collection as well as construction
segments due to which total operating income has declined by more
than 20% from FY19 to FY20 in the consolidated financials. The drop
in revenues has resulted in losses of INR86 crore for FY20 as
against Profit after Tax of INR 56 crore reported in FY19. CARE
believes the performance under both the segments- toll as well as
construction will continue to remain subdued in FY21 following the
outbreak of Covid-19 pandemic.

Liquidity: Stretched

MEPIDL has reported losses at PAT level as compared to previous
year. There has been a substantial decline in both the toll
collection and construction segments. As per lender interaction,
there have been delays in making debt repayments by MEPIDL and
moratorium has been availed in both the terms during Covid-19
period. The current ratio of MEPIDL at consolidated level is below
unity and Gross Cash Accruals(GCA) stood lower at INR 351.33 crore
for FY2020 as compared to INR570 crore for FY2019 (decline of 38%
Y-0-Y). Also, MSNRRPL has been facing delays in debt servicing at
standalone level.

Credit enhancement rating: CARE has adopted consolidated approach
as MEPIDL has given unconditional & irrevocable corporate guarantee
to lenders of SPVs towards timely debt servicing. The operations of
MEP and its subsidiaries are closely linked and same is underpinned
by the centralized management and common treasury functions among
various entities through which it operates in toll collection
business.

                        About the Guarantor

MEP Infrastructure Developers Limited (MEPIDL) Incorporated in
2002, MEP Infrastructure Developers Limited (MEPIDL) started out
with road project contracts for toll collection and OMT (Operate,
Maintain & Transfer). However, it has now evolved into an
integrated road infrastructure developer with 17 current ongoing
projects: 3 long term tolling projects, 10 HAM (Hybrid annuity
model) projects, 3 OMT projects and 1 BOT project as on 31st March
2019. The toll collection and OMT projects are for a period of one
year to sixteen years. The company at standalone level executes
toll collection projects with tenure of upto one to three years. In
case of projects beyond one to three years are executed through
Special Purpose Vehicles (SPVs). The financing of these SPVs is
actively managed by MEPIDL, which has substantial exposure in the
form of investments as well as advances. Additionally, the company
is undertaking road BOT project through its subsidiary (Baramati
Tollway Private Limited) in Maharashtra. Also, the group through
its subsidiary MEP Highway Solutions Private Limited does in-house
Engineering Procurement Construction (EPC) towards repair and
maintenance work of roads as a part of some of the contracts
awarded to few SPVs.

* MEPIDL in JV (74: 26 & 60:40) with Sanjose India Infrastructure &
Construction Private Limited (SIIL), Indian subsidiary of Group San
Jose, Spain; won 6 HAM projects in March 2016.

* In March 2018, MEPIDL in JV with (51:49) Long Jian (a Chinese
road infrastructure Company); won 4 HAM projects in Maharashtra
worth INR 4100 crores covering 1084 lane kms.

                         About the Company

MEP Sanjose Nagpur Ring Road 2 Private Limited (MSNRRPL) is a
Special Purpose Vehicle (SPV) promoted by MEP Infrastructure
Developers Limited in Joint Venture with M/s Sanjose India
Infrastructure and Construction Private Limited (74:26) for
execution of project envisaging four laning of standalone Ring
road/bypasses for Nagpur City, Package-II from km 34+500 to km
62+035 (Total Length - 28+035 km) in the State of Maharashtra on
DBFOT (Hybrid Annuity) basis. As of June 2019 the project has
achieved 46.95% physical progress as against the revised programme
R2 progress of 100%. The financial progress achieved till June 2019
is INR274.65 crore (i.e. 46.95% of EPC cost -Rs. 585 crore) as
against 100% planned financial progress.


MILIND PULSES: ICRA Keeps D on INR5cr Debt in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR5.00 crore bank facilities of
Milind Pulses continues to remain under Issuer Not Cooperating
category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   -----------    -----------    -------
   Cash Credit        5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Milind Pulses started its operations in 2000-01 and is engaged in
trading and manufacturing of Tur Dal, Lakhodi Dal and Chana Dal
driven primarily by its healthy demand. The proprietor Mr. Milind
and his father Mr. Vijay have an experience of over 12 years in the
pulses processing industry. The firm has a combined production
capacity of 18,000 MTPA or 600 quintals of Tur Dal, Lakhodi Dal and
Chanal Dal with the manufacturing facility located at Nagpur.


OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oswal Knit
India Limited (OKIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       19.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank      16.70      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 24, 2019, placed the
rating of OKIL under the 'issuer non-cooperating' category as OKIL
had failed to provide information for monitoring of the rating.
OKIL continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 23, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

* Ongoing delays in the debt servicing: There were ongoing delays
in the servicing of the debt obligations by OKIL. The company was
classified as Non-Performing Asset (NPA) by the bank. However, the
account has been closed in the month of April-2020 through one time
settlement (OTS). Other required details have not been shared with
CARE Ratings.

* Weak financial risk profile: The scale of operations of the
company declined by ~91% on a year-on-year (y-o-y) basis to INR
8.48 cr. in FY18 from INR 98.87 cr. in FY17. The company reported
losses at PBILDT level in FY18 of INR 29.68 cr. against profit of
INR 0.71 cr. at PBILDT level in FY17. The net losses reported by
the company in FY18 increased to INR 31.61 cr. in FY18 from 7.64
cr. in FY17. The debt equity ratio and the overall gearing ratio of
the company stood weak owing to losses at the net level, leading to
negative networth, as on March 31, 2019.

* Susceptibility to raw material price volatility and foreign
exchange fluctuations: Primary raw materials for the company are
various types of yarn, prices of which depend on the prices of
crude oil and cotton both of which have remained volatile in the
past. Presence in a competitive industry limits the ability to pass
on price fluctuations to the customers. Furthermore, OKIL also
imports certains kinds of yarn and fabric. Absence of hedging
practices exposes the company's profitability to fluctuation in the
foreign exchange rates.

* High competition from organised/unorganised players: The
readymade garment industry in India is characterized by the
presence of a large number of small and big players in the
organized sector as well as unorganised sector which leads to a
highly fragmented industry structure having high level of
competition and intense pricing pressures.

Promoted by Oswal family of Ludhiana, Oswal Knit India Limited
(OKIL) was incorporated in 1992. OKIL is engaged in the
manufacturing of hosiery and woolen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Gadoni' and
'Casablanca' through its six exclusive showrooms and through
various wholesalers and retailers.


PLUTO CERAMIC: CARE Keeps D on INR5.5cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pluto
Ceramic (PTC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        4.30      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank       1.25      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019 placed the
ratings of PTC under the 'issuer noncooperating' category as PTC
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. PTC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 6, 2020, July
9, 2020 and August 14, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating done on August 19, 2019, the following
were the rating weaknesses.

Key rating weaknesses

* Delays in debt servicing: PTC had been irregular in servicing its
debt obligation wherein the interest and principal payment was
delayed, while the cash credit account also remained overdrawn
owing to non-availability of funds.

Wankaner-based (Gujarat) PTC was established as a partnership firm
by its key partners Mr. Sandipbhai Arjanbhai Chikhaliya, Mr.
Arvindbhai Keshavjibhai Metaliya, Mr. Jayeshhai Dineshbhai Ranipa
and Mr. Gautam Ramjibhai Patel in December 2010. The commercial
production for manufacturing of Ceramic wall tiles, Ceramic wall
glazed tiles and Ceramic digital wall tiles commenced in November
2011.

Currently, PTC operates out of its sole manufacturing unit in
Wankaner, with an installed capacity of 22.8 lakh boxes (tile size
of 8" X 12" and 12" X 12") per annum. PTC exports approximately
2-10% of its products through merchant exporter, who in turn
primarily exports to United Arab Emirates (UAE) and other African
countries.


R. R. PIPES: CARE Keeps D on INR10cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree R. R.
Pipes continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2019 placed the
ratings of Shree R. R. Pipes under the 'issuer noncooperating'
category as Shree R. R. Pipes had failed to provide information for
monitoring of the rating. Shree R. R. Pipes continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2020, August 12, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019, the following were the
rating weakness:

There are on-going delays in the servicing of interest obligations
due to stressed liquidity position.

Shree R.R. Pipes, a unit of RKD Pipes Private Limited (RKD)
established as a firm in 2012 by Mr. Sharad Gupta. The firm was
taken over by RKD pipes Private Limited (incorporated in 2012). RRP
is operating under RKD which has no other business activity. Mr.
Sharad Gupta and Ms. Ritu Agarwal are managing the operations of
RRP who are also director in RKD. The firm is primarily engaged in
trading of PVC tubes, GI pipes, Mild steel tubes etc. The firm has
authorized distributorship of Jindal Industries Limited for NCR and
UP and some areas of Uttaranchal. It also has dealership of Jindal
Steels Limited. The firm has dealership network of around 70-80
dealers.


R. R. POLYNET: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. R.
Polynet Private Limited (RRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        3.18      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Long-term/Short       5.60      CARE D; Issuer Not Cooperating;
   Term Bank                       based on best available
   Facilities                      information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019 placed the
ratings of RRPL under the 'issuer non-cooperating' category as RRPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. RRPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 6, 2020, July
9, 2020 and August 14, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating done on August 19, 2019, the following
were the rating weaknesses

Detailed description of key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: RRPL is irregular in servicing
its debt obligation and there have been delays in servicing debt
obligation due to weak liquidity position of RRPL. The account is
classified as NPA.

Vapi (Gujarat)–based RRPL is a private limited company which was
established as proprietorship firm in 2005 and later in 2012
converted to private limited company and promoted by five promoters
namely Mr. Vinaykumar Hareram Singh, Mr. Ram Chandreshwar Singh,
Mr. Muktarahemad Abdulrasid Shaikh, Mrs. Shidikabanu Mukhatar
Shaikh and Mr. Balkrishna Girdharilal Mistry. RRPL is engaged into
manufacturing of Extruded Polynet, Woven Nets, Body Scrubbers and
Agriculture Shade Nets.


RAIMA TOLL: CARE Lowers Rating on INR64.80cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Raima Toll Road Pvt. Ltd. (RTRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      64.80       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+ (CE)^;
                                   Negative; on basis of best
                                   Available information

^ Credit enhancement in the form of an unconditional, irrevocable
and continuing corporate guarantee extended by MEP Infrastructure
Developers Limited (MEPIDL, rated CARE D; Issuer Not Cooperating)
towards timely servicing of debt obligations.

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the long term bank
facilities of RTRPL factors in the delays in debt servicing as well
as decline in profitability of the guarantor and parent company,
namely MEP Infrastructure Developers Ltd. (MEPIDL) and consequent
revision in its rating to 'CARE D; Issuer Not Cooperating' from
'CARE BB+; Negative; Issuer Not Cooperating'. CARE does not derive
comfort from the guarantee and hence removes the explicit credit
enhancement of the guarantor and also notes the ongoing delays
reported in the servicing of the debt by RTRPL. As per the
information available in public domain regarding annual financial
results and lenders interaction with CARE regarding delays in debt
servicing, CARE had vide its press release dated August 13, 2020
placed the rating of MEP Infrastructure Developers Limited under
the 'CARE D; Issuer Not Cooperating' category. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers of Guarantor
(MEPIDL)

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the lenders
interaction with CARE, there are ongoing delays in the debt
servicing. The company has availed moratorium in both the terms
during Covid-19 period. Further, CARE has not received No Default
Statement (NDS) since the month of August 2019.

* Decline in revenues as well as profitability: As per information
available in public domain, the company has reported a decline in
revenue in both the toll collection as well as construction
segments due to which total operating income has declined by more
than 20% from FY19 to FY20 in the consolidated financials. The drop
in revenues has resulted in losses of INR 86 crore for FY20 as
against Profit after Tax of INR56 crore reported in FY19. CARE
believes the performance under both the segments- toll as well as
construction will continue to remain subdued in FY21 following the
outbreak of Covid-19 pandemic.

Liquidity: Stretched

MEPIDL has reported losses at PAT level as compared to previous
year. There has been a substantial decline in both the toll
collection and construction segments. As per lender interaction,
there have been delays in making debt repayments by MEPIDL and
moratorium has been availed in both the terms during Covid-19
period. The current ratio of MEPIDL at consolidated level is below
unity and Gross Cash Accruals(GCA) stood lower at INR351.33 crore
for FY2020 as compared to INR570 crore for FY2019 (decline of 38%
Y-0-Y).

* Credit enhancement rating: CARE has adopted consolidated approach
as MEPIDL has given unconditional & irrevocable corporate guarantee
to lenders of SPVs towards timely debt servicing. The operations of
MEP and its subsidiaries are closely linked and same is underpinned
by the centralized management and common treasury functions among
various entities through which it operates in toll collection
business.

                        About the Guarantor

MEP Infrastructure Developers Limited (MEPIDL) Incorporated in
2002, MEP Infrastructure Developers Limited (MEPIDL) started out
with road project contracts for toll collection and OMT (Operate,
Maintain & Transfer). However, it has now evolved into an
integrated road infrastructure developer with 17 current ongoing
projects: 3 long term tolling projects, 10 HAM (Hybrid annuity
model) projects, 3 OMT projects and 1 BOT project as on 31st March
2019. The toll collection and OMT projects are for a period of one
year to sixteen years. The company at standalone level executes
toll collection projects with tenure of upto one to three years. In
case of projects beyond one to three years are executed through
Special Purpose Vehicles (SPVs). The financing of these SPVs is
actively managed by MEPIDL, which has substantial exposure in the
form of investments as well as advances. Additionally, the company
is undertaking road BOT project through its subsidiary (Baramati
Tollway Private Limited) in Maharashtra. Also, the group through
its subsidiary MEP Highway Solutions Private Limited does in-house
Engineering Procurement Construction (EPC) towards repair and
maintenance work of roads as a part of some of the contracts
awarded to few SPVs.

* MEPIDL in JV (74: 26 & 60:40) with Sanjose India Infrastructure &
Construction Private Limited (SIIL), Indian subsidiary of Group San
Jose, Spain; won 6 HAM projects in March 2016.

* In March 2018, MEPIDL in JV with (51:49) Long Jian (a Chinese
road infrastructure Company); won 4 HAM projects in Maharashtra
worth INR 4100 crores covering 1084 lane kms.

                         About the Company

Raima Toll Road Pvt. Ltd. (RTRPL) incorporated on November 12, 2012
and promoted by MEPIDL was into operation, maintenance and transfer
of road at the Madurai-Tirunelveli-Panagudi- Kanyakumari section of
the National Highway No. 7 in Tamil Nadu. The project involves
operation, maintenance & toll collection of four lanes NH-7 of
total length of 243.170 Km (from 0.00 Km to 243.170 Km) in
Tamil Nadu. The project was awarded by National Highways Authority
of India (NHAI, rated CARE AAA) for a concession fee of INR 110.87
crore in first year (with 10% escalation every year). The
concession was for a period of 9 years, commencing from 22nd
September 2013 (i.e. Commercial Operations Date). However, on
August 26, 2016 MEP announced that RTRPL and NHAI as part of
amicable settlement process mutually agreed for handover of
operations of toll plaza facilities to NHAI.


RAJALAKSHMY PACKAGING: CARE Cuts Rating on INR9cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajalakshmy Packaging Private Limited (RPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short-term Bank       2.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 11, 2019, placed the
rating(s) of RPPL under the 'Issuer non-cooperating' category as
RPPL had failed to provide information for monitoring of the
rating. RPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated August 4, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating

The revision in the ratings assigned to the bank facilities of
Rajalakshmy Packaging Private Limited takes into account of
on-going delays in the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays: The company is unable to generate sufficient
cash flows leading to strained liquidity position resulting in
on-going delays in meeting its debt obligations.

Key Rating Strengths

* Satisfactory track record and experienced management: RPPL was
incorporated in 2008 by Mr. S. Suresh Babu and family members. Mr.
S. Suresh Babu is a B.Com graduate. He is the Managing Director of
the company and takes care of day to day operations. He has close
to one decade of experience in the manufacturing of packaging
products through the current business. The other directors are also
well qualified and have close to one decade of experience in the
industry. The company has established good relationship with
suppliers and customers due to its long presence in the business

Tamil Nadu based, Rajalakshmy Packaging Private Limited (RPPL) was
established in 2008 as a Private Limited Company by Ms. S. Suresh
Babu and his relatives. RPPL is engaged in the manufacturing of
food and non-food grade flexible packaging. The company purchases
raw materials like Linear Density Poly Ethylene (LDPE), Low Linear
Density Poly Ethylene (LLDPE) and High Density Poly Ethylene (HDPE)
from local suppliers located in and around Tamil Nadu. The company
sells its finished product to the customers located in and around
Tamil Nadu. Further, the company has not availed moratorium on
COVID-19 announced by RBI for its bank facilities.


RCS STEEL: CARE Keeps B- on INR3.98cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RCS Steel &
Auto Private Limited (RSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term Bank       3.98      CARE B-; Issuer Not Cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 2, 2019, placed the
rating(s) of RSPL under the 'issuer non-cooperating' category as
RSPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. RSPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and letter dated July 21,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
ratings.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on August 2, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

* Modest scale of operations along with decline in PBILDT margin:
During FY19, TOI registered significant growth by around 43.41%
y-o-y albeit stood relatively modest at INR6.35 crore.
Profitability margins witnessed significant declined although
remained moderate with PBILDT and PAT margin of 18.97% and 0.44%
respectively in FY19 as against 34.25% and 6.22% respectively in
FY17.

* Highly leveraged capital structure and moderately stressed
liquidity position: Its capital structure continued to remain
highly leveraged with an overall gearing of 3.18 times as on March
31, 2019, although improved from 3.44 times as on March 31, 2018;
attributed to accretion of profit to reserve along with scheduled
repayment of its term loans. The liquidity profile remained
stressed with below unity current and quick ratio, further,
collection period also stood high.

Key rating strengths

* Experienced promoters in the steel processing industry: Mr.
Ramesh Chandra Sharma, the key promoter, has an extensive
experience in this domain of more than four decades and looks after
the overall management of the company. Before incorporating RSPL,
he was associated with JSWL as well as has incorporated another
entity namely 'Max Steel Processing House Pvt. Ltd' which is
engaged in the similar line of business. Furthermore, the directors
are assisted by a team of qualified top managerial personnel and
technical team having long standing experience in their respective
fields for executing orders on time.

RSPL was incorporated in 2010 by Mr. Ramesh Chandra Sharma along
with his family member, Mr. Kunal Sharma with an objective to set
up a project at Gurgaon (Haryana) for setting up steel coil
processing plant which finds its application primarily in the
automotive sector. The company commenced its operations from
January 2013 and mainly undertakes job work pertaining to process
of Hot-Rolled (HR) steel coils which includes pickling, slitting as
well as cutting of HR coils. RSPL mainly caters to automotive
components manufacturing units located in the region through its
sole manufacturing unit located at Gurgaon (Haryana) having a total
installed capacity of 25,000 metric tonnes per annum (MTPA).


SAI SINDHU: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Sai Sindhu Industries Limited
        Flat No. 401, H No. 6-1-68/1
        Sai Home Apts
        Beside Saifabad Church
        Saifabad, Hyderabad 500004
        Telangana

Insolvency Commencement Date: July 24, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 2, 2021

Insolvency professional: Chandra Sekhar Arasada

Interim Resolution
Professional:            Chandra Sekhar Arasada
                         Flat No. 304
                         Siri Nivas Apartments
                         Balaji Park Town
                         Nizampet
                         Hyderabad 500090
                         E-mail: chandra61ca@gmail.com

                            - and -

                         Plot No. 1183
                         H.No. 8-3-430/1/23
                         1st Floor, Street No. 10
                         Yella Reddy Guda
                         Amerpeet
                         Hyderabad 500073

Last date for
submission of claims:    August 20, 2020


SANDHU FARMS: CARE Keeps D on INR3.03cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sandhu
Farms Private Limited (SFP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        3.03      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 6, 2019, placed the
rating of SFP under the 'issuer non-cooperating' category as Sandhu
Farms Private Limited had failed to provide information for
monitoring of the rating. SFPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 10, 2020,
August 7, 2020, August 6, 2020 and August 5, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating in June, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity position as the firm has incurred net losses in the past
leading to erosion of net worth base.

Sandhu Farms Private Limited (SFP) was incorporated in August-2013
and is promoted by Mr. Manjit Singh Sandhu and Mrs Updesh Kaur. SFP
undertook a project pertaining to setting up a marriage palace
under the name of 'Fort Patiala' having 9 rooms and 2 banquet halls
at Rajpura Road, Patiala. The same is spread on a land area of 4
acres. The palace got operational from October, 2016 with
completion of capex. The company earns income from letting of
banquet halls (having accommodation facility of maximum 500 people)
and rooms on rent for the purpose of marriage, parties etc.


SHANTHA TRUST: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR8.00-crore bank facilities of
Shantha Trust (ST) continue to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        1.00        [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-        7.00        [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Shantha Trust was registered in November 2011 with four trustees
and is promoted by Mr. S. Senthilkumar. The Trust took over the
operations of E.S. College of Nursing ("ESCON"/"the College") from
Shantha Medical Foundation (SMF, a group entity), during 2013-14.
ESCON started the operations in the year 2008. SMF presently takes
care of the operations of ES Hospitals. In the current year
2016-17, the Trust has started the operations of E.S. Arts &
Science College ("ESASC") from the current academic year 2016-17.
ESCON presently offers courses in six specializations - Bachelor of
Science in Nursing (B.Sc (N)), Diploma in General Nursing and
Midwifery (DGNM), Post Basic Bachelor of Science in Nursing
(P.B.B.Sc (N)), Diploma in Medical Laboratory Technology (DMLT),
Auxiliary Nursing and mid-wifery (ANM) and Master of Science in
Nursing (M. Sc (N)). The College is recognized by Indian Nursing
Council (INC) and Tamil Nadu Nurses and Midwives Council (TNC) and
is affiliated to The Tamil Nadu Dr. M.G.R. Medical University.

ESASC offers five Under-Graduate (UG) courses namely Bachelor of
Science in Maths, Bachelor of Science in Computer Science, Bachelor
of Science in Physics, Bachelor of Arts in English and Bachelor of
Commerce. The sanctioned strength for each course is 50 students.


SHIRPUR GOLD: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shirpur
Gold Refinery Limited (SGRL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       37.50      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank     328.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGRL to monitor the rating
vide e-mail communications/letters dated June 4, 2020, June 5,
2020, June 11, 2020, June 15, 2020, June 17, 2020, June 30, 2020,
July 1, 2020, July 3, 2020, July 7, 2020, July 16, 2020, July 22,
2020, July 24, 2020, July 31, 2020, August 3, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, SGRL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
SGRL's bank facilities will now be denoted as CARE D/CARE D; ISSUER
NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings take into account delay in debt/default in debt
servicing primarily on account of slowdown in business performance
and stretched working capital cycle, resulting in deterioration of
liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on August 23, 2019, the following were
the rating weaknesses (updated for the information available from
stock exchange etc.):

Key Rating Weaknesses

* On-going delay/default in debt servicing: As per the Limited
Audit Report available with the company's stock exchange disclosure
for FY20's abridged results, there are ongoing delays in debt
servicing. Further, the audit reports mention that the account has
been classified as Non-Performing Asset (NPA) by the banks due to
delay in repayment of loans taken from the banks.
The same is on account of stretched working capital cycle resulting
from high debtor days. The low business performance combined with
elongated working capital cycle has led to weak liquidity
position.

* Update on performance in FY20: SGRL has reported decline in total
income to the extent of 16% to INR3,566crore in FY20 on account of
lower trading activity. Further increase in gold price and other
operating expenses led to operating loss in FY20. Adding to the
above, increase in finance cost led to net loss of INR140crore in
FY20. Overall gearing of the company deteriorated from 1.90x as on
March 31, 2019 to 3.02x as on March 31, 2020 due to erosion of
networth on account of huge loss incurred in FY20.

Analytical approach:

CARE has considered the consolidated financials of SGRL for
analytical purposes owing to financial and operational linkages
between the company and its subsidiaries. The consolidated
financials include the financials of two wholly owned subsidiaries
namely Shirpur Gold Company Pvt. Ltd., Singapore and Shirpur Gold
DMCC (erstwhile Zee Gold DMCC), Dubai.
  
SGRL is a part of Essel Group since December 2008, post takeover of
assets from ARCIL auction. The company is engaged in gold refining
with an installed capacity to refine 217 MT per annum of gold. Its
refinery is located at Shirpur, Dhule district, Maharashtra. The
company is also engaged in bullion trading, manufacturing and sale
of gold coins, gold bars and gold jewelry both in the domestic and
international markets. The company's products namely Gold Bars and
Gold Jewelry are well established in the market and are sold under
the brand name 'Zee Gold'.

As on March 31, 2019, SGRL has one wholly owned subsidiaries namely
Shirpur Gold DMCC (erstwhile Zee Gold DMCC (ZGD)), Dubai and two
step down foreign subsidiaries namely Precious Metals Mining and
Refining Limited (PMMRL), Papua New Guinea and Metalli Exploration
and Mining, Mali. Shirpur Gold Company Private Limited (SGM),
Singapore ceased to exist with effect from March 7, 2019 and loss
(Rs.1.96 crore); being investment value in such subsidiary has been
written off.


SHIVA SPECIALITY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiva
Speciality Yarns Limited (SSYL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       69.89      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank       1.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating of SSYL under the 'issuer non-cooperating' category as SSYL
had failed to provide information for monitoring of the rating.
SSYL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 23, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

* Ongoing delays in the debt servicing: There are ongoing delays in
the servicing of the debt obligations by SSYL. The company has been
classified as Non-Performing Asset (NPA) by the bank. Weak
financial risk profile: The scale of operations of the company
increased by ~48% on a year-on-year (y-o-y) basis to INR 74.27 cr.
in FY19 (refers to the period April 1 to March 31) from INR 50.06
cr. in FY18. However, the losses reported at PBILDT level increased
to INR 23.84 cr. in FY19 from INR 15.69 cr. in FY18. Consequently
the net loss of SSYL stood at INR 29.17 cr. in FY19 compared to INR
23.44 cr. in FY18. Further, the solvency position of the company
remained weak owing to continued losses at the net level, leading
to negative networth, as on March 31, 2019.

* Working capital intensive nature of operations: The operating
cycle of SSYL remained elongated at ~98 days, as on March 31, 2019
(~265 days as on March 31, 2018).
  
Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab
Cotspin Limited, was incorporated in 2005. The company was promoted
by the Singla family of Ludhiana and was engaged in the
manufacturing of cotton yarn at its production facilities in
Bhatinda, Punjab. It was subsequently acquired by the 'Shiva' Group
in November, 2007. The product profile was changed to include
synthetic yarns. Currently, SSYL manufactures mainly dyed polyester
spun yarn, blended spun yarn and knitted cloth. It also engages in
trading of polyester fibers. Almost all the raw material
procurement viz. polyester staple fibers and acrylic fibers is done
from other group concerns.


SOLAR SEMICONDUCTOR: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Solar Semiconductor Energy Systems (India)
        Private Limited
        Survey No. 183 Part
        CF Area, Phase III
        Industrial Development Park
        Ghatkeasr Mandal
        APIIC-IALA
        Cherapally Municipality
        Rangareddy District
        Telangana 500051

Insolvency Commencement Date: Augsut 24, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 20, 2021
                               (180 days from commencement)

Insolvency professional: Murali Prasad Nalam

Interim Resolution
Professional:            Murali Prasad Nalam
                         413, Block 2
                         R V Madhav Brindavan Apartments
                         Adj Chandanagar Police Station
                         Chandanagar, Hyderabad
                         Telangana 500050
                         E-mail: murali.advice@gmail.com

                            - and -

                         Villa 67, Road No. 3
                         Dollar Meadows
                         Near DRK College of Engineering
                         Bowrampet, Hyderabad 500043

Last date for
submission of claims:    September 7, 2020


TYSON RETAIL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Tyson Retail Services Private Limited
        D-9, 1st Floor Sector-8
        Dwarka New Delhi
        South West Delhi
        DL 110077
        IN

Insolvency Commencement Date: June 4, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 31, 2021

Insolvency professional: Mr. Anil Matta

Interim Resolution
Professional:            Mr. Anil Matta
                         Matta & Assocates
                         308, RG Trade Tower
                         Plot No. B-7
                         Netaji Subhash Place
                         Pitampura
                         New Delhi 110034
                         E-mail: mattaassociates@gmail.com

Last date for
submission of claims:    September 7, 2020


VAIBHAVLAXMI CLEAN: CARE Lowers Rating on INR42.07cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vaibhavlaxmi Clean Energy LLP (VCEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–Long      42.07      CARE D; ISSUER NOT
COOPERATING;
   Term Bank                       Revised from CARE B-; Stable;
   Facilities                      ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2019, placed the
rating(s) of VCEL under the 'issuer non-cooperating' category as
Vaibhavlaxmi Clean Energy LLP (VCEL) had failed to provide
information for monitoring of the rating. Vaibhavlaxmi Clean Energy
LLP (VCEL) continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
July 14, 2020, July 13, 2020, July 9, 2020, July 8, 2020, June 29,
2020, June 19, 2020, June 16, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating have been revised by taking into account the ongoing
delays in repayment of debt obligation due to stressed liquidity
position.. The rating also takes into account the non-availability
of information and due-diligence has been conducted due to
non-cooperation by Vaibhavlaxmi Clean Energy LLP with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker could not be contacted. The rating on
the company's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

Vaibhavlaxmi Clean Energy LLP (VCEL) is a Limited Liability
Partnership (LLP) firm, incorporated in September 2010 and promoted
by Mr. Sanjay Agarwal, Ms. Manjari Agarwal and M/s Mantram Power
Private Limited (MPPL). Mr. Sanjay Agarwal is an ex-MD of KS Oils
Limited (KSOL) and Ms. Manjari Agarwal is a managing trustee of
Lord Shiva Trust (LST, rated CARE D in March-18). During June 2011,
VCEL set upwind power generation capacity of 14.4 MW including 8.4
MW at Ratlam, Madhya Pradesh (MP) and 6 MW at Tirunelveli, Tamil
Nadu (TN). The projects were set up at a total cost of INR84 crore,
funded through debt of INR60 crore and remaining INR24 crore
through partner's contribution. VCEL had entered into Power
Purchase Agreements (PPAs) with M.P. Power Management Company
Limited for the Madhya Pradesh project for a period of 25 years
starting from July 2011 and with Tamil Nadu Generation and
Distribution Corporation Limited for the Tamil Nadu project for a
period of 20 years starting from August 2011.


VAISHNAVI FOOD: ICRA Keeps B- on INR6cr Credit in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR6.00 bank facilities of Vaishnavi
Food Products continues to remain under 'Issuer Not Cooperating'
category'. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT
COOPERATING"; Rating continues to remain under 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term:            6.00      [ICRA]B- (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, Vaishnavi Food Products (VFP) is promoted by
Mr. Ashok Kumar. Since inception, the firm has been engaged in
processing and freezing of Green Peas as well as other vegetables.
The firm started its commercial operations in 2011 at its
manufacturing unit located at Sultanpur Patti,Bazpur (U.S.
Nagar).The firm has the production facility of 2 MT of peas per
hour. The firm also has four warehouses which have the facility to
store 2000 MT of peas in one warehouse and 500 MT in other three.


VASCULAR THERAPEUTICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vascular Therapeutics India Pvt. Ltd.
        10, Floor 5, Plot 75/77, C
        Sheriar Baug, Noor
        R B Marg, Umerkhadi
        Chinchbunder
        Mumbai 400009
        MH IN

Insolvency Commencement Date: August 21, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 17, 2021

Insolvency professional: Mr. Mahesh Sureka

Interim Resolution
Professional:            Mr. Mahesh Sureka
                         173 Udyog Bhavan
                         Sonawala Road
                         Goregaon East
                         Mumbai 400063
                         E-mail: mahesh@mrsureka.com

Last date for
submission of claims:    September 4, 2020


VIJAY INDUSTRIES: ICRA Lowers Rating on INR7cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Vijay
Industries (VI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term:            7.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

As part of its process and in accordance with its rating agreement
with Vijay Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

Incorporated in 1978 as a flagship firm of the 'B.L. Data Group',
Vijay Industries (VI) commenced commercial production of mustard
oil and oil cake in Khairtal, Rajasthan. The company has a seed
crushing capacity of 80 Metric Tonnes of mustard seeds per day. The
company sells mustard oil under the brand 'Scooter'. The Data Group
manufactures and markets a range of products such as mustard oil,
vanaspati ghee, refined oil (mustard / soyabean), groundnut oil,
iodised salt, de-oil cake (DOC), oil cake, wind power, internet and
IT services and software. The group operates seven edible oil
manufacturing facilities with a total manufacturing capacity of
2,000 TPD.


YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogindera
Worsted Limited (YWL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       66.18      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank       9.25      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 24, 2019, placed the
rating of YWL under the 'issuer non-cooperating' category as YWL
had failed to provide information for monitoring of the rating. YWL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 23, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

* Delays in the debt servicing and history of debt restructuring:
There are ongoing delays in the servicing of the debt obligations
by YWL. The company has been classified as Non-Performing Asset
(NPA) by the bank. The company has a history of debt restructuring.
In the midst of liquidity constraints faced by the company, its
debt was restructured in March, 2015. Post the restructuring of the
debt, the fund based working capital limits of the company were
reduced from INR27.50 crore to INR20.60 crore while the INR6.90
crore, carved out of the cash credit limit was restructured into
working capital term loan repayable from January, 2017.

* Weak financial risk profile: The scale of operations of the
company declined by ~13% on a year-on-year (y-o-y) basis to
INR77.64 cr. in FY19 from INR89.50 cr. in FY18. The losses at
PBILDT level increased to INR17.97 cr. in FY19 from INR1.47 cr. in
FY18. The debt equity ratio and the overall gearing ratios of the
company deteriorated to 4.58x and 4.61x, respectively as on
March 31, 2019 from 1.82x and 3.08x as on March 31, 2018 on account
of deterioration of networth base of the company due to continued
losses incurred at net level in the past.

* Working capital intensive nature of operations: The operating
cycle of YWL stood elongated at ~248 days, as on March 31, 2019
(~302 days as on March 31, 2018).

Incorporated in 1997, Yogindera Worsted Limited (YWL) was promoted
by Mr.Ajay Kumar Gupta and his family members in collaboration with
Punjab State Industrial Development Corporation Limited (PSIDCL).
It was subsequently acquired by the 'Shiva' group in 2007. The
product profile of YWL was also changed from predyed
worsted/acrowool yarn to include other varieties of yarns like
dyed/white worsted woolen yarn, acrowoolen yarn, acrylic yarn,
polyester yarn, fancy yarn, hand knitting yarn, melange yarns,
space dyed/printed yarns, knitted cloth, etc. The company operates
from its manufacturing facility in Bathinda, Punjab, at an
installed capacity of 11,464 meteric tonnes, per annum, as on March
31, 2015.


[*] INDIA: Single-Member Bench Cannot Hear Insolvency Plea
----------------------------------------------------------
The Economic Times reports that a single-member bench of the
National Company Law Tribunal (NCLT) can't hear and decide on a
company when the law requires a division bench, including both
judicial and technical members, to constitute the adjudicating
authority.

According to the report, Indore-based Indison Agro Foods Ltd, which
is facing insolvency resolution by Allahabad Bank in the Ahmedabad
NCLT, had approached the National Company Law Appellate Tribunal
(NCLAT), seeking appellate tribunal's intervention for referring
the matter to a division bench.

ET relates that the debtor argued that when the matter came for
hearing at the NCLT Ahmedabad, initially the judicial member of the
division bench recused from the hearing and hence the matter was
referred to the registrar for reconstitution of the bench.

However, according to the Indore-based firm, the registrar had
referred the matter to the single member, ET says. The law requires
the bench to consist of two members, with both judicial and
technical competence, to hear cases related to the Insolvency &
Bankruptcy Code (IBC).

So, Indison Agro Foods had challenged the constitution of the bench
at the appellate tribunal.

On August 24, acting chairperson of NCLAT, Justice Bansi Lal Bhat,
Justice Jarat Kumar Jain and a technical member Ashok Kumar Mishra,
while disposing of the case directed the president of NCLT to
constitute a bench comprising a judicial member and a technical
member.

"This ruling will leave no room for further challenges on the
validity of the benches' constitution since technical members are
included for their expertise," ET quotes Nipun Singhvi, advocate
for Indison Agro Foods, as saying.

ET says the appellate tribunal recently set aside Mumbai NCLT's
ruling where the point of law involved the authority of a technical
member, originally not a part of the hearings, to sign an order.

On August 5, the NCLAT had set aside the bankruptcy court's
approval to a consortium led by investor Kalraj Dharamshi and Rekha
Jhunjhunwala to acquire Ricoh India.

Kotak Investment Advisors, the private equity arm of Kotak Mahindra
Bank that was one of the bidders for Ricoh India, had challenged
the NCLT decision, ET notes. It had argued that the
Dharamshi-Jhunjhunwala consortium was allowed to submit its bid
after the expiry of the deadline and when the bids by other bidders
had already been opened. The PE also argued that the NCLT bench had
passed the order even though the technical member didn't get an
opportunity to hear the arguments on that application.




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

AIR NEW ZEALAND: To Draw on Government Loan After First Loss
------------------------------------------------------------
Jamie Freed at Reuters reports that Air New Zealand Ltd plans to
draw on a NZD900 million government loan within days to help it
weather the coronavirus pandemic after reporting its first annual
loss in almost two decades.

Reuters says the funding injection will provide some much needed
liquidity as the airline burns through cash, but it will come at a
cost. Along with interest rates of 7-9%, the loan gives the
government the right to seek repayment through a capital raising
after six months or convert the loan to equity.

"It was always intended as a short-term funding arrangement," Chief
Financial Officer Jeff McDowall told Reuters in an interview. "It
is not cheap because it is short term."

The loan also gives the government security over many of Air New
Zealand's aircraft, complicating its ability to get commercial
funding until the loan is retired, Mr. McDowall said, Reuters
relays.

According to Reuters, the carrier forecast another loss this fiscal
year as it reported an underlying pretax loss of NZD87 million in
the 12 months ended June 30, compared with a NZD387 million profit
a year earlier.

Reuters says stronger-than-expected domestic demand and increased
cargo flying helped it beat a NZD120 million loss the company had
forecast in June. But the bottom-line figure blew out to a NZD454
million loss, driven by aircraft impairments and restructuring
charges.

Air New Zealand has cut around 30% of its workforce and grounded
most of its long-haul fleet in an effort to reduce cash burn amid
international travel restrictions, Reuters relates.

Reuters notes that the domestic market had recovered to 70% of
normal levels in July when New Zealand stamped out local
transmission of the coronavirus, but a fresh outbreak in Auckland
earlier this month brought renewed travel restrictions that forced
the airline to both cut capacity and comply with social distancing
rules on its planes.

If those domestic restrictions are lifted, the airline said it
could reduce its cash burn to NZD65-85 million per month, down from
NZD108 million in August.

"We are hopeful we can get back to running a more sustainable
operation without social distancing," Chief Executive Greg Foran
told Reuters.

Under social distancing, the airline can sell only two-thirds of
the seats on its jets and half the seats on its turboprops.

Reuters relates that Mr. Foran said talks with the government about
the capital restructure were ongoing, declining to comment on
whether a delayed Oct. 17 national election was a factor in the
timing of a decision.

The government currently has a 52% "hands-off" stake in the
airline, a remnant of a 2002 bailout that followed a failed tie-up
with Ansett Australia and the fallout from the U.S. Sept. 11
attacks, Reuters relays.

Rivals Qantas Airways Ltd and Singapore Airlines Ltd have raised
equity in addition to taking out debt facilities secured over
aircraft, the report adds.

Based in Auckland, Air New Zealand Limited operates scheduled
passenger flights to 20 domestic and 32 international destinations
in 20 countries, primarily around and within the Pacific Rim.


CLEAVER & CO: Christchurch Restaurant Placed Into Liquidation
-------------------------------------------------------------
Stuff.co.nz reports that a central Christchurch restaurant in the
EntX building has closed due to the "current environment", amid
fears for the survival other hospitality outlets in the complex and
city.

The company behind Cleaver & Co in the city was placed into
liquidation on Aug. 9, Stuff discloses citing companies office
records. The eatery had been operating for about two years.

It is the latest of several closures or sales this year stemming
from the effects of coronavirus, with industry members fearing more
closures are likely without more support, Stuff says.

Stuff relates that a post on Cleaver & Co's Facebook page said the
restaurant was "saddened to announce that due to the current
environment we have had to make the tough decision to close our
doors".

Cleaver and Co Christchurch Ltd's directors are Scott Becker, Tom
Cairns and Robert Symes, Stuff discloses. Mr. Becker said they did
everything they could to stay open and were working with creditors.
The directors had paid staff wages and holiday pay.

The first liquidator's report, filed on Aug. 17, said Cleaver & Co
had been liquidated because it was struggling to be profitable, and
Covid-19 had added further pressure. The directors had tried to
sell the business, the report said, Stuff relays.

An estimated NZD500,000 is owed to unsecured creditors and an
unknown amount is owed to nine secured creditors, Stuff discloses.

Mr. Becker and Mr. Cairns are also directors in the Fox and Ferret
chain of Christchurch pubs. Three other Cleaver & Co restaurants,
with different owners, are still operating in Auckland, the report
notes.




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

FLOATEL INT'L: In Talks to Extend Lapsed Debt-Payment Agreement
---------------------------------------------------------------
Rachel Chia at The Business Times reports that the forbearance
agreement between Floatel International and an ad-hoc committee
(AHC) of holders of its US$400 million senior secured, first-lien 9
per cent bonds has been extended again, this time to Sept. 15, from
Aug. 31.

The AHC holds more than 56 per cent of the Oslo-listed bonds'
outstanding amount.

BT relates that Floatel, an associate company of Keppel Corp,
announced the standstill extension on Aug. 31 in an update about
its discussions with secured financial creditors.

Signed in April, the forbearance agreement has been extended
several times, and relates to about US$22.8 million in coupon
payments due under both the first-lien and second-lien bonds, BT
recalls.

Aside from the first-lien bonds, Floatel also has US$75 million in
second-lien 12.75 per cent bonds and is the borrower under a US$150
million term loan and US$100 million in undrawn revolving credit
facilities with a syndicate of bank lenders.

According to BT, Floatel on Sept. 1 said its payment agreement with
the bank lenders - where certain expenses in respect of Floatel
Endurance and the bank collateral companies are covered by proceeds
in blocked accounts - has lapsed in accordance with the terms of
the agreement.

It is in constructive discussions with the lenders on an extension,
it said. The group's vessels and business continue to operate as
normal, it added.

In July, Keppel posted a second-quarter net loss of SGD697 million,
anchored by massive impairments of SGD919 million, which included
the conglomerate's SGD227 million share of Floatel's impairment of
vessels and a SGD10 million fair value loss on the investment in
Floatel, BT discloses.

BT relates that Keppel's financial results led to it breaching the
material adverse change clause in Temasek Holdings' SGD4 billion
partial offer, which the investment firm later withdrew.

Meanwhile, in June, Keppel said Floatel would conduct an
independent review of its business plan, which may include a review
and update of the assumptions used in the impairment assessment of
its vessels, BT adds.

Floatel International Ltd. owns and operates a fleet of oil
production platform vessels. The Company charters mobile oil
platform drilling vessels for the production of crude oil. Floatel
International offers their vessels to oil production companies
internationally.


HIN LEONG: Judicial Managers Sue Founder O.K. Lim & Two Children
----------------------------------------------------------------
The Straits Times reports that embattled oil tycoon Lim Oon Kuin,
better known as O.K. Lim, and his two children have been sued by
Hin Leong Trading judicial manager PricewaterhouseCoopers Advisory
Services in its bid to recover US$3.5 billion (SGD4.75 billion)
plus another US$90 million in dividends the Lims allegedly paid
themselves even though the company was insolvent.

In court documents seen by The Straits Times, judicial managers Goh
Thien Phong and Mr Chan Kheng Tek accused O.K. Lim, his son Evan
Lim Chee Meng and daughter Lim Huey Ching of breach of fiduciary
duties as directors and fraudulent trading.

They were accused of "deliberately concealing (Hin Leong's) losses
and portraying it as a profitable company when in fact it was
massively insolvent".

The Straits Times relates that the alleged fraudulent activity
included "the creation of fictitious gains to conceal accumulated
trading and other losses, the forgery of documents, the
manipulation of Hin Leong's accounts through irregular accounting
entries, the overstatement of Hin Leong's inventory and the
obtaining of financing through improper means".

As a result, they presented a "vastly misleading picture of its
financial health to external parties and deceived its lenders into
extending financing even though Hin Leong has been insolvent since
the financial year ended Oct 31, 2012", Mr. Goh said, the report
relays.

The elder Lim is out on $3 million bail after being charged on
Aug. 14 with abetment of forgery for the purpose of cheating, the
report adds.

Hin Leong is now under investigation by the police and increased
scrutiny by several regulators after O.K. Lim admitted that the
firm hid about US$800 million in losses incurred from futures
trading over the years on his orders, according to The Straits
Times. Hin Leong sold a substantial part of the inventory it had
used as collateral to secure loans from its banks, according to
earlier court filings.

The Straits Times adds Mr. Goh said there is evidence to suggest
that the company had suffered accumulated derivatives trading
losses of about US$808 million over the past 10 years.

In addition, Ernst & Young, the judicial manager of Hin Leong
shipping arm Ocean Tankers, has sued O.K. Lim, his son and daughter
over US$19 million allegedly transferred from Ocean Tankers' bank
account to the trio's bank accounts just days before the company
filed for the debt moratorium, The Straits Times relays.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.


KRISENERGY LTD: Applies for Fourth Extension of Debt Moratorium
---------------------------------------------------------------
The Business Times reports that KrisEnergy Ltd announced that it
has applied for a fourth extension of its debt moratorium by
another two months to Oct. 27. The hearing for the application will
take place at 10:00 a.m. on Sept. 7.

BT says the firm is seeking protection from creditors including DBS
Bank, Keppel Shipyard, Rubicon Vantage International and holders of
the various notes the company has issued, while it tries to
restructure debt of US$476.8 million.

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Trading in its shares has been suspended pending the restructuring,
BT noted.

Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10,
2019, informal investor meeting for noteholders and shareholders.


KRISENERGY LTD: Says AIH Offer Was for Assets Only
--------------------------------------------------
The Business Times reports that KrisEnergy Ltd on Aug. 31 said it
had received a confidential non-binding conditional offer from
AlHassan International Holdings (AIH) in 2017, among others, to
acquire certain assets of KrisEnergy.

But there was no offer from AIH to acquire any shares in the firm,
the report says.

On Aug. 27, The Business Times reported that AIH had proposed to
pay KrisEnergy US$230 million for its stakes in several oil fields,
and wanted to buy Keppel Corporation's 40 per cent stake in
KrisEnergy.

A source also told BT that sale-and-purchase agreements were
drafted but not signed, as the various parties could not agree on
the terms. The source also said accepting the offer could have
prevented KrisEnergy from ending up in its current position.

In a regulatory filing on Aug. 31, KrisEnergy confirmed that it had
received AIH's offer in 2017 to acquire certain assets of the
company, but had also "engaged with various potential bidders"
under a portfolio rationalisation exercise under its "new business
plan" announced on Nov. 3, 2016.

It also clarified that it did not receive an offer or proposal from
AIH to acquire any stake or shares in the company.

According to the report, KrisEnergy said that if completed, these
asset offers are in the "company's ordinary course of the business
of farming out oil and gas properties" and that the portfolio
rationalisation was done to reduce the company's risk exposure in
assets where it held a majority working interest, as well as to
divest its non-core assets.

BT relates that the company said that while it had entered into
discussions with AIH to "seek to progress the asset offer",
definitive asset sale terms were not agreed upon and no binding
offer or agreement was ultimately reached or signed.

"Given that no binding offer was ultimately reached with AIH and
the general complexity of such transactions, the company is of the
view that no "potential lifeline" was passed up," said the
company.

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Trading in its shares has been suspended pending the restructuring,
BT noted.

Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10,
2019, informal investor meeting for noteholders and shareholders.




===============
X X X X X X X X
===============

[*] Atradius Expects 26% Spike in Insolvencies in 2020 2nd Half
---------------------------------------------------------------
Atradius anticipates a 26% increase in global corporate
insolvencies, largely in the second half of 2020. The increase is
mainly driven by the impact the Covid-19 pandemic is having on
global economies. Every major economy, except for China, is
expected to enter recession this year. The depth and length of
which will be determined by the ability of economies to manage
health regulations and either exit lockdowns or thrive in social
distancing.

Atradius Chief Economist John Lorié commented, "Government
measures have reduced the anticipated increase in bankruptcy
filings in a range of ways. They have either shifted the threshold
for filing, reduced debtor's ability to force bankruptcy, or
provided sufficient financial support to delay filings. However as
the support programs begin to expire, the number of filings should
climb rapidly."

Southern Europe economies are experiencing a bigger coronavirus
impact than Northern Europe. Southern European economies such as
Spain, Italy, France, Portugal and Greece typically rely more
heavily on tourism. Germany, Denmark, Austria and the Netherlands
are less dependent on tourism and have fared better in containing
new infections, with their economies seeming to adapt better to
social distancing restrictions. In Germany, the forecast of a
particularly small rise in insolvencies reflects the low
correlation between GDP and insolvencies as well as (along with
Switzerland) less stringent lockdown measures. The UK is expected
to experience the largest GDP contraction in Europe following a
more stringent lockdown and Brexit uncertainty.

The US, Japan and Australia have more positive GDP outlooks than
most European countries. However, the US, along with Hong Kong and
Turkey, is expected to experience one of the largest insolvency
increases. Japan's early lifting of restrictions put pressure on
economic growth which may raise insolvency risks. And while
Australia has been a model example for containment, its tourism
industry may experience a latent impact causing a bigger increase
in 2021 insolvencies.

                           About Atradius

Atradius -- https://group.atradius.com -- is a global provider of
credit insurance, surety and collections services, with a strategic
presence in over 50 countries. The credit insurance, bond and
collection products offered by Atradius protect companies around
the world against the default risks associated with selling goods
and services on credit. Atradius is a member of Grupo Catalana
Occidente (GCO.MC), one of the largest insurers in Spain and one of
the largest credit insurers in the world.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***