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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, December 23, 2020, Vol. 23, No. 256

                           Headlines



A U S T R A L I A

MEGAWALL PTY: First Creditors' Meeting Set for Jan. 5
P. & K. WEATHERBURN: First Creditors' Meeting Set for Jan. 4
PROJECT SUNSHINE IV: Moody's Completes Review, Retains B2 Rating
SGB FACILITY: Second Creditors' Meeting Set for Dec. 31
TANDEM COLLEGE: First Creditors' Meeting Set for Jan. 4



C H I N A

TIANQI LITHIUM: Chairman Required to Lend Company US$117MM


I N D I A

ADITYA AUTOMOBILE: ICRA Keeps B on INR10cr Loan in Not Cooperating
ANTAL INFOTECH: Insolvency Resolution Process Case Summary
ARMSTRONG TEXTILE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
ASK HOME: Ind-Ra Keeps D LongTerm Issuer Rating in NonCooperating
ASOPALAV DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating

BRISK INDIA: ICRA Keeps D on INR90cr Bank Loans in Not Cooperating
CITIZEN CARS: ICRA Keeps D on INR10cr Loans in Not Cooperating
ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
GLOBAL PROPERTIES: Ind-Ra Keeps BB- Issuer Rating in NonCooperating
GREEN PETRO: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable

HINDUSTAN FLOUR: ICRA Keeps B on INR10cr Loans in Not Cooperating
HOOGHLY SHIPBREAKERS: ICRA Cuts Rating on INR70cr Loan to D
INDIA: Suspension of Fresh Insolvency Process Extended Until March
KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating
L&T CHENNAI: ICRA Keeps D on INR475cr Loan in Not Cooperating

LUCKNOW SITAPUR: ICRA Keeps D on INR142cr Loans in Not Cooperating
M.D. FROZEN EXPORTS: ICRA Keeps D on INR55cr Loan in NonCooperating
M.D. FROZEN FOOD: ICRA Keeps D on INR65cr Loans in Not Cooperating
MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating
MONNET POWER: Ind-Ra Withdraws 'D' Loan Ratings

MONO ACRIGLASS: Insolvency Resolution Process Case Summary
NARMADA CEREAL: Insolvency Resolution Process Case Summary
NEW CITIZEN: ICRA Keeps D Debt Ratings in Not Cooperating
OCTOPUS PAPERS: Insolvency Resolution Process Case Summary
PADMA GEMS: ICRA Keeps B+/A4 on INR17.5cr Loans in Not Cooperating

PATIL CONSTRUCTION: Ind-Ra Moves D Issuer Rating to NonCooperating
PIYUSH COLONISERS: ICRA Keeps D on INR30cr Loans in Not Cooperating
RAJALAXMI EDUCATION: ICRA Cuts Rating on INR21cr LT Loan to B+
RAJARAM FLOUR: ICRA Keeps D on INR12cr Loans in Not Cooperating
RAYAT & BAHRA: ICRA Keeps D on INR78cr Loans in Not Cooperating

ROSHAN FRUITS: Insolvency Resolution Process Case Summary
SAI MAATARINI: Ind-Ra Affirms 'D' Rating on INR13,973BB Term Loans
SAMBHAJI RAJE: ICRA Keeps D Debt Ratings in Not Cooperating
SARASWATI EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating

SHIVAM COTTEX: ICRA Keeps D on INR7.5cr Loans in Not Cooperating
SHUBHLAXMI GUM: ICRA Moves B/A4 Debt Ratings to Not Cooperating
SOUBHAGYALAXMI FOODS: Insolvency Resolution Process Case Summary
STATUS CLOTHING: ICRA Keeps D on INR14.5cr Loans in Not Cooperating
TEXPLAS INDIA: ICRA Keeps D on INR17cr Bank Loans in NonCooperating

UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
V3S INFRATECH: ICRA Keeps D on INR72.5cr Loans in Not Cooperating
VALUE INFRAESTATE: Insolvency Resolution Process Case Summary


M A L A Y S I A

AIRASIA: Airbus SE Warns of $5BB in Lost Orders on Unit's Debt Plan
SARAWAK CABLE: To Restructure Subsidiary Loans

                           - - - - -


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

MEGAWALL PTY: First Creditors' Meeting Set for Jan. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Megawall Pty
Ltd will be held on Jan. 5, 2021, at 2:30 p.m. The meeting will be
conducted by telephone conference or online video conference using
Zoom Meetings.  

Bruno Anthony Secatore and Glenn Spooner of Cor Cordis were
appointed as administrators of Megawall Pty on Dec. 21, 2020.


P. & K. WEATHERBURN: First Creditors' Meeting Set for Jan. 4
------------------------------------------------------------
A first meeting of the creditors in the proceedings of P. & K.
Weatherburn Heavy Machinery Repairs Pty. Limited will be held on
Jan. 4, 2021, at 10:30 a.m. via teleconference.

Andrew Blundell of Worrells Solvency & Forensic Accountants was
appointed as administrator of P. & K. Weatherburn on Dec. 21,
2020.


PROJECT SUNSHINE IV: Moody's Completes Review, Retains B2 Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Project Sunshine IV Pty Ltd and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1m 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Project Sunshine's B2 rating is supported by a solid financial
profile with low leverage, adequate liquidity position and healthy
levels of free cash flow which have enabled debt reduction ahead of
expectations.

However, the rating is constrained by its weak operating profile
from the structural decline of its directory business as consumers
shift from print to digital media and the growth of internet search
engines.

The principal methodology used for this review was Media Industry
published in June 2017.


SGB FACILITY: Second Creditors' Meeting Set for Dec. 31
-------------------------------------------------------
A second meeting of creditors in the proceedings of SGB Facility
Services Pty Ltd has been set for Dec. 31, 2020, at 12:00 p.m. at
One Wharf Lane, Level 20, 171 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 30, 2020, at 4:30 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Skin Boost on Nov. 24, 2020.


TANDEM COLLEGE: First Creditors' Meeting Set for Jan. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tandem
College Pty Ltd, trading as Exoskeletons Australia & Minerva
College & Minerva Education Group, will be held on Jan. 4, 2021, at
via ZOOM meeting only.

Daniel Obrien of DV Recovery Management was appointed as
administrator of Tandem College on Dec. 21, 2020.





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

TIANQI LITHIUM: Chairman Required to Lend Company US$117MM
----------------------------------------------------------
Nikkei Asia reports that the chairman of troubled Chinese miner
Tianqi Lithium is to lend the company $117 million under a
condition of the company's deal with Australian miner IGO Ltd.

Tianqi Lithium came close to defaulting last month on $1.88 billion
in loans taken out two years ago to finance the purchase of a large
stake in Chilean lithium miner SQM, Nikkei Asia recalls. IGO helped
Tianqi Lithium out of the debt squeeze by agreeing to buy nearly
half of Tianqi Lithium's interest in a joint venture that controls
Greenbushes, the world's largest lithium mine, and a nearby
processing facility in Western Australia state.

Nikkei Asia relates that Tianqi Lithium, in a filing to the
Shenzhen Stock Exchange, where it is listed, said that Chairman
Jiang Weiping's investment vehicle will extend a loan of $117
million to the company as it struggles to repay its heavy debt
obligations created by a series of acquisitions.

Investors welcomed the news, with analysts viewing the development
as an additional personal guarantee by the company's owner.

Dennis Ip, an analyst at Daiwa Capital Markets in Hong Kong, told
Nikkei Asia that it was "interesting to see [the] market reacting
so positively" to Dec. 22's announcement. The cash contribution was
"to ensure Mr. Jiang having skin in the game" for the restructuring
deal with IGO.

The chairman's personal commitment was necessary so that the
"interests of IGO, Tianqi Lithium and Mr. Jiang himself can be
better aligned, so to mitigate any potential principal-agent
problem," he said.

Ip noted that Jiang and Chengdu Tianqi Industry Group, his
investment vehicle and the leading shareholder of Tianqi Lithium,
had been providing support for the listed company for at least the
past few years, according to Nikkei Asia.

Tianqi Lithium reached a deal this month to sell almost half of its
interest in the investment vehicle holding its stake in the mine at
Greenbushes.

In exchange for the Australian company paying $1.4 billion, the
agreement stipulated that Jiang provide a $117 million five-year
unsecured loan, either by himself or from one of the companies that
he controls other than Tianqi Lithium. The interest rate was set at
no more than 5%, which compares with the official prime lending
rate of 4.65%, set by the People's Bank of China on Monday for
loans of at least five years. Jiang is required to extend the loan
by Feb 1.

According to the report, Tianqi Lithium's board on Dec. 21 approved
the acceptance of cash from Chengdu Tianqi, its parent company.
Jiang owns 88.6% of Chengdu Tianqi, while his daughter Jiang Anqi
holds 10%.

Tianqi Lithium's annual report, published in April, indicated that
Jiang personally guaranteed a U.S.-dollar-denominated loan of $3.5
billion from a syndicate led by Chinese state-owned Citic Bank in
Nov. 2018, Nikkei Asia discloses. Separately, Chengdu Tianqi has
provided a guarantee of a 300-million-yuan ($45.8 million) loan for
the listed entity.

Jiang's family has committed its personal fortune into Tianqi
Lithium as well, the report says. In a new-share placement
completed in January, Zhang Jing and Li Silong, Jiang's wife and
son-in-law, bought a combined 41% of the total new issuance worth
CNY1.2 billion in cash, according to the filing.

Chengdu Tianqi has been selling the listed company's shares since
July, Nikkei Asia notes. So far, it has disposed of roughly 80
million shares, bringing its holdings down to 30.6% as of Dec. 21
compared with 36.04% previously.

                       About Tianqi Lithium

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.  The
company owns a 51% stake in the Greenbushes lithium mine in Western
Australia. It also owns a 25.9% stake in Chilean chemical producer,
Sociedad Quimica y Minera de Chile S.A.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
7, 2020, Moody's Investors Service has downgraded to Caa2 from Caa1
Tianqi Lithium Corporation's corporate family rating (CFR), and to
Caa3 from Caa2 the senior unsecured rating on the bonds issued by
Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium. The ratings
outlook remains negative.




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

ADITYA AUTOMOBILE: ICRA Keeps B on INR10cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the Rs.10.00-crore bank facilities of
Aditya Automobile Spares Private Limited (AASPL) 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-Fund       10.00     [ICRA]B(Stable) ISSUER NOT
   Based Cash Credit              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/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.

AASPL was incorporated in the year 1971 under the name 'Alagendra
Auto Parts' and was renamed in 2003 as Aditya Automobile Spares
Private Limited. The company is engaged in trading of automobile
spares of OEMs (Original Equipment Manufacturers) of two wheelers
and three wheelers. The company is an authorized stockist for
spares of OEMs like Yamaha, Royal Enfield and Bajaj. Spare parts of
other OEMs are procured from wholesale vendors. The company also
sells batteries and lubricants. At present, the company has five
retail outlets spread across various parts of Coimbatore. The main
outlet is in Coimbatore and is spread over an area of 25,000 square
feet in a six-storey building.  


ANTAL INFOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Antal Infotech Private Limited
        351, 3rd & 4th Floor
        Salarpuria Tower-1
        Hosur Road
        Near Forum Mall
        Koramangala 7th Block
        Bangalore 560095

Insolvency Commencement Date: December 8, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: June 6, 2021
                               (180 days from commencement)

Insolvency professional: Ganesh Panduranga Pai

Interim Resolution
Professional:            Ganesh Panduranga Pai
                         #68, Chitrapur Bhavan
                         6B, 6th Floor, 8th Main
                         15th Cross, Malleshwaram
                         Bangalore 560055
                         E-mail: pragnya.cas@gmail.com
                         Mobile: 9845666596

Last date for
submission of claims:    December 22, 2020


ARMSTRONG TEXTILE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Armstrong Textile
Processing Private Limited (ATPPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR27.5 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR100.0 mil. Term loan due on March 2027 assigned with
     IND BB/Stable rating.

ATPPL's promoters had purchased the shares of a sick unit namely
Jamara Textile Processing Private Limited (erstwhile name) in March
2017 as part of an expansion of business in the dyeing segment.
This company was renamed ATPPL effective March 16, 2017. FY18 was
its first full year of operations.

KEY RATING DRIVERS

The ratings reflect ATPPL's small scale of operations, as indicated
by the revenue of INR208.59 million in FY20 (FY19: INR186.14
million). The revenue grew 12% yoy due to an increase in the orders
from its sister company, Armstrong Knitting Mills (accounts for an
average of 75% of ATPPL's sales). ATPPL had orders in hand of
INR73.5 million as of October 1, 2020, which is scheduled to be
executed by FYE21. The company achieved revenue of INR91.8 million
in 1HFY21. The agency expects the revenue to fall marginally on a
yoy basis in FY21 owing to the impact of COVID-19-led operational
disruptions in 1QFY21. FY20 numbers are provisional in nature.

The ratings reflect ATPPL's modest EBITDA margins due to the
intense competition in the industry. Furthermore, the margins are
volatile, ranging between 14%-30% over FY17-FY20, due to
fluctuations in input prices, particularly dyes and chemicals. The
volatility in margins is also attributed to the different types of
orders received by the company; fabrics that need to dyed in dark
colors fetch higher margins than those dyed in medium and light
colors. The margins declined to 24% in FY20 (FY19: 28.9%) due to an
increase in raw material costs as well as other operating expenses.
The company's return on capital employed was 7% in FY20 (FY19:
10%). Ind-Ra expects the EBITDA margins to decline further in FY21
due to the likely fall in revenue.

The ratings are further constrained by ATPPL's weak credit metrics
due to the modest margins and high debt levels
(FY20:INR267.21million; FY19:INR285.16 million). The net leverage
(adjusted net debt/operating EBITDA) marginally improved to 5.09x
in FY20 (FY19: 5.28x) on account of a 6% yoy fall in the overall
debt. The interest coverage (operating EBITDA/interest expenses)
deteriorated to 3.83x (4.25x) owing to a fall in the operating
EBITDA to INR49.15million (FY19:INR53.89 million). Ind-Ra expects
the credit metrics to deteriorate further in FY21, impacted by a
further decline in the EBITDA and an additional sanction of term
loans for the capex planned to purchase machinery.

Liquidity Indicator – Stretched: ATPPL's average peak utilization
was over 96% over the 12 months ended October 2020, Furthermore,
ATPPL's entire borrowings are from one bank. The cash flow from
operations turned positive at INR50.5 million in FY20 (FY19:
negative INR11.12 million) due to an improvement in its working
capital cycle to 113 days (142 days), resulting from a fall in
receivable days to 100 days (131 days) and inventory days to 23
days (57 days). Its cash and cash equivalents stood at INR16.97
million in FY20 (FY19: INR0.82 million) against repayment
obligations of INR15.4 million and INR25.6 million in FY21 and
FY22, respectively. ATPPL had availed the Reserve Bank of
India-prescribed moratorium over March-August 2020

The ratings are supported by ATPPL's locational advantage. The
company operates in Tirupur, Tamil Nadu, which is a hub for textile
and garment manufacturers.  

The ratings are also supported by promoter's experience of four and
half decades in the manufacturing and exporting of ready-made
garments. Furthermore, the company also gets financial support from
its group companies in the form of unsecured loans.

RATING SENSITIVITIES

Negative: A decline in the revenue and the EBITDA, leading to the
interest coverage falling below 2x, all on a sustained basis, could
be negative for the ratings.

Positive: Revenue growth along with an increase in the EBITDA,
leading to an improvement in the credit metrics, all on a sustained
basis, will be positive for the ratings.

COMPANY PROFILE

ATPPL is engaged in the fabric dyeing business. It has a total
dyeing installed capacity of 10,000kg of fabric dyeing per day.
Besides, ATPPL has an effluent treatment plant capacity totalling
to 700 kiloliter  per  day along with imported machine with 11 tons
capacity per day for drying and heat treating fabric after wet
processing.


ASK HOME: Ind-Ra Keeps D LongTerm Issuer Rating in NonCooperating
-----------------------------------------------------------------
Ind-Ra-Gurugram-18 December 2020: India Ratings and Research
(Ind-Ra) has maintained Ask Home Furnishing Private Limited's
Long-Term Issuer Rating of 'IND D (ISSUER NOT COOPERATING)' in the
non-cooperating category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR175 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn;

-- INR5 mil. Non-fund-based working capital limit** maintained in

     non-cooperating category and withdrawn; and

-- INR45.50 mil. Term loan*** due on March 2022 maintained in
     non-cooperating category and withdrawn.

* Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

** Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

*** Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

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

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

COMPANY PROFILE

Incorporated in 2005, Ask Home Furnishing manufactures mink
blankets and mink blanket fabrics at its facility in Gurugram,
Haryana. The company sells its products nationwide under the brand,
Home Jewels.


ASOPALAV DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Asopalav Developers continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          20.00      [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/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.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Rajkot based Asopalav Developers (AD) was established in 2015. The
partners have experience of more than a decade in the real estate
segment. The current project Asopalav Enigma, consists of four
towers of 12 floors, which has 192 units covering a total saleable
area of 184,896 sq. ft. The construction started from April 2017
and was expected to be completed by September 2019.


BRISK INDIA: ICRA Keeps D on INR90cr Bank Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR90.00 crore bank facilities of
Brisk India Private Limited continue to remain under Issuer Not
Cooperating category. The rating is denoted as '[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING'.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      16.37      [ICRA]D ISSUER NOT COOPERATING;
   Based/Term Loan                Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-Fund      35.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/Cash Credit              Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-          10.28      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Short Term-         25.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Short Term-          3.35      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 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 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.

Incorporated in the year 2009, Brisk India Private Limited
(erstwhile Brisk Facilities Private Limited) is involved in
providing various services related to facility management, manpower
and staffing solutions and security.


CITIZEN CARS: ICRA Keeps D on INR10cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the Rs10.00-crore bank facilities of
Citizen Cars continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       7.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-           3.00      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    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.

Established in 1998 by Mr. Haneef Sait as a proprietorship firm in
Bangalore, Citizen Cars is a private pre-owned car (POC) dealer
which primarily deals in high-end range of cars. The major car
brands include- Ford, Honda, Hyundai, Rolls Royce, Bentley, Land
Rover, Toyota, Benz, BMW, Audi, Bugatti, Harley Davidson,
Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. It has one
leased showroom in Hebbal which has a capacity of keeping ~110
cars. Prior to 2013, it was operating in an owned showroom in
Banaswadi which had a capacity of keeping ~60 cars. It has a sister
concern, called, New Citizen Cars, which is also a private POC
dealer and operates out of a showroom with a capacity of keeping
~60 cars in Banswadi, Bangalore.


ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR40.00-crore bank facilities of
Encarta Pharma Private Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      25.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Short Term-         12.50      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term/           2.50      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                    COOPERATING; Rating continues
   Unallocated                    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. 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.

Incorporated in 2001, EPPL is engaged in distribution of medical
devices, implants, equipment and biotechnology products. The
company is headquartered in Bangalore and distributes medical
devices of various renowned global companies such as MedtronicInc,
Draeger Medical and Lifetech Scientific among others. Product
profile of the company consists of cardiac stents, balloons,
valves, pacemakers and oxygenators among others.


GLOBAL PROPERTIES: Ind-Ra Keeps BB- Issuer Rating in NonCooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Global
Properties Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR400 mil. Proposed term loans* assigned and migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

* The provisional rating of the proposed bank facilities has been
converted into final rating as per Ind-Ra's updated policy. This is
because the agency notes that the debt seniority and general terms
and conditions of working capital facilities and term loan tend to
be uniform across banks, and are not a rating driver.  

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in June 2005, Global Properties is a Bhopal-based
registered partnership firm engaged in the real estate business. It
is promoted by Arvind Agrawal and Ayush Agrawal.


GREEN PETRO: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Green Petro Fuels
LLP (GPF) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR2.17 mil. Term loan due on March 2021 assigned with IND BB-
     /Stable rating;

-- INR68 mil. Fund-based working capital limits assigned with
     IND BB-/Stable rating; and

-- INR20 mil. Non-fund-based working capital limits assigned with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GPF's small scale of operations as indicated by
revenue of INR682.67 million in FY20 (FY19: INR546.89 million). The
increase in revenue was due to a higher demand of industrial oil
products. The firm booked revenue of INR379.30 million in 1HFY21.
Ind-Ra expects the revenue to further increase marginally in FY21,
on account of the stable demand of industrial oil products.

The ratings also factor in GPF's modest EBITDA margin of 3.05% in
FY20 (FY19: 3.82%) with a return on capital employed of 11% (11%).
The decline in the operating margin was due to an increase in the
cost of operations during the period. Ind-Ra expects the operating
margin to remain low on account of the high cost of operations.

The ratings are further constrained by the firm's weak credit
metrics as indicated by the interest coverage (operating
EBITDA/gross interest expenses) of 1.77x in FY20 (FY19: 1.40x) and
thee net leverage (adjusted net debt/operating EBITDA) of 4.25x
(5.71x). The improvement in the credit metrics was driven by the
decline in the total debt, resulting from lower utilization of the
working capital limit and scheduled repayment of the long-term
debt, and the consequent reduction in interest expense. Ind Ra
expects the credit metrics to remain range-bound in the near term.

The ratings also factor in GPF's high geographical and customer
concentration risks, as the firm procures majority of its raw
materials from local suppliers and sells its final product in
Chhattisgarh and neighboring states. Moreover, the firm is exposed
to high customer concentration risks with the top five customers
contributing around 94.64% to the revenue in FY20 (FY19: 46.59%).

Liquidity Indicator – Stretched: GPF's average maximum use of its
fund-based limits was around 82.9% during the 12 months ended
November 2020. The cash flow from operations increased to INR15.92
million in FY20 (FY19: INR7.71 million) on account of lower working
capital requirements. Consequently, free cash flow increased to
INR9.20 million in FY20 (FY19: INR7.59 million). Moreover, the net
cash cycle improved marginally to 55 days in FY20 (FY19: 68 days),
on account of a decrease in the average receivable days to 43 days
in FY20 (FY19: 65 days). The firm's cash and cash equivalents stood
at INR1.17 million at FYE20 (FYE19: INR2.04 million). GPF does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. It had availed the
Reserve Bank of India prescribed moratorium for its term loan
repayments over April to August 2020.

The ratings are, however, supported by the promoter's six years of
experience in the fuel-oil manufacturing business.

RATING SENSITIVITIES

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and the liquidity
profile, all on a sustained basis, would lead to a positive rating
action.

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with the interest
coverage reducing below 1.7x and/or a further pressure on the
liquidity position, all on a sustained basis, will be negative for
the ratings.

COMPANY PROFILE

Established in May 2014, GPF manufactures light diesel oils for
industrial use. Ankit Agrawal and Thirubala Chemicals Pvt Ltd are
the partners of the firm. The firm has a production capacity is
40,000 metric tons.


HINDUSTAN FLOUR: ICRA Keeps B on INR10cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Hindustan Flour Mills (HFM) 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-Fund       10.00     [ICRA]B(Stable) ISSUER NOT
   Based Cash Credit              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/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.

Hindustan Flour Mills (HFM) was established in 1979 and was taken
over by Mr. G. Balasubramanian and three other partners in 2000.
HFM manufactures wheat products which primarily includes maida,
atta and sooji. The manufacturing facility is located in Coimbatore
with an installed capacity to grind 120 MT of wheat per day. The
firm markets its products under the brand name 'Five Star'.
Besides, the firm is also involved in trading of wheat and sale of
by-products including bran, bran flakes and dust.


HOOGHLY SHIPBREAKERS: ICRA Cuts Rating on INR70cr Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Hooghly
Shipbreakers Limited (HSL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term–         70.00      [ICRA]D ISSUER NOT COOPERATING;

   Non-Fund Based                 Rating downgraded from [ICRA]B+
                                  (Stable) ISSUER NOT COOPERATING
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-        (02.55)      [ICRA]D ISSUER NOT
   Interchangeable                COOPERATING; Rating downgraded
                                  from [ICRA]A4 ISSUER NOT
                                  COOPERATING Rating continues to
                                  Remain under 'Issuer Not
                                  Cooperating' category

Rationale

* The rating downgrade reflects delays in Debt Servicing: The
rating is based on limited information on the entity's  performance
since the time it was last rated in September 2019. 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 Hooghly Shipbreakers 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 SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Key rating drivers and their description

Credit strengths: NA

Credit challenges

Delays in debt servicing: There have been delays in debt servicing
as mentioned the account been classified as Non

Incorporated in 1998, HSL was a joint venture between Mr. Russi
Mody (Ex-Chairman Tata Steel Ltd., MOBAR Group) and the partners of
a family-owned shipbreaking firm, M/s. Ganpatrai Jaigopal Group.
However, in 2007, the Mobar Group withdrew from the joint venture
and 100% holding came to Mr. Ramesh Aggarwal and family from the
M/s. Ganpatrai Jaigopal Group. At present, the Aggarwal family owns
54% of the shares of the firm. At present, HSL has been allotted
plot no. V-2 at Alang-Sosiya ship re-cycling yard by the Gujarat
Maritime Board and is involved in ship-breaking activities.


INDIA: Suspension of Fresh Insolvency Process Extended Until March
------------------------------------------------------------------
Finance Minister Nirmala Sitharaman on Dec. 21 said the government
is planning to extend the suspension of fresh insolvency
proceedings for another three months, a move which will provide
major relief to corporate borrowers hit by the coronavirus
pandemic.

Addressing the Bangalore Chamber of Industry And Commerce (BCIC),
she said the government has taken several measures, including
deferment of tax payment date, to help businesses and people.

"Not only the compliance but even the payments for the taxation
related payment which companies have to do were all postponed so
that nobody is put to difficulty," Sitharaman, who also holds the
corporate affairs portfolio, said.

As part of the 'Aatmanirbhar Bharat' package, the government raised
the minimum threshold to initiate insolvency proceedings to INR1
crore from INR1 lakh, which largely insulated micro, small and
medium enterprises (MSMEs) from bankruptcy on defaulting on loans.

"Gradually even the suspension of the IBC (Insolvency and
Bankruptcy Code)... further from 25th of December, I think . . . it
can be up to March 31, 2021.

"So the entire year IBC (has been) suspended, rightfully so because
every industry has gone through major stress because of the
pandemic. And nobody could be drawn towards insolvency process
which may have occurred during the pandemic," she said.

An ordinance was promulgated in June for suspension of fresh
insolvency proceedings and the same came into effect from March 25
-- the day when the nationwide lockdown had come into effect.

A bill to replace the ordinance that had amended the IBC was
cleared by Parliament in September.

The corporate affairs ministry, which is implementing the IBC, has
suspended Sections 7, 9 and 10 to provide relief to companies
reeling under the impact of the pandemic.

Sections 7, 9 and 10 deal with initiation of corporate insolvency
resolution process by a financial creditor, operational creditor
and corporate debtor, respectively.


KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Kshitij Kumar Choudhary continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term-Non        10.00     [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                     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/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. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Kshitij Kumar Choudhary (The Firm), incorporated in 2009 is a
partnership concern, promoted by Mr. Kshitij Kumar Choudhary. The
firm is a royalty contractor for Sand Stone & Khanda mining in
Jodhpur region in the state of Rajasthan. These contracts are
awarded on competitive bidding by Directorate of Mines and Geology
(DMG), Government of Rajasthan. Under these contracts, the firm
collects royalties from the miners based on volumes extracted by
the latter and in turn pays a fixed royalty amount to DMG as per
the pre-fixed schedule. Currently, Kshitij Kumar Choudhary is
working on a toll collection contract in Rajasthan. Details about
which are further discussed in report.


L&T CHENNAI: ICRA Keeps D on INR475cr Loan in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR475.00 crore bank facilities of L&T
Chennai Tada Tollway Limited (L&T-CTTPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-        475.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      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.

L&T Chennai-Tada Tollway Private Limited (L&T-CTTPL) is an SPV
incorporated in March 2008 for implementing the Chennai-Tada Toll
road project. L&T-CTTPL was a 100% subsidiary of L&T – Transco
Private Limited, (in turn a 100% subsidiary of Larsen and Toubro
Ltd). The project scope includes widening the 43.4 km (from Km
11.00 to Km 54.40) long four-lane highway on NH-5 from Chennai to
Tada in Tamil Nadu to six-lane. The project is a part of Golden
Quadrilateral project, under National Highway Development Programme
(NHDP) Phase V, which involved six-laning of selected highdensity
corridors of national highways. The route is a part of NH-5
corridor that connects Chennai and Kolkata. The project was awarded
by NHAI on Design Build Finance Operate (DBFO) basis with a
concession period of 15 years commencing from April 2009. The
scheduled commercial operation date of the project was October
2011; however, the project execution was significantly delayed
owing to problems in land acquisitions (which is under the scope of
NHAI). The overall project cost stands at INR903 crore. L&T CTTL
terminated the concession in June 2015 citing the breach of the
land acquisition clause as per the Concession Agreement and a
default ensued as the toll collections were insufficient relative
to the debt repayment obligations.


LUCKNOW SITAPUR: ICRA Keeps D on INR142cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR142.00 crore bank facilities of
Lucknow Sitapur Expressways Limited (LSEL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term          142.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     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.

LSEL, promoted and 99.64% owned by DSC Limited (DSC), is a Special
Purpose Vehicle (SPV) promoted for undertaking a Build, Operate and
Transfer (BOT) road project involving four laning of Lucknow –
Sitapur section (from Km 488.270 to Km 413.200) of National Highway
24 (NH-24). The project was awarded by National Highway Authority
of India (NHAI) to a consortium led by DSC. The Concession
Agreement (CA), between LSEL and NHAI was executed on December 23,
2005. The project achieved provisional completion certificate in
October 2011 and final completion in August 2012 against scheduled
COD (commercial operation date) of May 2009. The company had
capitalized INR490 crore as project cost. The project road starts
at Sitapur near Sitapur intersection in the Sitapur district (Uttar
Pradesh) and ends at Lucknow and involved total length of ~76 km.


M.D. FROZEN EXPORTS: ICRA Keeps D on INR55cr Loan in NonCooperating
-------------------------------------------------------------------
ICRA said the rating for the INR55.00 crore bank facilities of M.D.
Frozen Food Exports Private Limited has continued to 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term-         28.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain in
   Cash Credit                   the 'Issuer Not Cooperating'
                                 Category

   Long-Term-          0.25      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Ba                   Rating continues to remain in
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Long-Term-         26.75      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain in
   Cash Credit                   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/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. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1996, M.D. Frozen Food Exports Private Limited
(MDPL) is engaged in processing and export of frozen meat to the
Commonwealth of Independent States (CIS) and countries in Africa,
Asia and the Middle East. MDPL purchases raw meat from various
local butchers and government-run slaughter houses. The meat is
then processed by associate concerns, Sushil Ice Factory & Cold
Storage Private Limited (SPL) and MDF (prior to FY15) on job work
basis. SPL has its processing plant and cold storage at Lawrence
Road in New Delhi.


M.D. FROZEN FOOD: ICRA Keeps D on INR65cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR65.00 crore bank facilities of M.D.
Frozen Food Exports has continued to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   LT- Fund Based     54.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 Category

   LT- Fund Based     7.63       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 Category

   Long-Term Non-     0.50       [ICRA]D ISSUER NOT COOPERATING;
   Fund based/Bank               Rating continues to remain in
   Guarantee                     the 'Issuer Not Cooperating'
                                 Category

   Long-Term          2.37       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   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/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.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Formed in 1992 as a partnership firm, M.D. Frozen Food Exports is
engaged in processing and export of frozen meat to various
countries in Africa, Asia and the Middle East. MDF purchases live
animals from traders and farmers and sends it to the Meem Agro
slaughter house. The meat is then processed at its facilities in
Dasna, Ghaziabad (UP), stored at Dasna or at Lawrence road facility
of M/s Sushil Ice Factory & Cold Storage (another promoter
concern), dispatched to Mumbai by train from where it is shipped
overseas. The meat is sold under its own brand name 'Hanian' or
other generic brands as desired by buyers. MDF also used to
processes meat on a contractual basis for its group concern, MD
Frozen Food Exports Private Limited (MDPL) but has not done so in
FY15.


MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Miraj Metals continue to remain under Issuer Not Cooperating
category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based–         2.00       [ICRA]D ISSUER NOT
COOPERATING;
   Cash Credit                    Rating Continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

   Non-fund Based–    13.00       [ICRA]D ISSUER NOT
COOPERATING;
   Letter of Credit               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.

Established in August 2010, Miraj Metals (MM) is a proprietorship
concern, promoted by Mr. Hiten D Mehta and is engaged in the
business of trading of non-ferrous metal scrap. The concern has its
registered office in Vile Parle, Mumbai, a branch office in
Bhavnagar and a godown in Bhiwandi.


MONNET POWER: Ind-Ra Withdraws 'D' Loan Ratings
-----------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Monnet Power
Company Ltd's loan ratings as follows:

-- INR38.190 bil. (including an external commercial borrowing of
     USD140 mil.) Senior project bank loans (long-term) is
     withdrawn; and

-- INR3.5 bil. Subordinated term loan (long-term) is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
company is under liquidation as per the National Company Law
Tribunal's order dated October 23, 2019.

COMPANY PROFILE

Monnet Ispat Energy Limited, through Monnet Power Company, is
implementing a 1,050MW coal-based thermal power project in Angul,
Odisha.


MONO ACRIGLASS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mono Acriglass Industries Limited
        Unit No. 13, Bhilad Laghu
        Udhyogsahakan Mandali
        Taluka Umbergon
        Dist. Valsad
        Gujarat, India

Insolvency Commencement Date: November 23, 2020

Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench

Estimated date of closure of
insolvency resolution process: May 22, 2021

Insolvency professional: Ms. Anjali Choksl

Interim Resolution
Professional:            Ms. Anjali Choksl
                         DJNV & Co
                         2nd Floor, H.N. House
                         Opp. MuktaJivan Colour Lab
                         Above Income Tax Under Bridge
                         Stadium Circle, Navrangpura
                         Ahmedabad 09
                         E-mail: anjali.ibc@gmail.com
                                 cirp.monoacriglass@gmail.com

Last date for
submission of claims:    December 7, 2020


NARMADA CEREAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Narmada Cereal Pvt. Ltd.

        Registered office:
        Shop No. 14, Pocket-A
        Market Sarita Vihar
        New Delhi 110076

        Principal office:
        Plot No. D2 & 3
        Industrial Area Phase-II
        Mandideep, Distt Raisen
        Near Bhopal
        (MP) Pin code 462046

Insolvency Commencement Date: December 8, 2020

Court: National Company Law Tribunal, Meerut Bench

Estimated date of closure of
insolvency resolution process: June 6, 2021

Insolvency professional: Arun Chadha

Interim Resolution
Professional:            Arun Chadha
                         727 Brahmpuri
                         Meerut City
                         U.P. 250002
                         E-mail: chadharun@yahoo.com

                            - and -

                         E-95/2, Naraina Vihar
                         New Delhi 110028

Last date for
submission of claims:    December 22, 2020


NEW CITIZEN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of New
Citizen Cars continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term-Fund       5.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-           5.00      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    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.

Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait) as
a proprietorship firm in Bangalore, New Citizen Cars is a private
pre-owned car (POC) dealer which primarily deals in high-end range
of cars. The major car brands include Ford, Honda, Hyundai, Rolls
Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti,
Harley Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and
Skoda. The firm has one showroom in Banswadi, which has a capacity
of keeping ~60 cars. It has a sister concern, called Citizen Cars,
which is also a private POC dealer and operates out of a showroom
with a capacity of keeping ~110 cars in Hebbal, Bangalore.


OCTOPUS PAPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Octopus Papers Limited
        Plot No. 40
        Damanganga Industrial Park
        Near Noor Weigh Bridge
        Degam Road, Taluka-Pardi
        Vapi Valsad
        Gujarat 396195

Insolvency Commencement Date: December 11, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 9, 2021

Insolvency professional: Premraj Ramratan Laddha

Interim Resolution
Professional:            Premraj Ramratan Laddha
                         304, Abhijit-3
                         Above Pantaloon
                         Mithakhali-Law Garden Road
                         Ellisbridge
                         Ahmedabad 380006
                         E-mail: premladdha@yahoo.com
                                 cirp.octopus@gmail.com

Last date for
submission of claims:    December 29, 2020


PADMA GEMS: ICRA Keeps B+/A4 on INR17.5cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR17.50 crore bank facilities of
Padma Gems Continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+ (Stable)/A4 ISSUER
NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/Short      17.50      [ICRA]B+ (Stable)/A4; ISSUER
   term Fund based                 NOT COOPERATING; Rating
   Limits                          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.

Padma Gems, set up by Mr. Mahesh Mehta in 1992, is involved in
trading and export of CPDs. In 2007-2008, the firm set up a
manufacturing unit in Surat on rented premises to process rough
diamonds into CPDs. It imports rough diamonds from Belgium-based
Indian suppliers and gets them cut and polished. These CPDs are
then exported by PG to various countries like the US, Hongkong,
Belgium, Australia, etc. With the introduction of Mr. Mahesh
Mehta's wife, Ms. Pinky Mehta in the business, the firm's corporate
status underwent a change from proprietorship to partnership in
June, 2010.


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


The instrument-wise rating actions are:

-- INR1.225 bil. Fund-based working capital limits (Long-term) /

     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR4.975 bil. Non-fund-based working capital limits (Short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating;

-- INR581.5 mil. Term loans (Long-term) due on FY20-FY22 migrated

     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR500 mil. Proposed fund-based working capital limits (Long-
     term)* assigned and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

*The provisional rating of the proposed fund-/non-fund-based
facilities has been converted to final rating as per Ind-Ra's
updated policy. This is because the agency notes that debt
seniority and general terms and conditions of the proposed limits
tend to be uniform across lenders, and are not a rating driver.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 5, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Patil Construction and Infrastructure is engaged in the
construction of bitumen and concrete roads/highways, buildings,
storm water drainage, primarily for government agencies. PCIL has a
presence in western parts of Maharashtra, Jharkhand, Chhattisgarh,
Odisha, Telangana and Karnataka.


PIYUSH COLONISERS: ICRA Keeps D on INR30cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR30.00 crore bank facilities of
Piyush Colonisers Limited has continued to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         30.00      [ICRA]D ISSUER NOT 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/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. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

PCL was incorporated in 2004 as a private limited company. This
flagship company of the Piyush Group and is managed by Mr. Anil
Goel and his two sons Mr. Puneet Goel and Mr. Amit Goel. The
company has completed several group housing projects in the NCR and
is currently developing ten projects, namely 'Piyush Horizon' (1st
phase completed) in Dharuhera, 'Piyush City', 'SCO' and 'Elite' in
Palwal, 'Piyush Rosette, Square and Galleria' in Bhiwadi and
'Piyush Height' (possession given in 11 towers out of 17) in
Faridabad. Apart from these projects the company has launched two
projects 'Piyush Epitome' in Palwal and 'Piyush Pranakutti' in
Bhiwadi.


RAJALAXMI EDUCATION: ICRA Cuts Rating on INR21cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Rajalaxmi Education Trust (RET), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-            21.0      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based TL                   COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The ratings are downgrade because of lack of adequate information
regarding RET 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 the rated entity".
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 Rajalaxmi Education Trust, 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 SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Established in 2005, Rajalaxmi Education Trust (RET) runs the
educational institute, "Mangalore Institute of Technology &
Engineering (MITE)", at Moodabidre in Mangalore, Karnataka. This
college was established in FY2008 and is approved by the All India
Council for Technical Education (AICTE), New Delhi, and is also
affiliated to the Visveshwariah Technological University, Belgaum,
Karnataka. It is, moreover, approved by the State Government of
Karnataka. The college offers B. Tech, M. Tech and MBA courses with
close to 3,133 students enrolled under the above courses in the
Academic Year (AY) 2016. The college's daily operations are managed
by its board of management, headed by the Chairman, Mr. Rajesh
Chout.


RAJARAM FLOUR: ICRA Keeps D on INR12cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facilities of
Rajaram Flour Mills Private Limited (RFMPL) Continues 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-Fund       12.00     [ICRA]D ISSUER NOT COOPERATING;
   Based Cash Credit              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/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.

Rajaram Flour Mills Private Limited was established in 1980 by Mr.
G Balasubramanian. The manufacturing facility of RFMPL is in
Madurai and has an installed capacity to grind 70 MT of wheat per
day. RFMPL manufactures various wheat products including maida,
wheat flour (atta) and sooji, among others. The products are sold
under the brand name 'Annalakshmi'. Besides, the company also
engages in trading of wheat and sale of by-products including bran,
bran flakes and dust.


RAYAT & BAHRA: ICRA Keeps D on INR78cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR78.00-crore bank facility Rayat &
Bahra Group Of Institutes: An Educational and Charitable Society
continues to remain under 'Issuer Not Cooperating' category. The
Long-term rating is denoted as "[ICRA] D ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Non-Fund Based        3.20     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-Fund       36.00     [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-Fund       36.61     [ICRA]D ISSUER NOT COOPERATING;
   Based TL                       Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   LT-Unallocated        2.19     [ICRA]D ISSUER NOT 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/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.

Operational since 2005, RBGI is a part of Punjab-based Rayat-Bahra
Group. RBGI operates 12 colleges through its two campuses located
in Mohali and Hoshiarpur. While the Mohali campus became
operational in 2005, the Hoshiarpur campus came into existence in
2008. The society through these two campuses offers various courses
like engineering and technology, pharmacy, law, nursing, management
and senior secondary education courses.


ROSHAN FRUITS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Roshan Fruits India Private Limited
        6A South Mada Street
        New Pet, Krishnagiri
        Dharmapuri District
        Tamil Nadu
        Pincode 635001

Insolvency Commencement Date: May 8, 2020

Court: National Company Law Tribunal, Division Bench-I, Chennai

Estimated date of closure of
insolvency resolution process: November 4, 2020
                               (180 days from commencement)

Insolvency professional: Subramaniam S

Interim Resolution
Professional:            Subramaniam S
                         Flat D9, No. 134A
                         Arcot Road
                         Y S Enclave
                         Virugambakkam
                         Chennai 600092
                         E-mail: suvidhaoman@gmail.com
                                 irp.roshamfruits@gmail.com

Last date for
submission of claims:    May 22, 2020


SAI MAATARINI: Ind-Ra Affirms 'D' Rating on INR13,973BB Term Loans
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sai Maatarini
Tollways Limited's (SMTL) term loans as follows:

-- INR13,973.5 bil. Term loans (Long-term) issued October 1, 2027

     affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by SMTL
due to a tight liquidity position. The project has been terminated
by the National Highways Authority of India ('IND AAA'/Stable) vide
its letter dated  January 28, 2020 and as per the company's FY20
annual report, the assets were handed over to the NHAI on January
30, 2020. Ind-Ra has relied on confirmation from the lenders on the
delays in the debt servicing.

The agency will continue to monitor the termination process and
take a suitable rating action.

COMPANY PROFILE

SMTL is a special purpose vehicle, incorporated to implement a
166.17km lane expansion (two-to-four-laning) between Panikolli and
Rimuli in Odisha on National Highway 215, under a 24-year
concession agreement from the NHAI.


SAMBHAJI RAJE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR6.98 crore bank facilities of
Sambhaji Raje Cold Storage continue to remain under Issuer Not
Cooperating category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   LT- Fund Based     1.98       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 Category

   LT- Fund Based     5.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   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 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.

Incorporated in FY'2013, the Sangli based Sambhaji Raje Cold
storage is promoted by Mr.Sambhaji Patil. The proprietorship firm
has established a cold storage of capacity 1850 MT mainly for
storage of raisins. Abhijeet Traders is the flagship company of the
group promoted by Mr. Sambhaji Patil. The firm is involved in
trading of raisins. The other group firms involved in raisin
trading and related agricultural products trading include Abhijeet
Traders, Saraswati Traders, Abhijeet Krushipurak Udyog among
others).


SARASWATI EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR50.00 crore bank facilities of
Saraswati Education Society Kharghar continue to remain under
Issuer Not Cooperating category. The rating is denoted as '[ICRA]D
ISSUER NOT COOPERATING'.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term-Fund       8.75      [ICRA]D ISSUER NOT COOPERATING;
   Based                          Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Long Term-          41.25      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      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 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.

SESK is a public charitable trust, incorporated in the year 1997.
The trust began its operation in the field of education with
Saraswati College of Engineering in 2004 in Maharashtra. Since
then, the society has established and acquired various other
educational institutions such as ReVera Institute of Technology,
Kharghar and Dongarai Shikshan Sanstha, Kadepur. These institutes,
recognized and affiliated to concerned authorities, are spread
across two campuses in the state of Maharashtra.


SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR35.00 crore bank facilities of
Savfab Developers Pvt. Ltd has continued to 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         35.00      [ICRA]D ISSUER NOT COOPERATING;
   Working Capital                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/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.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2012, SDPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad,
Uttar Pradesh. In the last year, the company increased the scope of
the project to 517 flats from the originally envisaged 370 flats.
The company is part of the Saviour group, which is promoted by Mr.
Dhanesh Goel and Mr. Vineet Goel, who have been executing projects
in NCR for many years.


SHIVAM COTTEX: ICRA Keeps D on INR7.5cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR7.50 crore bank facilities of
Shivam Cottex continue to remain under the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         6.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  Category

   Unallocated         1.50       [ICRA]D ISSUER NOT COOPERATING;
   Limit                          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/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.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2011, Shivam Cottex is involved in raw cotton
ginning and pressing. Its manufacturing facility is located at
Jasdan in Rajkot, Gujarat. It is equipped with 24 ginning machines
and a pressing machine with a total manufacturing capacity of 200
cotton bales per day (24 hours operation). The firm is owned and
managed by partners, Mr. Kanu Vaghasiya, Mr. Ashok Vaghasiya, Mr.
Ramesh Vaghasiya and Mr. Haresh Vaghasiya. The promoters of the
firm have extensive experience in the cotton industry.


SHUBHLAXMI GUM: ICRA Moves B/A4 Debt Ratings to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the INR8.48 crore bank facilities of
Shubhlaxmi Gum Industries. The rating is now denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING"; Ratings moved
to issuer not cooperating category on information."

As part of its process and in accordance with its rating agreement
with Shubhlaxmi Gum Industries, ICRA has been trying to seek
information and monthly 'No Default Statement' 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 no-default statement and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information. ICRA is unable to validate
whether Shubhlaxmi Gum Industries has been able to meet its debt
servicing obligations in a timely manner. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating.

SGI is a partnership firm established in August 2013 by Mr.
Hasmukhbhai Varmora and Mr. Jayeshbhai Rupala. The firm commenced
its commercial operations from March 2014 and is engaged in
processing of guar seeds to produce guar gum refine splits and its
by-products like churi and korma. The guar gum refine splits finds
its application as raw material in guar gum powder manufacturing
industries whereas churi and korma are largely used as cattle feed.
The firm carries 3 its operations from its processing facility set
up at Halvad in Surendranagar district of Gujarat having annual
installed capacity of 18,000 MTPA. The firm recorded a net profit
of INR0.02 crore on an operating income of INR49.60 crore in FY2019
as against a net profit of INR0.1 crore on an operating income of
INR52.95 crore in FY2018.


SOUBHAGYALAXMI FOODS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Soubhagyalaxmi Foods Pvt. Ltd.
        Chhipaner Road
        Harda
        (M.P.) Pin 461331

Insolvency Commencement Date: December 4, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: June 2, 2021
                               (180 days from commencement)

Insolvency professional: CA Mangesh Vitthal Kekre

Interim Resolution
Professional:            CA Mangesh Vitthal Kekre
                         607, Chetak Centre
                         RNT Marg
                         Indore (MP) 452001
                         Tel: 0731-2517496/97
                              9826460225
                         E-mail: ca.mangesh@gmail.com
                                 ip.slfoods@mvkirp.com

Last date for
submission of claims:    December 28, 2020


STATUS CLOTHING: ICRA Keeps D on INR14.5cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR14.50 crore bank facilities of
Status Clothing Company Limited continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based         9.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Fund based         5.50       [ICRA]D ISSUER NOT COOPERATING;
   limits-                       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.

Status Clothing Company Limited was set up in 1996 as a partnership
firm. In July, 2011, the firm was converted into a private limited
company and the name was changed to its current name. It is engaged
in manufacturing and trading of greige fabric i.e. fabric for
shirting and suiting. The registered office and manufacturing plant
of the company is located in Tarapur, Thane. The manufacturing
plant is spread over an area of 45,000 square feet with installed
capacity of 5.60 lakh meters per month.The company primarily sells
greige fabric mainly to exporters and local traders. It is also an
outsourcing house for other branded finished fabric players.


TEXPLAS INDIA: ICRA Keeps D on INR17cr Bank Loans in NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR17.00-crore bank facility Texplas
India Private Limited continue to remain under 'Issuer Not
Cooperating' category. The Long-term rating and short term is
denoted as "[ICRA] D/[ICRA] D ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund Based-         11.50     [ICRA]D: ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Fund Based-          2.00     [ICRA]D: ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Non-fund Based       3.50     [ICRA]D: ISSUER NOT 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/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.

TIPL was incorporated in September 1975 and is managed by Mr. J. C.
Jain, his son Mr. Shriyance Jain and his wife Mrs. Sunita Jain. The
company manufactures composite materials, plastic moulding and
polymer-based insulators. The products find application industries
like thermal power, home appliances, chemical industry and general
engineering industries.


UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Shree Umavanshi Industries continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         10.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    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/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.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Established in 2011, Shree Umavanshi Industries (SUI) crushes
cotton seeds to produce cotton seed oil and cotton seed cake. The
manufacturing unit is located at Tankara (in Rajkot district) and
is equipped with 20 expellers, with an installed production
capacity of 20 MT of cottonseed oil and 150 MT of cottonseed cake
per day, operational for three shifts. The firm commenced crushing
operations from FY2014, prior to which, it was involved in trading
of cotton bales and cotton seeds.


V3S INFRATECH: ICRA Keeps D on INR72.5cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR72.50 crore bank facilities of V3S
Infratech Limited has continued to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         32.50      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Non-Fund based     40.00      [ICRA]D ISSUER NOT 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/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.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

V3S Infratech Limited (V3S), earlier known as Gahoi Buildwell
Limited) was promoted in the year 2003 by Mr. Yogendra Chandra
Kurele. In FY2007 and FY2008, several promoter group companies were
amalgamated with V3S and in 2009-10, the name of the company was
changed from Gahoi Buildwell Limited to V3S Infratech Limited. The
company has been engaged in the development of
multiplexes-cum-malls and commercial space in Delhi. The completed
real estate projects of the company include – V3S mall, V3S East
Centre and North Delhi Mall. However, since February 2008 the
company has shifted its focus from real estate development to civil
construction mainly in residential, industrial and commercial
segments particularly for government agencies.


VALUE INFRAESTATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Value Infraestate India Private Limited
        715, Navrang House 7th Floor
        21 K.G. Marg, C.P.
        New Delhi 110001

Insolvency Commencement Date: December 16, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 14, 2021

Insolvency professional: Kumud Shekhar

Interim Resolution
Professional:            Kumud Shekhar
                         D-54, Road No. 6
                         Street No. 4
                         Shyam Vihar Phase 1
                         Najafgarh
                         New Delhi 110043
                         E-mail: kumud.shekhar@gmail.com

                            - and -

                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.valueinfra@gmail.com

Classes of creditors:    Real Estate Investors

Insolvency
Professionals
Representative of
Creditors in a class:    Dr. Durga Das Agrawal
                         KBL Agrawal & Co.
                         413, Vikasdeep Building
                         Laxmi Nagar District Centre
                         New Delhi 110092

                         Mr. Suder Khatri
                         GF-124 & 113 World Trade Centre
                         Babar Road, Lalit Hotel
                         New Delhi 110001

                         Mr. Anurag Nirbhaya
                         204, Sagar Plaza
                         Plot No. 19
                         District Centre
                         Laxmi Nagar, New Delhi
                         National Capital Territory of Delhi
                         110092

Last date for
submission of claims:    December 30, 2020




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

AIRASIA: Airbus SE Warns of $5BB in Lost Orders on Unit's Debt Plan
-------------------------------------------------------------------
Hadi Azmi and Charlotte Ryan at Bloomberg News report that Airbus
SE believes it may lose more than $5 billion of aircraft orders
under struggling airline AirAsia X Bhd.'s restructuring plans,
according to court documents filed in Malaysia last week.

Bloomberg relates that Airbus Asia Pacific President Anand Stanley
said in the court filing there's a "strong possibility that Airbus
will suffer substantial losses and prejudice" under the proposed
restructuring plan for the Malaysian long-haul budget carrier.
Those losses could extend to having to adjust production rates on
the A330neo jetliner program, he said.

Airbus has already built or substantially built seven A330neos for
AirAsia X and there are a further 71 of the wide-bodies on order,
according to the filing cited by Bloomberg. AirAsia X has also
failed to pay $301.2 million in pre-delivery payments for its
A330neo orders plus $2.5 million on an A321XLR narrow-body jet.

Bloomberg says AirAsia X is proposing a $15 billion restructuring
of its debt and stock to prevent it from going under. The plan
would see purchase commitments including Airbus orders eliminated,
a worry for the European planemaker that's struggled to pick up
orders for the A330, currently producing only two aircraft a month,
Bloomberg adds.

                          About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.


SARAWAK CABLE: To Restructure Subsidiary Loans
----------------------------------------------
The Star reports that debt-laden Sarawak Cable Bhd (SCable) has
struck deals with financial institutions to restructure the loans
of its affected subsidiaries.

According to the report, SCable said the affected companies
(subsidiaries) have entered into the relevant agreements (RAs),
including the restructuring agreements, with their respective
lenders, with all the agreements having been signed by Dec. 11,
2020.

The Star relates that the parties have agreed to vary the terms and
restructure the existing facilities in accordance with the affected
companies' restructuring scheme (RS), the company told Bursa
Malaysia on Dec. 11.

On the general salient terms of the RAs, SCable said the affected
companies' debts have been restructured to a repayment terms of up
to five years, commencing from the date of the RAs, the report
relays.

The debts will be settled through future earnings, the issuance of
instruments and the proceeds to be raised from the disposal of
identified assets. The company did not provide details on the types
of instruments to be issued and the assets to be sold, The Star
adds.

On Nov. 29, 2019, SCable's wholly-owned Leader Cable Industry Bhd
(LCIB) completed the sale of manufacturing facilities and buildings
in Klang, Selangor to Maxter Glove Manufacturing Sdn Bhd for MYR65
million cash, The Star recalls.

"The successful completion of the INRwill improve the affected
companies' financial position to weather the current challenging
market condition and sustain their businesses," SCable, as cited by
The Star, said.

According to the report, SCable did not name the affected companies
but they are believed to be wholly-owned subsidiaries Universal
Cable Sarawak Sdn Bhd (UCS), Universal Cable (Malaysia) Bhd (UCMB),
LCIB and Sarwaja Timur Sdn Bhd (STSB).

UCS, UCMB and LCIB are the manufacturing arms of SCable, and they
own and operate five power and telecommunication cable
manufacturing plants and three sales offices in Malaysia.

SCable, which is Asean's largest cable manufacturer, received
approval from the Corporate Debt Restructuring Committee (CDRC)
under the preview of Bank Negara, on its application for assistance
to mediate between the company and certain subsidiaries
(collectively, the affected companies) with the respective
financiers (lenders) on Aug. 7, 2019, The Star discloses.

On the same day, CDRC issued the "Standstill" letters to the
lenders.

The Star adds that SCable had said that seeking help from CDRC was
a proactive effort in managing its debt exposure to safeguard the
affected companies, whose core businesses are still viable.

The group had total borrowings of some MYR537 million as at Dec.
31, 2019, The Star discloses.

SCable managing director Datuk Ahmad Redza said subsidiaries LCIB,
UCMB, UCS and STSB were no longer part of the CRDC scheme from
December 2019, the report adds.

He said the CDRC had provided the group with a temporary
"standstill" against the pressures of having to repay financial
institutions for 12 months.

"It is during this interim period that the group must complete
existing projects and formulate and execute the disposal of asset
as part of the scheme.

"With this reprieve, the SCable group is in a position and has in
fact completed almost all of its outstanding projects. At the same
time, upon the completion of aviation projects, we also managed to
dispose of three helicopters," Ahmad said in the company's 2019
annual report.

According to the report, Ahmad said the group's cables and wires
(including steel fabrication) segment has always remained
profitable and independently able to meet all its financial
obligations.

In addition to the help from CRDC, SCable has engaged Ernst & Young
PLT as its financial consultant to advise and assist the group to
formulate a complete restructuring and rehabilitation programme,
the report notes.

Malaysian-based Sarawak Cable Bhd manufactures cables and wires. It
operates in four segments The Sale of power cables and conductors
segment supplies power cables and conductors components, Sale of
galvanized steel products, and steel structures segment supplies
galvanized steel products and steel structures and galvanizing
services. The transmission lines construction segment involves
supply, installation, and commissioning of transmission line
projects. And the corporate segment is involved in Group-level
corporate and management services.



                           *********


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

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

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

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

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



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