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

                     A S I A   P A C I F I C

          Monday, April 19, 2021, Vol. 24, No. 72

                           Headlines



A U S T R A L I A

ALIGNMENT HEALTH: First Creditors' Meeting Set for April 27
BRIMOND INVESTMENTS: Second Creditors' Meeting Set for April 22
CLD CIVIL: Second Creditors' Meeting Set for April 27
GREENSILL CAPITAL: Parent Under Investigation for Insolvent Trading
LIGHTSPEED FINANCE: Faces Suit over AFCA Determination Breaches

NEXTECH SOLUTIONS: Second Creditors' Meeting Set for April 26
SAVEMORE WHOLESALE: First Creditors' Meeting Set for April 28
SLEEVE PTY: First Creditors' Meeting Set for April 28
STREET SWAGS: Second Creditors' Meeting Set for April 22


C H I N A

LUCKIN COFFEE: Gets $250MM Investment From Centurium, Joy Capital
SKYFUEL INC: Plan of Reorganization Confirmed by Judge


I N D I A

AASHRAYA INFRA-CON: Insolvency Resolution Case Summary
AGGARWAL ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating
ATLANTIC PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
AVLA NETTOS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
BHADRA PARKS: Insolvency Resolution Process Case Summary

CENNET BIOPHARMA: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
CIMECHEL ELECTRIC: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
CMC TEXTILES: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
DIACH CHEMICALS: CARE Keeps B+ Debt Rating in Not Cooperating
ELEGANT OVERSEAS: CARE Lowers Rating on INR0.11cr LT Loan to B-

GEN NEXT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
GLOBAL PACKAGING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
GREENLAND CORP: CARE Lowers Rating on INR28.75cr LT Loan to B-
GREENLAND MOTORS: CARE Lowers Rating on INR30cr LT Loan to B-
GURBAXANI ENGINEERING: Ind-Ra Affirms 'BB+' Term Loan Rating

GURBAXANI INFRAVENTURES: Ind-Ra Affirms 'BB+' Term Loan Rating
HAZARIBAGH RANCHI: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
HEMA ENGINEERING: Insolvency Resolution Process Case Summary
ICON COMMODITIES: Insolvency Resolution Process Case Summary
JINDAL MEDICOT: Insolvency Resolution Process Case Summary

JUKU ORCHEM: Insolvency Resolution Process Case Summary
KESHAV CEMENTS: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
KISSAN INDUSTRIES: CARE Lowers Rating on INR8cr LT Loan to B-
KRISH AGRO: CARE Withdraws D Outstanding Rating on Bank Debts
LAKSHMI GAYATRI: CARE Lowers Rating on INR160cr LT Loan to D

LANTEC TECHNOLOGIES: CARE Lowers Rating on INR9.23cr LT Loan to B+
MAHARAJA TECHNO: Insolvency Resolution Process Case Summary
MANI MORE: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating
METRO BUILDERS: Insolvency Resolution Process Case Summary
METRO MANAGEMENT: Insolvency Resolution Process Case Summary

MICRO INDUSTRIAL: CARE Lowers Rating on INR80cr Loan to C
MICROSUN SOLAR: Insolvency Resolution Process Case Summary
MKR ENTERPRISES: CARE Lowers Rating on INR6.0cr LT Loan to B-
NATARAJ GINNING: CARE Lowers Rating on INR5.60cr LT Loan to B-
PANACHE ALUMINIUM: Insolvency Resolution Process Case Summary

PANKAJ EVENTS: Insolvency Resolution Process Case Summary
PARAS RAM: CARE Lowers Rating on INR10.58cr LT Loan to B-
RELIANCE TECH: Insolvency Resolution Process Case Summary
SACHIN ELECTRICALS: Insolvency Resolution Process Case Summary
SAI KRUPA: Insolvency Resolution Process Case Summary

SAMRAT LAMINATES: CARE Assigns B+ Rating to INR10.10cr LT Loan
SAMRAT PLYWOOD: CARE Assigns B+ Rating to INR35.08cr LT Loan
SAPPHIRE SPACE: Insolvency Resolution Process Case Summary
SARA SUOLE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SARASWATI MEDICAL: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating

SHEETAL SHIPPING: Insolvency Resolution Process Case Summary
SHEVA SHEVANI: CARE Lowers Rating on INR7.65cr LT Loan to B-
SHRIRAM SEPL COMPOSITES: Insolvency Resolution Case Summary
SINTEX INDUSTRIES: Insolvency Resolution Process Case Summary
SUPERGARD STEELS: CARE Lowers Rating on INR10cr LT/ST Loan to B-

SV POWER: Ind-Ra Keeps 'BB-' Term Loan Rating in Non-Cooperating
TIRUMALA BALAJI: Ind-Ra Cuts Issuer Rating to BB+, Outlook Stable
TRIUMPH REALTY: Insolvency Resolution Process Case Summary
ULTRA TILE: Insolvency Resolution Process Case Summary
UTTRANCHAL ISPAT: CARE Lowers Rating on INR11cr LT Loan to B-

VINAYAK RATHI: Insolvency Resolution Process Case Summary
[*] INDIA: Hoteliers in Himachal Pradesh Near Bankruptcy


M A L A Y S I A

IDEANOMICS: Unit Inks Deal to Supply 200K E-Vehicles to Indonesia


S I N G A P O R E

EZY INFOTECH: Court Enters Wind-Up Order
ORCHARD TURN: Creditors' Proofs of Debt Due May 17
SAA GLOBAL: Helmi Talib Appointed as Provisional Liquidators
SINO MERCHANTS: Court to Hear Wind-Up Petition on April 30

                           - - - - -


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A U S T R A L I A
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ALIGNMENT HEALTH: First Creditors' Meeting Set for April 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Alignment
Health Pty Ltd will be held on April 27, 2021, at 11:00 a.m. at the
offices of SV Partners, 22 Market Street, in Brisbane, Queensland.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of Alignment Health on April 15, 2021.


BRIMOND INVESTMENTS: Second Creditors' Meeting Set for April 22
---------------------------------------------------------------
A second meeting of creditors in the proceedings of:

    - Brimond Investments Pty Ltd (ATF Brimond Unit Trust),
    - Brimond Developments Pty Ltd (ATF Brimond Developments
      Unit Trust), and
    - Brimond Finance Pty Ltd (ATF Brimond Finance Unit Trust)

has been set for April 22, 2021, at 2:00 p.m. via virtual meeting
technology.

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 April 21, 2021, at 4:00 p.m.

Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of Brimond Investments on March 9, 2021.


CLD CIVIL: Second Creditors' Meeting Set for April 27
-----------------------------------------------------
A second meeting of creditors in the proceedings of CLD Civil &
Earthmoving Pty Ltd has been set for April 27, 2021, at 11:30 a.m.
via teleconference.
  
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 April 23, 2021, at 5:00 p.m.

Sule Arnautovic and Marcus Watters of Hall Chadwick were appointed
as administrators of CLD Civil on March 11, 2021.


GREENSILL CAPITAL: Parent Under Investigation for Insolvent Trading
-------------------------------------------------------------------
Australian Financial Review reports that Greensill Capital's
Australian parent group is under investigation for potential
insolvent trading after administrators Grant Thornton recommended
it be liquidated.

According to AFR, Grant Thornton has already started investigating
whether Bundaberg-headquartered Greensill Capital Pty Ltd breached
any laws.

If it receives liquidator powers at a creditors' meeting scheduled
for next Thursday [April 22], it will examine the group's access to
external funding and the solvency position of Greensill's main UK
operating business, AFR relates.

"An insolvent trading claim against the company's directors for the
estimated loss could be made by a liquidator if the company is
wound up at the forthcoming meeting," Grant Thornton said in a
91-page report on Greensill's collapse, AFR relays.  "We stress,
however, that pursuing such a claim is a complex and costly process
with no guarantee of recovery."

AFR relates that the administrators said it did not appear that the
Australian group had been insolvent from a balance sheet
perspective for any length of time before they were appointed, but
said they needed to do detailed investigations examining whether it
traded insolvent from a cash flow perspective.

They noted the company was highly illiquid, but this reflected that
its financial exposures to Japan's Softbank and Greensill Capital
UK (GCUK) were not immediately repayable, AFR says.

When Greensill's Australian parent filed its most recent annual
report with regulators, for the year ending December 2019, it had
nine directors, including Lex Greensill and his brother Peter.

All of those directors, with the exception of Mr. Greensill and
Gabriel Caillaux, resigned from the board in February and early
March before Mr. Greensill filed for insolvency on March 8.

Peter Greensill, who has sat on the board since 2011, is pursuing
US$125,000 in unpaid directors' fees, but Grant Thornton said his
claim "has not been substantiated," AFR relays.

According to AFR, Grant Thornton's report revealed that the
Australian parent had not filed tax returns for the years ending
December 2017, 2018, 2019 and 2020, and that it had sought
extensions to complete them citing complexities associated with its
group structure.

"Legal advice was being sought as to the necessity to group income
of certain overseas subsidiaries," the administrators said.

AFR notes that Grant Thornton's initial investigations into
"unreasonable director-related transactions" have identified
several to review.

AFR relates that the administrators found payments worth around
US$174 million, described as "proceeds PG Family Trust," that were
transferred out of Greensill Capital Pty Ltd.

"Management have indicated that these transactions in part relate
to the sale of shares by Peter Greensill. However, at this stage we
are not in possession of sufficient documentation to confirm," the
report, as cited by AFR, said.

Greensill Australia owes some AUD4.9 billion in total to creditors,
has just AUD4 million in the bank and its remaining four staff
(after 33 others were laid off) are operating out of a WeWork
office, which is costing AUD4,000 a month, AFR discloses.

Grant Thornton has already squeezed AUD1.9 million out of the sale
of Greensill payroll finance subsidiary Earnd, and has flogged
about AUD9,000 worth of furniture and fixtures from the Bundaberg
office, AFR notes.

It is hoping to sell Greensill's Latin American subsidiary Omni,
which mostly operates in Colombia and Chile, despite "severe"
impacts on Omni's brand and reputation from Greensill's collapse.

But the sale process is being run out of Latin America and the
administrators don't know how much, if any, cash they will recover,
according to AFR.

                      About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
It offers structures trade finance, working capital optimization,
specialty financing and contract monetization.  Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  Jill M. Frizzley,
director, signed the petition.  In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million.  The case is handled by Judge
Michael E. Wiles.  

Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the Debtor's
counsel.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021.  The committee is represented
by George P. Angelich, Esq.


LIGHTSPEED FINANCE: Faces Suit over AFCA Determination Breaches
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced proceedings in the Federal Court against credit
assistance provider Lightspeed Finance Pty Ltd and its director
Mark James Fitzpatrick for failing to comply with Australian
Financial Complaints Authority (AFCA) determinations.

On Dec. 4, 2018, AFCA made its first determination regarding a
Lightspeed client complaint. The determination required Lightspeed
to pay a loan debt (including interest) owed by the client to a
lender, prior to the client repaying Lightspeed the initial loan
amount. On July 12, 2019, AFCA made a second determination in favor
of the client, further reducing the client's liability. Both
determinations were accepted by the client and were binding on
Lightspeed under the AFCA rules.

ASIC alleges Lightspeed failed to give effect to both AFCA
determinations and that Mr. Fitzpatrick was knowingly involved in
these breaches.

Since March 13, 2019, reforms introduced as a result of the Royal
Commission into Misconduct in the Banking, Superannuation and
Financial Services Royal Commission mean that a failure to
co-operate with AFCA is a civil penalty offence with penalties of
$10,500,000 for a company and $1,050,000 for an individual.

ASIC considers that compliance with external dispute resolution
decisions is a critical part of a licensee's general obligations
and ensures that consumers have access to efficient independent
dispute resolution.

Lightspeed is a credit assistance provider who arranged a loan for
the client to complete home renovations. AFCA found Lightspeed
accepted a business purpose declaration from the client when it
knew that the loan was not for business purposes, telling the
client they could obtain refinance at the end of the loan term. The
client and his partner were on unemployment benefits and
subsequently defaulted on their loan. AFCA found that Lightspeed
was required to comply with obligations under the National Consumer
Credit Protection Act 2009 (Cth) which would have shown that the
loan was unaffordable. The lender was not a member of AFCA at the
time of making the loan.


NEXTECH SOLUTIONS: Second Creditors' Meeting Set for April 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Nextech
Solutions Pty Ltd has been set for April 26, 2021, at 10:00 a.m.
via teleconference only.

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 April 23, 2021, at 5:00 p.m.

Kathleen Vouris and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Nextech Solutions
on March 18, 2021.


SAVEMORE WHOLESALE: First Creditors' Meeting Set for April 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Savemore
Wholesale Pty Ltd will be held on April 28, 2021, at 2:00 p.m. via
virtual meeting technology.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Savemore Wholesale on April 15, 2021.


SLEEVE PTY: First Creditors' Meeting Set for April 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ace Up The
Sleeve Pty Ltd, formerly trading as Aces Pizza & Liquor, will be
held on April 28, 2021, at 11:00 a.m. via teleconference.

Daniel Lopresti of Clifton Hall was appointed as administrator of
Sleeve Pty on April 15, 2021.


STREET SWAGS: Second Creditors' Meeting Set for April 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Street Swags
Limited has been set for April 22, 2021, at 10:30 a.m. The meeting
will be held virtually.

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 April 21, 2021, at 5:00 p.m.

Michael John Griffin of Worrells Solvency was appointed as
administrator of Street Swags on March 23, 2021.




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C H I N A
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LUCKIN COFFEE: Gets $250MM Investment From Centurium, Joy Capital
-----------------------------------------------------------------
Luckin Coffee Inc. (in Provisional Liquidation) (OTC: LKNCY) on
April 15, 2021, announced that it has entered into an investment
agreement (the "Investment Agreement") with an affiliate of
Centurium Capital, as the lead investor, and Joy Capital. Both
Centurium Capital and Joy Capital are leading private equity
investment firms in China and current shareholders of the Company.

Pursuant to the Investment Agreement, (i) Centurium Capital has
agreed to an investment, through a private placement, totaling
approximately US$240 million in senior convertible preferred shares
of the Company ("Senior Preferred Share(s)"), and (ii) Joy Capital
has agreed to an investment, through a private placement, totaling
approximately US$10 million in Senior Preferred Shares
(collectively, the "Transactions").  Under certain circumstances,
Centurium Capital and Joy Capital may be able to upsize on a pro
rata basis for an additional US$150 million. The closing of the
Transactions will be subject to a series of closing conditions,
including the implementation of a restructuring of Luckin Coffee's
$460 million 0.75% Convertible Senior Notes due 2025 through a
scheme of arrangement under section 86 of the Cayman Islands
Companies Act (2021 Revision) in accordance with the terms of the
recently announced restructuring support agreement.

Luckin Coffee plans to use the proceeds of the investment to
facilitate the Company's proposed offshore restructuring and
fulfill its obligations under its recently announced settlement
with the U.S. Securities and Exchange Commission. The Transactions
allow the Company to focus its balance sheet on the continued
execution of its business plan, focused on growing the core coffee
business and achieving its long-term growth targets.

According to a U.S. regulatory filing, the salient terms of the
transactions include:

   * Purchase and Sale: The Company will initially issue and sell
to Centurium Capital a total of 295,384,615 Senior Preferred Shares
and Joy Capital a total of 12,307,692 Senior Preferred Shares, at
the issue price of US$0.8125 per Senior Preferred Share (being
equivalent to US$6.50 per ADS on an as-converted basis).

   * Conversion: At the holder's option, each Senior Preferred
Share can be convertible into Class A Ordinary Shares of the
Company (or an equivalent number of ADSs) at the then applicable
conversion price.

   * Price Adjustment: The applicable initial conversion price
shall be equal to US$0.8125 per Senior Preferred Share (being
equivalent to US$6.50 per ADS on an as-converted basis) and be
subject to certain customary adjustments

   * Upsize Right: If the Company has not received an approval from
the State Administration of Foreign Exchange to repatriate any
funds outside of China by a benchmark date, which is the later of
November 15th, 2021 and the 60th day after the date on which the
petition to convene a scheme meeting is filed in Cayman court,
Centurium Capital and its permitted designated investors will have
the right to purchase a pro rata entitlement to an additional
184,615,385 Senior Preferred Shares, at the issue price of
US$0.8125 per Senior Preferred Share (being equivalent to US$6.50
per ADS on an as-converted basis), by notifying the Company and Joy
Capital of its decision to exercise such right within 40 days after
such benchmark date. If Centurium Capital exercises such right, Joy
Capital will have the right to purchase a pro rata entitlement to
the additional 184,615,385 Senior Preferred Shares, at the issue
price of US$0.8125 per Senior Preferred Share (being equivalent to
US$6.50 per ADS on an as-converted basis), by notifying the Company
and Centurium Capital within 5 business days thereafter.

   * Voting Rights: Each Senior Preferred Share will be entitled to
vote on all matters submitted to a vote of the holders of Class A
Ordinary Shares on an as-converted basis, together with the holders
of Class A Ordinary Shares, as one single class.

A copy of the SEC filing is available at https://bit.ly/3e9iHNL

Negotiations between Luckin Coffee, Centurium Capital and Joy
Capital were supported throughout by the Company's financial
advisor, Houlihan Lokey (China) Limited, legal advisors, Davis Polk
& Wardwell LLP and Harney Westwood & Riegels, and the Joint
Provisional Liquidators, Mr. Alexander Lawson of Alvarez & Marsal
Cayman Islands Limited and Ms. Wing Sze Tiffany Wong of Alvarez &
Marsal Asia Limited.

                         About Luckin Coffee

Luckin Coffee (OTC: LKNCY) -- http://www.luckincoffee.com/-- has
pioneered a technology-driven retail network to provide coffee and
other products of high quality, high affordability, and high
convenience to customers.  Empowered by big data analytics, AI, and
proprietary technologies, Luckin Coffee pursues its mission to be
part of everyone's everyday life, starting with coffee. Luckin
Coffee was founded in 2017 and is based in China.

In July 2020, Luckin Coffee called in liquidators in the Cayman
Islands to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10228).  The Chapter
15 Petition seeks, among other things, recognition in the United
States of the Company's provisional liquidation pending before the
Grand Court of the Cayman Islands.

DLA Piper LLP (US), led by Thomas R. Califano and Robert Craig
Martin, is the U.S. counsel.


SKYFUEL INC: Plan of Reorganization Confirmed by Judge
------------------------------------------------------
Judge Joseph G. Rosania, Jr., has entered an order approving the
Disclosure Statement and confirming Plan of Reorganization of
Skyfuel, Inc.

The Debtor and Reorganized Debtor shall comply with all applicable
non-bankruptcy law governing any contract, agreement, award, lease,
covenant, guaranty, indemnification, or other interest of or with
the United States (each a "Federal Interest" and together, "Federal
Interests"), including but not limited to all statutes and
regulations governing the terms of any award or agreement between
the U.S. Department of Energy and the Debtor or Reorganized
Debtor.

Any assumption, sale, assignment, or transfer of the Assistance
Agreement, effective date October 1, 2018, between DOE's Office of
Energy Efficiency and Renewable Energy and the Debtor, is subject
to DOE regulations, including but not limited to 2 C.F.R. §
910.368, and applicable non-bankruptcy law.

Alliance for Sustainable Energy, LLC, Managing and Operating
Contractor for the National Renewable Energy Laboratory withdraws
its objections to the Plan and consents to the Debtor and/or
Reorganized Debtor's assumption of the intellectual property
license ("License") Alliance granted the Debtor in April 2002 and
the contract known as a Cooperative Research and Development
Agreement ("CRADA" and together with the License, the "NREL
Contracts") entered into with the Debtor in November 2007, and for
the avoidance of doubt, nothing shall be interpreted to constitute
an amendment or modification of the terms of the NREL Contracts.

Pursuant to the Plan, the Debtor is selling the Equity to Zhongxn
Kaidi Electric Power Engineering Co., Ltd f/k/a China Kaidi
Electric Power Engineering Co., Ltd., and the Proceeds of the sale
will be paid to Creditors with Allowed Claims as provided for in
the Plan.

A full-text copy of the Plan Confirmation Order dated April 8,
2021, is available at https://bit.ly/2PZgXyv from PacerMonitor.com
at no charge.

Attorneys for the Debtor:

     David W. Parham, Esq.
     Texas SBN: 15459500
     Amy M. Leitch, Esq.
     AKERMAN LLP
     2001 Ross Avenue, Suite 3600
     Dallas, TX 75201
     Telephone: (214) 720-4300
     Facsimile: (214) 981-9339

                        About Skyfuel Inc.

Founded in 2007, Skyfuel, Inc. -- http://www.skyfuel.com/--
designs, manufactures and deploys complete solar field solutions
featuring the SkyTrough and SkyTroughDSP parabolic trough
concentrating solar collectors. SkyFuel is the solar thermal
technology arm of the Sunshine Kaidi New Energy Group Co., Ltd.
(Kaidi), a multi-billion dollar energy company based in Wuhan,
China.

An involuntary Chapter 11 petition for relief against SkyFuel, Inc.
(Bankr. D. Colo. Case No. 19-12400) was filed on March 29, 2019.
The court entered an order for relief on April 23, 2019.  The
Debtor is represented by Akerman LLP.




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I N D I A
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AASHRAYA INFRA-CON: Insolvency Resolution Case Summary
------------------------------------------------------
Debtor: Shree Aashraya Infra-Con Limited
        322, Audumbar Savali
        Roy Road, Tilakwadi
        Belgaum 590006
        Karnataka

Insolvency Commencement Date: April 6, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: October 3, 2021

Insolvency professional: Mr. Hari Babu Thota

Interim Resolution
Professional:            Mr. Hari Babu Thota
                         #41/1, 2nd Floor, A Wing
                         11th Cross, 8th Main 2nd Block
                         Jayanagar, Bangalore
                         Karnataka 560011
                         E-mail: csharibabuthota@gmail.com
                                 shreeaashrayacirp@gmail.com

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Raghuram Manchi
                         Mr. Gadigeppa Shivanand Tigadi
                         Mr. Venkata Subbarao Kalva

Last date for
submission of claims:    April 23, 2021


AGGARWAL ASSOCIATES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aggarwal
Associates (AGA) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2020, placed
the rating of AGA under the 'issuer non-cooperating' category as AA
had failed to provide information for monitoring of the ratings. AA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 7, 2021, April 6,2021, April 5, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 21, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Ongoing delays in debt servicing: There have been over drawls in
the working capital account of the firm for more than 30 days.

Aggarwal Associates (AGA) is a partnership firm established in
1995. It is currently being managed by Mr. Amit Garg and Mrs.
Rimple Garg sharing profits and losses equally. AGA is engaged in
civil construction work in Haryana which includes infrastructure
development and road work. The firm is registered as a class 'A'
contractor with the Public Work Department (PWD) of Punjab. The
orders undertaken by the firm are secured through the competitive
bidding process.

ATLANTIC PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Atlantic
Projects Limited (APL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      123.45      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 14, 2020, continued
the rating of APL under the 'issuer non-cooperating' category as
APL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. APL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which, however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 14, 2020, the following were
the rating strengths and weaknesses (updated for the information
available):

Key Rating Weaknesses

* Delay in servicing of debt obligations: There are ongoing delays
in servicing of debt obligations by APL. Corporate Insolvency
Resolution Process for APL was initiated vide National Company Law
Tribunal (NCLT) Order dated October 15, 2019.

APL was incorporated in October 1999, promoted by Mr. Siddharth
Mehra and his brother Mr. Kapil Mehra. The company commenced
operation in 2005 by venturing into the cotton trading business.
The company traded in raw cotton, cotton yarn and fabrics and
catered to both the domestic and export market. In FY13 (refers to
the period April 1 to March 31), the company forayed into executing
civil construction work for public sector enterprises and was
awarded contracts for construction of multipurpose cyclone shelters
and food godowns.

AVLA NETTOS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Avla Nettos
Exports (ANE) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR210 mil. Fund-based facilities assigned with IND BB/Stable
     /IND A4+ rating.

KEY RATING DRIVERS

The rating reflects ANE's small scale of operations, as indicated
by revenue of INR548.0 million in 10MFY21 (FY20: INR915.0 million;
FY19: INR813.4 million). The firm recorded a healthy CAGR of 16.71%
over FY17-FY20. Ind-Ra estimates the firm's revenue to have
declined in FY21, as the COVID-19 outbreak led to a considerable
fall in exports in 1QFY21.

The ratings are constrained by ANE's modest EBITDA margin due to
the high competition it faces in the industry. The firm's margin
expanded to 9% in 10MFY21 (FY20: 4.07%; FY19: 4.15%) due to a
decline in operating expenses. The company's return on capital was
6% in FY20 (FY19: 3%). Ind-Ra expects ANE's EBITDA margin to
improve over the medium term as the company was able to secure
better pricing for its produce owing to high demand. ANE typically
stocks up inventory worth up to INR177 million when shrimp prices
are low, thereby enabling the firm to improve its margins even
during times when the revenue declines.

The ratings also factor in ANE's moderate credit metrics due to its
high debt level. The annualized net financial leverage (adjusted
net debt/operating EBITDA) deteriorated to 2.8x during 10MFY21
(FY20: 0.02x; FY19:1.48x) due to an increase in the debt to
INR163.1 million (INR8.36 million; INR57.9 million). However, the
firm's interest coverage (operating EBITDA/interest expenses)
improved to 3.4x in 10MFY21 (FY20: 2.5x; FY19: 2.9x) due to an
improved absolute EBITDA of INR48.1 million (INR37.2 million;
INR33.7 million). Although Ind-Ra expects the firm's debt level to
remain high, Ind-Ra expects the credit metrics to improve over the
medium term due to the likely increase in the EBITDA margins.

Liquidity Indicator - Stretched: ANE's average utilization of the
fund-based limits was 48.11% and a non-fund-based limit was 27.1%
over the 12-months ended February 2021. The cash flow from
operations improved to INR146.1 million during FY20 (FY19: negative
INR64.6 million) due to improved net cash conversion cycle on
account of low working capital requirements. The networking capital
cycle improved to 43 days in FY20 (FY19: 75 days) resulting from an
decrease in the inventory days to seven (50). The firm had a cash
balance of INR7.54 million at FYE20 (FY19: INR8.15 million). Ind-Ra
expects ANE's debt service coverage ratio, which stood at 2x in
FY21, to remain at comfortable levels of 2x–2.5x in the
near-to-medium term, owing to the likely improvement in the
absolute EBITDA.

The ratings, however, are supported by the promoters' experience of
over two decades in the shrimp-processing industry.  

RATING SENSITIVITIES

Negative: A decline in the revenue or EBITDA margins, resulting in
the deterioration of credit metrics, with the interest coverage
reducing below 1.8x, on a sustained basis, and/or any deterioration
in the net cash conversion cycle, leading to stressed liquidity,
will be negative for the ratings.

Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in improved liquidity and credit metrics, on a
sustained basis, would be positive for the ratings.

COMPANY PROFILE

ANE was set up in 2011, by the promoter, Anil Kumar and his family
members. The firm processes and exports cuttlefish, squid, and
shrimp, and started commercial operations in April 2012.


BHADRA PARKS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Sree Bhadra Parks and Resorts Ltd.
        No. 27/480(1), Museum Road
        Chembukkavu, Thrissur
        Kerala Pin 680020

Insolvency Commencement Date: March 30, 2021

Court: National Company Law Tribunal, Cochin Bench

Estimated date of closure of
insolvency resolution process: September 25, 2021

Insolvency professional: Mr. K. Parameswaran Nair

Interim Resolution
Professional:            Mr. K. Parameswaran Nair
                         37/1736E, Kripasagram
                         K Murali Road, Kadavanthara
                         Kochi 682020
                         E-mail: cakpnair@gmail.com
                         Mobile: 9567875348

Last date for
submission of claims:    April 14, 2021


CENNET BIOPHARMA: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cennet Biopharma
Private Limited (CBPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR110 mil. Term loans due on June 2025 assigned with IND B+
     /Stable rating; and

-- INR40 mil. Fund-based limits assigned with IND B+/Stable/IND
     A4 rating.

KEY RATING DRIVERS

The ratings reflect CBPL's small scale of operations as indicated
by revenue of INR56.23 million in 9MFY20. FY20 was the first year
of operations as the company began operations in June 2019. During
11MFY21, the company recorded revenue of INR37.17 million. Ind-Ra
expects the revenue to have declined in FY21 owing to a decline in
the number of orders for one of the active pharmaceutical
ingredients (APIs) Thiocolchicoside, due to the COVID-led
lockdown.

The ratings are also constrained by CBPL's modest EBITDA margin of
51.74% in FY20 with a return on capital employed of 7.5%. The
margin is likely to be at the same level as FY20 in FY21, due to
low cost of production of Thiocolchicoside.

The ratings are also constrained by the company's weak credit
metrics due to the high debt levels of INR227.47 million in FY20
(FY19: INR170.70 million), against absolute EBITDA of INR29.10
million. In FY20, the interest coverage (operating EBITDA/gross
interest expense) was 2.55x and the net leverage (net
debt/operating EBITDA) was 7.81x. The credit metrics are likely to
have remained weak for FY21 due to the high debt levels.

Liquidity Indicator - Poor: CBPL's average maximum use of its
fund-based limits stood at 90% during the 12 months ended February
2021. It had an elongated net working capital cycle of 667 days in
FY20. The company had negative cash flow from operations of
INR32.43 million in FY20. It had low cash and cash equivalents of
INR0.26 million at FYE20 (FYE19: INR1.57 million). The company had
availed the Reserve Bank of India-prescribed moratorium during
March to August 2020, along with the guaranteed emergency credit
line facility of INR23.15 million.

However, the ratings are supported by CBPL's management team's
experience of more than one and a half decades in research and
development and production, thereby enabling the company to have a
competitive edge in the market.

RATING SENSITIVITIES

Positive: A substantial growth in the scale of operations, leading
to an improvement in the credit metrics on a sustained basis, will
be positive for the ratings.

Negative: A significant decline in the scale of operations leading
to deterioration in the credit metrics with the interest coverage
reducing below 1.0x or a stress in the liquidity will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2017, CBPL manufactures APIs at its facility in
Sonipat, Haryana. The company has received approvals for
manufacturing four APIs - Thiocolchicoside, Hyoscine Butylbromide,
10-Deacetylbaccatin and Serratiopeptidase.


CIMECHEL ELECTRIC: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Cimechel
Electric Company's (CEC) 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:

-- INR180 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR350 mil. Non-fund-based limits maintained in Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- The IND BB- rating on the INR70 mil. Proposed-fund-based
     limits* is withdrawn; and

-- The IND BB- rating on the INR100 mil. Proposed non-fund-based
     limits* is withdrawn.

*Since it was outstanding for more than 180 days

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CEC was incorporated in October 1992 as a partnership entity. It is
a licensed contractor for the Central Railways in Maharashtra. The
firm undertakes overhead electrification activities and other
electrical activities on a tender basis.

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

The instrument-wise rating actions are:

-- INR88.98 mil. Term loan due on April 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR210.00 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR18.90 mil. Non-fund-based limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002 by Ajeet Yadav, Pawan Yadav and Dheerendra
Yadav, the company manufactures texturized yarn and fabrics with a
total installed capacity of 10,030 metric tons per annum.

DIACH CHEMICALS: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Diach
Chemicals & Pigments Private Limited (DCPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.60      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      11.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2020, placed the
rating(s) of DCPPL under the 'issuer non-cooperating' category as
DCPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DCPPL continues to
be noncooperative despite repeated requests for submission of
information through phone calls and emails dated March 25, 2021;
March 30, 2021 & April 2, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2020 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

* Reputed clientele albeit concentration risk & low bargaining
power: DCPPL's customers include reputed industrial battery
manufacturing entities. However, the company is exposed to customer
concentration risk, as ~89% of revenue for FY18 accounted from
Exide Industries Ltd resulting in low bargaining power. However,
long-standing relationship with Exide Industries Ltd ensures
healthy orders and stable revenue. Moreover, to mitigate with such
risk company is diversifying its customer base through exports in
Bangladesh, Korea, Vietnam, Singapore, etc.

* Low profitability along with moderate financial risk profile: The
PBILDT margin and PAT margins deteriorated to 1.69% and 0.26% in
FY19 vis-à-vis 2.05% and 0.54% in FY18, respectively. The debt
equity ratio and overall gearing ratio of the company is 0.05x and
2.03x as on March 31, 2019 vis-à-vis 0.04x and 5.18x as on March
31, 2018. However, the debt equity and overall gearing ratios are
not comparable as the total debt as on March 31, 2019 is exclusive
of LC and Bill Discounting (on account on unavailability of the
outstanding balances of the same as on March 31, 2019) while total
debt as on March 31, 2018 is inclusive of LC and bill discounting.
In FY20, the PBILDT & PAT margins have improved to 2.43% and 0.60%.
Further, overall gearing stood at 1.75x as on March 31, 2020 while
debt equity continued to remain stable. The TD/GCA has improved
from 10.52x in FY19 to 6.85x in FY20 and Interest coverage ratio
remained stable.

* Profitability vulnerable to raw material price fluctuation: DCPPL
does not have any lead ore mines and manufactures refined lead
through the secondary recycling process. Hence, it is completely
dependent on the supply of raw lead/discarded battery scrap from
the open market. Since the raw material (lead scrap) for which
prices are linked to the prevailing London Metal Exchange prices,
revenue and operating margins remain susceptible to changes in lead
prices, as these are highly volatile in nature.

* Adherence to strict pollution control norms: Lead, which is a
highly toxic and polluting material, is the primary raw material in
manufacturing batteries. Hence handling lead requires adherence to
strict pollution-control norms and companies have to incur
additional costs for managing the environmental impacts of the
material.

Key Rating Strengths

* Experienced promoters & long track record of operations in lead
manufacturing industry: Diach Chemicals & Pigments Pvt Ltd (DCPPL)
was incorporated on September 2004 under Mr. Diach Ghosh and his
son Mr. Dipak Ghosh. The promoters have around two decades of
experience in the lead manufacturing industry. The day to day
affairs of the company is looked after by Mr. Dipak Ghosh.

* Satisfactory scale of operations in a fragmented industry: DCPPL
is operating in a fragmented industry marked by presence of several
players which indicates low entry barriers. However, with an
installed capacity of 37480 MT for Refine & Antimonial lead ingots
and 21003 MT for Lead ingot from Rotary furnace and with an
operating income of INR357.18 cr for FY18, DCPPL has attained
satisfactory scale of operations of having several players in the
Eastern Region. The company supplies 2000 MT per month out of Exide
Industries Ltd total requirement of 35000 MT per month in Eastern
region. DCPPL's total operating income increased at a CAGR of
25.15% to INR357.18 cr between FY16-FY18 on account of increased
demand from Exide Industries Ltd. However, the scale of operations
of the company in FY19 vis-à-vis FY18 remained at similar level.
The company reported a turnover of INR358.62 crore in FY19 as
against INR357.18 crore in FY18. In FY20, the turnover has declined
to Rs 308.54 crore.

Diach Chemicals and Pigments Private Limited (DCPPL) was
incorporated on 08 September 2004 by Mr. Diach Ghosh and his son,
Mr. Dipak Ghosh to set up a manufacturing unit of lead alloys and
lead-based products such as red lead, refined lead, antimonial lead
and grey oxide. The manufacturing facility is located at Dhulagarh,
West Bengal and it commenced operations in 2009. The installed
capacities for Refine & Antimonial lead ingot is 37,480 MT and
21,003 MT per annum for Lead ingot from Rotary furnace. The
products find applications in battery, paint, glass and ceramic
industry.

ELEGANT OVERSEAS: CARE Lowers Rating on INR0.11cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Elegant Overseas (EO), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.11       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     29.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Feb 25, 2020, maintained the
rating(s) of Elegant Overseas under the 'issuer noncooperating'
category as EO had failed to provide information for monitoring of
the rating. EO continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
18, 2021, March 16, 2021, March 1, 2021 and numerous phone calls.
In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the best available information which, however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, banker could not be contacted.

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

The rating has been revised by considering non-availability of
information and no due diligence was conducted due to
noncooperation by Elegant Overseas with CARE's efforts to undertake
a review of the rating outstanding. CARE views information
unavailability risk as a key factor in its assessment of credit
risk. Further, banker could not be contacted.

The rating on the firm's bank facilities will now be denoted as
CARE B-; Stable; ISSUER NOT COOPERATING/ CARE A4; ISSUER NOT
COOPERATING.

Detailed description of the key rating drivers

At the time of last rating on Feb. 25, 2020, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Client concentration risk: Majority of the sales are driven by
few clients with top 3 clients constituting over 85.29% of the
total sales in FY18 (PY: 89.22%) indicating high client
concentration risk. However, the firm has established strong
relationships with its clients, which mitigates this risk to a
large extent. The firm manufactures garments for brands including
Superdry, Fat Face etc. The top 2 clients' viz. M/s C Retails Ltd
and M/s DKH Retails Ltd are purchasing entities of SuperGroup Plc,
which constituted 69.09% (PY: 65.72%) of the total sales in FY18.

* Working capital intensive nature of operations: Operations of the
firm, being manufacturing of garments, are working capital
intensive in nature. After acceptance of purchase order, the firm
procures raw materials from local vendors to whom payments are made
within 41 days. The raw materials procured are cotton yarn and
fabric. Yarn is knitted into fabric and then the further process of
dyeing, cutting, stitching, sewing, washing, ironing and packing
are performed in the manufacturing facility of the firm, and thus
the entire order is executed within 122 days. For this the firm
needs to maintain an average inventory of 56 days. On the other
hand, having mostly exports, payments are usually LC-backed for
most customers. For remaining clients EO allows an average credit
period of around 56 days.

Key Rating Strengths

* Experienced Promoters: The firm is promoted by four partners-
Shri M. C. Gupta, Shri Ashok Singhal, Shri Vinod Kr. Jindal and
Smt. Pushpa Jindal. The promoters have a proven track record of
scaling up the business to become a leading exporter in
manufacturing of cotton textiles.

* Financial risk profile marked by stable profitability margins and
moderate coverage indicators: Despite weak economic scenario post
GST implementation in FY18, the net sales of the firm witnessed
y-o-y growth of 6.04% in FY18 to INR83.08 crore (PY: INR78.35
crore). However, the total operating income of the firm remained
stable at INR89.98 crore in FY18 (PY: INR90.60 crore) primarily on
the account of decline in exports incentives from govt. from 7% in
FY17 to 2% in FY18. Consequently, PBILDT margin has also remained
stable at 3.45% in FY18 (PY: 3.59%). The PAT margin has improved
1.05% in FY18 (PY: 0.94%) on the account of less interest expenses
owing to repayment of term debt and revision in interest rates in
FY18. The overall gearing of the firm moderated and stood at 4.48x
as on March 31, 2018 (PY: 2.81x) on the account of increase in
working capital utilization to INR21.36 crore in FY18 (PY: INR11.24
crore) with increase in production. The working capital borrowings
increased significantly in Q4FY18 on the account of higher
production to meet the order position as the firm received bulk
orders during last quarter of FY18.

Elegant Overseas (EO), set up in the year 1995 is a Gurgaon-based
ISO 9001:2008 certified partnership firm. It is engaged in
manufacturing and export of garments. It is promoted by four
partners, Shri M.C. Gupta, Shri Ashok Singhal, Shri Vinod Kr.
Jindal and Smt. Pushpa Jindal. The firm manufactures readymade
cotton garments (T-shirts) and exports directly to the
international brands such as Superdry and Fat Face. The
manufacturing facility of the firm is located at Behrampur Road,
Gurgaon with an installed capacity of 3,50,000 pcs. p.m. which is
equipped with all the amenities for manufacturing of readymade
garments such as knitting, dyeing, cutting, stitching, sewing,
washing, ironing and packing of readymade garments.


GEN NEXT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gen Next Motors
Ltd's (GNML) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best-available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR53.45 mil. Term loan (Long-term) due on May 1, 2021
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Fund-based limits (Long-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade reflects GNML's delay in debt servicing during
FY19-FY20, due to stretched liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in 2011, GNML is an authorized dealer of Renault
passenger cars in Mumbai.


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

The instrument-wise rating actions are as:

-- INR12.4 mil. Term loan due on April 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR66.00 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating; and

-- INR5.6 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Global Packaging was incorporated in 2011 as a partnership firm by
Kshitij Ajeet Yadav and Sumit Brijpal Yadav. The firm has a 4,101
metric tons per annum texturized yarn and fabrics manufacturing
capacity in Dadra and Nagar Haveli.

GREENLAND CORP: CARE Lowers Rating on INR28.75cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Greenland Corporation (GAC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.75      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short       2.00      CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Feb 25, 2020, maintained the
rating(s) of GAC under the 'issuer non-cooperating' category as
Greenland A&M Corporation had failed to provide information for
monitoring of the rating. Greenland A&M Corporation continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 18, 2021, March 16, 2021,
March 1, 2021 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating based on the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

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

The rating has been revised by considering non-availability of
information and no due diligence was conducted due to
noncooperation by Greenland A&M Corporation with CARE's efforts to
undertake a review of the rating outstanding. CARE views
information unavailability risk as a key factor in its assessment
of credit risk. Further, banker could not be contacted. The rating
on the firm's bank facilities will now be denoted as CARE B-;
Stable; ISSUER NOT COOPERATING/ CARE A4; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

At the time of last rating on Feb 25, 2020 following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Weak debt servicing indicators: The overall gearing ratio
deteriorated to 0.86x (PY: 0.70x) as on March 31, 2018 due to
higher working capital limit utilization. This also led to
deterioration in the TDGCA to 38.74x (PY: 33.02x) as of March 31,
2018, thereby, weakening the financial risk profile of the firm.
With limited upside in the profitability margins in the future,
improvement in the debt service indicators remain a key rating
sensitivity.

* Working capital intensive nature of operations of firm: The
working capital cycle of the firm for the year ended on March 31,
2018 remained stretched at 188 days (PY: 157 days), reflected by
high inventory period of 161 days (PY: 158 days). The inventory
days remained high as the firm needs to maintain stock of equipment
in the showroom throughout the year. Due to this, the average of
the maximum working capital utilization for the last 12 months
ending Oct'18 remained fully utilized.

* Inherent risks associated with business constitution as
partnership firm: GAC, being a partnership firm, is inherently
exposed to the risk of partner's capital withdrawal due to personal
exigencies. The constitution further restricts its financial
flexibility with limited access to capital markets to fund
expansion in the future.

Key Rating Strengths

* Experienced promoters with presence of group companies in related
business: Greenland (A&M) Corporation (GAC), a partnership firm is
currently partnered by Mr. Anil Khetrapal, Mr. Sunil Khetrapal, Mr.
Arun Khetrapal and Mr. Ranjan Khetrapal. They are professionally
qualified partners with post-graduate degrees in distinct domains
and have an extensive experience of over three decades in the
automobile trade industry. Furthermore, the firm is being
successfully managed under the new leadership of Mr. Ayush
Khetrapal (son of Mr. Anil Khetrapal), a gold medallist in Masters
in Business Administration.

* Long-standing association with various brands: GAC is an
authorized dealer for various OEMs such as TVS Motors Co. Ltd.,
Force Motors Ltd., Atul Auto Ltd., VE Commercial Vehicles Ltd. and
Terex Equipment Pvt Ltd. in districts of eastern Uttar Pradesh. The
firm's association to the top brands in diversified vehicle
segments viz. two-wheelers, three-wheelers and tractors protects it
against the cyclicality associated with specific product segments
and provides it with the leverage of brand recognition.

* Moderate operational performance of the firm: The total operating
income of the firm remained stable in FY18 with INR74.29 cr. as
compared to INR73.82 cr. in FY17. Moreover, the profitability
margins of the firm have remained stable with PBILDT margin at
5.41% (PY: 5.30%) and PAT margin at 0.44% (PY: 0.39%). The interest
coverage ratio of the firm has also remained stable with 1.39x (PY:
1.38x) in FY18 due to stable profitability margins.

Greenland Corporation (GAC), established by Late R.N. Khetrapal in
1950 initiated business as a franchise of Ferguson tractors which
pioneered the concept of mechanized farming in various districts of
eastern Uttar Pradesh. The business was diversified by the current
partners (sons of Mr. R.N. Khetrapal) by adding dealerships of
other Original Equipment Manufacturers (OEMs) across different
segments, viz. TVS Motors Limited (deals in 2-wheels; associated
since 1985), Force Motors (deals in passenger and light commercial
vehicle; associated since 2008), Terex Equipment Private Limited
(deals in tractors; associated since 2009), Atul Auto Limited
(deals in three-wheelers; associated since 2010) and VE Commercial
Vehicles Limited (deals in medium and heavy commercial vehicles;
associated since 2010). The firm in addition to the above business
provides transportation services to India Yamaha Motor Private
Limited and TVS Motors Limited. The firm operates through its
offices in over 25 districts of eastern Uttar Pradesh.

GREENLAND MOTORS: CARE Lowers Rating on INR30cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Greenland Motors (GLM) as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Feb 25, 2020, maintained the
rating(s) of GLM under the 'issuer noncooperating' category as
Greenland Motors had failed to provide information for monitoring
of the rating. Greenland Motors continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated March 18, 2021, March 16, 2021, March 1, 2021 and
numerous phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating based on the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. Further, banker could not be contacted.

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

The rating has been revised by considering non-availability of
information and no due diligence was conducted due to
non-cooperation by Greenland Motors with CARE's efforts to
undertake a review of the rating outstanding. CARE views
information unavailability risk as a key factor in its assessment
of credit risk. Further, banker could not be contacted.  
The rating on the firm's bank facilities will now be denoted as
CARE B-; Stable; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

At the time of last rating on Feb 25, 2020 following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* High overall gearing and weak debt service indicators: Due to
over dependence on working capital limits and small net-worth base,
the overall gearing stands at 4.61 x (PY: 3.10x) as of March 31,
2018. It has deteriorated due to increase in the fund-based working
capital limits in FY18. Moreover, In FY18, the firm has taken term
loans for the construction of new NEXA showroom in Allahabad. Due
to increase in debt, the TDGCA has deteriorated to 23.66x (PY:
11.61x) as on March 31, 2018.

* Working capital intensive nature of operations of firm: The
working capital cycle of the firm for the year ended on March 31,
2018 stood at 71 days (PY: 54 days), reflected by high inventory
period of 64 days (PY: 41 days). The inventory days remain high as
the firm is required to maintain stock of cars at its e-outlets,
showroom and r-outlets throughout the year. Due to this, the
average of the maximum cc utilization for the last 12 months ending
Oct'18 stood at 95.66%.

* Inherent risks associated with business constitution as
partnership firm: GLM, being a partnership firm, is inherently
exposed to the risk of partner's capital withdrawal due to personal
exigencies. The constitution further restricts its financial
flexibility with limited access to capital markets to fund
expansion in the future.

* Stiff competition from other firms: The automobile dealership
firms face stiff competition from large number of dealers, dealing
for other Original Equipment Manufacturers viz. Hyundai, Tata,
Mahindra, Ford, etc. The prospects of the firm are thus, governed
by its ability to effectively operate in the highly competitive
segment while maintaining a healthy revenue growth from increased
volumes of customer demands.

Key Rating Strengths

* Experienced promoters with presence of group companies in related
business: Greenland Motors (GLM), a partnership firm is partnered
by Mr. Anil Khetrapal, Mr. Sunil Khetrapal, Mr. Arun Khetrapal and
Mr Ranjan Khetrapal from 2008. They are professionally qualified
with post-graduate degrees in distinct domains and have an
extensive experience of over three decades in the automobile trade
industry. Furthermore, the firm is being successfully managed under
the new leadership of Mr. Ayush Khetrapal (son of Mr. Anil
Khetrapal), a gold medallist in Masters in Business
Administration.

* Long-standing association with Maruti Suzuki India Limited as its
authorized dealer: GLM is an authorized dealer for Maruti Suzuki
India Limited (MSIL) in Allahabad, Pratapgarh and Kaushambi cities
of Uttar Pradesh. The firm is associated to MSIL, the market leader
in passenger car segment in India for more than 10 years.

* Moderate operational performance of the firm: The total operating
income moderated to INR145.84 cr. in FY18 as compared to INR166.43
cr. in FY17 on the account of lower sales of cars in FY18. The
profitability margins in FY18 remained stable with PBILDT margin at
4.37% as compared to 4.41% in FY17.

Greenland Motors (GLM), constituted as a partnership firm in 2005
is an authorized dealer of Maruti Suzuki India Limited (MSIL) in
select regions of Uttar Pradesh. Currently partnered by Mr. Anil
Khetrapal, Mr. Sunil Khetrapal, Mr. Arun Khetrapal and Mr. Ranjan
Khetrapal, GLM operates through its E-dealer outlets located at
Pratapgarh and Kaushambi, its main showroom, true value outlet and
workshops in Allahabad and its 8 rural outlets spread across
different villages in the state of UP. The firm derives its revenue
from sales of new cars, servicing of vehicles, sales of spare parts
and trading of pre-owned cars.


GURBAXANI ENGINEERING: Ind-Ra Affirms 'BB+' Term Loan Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gurbaxani
Engineering & Constructions Private Limited's (GECPL) rupee term
loan as follows:

-- INR475.1 mil. Senior secured rupee term loan due on March
     2029# affirmed with IND BB+/Stable rating.

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

#Linked to the achievement of actual commercial operations date
(COD). Debt tenor may be extended in case there is a further delay
from authority approved project completion timelines (presently
end-December 2021)

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

KEY RATING DRIVERS

The rating is constrained by a delay in project completion due to
COVID-19 induced lockdowns, prolonged monsoons, and other reasons
attributable to the authority; however, the company has received an
extension of time by 152 days until June 28, 2021, and as per the
management and the Independent Engineer (IE), a further extension
of six months has been approved by the chief engineer's office
until December 28, 2021. According to the IE and the management,
the physical progress achieved until end-FY21 was about 40% and the
total land acquired for the project road development accounted for
80% of the overall land required as of March 31, 2021. Timely
accomplishment of balance land acquisition shall not be a major
challenge for the project.

The rating also factors in the moderate credit profile and
execution capabilities of the sponsor, DCG and the authority,
Public Works Department (PWD), Government of Maharashtra (GoM).

Ind-Ra derives moderate comfort from the sponsor undertakings to
support any project cost or time overruns or delay in construction
grant receipts during the construction period. Moreover, the
sponsor, which is also the engineering, procurement, and
construction contractor, has around 30 years of experience in
developing road projects of national and state highways especially
in the state of Maharashtra. Also, the presence of a fixed-price,
fixed-time construction contract partly mitigates the potential
cost overrun risk.

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

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

Liquidity Indicator - Adequate: On February 28, 2021, the promoters
had brought in the committed equity of INR170.9 million in the form
of equity share capital in GECPL. The concession authority is
making construction grant payments linked to physical progress
milestones. As per the discussion with the management, GECPL has
received two construction grants to the tune of INR323.4 million as
against the total grant of INR1,025.7 million. Also, the company
has to create a two-quarter debt service reserve (DSR), with
one-quarter DSR to be created on COD and an additional one-quarter
DSR within six months of COD.  

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

Any deductions for the non-conformance to maintenance requirements
during the concession term could lead to a shortfall in the
forthcoming annuity payments. However, besides the experience of
DCG in managing road contracts and the low complexity involved in
the O&M of hybrid annuity model-based road projects in relation to
other infrastructure projects support the rating. Moreover, two
cycles of major maintenance are scheduled during the concession
period, with the first cycle relating to micro-seal surfacing after
three years from the COD, and the second cycle relating to
overlaying of the entire stretch with bitumen seven years post the
COD.

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

Also, the financing documents stipulate a minimum annual debt
service coverage ratio of 1.20x during operations, a breach of
which shall lead to the discontinuation of restricted payments,
until restored to stipulated levels. Any default on the sponsor
debt shall accelerate debt repayments of GECPL under a
cross-default linked mechanism. Interest servicing of the project
for the first six months until the first annuity as well as O&M
expenses during the same period shall be funded from
inflation-indexed construction grants, which is a part of the
project cost. GECPL is yet to draw any term loans out of the total
sanction limit of INR475.1 million.

RATING SENSITIVITIES

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

- completion of the project earlier than the authority-approved
COD or on the targeted scheduled date

- receipt of the first annuity payment on or before the scheduled
date

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

- delay in actual project completion from authority-approved COD
beyond three months

- non-injection of funds in a timely manner

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

- non-creation of the stipulated debt service reserve  prior to
COD as per financing documents

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

COMPANY PROFILE

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

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


GURBAXANI INFRAVENTURES: Ind-Ra Affirms 'BB+' Term Loan Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gurbaxani
Infraventures Private Limited's (GIPL) rupee term loan as follows:

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

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

##Linked to the achievement of actual commercial operations date
(COD). Debt tenor may be extended in case there is a further delay
from the authority approved project completion timelines (presently
end-July 2021)

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

KEY RATING DRIVERS

The rating is constrained by a delay in project completion due to
COVID-19 induced lockdowns; however, the company has received an
extension of time by six months until July 27, 2021. According to
the independent engineer and the management, the physical progress
achieved until end-FY21 was about 70% and the project has all the
approvals and the entire land acquisition is complete.

The rating also factors in the moderate credit profile and
execution capabilities of the sponsor, DCG and the authority,
Public Works Department (PWD), government of Maharashtra (GoM).

Ind-Ra derives moderate comfort from the sponsor undertakings to
support any project cost or time overruns or delay in construction
grant receipts during the construction period. Moreover, the
sponsor, which is also the engineering, procurement and
construction contractor, has around 30 years of experience in
developing road projects of national and state highways especially
in the state of Maharashtra. Also, the presence of a fixed-price,
fixed-time construction contract partly mitigates the potential
cost overrun risk.

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

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

Liquidity Indicator - Adequate: On February 28, 2021, the promoters
had brought-in the committed equity of INR155.1 million in the form
of equity share capital in GIPL. The concession authority is making
construction grant payments linked to physical progress milestones.
As per the discussion with the management, GIPL has received three
construction grants to the tune of INR395 million as against the
total grant of INR930 million. Also, the company has to create a
two-quarter debt service reserve (DSR); with one-quarter DSR is to
be created on COD and an additional one-quarter DSR within six
months of COD.  

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

Any deductions for the non-conformance to maintenance requirements
during the concession term could lead to a shortfall in the
forthcoming annuity payments. However, besides the experience of
DCG in managing road contracts and the low complexity involved in
the O&M of hybrid annuity model-based road projects in relation to
other infrastructure projects support the rating. Moreover, two
cycles of major maintenance are scheduled during the concession
period, with the first cycle relating to micro-seal surfacing after
three years from the COD, and the second cycle relating to
overlaying of the entire stretch with bitumen seven years post the
COD.

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

Also, the financing documents stipulate a minimum annual debt
service coverage ratio of 1.20x during operations, a breach of
which shall lead to the discontinuation of restricted payments,
until restored to stipulated levels. Any default on the sponsor
debt shall accelerate debt repayments of GIPL under a cross-default
linked mechanism. Interest servicing of the project for the first
six months until the first annuity as well as O&M expenses during
the same period shall be funded from inflation-indexed construction
grants, which is a part of the project cost. GIPL has drawn
INR256.8 million out of the sanctioned limit of INR431 million.

RATING SENSITIVITIES

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

- completion of the project earlier than the authority-approved
COD or on the targeted scheduled date

- receipt of the first annuity payment on or before scheduled
date

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

- delay in actual project completion from authority-approved COD
beyond three months

- non-injection of funds in a timely manner

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

- non-creation of the stipulated debt service reserve  prior to
COD as per financing documents

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

COMPANY PROFILE

GIPL, a special purpose vehicle incorporated by DCG, has been
awarded a 12-year concession (including two-year construction
period) for the improvement and operation/maintenance of two-laning
of roads totaling 32.9km in Chandrapur district in Maharashtra.

The total bid-project cost of GIPL is INR1,550.9 million, which is
likely to be financed by an equity contribution of INR189.4 million
by DCG, construction grants of INR930.5 million payable by
concession authority and project debt of INR431.0 million. The
appointed date of the project was received on January 29, 2019 and
the scheduled construction period is two years.


HAZARIBAGH RANCHI: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings of
Hazaribagh Ranchi Expressway Limited's (HREL) non-convertible
debentures (NCDs) at 'IND D' as follows:

-- INR5.38 bil. (outstanding INR4.58 bil. as on date) Senior
     NCDs* affirmed with IND D rating; and

-- INR1.77 bil. (outstanding INR1.43 bil. as on date) Subordinate

     NCDs* affirmed with IND D rating.

* Details in annexure

KEY RATING DRIVERS

The affirmation reflects HREL's continued non-payment of debt
service obligations since April 2019 to the debenture holders, as
per the filings on the National Stock Exchange and the confirmation
from the debenture trustee.

The National Company Law Appellate Tribunal order dated February
12, 2019 had classified HREL as 'Amber Entity'. Amber Entities are
defined as Domestic Group Entities which are not able to meet all
their obligations (financial and operational) but can meet only
operational payment obligations and payment obligations to senior
secured financial creditors. The project continues to be classified
as Amber Entity.

On March 31, 2021, HREL maintained a cash balance of INR57.32
million and INR1,528.2 million worth of investments in mutual funds
and INR815.4 million in the form of fixed deposit. The current
liquidity is insufficient to meet the senior NCD obligation.
Despite having adequate liquidity in the past to meet the senior
NCD obligations, HREL defaulted due to the restrictions imposed by
the National Company Law Appellate Tribunal on IL&FS Financial
Services Ltd ('IND D') and its groups companies towards making any
payment to financial creditors.

HREL has so far received 15 annuity payments. The 16th annuity and
17th annuity scheduled in FY21 are yet to be received. Ind-Ra
observes that the delay in the receipt of annuity payments is due
to an ongoing dispute between HREL and National Highway Authority
of India (NHAI; 'IND AAA'/Stable) on account of negative change of
scope.

RATING SENSITIVITIES

Positive: Timely debt servicing for consecutive three months will
result in an upgrade.

COMPANY PROFILE

HREL is a special purpose vehicle created by IL&FS Transportation
Networks Limited ('IND D') for the purpose of designing,
constructing and maintaining the four-lane Hazaribagh–Ranchi
section of NH 33 in Jharkhand to 114km from 40.5km on a
build-operate-transfer-annuity basis.

NHAI awarded the project to HREL under a competitive bidding
process. The company had received the final completion certificate,
effective April 1, 2015.

HEMA ENGINEERING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Hema Engineering Industries Limited

        Registered office:
        Sachindanand Farm House
        Kishangarh Village
        Op. Swimming Pool
        DDA Sports Complex
        Lane Green Avenue, Vasant Kunj
        New Delhi 110070

        Administrative office:
        69th km Stone
        Delhi-Jaipur Highway
        Dharuhera, Rewari 122001
        Haryana

        Corporate office:
        6th Floor, The Palm Square
        Emaar MGF, Golf Course Ext. Road
        Sector-66, Gurugram 122001
        Haryana

        Plant:
        1/3 KM, Khandsa Road
        Gurugram 122001

        Plant:
        Upparapalli Village
        Mathgondapalli Post
        Thally Road
        Hosur (Tamilnadu)

        Plant:
        No. 713 & 717
        Poonapalli Village
        Hosur (Tamilnadu)

        Plant:
        Plot No. 4, Salempur
        Mehdood, IP-2
        Haridwar (Uttarkhand)

        Plant:
        A-30, SIPCOT Industrial Park
        Oragadam Village
        Sriperambuthur 602105
        (Tamilnadu)

        Plant:
        Khasra No. 1394
        Salempur Mehdood-2
        Haridwar (Uttarakhand)

        Plant:
        153, Village Belideyod
        Tehsil-Nalagarh
        (Himachal Pradesh)

        Plant:
        Plot No. 5 & 14, Sector-6
        HSIDC, Growth Centre
        Bawal Distt. Rewari (Haryana)

        Plant:
        Plot No. G-77, Shed No. 47
        SIDCO Industrial Estate, Kakalur
        Distt. Thiruvallur 602003 (TN)

        Plant:
        Plot No. 1601 at GIDC Halol
        Tal-Halol, Distt. Panchmahal
        Gujarat 389350

Insolvency Commencement Date: April 5, 2021

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

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

Insolvency professional: Vikas Garg

Interim Resolution
Professional:            Vikas Garg
                         809, 8th Floor, Arunachal Building
                         19, Barakhamba Road
                         New Delhi 110001
                         E-mail: vikas@vamindia.in

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 111-112, First Floor
                         Tower-A, Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: ip.hemaengg@gmail.com

Last date for
submission of claims:    April 22, 2021


ICON COMMODITIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Icon Commodities Private Limited
        Flat No. 202/A, H.No. 258/3Rt
        Sarala Apartments
        Sanjeeva Reddy Nagar Colony
        Hyderabad TG 500038
        IN

Insolvency Commencement Date: March 25, 2021

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: CA Sri Vamsi Kambhammettu

Interim Resolution
Professional:            CA Sri Vamsi Kambhammettu
                         Plot No. 237 & 238
                         Plot No. 46/P, R3 Zen
                         3rd Floor, Kavuri Hills Phase-2
                         Jubilee Hills Post
                         Hyderabad 500033
                         E-mail: casrivamsi@gmail.com

                            - and -

                         A85, DX4, Sri Varasiddhi Nivas
                         Road No. 11, Film Nagar
                         Jubilee Hills
                         Hyderabad 500033
                         E-mail: ip.iconcommodities@gmail.com

Last date for
submission of claims:    April 8, 2021


JINDAL MEDICOT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jindal Medicot Limited

        Registered office:
        Mandiala Kalan
        P.O. Bija
        Tehsil Khanna
        Ludhiana 141412
        Punjab, India

        Works:
        UP Mahal Ram Nagar
        VPO Thattal, Tehsil Amb
        Dist. Una 177211
        Himachal Pradesh, India

Insolvency Commencement Date: March 3, 2020

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: January 5, 2021

Insolvency professional: Gaurav Gupta

Interim Resolution
Professional:            Gaurav Gupta
                         203, Savitri Complex-1
                         Near Dholewal Chowk
                         Ludhiana 141003
                         Punjab
                         E-mail: ip.jindalmed@gmail.com

Last date for
submission of claims:    April 23, 2021


JUKU ORCHEM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Juku Orchem Private Limited
        S-3, Royal Suite
        No. 14, Saravana Street
        T. Nagar, Chennai
        Tamilnadu Pin 600017

Insolvency Commencement Date: March 2, 2021

Court: National Company Law Tribunal, Vaiyakoundanpatti Bench

Estimated date of closure of
insolvency resolution process: August 29, 2021
                               (180 days from commencement)

Insolvency professional: Mr. V.M. Gurusamy

Interim Resolution
Professional:            Mr. V.M. Gurusamy
                         5/159, West Street
                         Vaiyakoundanpatti
                         Thiruvengadam Post & Taluk
                         Tenkasi District
                         Tamilnadu Pin 627719
                         E-mail: vmgurusamy2702@gmail.com

Last date for
submission of claims:    April 14, 2021


KESHAV CEMENTS: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Keshav
Cements and Infra Limited's (SKCIL) Long-Term Issuer Rating of 'IND
D (ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR413 mil. Term loan (Long-term)* due on January 2030
     maintained in the non-cooperating and withdrawn; and

-- INR267 mil. Fund-based working capital limits (Long-
     term/Short-term)# maintained in the non-cooperating and
     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.

The agency 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.
Ind-Ra will no longer provide analytical or rating coverage for
SKCIL.

COMPANY PROFILE

Incorporated in 1993, SKCIL manufactures ordinary Portland cement.


KISSAN INDUSTRIES: CARE Lowers Rating on INR8cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kissan Industries, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2020, placed
the rating of Kissan Industries under the 'issuer non-cooperating'
category as KI had failed to provide information for monitoring of
the rating. KI continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 15, 2021, March 12, 2021, March 11,
2021 and March 10, 2021. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long-term rating has been revised by taking into account
non-cooperation by KI with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk. The rating assigned
to KI continues to remain constrained due to constitution of the
entity being a partnership firm, fragmented nature of industry
coupled with high level of government regulation and susceptibility
to fluctuation in raw material prices and monsoon-dependent
operations.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and
monsoon-dependent operations: Agro-based industry is characterized
by its seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Any sudden spurt in raw material prices may not be passed on to
customers completely owing to firm's presence in highly competitive
industry.

* Partnership nature of constitution: KI's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders.

* Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small-scale operators which are not into end
to-end processing of rice from paddy, instead they merely complete
a small fraction of processing and dispose-off semi-processed rice
to other big rice millers for further processing. Furthermore, the
concentration of rice millers around the paddy-growing regions
makes the business intensely competitive. The raw material (paddy)
prices are regulated by government to safeguard the interest of
farmers, which in turn limits the bargaining power of the rice
millers.

The entity was set up in 1975 as a partnership firm under the name
Kissan Rice Mill, however, in 1995, the name of the firm was
changed to Kissan Industries. The firm is currently being managed
by Mr.Inderjit Singh and Mr.Kiran Deep Singh. The firm is engaged
in processing of paddy at its facility in Jalalabad, Punjab with an
installed capacity of 10,800 tonnes per annum. Besides KI, the
partners are also engaged in other group concerns-Kissan Solvex
Private Limited (KSP) and Kissan Commission Agent. KSPL is engaged
in manufacturing rice bran oil and de-oiled cakes while Kissan
Commission Agent is engaged in trading of paddy.

KRISH AGRO: CARE Withdraws D Outstanding Rating on Bank Debts
-------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding rating of 'CARE
D; ISSUER NOT COOPERATING' assigned to the bank facilities of Krish
Agro Farms Private Limited with immediate effect. The action has
been taken at the request of Krish Agro Farms Private Limited and
'No Objection Certificate' received from the bank that has extended
the facilities rated by CARE.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities             -        Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category; Reaffirmed at CARE D;
                                   ISSUER NOT COOPERATING;
                                   Withdrawn

Kolkata-based Krish Agro Farms Private Limited (KAPL) was
incorporated in August 2013 for setting up a rice milling and
processing plant. The company was promoted by Mr. Chandra Jeet
Shaw, Mrs. Chitra Rekha Shaw and Mr. Ravi Jaiswal. The company is
into milling and processing of non-basmati rice and it has started
commercial operations from November 27, 2015 onwards. The milling
unit of KAPL is located at Hooghly, West Bengal with processing
capacity of 100,000 Metric Ton Per Annum (MTPA). KAPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors across West Bengal.

LAKSHMI GAYATRI: CARE Lowers Rating on INR160cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Lakshmi Gayatri Hospitals Private Limited (SLGH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          160.00      CARE D Revised from CARE B
                                   and removed from Credit watch
                                   with Developing Implications

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SLGH
factors in delays in meeting the debt obligations on time due to
poor liquidity position. The rating was placed under "Credit Watch
with Developing Implications" following the application submitted
by the company to bankers for restructuring the term loan facility
as per resolution package announced by RBI under Covid- 19 relief
scheme. However, the company as per RBI guidelines has availed
Guaranteed Emergency Credit Line (GECL) loans instead of pursuing
for OTR and hence as the clarity has emerged, the rating is removed
from credit watch with developing implications.

Key Rating Sensitivities

Positive Factors:

* To meet the debt obligations on time for sustainable period or at
least for three months continuously.

* Support from the promoters in the form of infusion of unsecured
loans and capital.

* Increase in the scale of operations and attaining breakeven
revenue on a sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in meeting debt obligations due to weak performance: The
hospital is in the nascent stage of operations and is yet to
generate sufficient cash flows. Further, the ongoing Covid19
pandemic has slowed down the operations impacting the performance
of the company. The hospital receives about 70% of the payments
from insurance and corporates. The liquidity position of the
hospital has further been impacted due to delay in payments from
the insurance companies and corporates which has led to cash flow
mismatches and delays with respect to debt servicing of the
company.

Key Rating Strengths

* Experienced and resourceful promoters: The key promoter Mr. Dandu
Sivarama Raju, has 40 years of experience in hotel, college, and
civil construction businesses. He is also the Managing Director of
Katriya Hotels and Towers (KHT), a 3-star hotel located at
Hyderabad. He is ably supported by Mr. D V S Somaraju. Mr. Somaraju
has more than a decade of experience in hotel business and he is
currently serving as Executive Director of KHT. The promoters are
resourceful and have brought in funds whenever required. During
FY20, the promoters of the company have infused around INR24 crore
as unsecured loans. Out of the total unsecured loans infused,
INR8.00 crore has been converted into equity share capital. Till
March 31, 2020, the promoters have bought in INR75.00 crore as
equity and INR26.17 crore as unsecured loans for funding the
project.

Liquidity – Poor

The liquidity profile of the hospital is poor considering lower
accruals when compared to repayment obligations. The hospital has
been incurring losses due to nascent stage of operations. The debt
coverage indicators continue to remain weak. The company had
availed both the moratoriums (March 2020 to August 2020) provided
as a part of RBI Covid-19 regulatory package. The company has been
sanctioned with Guaranteed Emergency Credit Line (GECL) loans.
However, due to cash flow mismatches, the company has defaulted in
meeting its term debt obligations.

Sree Lakshmi Gayatri Hospitals Private Limited (SLGH) was
incorporated on June 10, 2011 by Mr. Dandu Sivarama Raju and
belongs to Sri Lakshmi Gayatri Hotels Private Limited. SLGH has
undertaken project to set up 775 beds Multi-Specialty Hospital at
Bachupally, Hyderabad, to promote medical tourism and to facilitate
longer stay requirements it is also setting up 120 rooms' hotel in
the same premises. The hospital has started the commercial
operation from April 01, 2019. The hospital is offering wide
spectrum of specialties like Cardiology, Nephrology, Pulmonology,
Trauma and Orthopedics, Plastic Surgery, Neurology, Gastro
Entomology, Gynecology, Urology, Oncology, ENT and dental etc.


LANTEC TECHNOLOGIES: CARE Lowers Rating on INR9.23cr LT Loan to B+
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lantec Technologies as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.23       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

   Short Term Bank      11.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2020 placed the
ratings of Lantec under the 'issuer non-cooperating' category as
Lantec had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. Lantec continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and emails dated January 8, 2021,
February 4, 2021, March 5, 2021 and April 6, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of Lantec have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating done on February 24, 2020 the following
were the rating strengths and weaknesses.

Key rating weaknesses

* Partnership nature of constitution: Lantec being a partnership
firm is exposed to inherent risk of partners' capital being
withdrawn at the time of personal contingency and the firm being
dissolved upon the death/retirement/insolvency of key partners. Any
withdrawal of capital by the partners may affect existing financial
flexibility of the firm.

* Susceptibility of margins to volatile raw material prices and
foreign exchange rate fluctuations; along with presence in highly
fragmented electronic component industry: The main raw material for
manufacturing electronic control panels is steel. The steel
industry is cyclical with prices driven primarily by the existing
demand and supply conditions with strong linkage to the global
market. This results into risk of price fluctuations on the
inventory of raw materials as well as finished goods. Further,
exports contributed around 20% of total income in FY18. Thus the
firm is exposed to exchange rate fluctuations risk in absence of
active hedging policy. Also, the electronic component industry is
highly fragmented which restricts the pricing flexibility and
bargaining power of small players.

* Moderate and volatile scale of operations and moderate
profitability: The total operating income (TOI) of Lantec grew by
60% y-o-y; however stood moderate at INR30.42 crore in FY18 as
against INR19.05 crore in FY17 (Rs.26.72 crore in FY16). Further,
order book on hand as of December 05, 2018 stood at INR25 crore
which is envisaged to be executed up to March 2019. PBILDT of the
firm improved but remained moderate at INR5.03 crore during FY18 as
against INR2.24 crore in FY17. Consequent to an improvement in
PBILDT margin and proportionate decrease in depreciation and
interest costs, the PAT margin improved to 9.22% in FY18 from 3.21%
in FY17.

Key Rating Strengths

* Experienced promoters: The firm is managed by Mr. Santhosh George
and Ms. Susan George with equal profit sharing ratios in the firm.
Mr. Santhosh George has more than two decades of experience in the
same line of business and handles overall operations of the firm.

* Comfortable capital structure and debt coverage indicators: The
capital structure of Lantec remained comfortable marked by an
overall gearing ratio of 1.05 times as of March 31, 2018 as against
1.20 times as of March 31, 2017. Further, the debt coverage
indicators as marked by total debt to GCA remained comfortable at
2.68 times as of March 31, 2018 as against 11.34 times as of March
31, 2017, while interest coverage ratio remained at 3.77 times for
FY18 (1.72 times in FY17).

Lantec Technologies (Lantec) was established as a partnership firm
on February 25, 2004 with four partners. Subsequently, two partners
retired in 2010 and at present, the firm is managed by Mr. Santosh
George and Ms. Susan George with equal profit sharing ratios in the
firm. Lantec is engaged in manufacturing of electrical control
panels and its products are certified for its safety standard by
Central Power Research Institute, Bhopal as well as Underwriters
Laboratories, Denmark. Lantec mainly supplies its product to
industrial units as per their customized needs. The manufacturing
facilities of the firm are located at Masat Industrial Estate
(Silvassa, Dadra and Nagar Haveli, Gujarat) with an installed
capacity of manufacturing 1,500 units per annum as of March 31,
2018.


MAHARAJA TECHNO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maharaja Techno Chromes Private Limited
        Plot No. 55, KIADB Road No. 54
        1st Stage, KIADB Industrial Area
        Sompura Hobli, Nelamangala Taluk
        Dabaspet Bangalore Rural 562111
        Karnataka

Insolvency Commencement Date: April 6, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: October 3, 2021

Insolvency professional: Mr. Venkata Subbarao Kalva

Interim Resolution
Professional:            Mr. Venkata Subbarao Kalva
                         F-204, Sri Sai Priya Residency
                         13th Cross
                         Sarakki Main Road
                         J P Nagar, 1st Phase
                         Bengaluru 560078
                         Karnataka
                         E-mail: subbaraocs@gmail.com

                            - and -

                         #41/1, 2nd Floor, 11th Cross
                         8th Main, Jayanagar 2nd Block
                         Bengaluru 560011
                         Karnataka
                         E-mail: maharajatechnocirp@gmail.com

Last date for
submission of claims:    April 21, 2021


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

The instrument-wise rating actions are as follows:

-- INR20.1 mil. Term loan due on April 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR60.00 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR1.00 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mani More Synthetics was incorporated in 2011 as a partnership firm
by Kshitij Ajeet Yadav and Sumit Brijpal Yadav. The firm has
manufacturing capacity of 4,101 metric tons per annum of texturized
yarn and fabrics in Dadra and Nagar Haveli.

METRO BUILDERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Metro Builders Orissa Pvt. Ltd.
        Metro River View Complex
        Sunshine Field
        Ring Road Cuttack
        Orissa 753002
        India

Insolvency Commencement Date: March 31, 2021

Court: National Company Law Tribunal, Raipur Bench

Estimated date of closure of
insolvency resolution process: September 27, 2021

Insolvency professional: Mr. Sunil Kumar Keswani

Interim Resolution
Professional:            Mr. Sunil Kumar Keswani
                         House No. 31, Canal Linking Road
                         Ravi Nagar, Raipur
                         Chhattisgarh 492001
                         E-mail: sunil.keswani.co@gmail.com
                                 metrobuilders.ip@gmail.com

Last date for
submission of claims:    April 14, 2021


METRO MANAGEMENT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Metro Management Services Private Limited
        L-60 B, Malviya Nagar
        New Delhi 110017

Insolvency Commencement Date: April 1, 2021

Court: National Company Law Tribunal, Gurugram, Haryana Bench

Estimated date of closure of
insolvency resolution process: September 27, 2021

Insolvency professional: Mr. Ashok Arora

Interim Resolution
Professional:            Mr. Ashok Arora
                         281/Sector 51, Second floor
                         Sector 51
                         Opposite Amity International School
                         In front of Gate No. 2 of
                         Symphony Floors Society
                         Gurgaon, Haryana 122018
                         E-mail: ashok.arora79@yahoo.com

                            - and -

                         C-100, C Block
                         Sector 2, Noida
                         Uttar Pradesh 201301
                         E-mail: ibc.mmspl@gmail.com

Last date for
submission of claims:    April 14, 2021


MICRO INDUSTRIAL: CARE Lowers Rating on INR80cr Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Micro Industrial Corporation (MIC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      80.00      CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING
   Facilities                      Rating continues to
                                   remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B;
                                   Negative/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 9, 2020, placed the
rating(s) of MIC under the 'issuer non-cooperating' category as MIC
had failed to provide information for monitoring of the rating. MIC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated March 31, 2021. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of reported delays in
payment of undisputed statutory dues. Further, CARE does not have
receipt of requisite information and hence CARE is not able to
conduct appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on March 9, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Stretched liquidity and elongated operating cycle: The stretched
liquidity profile of the company is marked by over drawls reported
in the working capital bank facilities of the company. The
operations of the firm are working capital intensive in nature as
reflected by operating cycle of 336 days as of March 31, 2019 (PY:
330 days) due to high inventory holding period of 324 days as of
March 31, 2019 (PY: 354 days), as the firm maintains a high level
of inventory of various products due to its diversified product
profile and wide variety and sizes across product categories.

* Low profitability margins: The profitability margins stood low as
reflected by PBILDT margins of 9.14% in FY19 (PY: 9.25%) and PAT
margins of 0.03% in FY19 (PY: 0.18%). The profitability margins are
on the lower side due to intense competition in the industry and
higher interest cost due to working capital intensive operations
which necessitates higher working capital borrowings. The total
sales reported by the firm in H1FY20 was INR58.83 crore while
PBILDT figure reported was INR7.93 crore.

* High competition: The firm competes with various unorganized and
organized brands such as Relaxo, Paragon, Veekesy, Lancer, Lee
Cooper etc. The competition from both organized and unorganized
players has a bearing on the pricing power and profitability
profile. Constitution as a partnership firm: MIC's constitution as
a partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at time of personal contingency
and firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of promoters would be the
key factors affecting credit decision for the lenders.

* Weak financial risk profile: The overall gearing of the firm
deteriorated to 2.05x as on March 31, 2019 (PY: 1.19x) owing to
increased utilization of working capital limits. The interest
coverage ratio moderated to 1.47x in FY19 (PY: 1.77x). The total
debt to gross cash accruals stood high at 23.91x in FY19 (PY:
16.77x).

Key Rating Strengths

* Experienced partners: MIC is managed by Mr. Raj Kumar Gupta, son
of Mr. Mange Ram Aggarwal who is the founder of Action group. Mr.
Raj Kumar Gupta is having over 34 year experience in shoe industry.
During FY18 (refers to the period April 01 to March 31), the
partners infused INR11.23 cr. in MIC in form of capital. The total
capital infusion in the firm stood at INR21.64 crore between FY16
to FY18. Further, for smooth functioning of the business, the
partners have infused unsecured loan of INR 27.25 crore between
FY16 to FY18. However, partner's capital stood reduced at INR55.69
crore in as of March 31, 2019 (PY: INR64.21 crore) and unsecured
loan figure reduced marginally to INR26.24 crore as of March 31,
2019 (PY: INR27.25 crore).

* Long track record of operations, established brand name and wide
distribution network: The firm is into shoe business since 1995 and
has well-established relationships with customers and suppliers
with considerable diversification in sale of products and sourcing
of raw materials. The firm is in manufacturing, distribution and
trading of shoes under the brand name of 'DotCom, Flotter, Health
Plus, Forina, School Time, Fun Time and Micro' within the umbrella
'Action' brand. MIC have access to network of around 800
distributors of action group spread all over the country, out of
which about 250 are exclusive distributors of action group products
catering to all segments of shoe industry.

Liquidity – Stretched

The stretched liquidity of the firm is marked by over drawls in the
working capital bank facility and elongated operating cycle which
stood at 336 days as of March 31, 2019.

Micro Industrial Corporation (MIC) a part of 'Action Group' is
engaged in manufacturing, distribution and trading of shoes in
various segments under the brand name of 'DotCom, Flotter, Health
Plus, Forina, School Time, Fun Time and Micro'. The group has
in-house processes right from designing to processing, finishing
and quality control and the products are processed from units
operated by MIC (1 in Delhi and 1 in Bahadurgarh). MIC is engaged
in manufacturing and selling of footwear.


MICROSUN SOLAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Microsun Solar Tech Private Limited
        Plot No. 55, KIADB Road No. 54
        1st Stage, KIADB Industrial Area
        Sompura Hobli, Nelamangala Taluk
        Dabaspeth Bangalore Rural 562111
        Karnataka

Insolvency Commencement Date: April 6, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: October 3, 2021

Insolvency professional: Mr. Venkata Subbarao Kalva

Interim Resolution
Professional:            Mr. Venkata Subbarao Kalva
                         F-204, Sri Sai Priya Residency
                         13th Cross
                         Sarakki Main Road
                         J P Nagar, 1st Phase
                         Bengaluru 560078
                         Karnataka
                         E-mail: subbaraocs@gmail.com

                            - and -

                         #41/1, 2nd Floor, 11th Cross
                         8th Main, Jayanagar 2nd Block
                         Bengaluru 560011
                         Karnataka
                         E-mail: microsunsolartechcirp@gmail.com

Last date for
submission of claims:    April 21, 2021


MKR ENTERPRISES: CARE Lowers Rating on INR6.0cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MKR
Enterprises, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 9, 2020, placed the
rating(s) of MKR Enterprises under the 'issuer noncooperating'
category as MKR Enterprises had failed to provide information for
monitoring of the rating. MKR Enterprises continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated March
31, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on March 9, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Fluctuating scale of operations: The total income of the firm
declined to INR590.66 crore in FY19 (PY: INR762.28 crore) on
account of drop in demand of gold in the market. Over the years,
firm's revenue has remained inconsistent. Since sales are solely
contingent upon demand and commodity prices, it has resulted in
fluctuating revenues although the scale of operations has remained
fairly moderate.

* Low profitability margins: The PBILDT margin of the firm declined
significantly to 0.27% in FY19 (PY: 0.94%) attributable to the fact
that the firm was involved mainly in bullion trading in FY18 and
profited from speculation in gold and silver prices. However, the
PAT margin of the firm was still lower as compared to previous
years before FY18 which is attributable to slowdown in the market
in FY19.

* Weak financial risk profile: The overall gearing of the firm
improved yet stood leveraged at 2.03x as on March 31, 2019
(PY:4.15x). The improvement in overall gearing was on account of
decrease in working capital borrowings. The total debt to GCA ratio
deteriorated sharply to 9.82x in FY19 (PY: 1.98x) as the firm had
reported exceptional profit margins in FY18. Owing to the same
reason, PBILDT interest coverage of the firm also deteriorated.

* Constitution of the entity being proprietorship: MKR's
constitution as a proprietorship firm has the inherent risk of
withdrawal of the proprietor's capital and unsecured loans from
group companies at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the proprietor.

* Commodity price and demand fluctuation risk: Trading of
commodities involves an inherent risk of price fluctuation and
reflects directly upon the profitability margins of the firm as the
firm does not involve in commodity hedging. Moreover, the demand
side fluctuations results in inconsistent revenue impacting the
overall performance of the firm, evident from the financials of the
firm.

* Highly competitive and fragmented industry: The gems and jewelry
market in India is home to more than 300,000 players, with the
majority being small players resulting in high competition. High
fragmentation and competition in the industry continues to keep
margins under pressure.

Key Rating Strength

* Experienced proprietor: Mr. Rozin Jain, proprietor of the firm,
has an experience of around a decade in the industry. MKR will
continue to benefit from the proprietor's experience and
understanding of the dynamics of the industry.

* Wide customer base: Owing to a large customer base, the top ten
customers of the firm accounted for only ~22% of the total sales in
FY19. Firm's ability to market its products to new customers
secures it against customer concentration and inventory holding
risk.

* Short collection period and operating cycle: The firm is mainly
involved in gold and silver trading business in which the
operations are mainly on cash basis resulting in a short collection
period and also similar creditor period. The inventory holding
period has also remained on the lower side at 2 days in FY19 (PY: 1
day) resulting in a short operating cycle.

Adequate Liquidity

The adequate liquidity of the firm is characterized by moderate
cash and bank balance of INR3.94 crore as of March 31, 2019. Its
fund-based working capital limits were utilized to the extent of
~55% during the trailing 12 months ending May 2019 supported by a
current ratio of 1.52x as of March 31, 2019.

MKR Enterprises is a proprietorship firm engaged in the trading and
manufacturing of gold and silver bullion and ornaments. The firm is
located in Agra, Uttar Pradesh which is a hub of gold and silver
trading. Approximately 60% of the firm's operations are based on
trading while the remaining 40% relies on manufacturing. The firm
outsources the manufacturing of silver ornaments and markets the
products in southern regions of India such as Chennai, Vijayawada,
etc. through its own jewelry shop.

NATARAJ GINNING: CARE Lowers Rating on INR5.60cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nataraj Ginning & Pressing Mill (NGPM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 12, 2020, placed the
rating(s) of NGPM under the 'issuer non-cooperating' category as
NGPM had failed to provide information for monitoring of the
rating. NGPM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated March 2020 to April 5, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by Nataraj Ginning &
Pressing Mill with CARE's effort to undertake a review of the
outstanding ratings as CARE views information availability risk as
a key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on March 12, 2020 the following were the
rating strengths and weaknesses

Key Rating Weakness

* Small scale of operation and short track record of business: The
firm had short track record of business operations, however long
presence established by the proprietor in the market. Furthermore,
the scale of operations of the entity remained small in marked by
total operating income (TOI), remained small at INR14.47 crore in
FY18 coupled with low net worth base of INR0.75 crore as of March
31, 2018 as compared to other peers in the industry.

* Working capital intensive nature of operations: The operating
cycle of the firm as of March 31, 2018 remained elongated at 88
days. The firm receives payment from its customers within 15-30
days and makes the payment to its suppliers within 1-2 weeks due to
low bargaining power. The firm maintains its inventory for a period
of 2-3 months since cotton being an agro commodity its production
is seasonal (harvesting) from November to February in a year. Apart
from that cotton ginners usually have to procure raw cotton in bulk
to get better discount from its suppliers, mainly farmers. The
average utilization of fund-based working capital limits of the
firm was 95% during the last 12 months period ended February 28,
2019.

* Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution of the entity as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the capital at the time of personal contingency which
can adversely affect its capital structure. Furthermore,
proprietorship firms have restricted access to external borrowings
as credit worthiness of the proprietor would be key factors
affecting credit decision for the lenders. The proprietor has
infused capital of INR0.30 crore and Rs 0.13crore in FY17 and FY18
respectively.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of cotton
bales which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

* Susceptibility of profits to volatile price fluctuation and
seasonality associated with availability of cotton: The cotton
prices are volatile in nature and depend upon factors like, monsoon
condition, area under cultivation, yield for the year,
international demand supply scenario, export policy decided by the
government and inventory carry forward of last year. Cotton being a
seasonal crop is sown up to October and harvesting is done between
January and may in peninsular part of India. Prices of cotton are
at their lowest in harvesting season and trend up thereafter,
depending upon supply-demand dynamics which results into a higher
inventory holding period for the business.

* Leveraged capital structure and weak debt coverage indicators
albeit improvement: The capital structure of NGSP stood leveraged
during the review period. NGSP's debt profile predominantly
comprises of term loan. The debt equity ratio and overall gearing
ratio of the firm improved from 12.44x and 21.59x respectively as
on March 31, 2017 to 5.69x and 9.29x respectively as on March 31,
2018, due to increase in tangible net worth on account of accretion
of profits to reserves along with repayment of term loans. The debt
coverage indicators of the firm stood weak during the review
period. Total debt/GCA improved from 49.65x in FY17 to 9.49x in
FY18, due to increase in cash accruals and healthy PBILDT levels in
absolute terms. The interest coverage ratio improved from 1.08x in
FY17 to 2.02x in FY18 on account of increase in profits by absolute
terms.

Key Rating Strengths

* Reasonable experience of proprietor in the cotton processing
business: The proprietor, Mrs. Shivarathri Narsamma, is associated
with the cotton industry for around 8 years and looks after the
overall management of the firm. Furthermore, the proprietor have
also established a long standing relationship with the customers
and suppliers (farmers) supplying raw cotton in the past also.

* Location advantage: NGPM located in one of the major cotton
growing areas in Telangana. Availability of raw material is not
expected to be an issue as the firm procures raw material (raw
cotton) from the traders located in and around Muthukur,
Bhongir(Dist).

* Growth in total operating income and satisfactory profitability
margins during the review period: The total operating income of the
firm has increased from Rs 4.50 crore in FY17 to Rs 14.47 crore in
FY18 on account increase in quantum of orders, along with full-year
operations in FY18, as in FY17 the firm was operational for 4
months. Furthermore, the firm has achieved sales of INR6.00 crore
in 11MFY19(Provisional). The PBILDT margin of the firm declined
from 12.48% in FY17 to 10.15% in FY18 due to increase in
manufacturing expenses owing to full year of operations in FY18, as
compared to 4 months of operations in FY17. Furthermore, there was
a turnaround from net loss to net profit in FY18. The PAT margin
stood at 2.16% in FY18. The PAT margins improved due to higher
PBILDT levels in absolute terms.

* Stable outlook of cotton industry: Amongst all the cotton-growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. Although
only the second in cotton production in the world, India has
several distinctions to its credit. The ginning outturn of the
Indian cotton also presents a wide spectrum of variations from 24%
to 42%.The purpose of ginning is to separate cotton fibers from the
seed.

Telangana-based, Nataraj Ginning & Pressing Mill (NGPM) was
established on April 1, 2015, and started the commercial operations
from December 9, 2016. The firm was established as a proprietorship
concern by Mrs. Shivarathri Narsamma and she is supported by her
son Mr. Mahesh babu who is managing the overall business operations
of NGPM. The firm is engaged in cotton ginning and pressing with a
total installed capacity of 200 bales per day and the firm sells
its products in and around Mothkur. The manufacturing unit is
located in Mothkur, Telangana.


PANACHE ALUMINIUM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Panache Aluminium Extrusions Private Limited
        Survey No. 187, Plot No. 1
        Shivaji Nagar Road
        Village-Ahire
        Taluka Khandala
        Khandala
        Maharashtra 412802

Insolvency Commencement Date: December 31, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 28, 2020
                               (180 days from commencement)

Insolvency professional: Anuj Bajpai

Interim Resolution
Professional:            Anuj Bajpai
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         7th Floor, Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: anuj19603@yahoo.co.in
                                 cirppanache@gmail.com

Last date for
submission of claims:    January 16, 2020


PANKAJ EVENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pankaj Events & Celebations Pvt. Ltd.
        Survey No. 331 & 332
        Oganaj, Nr. SP Ring Road
        Ahmedabad 380060

Insolvency Commencement Date: March 31, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 27, 2021

Insolvency professional: Manish Kumar Bhagat

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

Last date for
submission of claims:    April 19, 2021


PARAS RAM: CARE Lowers Rating on INR10.58cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paras Ram Textiles Private Limited (PRT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.58       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank
   Facilities           0.01       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2020, placed
the rating of PRT under the 'issuer non-cooperating' category as
PRTPL had failed to provide information for monitoring of the
rating. PRTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 15, 2021, March 12, 2021, March 11,
2021 and March 10, 2021. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long-term rating has been revised by taking into account
non-cooperation by PRTPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. The rating
assigned to PRTPL continues to remain constrained due to small
scale of operations, weak overall solvency position, elongated
operating cycle and highly competitive and fragmented nature of the
industry. However, the rating derives strength from experienced
promoters and established track record of operations and favorable
location of operations.

Key Rating Weaknesses

* Small scale of operations: The company's scale of operations has
remained small marked by Total Operating Income (TOI) of INR36.99
crore in FY20 (PY: 37.54 crore in FY19).

* Weak overall solvency position and elongated operating cycle: The
capital structure of the company remained leveraged with overall
gearing ratio of 3.36x, as of March 31, 2020 (PY:3.20x in FY19).
Furthermore, the debt coverage indicators also stood weak marked by
total debt to GCA at 19.41x and interest coverage ratio at 1.56x
for FY20 (PY: 16.16x and 1.68x, respectively).  The operating cycle
of the company stood elongated at 184 days in FY19 (PY: 158 days).

* Highly competitive and fragmented nature of the industry: The
textiles industry is one of the most fragmented industries
primarily due to lower amount of investment required in setting up
the units. Also, there is huge competition from various organized
and unorganized players.

Key Rating Strengths

* Experienced promoters and established track record of operations.
The company is currently being managed by Mr. Ved Prakash Batra,
Mr. Ramesh Batra, Mr. Narender Batra and Mr. Vijay Batra. All the
promoters of the company have an experience of around three decades
in the textile industry through their association with "Paras Ram
Textiles Mills" and PRT.

* Favorable location of operations: Ludhiana is a well-established
hub of manufacturing of textile products. The company benefits from
the location advantage in terms of easy accessibility to large
customer base located in Ludhiana. Additionally, various raw
materials required in the manufacturing of textiles are readily
available owing to established supplier base in the same location
as well.

Paras Ram Textiles Private Limited (PRT), incorporated in February
1995, is currently being managed by Mr. Ved Prakash Batra, Mr.
Ramesh Batra, Mr. Narender Batra and Mr. Vijay Batra. The business
operations were previously being managed through a proprietorship
firm under the name of "Paras Ram Textiles Mills" since 1974 and
the business was subsequently taken over by PRT in 1995. The
company is engaged in the manufacturing of fabrics which mainly
includes knitted fabric and acrylic fabric as well as other textile
products like blankets, ladies suits, T-shirts and shawls at its
manufacturing facility situated in Ludhiana, Punjab with varying
installed capacity of each product.

RELIANCE TECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Reliance Tech Services Limited
        "H" Block, 1st Floor
        Dhirubhai Ambani Knowledge City
        Navi Mumbai MH 400710
        IN

Insolvency Commencement Date: August 4, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 1, 2021

Insolvency professional: Mr. Anjan Bhattacharya

Interim Resolution
Professional:            Mr. Anjan Bhattacharya
                         AAA Insolvency Professionals LLP
                         A301, BSEL, Teck Park
                         Sector-30 A
                         Opposite Vashi Railway Station
                         Vashi, Mumbai City
                         Maharashtra 400705
                         E-mail: anjan.bhattacharya@
                                 aaainsolvency.com
                                 reliancetech@aaainsolvency.com
                         Tel: 022-42667394

Last date for
submission of claims:    August 18, 2020


SACHIN ELECTRICALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sachin Electricals Private Limited
        Plot No. 54A Kh. No. 51/7
        Rajeev Nagar Extn Village
        Karala, New Delhi 110086
        IN

Insolvency Commencement Date: April 6, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 3, 2021

Insolvency professional: Mr. Vijay Kishore Saxena

Interim Resolution
Professional:            Mr. Vijay Kishore Saxena
                         3rd Floor, 100 Kailash Hills
                         East of Kailash
                         New Delhi 110065
                         E-mail: vksaxena2159@gmail.com

                            - and -

                         D-69, LGF
                         East of Kailash
                         New Delhi 110065
                         E-mail: irpsachinelec@gmail.com

Last date for
submission of claims:    April 20, 2021


SAI KRUPA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Sai Krupa Packaging Private Limited
        No. 26, KPM Sapphire
        11th Avenue
        Ashok Nagar Chennai
        Tamil Nadu 600083

Insolvency Commencement Date: March 10, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 7, 2021

Insolvency professional: Ajay S Jain

Interim Resolution
Professional:            Ajay S Jain
                         Flat-10G, Bhavya Block
                         Sri Mahalakshmi Utsav Apartments
                         No. 339, Konnur High Road
                         Ayanavaram
                         Chennai 600023
                         E-mail: ajaypagariya@gmail.com

                            - and -

                         Ajay S Jain & Co
                         No. 5E, 5th Floor, Lakshmi Bhavan
                         Sundaram Avenue #609 Anna Salai
                         Opposite US Consulate
                         Chennai 600006

Last date for
submission of claims:    March 25, 2021


SAMRAT LAMINATES: CARE Assigns B+ Rating to INR10.10cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of Samrat
Laminates Private Limited (SLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           10.10      CARE B+; Stable Assigned

   Short Term Bank
   Facilities            2.00      CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

While arriving at the ratings of SLPL, CARE has taken a combined
view of SLPL and Samrat Plywood Limited [SPL, rated, 'CARE B+;
Stable/CARE A4')] as the two entities (together referred to as
'Group'), are engaged in a similar line of business, have
operational linkages, common promoter family and common management
personnel. The ratings assigned to the bank facilities of Samrat
Laminates Private Limited (SLPL) are constrained by the small scale
of operations of the group, fragmented nature of the industry and
susceptibility of profitability margins to fluctuations in the raw
material prices. The ratings are further constrained by linkages of
fortunes to the demand from the cyclical real estate industry. The
ratings however, derive strength from the experienced promoters,
long track record of operations and established business
relationships with the customers.

Rating Sensitivities

Positive Factors

* Sustained and significant improvement in PBILDT margins to over
12% going forward.

* Sustained and substantial increase in the scale of operations of
the group to more than INR100 cr.

Negative Factors

* Further elongation in the operating cycle of the group with
increased reliance on working capital borrowings.

* Any significant deterioration in the overall solvency position
with the overall gearing ratio deteriorating to above 3.5x owing to
debt funded capex, increased working capital reliance, etc.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the group
remained small at INR84.13 cr. in FY20. The operating income of the
group was impacted in FY20 owing to the floods at the Nalagarh
factory of SPL, which led to shut down of operations at the factory
for ~3 months (August 2019 to October 2019). Further, the sales
were also affected by the lower demand in FY20, especially in the
last quarter of FY20. The PBILDT margins of the group, however,
improved from 8.35% in FY19 to 10.51% in FY20 mainly on account of
lower raw material prices and higher focus of the management on
selling better quality products which derive higher realizations
and better margins. The group has achieved a total operating income
of INR43.28 cr. in 9MFY21.

* Susceptibility to fluctuation in raw material prices: The primary
raw material for the group are wood, paper and chemicals like
Formaldehyde, Phenol, Melamine, etc. The margins of the group
remain exposed to price volatility risk as wood and paper prices
have remained fluctuating in the past.

* Fragmented nature of the industry: The industry is highly
fragmented and unorganized in nature thereby putting pressure on
the profitability margins of the companies engaged in the industry.
Furthermore, due to low entry barriers, the competition gets
intensified, which put pressure on profitability of the existing as
well as new players. Accordingly, the margins of the group may
fluctuate, depending upon price movement and level of competition.

* Fortunes linked to demand from the cyclical real estate industry:
The group supplies various kinds of laminates, plywoods, boards and
decorative woods, the demand of which largely comes from the real
estate sector which is cyclical in nature and its fortunes depend
upon the overall economic conditions in the country. The industry
is also sensitive to the interest rate in the economy and any
adverse impact on real estate sector is likely to affect the growth
rate of wood industry.

Key Rating Strengths

* Experienced promoters and long track record of operations: The
group has been engaged in the manufacturing of products like
laminates, plywoods, block boards, flush doors, etc. for more than
three decades. The group is currently being managed by four
directors- Mr. Rajiv Singhal, Mr. Puneet Singhal (Brother of Mr.
Rajiv Singhal), Mr. Raghav Singhal (Son of Mr. Rajiv Singhal) and
Mr. Sahil Singhal (Cousin of Mr. Rajiv Singhal). Mr. Rajiv Singhal
and Mr. Puneet Singhal have an overall experience of more than 2
decades each, in the industry. The other directors - Mr. Raghav
Singhal and Mr. Sahil Singhal have an experience of 4 years each,
in the industry.

* Established business relationships with the customers and
suppliers and established presence of the group: The group has been
operating in the industry for more than three decades now, leading
to established business relationships with the customers and the
suppliers with an established distributor network of around 200
distributors across the country. Most of the major customers of the
group have been dealing with the group since more than a decade.
The long-standing relationships with customers have led to repeat
orders for the group.

Liquidity: Stretched

The working capital limits remained almost fully utilized
throughout the 12-month period ended December-2020. The average
operating cycle of the group stood elongated at ~253 days, as of
March 31, 2020. The current ratio and the quick ratio of the group
stood moderate at 1.46x and 0.97x, respectively as of March 31,
2020 (PY: 1.41x and 0.99x, respectively). The group had free cash
and bank balance of INR2.14 cr. as of March 31, 2020. The group has
availed moratorium from the bank for the period March 2020 to
August 2020. The group has total debt repayment obligations of
INR0.52 Cr. and INR4.15 cr. in FY21 and FY22, respectively,
proposed to be met through internal accruals and cash flow from
operations. The group does not have any capex plans in the near
future.

Analytical approach: Combined. The financial and business risk
profiles of Samrat Laminates Private Limited and Samrat Plywood
Limited have been combined since both the entities are engaged in a
similar line of business, have operational linkages, common
promoter family and common management personnel.

SLPL was incorporated in 2002 by Mr. Rajiv Singhal (managing
director). At present, the company has three directors; Mr. Rajiv
Singhal, Mr. Raghav Singhal (Son of Mr. Rajiv Singhal) and Mr.
Sahil Singhal (Cousin of Mr. Rajiv Singhal). The overall day-to-day
operations of the company are being looked after by Mr. Rajiv
Singhal (Managing Director) and his son, Mr. Raghav Singhal. SLPL
is engaged in the manufacturing of plywood and other wood products
like block boards, flush doors, etc at its manufacturing facilities
located in Derabassi, Punjab, with an installed capacity of
1,000,000 square metre per annum, as on March 31, 2020. The company
sells its products under the brand name "Samrat" across the
country. The product profile of the company constitutes different
plywoods viz. waterproof plywoods, commercial plywood, high
pressure plywoods, and block boards, flush doors, commercial
boards, decorative veneers, etc. The products of the company mainly
find application in the furniture and real estate industry.

SAMRAT PLYWOOD: CARE Assigns B+ Rating to INR35.08cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Samrat
Plywood Limited (SPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           35.08      CARE B+; Stable Assigned

   Short Term Bank
   Facilities            7.20      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

While arriving at the rating of SPL, CARE has taken a combined view
of SLPL and Samrat Plywood Limited [SPL, rated, 'CARE B+;
Stable/CARE A4')] as the two entities (together referred to as
'Group'), are engaged in a similar line of business, have
operational linkages, common promoter family and common management
personnel.

The ratings assigned to the bank facilities of Samrat Plywood
Limited (SPL) are constrained by the small scale of operations of
the group, fragmented nature of the industry and susceptibility of
profitability margins to fluctuations in the raw material prices.
The ratings are further constrained by linkages of fortunes to the
demand from the cyclical real estate industry.  The ratings,
however, derive strength from the experienced promoters, long track
record of operations and established business relationships with
the customers.

Rating Sensitivities

Positive Factors

* Sustained and significant improvement in PBILDT margins to over
12% going forward.

* Sustained and substantial increase in the scale of operations of
the group to more than INR100 cr.

Negative Factors

* Further elongation in the operating cycle of the group with
increased reliance on working capital borrowings.

* Any significant deterioration in the overall solvency position
with the overall gearing ratio deteriorating to above 3.5x owing to
debt funded capex, increased working capital reliance, etc.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the group
remained small at INR84.13 cr. in FY20. The operating income of the
group was impacted in FY20 owing to the floods at the Nalagarh
factory of SPL, which led to shut down of operations at the factory
for ~3 months (August 2019 to October 2019). Further, the sales
were also affected by the lower demand in FY20, especially in the
last quarter of FY20. The PBILDT margins of the group, however,
improved from 8.35% in FY19 to 10.51% in FY20 mainly on account of
lower raw material prices and higher focus of the management on
selling better quality products which derive higher realizations
and better margins. The group has achieved a total operating income
of INR43.28 cr. in 9MFY21.

* Susceptibility to fluctuation in raw material prices: The primary
raw material for the group are wood, paper and chemicals like
Formaldehyde, Phenol, Melamine, etc. The margins of the group
remain exposed to price volatility risk as wood and paper prices
have remained fluctuating in the past.

* Fragmented nature of the industry: The industry is highly
fragmented and unorganized in nature thereby putting pressure on
the profitability margins of the companies engaged in the industry.
Furthermore, due to low entry barriers, the competition gets
intensified, which put pressure on profitability of the existing as
well as new players. Accordingly, the margins of the group may
fluctuate, depending upon price movement and level of competition.

* Fortunes linked to demand from the cyclical real estate industry:
The group supplies various kinds of laminates, plywoods, boards and
decorative woods, the demand of which largely comes from the real
estate sector which is cyclical in nature and its fortunes depend
upon the overall economic conditions in the country. The industry
is also sensitive to the interest rate in the economy and any
adverse impact on real estate sector is likely to affect the growth
rate of wood industry.

Key Rating Strengths

* Experienced promoters and long track record of operations: The
group has been engaged in the manufacturing of products like
laminates, plywoods, block boards, flush doors, etc. for more than
three decades. The group is currently being managed by four
directors- Mr. Rajiv Singhal, Mr. Puneet Singhal (Brother of Mr.
Rajiv Singhal), Mr. Raghav Singhal (Son of Mr. Rajiv Singhal) and
Mr. Sahil Singhal (Cousin of Mr. Rajiv Singhal). Mr. Rajiv Singhal
and Mr. Puneet Singhal have an overall experience of more than 2
decades each, in the industry. The other directors - Mr. Raghav
Singhal and Mr. Sahil Singhal have an experience of 4 years each,
in the industry.

* Established business relationships with the customers and
suppliers and established presence of the group: The group has been
operating in the industry for more than three decades now, leading
to established business relationships with the customers and the
suppliers with an established distributor network of around 200
distributors across the country. Most of the major customers of the
group have been dealing with the group since more than a decade.
The long-standing relationships with customers have led to repeat
orders for the group.

Liquidity: Stretched

The working capital limits remained almost fully utilized
throughout the 12-month period ended December-2020. The average
operating cycle of the group stood elongated at ~253 days, as of
March 31, 2020. The current ratio and the quick ratio of the group
stood moderate at 1.46x and 0.97x, respectively as of March 31,
2020 (PY: 1.41x and 0.99x, respectively). The group had free cash
and bank balance of INR2.14 cr. as of March 31, 2020. The group has
availed moratorium from the bank for the period March 2020 to
August 2020. The group has total debt repayment obligations of
INR0.52 Cr. and INR4.15 cr.in FY21 and FY22, respectively, proposed
to be met through internal accruals and cash flow from operations.
The group does not have any capex plans in the near future.

Analytical approach: Combined. The financial and business risk
profiles of Samrat Laminates Private Limited and Samrat Plywood
Limited have been combined since both the entities are engaged in a
similar line of business, have operational linkages, common
promoter family and common management personnel.

SPL was incorporated in 1987 by Mr. Rajiv Singhal (managing
director). At present, the company has three directors; Mr. Rajiv
Singhal, Mr. Puneet Singhal (Brother of Mr. Rajiv Singhal) and Mr.
Raghav Singhal (Son of Mr. Rajiv Singhal). The overall day-to-day
operations of the company are being looked after by Mr. Rajiv
Singhal (Managing Director) and his son, Mr. Raghav Singhal. SPL is
engaged in the manufacturing of laminates, compact laminates and
cladding at its two manufacturing facilities located in Derabassi,
Punjab and Nalagarh, Himachal Pradesh. The company sells its
products under the brand name "Samrat" across the country. The
product profile of the company constitutes different plywoods viz.
waterproof plywoods, commercial plywood, high pressure plywoods,
and block boards, flush doors, commercial boards, decorative
veneers, etc and Decorative Laminates. The products of the company
mainly find application in the furniture and real estate industry.


SAPPHIRE SPACE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sapphire Space Infracon Private Limited
        23 F, Laxmi Industrial Estate
        Andheri New Link Road
        Andheri (West)
        Mumbai 400053

Insolvency Commencement Date: April 6, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 3, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Ramesh Chand Kumawat

Interim Resolution
Professional:            Mr. Ramesh Chand Kumawat
                         E-32, Akshya Co-op Housing Society Ltd
                         Jayraj Nagar, Chandavarkar Lane
                         Borivali (West)
                         Mumbai 400091
                         E-mail: rckassociates@gmail.com
                                 cirp.sapphire@gmail.com

Last date for
submission of claims:    April 20, 2021


SARA SUOLE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sara Suole
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR2.72 bil. Fund-based working capital limit (Long term/short

     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR150 mil. Non-fund-based working capital limit (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR677.8 mil. Term loan (Long-term) due on March 2023
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects ongoing delays in debt servicing by Sara and
classification of its account as non-performing asset by all its
lenders.

COMPANY PROFILE

Sara was incorporated on April 26, 2001 as a private limited
company to manufacture leather footwear soles, uppers and shoes.
The company has an annual manufacturing capacity of more than 3
million pairs of shoes and 3.6 million pair of soles. It exports to
over 20 countries worldwide. In the premium segment, the company
holds 12% of the domestic market share.

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

The detailed rating action is:

-- INR40 mil. Bank overdraft maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Saraswati Medical & Dental College was incorporated under the
Societies Registration Act, 1860, and was founded by Late Colonel
(Dr) TS Mathur in May 1995.


SHEETAL SHIPPING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sheetal Shipping and Metal Processors Ltd
        5-5-103 to 105/6, Meher Complex
        1st Floor, Pan Bazar
        Ranigunj, Secunderabad
        TG 500003
        IN

        Unit 1:
        Sy.No. 263, Shadnagar
        Rangareddy Deistrict
        Telangana

        Unit 2:
        Sy. 456, Sharajipet Village
        Aler Mandal, Dist: Nalgonda
        Telangana 508101

Insolvency Commencement Date: August 25, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 21, 2021

Insolvency professional: Kalpana G

Interim Resolution
Professional:            Kalpana G
                         H.No. 16-11-19/4, G-1
                         Sri Laxmi Nilayam
                         Saleem Nagar Colony
                         Malakpet, Hyderabad
                         Telangana 500036
                         E-mail: kalpanagonugunta1@gmail.com
                                 sheetalipgk@gmail.com

Last date for
submission of claims:    September 8, 2020


SHEVA SHEVANI: CARE Lowers Rating on INR7.65cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sheva Shevani Cotton Industries (SSCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.65       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 9, 2020, placed the
rating(s) of SSCI under the 'issuer non-cooperating' category as
SSCI had failed to provide information for monitoring of the
rating. SSCI continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated March 2020 to April 5, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by Sheva Shevani
Cotton Industries with CARE's effort to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on March 9, 2020 the following were the
rating strengths and weaknesses

Key Rating Weakness

* Short track record with small scale of operations: The firm was
established in the year 2016 as a partnership firm by Ms. Santhoshi
Kumari and other partners resulting to small scale of operations.
Despite of presence in the market for less than 3 years, the firm
has achieved significant TOI of INR45.23 crore in FY18, however
scale of operations and net worth of INR2.69 crore as on closing
balance sheet date which is low as compared to other peers in the
industry.

* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators:  The Capital structure of the firm
remained leveraged during review period. Debt equity ratio and
overall gearing ratio of the firm marginally improved from 0.87x &
2.98x as of March 31, 2017 to 0.36x & 2.86x as of March 31, 2018
due to scheduled repayment of term loan and lower utilization of
working capital bank borrowings. Debt coverage indicators of the
firm remained weak during review period. Total debt/GCA of the firm
improved from 37.11x in FY17 to 29.75x in FY18 due to increase in
cash accruals coupled with decrease in total debt levels on account
of lower utilization of working capital bank borrowings and
repayment of term loans. However, PBILDT Interest coverage ratio of
the firm marginally deteriorated to 1.29x in FY18 from 1.36x in
FY17 due to increase in interest cost on account of inclusion of
bank processing charges and despite of increase in PBILDT in
absolute terms. Total debt/cash flow from operations stood at 2.25x
as on March 31, 2018 due to increase in cash flow from operating
activities on account of stabilization of business and increase in
inventory coupled with decrease in debt levels.

* Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: SSCI, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. The partners has withdrawn a
capital of INR0.52 crore in FY18.

* Susceptibility of profits at volatile price fluctuation and
seasonality associated with availability of cotton: The cotton
industry is highly fragmented in nature with several organized and
unorganized players. Prices of raw cotton are highly volatile in
nature and depend upon the factors like area under cultivation,
crop yield, and demand-supply scenario. The cotton processing
operators procure raw materials in bulk quantities to avail
discount from suppliers to mitigate the seasonality associated with
availability of cotton resulting in higher inventory holding
period. Further, the profitability margins of the firm are
susceptible due to fluctuation in raw material prices.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of cotton
yarn which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

* Growth in Total Operating Income during the review period: Sheva
Shevani Cotton Industries was established in May 2016 as a
partnership firm and started its commercial operations from October
2016. SSCI is promoted by Ms. V. Santhoshi Kumari, managing
partners along with her family members as other partners. The
day-to-day operations of the firm are managed by Mr. Pavan Kumar
(spouse of V. Santhoshi Kumari), who has an experience of more than
one decade in this business. The firm has achieved total operating
income of INR 45.23 crore in FY18 which increased from 26.85 crore
in FY17 (6 months of operations) due to stabilization of business
at the back of increase in orders from existing and new customers.
Due to the long-term presence of the promoters spouse's in the
market, the firm has good relation with the customers and
suppliers. The firm has achieved a TOI of INR20 crore and Net
profit of INR0.20 core in 9M FY19 (Prov.,).

* Increasing PBILDT margins albeit thin PAT margins: The PBILDT
margin of the firm has been increasing during the review period
i.e, from 1.98% in FY17 to2.90% in FY18 due to stabilization of
business resulted in under absorption of overheads. Though, the PAT
margin of the firm improved from 0.09% in FY17 to 0.15% in FY18 due
to increased amount of PBILDT in absolute terms, remained thin.

* Comfortable operating cycle days: The operating cycle days of the
firm remained comfortable and stood at 85 days in FY18 due to
comfortable average collection and inventory days. Firm receives
the payment from its customers within a period of 15-30 days.
Further, the firm makes the payment to its suppliers/farmers either
immediately or within 4 days. The firm maintains the inventory
level of 45 days, as the firm stocks the raw material since the
quality of cotton will not be good during the other harvesting
period. The average cash credit utilization during on season
(October –March) is 99% and during off-season (April-September)
is 60%.

* Location advantage: SSCI manufacturing unit is located in one of
the major cotton growing areas in Telangana. Availability of raw
material is not expected to be a concern as the firm procures raw
material (raw cotton) from the farmers and traders located in and
around Karimnagar. SSCI enjoys proximity to the cotton-producing
belt of Telangana which results in ease of access to raw material
with low transportation cost.

* Stable outlook of cotton industry: Cotton plays an important role
in the Indian economy as the country's textile industry is
predominantly cotton-based. India is one of the largest producers
as well as exporters of cotton yarn. The Indian textile industry
contributes around 5 percent to country's gross domestic product
(GDP), 14 percent to industrial production and 11 percent to total
exports earnings. The industry is also the second-largest employer
in the country after agriculture, providing employment to over 51
million people directly and 68 million people indirectly, including
unskilled women. The textile industry is also expected to reach US$
223 billion by the year 2021. The states of Gujarat, Maharashtra,
Telangana, Andhra Pradesh, Karnataka, Madhya Pradesh, Haryana,
Rajasthan, and Punjab are the major cotton producers in India.

Telangana-based, Sheva Shevani Cotton Industries (SSCI) was
incorporated in May 2016 as a partnership firm and is promoted by
Ms. V. Santhoshi Kumari, managing partner along with her family
members. Firm's registered office and factory are located in
Rukmapur, Telangana. Prior to the establishment of SSCI, the
spouses of the current partners have established "Subramanya Cotton
Ginning Industry" in the year 2008 as partnership firm. The firm is
engaged in ginning and pressing of cotton produces 5000 quintals of
lint per month during on season. Whereas during off season the firm
produces 0-100 quintals of lint per month and to exist in the
market, firm sells maize or any other agricultural products. SSCI
purchases 90% of raw cotton from farmers located in Karimnagar
district and 10% from traders in Karimnagar district in the state
of Telangana. The firm has the customer base from across India in
the states of Tamilnadu, Coimbatore (Lint) and Haryana, Gujarat,
Madhya Pradesh, Uttar Pradesh, Punjab, Maharashtra and Rajasthan.
The firm also sells to other countries through deemed exports.


SHRIRAM SEPL COMPOSITES: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Shriram SEPL Composites Private Limited
        31-A/12, SIDCO Industrial Estates
        North Phase, Ambattur
        Chennai 600098

Insolvency Commencement Date: December 23, 2020

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: June 21, 2021

Insolvency professional: Perumal Ulaganathan

Interim Resolution
Professional:            Perumal Ulaganathan
                         144, Alex Street
                         Panneer Nagar, Mogappair
                         Chennai 600037
                         E-mail: apunathan@yahoo.co.in
                                 ulaganathanperumal1934@gmail.com

Last date for
submission of claims:    January 6, 2021


SINTEX INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sintex Industries Limited
        Kalol (North Gujarat)
        District Gandhinagar 382721
        Gujarat

Insolvency Commencement Date: April 6, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 4, 2021

Insolvency professional: Pinakin Shah

Interim Resolution
Professional:            Pinakin Shah
                         A-201, Siddhi Vinayak Towers
                         Behind DCP Office
                         Next to Kataria House
                         Off. SG Highway, Makarba
                         Ahmedabad 380051
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    April 22, 2021


SUPERGARD STEELS: CARE Lowers Rating on INR10cr LT/ST Loan to B-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Supergard Steels Private Limited (SSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           10.00      CARE B-; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2020, placed
the rating of SSPL under the 'issuer non-cooperating' category as
SSPL had failed to provide information for monitoring of the
rating. SSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 15, 2021, March 12, 2021, March 11,
2021 and March 10, 2021. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long-term rating has been revised by taking into account
non-cooperation by SSPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. The rating
assigned to SSPL continues to remain constrained due to small scale
of operations, weak overall solvency position, susceptible to
volatility in material prices and foreign exchange rates and
presence in highly competitive & fragmented industry. However, the
rating derives strength from experienced partners.

Key Rating Weaknesses

* Small scale of operations: The company's scale of operations has
remained small marked by Total Operating Income (TOI) of INR12.58
crore in FY20 (PY: 1.09 crore in FY19).

* Weak overall solvency position: The capital structure of the
company remained leveraged with overall gearing ratio of 12.18x, as
on March 31, 2020 (PY:17.63x in FY19).  Furthermore, the debt
coverage indicators also stood weak marked by total debt to GCA at
31.10x and interest coverage ratio at 1.30x for FY20 (PY: 17.17x
and 1.04x, respectively).

* Susceptible to volatility in material prices and foreign exchange
rates: The profit margins are susceptible to the volatile prices of
raw material viz. PPGL Coil which is prepared by combining zinc
coated steel sheets and 55% aluminum, and the prices of steel and
other metals keeps on fluctuating. However, the risk is
comparatively low as any fluctuation is raw material price will be
passed on to the customers. Thus, the profitability is marginally
susceptible to the fluctuations in the raw material prices. The
company doesn't undertake any hedging activities for the same and
but gets the benefits from the natural hedging.

* Presence in highly competitive & fragmented industry: SSPL
operates in a highly fragmented market marked by the presence of a
large number of players in the unorganized sector, which accounts
for high share of the total domestic turnover. The industry is
characterized by low entry barriers due to low technological inputs
and easy availability of standardized machinery for the production
further intensifies the competition in the market. Since the
industry is highly competitive, further it has low bargaining power
and as a result the company has to follows a competitive price
strategy.

Key Rating Strengths

* Experienced partners: SSPL is founded by Mr. Pardeep Kumar
Aggarwal, Mr. Sudhir Singla and Ms. Mansi Kumar. The directors are
well experienced in this industry through association with various
other businesses engaged in same line of business and holding
average experience of two decades.

Supergard Steels Private Limited (SSPL) was incorporated on August
10, 2018 as a private limited company by Mr. Pardeep Kumar
Aggarwal, Mr. Sudhir Singla and Ms. Mansi Kumar to setup the
business of manufacturing color coated roofing sheets, metal wall
claddings and other accessories. The plant has been set-up at
Barwala district, Haryana admeasuring about 10,000 square feet with
an installed capacity of 7200 metric tonnes per annum (6000 metric
tonnes of color-coated roofing sheets and 1200 metric tonnes of
metal wall claddings).


SV POWER: Ind-Ra Keeps 'BB-' Term Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SV Power Private
Limited's (SVPL) term loan rating on Rating Watch Evolving (RWE) as
follows:

-- INR2.59 bil. Term loan due on March 15, 2028 maintained on RWE

     with IND BB-/RWE.

KEY RATING DRIVERS

The RWE reflects the ongoing debt restructuring in ACB (India)
Limited (ACBIL; 'IND BBB'/Rating Watch Negative) under the Reserve
Bank of India notification named Resolution Framework for
COVID-19-related Stress dated August 6, 2020. The restructuring
application is under consideration by the lenders and includes the
term loan rated under SVPL.

SVPL and Spectrum Coal and Power Limited (SCPL; 'IND BBB'/Rating
Watch Negative, a wholly-owned subsidiary of ACBIL) have merged
into ACBIL. The National Company Law Tribunal issued order on
February 4, 2020 approving the merger; subsequently, the Registrar
of Companies has recognized the merger. The effective date of the
merger is April 1, 2017.

As a consequence of the merger, the agency will withdraw the rating
of SVPL's term loan upon the transfer of the rated term loan to
ACBIL, review of ACBIL's rating and receipt of a no-objection
certificate from SVPL's bankers. A clarity on the credit profile
will be available only on conclusion of the restructuring of ACBIL
and the rating will be withdrawn only on receipt of a no-objection
certificate from the lender.

RATING SENSITIVITIES

The RWE indicates that the rating may be upgraded, downgraded or
affirmed. Ind-Ra will resolve the RWE upon the confirmation of
completion of the restructuring of ACBIL and on reviewing its
credit profile.

COMPANY PROFILE

SVPL operates a coal washery with a beneficiation capacity of 2.5
million tons per annum and a 63MW coal washery reject-based thermal
power plant in Korba, Chhattisgarh. SVPL was acquired from KVK
Group on March 10, 2015 by SCPL, a wholly-owned subsidiary of
ACBIL.

TIRUMALA BALAJI: Ind-Ra Cuts Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tirumala Balaji
Alloys Private Limited's (TBAPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB' while resolving the Rating Watch Negative
(RWN). The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits downgraded; Off RWN with IND BB+

     /Stable rating; and

-- INR30 mil. Non-fund-based limits downgraded; Off RWN with IND
     A4+ rating.

KEY RATING DRIVERS

The downgrade reflects weakness in the internal control of TBAPL's
management. A search and seizure operation was conducted on the
company by the income tax department on January 3, 2019, following
the filing of an application under the Income Tax Act before the
Settlement Commission, Kolkata on December 24, 2019 by the
department that the company had certain undisclosed income in the
previous years and had accordingly deposited a sum of INR203.90
million as tax. The amount of tax deposited has been carried
forward as non-current asset.

The RWN resolution reflects the availability of TBAPL's agreement
copy with Tata Steel Mining Limited (TSML) to Ind-Ra for conversion
of ferro chrome from January 2021-March 2025.

The ratings reflect TBAPL's continued medium scale of operations as
indicated by revenue of INR1,070 million in FY20 (FY19: INR1,196
million). During FY20, the revenue declined due to stoppage of
production and sales during end-March 2020 due to the COVID-19 led
lockdown. The operating EBITDA margin remained modest at 6.8% in
FY20 (FY19: 5.1%) with a return on capital employed of 6% (5%). The
company converts ferro alloys for Tata Steel Mining Limited, which
safeguards it from the fluctuations in raw material prices as the
majority of the raw materials are supplied by TSML.

However, the ratings remain supported by the company's strong
credit metrics as reflected from the gross interest coverage
(operating EBITDA/gross interest expense) of 15.78x in FY20 (FY19:
9.63x) and the net financial leverage (total adjusted net
debt/operating EBITDAR) of 1.88x (1.69x). The improvement in the
credit metrics was on account of an improvement in the EBITDA to
INR73.53 million in FY20 (FY19: INR60.64 million). However, Ind-Ra
expects the credit metrics to have deteriorated in FY21 with the
increase in the total debt due to the debt-led capex leading to an
increase in interest costs. (FY20: INR144 million, FY19: INR112.92
million).

Liquidity Indicator - Adequate: The company's average use of the
working capital limits was17% during the 12 months ended March
2021. The cash flow from operations surged to INR404 million during
FY20 (FY19: INR11.10 million) due to favorable changes in working
capital. Consequently, the free cash flow turned positive to
INR242.54 million in FY20 (FY19: negative INR41.06 million),
despite debt-led capex of INR240 million. During FY20, the company
undertook a debt-led capex to enhance its installed capacity to
44,000 metric tons per annum (mtpa) from 28,000mtpa. The capex was
funded by a term loan of INR120 million and the remaining through
internal accruals. The company had availed a COVID-19 emergency
line of credit in the form of working capital term loan of INR47.10
million. The cash and cash equivalents stood at INR6.91 million at
FYE20 (FYE19: INR10.15 million).

RATING SENSITIVITIES

Negative: Further weakening of the internal controls and or a
decline in the revenue or deterioration in the liquidity will be
negative for the ratings.

Positive: An improvement in the internal controls, along with an
increase in the scale of operations, while maintaining the credit
metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2004, TBAPL produces high carbon ferro chrome and
other ferro alloys. The company has two submerged arc furnaces of 9
megawatt each, with a total installed capacity of 28,000mtpa
Raigarh, Chhattisgarh. The company has now installed another plant
increasing its total installed capacity to 44,000mtpa, which began
commercial operations from February 2021. The company has an
offtake agreement with TSML of 43,000mtpa.


TRIUMPH REALTY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Triumph Realty Private Limited

        Registered office:
        C/o Hotel the Grand, Plot No. 2
        Vasant Kunj, Phase-II
        Nelson Mandela Road
        New Delhi 110070

        Also at:
        336/1A, Village Calwaddo
        Benaulim, Goa 403716

Insolvency Commencement Date: June 4, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: December 1, 2020

Insolvency professional: CA IP Sunil Kumar Gupta

Interim Resolution
Professional:            CA IP Sunil Kumar Gupta
                         B-10, Magnum House-1
                         Karampura Commercial Complex
                         New Delhi 110015
                         E-mail: caskg82@gmail.com
                                 triumph.cirp@gmail.com
                         Mobile: 9953999077

Last date for
submission of claims:    June 24, 2020


ULTRA TILE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ultra Tile Private Limited
        KPM's Sapphire, No. 26
        11th Avenue, Ashok Nagar
        Chennai TN 600083
        IN

Insolvency Commencement Date: March 31, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 27, 2021

Insolvency professional: L V Shyam Sundar

Interim Resolution
Professional:            L V Shyam Sundar
                         3rd Floor, No. 17
                         Gandhi Road, Alwarthirunagar
                         Opp to Vinayagar Temple &
                         Above Samyuktha Scans
                         Chennai, Tamil Nadu 600087
                         E-mail: shyam.ascend@gmail.com
                                 cirp.ultratile@gmail.com
                         Tel: 044-43535657
                         Mobile: 9884882326 (Office)

Last date for
submission of claims:    April 14, 2021


UTTRANCHAL ISPAT: CARE Lowers Rating on INR11cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Uttranchal Ispat Private Limited (UIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 6, 2018, placed
the rating(s) of UIPL under the 'issuer non-cooperating' category
as UIPL had failed to provide information for monitoring of the
rating. UIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated January 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-receipt of
information and hence CARE is not able to conduct appropriate
analysis.

Detailed description of the key rating drivers

At the time of last rating on January 17, 2020 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Low profitability margins: The profitability margins of UIPL
continue to remain low owing to the intense market competition
given its presence in the highly fragmented and competitive nature
of industry. The operating profit margin of the company moderated
from 2.65% in FY19 to 1.92% in FY20 on account of higher power and
fuel cost and increase in employee cost. It reported a net loss of
INR0.22 crore during FY20 as compared to a profit of INR1.91 crore
during FY19.

Susceptibility of margins to raw material price variability: The
prices of raw material being major contributor in the cost
structure of the company are volatile in nature. Therefore, any
downside in the industry and fluctuations in the prices of the raw
material will impact the margins of the company.

Key Rating Strengths

* Experienced Promoters: UIPL is promoted by Mr. Sanjeev Jindal and
Mr. Rajeev Jindal who have considerable experience in Iron and
steel industry. Mr. Sanjeev Jindal, the Managing Director of UIPL,
a MBA by qualification has more than two decades of experience
through his association with this entity and through a family run
business and its associate concern Shri Ambuja Casting Private
Limited (SACPL). He is responsible for the overall operations of
the company. He is well supported by Mr. Rajeev Jindal, a graduate,
who has an experience of over two and half decades through his
association with this entity and through KSL and SACPL.

* Moderate capital structure and coverage indicators: The total
debt of the company stood at INR20.28 crore and net worth of
INR26.00 crore as of March 31, 2020. The overall gearing of the
company stood at 0.78x as of March 31, 2020 (PY: 0.77x). The PBILDT
interest coverage moderated to 1.79x as of March 31, 2020 (PY:
5.05x) on account of higher interest expense and low profitability.
The total debt to PBILDT also moderated from 3.74 as of March 31,
2019 to 6.44 as of March 31, 2020.

* Elongated working capital cycle: The company had a elongated
operating cycle of 71 days in FY20 as compared to 45 days in FY19
mainly on account of high debtors which increase from INR17.20
crore as on March 31, 2019 to INR27.11 crore as of March 31, 2020
leading to higher collection period of 49 days during FY20 (PY: 25
days). The company's major inventory is in the form of finished
goods to meet the immediate demand of customers. Also, the company
is maintaining an adequate amount of inventory in form of raw
material for smooth running of its production processes resulting
in inventory holding of 34 days during FY20 (PY: 37 days). The
company majorly purchases its raw material in cash and advances
basis leading to low creditors period of 11 days in FY20(PY: 17
days).

* Prospects of growth in steel industry: The growth in the Indian
Steel sector is continually been driven by the domestic
availability of raw materials such as iron ore and cost-effective
labor. Consequently, the steel sector has been a major contributor
to India's manufacturing output. India's steel consumption is
expected to grow by 5%-6% on the back of government's expenditure
towards infrastructure and construction. With the same government
coming to power, the focus will continue to remain on
infrastructure development in the country.

Uttranchal Ispat Private Limited (UIPL), incorporated in February
2001 by the members of Jindal family commenced commercial
operations in the year 2005. The company is engaged in manufacture
of mild steel (MS) products viz. ingots, bars, channels, timber,
angels, round bars, square bars & thermos-mechanically treated
(TMT) bars, which finds its applications in the construction
sector. UIPL operating at an installed capacity of 56000 metric
tonnes per annum (MTPA) as on March 31, 2017 processes sponge iron,
steel scrap and Ferro alloys procured from traders in Orrisa,
Jharkhand, Rajgarh, Raipur, Ghaziabad and associate concern Shree
Ambuja Casting Private Limited. The company markets its products
through a network of dealers and traders mainly catering to the
states of Uttar Pradesh and Uttranchal. UIPL also has a dedicated
R&D team and quality assurance laboratory in place to maintain the
desired quality levels and to comply with the standards set by ISO
9001:2000 certifications.

VINAYAK RATHI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vinayak Rathi Steels Rolling Mills
        Private Limited
        Z-196, Loha Mandi
        Narayana
        New Delhi 110028

Insolvency Commencement Date: June 16, 2020

Court: National Company Law Tribunal, Bench V, New Delhi

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

Insolvency professional: Neeraj Bhatia

Interim Resolution
Professional:            Neeraj Bhatia
                         P-27, First Floor
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: nbtrace1@yahoo.com
                                 vrsrmplcirp@gmail.com

Last date for
submission of claims:    June 30, 2020


[*] INDIA: Hoteliers in Himachal Pradesh Near Bankruptcy
--------------------------------------------------------
The Times of India reports that with the number of tourists
visiting Himachal gradually decreasing and hotels reporting
cancellations of bookings, the hoteliers and others associated with
the tourism industry say they are very close to bankruptcy.

According to TOI, a day after Himachal government had announced
that tourists from seven highly-affected states and union
territories will need to bring negative RT-PCR report to visit
Himachal from April 16, the tourism stakeholders held a meeting in
Manali on April 12.  They reached a conclusion that if government
does not work on attracting tourists in May and June, most of them,
who are already defaulters in banks due to lockdown last year, will
go bankrupt.

TOI relates that Himachal Pradesh Travel Agents' Association
president Budhi Parkash said, "Tourists are in panic. A
lockdown-like situation in many states is already weighing heavy on
our industry. RT-PCR tests are not available easily at many places.
And sometimes it is taking too long to get the report. Tourists are
also hesitating in travelling in buses. These reasons are enough
for most tourists to cancel or postpone their trips."

The number of tourists in Himachal used to increase from April, the
report says. Most hotels and other service providers used to charge
full seasonal amount for the services from mid-April to June 30. As
there is very thin tourist flow, most hoteliers and others are
offering discounted rates even for May and June.




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

IDEANOMICS: Unit Inks Deal to Supply 200K E-Vehicles to Indonesia
-----------------------------------------------------------------
Tree Technologies Sdn Bhd (Treeletrik), a Malaysian home-grown
electric vehicles (EV) maker with a presence in the ASEAN market
and a subsidiary of Ideanomics (NASDAQ: IDEX), has signed a
partnership to supply 200,000 units of its 100% electric motorbikes
to Indonesia, via distributors, PT Pasifik Sakti Enjiniring and the
Nahdatul Ulama Board (PBNU).  The partnership extends Treeletrik's
regional presence as a key player in promoting electric mobility,
supporting ASEAN's energy transition agenda.

The partnership positions Malaysia as a key EV manufacturer and
first regional supplier to export units in ASEAN, in line with the
region's evolving energy landscape.  The region's ultimate goal of
decreasing the level of final energy consumption in the road
transport sector by 2040 paves the way for EV makers like
Treeletrik to continue building a progressive EV ecosystem.

Commenting on the Cooperation Agreement signing with PT Pasifik
Sakti Enjiniring, Treeletrik CEO, Datuk Viswananthan Menon said,
"Treeletrik is a pioneer in bringing true electric motorbikes from
Malaysia to the ASEAN region and beyond, spearheading a new way of
mobility.  We are thrilled to further our efforts on the regional
stage through this partnership with PT Pasifik Sakti Enjiniring and
PBNU in Indonesia to provide a transportation option that is clean,
safe, and affordable, with our advanced EV technology.  Our 100%
electric motorbikes offer customers long-term cost savings and more
importantly contribute towards an overall positive impact to the
environment."


The agreement spanning three years, will see Treeletrik supply
electric motorbikes to be jointly marketed by PT Pasifik Sakti
Enjiniring and PBNU for the Indonesian market.  PT Pasifik Sakti
Enjiniring which operates the electric motorbikes brand, MOLINUS
(Motor Listrik Nusantara), will now add Treeletrik's 100% electric
motorbikes to its portfolio.  A joint venture is also in the
pipeline between Treeletrik and PT Pasifik Sakti Enjiniring to
establish an assembly plant in Indonesia in anticipation of growing
demand for the electric motorcycles.  The move will serve as a
positive boost to Indonesia's economy through talent development,
job opportunities and technology transfer.

The new electric motorbike range, certified in Europe and Malaysia
with UNECE WP.29, will feature Treeletrik's signature quick swap
lithium battery technology.  With an average speed of 65-90
km/hour, the e-motorbikes have a travel range of 85 to 120 km.
Aligned with the Indonesian government's program concerning the
Acceleration of the Battery-Based Electric Motor Vehicle Program,
the Indonesian parties are optimistic about demand and set sales
targets at 10,000 units for the year 2021 and completing the
200,000 units by end of 2023.  The full agreement will be disclosed
via an 8-K filing.

"The sizeable orders secured to date and ongoing discussions with
other countries expressing keen interest on Treeletrik's e-bike
range, will result in significant expansion in both Malaysia and
international operations of Treeletrik," added Menon.

Ideanomics acquired 51% ownership of Treeletrik in 2019.  The
company has since begun organizing itself for growth in the ASEAN
region to tap the region's heavy reliance on two- and three-wheeled
transportation.

                 About Tree Technologies Sdn. Bhd.

Tree Technologies Sdn Bhd, owns the EV brand Treeletrik, and is a
pioneer company to bring a true road legal electric motorbikes to
Malaysia.  The company provides transportation options that are
clean, safe and affordable, with advanced technology, EV
innovations and minimal maintenance. Treeletrik is licensed to
manufacture all kinds of EV products from MITI.

In March 2019, Ideanomics acquired a controlling stake in Tree
Technologies Sdn Bhd.  The combined organisation accelerates the
adoption and affordability of EV production, extending Treeletrik's
portfolio from EV mopeds and bikes to EV buses, trucks and cars.
The expanded vehicle product line serves the 650 million people in
the ASEAN region including Malaysia, Thailand, Indonesia, Cambodia,
Vietnam, Philippines, Laos, Singapore, and Brunei.

                        About Ideanomics

Ideanomics is a global company focused on the convergence of
financial services and industries experiencing technological
disruption.  Its Mobile Energy Global (MEG) division is a service
provider which facilitates the adoption of electric vehicles by
commercial fleet operators through offering vehicle procurement,
finance and leasing, and energy management solutions under its
innovative sales to financing to charging (S2F2C) business model.
Ideanomics Capital is focused on disruptive fintech solutions and
services across the financial services industry.  Together, MEG and
Ideanomics Capital provide their global customers and partners with
leading technologies and services designed to improve transparency,
efficiency, and accountability, and its shareholders with the
opportunity to participate in high-potential, growth industries.
The company is headquartered in New York, NY, with offices in
Beijing, Hangzhou, and Qingdao, and operations in the U.S., China,
Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$234.41 million in total assets, $32.64 million in total
liabilities, $1.26 million in series A convertible redeemable
preferred stock, $7.48 million in redeemable non-controlling
interest, and $193.02 million in total equity.



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

EZY INFOTECH: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 9, 2021, to
wind up the operations of Ezy Infotech Pte. Ltd.

SB Infrastructure Pte. Ltd. filed the petition against the
company.

The company's liquidator may be reached at:

         Joshua James Taylor
         Alvarez & Marsal (SE Asia) Pte. Ltd.
         6 Battery Road, #16-01/02
         Singapore 049909
         E-mail: josh.taylor@alvarezandmarsal.com


ORCHARD TURN: Creditors' Proofs of Debt Due May 17
--------------------------------------------------
Creditors of Orchard Turn Residential Development Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of debt
by May 17, 2021, to be included in the company's dividend
distribution.

The company's liquidators may be reached at:

        Leow Quek Shiong
        Gary Loh Weng Fatt
        BDO Advisory Pte. Ltd.
        600 North Bridge Road
        #23-01 Parkview Square
        Singapore 188778
        E-mail: quekshiong@bdo.com.sg
                garyloh@bdo.com.sg


SAA GLOBAL: Helmi Talib Appointed as Provisional Liquidators
------------------------------------------------------------
Mr. Helmi Bin Ali Bin Talib and Mr. Farooq Ahmad Mann of M/s Helmi
Talib LLP on April 9, 2021, were appointed as provisional
liquidators of SAA Global Education Centre Pte. Ltd.


SINO MERCHANTS: Court to Hear Wind-Up Petition on April 30
----------------------------------------------------------
A petition to wind up the operations of Sino Merchants Pte Ltd will
be heard before the High Court of Singapore on April 30, 2021, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on April 7,
2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View
         #06-07 Marina One West Tower
         Singapore 01893



                           *********


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 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***