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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

          Thursday, February 7, 2019, Vol. 22, No. 027

                            Headlines


A U S T R A L I A

BALDWIN DISTILLING: Second Creditors' Meeting Set for Feb. 13
BILKURRA INVESTMENTS: Federal Court Disqualifies Officers
COOMBOONA DAIRY: AFHM Finalizes Takeover
FE INVESTMENTS: S&P Puts 'B' Long-Term ICR on Watch Negative
FORTITUDE LEARNING: Second Creditors' Meeting Set for March 7

GUARDRIGHT INDUSTRIES: First Creditors' Meeting Set for Feb. 14
OAKLANDS COURT: First Creditors' Meeting Set for Feb. 14
R & O COMMUNICATIONS: Second Creditors' Meeting Set for Feb. 14
S & N INTERNATIONAL: Second Creditors' Meeting Set for Feb. 13
VERTEX PRINT: Goes Into Voluntary Liquidation

YWORLD PTY: Second Creditors' Meeting Set for Feb. 12


H O N G  K O N G

HONG KONG AIRLINES: Faces Suit on Failure to Repay US$20MM Loan


I N D I A

ADHUNIK METALIKS: Bid for Revival of Insolvency Process Denied
BAJORIA AGRO: CARE Lowers Rating on INR32cr LT Loan to B+
BHALARA COTTON: ICRA Lowers Rating on INR22cr Cash Loan to D
C.I. CAPITAL: CARE Assigns B+ Rating to INR10cr LT Loan
DIVYA COTTON: ICRA Lowers Ratings on INR6.12cr Loans to 'D'

ELITE TRAEXIM: CARE Assigns 'B' Rating to INR7.20cr LT Loan
EXCELLENT MOULDERS: Ind-Ra Affirms 'BB' on INR60MM Loan
INTERNATONATIONAL COMMERCE: Ind-Ra Cuts INR550MM Loans Rating to D
JHARKHAND ROAD: CARE Lowers Rating on INR1545.81cr NCD to D
LAXMI SOPAN: CARE Migrates B Rating to Not Cooperating

LAXVEER CERAMIC: ICRA Withdraws B+ Rating on INR17cr Term Loan
MAN TUBINOX: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
MANGALDEEP SUPERSTRUCTURES: CARE Moves B+ to Not Cooperating
MONY PRINTS: ICRA Withdraws B Rating on INR10.05cr Term Loan
PINAKIN PLASTOFORMING: CARE Moves D Rating to Not Cooperating

PREMPRAKASH GINNING: CARE Lowers Rating on INR8.50cr Loan to B+
PURNAM: ICRA Maintains B Rating in Not Cooperating Category
RADHA STEEL: Ind-Ra Affirms 'BB-' on INR240MM Capital Limits
RAJAMANICKAM POULTRY: CARE Assigns B+ Rating to INR6cr LT Loan
REID & TAYLOR: NCLT Mumbai Orders Firm's Liquidation

ROSHA ALLOYS: CARE Migrates B+ Rating to Not Cooperating
SAR SENAPATI: ICRA Reaffirms 'B' Rating in Not Cooperating
SHREE INDUSTRIES: CARE Migrates B+ Rating to Not Cooperating
SHRI GANESH: ICRA Moves B+ Rating to Not Cooperating Category
SHRI PRABHULINGESHWAR: CARE Assigns B+ Rating to INR80cr Loan

SOMA NUTRITION: ICRA Lowers Rating on INR10cr Loans to D
SRI SARASWATHI: CARE Migrates B+ Rating to Not Cooperating
VAIBHAV COTEX: CARE Migrates B+ Rating to Not Cooperating
VAIBHAV COTGIN: CARE Migrates B+ Rating to Not Cooperating
VAMSADHARA GINNING: CARE Reaffirms B+ Rating on INR15cr Loan


P A K I S T A N

PAKISTAN: S&P Cuts Sovereign Credit Rating to B-, Outlook Stable


S I N G A P O R E

CHINA FISHERY: Court Issues Correction on Dec. 27 Decision
HYFLUX LTD: Creditors Has Until Feb. 15 File Proof of Claims


                            - - - - -


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


BALDWIN DISTILLING: Second Creditors' Meeting Set for Feb. 13
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Baldwin
Distilling Company Pty Ltd has been set for Feb. 13, 2019, at 2:00
p.m. at the offices of Worrells Solvency & Forensic Accountants,
Level 2 AMP Building, at 1 Hobart Place, in Canberra City ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2019, at 5:00 p.m.

Stephen John Hundy of Worrells Solvency was appointed as
administrators of Baldwin Distilling on Jan. 8, 2019.


BILKURRA INVESTMENTS: Federal Court Disqualifies Officers
---------------------------------------------------------
The Australian Securities and Investments Commission said the
Federal Court of Australia has disqualified Michael Grochowski and
Ian Stephens from managing corporations for five and a half years
and four years respectively, due to their being officers of
companies that had failed and been wound up by the Court.

The Court found that while Grochowski was not a named director of
Bilkurra Investments Pty Ltd and Foscari Holdings Pty Ltd (both in
liquidation), he was an officer of the companies until they were
wound up by the Court, on application filed by ASIC, in April
2016.

Both Bilkurra Investments and Foscari Holdings operated land
banking schemes in Victoria, known as Hermitage Bendigo and
Foscari. Promoters of the land banking schemes used Bilkurra and
Foscari to raise approximately AUD24 million from investors.

In deciding the period of banning, the Court considered an earlier
decision of a delegate of ASIC, made in April 2012, prohibiting
Grochowski from providing financial services for four years. The
Court was also satisfied with ASIC's claim that the way both
companies were managed was the reason for their failing.

The Court found that the appointment of Stephens as a director of
both companies, who was an experienced chartered accountant,
presented a false facade of meaningful oversight and governance of
the companies' affairs.

Further, the Court found Stephens failed to exercise any
meaningful decision making and management responsibility for the
companies, which had obtained large amounts of investment from the
public.

'These bannings will help protect the public from further
investing with officers of companies that repeatedly fail. ASIC
will continue to investigate failed land banking schemes and take
whatever action is necessary to ensure failed schemes do not
continue,' said ASIC Commissioner John Price.

This proceeding is part of ASIC's wider and ongoing investigation
into land banking schemes. These banning orders were made in
proceedings filed by ASIC in March 2018 to wind up five companies
for their role in offering land banking schemes, namely:

   * Brookfield Riverside Pty Ltd
   * Bilkurra West Pty Ltd
   * Bilkurra South Pty Ltd;
   * Gillies Road Pty Ltd; and
   * Project Management (Aust) Pty Ltd.

Those companies were wound up by the Court in July 2018.

ASIC provided funding from the Assetless Administration Fund (AAF)
that assisted the liquidators to undertake further enquiries that
were subsequently used by ASIC for the disqualification.

The two land banking schemes are known as Hermitage Bendigo
(formerly Acacia Banks) were located at Midland Highway, Bagshot,
Victoria 3551 and Foscari, located at 99 Palmers Road, Truganina,
Victoria 3029.


COOMBOONA DAIRY: AFHM Finalizes Takeover
----------------------------------------
Andrew Marshall at The Australian Dairyfarmer reports that as
eastern Australia's farm milk output shrinks, Australia's biggest
dairy farming outfit, Australian Fresh Milk Holdings (AFMH), has
finalised its takeover of Gerry Harvey's former northern Victorian
property to help diversify its supply base.

The Coomboona Dairy near Shepparton milks about 2,400 cows, but
was previously planned to be expanded to about 5,000 when the
retailing and Thoroughbred entrepreneur bought into the business
in 2015.

A year ago, Coomboona, which operates a mix of open grazing and
free stall herd housing, went into receivership, ADR recounts.

Management eventually accepted an offer from AFMH in November.

The Harvey Norman business took an impairment loss of almost AUD29
million on its shareholding in the farm last financial year.

According to ADR, AFMH's operations, based on the giant Moxey
Farms dairy at Gooloogong in central NSW's Lachlan Valley and
other nearby farms, already milks about 7,000 cows, producing more
than 150 million litres annually.

AFMH is jointly owned by the Perich and Moxey families, Chinese
food giant, New Hope, and Freedom Foods.

Freedom committed AUD4.6 Million to the Coomboona acquisition.

"The Coomboona Dairy operation will expand AFMH's production
platform in a renowned dairy farming region," Freedom managing
director Rory Macleod said.

"It will provide the opportunity to leverage its integrated
approach to deliver sustainable production of high-quality milk,
supporting a range of value-added product opportunities."


FE INVESTMENTS: S&P Puts 'B' Long-Term ICR on Watch Negative
------------------------------------------------------------
S&P Global Ratings, on Feb. 5, 2019, placed its 'B' long-term
issuer credit rating on FE Investments Ltd. (FEI) on CreditWatch
with negative implications.

S&P said, "The CreditWatch placement reflects a one-in-two chance
that we will lower our long-term rating on FEI to 'B-' in the next
three months. Contrary to our previous expectations, the FEI group
has been unable to raise its risk-adjusted capital (RAC) ratio
(based on S&P Global Ratings' bank capital methodology) above 15%.

"We note that the FEI group has successfully raised its RAC ratio
since March 2018 by reducing its property development loan and
adding capital. However, the positive impact of these measures on
the consolidated group's RAC ratio has been offset by strong loan
growth and material deductions in capital due to goodwill and
other intangible assets. Furthermore, we believe that recent
developments on the restatement of financial accounts (to disclose
related-party exposures, with no restatements in profit and loss
statement and balance sheet) and retrospective breaches of
financial covenants in the finance company's debenture program
could pose risks for FEI's ability to raise capital as well as
roll over debentures.

"We are likely to lower our long-term rating on FEI to 'B-' within
the next three months if we form the view that the FEI group is
unlikely to be able to raise its RAC ratio sustainably above 15%
under our RAC methodology.

"We would likely affirm our ratings on FEI if we gained confidence
that the FEI group is likely to reach a RAC ratio of greater than
15% within a very short period and then maintain it at that level
on a sustainable basis, and there are no other significant adverse
developments."


FORTITUDE LEARNING: Second Creditors' Meeting Set for March 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Fortitude
Learning Pty Ltd has been set for March 7, 2019, at 10:30 a.m. at
the offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 6, 2019, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Fortitude Learning on Dec. 19, 2018.


GUARDRIGHT INDUSTRIES: First Creditors' Meeting Set for Feb. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Guardright
Industries Pty Ltd will be held on Feb. 14, 2019, at 11:00 a.m. at
the offices of Nicols + Brien, at Level 2, 350 Kent Street, in
Sydney, NSW.

Steven Nicols of Nicols + Brien was appointed as administrator of
on Guardright Industries Feb. 3, 2019.


OAKLANDS COURT: First Creditors' Meeting Set for Feb. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Oaklands
Court Investments Pty Ltd will be held on Feb. 14, 2019, at 11:00
a.m. at the offices of Hamilton Murphy, at Level 1, 255 Mary
Street, in Richmond Victoria.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Oaklands Court on Feb. 4, 2019.


R & O COMMUNICATIONS: Second Creditors' Meeting Set for Feb. 14
---------------------------------------------------------------
A second meeting of creditors in the proceedings of R & O
Communications Pty Ltd has been set for Feb. 14, 2019, at 2:00
p.m. at Rogers Room, Highfields Cultural Centre, at 27 O'Brien
Road, in Highfields, Queensland.

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 Feb. 13, 2019, at 4:00 p.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of R & O Communications on Jan. 9,
2019.


S & N INTERNATIONAL: Second Creditors' Meeting Set for Feb. 13
--------------------------------------------------------------
A second meeting of creditors in the proceedings of S & N
International Pty Ltd, trading as Huss Australia, has been set for
Feb. 13, 2019, at 10:30 a.m. at the offices of Robson Cotter
Insolvency Group, Unit 1, at 78 Logan Rd, in Woolloongabba,
Queensland.

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 Feb. 12, 2019, at 4:00 p.m.

Bill Cotter of Robson Cotter Insolvency was appointed as
administrator of S & N International on Jan. 9, 2019.


VERTEX PRINT: Goes Into Voluntary Liquidation
---------------------------------------------
Wayne Robinson at print21.com.au reports that Vertex Print is in
liquidation, with the general jobbing printer owned by Binaya
Timaisina going into voluntary liquidation on Feb. 4.

According to the report, the company was hit by the government's
audit into child care centres - a major client base - which saw
print orders to Vertex drop off significantly.

print21.com.au relates that liquidator Peter Malone of CRS
Insolvency Services said returns for creditors are 'not looking
great at the moment'.

Parramatta-based Vertex Print offered a range of print services,
including web and internet offerings.  Vertex had a comprehensive
online portal, through which clients could upload artwork, create
jobs, place orders, and pay for them.


YWORLD PTY: Second Creditors' Meeting Set for Feb. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of Yworld Pty Ltd
has been set for Feb. 12, 2019, at 10:00 a.m. at the offices of
Courtney Jones & Associates, Level 1, Suite 5, 443 Little Collins
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 11, 2019, at 4:00 p.m.

Mathew Terence Gollant of Courtney Jones & Associates was
appointed as administrator of Yworld Pty on Jan. 8, 2019.



================
H O N G  K O N G
================


HONG KONG AIRLINES: Faces Suit on Failure to Repay US$20MM Loan
---------------------------------------------------------------
Jasmine Siu at The South China Morning Post reports that a Macau-
based lender has sued troubled Hong Kong Airlines following its
alleged failure to repay a US$20 million loan despite repeated
demands.

According to the Post, court documents revealed that Hong Kong
Airlines International Holdings borrowed US$20 million from Luso
International Banking in October 2017, on condition the principal
be repaid with interest by December 28 last year.

But lawyers for the bank said the airline paid only US$257,934.44
after the deadline, on January 1, in breach of its contractual
obligations, the Post discloses.

The report says the partial payment prompted the bank's
solicitors, writing on January 2, to demand the outstanding amount
within seven days.

The bank also wrote to subsidiary Hong Kong Airlines Limited, now
listed as the defendant, following its agreement to provide a
guarantee, the report relays.

"Despite repeated requests and demands . . . the borrower has
failed to pay the outstanding indebtedness due and payable to the
plaintiff, and the defendant has failed to pay the guaranteed
amount to the plaintiff or any part thereof," the writ said.

According to the report, the legal action mounted in the High
Court on Jan. 30 came amid concerns over the financial robustness
of the city's third biggest carrier.

In December last year, its finance chief abruptly resigned after
less than 18 months on the job, with no replacement appointed as
yet.  Separately, six directors at Hong Kong Airlines have left
since last July.

Among the departures was Tang King-shing, Hong Kong's former
police chief, who resigned as vice-chairman of the carrier's
board, citing personal reasons. Chief financial officer Jacky Lui
Jiaqi and chairman Zhang Kui have also left.

HNA Group (Hong Kong) Investment later sued Hong Kong Airlines
Consultation Service on December 28 for about HK$854 million in
unpaid debt.

According to the Companies Registry, the defendant in that action
is owned by Zhong Guosong, a director of Hong Kong Airlines until
August 21 and who is also executive chairman of HNA's other
carrier, Hong Kong Express.

Earlier this month, the Air Transport Licensing Authority said it
had reviewed Hong Kong Airlines' finances and demanded further
clarification, which appeared to signal dissatisfaction with the
carrier's initial explanation in its financial presentation.

Meanwhile, an airline spokesman told the Post the company had been
working with the bank to address the outstanding issue.

"This has no impact on our business and we are operating as
normal," he said.

Hong Kong Airlines, backed by debt-ridden Chinese conglomerate
HNA, operates 38 passenger aircraft to 36 destinations.



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I N D I A
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ADHUNIK METALIKS: Bid for Revival of Insolvency Process Denied
--------------------------------------------------------------
Business Standard reports that National Company Law Tribunal's
(NCLT's) Kolkata Bench has turned down a prayer from the committee
of creditors (CoC) of Adhunik Metaliks to pass an interim order to
revive the corporate insolvency resolution process (CIRP).

The report says the CoC's prayer was based on the H2 bidder,
Maharashtra Seamless, expressing its interest in the company,
afresh. Maharashtra Seamless and Liberty House had evinced
interest in Adhunik Metaliks. However, Liberty House had emerged
as the preferred bidder.

According to Business Standard, Maharashtra Seamless had written
to Adhunik's CoC recently, renewing its plan for Adhunik in the
wake of Liberty House, the preferred bidder, dragging its feet on
payment.

Business Standard relates that the order said that where the
resolution applicant allegedly failed in giving effect to the
terms of the plan and failed in paying the upfront amount, the
remedy available to the CoC is to seek an order of liquidation
upon establishing wilful default on the side of the resolution
applicant. "In view of the matter, it appears to me that question
of revival of CIRP cannot be entertained by me at this stage."

Business Standard says the CoC had filed an application for
liquidation earlier but had not pressed for it. It had said before
the tribunal that liquidation was the ultimate situation. It had
prayed for the revival of CIRP on grounds that the objective of
the Insolvency and Bankruptcy Code (IBC) was resolution.

According to the report, the Supreme Court order that upheld the
code on Feb. 1 mentioned that the preamble (of the code) does not,
in any manner, refer to liquidation, which is only availed of as a
last resort if there is either no resolution plan or the
resolution plans submitted are not up to the mark.

Liberty's plan was approved by the Kolkata Bench on July 17. The
company was to make an upfront payment of INR410 crore within 57
days. On December 12, Liberty had showed readiness to put in
INR100 crore in an escrow account. However, it was not done.
Liberty's main contention is a INR100 crore claim filed by MSTC,
which is being heard in the National Company Law Appellate
Tribunal (NCLAT), Business Standard states.

NCLT Kolkata has now directed Liberty to file a reply affidavit
within seven days. The CoC could file a rejoinder, if any, within
seven days of receipt of the reply, the report notes.

                      About Adhunik Metaliks

Adhunik Metaliks Limited is an alloy, special and construction
steel manufacturing company. The Company is engaged in the
manufacture and sale of steel, both alloy and non-alloy.

Pursuant to an Order dated Aug. 3, 2017, of the National Company
Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution
Process (CIRP) has been initiated for Adhunik Metaliks Limited as
per the provisions of the Insolvency and Bankruptcy Code, 2016. A
copy of the said order has been received by the Company on
Aug. 4, 2017.

Mr. Sumit Binani, Interim Resolution Professional supported by
Grant Thornton Advisory Pvt Ltd, the financial adviser for
managing the operations of the Company has been appointed for
carrying out the CIRP of the Company.  Upon initiation of CIRP,
the powers of the Board of Directors of the Company has been
suspended and shall be exercised by the Interim Resolution
Professional.


BAJORIA AGRO: CARE Lowers Rating on INR32cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bajoria Agro Processing Private Limited (BAPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       32.00      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAPPL to monitor the
ratings vide email communications dated August 2, 2018, September
13, 2018 and November 19, 2018 and numerous phone calls. Email
communications and letter dated January 10, 2019, seeking
information are attached as Annexure II. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, BAPPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on BAPPL's bank facilities will now
be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Bajoria Agro
Processing Private Limited continues to remain constrained by
small scale of operations coupled with low net worth base, low
profitability margins, leveraged capital structure and weak
coverage indicators and project execution risk. The rating is
further constrained on account of volatility in raw material
prices influenced by government policies on agro commodity &
monsoon dependent operations along with highly competitive
industry & low entry barriers. The rating also takes cognizance of
the risk associated with the residual project execution and
stabilization of new hospital being constructed by the trust.

The rating, however continues to draw comfort from experienced
promoters, growing scale of operations and moderate operating
cycle.  Going forward, the ability of the company to increase the
scale of operations while improving its profitability margins and
capital structure shall be key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on December 8, 2017, the following were
the rating strengths and weaknesses

Key Rating Weakness

Small though growing scale of operation with low net worth base:
The scale of operations of the company has remained small marked
by total operating income and gross cash accruals of INR49.34
crore and INR0.76 crore respectively during FY17 (FY refers to the
period April 01 to March 31). Furthermore, the net worth base also
remains relatively small at INR3.76 crore as on March 31, 2017.
The small scale limits the firm's financial flexibility in times
of stress and deprives it from scale benefits.

Low profitability margins: The company operates in the highly
fragmented nature of industry characterized by intense competition
with limited value addition. In this segment, the profitability
margins are normally low and the PBILDT and PAT margins stood at
4.20% and 0.88% respectively in FY17.her during FY16 the PBILDT
margin of the company stood at 3.52% and PAT margin stood at
0.89%.

Leveraged capital structure coupled with weak coverage indicators:
The capital structure of the company continues to remain leveraged
as marked by overall gearing ratio stood at 4.50x as on March 31,
2017. The same deteriorated from 3.42x as on March 31, 2016 mainly
on account of on account of higher utilization of working capital
borrowings as on balance sheet date coupled with increase in term
loan and unsecured loans for the purchase of plant & machinery.
The coverage indicators continues to remain weak marked by
interest coverage and total debt to gross cash accruals of 1.63x
and 21.37x respectively for FY17 on account of high interest cost
owing to high debt levels against low profitability levels.

Project execution risk: BAPPL is undertaking an expansion project
by setting up a new unit. The total cost is envisaged at INR15
crore which would be funded through a term loan of INR10 crores
and balance would be funded through promoters' contribution. The
execution is at very nascent stage and expected to commence
operations in FY19.

The capital expansion is forward integration and would increase
the product line; hence the company remains susceptible to risk
related its stabilisation. Furthermore, the company is also
exposed towards project execution risk, in terms of completion of
the project with-in the envisaged time and cost. Any delays in the
implementation may impact the company's financial risk profile
adversely and is also crucial from credit prospective.
Furthermore, being the debt funded project, gearing levels are
expected to deteriorate in the short to medium term.

Volatility in raw material prices influenced by government
policies on agro commodity and monsoon dependent operations: BAPPL
is primarily engaged in processing of wheat products. The main raw
material needed for production of wheat flour is wheat. Prices of
wheat are subjected to government intervention since it is an
agricultural produce and staple food. Various restrictions
including minimum support price (MSP), control on exports, wheat
procurement policies for maintenance of buffer stocks etc. are
imposed to regulate the price of wheat in the market. The price of
wheat is also influenced by the supply scenario which is
susceptible to the agro-climatic conditions. Thus any volatility
in wheat prices can have direct impact on the profitability
margins of the company.

In addition to government policies on agro commodity, agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. 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.

Highly competitive industry & low entry barriers: The flour
industry is highly fragmented with more than two-third of the
total number of players being unorganized. Due to low entry
barriers in the industry and low value added nature of products,
the flour mill units have limited flexibility over pricing their
products.

Key Rating Strengths

Experienced promoters in the agro processing industry: The
operations of the company are currently managed by Mr. Mahender
Gopal Bajoria and Mr. Ankur Bajoria. Mr. Mahender Gopal Bajoria
has an experience of more than three decades in the agro
processing industry through his association with BAPPL and family
run business and Mr. Ankur Bajoria has an experience of around a
decade in the agro processing through his association with family
run business.

Growing scale of operations and moderate operating cycle: BAPPL's
total operating income grew from INR30.36 crore in FY16 to
INR49.34 crore in FY17 reflecting a growth rate of around 62%. The
growth in TOI was mainly attributed to increase in quantity sold.

The operating cycle of the company stood moderate as marked by 64
days for FY17. The firm is required to maintain adequate inventory
in the form of raw material to ensure continues production due to
seasonal availability of raw material resulting into an average
inventory period of 42 days for FY17. The company offers a credit
period of around 30 days to its customers whereas the firm
purchases goods and raw material mainly on cash or advance basis.
The working capital borrowings, of the company remained fully
utilized during the past 12 months ending
November 30, 2017.

Sri Ganganagar, Rajasthan based Bajoria Agro Processing Private
Limited was incorporated in 2013 and is currently being managed by
Mr. Mahender Gopal Bajoria and Mr. Ankur Bajoria. BAPPL is engaged
in processing of wheat into wheat flour (atta), refined wheat
flour (maida), bran and semolina (suji). The manufacturing plant
is located in located in Sayadawali, Punjab and has an installed
capacity of 240 tons per day of wheat per day as on August 31,
2017. . . The main raw material of the company is wheat which is
procured from manufactures located in Delhi, Punjab and Haryana.
The company sells its products to company to bread manufacturers
and confectionaries and also sells to wholesalers and retailers.


BHALARA COTTON: ICRA Lowers Rating on INR22cr Cash Loan to D
------------------------------------------------------------
ICRA has reassigned the long-term rating for the bank facilities
of Bhalara Cotton Private Limited (BCPL) to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B ISSUER NOT COOPERATING. The rating
continues to remain in the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D; ISSUER NOT COOPERATING" for the
bank facilities of the company.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-       22.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Reassigned from [ICRA]B (Stable);
                                Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

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

Rationale

The ratings take into consideration the irregularity in debt
servicing by BCPL, as confirmed by its lender to ICRA.

Incorporated in 2005, Bhalara Cotton Private Limited is promoted
by Mr. Bipin Ranpariya and Mr. Jitendra Bhalara along with other
shareholders. The company is engaged in the business of ginning
and pressing of raw cotton with installed manufacturing capacity
of around 250 bales per day. The company is equipped with 24
ginning machines and 1 pressing machine having capacity to produce
250 bales per day.


C.I. CAPITAL: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of C.I.
Capital Private Limited (CICPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           10.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CICPL is constrained
on account of its limited track record of operations and its
modest loan portfolio. The rating is also constrained on account
of the geographic and borrower concentration of its business along
with modest profitability.

The rating, however, derives strength from the experience of its
promoters, adequate capitalization and exposure to secured loan
portfolio.

The ability of CICPL to grow its loan portfolio with increased
geographic and product diversification while improving its
profitability and maintaining its asset quality shall be the key
rating sensitivities. Raising adequate amount of capital for its
growth plans would also be crucial from the credit perspective.

Detailed Description of Key Rating Drivers

Key Rating Weaknesses

Limited track record of operations and modest scale of operations:
CICPL commenced regular lending operations in July 2018 and hence
has limited track record of operations. Therefore, its scale of
operations was modest with an outstanding loan portfolio of
INR2.05 crore as on November 30, 2018 spread over its two products
viz. vehicle finance and loans against property (LAP).

Regional concentration of portfolio; along with borrower
concentration: The operations of CICPL are currently restricted to
the customers of its group entities which have business operations
in Bhopal (Madhya Pradesh) and hence its operations are regionally
concentrated. Moreover, the borrower profile of the company is
also concentrated with a large ticket sized LAP contributing 27%
of the total outstanding loan portfolio.

Modest profitability: CICPL's profitability remained modest with
net interest margin (NIM) of 6.40% and Return on Total Assets
(ROTA) of 4% during 8MFY19 ending November 30, 2018. The ability
of CICPL to improve its profitability with a good asset quality
while growing its business operations shall remain crucial from
credit perspective.

Key Rating Strengths

Experienced promoters: Mr. Rakesh Malik, director of CICPL has an
experience of more than three decades in auto-dealership and real
estate business through C.I. Automotors Pvt. Ltd. (rated: CARE B+;
Stable) and C.I. Finlease Ltd. (rated: CARE BB-; Stable), which
have business operations in Bhopal. He is ably supported by his
wife Mrs. Anju Malik in the strategic and administrative decision
making for CICPL.

Secured loan portfolio: CICPL is primarily engaged in providing
vehicle loans and LAP with a loan to value ratio of 75%. Entire
loan portfolio of CICPL is secured by way of mortgage of the
vehicle being financed or property against which loan is given and
hence provides comfort for the lending business. Moreover, due to
nascent stage of operations, there have been no delinquencies till
now.

Adequate capitalization: As on November 30, 2018, CICPL had
adequate capitalization due to limited lending operations, but
would require further capital infusion for its growth plans. CICPL
has availed debt during FY19 and its overall gearing stood
comfortable at 0.64x as on November 30, 2018.

CICPL, incorporated in 1996 as Penny Care Leasing and Finance
Private Limited, is registered with Reserve Bank of India (RBI) as
a Non deposit taking Non-Banking Financial Company (NBFC-ND). In
2017, Mr. Rakesh Malik of CI group of Bhopal took over the company
and rechristened it to its present name. The company commenced
regular lending operations from July 2018 and as on November 30,
2018, it had an outstanding loan portfolio of INR2.05 crore.
Currently, CICPL operates in Bhopal region in Madhya Pradesh and
is primarily engaged in the business of providing vehicle finance
(mainly four wheelers) and LAP.


DIVYA COTTON: ICRA Lowers Ratings on INR6.12cr Loans to 'D'
-----------------------------------------------------------
ICRA has reassigned the long-term rating for the bank facilities
of Divya Cotton (DC) to [ICRA]D ISSUER NOT COOPERATING from
[ICRA]B+ ISSUER NOT COOPERATING. The rating continues to remain in
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D; ISSUER NOT COOPERATING" for the bank facilities of
the company.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-        0.12      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Reassigned from [ICRA]B+(Stable);
                                Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

   Fund-based-        6.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Reassigned from [ICRA]B+(Stable);
                                Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

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

Rationale

The rating downgrade follows the delays in debt servicing by DC to
the lender(s), as confirmed by them to ICRA.

Established in 2006, Divya Cotton is engaged in ginning and
pressing of raw cotton to produce cotton bales and cotton seeds.
The plant of the firm is situated at Gondal, Rajkot (Gujarat). At
present the plant of the firm is equipped with 12 ginning machines
and one pressing machine. The total installed capacity of the firm
is producing about 180 bales per day. Currently, the firm is
managed by Mr. Chandresh Thummar and Mr. Kalpesh Thummar.


ELITE TRAEXIM: CARE Assigns 'B' Rating to INR7.20cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Elite
Traexim Private Limited (ETPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          7.20        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ETPL is constrained
by its constitution as a small scale of operation and low
profitability margins, working capital intense nature of business,
volatility associated with fluctuation in input prices, leveraged
capital structure with moderate debt coverage indicators and
intensely competitive industry.  However, the aforesaid
constraints are partially offset by its experienced partners with
satisfactory track record of operations.

Going forward, the ability of the company to grow its scale of
operations and improve its profit margins and ability to manage
working capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation and low profitability margin: Elite
Traexim Private Limited is a relatively small player in the
trading of coated synthetic and netted cotton fabrics with total
operating income and net loss of INR17.81 crore and INR0.45 crore,
respectively, in FY18. The net worth was at INR4.92 crore as on
March 31, 2018. The profitability margin of the company remained
low marked by PBILDT margin of 2.15%. Moreover, the PAT margin was
negative during FY18 due to huge fixed and capital charges. The
company has achieved sales of around INR11.50 crore during 9MFY19.
The small size restricts the financial flexibility of the company
in times of stress and it suffers on account of economies of
scale.

Working capital intensive nature of business: The operations of
the entity remained working capital intensive marked by its high
inventory and collection period. The entity allows credit of
around six to seven months to its customers due to its presence in
an intensely competitive industry. The debtors and inventory days
stood at 217 days and 82 days respectively, in FY18, as against
186 days and 82 days in FY17 with total operating cycle standing
at 236 days in FY18 against 228 days in FY17. However, the entity
receives credit of around one to two months from its suppliers
owing to its long presence in the industry which mitigates its
working capital intensity to a certain extent. Accordingly, the
average utilization of fund based limit remained at around 96%
during last 12 months ended December, 2018.

Volatility associated with fluctuations in input prices
The major traded materials required for the company are coated
synthetics, the prices of which are highly volatile. Thus there
remains a risk of increase in the prices of the materials thereby
putting a pressure on the margins of the company. This apart, any
increase in labour prices will also impact its profitability being
present in a highly labour intensive industry.

Leveraged capital structure with weak debt coverage indicators:
ETPL has below average financial risk profile marked by moderate
net worth of INR4.92 crore as on 31 March, 2018 compared to
INR5.36 crore as on 31 March, 2017. The overall gearing ratio of
the company has deteriorated over the period FY16 to FY18 and
remained high at 2.12x as on March 31, 2018. The debt coverage
indicators are weak marked by interest coverage ratio which
remained below unity for FY18. Debt repayment was done partly
through infusion of unsecured loan by promoters and the remaining
through operating profit.

Intensely competitive industry: Trading industry is a highly
fragmented and competitive space with presence of huge small
players operating in the same region due to low capital
requirement. In such a competitive scenario smaller entities like
ETPL in general are more vulnerable on account of its limited
pricing flexibility.

Key Rating Strengths

Experienced promoters with satisfactory track record of
operations: ETPL started its business from the year 2009 and thus
has satisfactory track record of operations. Since its inception
the company is engaged in to trading of coated synthetic and
netted cotton frabics. Mr. Pramod Kumar Lundia having more than
two decades of experience in similar line of business, he looks
after the day to day operations of the company along with other
director (Mr. Arun Kumar Lundia) and a team of experienced
professionals who are having long experience in this industry.

Kolkata (West Bengal) based Elite Traexim Private Limited (ETPL)
was incorporated in year 2009 by Mr. Pramod Kumar Lundia and Mr.
Arun Kumar Lundia. The company is primarily engaged in trading
ofcoated synthetic which consists of 90% of its total operating
income in FY18 and the balance 10% of its total operating income
was generated from trading of netted cotton fabrics. The company
imports its traded materials from China and Taiwan and sells its
products through wholesalers and retailers in and around West
Bengal.

Mr. Pramod Kumar Lundia having more than two decades of experience
in similar line of business, he looks after the day to day
operations of the company along with other director (Mr. Arun
Kumar Lundia) and a team of experienced professionals who are
having long experience in this industry.

Liquidity

The liquidity position of the company remained adequate marked by
current ratio of 1.34x and quick ratio of 1.09x as on March 31,
2018. The cash and bank balance amounting to INR0.24 crore
remained outstanding as on March 31, 2018.


EXCELLENT MOULDERS: Ind-Ra Affirms 'BB' on INR60MM Loan
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Excellent
Moulders' (EM) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit affirmed with
    IND BB/Stable rating; and

-- INR85 mil. Non-fund-based working capital limit affirmed with
    IND A4+ rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of EM and Tenty Marketing Company Private Limited ('IND BBB-'/
Stable) to arrive at the ratings on account of strong inter-
operational linkages, given they operate in the same line of
business and have common promoters.

KEY RATING DRIVERS

The affirmation reflects the consolidated group's modest scale of
operations and credit metrics. In FY18, revenue was INR1,902
million (FY17: INR1619 million), interest coverage (operating
EBITDA/gross interest expense) was 2.0x (2.1x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 3.3x
(3.4x). Revenue growth was driven by an increase in sales volume

The ratings reflect an average consolidated EBITDA margin of 10.3%
in FY18 (FY17: 12.0%). The decline in the margin was due to an
increase in raw material price. In addition, its return on capital
employed was 14% in FY18 (FY17: 14%).

On a standalone basis, EM has a modest scale of operations, where
its revenue was INR631 million in FY18 (FY17: INR 556 million) and
weak credit metrics. Its interest coverage was 1.2x in FY18 (FY17:
1.4x) and net financial leverage was 5.6x (4.9x). In addition,
return on capital employed was 15% in FY18 (FY17: 17%) and EBITDA
margin was average at 12.1% (13.4%).

The ratings continue to reflect a modest liquidity, indicated by
an average working capital limit utilization of about 95.15% for
the 12 months ended December 2018. EM's cash flow from operations
turned positive in FY18 in FY18 because of an increase in absolute
EBITDA and revenue, and a decline in working capital requirements

The ratings continue to be constrained by the partnership nature
of the business.

The ratings, however, continue to be supported by the partners'
experience of over three decades in manufacturing plastic molded
products.

RATING SENSITIVITIES

Negative: Any rise in the revenue and improvement in the credit
metrics or a change in the organizational structure will be
positive for the ratings.

Positive: A decline in the revenue and the EBITDA margin, leading
to deterioration in the credit metrics, on a sustained basis, will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 1979, EM manufactures plastic parts of fan (e.g.
blade, show cap, body cap and body ring), plastic packaging
materials and other plastic components. It procures raw material
(plastic granules) mainly from Haldia Petrochemicals Limited ('IND
AA'/Stable) Reliance Industries Ltd ('IND AAA'/Stable) and Indian
Petrochemicals Corporation.

Its partners are Mr. Ashok Goyal, Mr. Anil Kamoj and Mr. Giriraj
Ratan Kothari.


INTERNATONATIONAL COMMERCE: Ind-Ra Cuts INR550MM Loans Rating to D
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded International
Commerce Limited's (ICL) Long-Term Issuer Rating to 'IND D' from
'IND BB+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit (Long-term/
     Short-term) downgraded with IND D rating; and

-- INR400 mil. (reduced from INR600 mil.) Non-fund-based working
     capital limit (Short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by ICL during the
three months ended January 2019 owing to a tight liquidity
position because of delays in securing receivables from customers.
The company had devolved its letter of credit for more than 30
days at end-January 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1980 and headquartered in Bengaluru, ICL recycles
and processes ferrous scrap as well as trades iron and steel
scrap. It is also engaged in the removal of overburden, excavation
and transportation of coal, and rents out equipment.


JHARKHAND ROAD: CARE Lowers Rating on INR1545.81cr NCD to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jharkhand Road Projects Implementation Company Limited (JRPICL),
as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible      1545.81      CARE D Revised from
   Debenture (NCDs)^                 CARE BB-(SO); (Credit Watch
                                     With Negative Implications)

^ NCDs backed by discounting of future annuity receivables of the
  project

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Non-Convertible
Debentures (NCDs) of JRPICL is on account of delay in servicing of
debt obligation, as confirmed by the debenture trustee (DT). The
company has delayed repayment which was due on January 20, 2019
(payment falls due on succeeding day as January 20, 2019 was a
non-working day). The company has not made payment despite
adequate liquidity available.

While JRIPCL is part of bankruptcy remote special purpose vehicle,
which had a ring-fenced structure payment mechanism, management
has cited the interim order passed by National Company Law
Appellate Tribunal (NCLAT) on October 15, 2018 for not making
payment and requesting a reversal of the payment made earlier on
October 20, 2018.

CARE vide its communication dated Jan 19, 2019, had highlighted
the increased risk of default in the upcoming debt repayment as a
result of impinging the integrity of ring fenced structured
payment mechanism. CARE earlier derived its view based on:

  * Debenture trustee's response to the management request to
    reverse the payment by stating that the regular payments
    cannot be restricted based on the NCLAT order dated
    October 15, 2018.

  * Recent repayment made on timely manner, which was due on
    January 15, 2019 by one of the group SPVs, namely, North
    Karnataka Expressway Limited (NKEL), which has similar
    ring-fenced structure.

  * The company having more than adequate reserves in the form
    of Debt Service Reserve Account, which has INR220.85 crore
    balances, Major Maintenance Reserve account, which has
    INR109.02 crore;

In addition, the company has excess cash of INR126.18 crore in the
other stipulated reserves. However, the default in the payments
due on January 20, 2019 has put uncertainty regarding the ring-
fenced structured payment mechanism, particularly for the group
SPVs including JRPICL.

The rating also continues to be tempered on account of IL&FS
Transportation Networks Limited (ITNL, rated CARE D) being the
operations and maintenance (O&M) contractor. Significant
deterioration in credit quality of ITNL, has led to an increased
risk of ITNL's ability to perform and execute O&M contract.
Moreover ITNL has also issued an 'Expression of Interest' for sale
of its ownership stake in various road projects including JRPICL.
However, timely receipt of annuity payments from Road Construction
Department of Government of Jharkhand (GoJ), cash flow being
spread out in eight months and comfortable liquidity had partly
mitigated some of these risks.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligation: JRPICL has delayed on its
in debt servicing obligation repayable on January 20, 2019. The
same has been confirmed by the debenture trustee as part of CARE's
due diligence exercise.

Impinging the ring-fenced structured payment mechanism: The
management's action seeking to prevent further debits to the SPV's
escrow account by citing the NCLAT order leads to creation of
unknown legal risks for the stipulated waterfall mechanism of
JRPICL. The change in management's stance to protect the integrity
of the stipulated waterfall mechanism has led to increased risk of
servicing debt obligations in timely manner.

Previously, CARE received an email from the debenture trustee
(IDBI Trusteeship Services Ltd) that JRPICL'S management had
written a letter to the debenture trustee to reverse debt
repayment of INR62.50 crore which had been paid towards debt
servicing on October 20, 2018. The management also sought to cease
and desist from making further debt repayments from JRPICL'S
escrow account highlighting the interim order passed by National
Company Law Appellate Tribunal's (NCLAT) on October 15, 2018 for
ceasing the payments of debt servicing obligations. However, as
per trustee's interpretation, interim order does not apply for
regular debt servicing. The escrow bank account holder however has
put on hold the payments, until the clarity is received on this
order. The next hearing of the NCLAT order is on January 28th.

Weak credit profile of sponsor: The weakening of the credit
profile of the sponsor and management's recent actions restrict
its ability to support the project in times of need and perform
operations & maintenance, as required. ITNL has also been
appointed for the O&M of the project at a fixed price contract
with an undertaking to fund any shortfall in the major maintenance
expenses and routine maintenance expenses. Additionally, as per
the sponsor's undertaking, ITNL will have to financially support
the project through infusion of funds for meeting the repayment
obligations.

Key Rating Strengths

Timely annuity receipts from all the five stretches: JRPICL has
achieved COD for all the five stretches; with COD for the last
stretch being achieved on November 30, 2014. However, for balance
7.6 kms stretch in Chaibasa Kandra Chowka (CKC) project, COD was
achieved on January 31, 2017. All the 5 stretches receive
semiannual annuity payments, which are spread over 8 months in a
year. As on January 2019, JRPICL has received 52 annuities. The
last annuity of INR41.13 crore was received without any
deductions. Although JRPICL has received annuities in a timely
manner, going forward any deduction or delay in annuity is a
rating sensitivity.

Annuity nature of the project, albeit with moderate credit profile
of annuity provider: JRPICL's project stretches are annuity-based,
under which the company will get semi-annual annuity payments from
GoJ. The company is exposed to counter party credit risk as Dept.
of Road Construction, GoJ is the sole counter-party.

Analytical approach: Standalone. CARE has analyzed JRPICL's credit
profile by considering the structured payment mechanism and
adequate built-in liquidity cushions.

Liquidity Analysis: JRPICL has adequate liquidity of INR456 crore,
which includes DSRA reserve of INR220.85 Crore, Major Maintenance
Reserve of INR109.02 crore and balances in other stipulated
reserves of INR113.83 crore. There exists a free cash balance of
INR12.35 crore. The company had to make debt repayment of INR74.67
crore on January 20, 2019. However, citing the interim NCLAT
order, the repayments were not done on its due date, despite
adequate liquidity.

The Government of Jharkhand (GoJ) has conceptualized a
comprehensive programme titled the Jharkhand Accelerated Road
Development Programme (JARDP) to improve road infrastructure in
the state through Public Private Partnership framework. IL&FS won
the bid and a Programme Development Agreement (PDA) was signed
between GoJ and IL&FS Group for the improvement of 1500 km lane of
selected project road corridors. At present, certain road
stretches have been selected for development under this programme.
The programme is being implemented under an SPV named Jharkhand
Accelerated Road Development Company Limited (JARDCL), a JV
between IL&FS group and GoJ with shareholding pattern in ratio of
74:26 respectively. In terms of the PDA, the GoJ and IL&FS group
may take up the financing, construction, operation and maintenance
of the roads either through JARDCL or through separate SPV's
incorporated by GoJ and/or IL&FS. Accordingly, IL&FS group
incorporated JRPICL for undertaking the design, engineering,
financing, procurement, construction, operation and maintenance of
the programme, on Build, Operate & Transfer (BOT) Annuity Basis.
The promoters of JRPICL are ITNL (93.43%) and IL&FS (6.57%).
Separate Concession Agreements (CAs) as have been signed between
the GoJ (annuity provider), JARDCL (JV partner of GoJ for road
development) and JRPICL (as concessionaire) for implementation of
the projects in phases. JRPICL is presently implementing five
different stretches of roads under JARDP details are provided
above. All the projects are implemented in one balance-sheet
though have separate escrow arrangement and concession agreement
for individual project lenders.


LAXMI SOPAN: CARE Migrates B Rating to Not Cooperating
------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Laxmi
Sopan Agriculture Produce Marketing Company Limited (LAPM) to
Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       3.26      CARE B; Stable; Issuer Not
   Facilities                     Cooperating; Based on best
                                  available information

CARE has been seeking information from LAPM to monitor the rating
vide e-mail communications/letters dated January 16, 2019, January
15, 2019, January 14, 2019, November 14, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the requisite information for monitoring the ratings.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. 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. The
rating on LAPM's bank facilities will now be denoted as CARE B;
ISSUER NOT COOPERATING.

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

The rating takes into account modest scale of operations,
leveraged capital structure, weak debt coverage indicators, thin
profitability margins and risk of non-renewal of agreement. The
rating, however, derives strength from experienced promoters along
with moderate occupancy rates of leased assets.

Detailed Description of Key Rating Drivers

At the time of last rating on March 29, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations: Despite being in existence for around
half a decade, the scale of operations of the LAPM remained modest
for last three years ended FY15-FY17, with low net worth base thus
depriving it of scale benefits.

Thin profitability margins: The company incurred losses at net
level owing to high fixed expenses against low operating income.
Leveraged capital structure: Capital structure of the LAPM has
remained leveraged with high debt profile against low net-worth
base. Further, the debt coverage indicators of LAPM remained weak,
on account of low profitability and high gearing levels.

Risk of non-renewal of agreement: LAPM is exposed to the risk of
non renewal of agreements by its customers. Moreover, the lock in
period for the agreements has lapsed which further increases the
risk of termination of agreements.

Key Rating Strengths

Experienced promoters: The promoters have gained an experience of
around one and half decade in diverse industry through their
association with group entities. The promoters are ably supported
by experienced personnel in second- tier management.

Moderate occupancy rates: The occupancy rate of LAPM remained
moderate in range of 60%-80% for last three years ended FY17. The
moderate occupancy rate of entity aids in revenue visibility over
medium term.

LAPM was established in 2014 and belongs to Laxmi group of Chimur.
The group is engaged in diversified businesses viz. trading of
cattle feed, providing real estate services and in trading of
agricultural stock. LAPM is engaged in the business of leasing of
real estate and providing value addition to lesses (polishing and
cold storage services).


LAXVEER CERAMIC: ICRA Withdraws B+ Rating on INR17cr Term Loan
--------------------------------------------------------------
ICRA said the long-term and the short-term rating assigned to
Laxveer Ceramic LLP has been withdrawn, based on the no-objection
certificate provided by its banker.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          8.00       [ICRA]B+ (Stable); Withdrawn

   Fund based-
   Term Loan           17.00       [ICRA]B+ (Stable); Withdrawn

   Non-Fund Based-
   Bank Guarantee       3.00       [ICRA]A4; Withdrawn

Outlook: Not applicable

Key Rating Drivers

Established in February 2016 as a limited liability partnership
firm, Laxveer Ceramic LLP (LCL) commenced commercial production in
January 2017 with its product profile comprising glazed vitrified
tiles of 600X600 mm, 800X800 mm, and 600X1200 mm. LCL's
manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat, and is equipped to manufacture
72,000 metric tonne (MT) of tiles per annum.


MAN TUBINOX: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Man Tubinox
Limited's Long-Term Issuer Rating to 'IND D' from 'IND B+' and
simultaneously migrated the rating to the non-cooperating
category. The Outlook was Stable. 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 the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR95 mil. Fund-based working capital (long-term) downgraded
    and migrated to Non-Cooperating Category with IND D (ISSUER
    NOT COOPERATING) rating;

-- INR230 mil. Non-fund based facilities (short-term) downgraded
    and migrated to Non-Cooperating Category with IND D (ISSUER
    NOT COOPERATING) rating; and

-- INR1.07 bil. Term loan (long-term)* downgraded and migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

* Not disbursed

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Man Tubinox,
the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2006, Man Tubinox, a part of J.C. Man Group,
trades steel products. The promoter and the group chairman is Mr.
JC Mansukhani. He is also the co-promoter of Man Industries
(India) Limited, a leading manufacturer and exporter of submerged
arc welding pipes in India.


MANGALDEEP SUPERSTRUCTURES: CARE Moves B+ to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Mangaldeep Superstructures Private Limited (MSPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.25       CARE B+; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

   Short-term Bank      3.50       CARE A4; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MSPL to monitor the ratings
vide e-mail communications dated September 3, 2018, September 27,
2018 and December 14, 2018 and numerous phone calls. E-mail
communications and letter dated January 15, 2019, seeking
information are attached as Annexure II.  However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, MSPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on MSPL's bank facilities will now be
denoted as  CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of MSPL are primarily
constrained on account of its modest scale of operations with
financial risk profile marked by leveraged capital structure
and stressed liquidity position in the highly competitive
government civil construction segment.

The ratings, however, favorably take into account the experienced
promoters in the construction industry coupled with moderate order
book position. The ability of the firm to increase its scale of
operations by securing more contracts along with speedy execution
of the same with better management of working capital would be the
key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on November 15, 2017, the following
were the rating strengths and weaknesses

Key Rating Weakness

Modest scale of operations with financial risk profile marked by
leveraged capital structure and stressed liquidity position: TOI
of MSPL has shown a declining trend over the past three financial
years ended FY17 mainly due to lower orders received from client.
The profitability margins of the company stood moderate with
PBILDT and PAT margin stood at 14.19% and 0.14% respectively.
The capital structure of the company stood leveraged with an
overall gearing of 2.86 times as on March 31, 2017. The liquidity
position of the company stood moderately stressed with full
utilization of its working capital bank borrowings in last twelve
month ended October, 2017. Further, the company recognizes revenue
from private companies according to the stage of completion of
contracts i.e. revenue is attributed to the proportion of work
completed.

High competitive intensity in the government civil construction
segment: The construction industry is highly fragmented in nature
with presence of large number of unorganized players and a few
large organized players coupled with the tender driven nature of
construction contracts poses huge competition and puts
pressure on the profitability margins of the players.

Key Rating Strengths

Experienced promoters in the construction industry coupled with
moderate order book position: Overall operations of MSPL are
managed by Mr. R.S.Lodha, director, Chartered Accountant by
qualification, who has experience of more than two decades in the
civil construction industry. Mr. Atul Bhansali and Mr. D.S Lodha,
Directors, have two decades and a seven year of experience
respectively in the industry and looks after the administration
function and project related affairs at construction sites
respectively of the company. As on October 30, 2017, MSPL has an
order book position of INR68.42 crore with three projects in hand
reflecting moderate order book position.

Jodhpur based (Rajasthan) Mangaldeep Superstructures Private
Limited (MSPL) was originally incorporated in 2000 in the
name of Indian Craft Gallery Com Private Limited (ICGPL). However,
it started its operations since 2013 and subsequently changed the
name of company to its current name, MSPL. The company is
registered as an "AA class" approved contractor from Rajasthan
Housing Board (RHB) in May, 2014. MSPL executes contracts for both
private and government players. Also, the Company is engaged in
trading of the construction material which includes Bajri, Cement,
Iron rods, etc and also supplies to its group companies, engaged
in the real estate business.


MONY PRINTS: ICRA Withdraws B Rating on INR10.05cr Term Loan
------------------------------------------------------------
ICRA said the long-term rating assigned to Mony Prints Pvt. Ltd.
has been withdrawn, based on the no dues certificate provided by
its banker.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          3.95       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Fund based-         10.05       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

Outlook: Not applicable

Key Rating Drivers

Mony Prints Private Limited (MPPL) was formed in year 2011 by
merging of two proprietary firms viz.Mony Prints and Fashion
promoted by Mr. Jeetendra Gupta. The company is engaged in sales
of dyed and printed polyester grey fabric on direct sale as well
as on job work basis and the fabrics so processed are used for
making saris and dress materials.


PINAKIN PLASTOFORMING: CARE Moves D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Pinakin
Plastoforming Limited (PPFL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank      0.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PPFL to monitor the ratings
vide e-mail communications/letters dated November 6, 2018,
November 20, 2018, December 12, 2018, December 18, 2018,
December 21, 2018, December 26, 2018, January 1, 2019, January 4,
2019, January 7, 2019, and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information, which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on PPFL's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on January 25, 2018, the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing on account of weak liquidity position of PPFL.

Vadodara-based (Gujarat) PPFL was incorporated in 2002 by Joshi
family as a private limited company and changed its constitution
to closely held limited company during February 2016. The
operation of PPFL is currently managed by Mr. Dinesh Joshi, Mr.
Divyesh Joshi and Ms. Pratiksha Joshi. PPFL is engaged into
manufacturing Polypropylene (PP) Disposable plastic products such
as disposable glass, cups etc.. PPFL is operating from its sole
manufacturing unit located in Vadodara(Gujarat), having installed
capacity of 1,500 Metric Tonne Per Annum (MTPA) as on March 31,
2017.

Siddhivinayak Industries and Shri Sainath Industries are
associated entities managed and owned by members of Joshi family.
Both entities are engaged into manufacturing and trading of
plastic disposables.


PREMPRAKASH GINNING: CARE Lowers Rating on INR8.50cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Premprakash Ginning and Pressing Factory (PGPF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.50       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PGPF to monitor the ratings
vide email communications dated September 27, 2018, October 26,
2018 and December 7, 2018 and numerous phone calls. Email
communications and letter dated January 12, 2019, seeking
information are attached as Annexure II. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, PGPF has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on PGPF's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Prem Prakash
Ginning & Pressing Factory (PGPF) is primarily constrained on
account of thin profitability margins in the highly competitive
and fragmented cotton ginning industry and vulnerability of its
operating margins to fluctuation in the cotton prices as well as
seasonality associated with the industry. The rating is, further,
constrained on account of its presence in the lowest segment of
the textile value chain, weak debt coverage indicators and
constitution as a proprietorship concern. The rating, however,
favourably takes into account the long track record of operations
with experienced proprietor in the cotton ginning industry and
established relationship with customers and suppliers. The rating,
further favorably takes into account the strategically located in
the cotton growing region, growth in Total Operating Income (TOI)
and moderate liquidity position.

Improvement in the scale of operations while sustaining
profitability margins in light of volatile raw material prices and
efficient management of working capital is key rating
sensitivities.

Detailed description of the key rating drivers

At the time of last rating on September 27, 2017, the following
were the rating strengths and weaknesses (updated for the
information available from client)

Key Rating Weakness

Financial risk profile marked by thin profitability margins, weak
debt coverage indicators and constitution as a proprietorship
concern: Due to limited value addition and presence in the lowest
segment of the textile value chain, the profitability margins of
the firm stood thin marked by PBILDT and PAT margin of 1.56 % and
0.56% respectively in FY17. During FY17, PBILDT margin of the firm
has declined by 93 bps over.

The capital structure of the firm stood highly leveraged as on
March 31, 2017 mainly on account of higher utilization of working
capital bank borrowings. The debt service coverage indicators of
the firm stood weak with total debt to GCA at 19.69 times as on
March 31 2017, deteriorated from 18.61 times as on March 31 2016
mainly on account of increase in total debt level which marginally
offset to an extent with increase in GCA level. Further, the
constitution of a firm as a proprietorship concern restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Further, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of proprietor.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year. Ginners
usually have to procure raw materials at significantly higher
volume to bargain bulk discount from suppliers. Furthermore,
cotton being a seasonal crop, the inventory levels of the entity
generally remains high at the end of the financial year. Thus,
aggregate effect of both the above factors results in exposure of
ginners to price volatility risk.

Presence in the lowest segment of the textile value chain and in a
highly fragmented cotton ginning industry: High proportion of
small scale units operating in cotton ginning and pressing
industry has resulted in fragmented nature of industry leading to
intense competition amongst the players. As PGPF operates in this
highly fragmented industry wherein large numbers of un-organised
players are also present, it has very low bargaining power against
both its customers as well as its suppliers. This coupled with
limited value addition in cotton ginning process results in the
firm operating at very thin profitability margins.

Key Rating Strengths

Long track record of operations with experienced proprietor in the
cotton ginning industry and established relations with customers:
The firm was established in 1997, hence, has a track record of
more than two decades in the industry. Mr. Praveen Kumar Jain,
Proprietor has two decades of experience in the cotton ginning
industry and looks after purchase activities of the firm. He is
assisted by his brothers, Mr. Satish Jain and Mr. Vinod Jain, who
looks after finance and accounts and sales functions respectively
in the firm. Being present in the industry since long period of
time, the proprietor has established relationship with the
customers and suppliers.

Growth in Total Operating Income (TOI): During FY17, TOI of the
firm has increased significantly by 72.61% over FY16 mainly on
account of increase in sales volume of cotton bales and seeds by
78.95% and 18.43% respectively and sales realization of bales and
seeds by 19.23% and 16.80% respectively over FY16. During FY17,
sale of cotton bales constituted 84.41% of TOI (67.49% of TOI in
FY16), sale of cotton seeds constitutes 10.46% of TOI (12.90% of
TOI in FY16) and remaining through trading of cotton seeds,
yarn, soya bean and job work income.

Moderate liquidity position: The liquidity profile of the firm
stood moderate with 85-90% utilization of working capital bank
borrowings in last twelve month ended August, 2017. The firm has
utilized its 80-90% working capital bank borrowings in peak season
i.e. November to February and 60-70% of its limit in non-seasonal
duration i.e. March to July. The current ratio stood moderate at
1.16 times as on 31 March 2017. However, quick ratio stood below
unity at 0.67 as on 31 March 2017. The firm maintains inventory of
25-35 days to meet out the customer demands on timely basis. It
gives credit period of 30-35 days to its customers and makes
payment within a month.

Strategically located in the cotton growing region: Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil
Nadu are the major cotton producer's states in India. The plant of
PGPF is located in one of the cotton producing belt of Bagod
(Madhya Pradesh) in India. The presence of PGPF in cotton
producing region results in benefit derived from lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

Bagod-based (Madhya Pradesh) Prem Prakash Ginning & Pressing
Factory (PGPF) was formed in 1997 as a proprietorship concern by
Mr. Praveen Kumar Jain. The firm is engaged in the cotton ginning
and pressing along with production of cotton seeds. Further, the
firm is also engaged in trading of Soya Bean, cotton seeds and
yarn. The manufacturing unit of the firm has installed capacity to
manufacture 16000 Cotton Bales Per Year and 47000 Quintals Cotton
Seeds Per Year as on March 31, 2017. PGPF procures raw cotton
directly from farmers and local mandis and sells its finished
products mainly in local markets. The firm market its product
through 20 brokers.


PURNAM: ICRA Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------
ICRA said the ratings for the bank facilities of Purnam (PM)
continue to remain in the 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Fund Based Limit-   12.75      [ICRA]B (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based Limit-    0.80      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in August 2011, Purnam (PM), a part of the Kolkata-
based "Aparna" group, acquired an existing nursing home and after
significant renovation commenced operations in January, 2013. PM
was promoted by four partners - Mr. K.D. Paul, Mr Arpan Paul, Mrs
Manjusri Paul and Mrs Devika Paul. PM currently runs a 57 bedded
multi-specialty nursing home, located at a prominent place in
south Kolkata. The nursing home provides treatment in various
departments viz. general medicine, orthopaedic, paediatric,
neurology, gastroenterology, gynaecology, oncology, cosmetic
surgery, cardiology, nephrology among others. In September 2015,
the firm has also opened a polyclinic cum diagnostic centre for
various departments viz. ENT, Dental, and Dermatology.


RADHA STEEL: Ind-Ra Affirms 'BB-' on INR240MM Capital Limits
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Radha Steel's
(RS) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR240 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RS' continued medium scale of operations
as reflected by revenue of INR1,462.2 million in FY18 (FY17:
INR1,840.3 million). The decline in revenue was attributed to the
implementation of the Goods and Services Tax. Ind-Ra expects the
revenue to continue to decline marginally in FY19 on the back of
low entry barriers in the steel trading business, leading to
intense competition. The firm achieved revenue of INR800 million
as of December 2018.

The company's return on capital employed was 12% and margins were
modest at 2.8% in FY18 (FY17: 2.5%). RS' credit metrics remained
modest with net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) of 6.3x in FY18 (FY17: 5.0x) and EBITDA interest cover
(operating EBITDA/gross interest expense) of 1.5x (1.5x). The
deterioration in the net leverage was on account of higher
utilization of the working capital limits at end-March 2018.

The ratings remain constrained by the firm's tight liquidity
position as reflected by around 97% peak utilization of its
working capital limits for the 12 months ended January 2019. At
FYE18, the company had a cash balance of INR0.6 million (FYE17:
INR0.4 million). Cash flow from operations plunged to INR0.9
million in FY18 (FY17: INR35.7 million) because of elongation of
net working capital cycle to 75 days (51 days).

The ratings continue to factor in the partnership structure of the
organization.

The ratings, however, continue to benefit from the founders over
two decades of experience in the steel industry. Moreover, the
founders can support the firm's working capital requirements
through unsecured loans.

RATING SENSITIVITIES

Positive: An improvement in the revenue while maintaining or
improving the operating profitability, credit metrics and
liquidity position, all on a sustained basis, will be positive for
the ratings.

Negative: Any decline in the operating profitability leading to a
substantial decline in the credit metrics and/or the liquidity
position will be negative for the ratings.

COMPANY PROFILE

RS trades in steel products including mild steel rods, sheets,
scrap, structural and sponge iron.


RAJAMANICKAM POULTRY: CARE Assigns B+ Rating to INR6cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Rajamanickam Poultry Farm (RPF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RPF are tempered by
small scale of operations with declining PBILDT margin and thin
PAT margin, moderate capital structure and weak debt coverage
indicators, working capital intensive nature of business,
constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital, highly fragmented industry with
intense competition from large number of players. The rating,
however, derives strength from long track record and experience of
the partners for more than two decade in poultry business, growth
in total operating income, and stable outlook demand of poultry
products.

Going forward, ability of the firm to increase its scale of
operations profitability margins and improve its capital structure
and debt coverage indicators with proper management of working
capital are the key rating sensitivities.

Detailed Description of Key Rating Drivers

Key Rating Weaknesses

Small Scale of operations and declining PBILDT margin and thin PAT
margin during review period: The scale of operations of the entity
is small marked by Total operating income (TOI) which stood at
INR21.72 crore in FY18 with low networth of INR3.57 crore. The
PBILDT margin of the firm has declining during the review period.
The PBILDT margin decreased from 0.90% in FY16 to 0.50% in FY18
due to increase in selling expenditure and employees cost. The PAT
margin of the firm is fluctuating in the range of 0.04% to 0.07%
inFY16 to FY18 due to fluctuating in PBILDT absolute terms.

Moderate capital structure and weak debt coverage indicators
during review period: RPF Farms has moderate capital structure in
FY18. The debt equity ratio of the firm remained below unity for
the last three balance sheet date ended March 31, 2018 due to
absence of long term loans. The overall gearing ratio stood at
1.45x as on March 31, 2018, due to availment of working capital
bank borrowing and unsecured loans.  The entity has weak debt
coverage indicators in FY18. In FY18 total debt/GCA stood at
60.07x due to increase in total debt at the back of availment of
working capital bank borrowings. The PBILDT interest coverage
ratio deteriorated from 21.35x in FY16 to 5.75x in FY18 due to
increase in interest cost at the back of availment of working
capital bank borrowings and low gross cash accruals. Total
debt/Cash flow from operations stood at -0.80x as on
March 31, 2018 due to negative in cash flow from operating
activities at the back of increase in inventory.

Working capital intensive nature of operations: The operating
cycle of the entity is comfortable during review period and
remained at 55 days in FY18 against 2 days in FY17 due to increase
in inventory period to 66 days in FY18. Operating cycle of the
entity continues to remain comfortable due to its nature of
business operations where in the firm is required to keep high
inventory level of parent bird and raw material stock to feed the
birds in different growing stages and to mitigate fluctuation in
raw material prices.

RPF operates on cash & carry model. In respect of few customers it
extends one week credit period. RPF makes payment to suppliers of
chicks in 15-20 days. Further the firm is purchasing feed from its
associate entity (Guna Poultry Feeds). The average utilization of
working capital facility is 90% during past twelve months ended
with November 30, 2018.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: Constitution as a partnership firm
has the inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which can
affect its capital structure. Further, partnership concern has
restricted access to external borrowing, which limits their growth
opportunities to some extent. The partners infused the capital of
INR0.08 crore in FY17 and infusion of the capital of INR1.99 crore
in FY18.

Highly fragmented industry with intense competition from large
number of players RPF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the company.

Key Rating Strengths

Long track record and experience of the partners for more than two
decade in poultry business Rajamanickam Poultry Farm (RPF) was
established in the year 2002 and has been in the poultry business
for more than two decades. The firm is managed by Mr. Rajamanickam
along with his family members. The partners have more than two
decade of experience in poultry business prior to which he worked
in same line of business under his father's firm (M/s Palaniappa
Poultry farm). Due to long term presence in the market, the firm
has good relation with customer and supplier.

Growth in total operating income during review period: The total
operating income of the firm grew by a CAGR of 36.02% from
INR11.74 crore in FY16 to INR21.72 crore in FY18 aided by the
increased sales in eggs and cull birds. During 8MFY19, the firm
achieved total sales of INR14 crore.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Liquidity Analysis:

The current ratio of the firm is above unity during the review
period and stood at 1.39x as on March 31, 2018 due to relatively
high current assets as compared to current liabilities on account
of on account of short term FD of loans and advances. The cash and
cash equivalents of the stood at INR0.70 crore as on
March 31, 2018.on and average the firm has 10% of cash credit
facility to meet the liquidity requirements.

Rajamanickam Poultry Farm (RPF) was established in the year 2002
by Mr. Rajamanickam along with his family members. The partners
have more than two decade of experience in poultry business. The
firm is engaged in farming of egg, laying poultry birds (chickens)
and trading of eggs, cull birds and their manure. The firm mainly
buys chicks from Venky's India Limited. The firm purchases raw
materials for feeding of birds like rice brokens, maize, sun
flower oil cake, shell grit, minerals and soya from its associate
concerns (Guna Poultry Feeds). The firm sells all its products
like eggs and cull birds to local traders. The firm has installed
capacity of 3,00,000 number of birds.


REID & TAYLOR: NCLT Mumbai Orders Firm's Liquidation
----------------------------------------------------
The Economic Times reports that a two-judge bench of the Mumbai
national company law tribunal (NCLT) has ordered the liquidation
of the apparel maker Reid & Taylor (R&T) after none of the suitors
to the company were able to garner the required funding guarantees
to validate their interest in the company.

In a ruling on Feb. 5, judges Bhaskar Mohan and V Nallasenapathy
said that investors have not been able to prove their net worth
before the court giving the bench no option but to order
liquidation of the company, ET relates.

According to the report, the liquidation of the company is in line
with the suggestion by the resolution professional and creditors
of the company after they failed to find a buyer for the company
more than nine months after dragging it to NCLT.

Three entities namely an R&T employee association backed SPGP
group, Mumbai based CFM Asset Reconstruction and Indian Gas that
entered the fray late last month had evinced but failed to prove
their net worth, the report notes.

ET says creditors were always doubtful of the intention of these
companies because of their unclear bonafides and fear that
erstwhile promoter Nitin Kasliwal who has been declared a wilful
defaulter by banks could be bidding to get back the company
through the back door.

ET notes that the liquidation order now opens the door for selling
the company as a going concern as hoped by the judges. R&T owes
creditors led by Edelweiss ARC a total of INR4,100 crore. Bharat
Patel led NBFC Finquest Financial Solutions also has 20% or about
INR800 crore of the company's debt, ET discloses.

Finquest is ready to invest more into the company and take it over
as a going concern. The NCLT order now clears the decks to find
the liquidation value and to try to revive the company as a going
concern, said one familiar close to creditor of the company, the
report adds.

Reid & Taylor India Ltd. manufactures and markets premium range of
worsted and poly viscose suiting fabrics, and apparel in India.
The company's products include suits, jackets, blazers, trousers,
and shirts; formal clothing; casual and sportswear that includes
casual shirts, T-shirts, and chinos; and accessories, such as
ties, leather belts, socks, and cufflinks. It markets and sells
its products through its franchisees and distributors. The company
was founded in 1998 and is based in Mysore, India. Reid & Taylor
India Ltd. operates as a subsidiary of S. Kumars Nationwide Ltd.

As reported in the Troubled Company-Asia Pacific on April 13,
2018, Business Standard said Reid & Taylor India (RTIL) has been
admitted for insolvency and bankruptcy proceedings at the National
Company Law Tribunal (NCLT) bench. The Corporate Insolvency
Resolution Process has begun and the 180-day deadline for a
resolution plan set in. According to Business Standard, Edelweiss
Asset Reconstruction Company (ARC) and Finquest Financial
Solutions had filed petitions in this regard. Reid and Taylor
India has defaulted on loans worth over INR50 billion.


ROSHA ALLOYS: CARE Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Rosha
Alloys Private Limited (RAP) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.50        CARE B+; Stable; Issuer not
   Facilities                      cooperating, Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RAP to monitor the
rating(s) vide e-mail communications/letters dated December 24,
2018, December 20, 2018, December 18, 2018, December 17, 2018,
December 6, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information. In line with the extant SEBI
guidelines CARE's rating on Rosha Alloys Private Limited's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings take into account small scale of operations, low
profitability margin, leveraged capital structure, weak debt
coverage indicators, raw material price fluctuation risk, highly
competitive and fragmented industry, experienced promoters and
moderate operating cycle.

Detailed description of the key rating drivers

At the time of last rating in April 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations: Despite long track record of
operations, the company's scale of operations has remained small
marked by total operating income (TOI) of INR34.22 crore in FY17
(refers to the period April 01 to March 31). Further, the
company's networth base was relatively small at INR2.46 crore as
on March 31, 2017. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Additionally, the company has reported total operating
income of INR29.96 crore with Profit before tax (PBT) of INR0.24
crore in 9MF18 (Provisional).

Low profitability and Leveraged capital structure: The company's
profitability margins have been historically on the lower side
owing to the low value addition and intense market competition
given the highly fragmented nature of the industry. This apart,
interest burden on external borrowing also restricts the net
profitability of the company. The profitability margins of the
company stood low marked by PBILDT margin and PAT margin of 2.45%
and 0.08% respectively in FY17.

The capital structure of the RAP stood leveraged with overall
gearing ratio of 2.36x as on March 31, 2017 mainly on account of
company's reliance on bank borrowings to fund various working
capital requirements of business coupled with low net worth base.
The average utilization of cash credit limits remained at 80% for
the past 2 month period ended February, 2018. The debt coverage
indicators stood weak marked by total debt to GCA of 31.61x for
FY17 and interest coverage ratio of 1.31x in FY17.

Raw material price fluctuation risk: The major raw material for
the company is iron & steel scrap, which is sourced from the local
market on spot price basis. The input prices over the years have
shown volatile trends. RAP is thus exposed to risks associated
with volatility in raw material prices owing to absence of any
long-term sourcing arrangements.

Highly competitive and fragmented industry: The iron and steel
industry in which RAP operates is highly fragmented and
competitive in nature marked by the presence of various large and
small players. The industry is characterized by low entry barriers
due to low technological inputs and easy availability of
standardized machinery for the production. The players in the
steel industry, especially the small players, do not have any
pricing power and are exposed to competition induced pressures on
profitability.

Key Rating Strengths

Experienced promoters: The company is promoted by Mr. Harbans
Singh Rosha, Mr. Hardev Singh Rosha, Mr. Harinderpal Singh Rosha
and Mr. Hardeep Singh Walia collectively having an industry
experience of more than one and a half decade through their
association with RAP and other firms. The promoters have adequate
acumen about various aspects of business, which is likely to
benefit RAP in the long run. Furthermore, the long track record
has aided the company in establishment of strong relationships
with suppliers as well as customers.

Moderate operating cycle: The operating cycle of the company stood
moderate at 32 days for FY17. RAP is required to maintain
inventory mainly in the form of raw material to ensure smooth
execution of production as well as traded goods to meet sudden
demand of customers. The company also offers a credit period of
upto two months to its customers, which resulted in average
collection period of 51 days for FY17. Further, the company
receives a similar credit period from its suppliers.

Rosha Alloys Private Limited (RAP) was incorporated as a private
limited company in November 2002 by Mr. Harbans Singh Rosha, Mr.
Hardev Singh Rosha, Mr. Harinderpal Singh Rosha and Mr. Hardeep
Singh Walia. The company is engaged in the manufacturing of steel
ingots at its facility located in Mandi Gobindgarh, Punjab with an
installed capacity of 24480 metric tonne of steel ingots per annum
as on March 31, 2017. The company was also engaged in the trading
of iron & steel scrap.


SAR SENAPATI: ICRA Reaffirms 'B' Rating in Not Cooperating
----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Sar
Senapati Santaji Ghorpade Sugar Factory Limited Pvt. Ltd. (SSFL)
at [ICRA]B. Outlook is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-        127.02       [ICRA]B(Stable) reaffirmed;
   Term Loan                       Removed from "Issuer Not
                                   Cooperating" category

   Fund-based-         97.00       [ICRA]B(Stable) reaffirmed;
   Cash Credit                     Removed from "Issuer Not
                                   Cooperating" category
Rationale

The assigned ratings take into consideration long standing
promoter experience of two and a half decades in the sugar
industry and forward integrated operations of the company in the
form of distillery and co-generation unit, which provides support
to profitability during cyclical downturn in the sugar industry.
The company has established relations with local farmers, which
facilitates adequate and timely supply of cane from both command
as well as non-command area.

The ratings also factor in healthy sugar recovery resulting in
improved viability of cane crushing. The ratings, however, remain
constrained by high working capital intensity inherent in the
sugar business due to high inventory levels and leveraged capital
structure and stretched coverage metrics with gearing of 3.9 times
and TD/OPBDITA of 7.1 times as on March 2018. The company has
significant annual debt repayment obligations of around Rs. 32
crore in the near to medium term and its timely fulfillment will
remain contingent upon achieving adequate crushing and managing
the working capital intensity by timely liquidation of sugar
stock. ICRA also takes note of the company's operations being
exposed to the agro climatic conditions, the cyclicality and the
seasonality in the sugar business, and the government regulations
prevalent in the sugar industry.

Outlook: Stable

ICRA believes, Sar Senapati Santaji Ghorpade Sugar Factory Limited
Pvt. Ltd. (SSFL) will benefit from its established presence in the
high cane yield, high sugar recovery rate Kolhapur region of
Maharashtra, forward integrated operations and government support
to the sugar industry. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability enough to generate
surplus cash after scheduled Debt repayments, and better working
capital management, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if cash accrual is lower than
expected, or if any major capital expenditure, or stretch in the
working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Long standing experience of the promoter in the sugar industry:
The promoters have around 25 years of experience in the sugar
industry and wide acceptance among the local farmers which
facilitates adequate and timely cane procurement and ensures
adequate crushing period.

Forward integrated operations in the form of distillery and co-
generation unit: The operations of the company are forward
integrated in the form of distillery unit of 30 kilo litres per
day (KLPD) and co-generation unit of 23 megawatt (MW) which
provides some cushion against cyclicality and seasonality in the
sugar business.

Established relations with local farmers ensuring adequate supply
of sugarcane: Established relationship with the farmers ensures
supply of good quality of cane from command area as well as non-
command area.

Healthy sugar recovery resulting in improved viability of cane
crushing: Good quality of cane available to the company due to
favorable soil and climatic conditions results in healthy sugar
recovery of around 12.30-12.40%, which improves viability of cane
crushing.

Credit challenges

High working capital intensity inherent in the sugar industry: The
company has high working capital intensity (around 79% in FY2018)
resulting from high inventory levels prevalent in the sugar
business and thus timely liquidation of sugar stock at adequate
prices remains one of the critical factors for maintaining
profitability.

Leveraged capital structure and stretched coverage metrics: On
account of high debt levels and thin accruals the capital
structure and coverage metrics of the company remain stretched.

Significant debt repayments scheduled in near to medium term: The
company has significant annual debt repayment obligations of over
Rs. 32 crore in the near to medium term which is expected to keep
company's liquidity position under pressure.

The company' operations remain exposed to government regulations
prevalent in the sugar industry: The company's operations remain
exposed to various government regulations prevalent in the sugar
industry such as cane pricing and export/import norms. Owing to
absence of any rationale linkage between cane price and sugar
realisation, the profitability of sugar mill operations remains
exposed to external demand supply fluctuations.

Cost structure of the company remains exposed to agro climatic
risks and cyclical trends in sugar business: the cost structure
and capacity utilisation of the company is dependent upon various
agro climatic conditions including monsoon and cyclicality in the
sugar business.

Liquidity position

The average utilization of the bank limits for last 12 months
stood at around 44% with peak over 98% and minimum utilization at
53%, reflecting moderate liquidity position with the company. As
on October 31, 2018, it had undrawn working capital bank lines of
over Rs. 32 crore against sanctioned limits of Rs. 97.00 crore.
SSFL has sizeable debt repayments for the current as well as next
fiscal further adding to the stretched liquidity profile.


SHREE INDUSTRIES: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shree
Industries (SI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      11.00      CARE B+, Stable; Issuer not
   Facilities                     cooperating, based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SI to monitor the rating
vide e-mail communications dated July 10, 2018, August 3, 2018,
January 3, 2019, January 7, 2019 and January 11, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Shree Industries' bank facilities will now
be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Limited track record of the entity: SI started its commercial
operations from March 2015. Hence, it has a limited track record
of operations.

Thin profitability margin during review period: The PBILDT margin
of the firm stood at 5.10% in FY15 with one month of commercial
operations and low operating expenses. The PBILDT margin remained
thin during FY16 and FY17 (Provisional) due to intensely
competitive business segment with low entry barrier and low value
addition in business process. However, the PBILDT margin increased
from 1.21% in FY16 to 2.36% in FY17 (Provisional) due to increase
in scale of operations resulting in absorption of fixed overheads.
Similarly, the firm incurred net loss of INR0.03 crore in FY15 low
PBILDT resulting in under absorption of financial expenses and
depreciation provisions. However, the firm achieved net profit in
subsequent financial years and PAT margin improved 0.10% in FY16
to 0.55% in FY17 (Provisional). The PAT also remains thin due to
low, although improved, PBILDT with increasing financial expenses
on account of utilization of working capital limits to manage
business operations.

Leveraged capital structure and weak debt coverage indicators:
SI has leveraged capital structure during review period. The
overall gearing ratio of the firm was seen deteriorating from
3.01x as on March 31, 2016 to 3.88x as on March 31, 2017
(Provisional) due to increase in total debt coupled with
enhancement in working capital facilities from INR1.50 crore to
INR11.0 crore during March, 2017.Total debt/GCA of the firm stood
weak and deteriorated year-on-year from 24.74x in FY15 to 20.17x
in FY17 (Provisional) due to increase in total debt on account of
enhancement in working capital facilities with low cash accruals.
Furthermore, PBILDT interest coverage ratio deteriorated from
3.52x in FY15 to 1.95x in FY17(Prov.) on account of increase in
interest and finance charges.

Highly fragmented industry with intense competition from large
number of player: 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, international
demand and supply scenario, export quota decided by the government
and inventory carry forward of the previous year. 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 to fluctuation in raw material prices.

Constitution as partnership firm: Constitution as a partnership
firm has the inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which can
adversely affect its capital structure. Furthermore, partnership
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

Profitability margins are susceptible to fluctuation in raw
material prices: Profitability margins are susceptible to
fluctuation in raw material prices due to absence of price
variation clause in the contracts entered into by the firm.

Key Rating Strengths

Experience of the partners for two decades in cotton industry: SI
is promoted by Mr. Gourishankar B Bacha along with his family
members and friends. The other partners Mr. Bapugowda B Patil, Mr.
Mahesh VeerannaGumdal, Mr. Rajkumar V Raddewadi,Mr. Balachandra S
Bacha, Mr. Sumeet B Sindolare also actively involved in the day to
day operations of the firm. The partnersare qualified graduateand
have two decades of experience in cotton ginning business. Due to
long term presence in the market by the partners, the firm has
good relation with customer and supplier.

Growth in total operating income during review period: The firm
started its commercial operations from March 2015 and FY16 was the
first full year of operations. The total operating income of SI
grew significantly from INR3.59crore in FY15 to INR81.10 crore in
FY17 (Prov.) due to maintaining quality and good demand of
products in market. Within two years of operations, the scale of
operations improved marked by total operating income of
INR81.01crore in FY17 (Provisional) coupled with moderate net
worth of INR3.84 crore as on March 31, 2017 (Provisional) as
compared to other peers in the industry.

Satisfactory operating cycle days: The operating cycle of the firm
stood satisfactory at 59 days in FY17 (Provisional).The firm
maintains an average inventory 15-35 days since SI has to undergo
various stages of manufacturing process of cotton ginning,
cleaning, bailing and packaging. The firm makes the payment to its
suppliers within 5-7 days. However, the firm receives the payment
from its customers within 15-35 days. The average utilization of
working capital of the firm remained 100% for the last 12 month
ended August 31, 2017.

Location advantage: SI located in one the major cotton growing
areas in Karnataka. Availability of raw material is not expected
to be an issue as the firm procures raw material (raw cotton) from
the farmers and traders located in and around Gulbarga. SI enjoys
proximity to the cotton producing belt of Karnataka which results
in ease of access to raw material with low transportation cost.

Karnataka based, Shree Industries (SI) was established in
September2014 as a partnership firm and promoted by Mr.
Gourishankar B Bacha along with his family members and friends.
The firm is engaged in processing of cotton lint and seeds. The
manufacturing unit is spread in total area 8 acres located at
Gulbarga, kalaburagi (Karnataka). SI purchases raw cotton from
farmers located in and around Kalaburagi, Karnataka. The firm
processes the raw cotton and separates the lint and cotton seeds
from raw cotton. Later on, pressing and compressing cotton lint
into bales along withpacking the bales is undertaken. SI sells
bales to the customers in Karnataka, Tamil Naduand Gujarat and
sells the cotton seeds to oil mills located in Punjab, Haryana,
Rajasthan and Maharashtra Brief Financials (Rs. crore).


SHRI GANESH: ICRA Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Shri Ganesh Industries (SGI) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable) ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Unallocated         4.00        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

SGI is a partnership firm promoted by the Mohata family and is
involved in cotton oil milling for over 40 years. The firm has an
oil mill at Khamgaon (Maharashtra) with a crushing capacity of 80
tonnes per day. The end products of crushing are cotton oil cake
and crude oil, which can be further processed into cotton refined
oil; however, the firm is not engaged in the refining. The firm
has two group companies - Shri Ganesh Veg Oil Products Pvt. Ltd.
and Anand Mahota Agro Industries Pvt. Ltd. Shri Ganesh Veg Oil
Products Pvt. Ltd. was established in 1997 when the Mohata Group
took over an existing cotton oil refinery in Khamgaon for
expansion into the refining space. At present, the company has a
cotton oil mill and a refining unit at Khamgaon. The total oil
mill crushing capacity is 40 tons per day and the capacity for the
refinery is 80 tons per day. Anand Mohata Agro Industries Pvt.
Ltd., promoted by Mr. Anand Mohata, has an oil mill and de-linting
unit at Nagpur, Maharashtra. It has a refining and crushing
capacity of 80 tons per day and a de-linting capacity of 35 tons
per day.


SHRI PRABHULINGESHWAR: CARE Assigns B+ Rating to INR80cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Prabhulingeshwar Sugars and Chemicals Limited (SPSCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          80.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities          45.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to bank facilities of SPSCL are constrained
by its weak financial profile characterized by leveraged capital
structure and weak debt coverage indicators, tight liquidity
position due to working capital intensive nature of operations and
cyclical nature of the sugar industry. However, these rating
weaknesses are partially offset by extensive experience of
promoters in sugar and allied industries, SPSCL's integrated
operations with captive source of power and improved operational
performance during FY18.

Going forward, the ability of the company to operate at cost
effective levels with optimum utilization of installed capacity
while reducing its high reliance on debt are key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial profile marked by high reliance on debt: The
company's financial risk profile is marked by highly leveraged
capital structure and weak debt coverage indicators marked by
substantially high levels of debt. Overall gearing had
deteriorated from 7.64x as on March 2017 to 8.17x as on March 2018
due to infusion of unsecured loans by promoters along with
increase in working capital loans for higher inventory holding.
However, WC debt has correspondingly reduced from INR304.2 crore
as on Mar'18 to INR238 crore as of Sept'18 with sale of sugar
during the year.

Tight liquidity position due to working capital intensive nature
of operations: SPSCL's liquidity position remained tight with near
full utilization of working capital in last 12 months. High levels
of inventory holding (due to seasonality associated with
sugarcane), coupled with low credit on sugarcane purchase, makes
the operations of the company working capital intensive. SPSCL had
an inventory holding period of 400 days in FY18 (287 in FY17).

Cyclical and regulated nature of the industry: Cyclical nature of
the sugar industry significantly impacts the operating performance
and cash flow generation of the sugar companies. Both the raw
material prices and distribution of end product (sugar) are
regulated by the government. In addition to this, sale and
distribution of by-products (molasses and power) also regulated at
different levels in different States. Sugar industry is also
impacted by vagaries of monsoon and prevailing agro climatic
condition.

Key Rating Strengths

Extensive experience of the promoters in sugar and allied
industries: SPSCL is promoted by Mr. Jagadeesh S Guduganti who has
an extensive experience of over 40 years in the sugar and allied
industries. The group also has considerable experience in
supplying sugar machinery. Mr. Jagadeesh is a licensed sugar
machinery manufacturer registered with Commissionerate of Sugar
Maharastra & Andhra Pradesh, Gujarat & Karanataka.

Integrated operations with captive source of power: SPSCL has
integrated operations with power generation capacity of 41.5 MW.
The company uses the power generated for captive consumption and
the surplus power is sold to various Electricity Supply Companies
in Karnataka.

Improved Operational performance: The plant operated for around
120-143 days over the years though it operated only 81 days in
FY17 on account of less availability of sugar cane due to drought
like situation in Karnataka. Apart from FY17, company crushed
around 10.3-12.5 lakh MT of sugar cane over the years. During
H1FY19, SPSCL has sold 4.13 lakh MT. Crushing for SS19 commenced
from November 25, 2018 and company has crushed 1.67 lakh tonnes
till December 12, 2018.

Shri Prabhulingeshwar Sugars & Chemicals Ltd. (SPSCL),
incorporated in 1995 by Mr. Jagadeesh S Gudagunti who has an
extensive experience as a consultant and machinery supplier for
sugar and allied industries. SPSCL primarily engaged in the
manufacturing of sugar and allied products, started its commercial
operations in 1999. SPSCL has a capacity of 12000 TCD & 41.5 MW
with recovery around 10-12.5% from the cane crushed. Company is
diversified into other fields such as power and ethanol
production. SPSCL has 2 associates namely Siddapur Distillaries
Ltd and Gudagunti Project Engineers Pvt. Ltd.


SOMA NUTRITION: ICRA Lowers Rating on INR10cr Loans to D
--------------------------------------------------------
ICRA has reassigned the rating of bank facilities of Soma
Nutrition Labs Private Limited (SNLPL) to [ICRA]D from [ICRA]B+
(Stable). The rating continues to be in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       2.00       [ICRA]D ISSUER NOT COOPERATING;
   Overdraft                    reassigned from [ICRA]B+
   Cash Credit                  (Stable); rating continues to
                                be in 'Issuer not cooperating'
                                category

   Fund Based-       8.00       [ICRA]D ISSUER NOT COOPERATING;
   Term loan                    reassigned from [ICRA]B+
                                (Stable); rating continues to
                                be in 'Issuer not cooperating'
                                category

   Fund Based-      (2.00)      [ICRA]D ISSUER NOT COOPERATING;
   S/L EPC                      reassigned from [ICRA]B+
                                (Stable); rating continues to
                                be in 'Issuer not cooperating'
                                category

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

Rationale

The rating downgrade follows the delays in debt servicing to the
lender owing to strained liquidity position arising from delays in
commencement of its newly setup facility, as confirmed by them to
ICRA.

Soma Nutrition Labs Pvt. Ltd. was incorporated in 2013 and will be
involved in the business of manufacturing and exporting
therapeutic and supplementary food for malnourished children
across the world as well as in India. Mr. Hemant Phatak, who is
the Managing Director of the company, has an experience of over
two decades in a similar line of business. SNLPL's registered
office is in Borivali, Mumbai with a factory at Jejuri near Pune
spread over an area of 6050 sq. metre. It has a Group company
Phoenix Trading and Consulting Pvt. Ltd., which is involved in the
trading of non-food items for the underprivileged.
The previous detailed rating rationale is available


SRI SARASWATHI: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sri
Saraswathi Educational Society (SSES) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      15.00      CARE B+; Stable, ISSUER NOT
   Facilities                     COOPERATING

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from SSES to monitor the rating
vide e-mail communications/letters dated January 14, 2019,
January 16, 2019, January 17, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on Sri Saraswathi
Educational Society bank facilities will now be denoted as CARE
B+; Stable; Issuer not Cooperating.

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

Detailed description of the key rating drivers

At the time of last rating on November 30, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weakness

Declining SBID margins and net losses during FY15-FY16: SBID
margins declining year-on-year during review period. SBID margin
decreased from 36.20% in FY15 to 22.72% in FY16 and then to 22.10%
in FY17 due to increase in power and fuel, employee costs and
overheads.

The society has incurred net losses in FY15 and FY16 due to
increase in depreciation at the back of purchase of projectors and
inverters among others. However, the surplus margin increased to
2.88% in FY17 due to non-provision of depreciation as per Income
Tax Act sections 11 and 12 where acquisition of capital assets
have been taken as application of funds in order to avoid erosion
of corpus fund.

Leverage capital structure and weak debt coverage indicators: The
society has leverage capital structure during review period. The
debt equity improved from 2.61x as on March 31, 2015 to 0.89x as
on March 31, 2017 due to repayment of term loan installments
coupled with increase in corpus funds and unsecured loans to the
tune of INR5.33 crore are subordinated to bank facility. Due to
the above said factor, the overall gearing ratio also improved
from 3.68x as on March 31, 2015 to 2.05x as on March 31, 2017. The
debt coverage indicators of the society remained weak during
review period. Total debt/GCA is deteriorated from 12.05x in FY15
to 60.03x in FY16 due to decrease in GCA at the back of net losses
though unsecured loans to the tune of INR5.33 crore are
subordinated to bank facility. The same improved to 53.14x in FY17
due to increase in GCA at the back of non-provision of
depreciation as per the Income Tax Act sections 11 and 12 where
acquisition of capital assets has been taken as application of
funds. SBID interest coverage ratio decreased from 1.68x in FY15
to 1.15x in FY17 due to decrease in SBID level though decrease in
interest cost at the back of repayment of term loan installments,
still the debt coverage indicators remained weak.

Uneven cash-flow associated with educational Institutes: The
revenue stream of the society is skewed towards the beginning of
the academic year (normally between June-August) when the bulk of
the tuition fees, hostel fees and other related income is
collected whereas the society incurs regular stream of payments
for meeting staff salary, maintenance activities, interest
expenses amongst others.30% of total fees received from students
and remaining 70% reimbursed from State Government of Andhra
Pradesh.

Elongated working capital cycle: The operating cycle of the
society elongated and remained at 112 days in FY17. The average
debtor days increased from 116 days in FY16 to 131 days in FY17 on
account of delays in reimbursement amount from State Government of
Andhra Pradesh. Around 70% of the total fees is eligible for fee
reimbursement scheme. The average creditor days was decreased from
21 days in FY16 to 19 days in FY17 due to prompt payment.

Highly regulated nature of educational industry: SSES is operating
in a highly regulated industry. In addition to AICTE, the
educational institutions are regulated by respective State
Governments with reference to matters such as determining the
number of management quota seats, amount of tuition fee charged
for government quota and management quota giving limited
flexibility to the institutions. The technical education sector
also requires regular approvals from various government bodies for
addition of new courses/seats as well as continuation of the
existing courses which exposes it to high regulatory risk. These
factors have significant bearing on the revenues and surplus
levels of the institutions and resultantly on SSES's financial
risk profile.

Presence in a highly competitive industry: The education sector
offers immense potential as there is a growing demand for the
services offered driven by increasing propensity of the middle
class to spend on education and India's increasing population. Due
to new colleges being added every year along with established
colleges' results in high competition level in the state and
adjoining areas of SSES. Also, the fees for various courses are
presently fixed by regulatory authority, which limits on the
revenue growth.

Key Rating Strengths

Long track record of the society and experience of the promoters
for more than eight years in educational services industry.
SSES was established in 2008 by Mr.S V S S Ramachandra Raju
(Chairman),Mr.D V Subbaraju (Late) (Vice Chairman), Mr.D V N S
Varma (Secretary & Correspondent), Mr.R S S Varma (Treasurer)
among others. Mr.S V S S Ramachandra Raju and Mr.D S N Varma are
post graduates and remaining are graduates by qualification. All
have more than eight years of experience in educational services
industry.

Growth in total income during review period: The total operating
income of the society is increasing y-o-y during the review
period. The same is increased from INR10.41 crore in FY15 to
INR10.67 crore in FY16 due to increase in transport and exam fees
and marginal increase in tuition fees at the back of marginal
increase in enrollment ratio from 85.70% in FY15 to 85.80% in
FY16. However, the same has increased to INR11.44 crore in FY17
due to increase in B.Tech fees level from INR36, 500 to INR51,000
though decrease in enrolment ratio of the students to 82.67% in
FY17. During April to October in FY18 (Provisional), the society
has achieved total operating income of INR5.12 crore.

On campus placement facility: The availability of on-campus
placement facility after completion of any professional course is
a key driver for attracting new students to the institution. SSES,
over the years has been arranging for campus placements for its
students enrolled in various courses mainly in the months of
December & January. Few of the companies which participated and
recruited students from various courses of SSES are IBM, PayTM,
Tech Mahindra Limited, Hinduja Global Solution Limited, HCL
Technologies and Infosys Limited among others.49% of the students
from the batch (2011-2015) and 84% of the students from the batch
2012-2016 were recruited across various companies.

Satisfactory infrastructure facilities and resources: The campus,
which is spread over 15 acres of land with separate blocks and
building for every department. It has multiple libraries with vast
and comprehensive collections on various topics and subjects. The
institution has laboratories with sophisticated modern equipment
for undertaking leading edge research. Each Department is provided
with the latest computer systems and internet facility. Also, the
campus provides other facilities like canteen and post office.

Stable outlook of educational services industry: The education
sector in India is poised to witness major growth in the years to
come as India will have world's largest tertiary-age population
and second largest graduate talent pipeline globally by the end of
2020. As of now the education market is worth US$ 100 billion.
Currently, higher education contributes 59.70 per cent of the
market size, school education 38.10 per cent, pre-school segment
1.60 per cent, and technology and multi-media the remaining 0.60
per cent.

Higher education system in India has undergone rapid expansion.
Currently, India's higher education system is the largest in the
world enrolling over 70 million students while in less than two
decades, India has managed to create additional capacity for over
40 million students. At present, higher education sector witnesses
spending of over INR46,200 crore (US$ 6.78 billion), and it is
expected to grow at an average annual rate of over 18 per cent to
reach INR232,500 crore (US$ 34.12 billion) in next 10 years.

Sri Saraswathi Educational Society (SSES) is registered under
society's registration act 1935. SSES was established in 2008 by
Mr.S V S S Ramachandra Raju (Chairman),Mr.D V Subbaraju (Late)
(Vice Chairman), Mr.D V N S Varma (Secretary & Correspondent),
Mr.R S S Varma (Treasurer),Mr.M V S S Ramachandra Raju(Joint
Secretary),Mr.D Sunil(Member),Mr. D S N Varma(Member),Mr.D V R P
Raju(Member) and D S Sandhya Devi(Member). SSES presently manages
one college by name 'Srinivasa Institute of Engineering and
Technology' (SIET) college at Amalapuram, East Godavari, Andhra
Pradesh. SIET is recognized by AICTE and affiliated to Jawaharlal
Nehru Technological University, Kakinada (JNTU). SIET was rewarded
with 'A Grading' rating by Andhra Pradesh government. SIET is
certified ISO 9001:2015 by BMQR and accredited by NACC with 'A'
grade on May 02, 2017.SIET is committed to provide a highly
industry-relevant education and supported by the most up-to-date
facilities and equipment. Aesthetically built buildings, well-
furnished class rooms & E-class rooms, lecture halls, library,
computer labs, Internet facility, conference hall, spacious play
grounds, hostels and offer an ideal environment for pursuit of a
professional career. Seats available for admission are 70% for
government quota and 30% for management quota.

SSES provides Under Graduate (UG),Post Graduate (PG).UG courses
includes the branches like Electrical and Computer Engineering
(ECE), Computer Science and Engineering (CSE), Electrical and
Electronics Engineering (EEE), Mechanical and Civil and
Polytechnic courses.PG courses includes CSE, Structural
Engineering(Civil),Machine design and VLSI design. Polytechnic
courses includes ECE, EEE, Mechanical and Civil.


VAIBHAV COTEX: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Vaibhav
Cotex Private Limited (VCPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.70       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VCPL to monitor the rating
vide e-mail communications/letters dated January 15, 2019,
January 14, 2019, November 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. 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 .The
rating on VCPL's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

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

The rating takes into account the leveraged capital structure,
weak debt coverage indicators and thin profitability margins owing
to limited value addition nature of business. The rating is
further constrained on account of susceptibility of profitability
margins to adverse changes in government regulations and climatic
condition, and presence of company in highly competitive cotton
ginning and pressing industry. The rating, however, continues to
factor in vast experience of the promoters in the cotton industry,
location advantage, moderate liquidity position and growing scale
of operations of company.

Detailed description of the key rating drivers

At the time of last rating on April 20, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Thin profitability margins: The profitability margins of VCPL
remained thin owing to limited value addition nature of business
and high competition, as reflected by operating profit margin and
PAT margin in range of 1.50%-3% and 0.20%- 0.25%, respectively for
3 years ended FY17.

Leveraged capital structure: Low tangible net worth of VCPL
against high debt levels, resulted in leveraged capital structure
as, reflected by an overall gearing ratio in range of 1.70x-2.10x
for last three years ended March 31, 2017. Weak debt coverage
indicators: With low profitability and high gearing levels the
debt coverage indicators of VCPL continues to remain weak.

Working capital intensive nature of operations: The operations of
VCPL remained working capital intensive owing to seasonality
associated with availability of raw material input i.e. cotton.
The working capital requirements of the entity are met by the cash
credit facility whose average utilization remained ~90% utilized
in the peak season and about 60% utilized in non peak season.

Susceptibility to adverse changes in government regulations and
climatic condition: The price of raw cotton is highly volatile in
nature owing to its seasonal nature and the price is regulated
through function of MSP by the government along with export of
cotton. Hence, any adverse change in government policy and
climatic condition may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit for VCPL.

Presence in fragmented industry: Operations of cotton business is
highly seasonal in nature, as the sowing season is from March to
July and the harvesting season is spread from November to
February. Furthermore, the cotton industry is highly fragmented
with large number (approx 80%) of players operating in the
unorganized sector. Hence, SIL faces stiff competition from other
players operating in the same industry, which further result in
its low bargaining power against its customers.

Key Rating Strengths

Experienced promoters in cotton ginning and pressing industry:
VCPL, incorporated in 2008, is promoted by Bhandari family. The
directors have an average experience of around one decade in
cotton ginning & pressing along with oil extraction under VCPL.
Being in the industry for so long has helped the promoters to gain
adequate acumen about the business.

Location advantage: The manufacturing facility of VCPL is located
at Yavatmal in the Vidarbha region in Maharashtra, which lies in
cotton producing belt of Maharashtra. Hence, raw material is
available in adequate quantity. Furthermore, the presence of VCPL
in cotton producing region also fetches a location advantage of
lower logistics expenditure.

Growing scale of operations of company: The total operating income
of VCPL has increased from INR55.54 crore to INR116.64 crore
during FY15-FY17 at compounded annual growth rate of ~28%. The
increase in operating income was on account addition of new
customers to existing customer base and higher order intake.
Moderate liquidity position: The liquidity position of VCPL stood
moderate as reflected by current ratio and quick ratio of 1.25x-
1.50x and 0.50x-0.75x, respectively, in FY17.

Incorporated in 2008, VCPL is engaged in ginning and pressing of
cotton and extraction of oil from cotton seeds. The ginning and
pressing unit and oil extraction unit is located at Yavatmal,
Maharashtra with an installed Capacity of processing 42,000 cotton
bales per annum and to extract 1,40, 000 quintals of oil per
annum.


VAIBHAV COTGIN: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Vaibhav
Cotgin Private Limited (VCPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      13.50       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VCPL to monitor the rating
vide e-mail communications/letters dated January 15, 2019,
January 14, 2019, November 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. 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 .The
rating on VCPL's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

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

The rating takes into account nascent stage of operations, low
profitability margins and moderate solvency position. The rating
is further constrained due to susceptibility of margins to
fluctuations in cotton prices, working capital intensive nature of
operations due to seasonal nature of business and its presence in
fragmented industry with susceptibility to government regulation.
The rating, however, draws support from the experience of the
promoters, location advantage with respect to proximity to its raw
material and integrated business operations.

Detailed description of the key rating drivers

At the time of last rating on February 20, 2018, the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Nascent stage of operation with low profitability margins: VCPL
commenced its commercial operation in February-2017. Hence, the
company was operational for 2 months in FY17. Thus, the operations
are still in nascent stage and the company has to develop and
strengthen its market position. In 2MFY17 (February 2017 to March
2017), the company registered revenue of INR21.18 crore. Further,
the capital employed of the company stood low at INR15.46 crore as
on March 31, 2017. The profitability margins of the company
remained low owing to limited value addition nature of business
and high competition.

Moderate solvency position: The capital structure of the company
remained moderate on account of its high dependence on external
borrowings to support its operations. Moreover, due to high
dependence on debt and low profitability, the debt coverage
indicators remained moderate in FY17.

Working capital intensive nature of operations: The operations of
the company remained working capital intensive owing to
seasonality associated with availability of raw material. The
gross current asset days remained at 77 days during FY17.The
working capital requirements of the company are met by the cash
credit facility and the average utilization of the CC limit was on
higher side in the peak season (October-May).

Susceptibility of margins to raw material price fluctuation and
government regulations: The price of raw cotton in India is
regulated through function of minimum support price by the
government. Furthermore, the price of raw cotton is highly
volatile in nature and depends upon factors like area under
production, yield for the year, international demand supply
scenario, export quota decided by government and inventory carry
forward from previous year. Hence, any adverse change in
government policy that is higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for VCPL.

Risk associated with seasonality and fragmented nature of
industry: The cotton business is highly seasonal in nature, as the
sowing season is from March to July and the harvesting season is
spread from November to February. Hence, the working capital
utilization is high in the peak season. This results in low
financial flexibility to shield against any adverse situation
during peak period. Furthermore, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As VCPL faces stiff competition from other
players operating in the same industry in same area, it results in
low bargaining power of VCPL against its customers.

Key Rating Strengths

Experienced directors: VCPL is promoted by Mr Ashok Bhandari and
Mr. Sunil Bhandari. The directors of the company have an average
experience of more than a decade in cotton ginning and pressing
along with oil extraction through its group company "Vaibhav Cotex
Private Limited". Long experience of the promoters has supported
the business risk profile of the company to a large extent.

Location advantage emanating from proximity to raw material: The
manufacturing facility of VCPL is located at Chandrapur (situated
in the eastern part of Vidharbha, Maharashtra) which is in close
proximity to the cotton-growing region of Maharashtra resulting in
easy availability of raw cotton leading to lower logistics and
other related costs. Moreover, there is robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills in the region.

Integration into cotton seed oil resulting in zero discharge
plant: Apart from ginning and pressing of cotton, VCPL is also
engaged in cotton seed oil extraction with an installed capacity
to extract 1,00,000 lakh litre of oil per annum. Hence, VCPL can
be categorized as zero discharge plant as there is no residue or
scrap left after the manufacturing process.

VCPL was incorporated as a private limited company in May, 2016.
The company is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed. The ginning and pressing unit
and oil extraction unit is located at Chandrapur, Maharashtra. The
company has an installed capacity to gin and press 2, 25,000
quintals of cotton and to extract 1, 00,000 lakh liter of oil per
annum. VCPL procures raw material i.e. raw cotton from the local
farmers and sell its final product i.e. cotton bales and cotton
oil through brokers and agents across Maharashtra and other parts
of India.


VAMSADHARA GINNING: CARE Reaffirms B+ Rating on INR15cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vamsadhara Ginning & Pressing Industries (VGPI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          15.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VGPI. The rating
continues to be tempered by decline in profitability margins,
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operations, constitution of
entity as a partnership firm with inherent risk of withdrawal of
capital and limited track record of operations, presence in highly
fragmented industry and regulated industry, susceptibility of
profits to volatile price fluctuations and seasonality associated
with availability of cotton.

However, the rating continues to derive benefits from experienced
partners for three decades in cotton industries, growth in total
operating income during the review period, location advantage of
the firm, stable outlook of cotton industry and liquidity
analysis.

Going forward, the ability of VGPI to increase the scale of
operations improve the profitability margins, capital structure
and utilize the working capital facilities efficiently will be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Declining profitability margins: The firm has satisfactory PBILDT
margin, though declining from 6.24% in FY17 to 4.03% in FY18 due
to increase in the prices of material i.e. cotton. The PAT margin
of the firm has declined from 0.54% in FY17 to 0.40% in FY18 due
to increase in depreciation cost on account of addition of new
machinery in order to increase the scale of operations coupled
with increase in interest expense as a result of moderate
utilization of working capital facilities.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm marked by overall gearing ratio
remained leveraged improving from 3.47x in FY17 to 2.99x in FY18
on account of increase in net worth due to accretion of profits to
the net worth.

The total debt/GCA improved from 37.81x in FY17 to 17.64x in FY18
due to increase in cash accruals. However the PBILDT/Interest
coverage ratio declined from 4.61x in FY17 to 2.06x in FY18 due to
increase in interest and financial expenses. The total debt/CFO
deteriorated from 28.62x in FY17 to 79.61x in FY18 due to increase
in receivable amount.

Working capital intensive nature of operations: The operating
cycle of the firm is working capital intensive nature of
operations stood at 127 days in FY18. The company avails the
credit period from the farmers 10-15 days and receives the payment
from its customers within 30-45 days. The firm holds sufficient
inventory levels up to 90 days to meet customer demand on time.

The utilization of cash credit facility was 100 per cent in the
last twelve months ended with January 10, 2019. Constitution of
entity as a partnership firm with inherent risk of withdrawal of
capital: Constitution as a partnership 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, partnerships have restricted access to external
borrowings as credit worthiness of the partners would be key
factor affecting credit decision for the lenders. Furthermore, the
firm has infused capital of INR0.88 crore in FY18.

Presence in highly fragmented and regulated industry: The cotton
ginning and pressing industry is highly fragmented due to presence
of large number of players. Also, this industry entails low value
addition in the overall textile value chain, due to which, the
players operate on thin margins and fortunes of cotton ginners
depend on the price parity between the price fixed by the
government and those prevailing in the market. Moreover, exports
of cotton are also regulated by government through quota systems
to suffice domestic demand for cotton. Hence, any adverse change
in government policy i.e. higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit.

Susceptibility of profits to volatile price fluctuations 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 upto 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.
Furthermore, the quantum of cotton produced in a particular year
is dependent on factors such as rainfall and vagaries of nature
and government policies. Thus SSG's operations are contingent on
it sourcing the requisite quantum of cotton at an appropriate
price.

Key Rating Strengths

Experienced management: Mr. Sontineni Venkateswara Rao, the chief
promoter and managing partner of the firm has 28 years of
experience in the line of rice milling and cotton ginning
business. He is also a partner at Vamsadhara Rice Industries and
Vamsadhara Cotton Industries. Mr. Chinthalapudi Purnachandra,
partner who has three decades of experience in the agricultural
industry handles the material procurement and production
department. Furthermore, the top management is assisted by second
line of management having adequate experience in the industry.

Growth in total operating income: The total operating income of
the firm increased from INR9.80 crore in FY17 to INR50.79 crore in
FY18 due to one full year of operations and increase in demand
from existing customers and addition of new customers.
Furthermore, the firm has achieved total operating income of INR33
crore In 9MFY19 (Prov.).

Location advantage of the plant: The plant unit of the firm is
located at Guntur district in Andhra Pradesh, which is at close
vicinity to the existing spinning mills and oil extraction units
within the state. The raw material cotton is procured from
intrastate neighboring districts of Krishna, Prakasam and also
from the neighboring districts of Nalgonda and Mahaboobnagar of
Telangana State where it is available in abundant. This cut downs
the transportation costs and lowers the expenses to be incurred by
the firm.

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. The ginning outturn of the Indian cotton also
presents a wide spectrum of variations from 24% to 42%. The
ginning industry has been on a modernization spree ever since the
Government of India launched Technology Mission on Cotton. It is
reported that as many as 860 ginning & pressing factories have
completed modernization out of 1000 projects approved by
Technology Mission on Cotton during its implementation. It is also
reported that about 500 ginning & pressing factories are being
modernized under Technology Up-gradation Fund Scheme. With these
developments, ginning infrastructure in the country seems to be
well on its way to secure a firm foundation. The cotton textile
industry in India can look forward to meet its major raw material
requirements through indigenous supply of clean cotton.

Liquidity analysis
The current ratio of the firm stood at 1.16x as on March 31, 2018.
It stood moderate mainly on account of high inventory and debtors
on the closing date of balance sheet. The cash and bank balances
as on March 31, 2018 stood at INR0.05 crore. Till now the firm has
utilized 100 per cent of working capital bank borrowings.

Vamsadhara Ginning & Pressing Industries (VGPI) was established in
the year 2016 by seven partners. The firm is engaged in cotton
ginning & pressing at its factory located at Piduguralla, Guntur
district. The operations started from February 2017 and the firm
has its customer presence in Andhra Pradesh and Telangana who
purchase cotton lint and cotton seed manufactured by the firm. Mr.
Sontineni Venkateswara Rao, the chief promoter and managing
partner of this firm since its inception, has 27 years of
experience in the line of rice milling and cotton ginning
business. He is also having a major stake in the associate
concerns, 'Vamsadhara Rice Industries' and 'Vamsadhara Cotton
Industries' both located at Janapadu, Andhra Pradesh.

The raw material cotton, an agro based produce is procured from
intrastate neighboring districts of Krishna, Prakasam and also
from the neighboring districts of Nalgonda and Mahaboobnagar of
Telangana State. The cotton ginning and pressing factory located
at Guntur district of Andhra Pradesh has a total installed
capacity of 144 MT per day.



===============
P A K I S T A N
===============


PAKISTAN: S&P Cuts Sovereign Credit Rating to B-, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its long-term sovereign credit rating
on Pakistan to 'B-' from 'B'. The outlook for the long-term rating
is stable. At the same time, S&P affirmed the short-term sovereign
rating and issue rating at 'B'. S&P also lowered the long-term
issue rating on senior unsecured debt and sukuk trust certificates
to 'B-' from 'B'.

OUTLOOK

S&P said, "The stable outlook reflects our expectations that
Pakistan will secure sufficient financing to meet its external
obligations over the next 12 months, and that neither external nor
fiscal metrics will deteriorate well beyond our current
projections.

"We may raise our ratings on Pakistan if the economy materially
outperforms our expectations, strengthening the country's fiscal
and external positions.

"Conversely, we may lower our ratings if Pakistan's fiscal,
economic, or external indicators continue to deteriorate, such
that the government's external debt repayments come under
pressure. Indications of this would include GDP growth below our
forecast, or external or fiscal imbalances higher than what we
expected."

RATIONALE

S&P said, "We lowered the ratings to reflect our more subdued
expectations for Pakistan's economic growth, along with heightened
external and fiscal risks, amid an ongoing deterioration in the
country's broad macroeconomic settings. While Pakistan has secured
financial aid from bilateral partners to address its immediate
external financing needs, we believe that fiscal and external
imbalances will remain elevated. The government's protracted
negotiations with the International Monetary Fund (IMF) suggest
that any resulting reforms, whether under the program or
otherwise, will be less expedient than previously anticipated.

"Fiscal consolidation will be challenging as the economy slows
owing to a paucity of growth drivers, and as the stimulus from
China-Pakistan Economic Corridor (CPEC) investment fades. Although
we believe Pakistan will benefit over the long term from the
associated improvements to its infrastructure, this will be
counterbalanced by heightened fiscal and external stresses over
the next few years.

"In our opinion, the government led by Pakistan Tehreek-e-Insaf
(PTI) party has yet to introduce fiscal measures that are
sufficient to bring about a substantial improvement in the general
government deficit. Though the government in October 2018
introduced new budget measures that will increase revenue from
petroleum products and infrastructure development, among others,
we believe that additional measures would be necessary in order to
bring about a more meaningful decline in the fiscal deficit. The
second mini-budget presented in January should be marginally
supportive of the economy, but is unlikely to have a significant
impact on fiscal imbalances. Relative to our previous
expectations, we now believe prospects for a broader stabilization
of Pakistan's credit metrics have diminished."

The ratings on Pakistan remain constrained by a narrow tax base
and domestic and external security risks, which continue to be
high. Although the country's security situation has gradually
improved over the recent years, ongoing vulnerabilities weaken the
government's effectiveness and weigh on the business climate.

Institutional and economic profile: Change in government yet to
yield serious reform push

-- Although Pakistan's new government has publicly acknowledged
    the necessity of economic and fiscal reform, progress has
    been slower than anticipated.

-- Pakistan's very low income level remains a rating weakness.

-- Inadequate infrastructure and security risks continue to act
    as structural impediments to foreign direct investment and
    sustainable economic growth.

The 2018 general elections have thus far not elicited a
significant improvement in Pakistan's economic environment.
Despite acknowledgment by senior administration officials that
Pakistan must embrace hard-hitting economic and fiscal reforms to
avert a balance of payments and broader economic crisis, we
believe that imbalances will remain elevated over the next two
years. Although no single party earned a majority of the votes in
July 2018's general elections, the PTI's leading vote share was
sufficient to propel party chairman Imran Khan to the post of
prime minister in the newly formed coalition government.

Pakistan is facing considerable external and fiscal pressure
following a significant rise in both the general government fiscal
and current account deficits in the fiscal year ended June 2018.
These metrics have deteriorated since the completion of an
Extended Funding Facility (EFF) reform program with the IMF in
September 2016, leading the current government to seek financial
and technical assistance from a variety of bilateral and
multilateral parties. Against our previous expectations, we now
believe that these difficulties will persist for some time, and
that key metrics will worsen further through 2019.

In order to meet the economy's elevated external funding needs,
the government has reportedly secured foreign exchange support of
approximately US$3 billion each from the United Arab Emirates
(UAE) and Saudi Arabia, along with deferred payments of US$3.2
billion from each country for 2019 oil imports. These funds will
help to alleviate acute external stresses and to supplement the
central bank's limited foreign exchange reserves. Nevertheless,
negotiations with the IMF for additional funding, potentially
under the auspices of a new EFF program, have yet to deliver
tangible results.

S&P said, "We estimate Pakistan's GDP per capita at just over
US$1,500 in 2018, which is in the bottom 10% of all sovereigns
rated by S&P Global Ratings. We have revised downward our forecast
of annual real GDP growth to an average 3.6% over 2019-2022.
Pakistan's per capita GDP growth is somewhat lower, at about 1.5%,
due to a fast-growing population. Our weaker growth projections
mainly reflect the diminishing stimulatory impact of the
investments associated with the CPEC, negative fiscal impulse as
the government looks to rein in its deficit, and declining
economic sentiment. Although we believe CPEC energy projects such
as coal, solar, hydroelectric, liquefied natural gas, and power
transmission will be supportive toward economic activity over the
long run, this effect is unlikely to sufficiently offset the loss
in momentum in the economy during this period of acute fiscal and
external stress.

"Growth will also be constrained by domestic security challenges
and long-lasting hostility with neighboring India and Afghanistan.
These conditions, along with inadequate infrastructure, mainly in
transportation and energy, are additional bottlenecks to foreign
direct investments. The former PML government improved the
security situation, and we would expect the PTI government to
continue this positive momentum. Although progress has been made
toward addressing these shortcomings, we believe there is much
more to be done before we can see considerable uplift to the
business climate."

Flexibility and performance profile: Deterioration in key metrics
to continue through 2019

-- Infrastructure investments and energy vulnerabilities have

-- Pressure on external accounts will rise further in 2019.

-- S&P forecasts net general government debt to rise toward
    70.2% of GDP by the end of fiscal 2022, with slower GDP
    growth and still-elevated deficits. Likewise, Pakistan's
    interest-servicing burden will remain elevated, at an average
    of 32.4% of revenues.

Over the near term, deferred payments on oil imports from the UAE
and Saudi Arabia, with an estimated total value of US$6.4 billion,
will help to smooth pressing external financing needs. But more
will need to be done to stem this vulnerability over the medium
term, especially on export promotion and energy security.
Pakistan's current account deficit widened again to 6.1% of GDP in
the fiscal year ended June 2018, from 4.1% the year before and
just 1.7% in 2016. The widening of the deficit was due to a strong
rise in imports, without a correspondingly high growth in exports,
with higher energy prices and the associated deterioration in
Pakistan's terms of trade exacerbating the shortfall in the
current account deficit. Remittances were roughly flat for the
second year in a row in 2018, exhibiting limited upside despite a
stabilization in the Gulf countries.

S&P said, "Although we expect the current account deficit to
decline somewhat over the next two years with energy prices
falling and the economy slowing, Pakistan's external financing and
indebtedness metrics remain stressed. Pakistan's high degree of
external stress is marked by a significant rise in the economy's
gross external financing needs relative to its current account
receipts and useable reserves; we forecast this ratio will climb
to 151.1% at the end of fiscal 2019, versus approximately 131% in
the previous year. Meanwhile, we project the country's narrow net
external debt will rise to more than 170% of current account
receipts, from just below 140% in the prior year. Though external
aid will help to meet immediate payment needs, indebtedness will
continue to rise in kind.

"Pakistan's fiscal profile has deteriorated beyond our previous
expectations, and we have yet to observe policy initiatives
sufficient to meaningfully reverse this trend. Change in net
general government debt rose to 9.4% in fiscal 2018 versus 5.6% in
the previous year, largely owing to the government's higher fiscal
deficit and the depreciation of the Pakistani rupee.

"Although the new government has elucidated its aim to consolidate
its fiscal accounts, we believe progress will be diminished by
political constraints, especially in view of more difficult
economic circumstances. Meanwhile, negotiations with the IMF to
secure a funding and aid package have been protracted. We now
anticipate that any resulting reforms, whether under a program or
otherwise, will be less expedient in addressing the country's
economic imbalances. We forecast the average annual change in net
general government debt at 5.9% of GDP through 2022, which is
elevated versus our previous expectations.

"Coupled with our lower expectations for real GDP growth, the
forecast fiscal deficits will entail a gradual rise in net general
government indebtedness toward just above 70% of GDP by the end of
2022.

"Pakistan's unusually high level of interest expense relative to
fiscal revenue is an additional constraint on our assessment of
the government's debt burden. Interest expense consumes nearly a
third of government revenue, partly a function of its narrow tax
base. Pakistan's ratio of tax revenue to GDP remains one of the
lowest among sovereigns that we rate."

Pakistan's banking system is relatively small by international
standards, with total bank assets comprising approximately 59% of
GDP. S&P said, "We do not have a Banking Industry Country Risk
Assessment on Pakistan. However, its banking system appears
stable, reflecting its high profitability, adequate liquidity, and
strong capitalization. Combining our view of Pakistan's
government-related entities and its financial system, we assess
the country's contingent fiscal risks as limited. That said, at
more than 20% of total system assets, Pakistan's banking system
bears an outsized exposure to the sovereign."

S&P said, "We believe the State Bank of Pakistan's (SBP) autonomy
and performance has strengthened since the setup of a monetary
policy committee for rate setting in January 2016. The SBP's
interest rate corridor helps the monetary transmission mechanism
by providing directions for short-term market interest rates. This
framework, combined with the cyclical boost from lower food and
energy prices, should keep inflation in check--averaging about
5.5% over our forecast horizon. Reduced budget financing by the
SBP would also assist in cutting inflationary pressure."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Downgraded; Ratings Affirmed
                                    To               From
  Pakistan
   Sovereign Credit Rating          B-/Stable/B      B/Stable/B

  Downgraded
                                    To               From
  Pakistan
   Transfer & Convertibility Assessment
   Local Currency                   B-               B

  Pakistan
   Senior Unsecured                 B-               B

  Second Pakistan International Sukuk Co. Ltd. (The)
   Senior Unsecured                 B-               B

  The Third Pakistan International Sukuk Company Limited
   Senior Unsecured                 B-              B

  Ratings Affirmed

  Pakistan
   Short-Term Debt                  B



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


CHINA FISHERY: Court Issues Correction on Dec. 27 Decision
----------------------------------------------------------
Bankruptcy Judge James L. Garrity, Jr. issued a correction on its
memorandum decision and order denying China Fishery Group
Limited's motion to intervene in the Trustee's HSBC Adversary
Proceeding dated Dec. 27, 2018.

The following sentences on page 11 of the Memorandum Decision:

There is nothing in the record in support of that contention and
the Trustee has not cited to any support. Nor has the Trustee
presented any evidence of collusion, adversity of interest,
nonfeasance or incompetence on the part of the Trustee, must be
corrected to read as follows:

There is nothing in the record in support of that contention and
CFGL has not cited to any support. Nor has CFGL presented any
evidence of collusion, adversity of interest, nonfeasance or
incompetence on the part of the Trustee.

The case is William A. Brandt, Jr., as Trustee of CFG Peru
Investments Pte. Ltd. (Singapore) Plaintiff, v. The Hongkong and
Shanghai Banking Corporation Limited, Defendant, Adv. Pro. No.
18-01575-JLG (Bankr. S.D.N.Y.).

A copy of the Court's Correction dated Jan. 3, 2019 is available
at https://bit.ly/2Wzr5wu from Leagle.com.

             About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at $10
million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as
Chapter 11 trustee for CFG Peru Investments Pte. Limited
(Singapore), one of the Debtors.  Skadden, Arps, Slate, Meagher &
Flom LLP serves as the trustee's bankruptcy counsel; Hogan Lovells
US LLP serves as special counsel; and Quinn Emanuel Urquhart &
Sullivan, LLP, serves as special litigation counsel.


HYFLUX LTD: Creditors Has Until Feb. 15 File Proof of Claims
------------------------------------------------------------
Rachel Mui at The Business Times reports that Hyflux Ltd on
Feb. 1 called for its creditors to file proofs of claim ahead of
scheme meetings as the company undergoes debt restructuring.

The Business Times relates that the proofs, which will form a
basis to vote on scheme proposals and to receive payments, must be
submitted by 5:00 p.m. on Feb. 15.

For holders of the company's bonds, perpetual securities and
preference shares, however, their holdings as recorded by the
Central Depository Pte Ltd (CDP) will be treated as proofs even if
the holders do not file their claims, Hyflux said, The Business
Times relays.

Any party who is required to but does not file a proof of claim by
the deadline will not be entitled to vote at scheme meetings and
may not be entitled to any payments or distributions, subject to
the discretion of the scheme meeting's proposed chairman, Hyflux,
as cited by The Business Times, said.

According to the report, the proposed chairman for the group's
scheme meeting(s) is EY partner Angela Ee, who is advising Hyflux
on its refinancing.

The group filed for bankruptcy protection in May last year, and
investors still have no certainty about how much is recoverable,
the report notes. In a liquidation scenario, senior unsecured
creditors can expect a recovery rate of 3.8 to 8.7 per cent, EY
has told investors. Investors that rank below that class of
claimants, including perpetual and preference shareholders, will
receive nothing, The Business Times says.

In October last year, a consortium comprising Salim Group and
Medco Group tabled a deal to invest and lend SGD560 million to
Hyflux in exchange for a 60 per cent stake in the company once it
has settled all its debts.

Hyflux owes SGD900 million in principal value to perp and pref
holders, the report adds.

                           About Hyflux

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

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

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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 2019.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***