/raid1/www/Hosts/bankrupt/TCRAP_Public/190726.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, July 26, 2019, Vol. 22, No. 149

                           Headlines



A U S T R A L I A

AJW INTERIORS: First Creditors' Meeting Set for Aug. 5
BARKER AIR: First Creditors' Meeting Set for Aug. 5
CLEAR SKIES: First Creditors' Meeting Set for Aug. 2
COUNTRY SOLAR: Second Creditors' Meeting Set for July 31
ISMAIL-ZAI NAZIR: Second Creditors' Meeting Set for Aug. 1

LIBERTY SERIES 2018-3: Moody's Hikes Class E Notes Rating to Ba1
PREMIER DEVELOPMENTS: First Creditors' Meeting Set for Aug. 2
QUEENSLAND NICKEL: Ex-Worker Complains Over Payout Results
YOUNIVERSE SOLUTIONS: Second Creditors' Meeting Set for Aug. 1


C H I N A

CHINA WANDA: Moody's Alters Outlook on B1 CFR to Negative
GCL INTELLIGENT: Moody's Gives (P)B2 Rating to New USD Unsec. Bond
KWG GROUP: Fitch Assigns BB- Rating to $300MM 7.40% Sr. Notes


H O N G   K O N G

SPI ENERGY: Signs Framework Agreement to Acquire Solar Projects


I N D I A

ADITYA AUTO: CARE Lowers Rating on INR5.75cr LT Loan to 'D'
AKANSHA SHIPBREAKING: Ind-Ra Moves B- Rating to Non-Cooperating
AMPLE TEXTECH: CARE Lowers Rating on INR2.62cr LT Loan to B+
AMRAPALI GROUP: Banks Helped Builder Divert Funds, Court Says
ANNAPURNA DAL: CARE Lowers Rating on INR5.28cr LT Loan to B+

ANUPAM INDUSTRIES: CARE Maintains D Rating in Not Cooperating
BADARPUR FARIDABAD: CARE Maintains D Debt Rating in Not Cooperating
BHAGABAN MOHAPATRA: Ind-Ra Migrates BB+ Rating to Non-Cooperating
DIPTI DIAMONDS: CARE Reaffirms B Rating on INR12cr LT Loan
HARBIR AUTOMOBILE: CARE Lowers Rating on INR11cr LT Loan to B-

IL&FS: Asserts Efforts to Clear INR20,000 Crore Debt
JET AIRWAYS: SBI Moves Intervention Plea vs. HDFC Claim on BKC
KDM CLOTHING: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
KGN MOTORS: CARE Lowers Rating on INR14.89cr LT Loan to D
L&T HALOL: NCLT Orders Initiation of Insolvency Proceedings

LOKMANGAL SUGAR: CARE Keeps D in INR174cr Loans in Not Cooperating
M.G. AUTOSALES: CARE Keeps B on INR14.7cr Loans in Not Cooperating
MAGPPIE EXPORTS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
MAHALAXMI ROLLER: CARE Keeps B in INR5.8cr Debt in Not Cooperating
MYNOR ENTERPRISES: CARE Reaffirms B+ Rating on INR2cr LT Loan

NATURAL AGRITECH: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
PIONEER FOOD: CARE Maintains D Rating in Not Cooperating
PROPUS INC: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
R3 CROP: CARE Maintains D Ratings in Not Cooperating Category
RAJASTHAN DURGS: CARE Maintains D Rating in Not Cooperating

RAVINDRA RICE: CARE Lowers Rating on INR16.50cr LT Loan to B
RICHA PETRO: CARE Keeps D on INR12.5cr Loans in Non-Cooperating
RICHU MAL: CARE Keeps B on INR5cr Loans in Non-Cooperating
SHREE DATT: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SHRI SAMARTH: CARE Maintains D Rating in Not Cooperating Category

SHYAMA SHYAM: CARE Lowers Rating on INR6.46cr LT Loan to B+
STONE INDIA: CARE Keeps D on INR53.7cr Loans in Non-Cooperating
SURABHI AGRICO: CARE Keeps B- on INR10cr Loans in Not Cooperating
TATA MOTORS: Fitch Cuts LT IDR to BB-, Off Ratings Watch Negative
URJA AUTOMOBILES: CARE Keeps B on INR6.8cr Loans in Not Cooperating

VIPUL ORGANICS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable


I N D O N E S I A

DELTA MERLIN: Fitch Cuts LT IDR to CCC-, Off Ratings Watch Negative
KRAKATAU STEEL: Needs Total Overhaul, Vice President Kalla Says


M O N G O L I A

MONGOLIAN MORTGAGE: Moody's Affirms B3 CFR, Outlook Stable


S I N G A P O R E

EPICENTRE HOLDINGS: Creditor Seeks to Place Firm under JM
SWIBER HOLDINGS: Forms Joint Venture with Hilong Marine
TAP VENTURE: Placed Under Judicial Management


S O U T H   K O R E A

KUMHO ASIANA: Starts Auction to Sell Asiana Airlines

                           - - - - -


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A U S T R A L I A
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AJW INTERIORS: First Creditors' Meeting Set for Aug. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of AJW
Interiors and Construction Pty Ltd will be held on Aug. 5, 2019, at
11:30 a.m. at Level 1, Fraser and King Room, at 33 Erskine Street,
in Sydney, NSW.

Justin Holzman and Anthony Elkerton of DW Advisory were appointed
as administrators of AJW Interiors on July 24, 2019.


BARKER AIR: First Creditors' Meeting Set for Aug. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Barker Air
Services Pty Ltd will be held on Aug. 5, 2019, at 11:00 a.m. at the
offices of Deloitte Financial Advisory Pty Ltd, Eclipse Tower,
Level 19, at 60 Station Street, in Parramatta, NSW.  

David Ian Mansfield and Michael James Billingsley of Deloitte
Financial were appointed as administrators of Barker Air on July
25, 2019.


CLEAR SKIES: First Creditors' Meeting Set for Aug. 2
----------------------------------------------------
A first meeting of the creditors in the proceedings of Clear Skies
Corp Pty Limited, trading as Skope Group Services Manufacturing,
Scream Visual Wholesale Manufacturing Division and FM Engineering &
Wholesale Sign Manufacturing, will be held on Aug. 2, 2019, at
11:00 a.m. at the offices of PKF, Level 8, at 1 O'Connell Street,
in Sydney, NSW.  

Simon Thorn of PKF was appointed as administrators of Clear Skies
on July 23, 2019.


COUNTRY SOLAR: Second Creditors' Meeting Set for July 31
--------------------------------------------------------
A second meeting of creditors in the proceedings of Country Solar
NT Pty Ltd has been set for July 31, 2019, at 10:00 a.m. at the
offices of Paspalis Centrepoint, Level 1, at 48-50 Smith Street, in
Darwin, NT.

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
July 30, 2019, at 5:00 p.m.

Richard Albarran, Kathleen Vouris and Cameron Shaw of Hall Chadwick
were appointed as administrators of Country Solar on July 19,
2019.


ISMAIL-ZAI NAZIR: Second Creditors' Meeting Set for Aug. 1
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ismail-Zai
Nazir Holdings Pty Ltd has been set for Aug. 1, 2019, at 11:00 a.m.
at Suite 19.03, Level 19, at 31 Market Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 31, 2019, at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Ismail-Zai Nazir on July 22, 2019.


LIBERTY SERIES 2018-3: Moody's Hikes Class E Notes Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings for 4 classes of
notes issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2018-3

Class B Notes, Upgraded to Aa1 (sf); previously on Oct 9, 2018
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Oct 9, 2018
Definitive Rating Assigned A2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Oct 9, 2018
Definitive Rating Assigned Ba2 (sf)

Issuer: Liberty Series 2018-4

Class B Notes, Upgraded to Aa1 (sf); previously on Nov 2, 2018
Definitive Rating Assigned Aa2 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement from note subordination and the Guarantee Fee Reserve
Account available for the affected notes.

Sequential amortization of the notes since closing led to the
increase in note subordination in both transactions.

In both transactions, the Guarantee Fee Reserve Account is
currently fully funded, non-amortizing, and can be used to cover
charge-offs against the notes and liquidity shortfalls that remain
uncovered after drawing on the liquidity facility and principal.

In addition, the transaction portfolios have been performing within
Moody's expectations since closing.

Liberty Series 2018-3

The notes subordination available for the Class B, Class C and
Class E Notes has increased to 7.6%, 5.3% and 2.5%, respectively,
from 6.3%, 4.4% and 2.1% at the time of the initial rating in
October 2018.

The Guarantee Fee Reserve Account, fully funded at AUD2.25 million,
provides additional credit support of 0.4% of the current note
balance.

As of June 2019, 1.0% of the outstanding pool was 30-plus day
delinquent, and 0.4% was 90-plus day delinquent. The portfolio has
incurred no losses to date.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.5% as a percentage of
the original pool balance.

Moody's has decreased its MILAN CE assumption to 8.9% from 9.3%
since closing, based on the current portfolio characteristics.

Liberty Series 2018-4

The notes subordination available for the Class B Notes has
increased to 7.0% from 6.3% at the time of the initial rating in
November 2018.

The Guarantee Fee Reserve Account, fully funded at AUD1.65 million,
provides additional credit support of 0.3% of the current note
balance.

As of June 2019, 0.9% of the outstanding pool was 30-plus day
delinquent, and there were no 90-plus day delinquent loans. The
portfolio has incurred no losses to date.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.5% as a percentage of
the original pool balance.

Moody's has also maintained its MILAN CE assumption at 9.8%.

For both transactions, the MILAN CE and expected loss assumption
are the two key parameters used by Moody's to calibrate the loss
distribution curve, which is one of the inputs into the cash flow
model.

The transactions are Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, a large Australian non-bank lender. A portion of
the portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


PREMIER DEVELOPMENTS: First Creditors' Meeting Set for Aug. 2
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Premier
Developments Pty. Ltd. will be held on Aug. 2, 2019, at 10:30 a.m.
at Level 12, 460 Lonsdale Street, in Melbourne, Victoria.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Premier Developments on July 23, 2019.


QUEENSLAND NICKEL: Ex-Worker Complains Over Payout Results
----------------------------------------------------------
Sofie Wainwright at ABC News reports that a former Queensland
Nickel (QN) refinery worker said she has made a complaint to the
Australian Taxation Office over her entitlement payment from the
company funded by businessman Clive Palmer.

In April, Mr. Palmer said he had set up a trust fund for QN
workers' outstanding payments and paid back AUD7 million - years
after the Townsville refinery closed, ABC relates.

According to ABC, the announcement came as Mr. Palmer was gearing
up United Australia Party candidates to run in the Lower House and
Upper House in the May federal election.

To get the payment, former employees had to sign an agreement that
they would not make disparaging remarks about Mr. Palmer, the
report says.

Mr. Palmer is currently before the court relating to his dealings
at QN before it entered voluntary administration, ABC notes.

ABC reports that Townsville woman Cheryl McRae said she worked for
QN for six years.

She said the money on her PAYG summary was being treated as a
salary rather than a redundancy payment, which is partly tax-free.

According to ABC, Ms. McRae said while she was not blaming  Mr.
Palmer, she has opened a tip-off form to the tax office so it can
investigate whether to change the classification.

"I was looking at getting a nice sizeable [tax] return and . . .
all of a sudden I went to getting a couple of thousand to having a
small debt," ABC quotes Ms. McRae as saying.  "It doesn't affect me
majorly but some of my ex-co workers . . . these people have got
children, childcare, family tax benefits.

"I suppose it comes down to part principle, but the fact is it was
a redundancy."

Ms. McRae said she wanted her former colleagues who have received a
payment to also lodge a complaint, the report relays.

The ABC has spoken to other former employees, who did not want to
be named, who raised the same concerns.

In an email to a worker, former QN chief financial officer Daren
Wolfe said the classification was accurate, ABC relates. "These
payments are not in the form of genuine redundancy, but rather the
payments are considered to be ordinary income for the former
employees," Mr. Wolfe wrote, ABC relays.  "The entitlements arose
from past employment services undertaken with Queensland Nickel Pty
Ltd (QNPL) and represent payment of claims for unpaid
entitlements."

ABC adds that a spokesman for Mr. Palmer said the tax payable was
in accordance with the tax advice received from Pricewaterhouse
Coopers (PwC), who are QNPL's accountants.

PwC said it was not a matter for them and would not comment on any
client matters regardless, adds ABC.

According to the report, a spokesperson for the Attorney-General's
Department said "the total amount paid under the Fair Entitlements
Guarantee to former Queensland Nickel employees was
AUD66,862,313.99".

"Over AUD45 million of the total payments were identified as
redundancy entitlements by the Fair Entitlements Guarantee," the
spokesperson said in a statement.

"Any inquiries about the correct taxation treatment of payments
made by Mr. Palmer through the fund he has established should be
directed to the ATO."

An ATO spokesperson said it could not comment on the tax affairs of
individuals or entities because of confidentiality under the law,
ABC notes.

                       About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."

On April 22, 2016, the Companies' creditors voted for liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


YOUNIVERSE SOLUTIONS: Second Creditors' Meeting Set for Aug. 1
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Youniverse
Solutions Pty Ltd has been set for Aug. 1, 2019, at 3:00 p.m. at
the offices of G S Andrews Advisory, at 22 Drummond Street, in
Carlton, 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
July 31, 2019, at 5:00 p.m.

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of Youniverse Solutions on June
27, 2019.




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C H I N A
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CHINA WANDA: Moody's Alters Outlook on B1 CFR to Negative
---------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
of China Wanda Group Co.

Moody's has also revised the rating outlook to negative from
stable.

RATINGS RATIONALE

"The affirmation of China Wanda's B1 CFR reflects its expectations
that the company's operational performance will remain steady, and
that it can continue to access funding, as evidenced by its
domestic bond issuance in early July 2019," says Ying Wang, a
Moody's Vice President and Senior Analyst.

"However, the negative rating outlook reflects the company's
weakening liquidity," adds Wang.

Moody's says China Wanda's weakening liquidity is manageable,
because its healthy cash flow generation and demonstrated ability
to access funding will support the refinancing efforts.

Moody's expects that the company's operating and financial profile
will remain steady. China Wanda's debt leverage will trend towards
3.0x-3.5x over the next 12-18 months from 3.0x in 2018, because
debt will increase to fund its capital spending program. The
company's adjusted debt/EBITDA dropped to 3.0x in 2018 from 3.3x in
2017, mainly driven by a reduction in debt that offset softening
profitability.

China Wanda generated strong free cash flow of RMB1.9 billion in
2018, amid steady profitability and lower capital spending during
the year. Moody's expects that the company's free cash flow will
stay at a similar level in 2019, but decline in 2020, driven by
large - but discretionary - capital spending for its capacity
expansion program.

The company issued a RMB1.07 billion three-year domestic bond at a
cost of 6.8% on July 5, 2019. Proceeds of the bond will be used for
refinancing and working capital purposes. The issuance demonstrated
the company's access to the domestic bond market for its funding
needs.

China Wanda has provided an external guarantee to a third-party
company, Shandong Snton Group Co., Ltd, which is under financial
difficulties. The amount of the guarantee fell to RMB903 million at
March 31, 2019 from RMB1.28 billion at March 31, 2018.

Moody's will continue to closely monitor development of external
guarantees to Snton, including the progress of a lawsuit against
China Wanda's parent company.

China Wanda's liquidity is weakening, mainly because of a large
amount of domestic bonds puttable in 2019 and 2020. At the end of
March 2019, its unrestricted cash amounted to RMB4.6 billion. This
amount, together with its bond issuance of RMB1.07 billion and cash
flow from operations of RMB4.3 billion over the next 18 months are
insufficient to cover its debt maturing over the next 18 months
totaling RMB10.6 billion, including RMB2.4 billion domestic bonds
puttable in 2019 and RMB4.6 billion domestic bonds puttable in
2020.

Nevertheless, Moody's believes the company can successfully
refinance the short-term debt, given its track record of access to
diversified funding channels, including onshore debt instruments.

Environmental, social and governance issues are material to the
rating outcome and were assessed as follows.

Firstly, China Wanda's core operations in oil refining and its
planned expansion into petrochemical derivatives exposes to carbon
transition risk. The company will also need to keep investing in
technology and equipment to comply with the Chinese government's
stricter environmental requirements. Nonetheless, Moody's points
out that to date, China Wanda has not experienced any major
compliance violations related to air emissions, water discharge or
waste disposal.

Secondly, China Wanda is a privately-owned company with
concentrated ownership and limited independent supervision on the
board. The parent company, which owns a 50.24% stake in China
Wanda, is a privately-owned company with low transparency. There is
also evidence of intercompany lending by China Wanda to its parent
company.

China Wanda's exposure to external guarantees - which Moody's
factored in as adjusted debt - also indicate a less prudent
financial policy.

China Wanda's B1 CFR reflects the company's (1) improved
profitability, underpinned by the annual crude oil import quotas it
receives from the Government of China (A1 stable); (2) growing
track record of expanding its operations and building a strong
customer base; and (3) diversified business portfolio that supports
margin stability.

However, China Wanda's B1 CFR is constrained by its small refining
scale with concentration risk in a single site, exposure to China's
evolving policies and regulations, and execution risks associated
with large debt-funded expansion. The CFR is also constrained by
the company's limited financial disclosure as a privately owned
company and evidence of intercompany lending to its parent.

China Wanda's rating outlook could return to stable if it (1)
maintains solid operating performance and profitability; (2)
establishes a track record of prudent financial policy and
management; and (3) improves liquidity to an adequate on a
sustained basis.

Moody's could downgrade the rating if China Wanda (1) shows weaker
revenue growth and deteriorating profitability, because of an
industry downturn, intense competition or regulatory changes; (2)
fails to adhere to prudent financial management and sound corporate
governance standards; (3) pursues aggressive debt-funded
investments or/and increased funding requirements associated with
its capacity expansion program; (4) shows weakened credit metrics,
such that adjusted debt/EBITDA registers above 4.0x-4.5x on a
sustained basis; or (5) shows that its liquidity has deteriorated.

The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.

Founded in 1988 and headquartered in Dongying, Shandong, China
Wanda Group Co., Ltd is a privately-owned company operating
multiple business segments including (1) refining (mainly
refineries of diesel and gasoline); (2) tire production; (3) the
manufacture of electric cables; (4) the manufacture of chemical
products, including methacrylate butadiene styrene and
polyacrylamide; and (5) electronics, including the production of
polyimide film.

At the end of 2018, Mr. Shang Jiyong, the company's chairman,
indirectly owned 26% of the company via Wanda Holdings Group Co.,
Ltd.

Wanda Holdings, which owns 50.24% of China Wanda, is a
privately-owned company engaged in businesses such as ports
operations, trading, real estate development and construction.


GCL INTELLIGENT: Moody's Gives (P)B2 Rating to New USD Unsec. Bond
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional senior
unsecured rating of (P)B2 to the proposed USD bond to be issued by
GCL Intelligent Energy Limited, a wholly owned subsidiary of GCL
Intelligent Energy Co., Ltd (B1 stable). The bond is
unconditionally and irrevocably guaranteed by GCL IE.

Moody's issues provisional ratings in advance of the final sale of
securities. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign final ratings to the securities.
Final ratings may differ from provisional ratings. The outlook is
stable.

The proceeds from the proposed issuance will be used by GCL IE to
refinance its existing debt and for other general corporate
purposes.

RATINGS RATIONALE

The provisional senior unsecured rating of (P)B2 is one notch lower
than GCL IE's Corporate Family Rating of B1, reflecting Moody's
expectation of structural subordination risks associated with the
high level of debt at GCL IE's subsidiaries.

"The proposed issuance will not materially change GCL IE's credit
profile, because the net proceeds will be mainly used to refinance
existing debt," says Ralph Ng, a Moody's Assistant Vice President
and Analyst.

"GCL IE's B1 CFR reflects its established market position in
industrial parks in Suzhou, and growth prospects, supported by
favorable industry policies for clean energy," adds Ng

However, the rating is also challenged by (1) the company's
elevated financial leverage, (2) the volatile nature of coal and
gas fuel prices, in the absence of an automatic cost pass-through
mechanism in China, (3) the short track record of some of its new
operating projects, and (4) GCL IE's heavy capital spending over
the next 12-18 months.

Limited visibility about the credit quality of its ultimate major
shareholder, Golden Concord Group, which introduces a degree of
uncertainty for GCL IE's credit profile is also a rating constraint
of GCL IE.

Moody's points out that at least four of GCL IE's new cogeneration
plants will commence operations in 2019 and will start to
contribute cash flow, supporting an expected modest improvement in
its credit metrics in 2019.

On the other hand, Moody's estimates that GCL IE will incur about
RMB1.5-RMB2.5 billion in capital spending during 2019-2020, mainly
for the expansion of its gas-fired fleets — which will be partly
funded by debt — further constraining any material improvement in
its projected credit metrics.

Moody's expects that GCL IE's adjusted funds from operations to
debt will stay at 6.5%-8.5% and funds from operations (FFO)
interest cover at 2.2x-2.5x over the next two years. Such credit
metrics support a CFR of B1.

GCL IE completed its backdoor listing in May 2019 and became a
subsidiary of a Shenzhen-listed company, GCL Energy Technology Co
Ltd, which is ultimately owned by Golden Concord Group.

Moody's notes that the independence and governance of GCL IE has
improved after the company's backdoor listing. That said, the
shareholding structure still leaves a degree of uncertainty about
the extent to which GCL IE's cash flow and financial position can
be protected to service its debt. GCL IE is effectively 58% owned
by Golden Concord.

Moreover, the credit quality of Golden Concord is opaque and
potentially weaker than that of GCL IE. Such situation raises the
potential for contagion risk and cash leakage from GCL IE over
time.

The stable rating outlook reflects Moody's assessment that GCL IE's
performance and credit metrics will remain stable and its liquidity
will be manageable over the next 6-12 months.

The outlook also takes into account Moody's view that GCL IE will
maintain its independence from its ultimate parent, and that the
weaker credit quality of Golden Concord will not jeopardize the
creditworthiness of GCL IE.

Moody's could upgrade the rating if (1) there is clear evidence of
a lack of or limited credit linkage between Golden Concord and GCL
IE; (2) the credit profile of Golden Concord substantially improves
on a sustained basis; and (3) over the next 12 months, GCL IE's
liquidity materially improves and credit metrics improve
substantially.

Financial indicators indicating a potential upgrade include FFO
interest cover above 3.5x and adjusted funds from operations to
debt above 8% over a prolonged period.

Moody's could downgrade the rating if GCL IE (1) executes
debt-funded expansions; (2) demonstrates a weaker liquidity
position; (3) deviates from its business strategy as a power
generator; (4) adopts an aggressive dividend policy; and/or (5)
fails to maintain its stable operations in China.

Moody's will place the rating under review for downgrade if the
credit quality of Golden Concord deteriorates and there is no
evidence of a de-linkage between Golden Concord and GCL IE.

Financial indicators indicating a potential downgrade include FFO
interest cover below 1.5x and/or FFO to debt below 5% over a
prolonged period.

Heavy connected-party transactions, any sign of cash extraction by
the shareholder, unfavorable regulatory changes, a further
weakening of Golden Concord's credit strength - which materially
jeopardizes the operational and financial health of the company -
will also lead to a rating review.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

GCL Intelligent Energy Co., Ltd is a privately-owned power
generating company, focusing on cogeneration facilities in
industrial parks in China, mainly in Jiangsu Province.

At the end of 2018, the company had a total installed capacity of
about 3GW, of which, 77% was gas-fired, 23% was coal-fired, wind,
biomass, and waste-to-energy.

GCL IE was previously 80% directly owned by Golden Concord Group
Limited. It is now 58% effectively owned by Golden Concord, after
the completion of a backdoor listing of GCL IE via its parent, GCL
Energy Technology, in May 2019.


KWG GROUP: Fitch Assigns BB- Rating to $300MM 7.40% Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned China-based KWG Group Holdings Limited's
(BB-/Stable) USD300 million 7.40% senior notes due 2024 a final
rating of 'BB-'.

The notes are rated at the same level as KWG's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on July 22, 2019.

KWG's ratings are supported by its quality and sufficient land
bank, strong brand recognition in higher-tier cities across China,
consistently robust profitability, strong liquidity and healthy
maturity profile. The ratings are constrained by the small scale of
the company's development property business as well as weak sales
efficiency.

KEY RATING DRIVERS

Diverse Coverage; Strong Branding: KWG's land bank is diversified
across China's Greater Bay Area, which includes Guangzhou, Foshan,
Shenzhen and Hong Kong, as well as eastern and northern China. The
company had 17.5 million square metres (sq m) of attributable land
at end-1Q19, spread across 36 cities in mainland China and Hong
Kong, which had an average cost of CNY4,700/sq m (excluding Hong
Kong) and was sufficient for around five years of development.
Among total sellable resources of CNY450 billion, over CNY200
billion of assets are located in the Greater Bay Area, where the
company has extensive experience and established operations.

KWG has established strong brand recognition in its core cities by
focusing on first-time buyers and upgraders. It appeals to these
segments by engaging international architects and designers and
setting high building standards.

Robust Profitability through Cycles: KWG's EBITDA margin, excluding
capitalised interest, decreased by around 10% to 24% by end-2018.
This was mainly due to higher selling, general and administrative
(SG&A) expenses to support fast-growing consolidated sales of over
CNY20 billion, which was much larger than revenue of CNY7.5
billion. Thus, SG&A costs constituted a higher percentage of
revenue, leading to a lower operating margin. On the other hand,
its gross profit margin only fell by 2% to 33%. The fall was due to
higher unit-construction costs for a project in Hangzhou that was
delivered during the year, as the average selling price did not
increase as much.

Profitability of KWG's development properties has remained strong
through business cycles and is among the highest of Chinese
homebuilders. Protecting the margin is one of KWG's key objectives
and is achieved by maintaining higher-than-average selling prices
through consistently high-quality products. The company's
experienced project team also ensures strong execution capability
and strict cost control. Moreover, KWG has a low unit land cost of
around 25% of its average selling price due to its strong foothold
in Guangzhou, where land prices have not risen as much as in other
Tier 1 cities.

Leverage Under Control: Fitch expects leverage, measured by net
debt/adjusted inventory, to stay at around 35%-40% based on the
company's sales prospects and land-bank replenishment strategy.
KWG's leverage on an attributable basis was around 35% at end-2018
(2017: 34%). The cash collection rate decreased in 2018 due to a
tighter credit environment, but leverage remained stable as the
company slowed land acquisitions; it only spent 61% of sales
proceeds to purchase land compared with 93% in 2017.

JVs with Leading Peers: KWG's prudent expansion strategy has
created strong partnerships with leading industry peers, including
Sun Hung Kai Properties Limited (A/Stable), Hongkong Land Holdings
Limited, Shimao Property Holdings Limited (BBB-/Stable), China
Vanke Co., Ltd. (BBB+/Stable), China Resources Land Ltd
(BBB+/Stable) and Guangzhou R&F Properties Co. Ltd. (BB-/Stable).
These partnerships help KWG lower project-financing costs, reduce
competition in land bidding and improve operational efficiency. JV
pre-sales made up 50% of KWG's total attributable pre-sales in 2018
and 53% in 2017.

JV cash flow is well-managed and investments in new projects are
mainly funded by excess cash from mature JVs. Leverage is also
lower at the JV level because land premiums are usually funded at
the holding-company level and KWG pays construction costs only
after cash is collected from pre-sales.

Small Scale; Weak Churn: KWG's 2018 pre-sales rose by 72% yoy to
CNY65.5 billion, but only 65% of total sales were attributable to
the company as around 50% of pre-sales in 2018 came from JVs. KWG's
sales target in 2019 of CNY85 billion, which will be equivalent to
an attributable sales scale of around CNY55 billion, remains
smaller than 'BB' peers that have contracted sales of over CNY70
billion in 2018. KWG's sales efficiency, measured by attributable
contracted sales/ gross debt, of 0.4x-0.5x is slower than most
'BB-' peers' of over 1.0x.

DERIVATION SUMMARY

KWG's ratings are supported by its established homebuilding
operations in Guangzhou and strong high-tier cities across China,
consistently robust profitability, strong liquidity and healthy
maturity profile. KWG has maintained one of the highest margins
among Chinese homebuilders throughout the cycle. Its EBITDA margin
is comparable with that of Yuzhou Properties Company Limited
(BB-/Stable) and Logan Property Holdings Company Limited
(BB-/Positive) and some investment-grade peers, such as Poly
Developments and Holdings Group Co., Ltd. (BBB+/Stable) and China
Jinmao Holdings Group Limited (BBB-/Stable), and is higher than
some 'BB' peers, including Future Land Development Holdings Limited
(BB/Rating Watch Negative) and CIFI Holdings (Group) Co. Ltd.
(BB/Stable).

KWG's ratings are constrained by the small scale of its development
property business as well as weaker-than-peer sales efficiency.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - EBITDA margin, excluding capitalised interest, to remain
    stable at 33%-34% in 2019-2020

  - Land replenishment rate of 1.5x contracted sales gross
    floor area (attributable) in 2019-2021 (2018: 1.6x)

  - Leverage to remain within 35%-40% for 2019

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - EBITDA margin sustained above 30%

  - Net debt/adjusted inventory sustained below 35%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - EBITDA margin below 25% for a sustained period

  - Net debt/adjusted inventory above 45% for a sustained period

LIQUIDITY

Adequate Liquidity: KWG has well-established diversified funding
channels and strong relationships with most foreign, Hong Kong and
Chinese banks. It has strong access to domestic and offshore bond
markets and was among the first companies to issue panda bonds. KWG
had available cash of CNY52.6 billion at end-2018, which was enough
to cover the repayment of CNY17.4 billion in short-term borrowing
and outstanding land premiums. Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations in 2019 due to its diversified
funding channels, healthy maturity profile and flexible
land-acquisition strategy.




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

SPI ENERGY: Signs Framework Agreement to Acquire Solar Projects
---------------------------------------------------------------
SPI Energy Co., Ltd. has executed a framework agreement to acquire
up to eight solar PV projects, totaling 21MW in the State of
Oregon.  These solar PV projects will sell power through their
respective 20-year PURPA Power Purchase Agreement with Portland
General Electric, and they are expected to start construction and
reach commercial operation over the next 18 months.  The
acquisitions are subject to customary closing conditions.

Mr. Xiaofeng Peng, chief executive officer of SPI Energy,
commented, "It is part of our strategic plan to expand our solar
platform in the United States ("US").  As the State of Oregon looks
to reach its target of 50% renewable energy by 2040, we believe
this Oregon Portfolio will be a great addition to our current
project pipeline, allowing us to pursue viable sales of
pre-development solar project opportunities."  Mr. Peng added, "By
leveraging our successful development and completion of solar PV
projects in Hawaii, New Jersey and California, we will continue to
acquire suitable solar PV projects here in the US, while focusing
on earnings growth and improving our profitability."

                       About SPI Energy

SPI Energy Co., Ltd. -- http://www.spisolar.com/-- is a global
provider of photovoltaic solutions for business, residential,
government and utility customers and investors.  The Company
develops solar PV projects that are either sold to third party
operators or owned and operated by the Company for selling of
electricity to the grid in multiple countries in Asia, North
America and Europe.  The Company's subsidiary in Australia
primarily sells solar PV components to retail customers and solar
project developers.  The Company has its operating headquarters in
Hong Kong and Santa Clara, California and maintains global
operations in Asia, Europe, North America, and Australia.

SPI Energy reported a net loss attributable to shareholders of the
Company of $12.28 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to shareholders of the Company
of $91.08 million for the year ended Dec. 31, 2017.  As of Dec. 31,
2018, SPI Energy had $188.73 million in total assets, $188.65
million in total liabilities, and $70,000 in total equity.

Marcum Bernstein & Pinchuk LLP, in Beijing, China, the Company's
auditor since 2018, issued a "going concern" opinion in its report
dated April 30, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.




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

ADITYA AUTO: CARE Lowers Rating on INR5.75cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aditya Auto Engineering Pvt. Ltd. (AAE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.75       CARE D; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B+; Stable; based on
                                     best available information.

   Short-term Bank        3.50       CARE D; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE A4; Stable; based on
                                     best available information.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 14, 2018, placed the
rating(s) of AAE under the 'issuer non-cooperating' category as AAE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AAE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated July 9,
2019, July 10, 2019 and July 11, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of AAE
takes into account ongoing delays in servicing the interest in
term loan facility and few instances of devolvement of LC.

Key Rating Weakness

Ongoing delay in debt servicing: AAE has been facing liquidity
issues since November, 2018 and the account has been restructured
in March, 2019. There are on-going delays in servicing of interest
and devolvement of Letter of Credit for over few months till July,
2019.

Working capital intensive nature of operations with high operating
cycle: The operating cycle of the company improved and stood at 111
days in FY18 as compared to 257 days in FY16.

Highly leveraged capital structure: The Overall gearing ratio of
the company stood weak at 5.59 as on March 31 2018 due to increase
in total debt in FY18. Due to above said factor total debt/CFO of
the company remained at 40.42 in FY18.

Fluctuation in Total Operating Income (FY16-FY18) with net losses
in FY17 y-o-y declining profitability margins and deterioration in
debt coverage indicators: The total operating income of company
increased from INR 17.87 crores in FY16 to INR 68.81 crores in
FY18. However, the company suffered net losses in FY17. The PBILDT
of the company has been deteriorating from 10.31% in FY16 to 6.80%
in FY18.

Key Rating Strengths

Experienced promoters: AAE, incorporated in the year 2009, benefits
from its promoters' extensive experience in the engineering
industry. Mr. Gopala Reddy, MD has around20 years of experience in
the industry and has previously worked with Hyva India and Kailash
Auto Pvt. Ltd. He is ably supported by Mr. S P Velmurugan who has
more than 15 years of experience in the industry.

Aditya Auto Engineering Pvt. Ltd. (AAE) was incorporated as a
private limited company in the year 2009 by Mr. Gopala Reddy B. The
company is engaged in the business of manufacturing of Auto
Mechanical Support Systems like bodies of Tippers, Trailers,
Lorries, Cement Carriers, Granite Carriers, Oil Tankers and Water
Tankers etc. The company is also undertaking job works of body
building works on behalf of M/s Hyva India Pvt. Ltd., M/s Scania
Commercial Vehicles India Pvt. Ltd. etc. who are engaged in similar
activities.


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

The instrument-wise rating action is:

-- INR350 mil. Non-fund-based limits migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 1, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ASBPL, incorporated in 1999, is engaged in shipbreaking and is
managed by Mr. Amit Kumar Deshraj Jain and Ms Kamladevi Jain.

AMPLE TEXTECH: CARE Lowers Rating on INR2.62cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ample Textech Private Limited (ATPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         2.62       CARE B+; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE BB-; Stable; based on
                                     best available information.

   Short-term Bank        0.45       CARE A4; Issuer not
   Facilities                        cooperating; based on best
                                     available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ATPL to monitor the ratings
vide e-mail communications/letters dated May 14, 2019, June 06,
2019, July 10, 2019 and numerous phone calls. 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 publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on ATPL's bank facilities will now be denoted as 'CARE
B+; Stable; ISSUER NOT COOPERATING /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 ratings.

Detailed description of the key rating drivers

At the time of last rating in Feb. 27, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

Short track record and small scale of operations: ATPL has
commenced operations from Dec. 2013 onwards and thus has short
track record of operations. Furthermore, ATPL is a small player
marked by total operating income of INR12.40 crore (INR12.04 crore
in FY17) with a PAT of INR0.69 crore (INR0.52 crore in FY17) in
FY18. The small size restricts the financial flexibility of the
company in times of stress and it suffers on account of lack of
economies of scale.

Exposure to volatility in raw material prices: The major raw
materials of ATPL are various chemicals and the prices of which are
highly volatile in nature. Moreover, the company does not have any
long term contracts with the suppliers for the purchase of the
aforesaid raw materials and it procures the required raw materials
from open market at spot prices. Hence, the profitability margins
of the company are exposed to any sudden spurt in the raw material
prices.

Fortunes linked to the textile industry: ATPL derives total revenue
from dying and bleaching of fabrics and thus its performance is
directly linked with the performance of textile industry. Indian
textile industry which is the second largest employer after
agriculture and accounts for 4 per cent of the GDP is inherently
cyclical in nature. Any adverse changes in the global economic
outlook as well as demand-supply scenario in the domestic market
directly impacts demand of the textile industry. Textile industry
as a whole remains vulnerable to various factors such as
fluctuations in prices of cotton, mobilization of adequate
workforce and changes in government policies for overall
development of the textile industry. Any significant changes in
such factors will have direct impact on the business operations of
the company.

Working capital intensive nature of business: The operations of the
company remained working capital intensive as refaced by its high
utilization of working capital limit during last twelve months
ending on June 30, 2019.

Moderate capital structure and debt coverage indicators: The
capital structure of the company remained moderate marked by debt
equity and overall gearing ratios of 1.43x and 1.59x respectively
as on March 31, 2018. The debt coverage indicators of the company
also remained moderate marked by interest coverage of 3.73x and
total debt to GCA of 3.07x in FY18.

Intensely competitive nature of the industry with presence of many
unorganized players: Textile industry is highly fragmented and
competitive due to presence of many players operating in this
sector owing to its low entry barriers, due to low capital and
technological requirements. West Bengal and nearby states are major
textile hubs. High competition restricts the pricing flexibility of
the industry participants and has a negative bearing on the
profitability.

Key Rating Strengths

Experienced promoters: ATPL is into dying and bleaching of cotton
hosiery fabric. The key promoter, Mr. Vikash Agarwal has around a
decade of experience in the same line of business looks after the
day to overall management of the company, supported by other
directors Mr. Atul Kumar Mundra and Mr. Shailendra Kumar Jha and a
team of experienced professionals.

Satisfactory profitability margins: The profitability margins of
the company remained satisfactory marked by PBILDT margin of 18.93%
and PAT margin of 5.54% in FY18.

Liquidity position: The liquidity position of the company was low
marked by current ratio of 0.91x as on March 31, 2018. The company
has free cash and bank balance amounting to INR0.06 crore as on
March 31, 2018. The company has reported gross cash accrual of
INR1.59 crore in FY18.

Ample Textech Private Limited (ATPL) was incorporated in February
2011 and it is currently managed by Mr. Vikash Agarwal, Mr. Atul
Kumar Mundra and Mr. Shailendra Kumar Jha. The company has been
engaged in dying and bleaching of cotton fabrics with an aggregate
installed capacity of 150 tons per month. The company has started
its commercial operation at its plant from December 2013 onwards.
The manufacturing plant of the company is built up with an advanced
technology with modern engineered modular structure, imported
machinery from Europe and China and storage bins with special
layout designs which reduces the process bottlenecks and results in
smooth production.


AMRAPALI GROUP: Banks Helped Builder Divert Funds, Court Says
-------------------------------------------------------------
Bloomberg News reports that a JPMorgan Chase & Co. unit violated
India's foreign investment rules and helped property developer
Amrapali Group divert funds from realty projects, the nation's
Supreme Court said in a ruling and ordered an investigation.

According to Bloomberg, the court on July 23 ordered the federal
anti-money laundering agency to investigate Amrapali, based in
Noida, near New Delhi, for diverting funds overseas with the help
of JPMorgan and others. The violations, based on a forensic audit,
range from disregarding foreign investment norms, paying dividend
without generating profits, setting up fake companies and
overvaluing shares, Bloomberg says.

Bloomberg relates that the biggest U.S. bank is allowed to seek a
review of the ruling. Any criminal charges will only be filed in a
lower court once investigation is complete.

Developers, including Amrapali, Jaypee Infratech Ltd. and Unitech
Ltd., have been taken to courts by irate homeowners and creditors
as apartment sales slumped in the once red-hot South Asian market
following the triple whammy of a surprise cash ban, tax reforms and
a consumer-protection law for the sector, according to Bloomberg.
Home prices in India's financial capital dropped and unsold
inventory rose 14% in first half of 2019.

JPMorgan invested around INR850 million (US$12.3 million) in an
Amrapali Group company's shares and later sold them to an office
boy and nephew of the auditor for INR1.4 billion, Bloomberg reports
citing ruling published on the top court's website,.

"The shares were overvalued for making payment to JPMorgan," the
court's two-judge bench headed by Justice Arun Mishra said in its
ruling, agreeing with the forensic auditor regarding JPMorgan's
role, Bloomberg relays. "It was adopted as a device for siphoning
off the money of the home buyers to foreign countries."

Bloomberg notes that the ruling can impact lenders' efforts to
recover dues as the court held that home buyers have the first
right over the projects rather than banks that have lent funds to
the builder.

The court scrapped Amrapali's registration under real estate laws
and directed government-owned NBCC India Ltd. to complete all
incomplete projects.

The investigations will be done under the court's supervision by
police and the federal anti-money laundering agency.

"We are not a country in which courts will permit such action and
permit a person to go scot-free," according to the ruling.

The case is Writ Petition (Civil) No. 940/2017, Bikram Chatterji
and others v. Union of India and others in Supreme Court of India,
Bloomberg notes.


ANNAPURNA DAL: CARE Lowers Rating on INR5.28cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Annapurna Dal Mill (ADM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.28       CARE B+; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE BB-; Stable; based on
                                     best available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ADM to monitor the ratings
vide e-mail communications/letters dated July 5, 2019, July 9,
2019, July 12, 2019 and numerous phone calls. However, despite the
rating agency's repeated requests, the entity 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 rating on
ADM'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 ratings.

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Annapurna Dal Mill with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk.

Detailed description of the key rating drivers

At the time of last rating in September 20, 2018, the following
were the rating strengths and weaknesses

Key Rating Weaknesses:

Modest scale of operations with low profit margins:  The scale of
operations of ADM remained modest marked by total operating income
of INR 57.76 crore (INR51.33 crore in FY15) with a PAT of INR0.59
crore (INR0.26 crore in FY15) in FY16. However the total operating
income witnessed year on year growth and the same has grown at a
compounded annual growth rate (CAGR) of 26.56% during last three
years (FY14-FY16).In FY17, the firm has achieved turnover of
INR60.00 crore as maintained by the management. Furthermore, the
profit margins of the firm also remained low marked by PBILDT
margin of 1.88% (1.72% in FY15) and PAT margin of 1.02% (0.51% in
FY15) in FY16.

Volatility in the prices of raw materials with exposure to vagaries
of nature:  The cultivation of pulses happens seasonally and the
same is stored for the consumption throughout the year. The prices
of pulses remain lower in the harvesting season whereas in off
season the price of the pulses goes up as per the demand and supply
in the market. As the firm procures its raw materials i.e. raw
pulses throughout the year as per its requirement and therefore the
firm is exposed to volatility in prices of raw material. Also, agro
products cultivation is highly dependent on monsoons, thus exposing
the fate of the firm's operation to vagaries of nature.

Regulation by Government in terms of minimum support price (MSP):
The Government of India (GOI), every year decides a minimum support
price (MSP - to be paid to pulses growers) for pulses which limits
the bargaining power of pulses (Dal) millers over the farmers. The
MSP of Tur has increased during the crop year 2018-19 to
INR5675/quintal (as suggested by the Commission for Agricultural
Costs and Prices, the apex body to advice on MSP to the government)
from INR5450/quintal in crop year 2017-18. Furthermore, The MSP of
Moong Dal has increased during the crop year 2018-19 to
INR6975/quintal from INR5575/quintal in crop year 2017-18. Given
the market determined prices for finished product visà- vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
firm, especially in times of high pulses cultivation.

Partnership nature of constitution: ADM, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Furthermore,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.

Fragmented and competitive nature of industry: Processing of pulses
business is highly fragmented due to presence of small players
owing to low entry barrier and low technology and capital
requirement. Furthermore, low product differentiation also resulted
in high competition in the industry. Considering the fragmented and
competitive nature of industry, the millers have low pricing
power.

Key Rating Strengths

Experienced partners and long track record of operations:  The firm
is into milling and processing of pulses since 2004 and thus has
more than a decade of track record of operations. Furthermore, the
main partner Mr Shiv Kumar Agrawal is associated with the firm
since its inception and accordingly has more than a decade of
experience in this line of business. He looks after the overall
management of the firm. Mr Agarwal is supported by other partners
who are also having experience in this line of business.

Proximity to raw material sources and favourable demand outlook of
its products: ADM's unit has close proximity to local pulses
markets and major raw material procurement destinations. Further,
Bihar and nearby states are one of the major pulse producing area
in India. Accordingly, ADM has locational advantage in terms of
proximity to raw material. This apart, the plant is located in the
vicinity of industrial area of Bihar, having good transportation
facilities and other requirements like good supply of power, water
etc. The demand for pulses is high than the actual production
happens in India and thus shortfall is met by imports from other
countries. Therefore the demand outlook for pulses is estimated to
remain positive in the domestic market going forward.

Comfortable capital structure with satisfactory debt coverage
indicators:  The capital structure of the firm remained comfortable
marked by overall gearing ratio of 0.55x (1.74x as on March 31,
2015) as on March 31, 2016. Furthermore the overall gearing
improved as on March 31, 2016 on account of lower utilization fund
based limit as on account closing date, repayment of term loans and
infusion of capital by the partners of INR0.69 crore in FY16. The
debt coverage indicators also remained satisfactory marked by
interest coverage of 3.31x and total debt to GCA at 2.33xin FY16.
Further, the interest coverage improved in FY16 on account of
higher increase in PBILDT level vis-a-vis increase in interest
charges. The total debt to GCA also improved on account of
improvement in cash accruals and low debt level as on account
closing date.

Liquidity position:  Comment on liquidity position is not available
due to non cooperation and also the banker could not be contacted.

Annapurna Dal Mill (ADM) was set up as a proprietorship entity in
2004 by Mr. Shiv Kumar Agrawal for setting up a manufacturing unit
for processing of pulses. However, ADM was constituted as a
partnership firm via partnership deed dated January 9, 2015 by Mr.
Shiv Kumar Agrawal and his family members. Since its inception, the
firm has been engaged in milling and processing of pulses like
massor and moong dal. The plant of the firm is located at Gaya,
Bihar with an installed capacity of 20 metric ton per day.


ANUPAM INDUSTRIES: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anupam
Industries (AI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         1.68       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

   Long-term/Short        4.95       CARE D; Stable Issuer Not
   Bank Facilities                   Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 12, 2018, placed the
rating(s) of AI under the 'issuer noncooperating' category as AI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

At the time of last rating on June 12, 2018 the following were the
rating weaknesses:

Detailed description of the key rating drivers

Key rating weaknesses: As per banker interaction, there have been
ongoing delays in debt servicing and account has been classified as
NPA.

Established in April 2010 as a partnership firm, Anupam Industries
(AI) was formed by Mr. Anil Kumar Arora, Mr. Ravindra Singh Arora
and Mr. Amit Wadhwa. The firm has set up a manufacturing plant in
Daman to manufacture mild steel (MS) ingots which commenced
operations in November 2012 with installed capacity of 21,600 tons
per annum. AI is established under the Spiderman group of companies
engaged in manufacture of MS Ingots with its plants in Daman. The
firm procures its raw materials i.e. iron, steel scrap and sponge
iron along with ferro & silico manganese from domestic market. The
final product (MS Ingots) is supplied to the steel manufactures and
rolling mills in the domestic markets through distributors.


BADARPUR FARIDABAD: CARE Maintains D Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Badarpur
Faridabad Tollway Limited (BFTL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        386.71      CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
rating of BFTL under the 'issuer non-cooperating' category as BFTL
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BFTL continues to be
non-cooperative despite repeated requests for submission of
information through emails dated June 26, 2019, July 2, 2019,
July 3, 2019, July 5, 2019 and phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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 continues to take into account the continuing delays in
servicing of debt obligations on term loan.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018, the following were the
rating weaknesses (updated for the information available
from the annual report published on the HCC website.):

Key Rating Weaknesses

Constrained liquidity:  There is a significant amount of traffic
leakage occurring due to the at grade road impacting the revenue
generation ability. The below expectation toll collection has
resulted in weak liquidity for the company and it has defaulted in
repayment of dues to lenders.

Delays in Debt Servicing:  The weak liquidity has constrained the
company's ability to service its debt in a timely manner and there
have been continuing delays in servicing of debt obligations to the
lenders.

Badarpur Faridabad Tollway Limited (BFTL) is a Special Purpose
Vehicle (SPV) incorporated by Hindustan Construction Company
Limited (HCC) to undertake the construction of an Elevated Six Lane
Highway of 4.4 km from 16.10 km to 20.50 km (including its
approaches) on the Delhi-Agra stretch on National Highway (NH-2) on
Build Operate Transfer (BOT) - Design Build Finance and Operate
(DBFO) pattern under National Highway Development Programme (NHDP).
The Concession Agreement was signed between National Highways
Authority of India (NHAI) and BFTL on September 4, 2008 for a
concession period of 20 years including construction period of two
years. The highway has become operational from November 2010
onwards vis-a-vis the scheduled commercial operation date (COD) of
December 2010.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR360 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 30, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Bhagaban Mohapatra Constructions and Engineers undertake the
execution of civil and mechanical construction projects, with a
primary focus on piling activities. The company is promoted by Mr.
Bhagaban Mohapatra.


DIPTI DIAMONDS: CARE Reaffirms B Rating on INR12cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dipti Diamonds & Jewellery Private Limited (DDJPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           12.00      CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DDJPL is continues to
be constrained by modest scale of operations, fluctuating profit
margins with net loss incurred in FY18 & FY19, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by concentrated customer and supplier base, foreign exchange
fluctuation risk, susceptibility and presence in the competitive &
fragmented Cut & Polished Diamond industry.  The aforesaid
constraints, however, are partially offset by the strength derived
from the long track record and experience of the promoters.

The ability of DDJPL to increase its overall scale of operations
and improve profitability and capital structure along with
efficient management of working capital requirement is the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations, fluctuating profit margins with net
loss incurred in FY18 & FY19: During FY19 (Prov.) total operating
income (TOI) of the company has continuously declined and the same
has remained in the range of INR73.91 crore to INR73.91 crore
during FY17-FY19 primarily owing to subdued demand from domestic
market. Further, the PBILDT margin has stood very low at 0.84% in
FY19 as against operating loss in FY18. Further, the company has
also recorded net loss in FY18 and FY19.

Leveraged capital structure and weak debt coverage indicators:
DDJPL's capital structure remained leveraged during past three
balance sheet dates ended March 31, 2019 with overall gearing stood
at 2.18x as on March 31, 2019 (vis-a-vis 1.83x as on March 31,
2018) The deterioration in the capital structure was primarily on
account of with decrease in networth base due of net loss incurred
in FY19 along with increase in working capital borrowing as on
balance sheet date. Furthermore, since the profitability position
remained very weak with net loss incurred in FY19, the debt
coverage indicators remained weak in FY19.

Working capital intensive nature of operations: DDJPL's operations
remained working capital intensive in nature as the funds are
largely blocked in debtors and inventory. Although the collection
period has improved in FY19 over FY18, it remained stretched at 154
days in FY19 (vi-a-vis 210 days in FY18). Further, the inventory
holding period remained high and elongated at 61 days in FY19
(vis-a-vis 33 days in FY18). Furthermore, the company also
stretched the credit period of around 120-150 days to its
suppliers. As a result of same, the operating cycle of the company
remained stretched to 118 days in FY19 (vis-a-vis 127 days in FY18)
which also led to higher utilization of its working capital
limits.

Customer & supplier concentration and foreign exchange fluctuation
risk: During FY19, the top five customers contributed around 55.95%
of TOI (vis-a-vis 51.62% in FY18). Out of the five, two customers
constituted around 30.22% in FY19 (vis-à-vis 28.97% in FY18) which
indicates higher level of customer concentration risk. The supplier
profile also remained concentrated with top five suppliers
constituted around 60.66% of total purchases (vis-à-vis 31.67% in
FY18). Furthermore, DDJPL earns maximum of its revenue through
exports for which it has adopted partial hedging policy. The
company also partially benefits through natural hedging through
imports which contributes only 7.14% of total purchases for FY19.
Nevertheless, the foreign exchange fluctuation risk continues to
persist, since any adverse currency movements would have a bearing
on the profitability of the company.

Presence in competitive and fragmented industry:  The Cut &
Polished Diamond (CPD) industry in India is highly fragmented with
presence of numerous unorganized players apart from some very large
integrated G&J manufacturers leading to high level of fragmentation
in the industry. Also on account of its small scale of nature of
business, low entry barriers and product differentiation leading to
stiff competition for the company.

However, risk is partially mitigated as DDJPL has established
relations with the customers and have been dealing with the same
since inception.

Key Rating Strengths

Long track record and experienced promoters in the cut & polished
diamond industry: DDJPL was started as a proprietorship firm in
1987 and reconstituted as a private limited company in 2010. The
company has established its presence in the cut & polished diamonds
(CPD) business through its thirty years of track record
of operations and also established long term relationships with
customers and suppliers across the globe. The directors of the
company, Mrs. Dina Shah and Mr. Sudhir Shah are highly experienced
with around four decades of experience in the CPD business.

Liquidity Position:

The liquidity position of the company is marked by comfortable
current ratio and quick ratio of 2.47 times and 1.49 times
respectively as on March 31, 2019 (vis-à-vis 1.58 times and 1.27
times respectively as on March 31, 2018). Further, the average
utilization of the fund based working capital limits remained high
at 95% during past 12 months ended May 2019. Cash flow from
operating activities stood positive of INR1.96 crore as on March
31, 2019. The free cash & bank balance stood at INR0.13 crore as on
March 31, 2019.

Dipti Diamonds & Jewellery Private Limited (DDJPL) was originally
established as a proprietorship firm under the name of Dipti
Diamonds in the year 1987 by Mrs. Dina Shah and the same was
reconstituted as a private limited company in 2010 with Mrs. Dina
Shah and Mr. Sudhir K. Shah as the directors of the company. The
company is engaged in trading of cut & polished diamonds. DDJPL
primarily procures cut & polished diamond primarily form domestic
market and also imports from Dubai, USA and Belgium. It exports
majority of cut & polished diamonds to Hong Kong, UAE & Belgium.


HARBIR AUTOMOBILE: CARE Lowers Rating on INR11cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Harbir Automobile Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        11.00       CARE B-; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B; Stable; based on
                                     best available information.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of Harbir Automobile Private Limited under the 'issuer
non-cooperating' category as Harbir Automobile Private Limited had
failed to provide information for monitoring of the rating. Harbir
Automobile Private Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 19, 2019, June 18, 2019
and June 17, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The long term rating has been revised on account of modest scale of
operations with low PAT margin, leveraged capital structure, weak
debt coverage indicators, cyclicality associated with auto
Industry, and highly competitive nature of industry. The rating,
however, draws strengths from experienced promoters, association
with an established brand name and moderate operating cycle.

Detailed description of the key rating drivers

The revision in the rating takes into consideration following
weaknesses (Updated for the information available from Ministry
of Corporate Affairs):

Key rating Weaknesses

Moderate scale of operations with low PAT margin:  The total
operating income of HAP stood moderate at INR104.35 crore in FY18.
The moderate scale limits the company's financial flexibility in
times of stress and deprives it of scale benefits. The PAT margin
of the company stood low at 0.04% in FY18.

Leveraged capital structure and weak debt coverage indicators:  HAP
has leveraged capital structure with overall gearing ratio of 2.95x
as on March 31, 2018, due to company's dependence upon borrowings
to meet various business requirements. Furthermore, the total debt
to GCA ratio stood weak at 31.33x, as on March 31, 2018.

Cyclicality associated with Auto Industry:  The auto industry is
inherently vulnerable to the economic cycles and is sensitive to
the interest rate environment and the level of fuel prices. Any
hike in interest rates, increasing cost of purchase coupled with
high fuel prices is likely to dampen the demand for vehicles.

Highly competitive nature of industry:  The Indian auto dealership
industry is highly competitive in nature as there is large number
of players operating in the market like dealers of Maruti Suzuki
India Ltd, Tata Motors, Hyundai, Honda, Toyota, etc, in the
passenger vehicle segment and dealers of Bajaj Auto, Ashok Leyland,
etc, in commercial vehicle segment.

Key Rating Strengths

Experienced promoters:  Mr Harbir Singh has an experience of three
decades through his association with Harbir Car Point, Force Motors
which were engaged into trading of vehicles, Speed Motors, and
HAPL. Mr Maneet and Ms Sangeeta have work experience of 5 years and
one decade, respectively, through their association with HAPL and
Speed Motors.

Association with an established brand name:  HAPL is an authorized
dealer of Mahindra and Mahindra Limited (M&M). The Mahindra Group,
through its subsidiaries and group companies, has a presence in
varied sectors such as, information technology, financial services
and vacation ownership. HAPL's association with M&M helps it to
attract customers in the market.

Moderate operating cycle:  The average operating cycle of the
company stood moderate at 41 days for FY18 (refers to the period
April 1 to March 31).

Harbir Automobile Private Limited (HAPL) was incorporated in
January 2015 with Mr Harbir Singh, Mr Maneet Singh and Ms Sangeeta
as its directors. HAPL is an authorized automobile dealer of
Mahindra and Mahindra Limited for commercial and passenger vehicles
(two wheeler and four wheelers). The company currently operates a
3S facility (sales, spares and service) showroom in Zirakpur, one
additional service workshop in Chandigarh and one sales showroom in
Chandigarh. The company procures vehicles from Mahindra and
Mahindra Limited and the spare parts from local wholesalers on cash
basis. The company has a group concern namely Speed Motors.


IL&FS: Asserts Efforts to Clear INR20,000 Crore Debt
----------------------------------------------------
BloombergQuint reports that Infrastructure Leasing & Financial
Services Ltd. which has an outstanding debt of INR94,216 crore,
said on July 24 that the board has taken various steps to address
over INR20,000 crore of its debt pile over the past nine months.

The government had appointed a new board headed by veteran banker
Uday Kotak last October, BloombergQuint says.

According to BloombergQuint, the company also said measures have
been taken for resolution of debt of three 'amber' companies, which
are in final stages of implementation and will result in these
companies being re-classified as ‘green'.

The 55 group businesses that are under asset monetisation process
include securities business, renewable energy, domestic road
vertical, alternate investment fund management, education and
thermal, the company said, BloombergQuint relays.

Its fund-based outstanding debt was INR94,216 crore as of Oct. 8,
2018.

Orix Japan, which is the second largest shareholder, has exercised
its shareholder rights to purchase renewable energy assets for a
value that would cover the entire debt of INR3,800 crore and result
in an equity release in excess of INR500 crore for the group,
subject to NCLT approval, it said, BloombergQuint relays.

BloombergQuint relates that the sale process for assets under the
education and roads, environment verticals and real estate are at
an advanced stage, it added.

It has also been focusing on conserving the resources through
multiple initiatives, including expedited loan recoveries, adds
BloombergQuint.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.


JET AIRWAYS: SBI Moves Intervention Plea vs. HDFC Claim on BKC
--------------------------------------------------------------
Livemint.com reports that State Bank of India, the lead lender to
the bankrupt Jet Airways, on July 24 moved an intervention
application against mortgage lender HDFC's plea claiming rights
over a portion of the airline's BKC property.

The National Company Law of Tribunal (NCLT) adjourned the matter
for August 8, the report says.

On July 4, the mortgage lender HDFC had moved the NCLT seeking to
keep the airline's BKC property out of the bankruptcy process
saying three floors of the BKC property are mortgaged with it as
collateral for over INR400 crore loan, Livemint.com reports.

Livemint.com meanwhile reports that the tribunal approved Ashish
Chhawchharia of Grant Thornton as the resolution professional for
Jet Airways which stopped flying since April 17.

Chhawchharia, who got 81% votes of the committee of creditors, was
the interim RP since June 20, when the airline was admitted for
insolvency, Livemint.com discloses.

The liabilities and debt of the airline are over INR36,000 crore.

On July 18, the RP had said he received claims worth INR24,887
crore in 16,643 claims, including INR8,462 crore by financial
creditors, against the company as of July 4, Livemint.com recalls.

Significantly, he rejected a claim of INR229 crore from JetAir, the
privately held company of founder Naresh Goyal, which was the
general sales agent of Jet Airways and the holding company the
Goyals's stake in the airline, according to Livemint.com.

On July 20, the lenders in renewed bid to sell the remaining assets
invited expression of interest from interested parties with a
deadline of August 3.

According to Livemint.com, financial creditors, who also include
banks, have made 37 claims worth INR10,231 crore as of July 4, he
said. The list of financial creditors, whose claims have been
admitted include 14 domestic banks and financial institutions, 12
foreign banks and eight lessors, the RP said.

State Bank has made a claim of INR1,644 crore, including cash
credit inclusive of interest, term loans and bank guarantees issued
but not invoked, it said, adding its claims worth INR19 crore were
rejected. Private sector lender Yes Bank has claimed INR1,084
crore, followed by PNB's INR963 crore and IDBI Bank's INR594 crore,
Livemint.com relays.

Chhawchharia said operational creditors excluding workmen and
employees have made a claim of INR12,372 crore, with the entire
amount being under verification, while the workmen and employees
have made a claim of INR443 crore which is also under verification,
the report relays.
Apart from this, authorised representatives of workmen and
employees have made 11,965 claims of INR735 crore, he said, adding
other creditors, including other financial creditors and
operational creditors, have made 121 claims amounting to INR1,105
crore, adds Livemint.com.

                        About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2019, Reuters said the National Company Law Tribunal
(NCLT), on June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.


KDM CLOTHING: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KDM Clothing Co.'s
(KCC) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable/IND A4+ rating; and

-- INR4.08 mil. (Reduced from INR 9.25 mil.) Term loan due on May

     2021 affirmed with IND BB-/Stable rating.

KEY RATING DRIVERS

The affirmation continues to reflect KCC's small scale of
operations, as indicated by 4% yoy decline in revenue in FY19 to
INR168.46 million due to GST implementation and lower demand for
garments. FY19 financials are provisional in nature.

The rating factor in KCC's modest credit metrics that have
deteriorated marginally. Interest coverage (operating EBITDAR/gross
interest expense + rents) was flat at 1.96x in FY19 (FY18: 1.97x).
Its net leverage (adjusted net debt/operating EBITDAR) worsened to
1.21x in FY19 (FY18: 0.61x) due to increase in unsecured loans to
INR16.45 million (INR11.45 million) owing to working capital
requirement.

The ratings are further constrained by the partnership nature of
KCC's business.

The ratings, however, are supported by the firm company's healthy
EBITDA margins of 6.5% in FY19 (FY18: 6.26%), which improved on a
decrease in raw material costs. Return on capital employed was
15.5% in FY19 (FY18: 15.5%).

The ratings are further supported by KCC's comfortable liquidity
position. Cash flow from operations continued to remain negative at
INR5.42 million at FYE19 (FYE18: negative INR3.06 million).
Furthermore, its working capital cycle also elongated to 32 days in
FYE19E (FYE18: 7 days) due to increase in debtor days to 57 days
(48 days). Its average peak utilization of the fund-based limits
for the 12 months ended June 2019 was 22% (FY18: 10%).

The ratings are also supported by KCC's promoters' over 20 years of
experience in the textile industry.

RATING SENSITIVITIES

Negative: Any decline in revenue and/or decline in EBITDA margins
leading to deterioration in credit metrics will be negative for the
ratings.

Positive: Substantial growth in revenue along with sustenance or
improvement of EBITDA margins, leading to improvement in credit
metrics, will be positive for the ratings.

COMPANY PROFILE

Established in 2007, KCC manufactures hosiery goods and sweaters
and sells them in India and overseas.


KGN MOTORS: CARE Lowers Rating on INR14.89cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
KGN Motors Private Limited (KMPL), as:

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        14.89       CARE D; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B+; Stable; based on
                                     best available information.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2018, placed the
rating of KMPL under the 'issuer non-cooperating' category as KMPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. KMPL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 3, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the continuous delays
by the company in debt repayment obligation. The ability
of the company to repay it's debt obligation in timely manner
remains the key rating sensitivity.

Detailed description of the key rating drivers
Delay in servicing of debt obligations: As per the interaction with
the banker, there are continuous delays in repayment of
debt obligation and the account has been classified as NPA.

Incorporated in 2007 in Pune, Maharashtra, KGN Motors Private
Limited (KMPL) is a private limited company promoted by Ms.Hasina
Riyaz Inamdar and Mr.Mubin Riyaz Inamdar and is a flagship company
of KGN Group. The company is an authorized dealer for trucks and
buses of Ashok Leyland Limited (ALL). The company was initially
into spares and services business for ALL and subsequently ventured
into sales business (3S {(sales, spares and services)}) for ALL in
2014.


L&T HALOL: NCLT Orders Initiation of Insolvency Proceedings
-----------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal (NCLT), Chennai Bench, has ordered initiation of
insolvency proceedings against L&T Halol - Shamlaji Tollway Ltd
(L&T Halol) on a petition filed by Oriental Bank of Commerce (OBC),
which alleged that the company had defaulted in repayment of
INR76.68 crore as of December 27, 2018.

L&T Halol was a special purpose vehicle of L&T Infrastructure
Development Projects Ltd to augment the 173-km long, two-lane road
to a four-lane divided road from Halol to Shamlaji on State Highway
5 in Gujarat on a Build-Operate-Transfer (Toll) basis.

According to the report, the company said that there was no default
in repayment on the debt. Even if there was a default, the bank on
its own cannot independently initiate proceedings against the
company, said information in the order by BSV Prakash Kumar, member
(Judicial), NCLT Chennai Bench.

OBC had disbursed to the company a loan of INR155 crore in 2009.

However, the company failed to service the debt, and the account
was declared as an NPA by the bank on June 31, 2016. The company
also failed to make it a Standard Account.

The bank and other lenders entered into Master Restructuring
Agreement (MRA) in February 2017 to convert the debt of INR405.82
crore into equity out of total debt of INR1,000 crore payable to
the consortium of banks.

The bank's counsel told NCLT that since the company had taken
amount from various banks and failed to service the loan, Gujarat
State Road Development Corporation Ltd was asked to take share of
INR210 crore equity by December 2017 out of the proposed conversion
of debt of INR410 crore into equity.

However, as GSRDCL did not take the equity share within 90 days
from the effective date, the bank had every right to reverse the
waivers and concession that were provided under the MRA and to
proceed against the company on the due amount.

The bank in September 2018 said that since the company failed to
comply with the concessions mentioned in MRA, it gave a 'recall'
notice demanding repayment of debt of INR78.27 crore within seven
days. Since the company failed to repay, the bank initiated this
insolvency proceedings.

NCLT order said that bank has proved the existence of debt and
default.

The Bench admits the application for insolvency process, and also
appointed Anil Kumar Birla as Interim Resolution Professional, the
order said.


LOKMANGAL SUGAR: CARE Keeps D in INR174cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lokmangal
Sugar Ethanol and Co-Generation Industries Limited (LSECIL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank       174.71       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2018, placed the
rating(s) of LSECIL under the 'issuer non-cooperating' category as
LSECIL had failed to provide information for monitoring of the
rating. LSECIL continues to be non-cooperative despite repeated
requests for submission of information and No Default Statements
(NDS) through various phone calls, e-mails dated June 17, 2019,
February 02, 2019, October 11, 2018 and a letter dated June 17,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 28, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Delays in the repayment of bank Loan (soft loan) (as per AR18 (A)
source: ROC):

There are delays in servicing debt obligations of bank facilities
by LSECIL during FY18 for 243 days.

Lokmangal Sugar Ethanol & Cogeneration Industries Limited (LSECL),
was incorporated in year 2003 to undertake sugar and sugar related
production by Mr. Subhash Deshmukh (Founder Chairman), Mr. Mahesh
Deshmukh (Present Chairman) and Mr. Manish Deshmukh (Executive
Director) with an installed capacity of 2,500 Tonnes of Cane
Crushed Per Day (TCD). In the year 2009-10 LSECL increased it's
installed crushing capacity to the tune of 6,000 TCD. To mitigate
the seasonal and cyclical nature of sugar industry, LSECL has also
installed Co-generation unit of 31.5 Mega-watt (MW). The partially
integrated sugar factory of LMIL is located in Bhandarkawathe, Tal.
South Solapur.


M.G. AUTOSALES: CARE Keeps B on INR14.7cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.G.
Autosales Private Limited (MGPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         14.75      CARE B; Stable Issuer Not
   Facilities                        Cooperating; Based on best
                                     Available information

   Short-term Bank         0.25      CARE A4; Issuer Not
   Facilities                        Cooperating; Based on best
                                     Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 7, 2018 placed the
rating of MGPL under the 'issuer non-cooperating' category as MGPL
had failed to provide information for monitoring of the rating.
MGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls dated
May 30, 2019 and May 29, 2019 and May 28, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings take into account non-availability of requisite
information and no due-diligence conducted with banker due to
non-cooperation by M.G. Autosales Private Limited with CARE'S
efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to remain
constrained owing to modest and declining scale of operations, thin
Profitability Margins, leveraged capital
structure and weak debt coverage indicators, working Capital
intensive nature of operations and pricing constraints and margin
pressure arising out of competition from various auto dealers in
the market. The ratings, however, continue to take comfort from
experienced Promoters in the Auto dealership and presence of group
concern in similar business.

Detailed description of the key rating drivers

At the time of last rating on March 7, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Modest scale of operations
Company business risk profile is constraint on account of modest
though declining scale as evident from operating income of INR
87.30 crore in FY18. The modest scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits.

Thin Profitability margins
An automotive dealer's revenues are driven by volumes while the
profits are driven by sale of spares and service income as the
latter fetch higher profit margins. The company has limited
negotiating power with suppliers and has no control over the
selling price of the vehicles as the same is fixed by the
suppliers. The profitability margins of the company slightly
improved though stood thin marked by PBIDLT and PAT margins of
3.30% and 0.15% respectively in FY18 as compared to 3.19% and 0.26%
in FY17. High interest cost and depreciation cost continues to
restrict the PAT margin below unity levels in the last three
financial years (FY16-FY18).

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company stood leveraged on the balance
sheet date of past three financial years i.e. FY16-
FY18 on account of high dependence on external borrowings to meet
working capital requirements coupled with low net worth base.
Overall gearing level stood at 6.88x as on March 31, 2018 as
compared to 9.61x as on March 31, 2017 .Further company has weak
debt coverage indicators evident from interest coverage and total
debt to gross cash accruals (GCA) at 1.36x and 30.44x, respectively
in FY18 as against 1.40x and 31.59x, respectively during FY17.

Working Capital Intensive nature of operations
The operations of the company are working capital intensive in
nature. However during festive season and year end, inventory
(vehicle and spare parts) holding period remains comparatively
high. The company avail credit period of around 7 days from local
vendors whereas to HCIL they have to make upfront at the time of
placing order, due to lower bargaining power with its parent.
Whereas sales are made on " cash and carry"  basis, out of which
around 40-50% of cars are sold on finance basis through
banks/financial institutions which results into low collection
period of around 21 days.

Intense competition, regional concentration and Linkage to fortunes
of Honda Cars India Pvt Ltd: The market faces aggressive
competition from various auto dealers of companies like Maruti,
Hyundai and M&M. Competition among auto dealers leads to offer the
better buying terms like providing credit period or allowing
discounts on purchases which create margins pressure and negatively
impact the earning capacity of the company. Presence of several
dealers in the nearby area leads to the intense competition which
impact the sales and distribution of the automobile, the
competition is further worsened by the similar discounts and
promotional schemes offered by the other automobile manufacturers
to lure customers for purchases. The fortunes of MGASPL are closely
linked to the Honda Cars India Private Limited being only the
supplier. The margin on product is set by Honda Cars India Limited
thereby the restricting the company to earn
incremental income. With the large dealership network of the HCIL,
bargaining power of the dealer with the customer is further
reduced.

Key rating strength

Experienced Promoters in the Auto dealership and presence of group
concern in similar business MGASPL business risk is supported by
the experienced management as Mr. Abhishek Agarwal, Mr. Mahendra
Agarwal, Mrs. Vani Agarwal and Mrs Mudita Agarwal are directors of
the company which all are family members. Mr Mahendra Kumar Agarwal
has total experience of more than 3 decades of experience through
association with the MGASPL and its associate concerns, Mr
Abhishek Agarwal has experience of 8 Years as auto dealer through
its association with the MGASPL both are supported by the Mrs. Vani
Agarwal and Mrs. Mudita Agarwal each of which have more than 8
years of experience as auto dealer through the association with the
MGASPL and all are involved in the operations and strategic
planning of the company. MGASPL is benefited by the presence of
group concern in the similar line of business.

M.G Autosales Private Ltd (MGASPL) owns and operates an automobile
dealership under the brand of " Stallion Honda"  in the Indira
Nagar (Lucknow). Incorporated in 2008, the company is an authorized
dealer of Honda cars India Limited. The company operates 2S (Sales
and Spare) and 3S (sales, spare and parts) facilities along with
two showrooms located each at lucknow. MGAPSL is part of MG group
of companies which has interest in multiple businesses in the
automotive sector including dealership for other OEMs in the
passenger vehicles and other diversified businesses.


MAGPPIE EXPORTS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Magppie Exports
Private Limited's (MEPL) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B (ISSUER NOT COOPERATING)'.
Simultaneously, Ind-Ra has reassigned MEPL a Long-Term Issuer
Rating of 'IND C (ISSUER NOT COOPERATING)'.

The instrument-wise rating action is:

-- INR195 mil. Fund-based working capital limits* downgraded and
     Reassigned with IND C (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating.

*Reassigned 'IND C (ISSUER NOT COOPERATING)' / 'IND A4 (ISSUER NOT
COOPERATING)' after being downgraded to 'IND D (ISSUER NOT
COOPERATING)'

KEY RATING DRIVERS

The ratings reflect overutilization of fund-based limits for more
than 30 days during July 2018-August 2018; however, there were no
instances of overutilization during the three months ended June
2019.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will lead to
positive rating action.

COMPANY PROFILE

Incorporated in 1994, Magppie Exports is engaged in the trading of
metal and other articles.


MAHALAXMI ROLLER: CARE Keeps B in INR5.8cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Roller Flour Mills (MAR) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        5.84        CARE B; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2018 placed the
rating of MAR under the 'issuer non-cooperating' category as MAR
had failed to provide information for monitoring of the rating. MAR
continues to be non-cooperative despite repeated requests for
submission of information through numerous phone calls and e-mail
dated July 10, 2019. 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 MAR's 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 ratings take into account non-availability of requisite
information and no due-diligence conducted with banker due to
non-cooperation by Mahalaxmi Roller Flour Mills with CARE'S efforts
to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on July 9, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations coupled with low net worth base: Despite
being operational for more than three decades, the scale of
operations has remained small marked by total operating income and
gross cash accruals of INR48.77 crore and INR0.08 crore
respectively during FY15 (refers to the period April 1 to March 31)
(provisional results). Furthermore, the firm's net worth base was
relatively small at INR3.55 crore as on March 31, 2015. The small
scale operations limit the firm's financial flexibility in times of
stress and deprive it from scale benefits.

Weak financial risk profile: The financial risk profile of the firm
is weak for the period FY13 - FY15, characterized by thin
profitability margins, leveraged capital structure and weak debt
coverage indicators. The profitability margins marked by PBILDT and
PAT margins have remained low during the past three years
(FY13-FY15) owing to low value addition and highly competitive
nature of the industry. The PBILDT margin has declined in FY14 on
account of higher material cost during the year, whereas the PAT
margin is declining y-o-y basis during FY13-FY15 owing to higher
utilization of working capital borrowings over the years.

As on March 31, 2015, the capital structure of the firm comprised
of term loan, unsecured loans and working capital bank borrowing.
The overall gearing stood leveraged at 2.34x as on March 31, 2015
which deteriorated from 1.40x as on March 31, 2014 mainly
attributed to higher utilization of working capital borrowings. The
working capital borrowings of the firm remained 85% utilized for 12
months ending March 2015. Debt service coverage indicators marked
by interest coverage and total debt to GCA stood weak and declined
further in FY15 over the previous financial year on account of
higher interest cost owing to high utilization of working capital
borrowings. Interest coverage ratio and total debt to GCA stood at
of 1.44x and 26.74x for FY15 against 1.72x and 12.01x in FY14.
Volatility in raw material prices influenced by government policies
on agro commodity and monsoon dependent operations: MAR is
primarily engaged in processing of wheat products under its roller
mills. 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 firm.

In addition to government policies on agro commodity, the
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. The
monsoon has a huge bearing on crop availability which determines
the prevailing wheat 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
resulting in low profit margins.

Key Rating Strengths

Experienced partners & long track record of operations of firm: MAR
is currently being managed by Mr Parvinder Khanduja and Mr
Harvinder Khanduja and both the partners are the second generation
entrepreneurs. Both the partners are graduates and have wide
experience of around four decades in processing of agriculture
product through their association with MAR.

Moderate operating cycle: The operating cycle of the firm stood
moderate at 41 days for FY15. The average collection period
remained at around 10 days during FY15, whereas the firm purchases
wheat mainly on cash or advance basis. The firm is required to
maintain adequate inventory of raw material for smooth running of
its production processes. The firm purchases raw materials from
nearby regions and keeps an inventory of around 15-30 days.

Mahalaxmi Roller Flour Mills (MAR) is a partnership firm and was
established in 1983, by Mr G K Khanduja. The current partners are
Mr Parvinder Khanduja and Mr Harvinder Khanduja sharing profit and
loss equally. The firm is engaged in processing of wheat into wheat
flour, refined flour (maida), suji and choker. The main raw
material of the firm is wheat which is procured from broker and
commission agents located in Delhi. The firm also procures wheat
from Food Corporation of India (FCI). MAR sells its products
through commission agents and dealers in states like Uttar Pradesh
and Punjab.


MYNOR ENTERPRISES: CARE Reaffirms B+ Rating on INR2cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mynor Enterprises Private Limited (MEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           7.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MEPL continues to be
constrained by small scale of operations in the highly fragmented
industry with intense competition from other players. The rating
also factors in thin profitability margins, working capital
intensive nature of business and tender based nature of operations.
However, the rating derives comfort from, established track record
and experience of the promoter for two decade in gas
and pipeline fabrications and erection services, comfortable
capital structure and debt coverage indicators, healthy demand
outlook for oil and gas industry. The rating also factors in
marginal increase in the total operating income in FY19 provisional
(refers to the period April 1 - March 31) and moderate order book
position.

Going forward, the ability of the company to increase its scale of
operations, to execute the current order book on time and
receive timely payments improve its profitability margins and
maintain its capital structure while managing its working
capital requirements efficiently will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations
Despite track record of operations, the scale of MEPL stood small
marked by total operating income (TOI) of INR 16.52 crore in
FY19(Prov.) coupled with net worth base of INR 5.95 crore as on
March 31, 2019 (Prov.) as compared to other peers in the industry.

Decline in PBILDT margin in FY19 Provisional (refers to the period
April 1- March 31): PBILDT margin of the company declined by 251
bps from 8.79% in FY18 to 6.28% in FY19 (Prov). Despite decline in
PBILDT margin, PAT margin of the company has improved to 4.74% in
FY19 (Prov.) as against 3.62% in FY18 owing to no depreciation
charged in provisional results.

Working capital intensive nature of operations: The company is
operating in working capital intensive business. The operating
cycle improved and stood at 83 days in FY19 (Prov.) as against 105
days in FY18 mainly on account of improvement in collection period.
Generally, the company receives the payment from customers within
45-60 days from the date of bill raised. The company makes the
payment to its suppliers within 40-45 days and sometimes depending
on the realization of payment from its debtors. However due to
better collection days, the creditor day's as well as working
capital utilization stood moderate in FY19 (Prov.). The average
utilization of fund based working capital limits of the company was
80% during the last 12 months period ended June 2019.

Tender based nature of operations along with highly fragmented
industry with intense competition from other players: The company
receives 100% work orders from ONGC, GAIL, and others. All these
are tender-based and the revenues are dependent on the company's
ability to bid successfully for these tenders. Profitability
margins come under pressure because of competitive nature of the
industry. However, the promoter's satisfactory industry experience
of two decades mitigates this risk to some extent. Nevertheless,
there are numerous fragmented & unorganized players operating in
the segment which makes the civil construction space highly
competitive. The company is engaged in construction of civil works,
which is fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in huge
competition.

Key Rating Strengths

Established track record and experience of the promoter for two
decade in gas pipelines fabrication & erection services: The
Company has track record of more than two decades in laying of oil
and gas pieplines industry. MEPL is managed by Mr. Govinda raj
(Managing Director) along with other directors. He has more than
two decades of experience in the gas pipelines fabrication and
erection business. Due to long experience of the promoter, he was
able to establish long term relationship with customers, which has
helped in developing his business and bag with new orders.

Marginal increase in total operating income and moderate order-book
position: There was a marginal increase in the total operating
income (TOI), in FY19 (Prov.) which stood at INR 16.52 crore as
against INR 15.10 crore in FY18 owing to regular receipt of orders
and execution of the same. As of June 2019, MEPL has an order book
of INR 14.89 crore, which translates to 0.90x of total operating
income of FY19 and represents moderate revenue
visibility to the entity over medium term. The entire order book
pertains to laying, installation and replacement of pipeline of
pipeline. Nearly 50% of the total orders in hand is derived from a
single client resulting in high customer concentration.

Financial risk profile marked by comfortable capital structure and
debt-coverage indicators: The capital structure marked by debt-
equity improved from 0.08x as on March 31, 2018 to 0.06x as on
March 31, 2019 (Prov.) owing to scheduled repayment of loans
borrowed towards vehicle and equipment. Furthermore, overall
gearing also improved and stood comfortable at 0.29x as on
March 31, 2019 (Prov.), against 0.58x as on March 31, 2018 on
account of significant decline in the debt profile of the company
in terms of working capital facility as well as long-term
borrowings. During the FY19 (Prov.) the company has also increased
the share capital by INR 0.03 crore.

The debt coverage indicator marked by TD/GCA stood comfortable
represented by significant improvement from 4.05x in FY18 to 2.20x
in FY19 (Prov.) on the back of stable cash accruals and decline in
the total debt outstanding as of balance sheet dates over FY18-19.
Furthermore, the interest coverage ratio, also improved from 3.67x
in FY18 to 4.25x in FY19 (Prov.) due to decrease in interest cost
in line with scheduled repayment of loans borrowed and moderate
utilization of working capital borrowings.

Healthy demand outlook in oil and gas industry: As of January 1,
2019, the oil refining capacity of India stood at 249.4 million
tonnes, making it the second largest refiner in Asia. Private
companies own about 35.62 per cent of the total refining capacity.
India's energy demand is expected to double to 1,516 MT by 2035
from 753.7 MT in 2017. Moreover, the country's share in global
primary energy consumption is projected to increase by 2-folds by
2035. Consumption of petroleum products in India increased 4.1 per
cent to 210 million tonnes in 2018. India's consumption of
petroleum products grew 5.31 per cent to 204.992 MMT in FY18 from
194.597 MMT in FY17. Petroleum products' consumption during April
2018-February 2019 stood at 193.53 MMT. India retained its spot as
the third largest consumer of oil in the world in 2017. Given the
healthy outlook for oil and gas industry, the performance of MEPL
is also expected to be stable.

Liquidity analysis
The company had total cash and cash equivalents amounting to INR
1.71 crore as on March 31, 2019 (Prov.). As on March 31,
2019(Prov.), the current ratio stood at 2.39x as against 2.02x as
on March 31, 2018. The average unutilized portion of fundbased
working capital limits was around 20% which amounted to INR 0.40
crore (approx.) during 12 months ended June 2019.

Tamil Nadu Based, Mynor Enterprises Private Limited (MEPL) was
incorporated in the year 1991 by Mr. Govindaraj (Managing Director)
along with other directors. MEPL is engaged in Laying, maintenance
and repair of oil and gas pipelines and commissioning of oil
storage tank and other related work.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR46.6 mil. Term loan due on May 30, 2021 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR22.5 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 26, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2014, NAPL is engaged in the production and milling
of rice. The company has a160 metric ton per day manufacturing
facility in Dhenkanal, Odisha.


PIONEER FOOD: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pioneer
Food & Agro Industries Private Limited (PFA) continues to remain in
the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2019, placed the
rating(s) of PFA under the 'issuer non-cooperating' category as
Pioneer Food & Agro Industries Private Limited had failed to
provide information for monitoring of the rating. PFA continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
July 15, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive
at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: As per banker interaction, there
have been ongoing delays in debt servicing and the account has been
classified as NPA.

Mumbai (Maharashtra) based Pioneer Food & Agro Industries Private
Limited (PFA), initially established as a partnership firm in 2007
and later on in July 2014 was converted into private limited
company. PFA is engaged in the processing of the raw honey wherein
it procures raw honey through its network of traders
&collectors(from Punjab, Haryana, Uttarakhand, Uttar Pradesh, Bihar
and West Bengal) and decrystallize it (reduces the moisture
content) to improve the quality of honey and finally exports the
processed honey (export only to USA). The company has its sole
processing facility located at Mathura (Uttar Pradesh) with the
accreditation from ISO 22000, HACCP & USFDA.


PROPUS INC: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Propus Inc. a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR15 mil. Term loan due on April 2025 assigned with IND BB-
     /Stable rating;

-- INR80 mil. Fund-based limits assigned with IND BB-/Stable/IND
     A4+ rating; and

-- INR10 mil. Non-fund based limits assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect Propus' small, albeit growing scale of
operation. Its revenue improved to INR393 million in FY19 (FY18:
INR179 million) on account of an increase in orders. The firm
clocked 71.62% CAGR over FY16-FY19. As on 20 June 2019, Propus had
achieved revenue of INR40 million and has an unexecuted order book
of INR41 million, which is expected to likely to be executed by end
of August 2019. FY19 financials are provisional in nature.

The credit metrics of the firm are moderate and deteriorated in
FY19. Gross interest coverage (operating EBITDA/gross interest
expense) worsened to 4.2x in FY19 (FY18: 6.9x) and net leverage
(total adjusted net debt/operating EBITDAR) to 3.16x (1.3x) mainly
due to increase in total debt to INR147 million (FY18: INR28.22
million) as the firm availed a new cash credit facility of INR80
million to manage working capital needs. Ind-Ra expects the credit
metrics of the firm to remain in the same range on account of the
absence of debt-funded capex plan in the near future.

The ratings also factor in the partnership nature of business.

The ratings, however, are supported by Propus' healthy EBITDA
margin of 13.83% in FY19 (FY18: 10.78%) with return on capital
employed of 35% (FY18: 49%). Ind-Ra expects the margins to range
between the healthy level of 10% and 15% as the company enjoys
high-margin orders of store fixtures, LED signage's, glorified
interior and customized retail display.

The ratings are further aided by Propus' comfortable liquidity
position with the peak utilization of 65% for the 12-months ended
in May 2019. The cash flow from operations decreased to negative
INR60 million in FY19 (FY18: negative INR16.5 million) mainly due
to an increase in working capital requirement. The firm's working
capital cycle elongated to 158 days (FY18: 61 days) due to increase
in inventory days to 105 days (53 days) and decrease in creditors
days to 62 days (115 days).

RATING SENSITIVITIES

Positive: Consistent improvement in revenue with stable EBITDA
margin leading to improvement in credit metrics will be positive
for the ratings.

Negative: Any decline in revenue and EBITDA margin leading to a
deterioration of credit metrics will be negative for the ratings.

COMPANY PROFILE

Propus is a partnership firm established in 2014 by Manan Bansal.
The firm undertakes projects of customized retail display, store
fixtures, LED signage's, vending machines, branding interior, etc.



R3 CROP: CARE Maintains D Ratings in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R3 Crop
Care Private Limited (R3CCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        3.00        CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

   Short term Bank      26.60        CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Dec 31, 2018, placed the
rating(s) of R3CCPL under the 'issuer non-cooperating' category as
R3 Crop Care Private Limited had failed to provide information for
monitoring of the rating. R3 Crop Care Private Limited continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated July
15, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Key Rating Weaknesses

On-going delay in debt servicing: As per the interaction with the
banker there are ongoing delays in the sales invoice discounting
facility. There is one and half month delay in regularizing the
supply bills

Incorporated in 1992 by Mr. Harish Trivedi, Mr. Rajiv Pandit and
Mr. Mukundray Bhatt, R3 Crop Care Private Limited (R3CCPL,
Erstwhile known as Rotam India Limited and later reconstituted and
renamed in 2013) is engaged into manufacturing, sale and
distribution of agrochemical active ingredients namely insecticide
and fungicide formulations. Its primary products comprise of
Chlorpyrifos (insecticide), Durmet (insecticide) and Carbendazim
(fungicide). It has its own formulation manufacturing facility
located at Vapi GIDC spread over 8500 sq. ft. and has a total
installed capacity of formulating 8100 metric tons of chemicals per
annum.


RAJASTHAN DURGS: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajasthan
Durgs and Pharmaceuticals Limited (RDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        19.30       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

   Short-term Bank        0.50       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2018, placed the
rating(s) of RDPL under the 'issuer non-cooperating' category as
RDPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RDPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 28, 2019, July 4, 2019 and July 9, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 16, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: As per banker interaction, there was
delays in debt servicing.

Jaipur (Rajasthan) based Rajasthan Drugs & Pharmaceuticals Limited
(RDPL), established in November 1978, is a Joint Sector Undertaking
between the Government of India (GOI; 51.04% direct shareholding;
previously through IDPL: Indian Drugs & Pharmaceuticals Limited)
and Government of Rajasthan (GOR) through RIICO (Rajasthan State
Industrial Development & Investment Corporation Limited; 48.96%
shareholding). RDPL is mainly engaged in the manufacturing and
trading of generic pharmaceutical formulations largely for supply
to Central/State Government Health Departments and other such
entities.


RAVINDRA RICE: CARE Lowers Rating on INR16.50cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ravindra Rice and General Mills (RRGM), as:

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        16.50       CARE B; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B+; Stable; based on
                                     best available information.

Detailed Rationale and key rating drivers

CARE had, vide its press release dated September 6, 2018, placed
the ratings of RRGM under the 'issuer non-cooperating' category as
RRGM had failed to provide information for monitoring of the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The long term rating has been revised on account of susceptibility
to fluctuation in raw material prices and monsoon dependent
operations, fragmented nature of industry coupled with high level
of government regulation and partnership nature of constitution.
The ratings, however, derive strength from experienced management
and favorable location of operations.

Detailed description of the key rating drivers

Key Rating Weaknesses:

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.

Fragmented nature of industry coupled with high level of government
regulation: The commodity nature of the product makes the industry
highly fragmented with numerous players operating in the
unorganized sector with very less product differentiation.
Furthermore, the concentration of rice millers around the
paddy-growing regions makes the business intensely competitive.
Additionally, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

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

Key Rating Strengths:

Experienced partners: RRGM was established in 1998. The firm is
currently being managed by Mr. Ravinder Kumar Girdhar and Mr
Sanjeev Kumar Girdhar. Mr. Ravinder Kumar and Mr. Sanjeev Kumar
Girdhar have an industry experience of around 40 years and
20 years, respectively, through their association with RRGM and
other group concern - Ravindra Trading Company (RTC).

Favorable manufacturing location: RRGM's manufacturing unit is
located in Fazilka, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability of raw material. The
presence of RRGM in the vicinity of paddy producing regions gives
it an advantage over competitors operating elsewhere in terms of
easy availability of the raw material as well as favorable pricing
terms.

Ravindra Rice and General Mills (RRGM) was established in 1998 as a
partnership firm. It is currently being managed by Mr. Ravinder
Kumar Girdhar and Mr Sanjeev Kumar Girdhar sharing profit and
losses equally. The firm is engaged in processing of paddy at its
manufacturing facility located in Fazilka, Punjab with an installed
capacity of processing 1,460 tonnes of paddy per annum as on March
31, 2017.


RICHA PETRO: CARE Keeps D on INR12.5cr Loans in Non-Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richa Petro
Products Limited (RPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        12.58       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPL to monitor the rating
vide e-mail communications/letters dated June 6, 2019, Oct. 6,
2019, Dec. 6, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity 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 the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on RPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further, banker could not be contacted.

Detailed description of key Ratings Driver
At the last Rating done on July 19, 2018 following were rating
strength and weakness.

Key Ratings Weakness

The rating takes into account ongoing delay in the servicing of the
bank debt obligations on account of the stretch liquidity position
of the company.

Richa Petro Products Private Limited (RPPPL) (erstwhile, Richa
Pipes & Fittings Private Limited, name changed in 2011) was
incorporated in the year 2010 by Mr. Ramesh Chandra Parida of
Bhubaneswar, Odisha. The company has been engaged in manufacturing
of pipes, pipe fittings, furniture, and water tanks of PVC
(Polyvinyl Chloride). The main raw materials used in the production
activity are Linear low-density polyethylene (LDPE), High-density
polyethylene (HDPE), Polypropylene (PP) and PVC resin. The raw
materials are procured mainly from Haldia Petrochemicals Limited
and Reliance Industries Limited. The manufacturing plant of the
company is located at Bhubaneshwar, Odisha and it is well equipped
with modern amenities along with ISO 9001:2008 certification. RPPPL
sells its products under the brand name of "Richa"  (unregistered)
through its established dealer network covering the state of Odisha
only.


RICHU MAL: CARE Keeps B on INR5cr Loans in Non-Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richu Mal
Bishan Sarup (RMB) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        5.00        CARE B; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2018 placed the
rating of Richu Mal Bishan Sarup under the 'issuer non -
cooperating' category as the firm had failed to provide information
for monitoring of the rating. Richu Mal Bishan Sarup continues to
be non-cooperative despite repeated requests for submission of
information through numerous phone calls and e-mail dated July 10,
2019. 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 Richu Mal Bishan Sarup's 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 ratings take into account non-availability of requisite
information and no due-diligence conducted with banker due to
non-cooperation by Richu Mal Bishan Sarup with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on July 9, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Fluctuating and small scale of operations coupled with low net
worth base:  The scale of operations of the firm has remained small
and fluctuating. The total operating income has increased in FY13,
however, it declined in FY14 (refers to the period April 1 to March
31), mainly on account of lower quantity sold to local wholesalers.
The small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

Weak financial risk profile:  The overall financial risk profile of
the firm was weak marked by thin profitability margins, leveraged
overall gearing and weak debt coverage indicators. The
profitability margins remained thin for past three financial years
i.e. FY12- FY14 marked by PBILDT margin and PAT margin. The capital
structure of the firm stood leveraged during past three financial
years i.e. FY12-FY14 as marked by overall gearing.

Working capital-intensive nature of operations: Operations of the
firm are highly working capital intensive marked by high average
operating cycle. Being present in a highly competitive business and
having low bargaining power with its customers the average credit
period allowed by the firm is around 2-3 months.

Highly competitive industry & low entry barriers:  The trading of
food and food product 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, high competition is the inherent risk associated with the
industry.

Key Rating Strengths

Experienced management & long track record of operations of
company:  The firm is managed by Mr. Arun Gupta, Mr. Anurag Gupta
and Mr. Ashish Gupta who have work experience of around two decades
with the firm.

Richu Mal Bishan Sarup (RMB) was established in 1961 as a
partnership firm by Mr. Richumal and Mr. Bisan Saroop. However, the
current active partners are Mr. Arun Gupta, Mr. Ashish Gupta and
Mr. Anurag Gupta. The firm is engaged in trading of food and food
products such as dry fruits, desi ghee, etc. The firm procures
these items mainly from Delhi, Haryana and U.P., whereas it mainly
sells its products in Delhi and nearby regions, with selling and
distribution activities solely looked after by the partners.


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

The instrument-wise rating actions are:

-- INR415 mil. Fund-based working capital facilities migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR 41.4 mil. Long-term loan due on March 2023 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR43.5 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 26, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Shree Datt is engaged in the rearing,
processing and export of various kinds of seafood. The company has
a 90-metric ton per day processing unit in Billimora, Gujarat. In
addition, it has a 600-metric ton cold storage facility.


SHRI SAMARTH: CARE Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Samarth Paper and Board Mill (SSPBM) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.76       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 27, 2018, placed the
rating(s) of SSPBM under the 'issuer non-cooperating' category as
Shri Samarth Paper and Board Mill had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement.

Shri Samarth Paper and Board Mill continue to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 4, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on June 27, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Delay in debt servicing: As per interaction with bankers, the
account is classified as NPA due to stretched liquidity position.

Shri Samarth Paper and Board Mill (SSPBM) was established in 2006
by Mr Vijay Arjundas Gurwada, Mr Rajkumar A. Gurwada, Mr Pandurang
V. Vernekar and Dinesh P. Vernekar. Later in the year 2013, Mr
Pandurang V. Vernekar and Dinesh P. Vernekar, partners retired from
the partnership and Mr Aman R. Gurwada, Mr Akhil V Guruwada and Mr
Anuj V Gurwada joined as partners. SSPBM is engaged in
manufacturing of paper & board and paper boards at its facility
located at Kondi, Solapur. SSPBM was incorporated in 2006; however
the manufacturing activity was started from May 2015. SSPBM's
products are consumed by corrugated box manufacturers,
manufacturers of paper cone, paper tubes, duplex boards and office
files, etc. Currently, the company has installed capacity of 1500
tons per month of paper & paper board manufacturing.


SHYAMA SHYAM: CARE Lowers Rating on INR6.46cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shyama Shyam Vsk Water Management Private Limited (SSVWMPL), as:

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        6.46        CARE B+; Stable Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE BB-; Stable; based on
                                     best available information.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
rating of SSVWMPL under the 'issuer non-cooperating' category as
SSVWMPL had failed to provide information for monitoring of the
rating. SSVWMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
July 4, 2019 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The Long term ratings has been revised by taking into account
non-availability of requisite information and no duediligence
conducted with banker due to non-cooperation by Shyama Shyam Vsk
Water Management Private Limited with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, the ratings continue to remain constrained owing by small
and growing scale of operations, leveraged capital structure and
elongated operating cycle coupled with presence in highly
competitive nature of industry and Cyclical and seasonality
associated with the hotel industry. The ratings, however, continue
to take comfort from experienced promotors and moderate
profitability margins.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating weakness and strengths (Updated for the information
available from the Registrar of companies):

Key Rating Weaknesses

Small scale of operations: The scale of operations stood small
which limits the company's financial flexibility in times of
stress and deprives it of scale benefits.

Dependence on a single contract and counterparty risk: The Company
has a single order from DJB for generating revenue. Therefore,
timely execution of services on daily basis by SSVM is crucial and
has direct bearing on the profitability margins. Furthermore,
timely realization of payments from DJB will also be a critical for
maintaining liquidity requirements of the company.

Below average financial risk profile: The financial risk profile of
the firm has improved marginally marked by improvement in TOI owing
to increase in number of trips increased and PAT margins owing to
decrease in interest and depreciation. However, the PBIDLT margin
declined in FY16 due to decline in number of trips which resulted
in increase in cost due to high proportion of fixed cost which
deprived it of its scale benefits.

Key Rating Strengths

Experienced promoters: Mr. Naresh Jain and Mr. Pawan Jain both look
after the overall operations of the company. Mr. Naresh Jain has
more than a three decade of experience in civil construction
business. Prior to establishment of JBL, he was engaged in similar
line of business with Jainco Associates. Mr. Pawan Jain has around
four decade of experience through his association with JBL and
earlier with Jainco Associates.

Key Rating Strengths

Experienced partners and established track record of operations
The company is being managed by experienced directors having rich
experience varying up to four decades in the industry.

Moderate working capital cycle: The company maintain inventory only
in form of consumable and spare parts for tankers for around 15
days. The company normally allows average collection period of
around a month as the bills are presented on monthly basis and
usually the company receives payment within next month.
Furthermore, the average creditor's period remained 1-2
weeks as the company purchases the diesel largely on cash and
advance basis. The bank facilities stood fully utilized for
the 12 months ending on February, 2017.

Stable revenue model providing long-term revenue visibility:
SSVM has entered into a 10-year contract with DJB wherein the
company would supply water to pre-specified locations. The contract
clearly specifies minimum monthly revenue for all tankers per day
with increase in fuel price (diesel) and labour charges are revised
twice in a year.

Delhi-based SSV was incorporated in 2012 as a joint venture between
RK Automobiles Pvt Ltd, VSK Technologies Pvt Ltd and Professional
Auto motives Pvt Ltd. SSV is established with the aim of providing
logistics services to Delhi Jal Borad (DJB). The company is being
managed by Mr. Radhey Shyam Khathuria, Mr. Om Prakash Gupta and Mr.
Sunil Suri are the directors of SSVM who have around 5 years of
experience in the field of water management. SSVM is established
with the aim of providing logistics services to Delhi Jal Borad
(DJB). The company commenced operations in January 2013 with
contract from DJB for providing logistics services for supplying
water in unauthorized colonies through tankers for 10 years at a
fixed price with an escalation clause towards diesel and labour
charges.


STONE INDIA: CARE Keeps D on INR53.7cr Loans in Non-Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Stone India
Limited (SIL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        34.48       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

   Short-term Bank       19.30       CARE D; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIL to monitor the rating(s)
vide e-mail communications dated May 9, 2019, May 27, 2019 and July
11, 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. Further, SIL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on SIL's bank facilities will be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the instances of the delays in
servicing of its debt obligations.

Detailed description of key rating drivers

At the time of last rating on Feb. 23, 2018 the following were the
rating strengths and weaknesses (updated for the
information available from banker's feedback):

Key rating weakness

Delays in debt servicing: The liquidity position of the company has
been severely impacted leading to delays in servicing of
its debt obligations, instances of LC devolvement & BG invocation.

Stone India Limited (SIL), currently belonging to the Kolkata-based
Duncan Goenka group, was incorporated in 1931. Before coming under
the aegis of the Duncan Goenka group in early 90s, SIL was a part
of Stone-Platt, a UK based group. SIL has been engaged in the
manufacturing of electrical and mechanical equipment like brake
systems, alternators, pantographs, slack adjusters, etc. for rail
road industry, since eight decades. Its manufacturing facilities
are located in Kolkata and Baddi (Himachal Pradesh). SIL has
technical tie-ups with foreign players for gaining access to new
technology and to maintain business continuity with Indian Railways
(IR). The Duncan Goenka group, which has interest in sectors like
tea, paper, chemical and engineering, is spearheaded by Mr. G. P.
Goenka duly supported by his son Mr. S. V. Goenka. Status of
non-cooperation with previous CRA: ICRA has suspended its ratings
vide press release dated September 26, 2014 on account of
non-cooperation by SIL with ICRA's efforts to undertake a review of
the outstanding ratings.


SURABHI AGRICO: CARE Keeps B- on INR10cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surabhi
Agrico Private Limited (SAP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        10.00       CARE B-; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
rating of SAP under the 'issuer non-cooperating' category as SAP
had failed to provide information for monitoring of the rating. SAP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls June 21,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings take into account non-availability of requisite
information and no due-diligence conducted with banker due to
non-cooperation by Surabhi Agrico Private Limited with CARE'S
efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to
remain constrained by susceptibility to volatility in prices of raw
material along with its presence in the highly competitive
industry characterized by intense competition. The ratings,
however, continues to take comfort from the experienced
promoters.

Detailed description of the key rating drivers
At the time of last rating on March 31, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Limited experience of promoters in food processing industry and
small scale of operations: SAP is the promoters' first venture in
beverages industry. Prior to incorporation of SAP, the promoters
were operating a hotel under the name of RNG Hotels and Resorts
Private Limited. Both the promoters shall look after the day to day
operation of the company. The scale of operations has remained
small marked by total operating income of INR5.35crore in FY17. The
small scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Small though growing scale of operations: The company experienced
growing scale of operations since the company achieved total
operating income of INR5.35crore during the FY17. The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. Though, the risk is partially
mitigated by the fact that the scale of operation is growing
continuously on account of increase in quantity sold to existing
and new customers. The total operating income during 2018 is INR
3.11 crore.

Working capital intensive nature of operations: Operations of the
company are working capital intensive. The operating cycle was high
on account of high inventory holdings in form of packaging material
as to reap benefits of economies of scale. The company receives and
makes payment in cash or advance basis therefore has a low
collection period.

Fortunes linked to demand of products of PAPL and dependency on
renewability of PAPL contract: As SAP has entered into contract
with PAPL and as per the contract, SAP cannot undertake franchisee
for any other company or manufacture beverages under its own brand
name. Therefore, the growth of the company is linked to the demand
of PAPL's beverages. Moreover the contract is subjected to
renewability after three years and also on regular quality
processes audit conducted by PAPL.

Competition from organized and unorganized sectors: The nature of
domestic food and beverage market is highly competitive with
presence of highly established players. SAP is exposed to intense
competition from organized domestic and international brands Coca
Cola, Pepsi, Tropicana, Slice etc. Further, the presence of several
substitutes to non-aerated drinks adds to competition in the
industry. Apart from the organized players, the company faces
challenge from various smaller players in the market and also from
the fresh juices, which are easily available. Moreover, the
business is also susceptible to changing preferences of consumers
towards products, brands, etc.

Raw material prices dependent on agro-climactic conditions and
perishable nature of product: The major raw material for the
company consists of sugar and fruit pulp. The prices of pulp are
highly fluctuating because of the seasonal availability of pulp and
other factors like irregularity of climatic condition to
unpredictable yields. Moreover, sugar prices are regulated by
government policies. The company has low bargaining power towards
increase in final product prices. Furthermore, the product is also
perishable in nature and, hence, requires more effort in selling
the product before its expiry as the liability of the expired
products rests with the company.

Seasonal nature of business: The company's nature of business is
seasonal, and most of the sales are in the summer season. During
the peak season the company operates at its full capacity with
extended shifts upto 12-13 hours a day instead of the regular shift
of eight hours during the remaining period of the year. The
business is also susceptible to changing health preferences of
consumers.

Key Rating Strengths

Association with a reputed brand and assured product off take:
SAP has entered into an agreement to manufacture various brands of
beverages for PAPL. As per the terms of agreement, " flavors" / "
NAAB"  required for manufacturing ready to serve beverages will be
supplied exclusively by the PAPL. Any other raw material such as
mango pulp, apple juice, sugar, etc. is being procured from the
approved sources of the PAPL. PAPL being a reputed established
brand ensures demand for its products which in turn guarantees
product off take for SAP. Association with a reputed organization
also ensures timely realization.

Uttar Pradesh based Surabhi Agrico Private Limited (SAP) was
incorporated in 2011 by Mr. Anil Kumar Maurya and Mr. Munna Lal and
commenced its operations in September, 2013. SAP is engaged in
manufacturing of engaged in manufacturing of beverages such as
Frooti, Appy fizz, Bailley Soda etc. Prior to this, the company was
known as "RNG Hotels and Resorts Private Limited" with the
objective to carry hospitality business. SAP has entered into a
franchisee agreement to manufacture, fill, pack, distribute and
sell the products within 34 regions in Uttar Pradesh for Parle Agro
Products Limited (PAPL) on franchisee basis. The franchisee sells
according to sales target given by the company from time to time
basis.


TATA MOTORS: Fitch Cuts LT IDR to BB-, Off Ratings Watch Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating of
Tata Motors Limited to 'BB-' from 'BB'. The Outlook is Negative.
The rating has been removed from Rating Watch Negative where it was
placed on February 6, 2019.

The downgrade reflects the reduction in Fitch's expectations for
TML's profitability and free cash generation in the next two to
three years. Fitch revised its estimates because business risks
have increased in both its India operations and its fully owned
UK-based subsidiary, Jaguar Land Rover Automotive plc (JLR,
BB-/Negative), while TML is likely to invest to bolster its
long-term competitiveness. This will result in sustained
deterioration in TML's financial profile, including its leverage.
The rating action follows a similar action on JLR's rating on July
16, 2019. Fitch rates TML on a consolidated basis including 100% of
JLR, considering its ability to access cash at JLR despite weak
legal and operational ties.

The Negative Outlook reflects limited rating headroom, given its
expectation of elevated leverage on a consolidated basis, and risk
of further deterioration in TML's profitability and leverage.
Uncertainty around an orderly outcome of Brexit negotiations and
the evolving global tariffs situation pose risks, in particular to
TML's JLR business, which faces a significant level of
production-sales mismatch due to concentration of its production
base in the UK.

JLR's heavy reliance on the sales of diesel variants exposes it to
unfavourable regulations in Europe. JLR plans to offer electric
variants for all of its models by 2020, but unexpected delays could
dampen sales performance. Fitch expects India's auto sales volumes
to stabilise gradually with the re-election of the government in
May 2019, but prolonged weakness in sales would exert further
pressure on leverage.

KEY RATING DRIVERS

Weaker Volumes in India: Growth trends in monthly sales volume of
passenger and commercial vehicles in India have worsened after
turning negative in December 2018 due to constrained liquidity at
non-bank lenders and excess capacity caused by relaxation of axle
load standards for commercial vehicles. In particular, TML's sales
volumes fell by more than 20% in the first quarter of the financial
year ending March 31, 2020 (FY20). Fitch expects a low double-digit
decline for FY20 because of still-weak liquidity at lenders and
slowing GDP growth.

TML's India business also faces additional risks from the
implementation of tighter emission standards under BS6 starting
from April 2020, which will raise production costs and therefore
could affect industry volumes and automakers' margins. TML is
likely to achieve a timely and smooth transition of its existing
models to BS6, but at the cost of a further increase in capex. New
product launches will help TML sustain its leading market position
in commercial vehicles and make gradual gains in passenger
vehicles, in its view.

JLR Faces Elevated Risks: JLR - which accounts for majority of
TML's consolidated EBITDA - benefits from greater resilience to
economic cycles than mass-market peers, but its smaller scale
constrains its ability to derive the same level of economies of
scale from its investments, as its larger peers. In particular,
JLR's large investments to keep up with trends in emission
regulations, alternative drive trains, automation and shared
mobility, have magnified the underlying risk to TML's cash flows
and leverage.

JLR's sales volumes in China continued to decline by 29% yoy in
1QFY20, following a 34% fall in FY19, reflecting poor market
conditions and still-weak operating performance despite
management's steps to address issues in the dealer network. Fitch
believes the risks in other markets, notably Europe, have also
risen with the auto cycle maturing after years of growth. Fitch
believes progress in JLR's cost-cutting initiatives and new model
launches will lead to margin improvement, but this will be more
gradual considering the increased risks in key markets.

Leverage to Deteriorate: Fitch expects TML's consolidated net
leverage, measured by adjusted net debt/EBITDAR and excluding the
auto-financing subsidiary TMF Holdings Limited, to increase to 2.6x
in FY20 and 2.9x in FY21, from 2.1x in FY19. Fitch expects net
leverage to normalise to around 2.5x in FY22, but it will remain
markedly higher than 2.0x - the level at which Fitch had previously
guided to consider negative rating action and leaves limited
headroom in FY21 compared to the revised net leverage sensitivity
at 3.0x. TML cut its capex, notably in its JLR business in FY19.
Nonetheless, Fitch expects higher capex in India and the JLR
business as TML continues to invest in new models and a new modular
chassis and electrification, including investment in a new battery
facility.

Strategic Importance to Parent: TML's rating benefits from a
one-notch uplift due to moderate linkages with its strong
shareholder, Tata Sons Limited (TSOL), as per Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch believes TSOL is likely
to continue supporting TML, if required, due to TML's strategic
importance to the group and the reputational risk arising from the
shared Tata brand. TSOL subscribed in full to its share of TML's
INR74.3 billion rights issue in FY16, and has provided financial
support to TML in the past. Any weakening of linkages between the
group and TML or deterioration in TSOL's ability to provide support
is likely to affect TML's ratings.

DERIVATION SUMMARY

TML has a leading market position in India's commercial-vehicle
segment and its premium offerings in the JLR business help it
compete against large carmakers in the profitable premium segment.
Nonetheless, TML's Standalone Credit Profile (SCP) of 'b+' reflects
its smaller scale and limited diversification compared to peers,
which have magnified the effect of adverse market developments and
heavy investment needs on its financial profile. Fitch expects
TML's financial profile to remain weak versus its peers as it
continues to expand its product range and production capabilities
amid a challenging operating and competitive environment. TML faces
considerably higher risk from a disorderly Brexit than its peers,
due to the significant production imbalance in its JLR business.

Fiat Chrysler Automobiles N.V. (BBB-/Stable) has much larger scale
and greater diversification than TML. This, and its stronger
financial profile, supports its rating at four notches higher than
TML's SCP. Peugeot S.A. (BBB-/Stable) has a larger scale and much
stronger capital structure than TML, which puts it in a favourable
position to withstand industry conditions in its key European
market, despite its largely mass-market-focused business.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - TML's consolidated revenue (excluding financial services
    business) to decline by 3% in FY20 due to weak industry
    conditions in India, which will outweigh modest growth in
    JLR. Revenue growth to recover to mid-to-high single digits
    in FY21 and FY22.

  - TML's consolidated EBITDA margins to recover to between
    9%-10% over FY20 and FY21 and around 12% in FY22,
    benefitting from cost-cutting measures and new product
launches.

  - Capex/revenue to average around 13% in FY20 and FY21.

  - No dividend payments over the medium term consistent with
    a flexible approach demonstrated in past.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Negative rating action on JLR

  - TML's consolidated net adjusted debt/EBITDAR, excluding
    its auto-financing subsidiary, exceeding 3.0x for a
    prolonged period

  - Weakening of linkages between Tata group and TML

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Positive rating action on JLR provided no weakening
    in TML's consolidated financial profile

For the rating on JLR, the following sensitivities were outlined by
Fitch in its Rating Action Commentary on July 16, 2019:

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - FCF margin does not recover to positive by FY22

  - Failure to mitigate the worst effects of a disorderly
    Brexit or significant changes to current tariff regimes,
    resulting in a materially weaker financial profile than
    forecast

  - Operating margin sustainably below 1%

  - FFO-adjusted net leverage above 1.5x

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Operating margin sustainably above 2%

  - Significantly positive FCF margin

  - FFO-adjusted net leverage below 0.5x

LIQUIDITY

Adequate Liquidity; Risks in JLR: TML's readily available cash
balance of INR315 billion at FYE19 was adequate to meet less than
INR200 billion of debt (both excluding the financial-services
business) maturing in FY20. The liquidity profile is further
supported by undrawn committed credit facilities - including GBP1.9
billion (INR175 billion) available to JLR and INR15 billion to TML
as of March 31, 2019. Fitch expects TML's liquidity to adequately
cover negative FCF forecast for FY20.

TML has a balanced debt-maturity profile over the next few years,
but sustained negative free cash generation in its rating case
points to dependence on debt refinancing. TML's liquidity profile
could worsen significantly if the considerable operational risks in
JLR's business materialise, leading to higher levels of free cash
deficit and reduced ability to refinance.


URJA AUTOMOBILES: CARE Keeps B on INR6.8cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Urja
Automobiles Private Limited (UAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        6.81        CARE B; Stable Issuer Not
   Facilities                        Cooperating: Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UAPL to monitor the rating
vide e-mail communications/letters dated June 5, 2019, June 7,
2019, June 11, 2019 and numerous phone calls. However, despite
our repeated requests, the company 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 the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on UAPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING. Further, Banker could not be contacted.

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

The rating takes into account its short track record coupled with
small scale of operation, volatility in profit margins subject to
government regulations, working capital intensive nature of
business and exposure to vagaries of nature and intensely
competitive nature of the industry characterized by a number of
small players. However, the aforesaid constraints are partially
offset by its experienced promoters and proximity to raw material
sources.

Detailed description of the key rating drivers

Key Rating Weaknesses:

Small scale of operation: UAPL is a small player in auto dealership
business with revenue and PAT of INR19.40 crore and INR0.04 crore
respectively, in FY18. Furthermore, the total capital employed was
also modest at INR8.93 crore as on March 31, 2018. The small scale
restricts the financial flexibility of the company in times of
stress. According to the management, during FY18, the company has
earned a total operating income of Rs19.40 crore.

Risk of non-renewal of dealership agreement from principles: UAPL
has entered into a dealership agreement with NMIPL in 2013. The
dealership agreement with NMIPL has been renewed every year and the
same is currently valid till March 2018 subject to renewal of the
agreement afterwards, completely at the discretion of NMIPL.
Furthermore, the agreements may get terminated at any time on
violation of certain clauses. However, the risk is mitigated to
some extent in view of its moderately long association with NMIPL.

Pricing constraints and margin pressure arising out of competition
from other auto dealers in the market: UAPL faces aggressive
competition on account of established presence of authorized
dealers of other commercial vehicles manufacturers like Maruti,
Hyundai etc. Considering the existing competition, UAPL is required
to offer better terms like providing discounts on purchases to
attract new customers. Such discounts offered to customers create
margin pressure and may negatively impact the revenue earning
capacity of the company. Furthermore, the revenues of UAPL would
also be governed by launch of newer models by NMIPL, and acceptance
of the products in the market.

Working capital intensive nature of operation: Being a trading
nature of operation, the business of UAPL is working capital
intensive mainly on account of inventory period as the company has
to maintain fixed level of inventory for display and to guard
against supply shortages. The average operation cycle is ranging
between 90 days during FY18.

Thin profit margins, leveraged capital structure and moderate debt
protection metrics: The profit margin of the company remained thin
and range bound over the past years due to inherent low margin
nature of dealership business with no control over the purchase and
selling prices. Currently the PBILDT and PAT margin is
hovering at 5.49% and 0.20% respectively in FY18. The capital
structure of the company remained leveraged marked by the overall
gearing of 2.39x as on March 31, 2018.

Key Rating Strengths

Moderately experienced promoters: UAPL is currently managed by Mr.
Rahul Kumar, Managing Director, having about a decade of experience
in similar line of business. These apart, all other two directors
are also having around a decade of experience in similar industry.


Authorised dealership of Nissan Motor India Pvt. Ltd
UAPL is an authorised dealer of NMIPL and has started its
association since 2013. The company has one showroom located at
Danapur, Patna. UAPL is getting a competitive advantage of being
solo dealer of NMIPL passenger vehicles for this area. NMIPL has
been one of market leaders in the passenger vehicles segment for
decades and has a wide & established distribution network of sales
and service centres across India, providing it a competitive
advantage over its peers.

Integrated nature of business
The company operates through its workshop to provide after sales
service and deals in original accessories & spare parts apart from
selling cars by virtue of being a '3-S' (Sales, Services and Spare
parts) authorized dealer of NMIPL. Owning authorized service centre
helps the company to tap a larger client base who prefers to
purchase vehicles from dealers having own authorized service centre
to avoid hassles in case of breakdown and requirement of service.

Liquidity
The liquidity position of the entity remained moderate marked by
current ratio and quick ratio of 1.46x and 0.86x as on March 31,
2018. The Gross cash accrual was INR0.29 crore in FY18.

Urja Automobiles Private Limited (UAPL) was incorporated during
February 2013 by Mr. Rahul Kumar of Danapur in Patna. Subsequently,
the company started to initiate an auto dealership business and has
setup a selling and servicing facility at Saguna in Danapur. The
company has entered into dealership authority from Nissan Motor
India Pvt. Ltd. (NMIPL) for selling and servicing passenger
vehicles. Later on the company started sales and service facility
at other three locations in Bihar, namely, Araa, Patliputra and
Purnia. The day-to-day affairs of the company are looked after by
Mr. Rahul Kumar (Managing Director) with adequate support from
other three directors and a team of experienced personnel.


VIPUL ORGANICS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Rating & Research (Ind-Ra) has assigned Vipul Organics
Limited (VOL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR85 mil. Term loan due on March 2023 assigned with IND
     BB+/Stable rating;

-- INR255 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR31.5 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

Analytical Approach: Ind-Ra has taken a consolidated view of VOL
and its subsidiary Shree Ambika Naturals Private Limited. The
companies have strong operational and strategic inter-linkages, as
they operate in the same line of business. As of FY18, VOL held 56%
in Shree Ambika Naturals Private Limited.

KEY RATING DRIVERS

The ratings reflect VOL's small scale of operation, as indicated by
revenue of INR900 million in FY19 (FY18: INR794 million) on account
of an increase in capacity and realization. Revenue logged 14.4%
CAGR over FY16-FY19.  The company's standalone revenue stood at
INR904 million in FY19 (FY18: INR796 million).

The ratings also factor in the company's average EBITDA margin,
which improved to 7.0% in FY19 (FY18: 5.4%) due to an increase in
realization. However, the company's return on capital employed was
12% in FY19 (FY18: 10%). Its standalone EBITDA margin was 7.0% in
FY19 (FY18: 3.8%).

The ratings are also constrained by VOL's modest credit metrics.
Net leverage (total adjusted net debt/operating EBITDA) improved to
2.8x in FY19 (FY18: 4.3x) and interest coverage (operating
EBITDA/gross interest expense) to 5.8x (4.8x). Improvement in the
credit metrics was mainly due to an increase in absolute EBITDA,
which rose to INR63 million in FY19 (FY18: INR43 million). However,
Ind-Ra expects the credit metrics to stretch in the near future on
account of debt-led CAPEX plan to increase capacity. On a
standalone basis too, the company's credit metrics improved with
interest coverage of 5.8x in FY19 (FY18:3.3x) and net leverage of
2.6x (5.3x).

The ratings, however, are supported by comfortable liquidity as the
company's fund-based facilities were 71% average utilized for 12
months ended May 2019. Cash flow from operations turned positive to
INR120 million in FY19 (FY18: negative INR70 million) due to an
improvement in cash conversion cycle to 42 days (71 days) and
absolute EBITDA. The company had a cash balance of INR18 million at
FYE19 (FYE18: INR3 million) and repayment obligations of INR12.9
million for FY20 and INR14.0 million for FY21, which will be met
through internal accruals.

The ratings are also aided by the promoters' experience of more
than three decades in the manufacturing of dye and pigment.

RATING SENSITIVITIES

Positive: Substantial growth in revenue and profitability leading
to an improvement in the credit metrics could be positive for the
ratings.

Negative: A decline in revenue or profitability or
higher-than-expected debt-led capex resulting in a sustained
deterioration in credit metrics or tight liquidity will lead to
negative rating action.

COMPANY PROFILE

VOL, incorporated in 1967 and managed by Mr. Sharad K Babaria,
manufactures dyes, chemicals, and intermediates.




=================
I N D O N E S I A
=================

DELTA MERLIN: Fitch Cuts LT IDR to CCC-, Off Ratings Watch Negative
-------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based textile manufacturer
PT Delta Merlin Dunia Textile's Long-Term Issuer Default Ratings to
'CCC-' from 'B-' and the rating on its senior unsecured US dollar
notes to 'CCC-' with a Recovery Rating of 'RR4', from 'B-' with an
'RR4'. All ratings were removed from Rating Watch Negative, on
which they were placed on July 18, 2019. The downgrade reflects
Fitch's assessment of DMDT's heightened liquidity risk; in
particular, the company's ability to make the scheduled principal
amortisation and interest payments in September 2019.

KEY RATING DRIVERS

Heightened Liquidity Risks: DMDT had around IDR700 billion in cash
as of March 30, 2019, which Fitch believes may no longer be
available to meet DMDT's interest and scheduled principal
amortisation payments, given its understanding of a cash drain with
respect to stretched working capital, slow sales and settlements of
deeply out-of-the-money (OTM) forward contracts. Fitch estimates
that the company has around IDR400 billion-450 billion in interest,
amortisation payments and maturing debt due in 3Q19, mostly in
September, on its bond and bank loans. Fitch also believes a
substantial portion of the company's deeply OTM forward contracts
are maturing in the short term.

The company has also chosen not to provide a liquidity management
strategy or credible financing strategy in relation to the broader
Duniatex group, of which DMDT is a part. The interest reserve
account associated with the company's USD300 million 8.625% senior
unsecured bond due in 2024, would mean DMDT satisfying the coupon
payment on September 21, 2019. However, the company's ability to
maintain a balance of one semi-annual coupon payment in the
interest reserve account, as per the bond indenture, and its
ability to meet subsequent payments on the bond, are significantly
at risk.

Contagion Risk from Affiliates: Fitch believes DMDT's access to
banks and capital markets could be constrained. DMDT's bond
documentation does not contain a cross-default clause that links
the company's financing with the performance of affiliates. Still,
Fitch believes that DMDT's banking and capital-market access could
be restricted due to an affiliate's financial distress, taking into
account the common ownership and the company's integrated
operations within Duniatex group.

One of the group's spinning companies, PT Dunia Delta Dunia Sandang
Tekstil (DDST), missed its scheduled payment and Fitch understands
that restructuring has commenced at DDST. This could make it
difficult for DMDT to refinance debt, including short-term
working-capital facilities, which may not only affect day-to-day
operations but also its ability to make scheduled principal
amortisation repayment on its term loans. In addition, any default
on DMDT's loans, aside from the bond, of an amount larger than
USD10 million may trigger the event-of-default clause in its US
dollar bond documentation.

Weakening Cash-Flow Generation: DMDT's ratings also reflects the
company's weakening cash-flow generation in the near term, which is
partially driven by higher supply of imported fabrics in the
domestic market. The 25% tariff imposed by the US on Chinese
products may have led Chinese manufacturers to divert their
products to other countries in the region, including Indonesia.
Fitch believes this may have pressured DMDT's sales and
working-capital requirements, adversely affecting the company's
liquidity profile.

Fitch believes DMDT's cash flow is also affected by the settlement
of the company's US dollar forward contracts in the near term.
DMDT, along with its affiliates, typically hedges a portion of its
US dollar requirements through the use of forward contracts of six
to twelve months. Fitch understands that the company's
foreign-exchange contracts are deeply OTM and therefore the company
faces material cash outflow from the settlement of the contracts in
the short term. This may limit the company's ability to meet its
debt repayment scheduled in the near term.

DERIVATION SUMMARY

DMDT's rating may be compared with that of PT Lippo Karawaci TBK
(B-/Stable), PT Agung Podomoro Land Tbk (APLN, CCC-) and Global
Cloud Xchange Limited (GCX, CC). DMDT is rated lower than Lippo due
to the latter's improved liquidity position and limited refinancing
risk following the completion of its rights issue. Fitch believes
Lippo has sufficient financing flexibility to meet operating
expenses, interest costs and debt maturities at least through to
end-2020.

DMDT is rated at the same level as APLN, taking into consideration
both companies' near-term refinancing and liquidity risks. APLN has
not secured adequate funding to date to address its syndicated loan
and domestic bonds maturing in December 2019 and January 2020,
while DMDT may face challenges in addressing its scheduled
principal amortisation in September 2019.

DMDT's higher rating relative to GCX reflects the higher level of
credit risk on the refinancing of GCX's secured notes in light of
its poor capital-market access following the default and ongoing
debt restructuring of its parent company, Reliance Communication
Limited. GCX's USD350 million secured notes are due August 1, 2019.
The company is evaluating options to refinance the notes, but does
not have a concrete plan.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Stable utilisation rate of 81% across 2019 (2018: 76%)

  - Stable EBITDA margin at 19% over the next two years (2018:
21%)

  - No dividends for the next two years

Key Recovery Rating Assumptions

  - DMDT would be considered a going concern in a bankruptcy
    and would be reorganised rather than liquidated

  - Fitch has assumed that DMDT's going-concern EBITDA is equal
    to its EBITDA in the last 12 months to 1Q19, with 10%
    discount applied to reflect Fitch's assessment of a
    sustainable, post-reorganisation EBITDA level upon which
    Fitch based the company's valuation

  - An enterprise value (EV) multiple of 4x is used to
    calculate a post-reorganisation EV. Fitch believes this
    is closer to a distressed multiple, considering that other
    Indonesia-based textile and garment manufacturers - PT Sri
    Rejeki Isman Tbk (BB-/Stable) and PT Pan Brothers Tbk
    (B/Stable) - are trading at around 5x and 10x EV/EBITDA
    multiples, respectively

  - Around IDR1.5 trillion of secured debt as of March 31,
    2019 has priority over the senior unsecured US dollar bond

  - 10% administrative claim to be applied on the going concern EV

  - These assumptions result in a recovery rate for senior
    unsecured notes within the 'RR1' range. However, because
    Indonesia falls into Group D of creditor-friendliness under
    its Country-Specific Treatment of Recovery Ratings Criteria,
    the recovery rate is subject to a soft cap of 'RR4', which
    maps to a senior unsecured rating of 'CCC-' in line with its
    Corporates Notching and Recovery Ratings Criteria.


KRAKATAU STEEL: Needs Total Overhaul, Vice President Kalla Says
---------------------------------------------------------------
The Jakarta Post reports that Vice President Jusuf Kalla has said
that state-owned steelmaker PT Krakatau Steel needs a total
overhaul to improve its performance so that the company's products
can compete with imported products.

"Krakatau Steel has to fundamentally change its management and
improve its technology," Kalla said on July 23 as reported by
tempo.co, adding that with a total debt of IDR30 trillion (US$2.12
billion), Krakatau Steel's financial difficulties were quite
severe, the Jakarta Post relays.  

He pointed out that Krakatau Steel had not been able to resolve a
long-standing problem, namely the old technology it used, the
report relates. "The technology is too old and is rivaled by China,
[which produces steel at] lower prices. So Krakatau Steel cannot
compete," the report quotes Kalla as saying.

He said the government had to help state-owned enterprises,
including Krakatau Steel, but it did not mean that the government
had to pay off their debts because it had its own debts, according
to the report.

Krakatau Steel is in the process of restructuring and has
transferred about 2,000 employees to its subsidiaries. Up to the
first quarter of this year, Krakatau Steel's losses increased more
than 1,000 percent year-on-year (yoy) to $64 million, while its
revenue slumped 13.82 percent yoy to $418.98 million, the Jakarta
Post discloses.

Indonesian Iron and Steel Industry Association (IISIA) executive
director Yerry Idroes said local steelmakers could not compete with
imported products, particularly those from China, the Jakarta Post
reports.

"Statistics Indonesia recorded that from January to March, imports
of iron and steel grew 14.75 percent year-on-year to $2.76 billion.
[Steel and iron] imports were the fourth-largest [among other
commodities]," he said recently, the report adds.

PT Krakatau Steel Persero Tbk is a state-owned iron and steel
producer.




===============
M O N G O L I A
===============

MONGOLIAN MORTGAGE: Moody's Affirms B3 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has affirmed the B3 long-term foreign
currency issuer rating, foreign currency backed senior unsecured
rating and B3 long-term corporate family rating of Mongolian
Mortgage Corporation HFC LLC.

The outlook on Mongolian Mortgage Corporation is stable.

RATINGS RATIONALE

Mongolian Mortgage Corporation's B3 CFR reflects its strong asset
quality, moderate capitalization and stable profitability as the
sole mortgage servicer for the government's affordable housing
finance program. The company's key credit weaknesses are its
elevated counterparty risks due to its exposure to commercial banks
in Mongolia and the Bank of Mongolia, its credit concentration to
the Mongolian residential property sector and its weak liquidity.

The company's counterparty risk and liquidity risk are rising as it
is expanding its purchased mortgages with recourse business that is
funded primarily by wholesale funding sources. The company issued a
$300 million senior unsecured bond in January 2019 and plans to use
at least 90% of the net proceeds to purchase mortgages with
recourse.

Mongolian Mortgage Corporation is highly dependent on the Mongolian
government's affordable housing policy, with mortgages issued under
the program accounting for 98% of its interest income in 2018. As
such, Mongolian Mortgage Corporation has high concentration risks
to the Mongolian residential property market and Mongolia's banks.
Bank of Mongolia plays a crucial role as the supplier of seed money
to Mongolia's commercial banks for the origination of conforming
mortgages, and as the purchaser of Mongolian Mortgage Corporation's
residential mortgage backed securities.

Mongolian Mortgage Corporation's B3 rating does not incorporate any
uplift for government support because the company's standalone
assessment of b3 is at the same level as the Mongolian government's
B3 issuer rating. Nevertheless, Moody's expects a high level of
support from the government of Mongolia in times of stress. Moody's
assumption of support is based on Mongolian Mortgage Corporation's
(1) unique policy role in Mongolia; (2) close linkages with the
central bank and the government; (3) 19.3% direct and indirect
government ownership as of the end of 2018; and (4) high systemic
importance to Mongolia's financial sector, given its prominent role
in the domestic RMBS market.

Mongolian Mortgage Corporation's long-term issuer rating and backed
senior unsecured ratings are at the same level as its CFR. While
Mongolian Mortgage Corporation's senior unsecured debt is
structurally subordinated to the company's special purpose
companies (SPCs), Moody's has also considered the fact that the
holders of these SPCs do not have claims against the operating
entity's assets, as well as the availability of assets to the
senior unsecured debt holders at the operating entity's level. SPCs
are established to securitize mortgages purchased without recourse
under Mongolia's affordable housing program. Holders of RMBS issued
by the individual SPCs are the Bank of Mongolia and the originating
banks.

Mongolian Mortgage Corporation's USD senior unsecured bond contains
a special term that requires the company to utilize at least 80% of
the net proceeds to purchase mortgages with recourse from Mongolian
banks by the end of September 2019. A failure to do so will require
the company to repay the bond in its entirety. The company has
already made good progress in purchasing mortgages, and Moody's
expects it will fulfil this requirement by the deadline.
Nevertheless, should the company fail to fulfil the target purchase
amount, Moody's expects the strong liquidity profiles of Mongolian
banks and support from the government will help mitigate the
liquidity risk associated with timely repayment of the debt.

The stable outlook on Mongolian Mortgage Corporation reflects the
company's stable profitability and strong market positioning as the
only mortgage servicer in Mongolia.

Factors that Could Lead to an Upgrade

Mongolian Mortgage Corporation's B3 ratings could be upgraded if
the Mongolian government's B3 rating is upgraded and Mongolian
Mortgage Corporation's standalone credit metrics remain robust.

Factors that Could Lead to a Downgrade

Mongolian Mortgage Corporation's ratings could be lowered if (1)
the sovereign rating is downgraded; or (2) the company's liquidity
profile weakens substantially in regards to foreign currency debt
servicing and refinancing.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies was published in December 2018.

Mongolian Mortgage Corporation HFC LLC is a wholly owned subsidiary
of MIK Holding JSC and is headquartered in Ulaanbaatar, Mongolia.
MIK Holding JSC's consolidated assets totaled MNT3.2 trillion ($1.2
billion) at the end of 2018.




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

EPICENTRE HOLDINGS: Creditor Seeks to Place Firm under JM
---------------------------------------------------------
The Business Times reports that a creditor of Catalist-listed
Epicentre Holdings has applied to place the company under judicial
management.

BT relates that the former Apple reseller's lawyer Oon & Bazul
received a letter on July 22 stating creditor Goh Chee Hong filed
the application with the Singapore High Court.

Epicentre has since instructed Oon & Bazul to accept service of the
application and related documents on its behalf, effective July 23,
the report says.

"The company is presently reviewing the application and taking
legal advice on its proposed course of action in the application,"
Epicentre said in a regulatory filing on July 23.

According to the report, Mr. Goh had earlier filed a statutory
demand dated May 21 claiming a sum of SGD3 million arising from a
loan that he provided to the company.

He was also one of three creditors who filed statutory demands on
Epicentre on May 21 and May 27. Another was ELush T3, which runs
Apple reseller iStudio. It also filed a statutory demand on May 21
claiming a sum of about SGD0.42 million arising from outstanding
trade debts, BT notes.

Separately, a statutory demand dated May 27 was based on debts
amounting to about SGD1.56 million owed by the group to Kenneth Lim
Tiong Hian, of which SGD1.3 million was assigned to a third
creditor, Jonathan Lim, who is executive director of Japan IPL
Holdings, a subsidiary of Epicentre, according to BT.

Mr Kenneth Lim, executive chairman and acting chief executive
officer of Epicentre, has been uncontactable since May 24,
according to the company, BT relays.

In June, Epicentre received a statutory demand from three of its
former independent directors, namely Giang Sovann, Lim Jin Wei and
Azman Hisham bin Ja'afar, for a sum of SGD50,001 for outstanding
directors' fees, BT recalls.

To settle most of its existing liabilities including monies owed to
Mr. Goh and ELush, Epicentre had earlier proposed to raise funds
through a placement of up to 79.7 million new shares. The plan fell
through after Mr Kenneth Lim became uncontactable, the report
states.

On July 23, AA Group Holdings got dragged into the Epicentre
debacle, when it announced that it had received two statutory
demands and one letter of demand from an alleged creditor, over
financing agreements allegedly signed on its behalf by Mr Kenneth
Lim, the report says.

BT relates that the company said Mr. Kenneth Lim "is not and has
never been a director, officer or employee of the company or any of
its subsidiaries" and did not authorise Mr Kenneth Lim to enter
into the agreements on its behalf. It also said it had never
entered into such agreements with alleged creditor Gema Blasco
Martinez.

According to BT, AA Group said it has made a police report and is
currently seeking legal advice on the matter. It added that it will
be responding to Ms. Martinez's lawyers and will provide further
updates on this matter to shareholders in due course.

BT adds that Epicentre separately announced on July 23 that it had
appointed Drew Ethan Madacsi as its independent director. According
to the filing, Mr. Madacsi is currently non-executive chairman of
Singapore-listed construction company MMP Resources. He is also
currently a director of MMP Resources Japan KK and African Coal
Resources, and a senior strategic consultant of Allington
Advisory.

Trading in Epicentre's shares has been suspended since May 30, the
report notes.

                     About Epicentre Holdings

Epicentre Holdings Limited is an investment holding company. The
Company is an Apple Premium Reseller (APR), which offers a range of
Apple and Apple-related products, as well as pre- and post-sale
services. The Company's segments are Apple brand products, and
third party and proprietary brand complementary products. It also
retails a range of non-Apple branded fashion-skewed accessories in
EpiLife concept stores. EpiLife also carries merchandise under
iWorld, the Company's brand of accessories targeted at the young
and trendy. EpiCentre's e-stores offer a range of accessories,
cases, headphones and styluses from various brands such as,
Monster, JAYS, Belkin, Gosh, Klipsch and B&O. The Company, through
its subsidiary, Epicentre Solutions Pte. Ltd., provides
information technology solutions to educational institutions within
Singapore. It operates approximately five and over six EpiCentre
stores in Singapore and Malaysia (Kuala Lumpur) respectively, and
an EpiLife store in Singapore.


SWIBER HOLDINGS: Forms Joint Venture with Hilong Marine
-------------------------------------------------------
Splash247.com reports that Swiber Holdings has formed a joint
venture through subsidiary Swiber Offshore Construction with Hong
Kong-based Hilong Marine Engineering.

According to the report, the joint venture is called Ocentra
Offshore and will focus on pipe-laying and integration of pipeline
systems, offshore heavy lifting and installation, subsea tie-in and
under water maintenance, barge/vessel management and chartering.

Swiber is taking a 49% stake in the joint venture while Hilong is
taking a 51% controlling share, the report notes.

Splash247.com says the judicial managers of Swiber believe the
joint venture provides an opportunity to expand its existing
business of vessel chartering and an opportunity to capitalise on
the collective experience of the shareholders.

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is  

a Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
2, 2016, Reuters said Swiber Holdings Ltd has applied to place
itself under judicial management instead of liquidation. According
to Reuters, Swiber shocked markets in July 2016 by filing for
liquidation, as it faced hundreds of millions of dollars in debt
and a decline in orders, becoming the largest local company to fall
victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of assets
on March 31, 2016, before it sought court protection in late July,
Bloomberg News reported citing the company's last published
accounts.


TAP VENTURE: Placed Under Judicial Management
---------------------------------------------
The Straits Times reports that a venture fund approved under the
Government's Global Investor Programme (GIP) has been placed under
judicial management after a court ruled it was unable to pay its
debts.

Judicial management is a method of debt restructuring for firms
under financial distress and this is believed to be the first time
a GIP fund has found itself in such a predicament.

The High Court heard on July 15 that there had been "significant
insolvency risk" in TAP Venture Fund I as early as December 2017.

Court documents seen by The Straits Times said an assessment by
TAP's interim judicial managers from Deloitte & Touche found the
fund lacked the ability to make payments to its preference
shareholders in March last year and likely September last year as
well.

TAP, formerly the Asiasons Venture Fund, is obliged to redeem each
investor's preference shares at the end of five-year holding
periods, the report says. The amounts that shareholders receive
depend on the fund's net asset value, typically calculated at the
end of these periods.

But in July 2017, shareholders were told TAP's net asset value had
fallen by about a third from the original, the report relates.

While TAP typically made payments to its preference shareholders
about two to three months after the five-year periods ended, it
stopped doing so in December 2017, the report states.

Last year, 16 of TAP's 22 remaining preference shareholders took
legal action against it, and five more have since expressed support
for this application, the report recalls. The 22 had, in total,
invested over $45 million in the fund. The dispute centres on the
amount of return capital the fund could make to them.

According to the Straits Times, the plaintiffs' lawyers, led by Mr
Daniel Chia of Morgan Lewis Stamford, charged that the fund's
former management and directors "deliberately withheld information"
from its interim judicial managers and corporate finance adviser
Duff & Phelps (D&P), so as to "artificially depress the assessed
net asset value per share, leading to a lower recovery for
creditors".

For example, D&P assessed three investments at zero value, as it
had not been provided financial information, said court documents,
the report relays.

But TAP's lawyers Nazim Khan and Leonard Hazra of UniLegal pointed
out there were also funds due to TAP that its interim judicial
managers had known about, but chose not to consider as receivables
when conducting their valuation.

Separately, Mr. Chia on July 15 argued that there had been a
"last-hour attempt" earlier this month at recovering funds for TAP
from a linked entity to show that it was in fact cash solvent, the
Straits Times reports.

The report relates that Mr. Chia said there was public interest in
the case as well, requiring the appointment of a judicial manager
given that TAP is under the GIP.

The Straits Times notes that the GIP aims to attract high-level
investors and entrepreneurs to live in Singapore, allowing
foreigners to apply for permanent residency if they invest at least
$2.5 million to start or expand a business, or in a GIP fund that
invests in Singapore-based companies. It is run by Contact
Singapore, a division of the Economic Development Board.

"Clearly, for the purposes of attracting foreign investment in
Singapore, the reputation of and trust in the fund managers of such
GIP-approved funds are paramount," said the plaintiffs' lawyers in
court documents, the report relays.

On July 15, Justice Kannan Ramesh said he was satisfied that TAP
was and will not be able to pay its debts, adding that a judicial
manager should be appointed, adds the Straits Times.




=====================
S O U T H   K O R E A
=====================

KUMHO ASIANA: Starts Auction to Sell Asiana Airlines
----------------------------------------------------
Yonhap News Agency reports that Kumho Asiana Group, a South Korean
airline-to-petrochemical conglomerate, on July 25 began the process
of selling its airline unit with the aim to complete it this year.


According to Yonhap, the group put its construction affiliate Kumho
Industrial Co.'s entire 33.5 percent stake in Asiana Airlines up
for sale to secure liquidity as the group faces a cash crunch.

Yonhap relates that in a public bidding notice, Credit Suisse, the
deal's adviser, said it will send a prospectus to potential
investors who have disclosed their intention to join the bid.

The airline stake up for sale is valued at KRW448 billion (US$380
million) based on Wednesday's closing price of KRW6,520, Yonhap
discloses.

If the management premium is added, the acquisition price
reportedly could fetch up to KRW2.5 trillion (US$2.1 billion), the
report says.

Yonhap notes that conglomerates such as SK Group, CJ Group, GS
Group, Hanwha Group and Aekyung Holdings, Inc., as well as private
equity funds, have been mentioned as potential bidders for the
country's second-biggest full-service carrier after Korean Air
Lines Co., though they have denied the rumors or said they will
look at the deal.

Asked if they planned to join the bid, Aekyung said it has "an
interest" in the deal and GS said no decision has been made yet,
Yonhap says. Aekyung owns a 57 percent stake in low-cost carrier
unit Jeju Air Co.

But SK, CJ, Hanwha said they have no interest in the auction,
Yonhap notes.

Korean private equity firm MBK Partners declined to comment.

In 2018, Asiana Airlines and its main creditor, the state-run Korea
Development Bank (KDB), signed a deal that required the carrier to
secure liquidity through sales of assets and other means, Yonhap
recalls.

Yonhap relates that the KDB-led creditors and Kumho Industrial have
said they are planning to sell Asiana Airlines together with its
two budget carrier units -- Air Seoul Inc., which is wholly owned
by the airline, and 46 percent owned Air Busan Co.

But they left the room for the possibility that Asiana and the two
low-cost carriers could be sold separately if such a request arises
during the bidding process, Yonhap states.

Last year, the airline swung to a net loss of KRW10.4 billion from
a net profit of KRW248 billion a year earlier due to
currency-related losses and increased jet fuel costs, Yonhap notes.


Currently, it owes financial institutions a total of KRW2.7
trillion in short-term obligations, with KRW660 billion of loans
maturing this year, Yonhap discloses.

Established in 1946, Kumho Asiana Group is a South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



                           *********


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.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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