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

                     A S I A   P A C I F I C

          Monday, September 23, 2019, Vol. 22, No. 190

                           Headlines



A U S T R A L I A

4 D CUSTOM: Second Creditors' Meeting Set for Oct. 1
AXSESSTODAY LTD: AUD260 Million Asset Sale Completed
EFX ASSETS: Second Creditors' Meeting Set for Oct. 1
EVERMORE MONEY: Second Creditors' Meeting Set for Sept. 30
HONEST FOOD: Second Creditors' Meeting Set for Sept. 30

LA TROBE 2019-2: Moody's Puts (P)B1 Rating to AUD7.5MM Cl. F Notes
NORTHERN OIL & GAS: Goes Into Voluntary Administration
OBJECT CONSULTING: May Have Traded While Insolvent for 18 Months
RYLEHO GROUP: Second Creditors' Meeting Set for Oct. 1


C H I N A

CHANGDE URBAN: Fitch Rates $200MM Sr. Unsec. Notes Final 'BB+'
FARASIS ENERGY: Seeks IPO Cash to Offset Sputtering Sales
HANERGY HOLDING: Sued for Unpaid US$10MM on Luxury Jet Lease
SHANDONG RUYI: S&P Downgrades ICR to 'B-', Put on Creditwatch Neg.


I N D I A

BHUPTANI ASSOCIATES: Ind-Ra Migrates BB- Rating to Non-Cooperating
CHOUDHARY GUM: ICRA Keeps 'B' Rating in Not Cooperating Category
COFFEE DAY: ICRA Lowers Rating on INR315.00cr Loan to D
D.N. HOMES: Ind-Ra Cuts Issuer Rating to BB+, Moves to Non-Coop.
FACOR ALLOYS: ICRA Reaffirms 'D' Rating on INR49.48cr Loan

GMR KAMALANGA: ICRA Maintains 'D' Rating in Not Cooperating
GOLDEN TOBACCO: ICRA Keeps 'D' Rating in Not Cooperating
INDIAN PULP: ICRA Reaffirms 'D' Rating on INR38.07cr Term Loan
JAI MAA: ICRA Maintains 'D' Rating in Not Cooperating
KAYVAL KRUPA: Ind-Ra Affirms 'D' Long Term Issuer Rating

MAHATMA GANDHI: ICRA Reaffirms C+ Rating on INR35cr Loans
MANDEEP INDUSTRIES: ICRA Migrates 'B' Rating to Not Cooperating
MIRHA EXPORTS: ICRA Hikes Rating on INR140cr Loan from 'D'
MIXED BAG: ICRA Lowers Rating on INR10cr LT Loan to 'D'
MOONLIGHT MARBLES: ICRA Lowers Rating on INR12cr Loan to D

NAVKAR LIFESCIENCES: ICRA Raises Rating on INR19.75cr Loan to B-
PNX LOGISTICS: ICRA Downgrades Rating on INR14cr Loan to D
POSITIVE MICRON: ICRA Lowers Rating on INR13cr Term Loan to D
ROOTS COOLING: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
SHINE METALTECH: ICRA Keeps 'D' Rating in Not Cooperating

SHRIYA RICE: ICRA Reaffirms 'B' Rating on INR5.50cr Loan
SICAL IRON: ICRA Downgrades Rating on INR500cr LT Loan to D
SICAL LOGISTICS: ICRA Lowers Rating on INR526.01cr Loan to D
SICAL MULTIMODAL: ICRA Lowers Rating on INR100cr Loan to D
SICAL SAUMYA: ICRA Downgrades Rating on INR41.83cr Loan to D

SYNCO INDUSTRIES: ICRA Keeps 'C+' Rating in Not Cooperating
TEXPLAS INDIA: ICRA Cuts INR11.50cr Loan Rating to D, Not Coop.
VIKAS COTTON: ICRA Maintains 'D' Rating in Not Cooperating
WARANA DAIRY: Ind-Ra Affirms 'D', Issuer Not Cooperating Rating


M A L A Y S I A

SEACERA GROUP: Ambank Seeks to Sell Property to Recoup Loan


S I N G A P O R E

POSH TERASEA: POSH May Face US$42M Impairment Charge Over Default
TEE INTERNATIONAL: SGX Grants 60-day Extension to Hold AGM


S R I   L A N K A

SRILANKAN AIRLINES: Fitch Puts Final B Rating to $175M Unsec. Bonds

                           - - - - -


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

4 D CUSTOM: Second Creditors' Meeting Set for Oct. 1
----------------------------------------------------
A second meeting of creditors in the proceedings of 4 D Custom Pty.
Ltd has been set for Oct. 1, 2019, at 4:30 p.m. at the offices of
SV Partners, Level 17, at 200 Queen Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 30, 2019, at 5:00 p.m.

Timothy James Brace and Peter Gountzos of SV Partners were
appointed as administrators of4 D Custom on Aug. 26, 2019.

AXSESSTODAY LTD: AUD260 Million Asset Sale Completed
----------------------------------------------------
Deloitte Restructuring Services, the appointed Voluntary
Administrators of Axsesstoday Limited and subsidiaries, said on
Sept. 20 that following an intense sale campaign by the
Administrators and their advisors, Moelis Australia Advisory, the
business and assets of the Group were sold to an affiliate of
Cerberus Capital Management, L.P. by way of a Deed of Company
Arrangement (DOCA), which was approved by creditors on 30 August
2019. The AUD259.7 million transaction has allowed for all secured
lenders to be repaid in full. It has also resulted in over AUD18
million being made available towards the payment to unsecured
creditors, with distribution of between 33.9 cents and 34.9 cents
in the dollar anticipated.

Under the terms of the DOCA, AXL, which is now a listed shell
company following completion of the transaction, will be sold
separately. Proceeds from the sale, together with any other
proceeds realised by the Administrators, will be applied towards
the payment to unsecured creditors.

Under the new ownership, the business will continue as a leading
provider of equipment finance solutions in Australia and all
current employees are being offered ongoing employment.

Joint administrator Vaughan Strawbridge said: "This is an
outstanding result, and could not have been achieved without the
understanding and continued support of employees, funders, the
broker network and customers. I am particularly pleased for the
employees, who's jobs have been preserved."

Vaughan Strawbridge, Sal Algeri and Glen Kanevsky of Deloitte
Restructuring Services were appointed Voluntary Administrators of
Axsesstoday Limited, Axsesstoday Operations Pty Ltd, A.C.N. 603 303
126 Pty Ltd and Axsesstoday Retail Pty Ltd on April 7, 2019.

EFX ASSETS: Second Creditors' Meeting Set for Oct. 1
----------------------------------------------------
A second meeting of creditors in the proceedings of EFX Assets Pty
Ltd has been set for Oct. 1, 2019, at 12:00 p.m. at Suite 203, 517
Flinders Lane, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 30, 2019, at 5:00 p.m.

Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of EFX Assets on Aug. 26, 2019.

EVERMORE MONEY: Second Creditors' Meeting Set for Sept. 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Evermore Money
Management Pty Ltd has been set for Sept. 30, 2019, at 10:30 a.m.
at the offices of Apso, Exchange Tower Melbourne, Level 1, at 530
Little Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 26, 2019, at 4:00 p.m.

Michael Humphris and Laurie Fitzgerald of William Buck were
appointed as administrators of Evermore Money on Aug. 23, 2019.

HONEST FOOD: Second Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of The Honest Food
& Co Pty Ltd, trading as "LET'S GET HONEST" and "HONEST FOOD-THE
MELT", has been set for Sept. 30, 2019, at 4:00 p.m. at the offices
of Mackay Goodwin, Level 2, at Riverside Quay, 1 Southbank
Boulevard, in Southbank, 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 Sept. 27, 2019, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Honest Food on Aug. 26, 2019.

LA TROBE 2019-2: Moody's Puts (P)B1 Rating to AUD7.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited as trustee of La Trobe Financial Capital Markets Trust
2019-2.

Issuer: La Trobe Financial Capital Markets Trust 2019-2

AUD125.00 million Class A1S Notes, Assigned (P)Aaa (sf)

AUD400.00 million Class A1L Notes, Assigned (P)Aaa (sf)

AUD96.00 million Class A2S Notes, Assigned (P)Aaa (sf)

AUD45.00 million Class A2L Notes, Assigned (P)Aaa (sf)

AUD49.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.75 million Class C Notes, Assigned (P)A2 (sf)

AUD9.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD8.25 million Class E Notes, Assigned (P)Ba2 (sf)

AUD7.50 million Class F Notes, Assigned (P)B1 (sf)

The AUD3.00 million Equity Notes are not rated by Moody's.

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

La Trobe Financial has been an originator of mortgage loans for
over 65 years and has completed eight term RMBS transactions since
2014. The company also has extensive securitisation experience
through its various warehouse funding arrangements. This will be
its ninth term RMBS transaction and the second for 2019.

RATINGS RATIONALE

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

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 10.1%. Moody's expected loss for this transaction is 1.3%.

Key transactional features are as follows:

  - While the Class A2S and Class A2L Notes (collectively the Class
A2 Notes) are subordinate to the Class A1S and the Class A1L Notes
(collectively the Class A1 Notes) in relation to charge-offs, Class
A2 and Class A1 Notes rank pari passu in relation to principal
payments, on the basis of their stated amounts, before the call
option date. This feature reduces the absolute amount of credit
enhancement available to the Class A1L Notes.

  - The servicer is required to maintain the weighted-average
interest rates on the mortgage loans at least at 3.60% above
one-month BBSW, which is within the current portfolio yield of
5.2%. This generates a high level of excess spread available to
cover losses in the pool.

  - The yield enhancement reserve is available to meet the required
payments, while any Class A Notes are outstanding. The reserve
account is funded by trapping excess spread at an annual rate of
0.40% of the outstanding principal balance of the portfolio per
annum up to a maximum amount of AUD2,200,000. After the Class A
Notes have fully amortised, the yield enhancement reserve will be
released to repay principal on the outstanding classes of notes in
reverse sequential order.

  - The notes will initially be repaid on a sequential basis until
the stepdown conditions are met.

Key pool features are as follows:

  - The pool has a relatively high weighted-average scheduled
loan-to-value (LTV) ratio of 67.6%. There are no loans with a
scheduled LTV ratio over 80.8%.

  - Around 68.5% of the borrowers are self-employed. The income of
these borrowers is subject to higher volatility than employed
borrowers, and they may experience higher default rates.

  - About 58.1% of the loans were extended on an alternative
documentation basis.

  - Loans secured by investment properties represent 52.3% of the
pool.

  - Interest-only loans represent 20.0% of the pool.

  - Based on Moody's classifications, around 8.6% of borrowers have
adverse credit histories.

  - Based on Moody's classifications, 89.9% of loans are secured by
properties located in metro areas, which is higher than the market
average.

  - 3.6% of the loans in the portfolio were extended to borrowers
classified as companies. These loans are secured against
residential property, and are provided wholly or predominantly for
business purposes. Moody's has penalized these loans in its
analysis of the portfolio.

Methodology Underlying the Rating Action:

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

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

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

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

NORTHERN OIL & GAS: Goes Into Voluntary Administration
------------------------------------------------------
Rick Wilkinson at Oil & Gas Journal reports that Northern Oil & Gas
Australia (NOGA), operator of the Northern Endeavour floating
production, storage, and offloading vessel in the Timor Sea, along
with its associate companies TOGA Services and Timor Sea Oil & Gas
Australia, have gone into voluntary administration.

KPMG has been appointed as administrator, the report discloses.

According to Oil & Gas Journal, the appointment of administrator
comes just 3 months after the Australian offshore regulator,
National Offshore Petroleum Safety and Environmental Management
Authority, took the unprecedented measure of shutting down the FPSO
citing an "immediate threat to health and safety" due to structural
corrosion at the facility.

A regulatory inspection had found that the FPSO was in a degraded
state and there were major concerns over the technical integrity of
critical structures and equipment on the vessel, the report says.

The report relates that Northern Endeavour is permanently moored in
400 meter of water between Laminaria and Corallina oil fields in
production licenses WA-18-L and AC/L5 in the western Timor Sea 550
kilometer northwest of Darwin. The vessel is of double-hull design
and was originally installed by a Woodside Petroleum-operated group
following discovery of the fields in the mid-1990s. Oil production
began in 1999.

The FPSO has the capacity to hold 1.4 million bbl of oil and at
peak production processed 170,000 b/d, Oil & Gas Journal notes.

NOGA bought 100% of the licenses and the FPSO from Woodside in
April 2016.

Laminaria and Corallina fields remain shut in, the report says.
Responsibility for the facility continues to lie with NOGA.

OBJECT CONSULTING: May Have Traded While Insolvent for 18 Months
----------------------------------------------------------------
Simon Sharwood at CRN reports that Object Consulting appears to
have traded while insolvent for around 18 months, according to the
company's administrator.

"Based on our investigations . . . we have concluded that the
company traded whilst insolvent since at least 31 January 2018,"
said a new document released by the company's administrators on
Sept. 18 to the Australian Securities & Investments Commission, CRN
relays.

"Our investigations to date indicate that the financial position of
the company was poorly managed. It is our view the director was
receiving adequate financial information to understand the
deteriorating financial position of the company," the document
said, notes the report.

According to CRN, the administrator said that Object "did not keep
separate records for all its subsidiaries." The result was a
confusing financial position that meant Object "has historically
been unable to determine and compare the profitability of the
services business compared to the product business."

The administrator concluded, tentatively, that "the profits of the
services business were used to fund the ongoing losses of the
product business."

Those losses came about in part because Object entered into "a
fixed price contract in the product business, which ran
significantly over budget". Combined with Object being "unable to
adjust costs in line with the decline in revenue", things went
pear-shaped, CRN relates.

Object Consulting, therefore, entered voluntary administration in
early September 2019 and at the time CRN learned a sale may be in
prospect.

CRN says the new document revealed that seven entities appear to be
seriously considering a purchase: the attempt to sell the company
resulted in 20 expressions of interest, 14 of which led to the
signing of non-disclosure agreements permitting a deeper
investigation of the company. Seven entities accessed a data room
containing sensitive documents. The administrator has even received
"indicative offers" to buy Object, and those are being considered.

But for now, the administrator feels bound to recommend the company
be wound up, because no deed of company arrangement has been
proposed, the company "maybe[sic] insolvent, subject to the
estimated realisable value of company assets" and going into
liquidation creates some new ways to meet creditors' claims,
according to CRN.

Which is why a sale is an option--the document filed with ASIC
added "The likelihood of a dividend to unsecured creditors is
subject to the realisation of company assets, the quantum of
creditor claims and the costs of the external administration. At
this stage a dividend to unsecured ordinary creditors is
unlikely".

More detail will emerge at a creditor's meeting scheduled for
September 25, CRN notes. That meeting will likely attract the
attention of employees, 89 of whom are together owed AUD4,815,148.
The Australian Taxation office is also a significant creditor, as
is American Express, adds CRN.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Object Consulting on Aug. 21, 2019.

RYLEHO GROUP: Second Creditors' Meeting Set for Oct. 1
------------------------------------------------------
A second meeting of creditors in the proceedings of Ryleho Group
Pty Ltd has been set for Oct. 1, 2019, at 10:00 a.m. at the offices
of RSM Australia Partners, Equinox Building 4, Level 2, at 70 Kent
Street, in Deakin, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 30, 2019, at 4:00 p.m.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of Ryleho Group on Aug. 27, 2019.



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

CHANGDE URBAN: Fitch Rates $200MM Sr. Unsec. Notes Final 'BB+'
--------------------------------------------------------------
Fitch Ratings assigned China-based Changde Urban Construction and
Investment Group Co., Ltd.'s (CUCI, BB+/Stable) USD200 million 5.8%
senior unsecured notes due 2022 a final rating of 'BB+'.

The notes are directly issued by CUCI. The assignment of the final
rating follows the receipt of documents conforming to information
already received.
Proceeds will be used to refinance certain existing indebtedness
and for general corporate purposes.

KEY RATING DRIVERS

The bonds are rated at the same level as CUCI's Issuer Default
Rating as they constitute its direct, unconditional, unsubordinated
and unsecured obligations and rank pari passu with all its other
senior unsecured obligations.

RATING SENSITIVITIES

Any change in CUCI's Issuer Default Rating will result in a similar
change in the rating of the notes.

FARASIS ENERGY: Seeks IPO Cash to Offset Sputtering Sales
---------------------------------------------------------
Liu Yukun and Tang Ziyi at Caixin Global report that Chinese
battery-maker Farasis Energy (Gan Zhou) Co. Ltd. wants to cushion
its cash pile by raising funds on China's new Nasdaq-style stock
market, as the company appears on track to post a second straight
year of losses amid Beijing's ongoing phase-out of electric
vehicles subsidies.  

Farasis Energy has been accepted for a Shanghai high-tech board
listing to offer 214.1 million shares of its stock, Caixin relates
citing a company prospectus filed to the Shanghai Stock Exchange on
Sept. 17. The company said it plans to plow the proceeds into its
lithium-battery production project and other operating expenses,
Caixin relays.

After deducting gains from extraordinary items such as investment
products, Farasis posted a net loss of CNY21.8 million ($3.1
million) in the first half of this year. The company bled CNY198.8
million in 2018, after making a profit of CNY9.3 million the year
prior, Caixin discloses.

According to Caixin, China's EV market has slowed this year after
the central government announced a plan to phase out subsidies in a
bid to consolidate the industry. But that has also hurt the
earnings of the battery-makers that power such vehicles.

In July and August, China's overall sales of new energy vehicles--a
category that includes battery-powered pure-electric and
hybrid-electric cars--contracted for the first time since January
2017, Caixin notes.

Established in 2009, Farasis has two production sites in China--one
in Jiangsu province and the other in Jiangxi province.

HANERGY HOLDING: Sued for Unpaid US$10MM on Luxury Jet Lease
------------------------------------------------------------
Luo Guoping and Han Wei at Caixin Global reports that cash-strapped
solar energy conglomerate Hanergy Holding Group Ltd. is facing a
lawsuit over unpaid luxury jet lease.

Caixin, citing a court document released Sept. 18, relates that a
financial leasing company took Hanergy to court for millions of
dollars of unpaid rent on a leased luxury jet, underscoring the
solar firm's financial plight.

A court ruling in December required Hanergy to repay CNY70.9
million ($10 million) of unpaid rent to Comsys Wanyi (Tianjin)
Leasing Company Co. Ltd. plus a daily default fee since the verdict
was issued, according to the court document cited by Caixin.

Once high-flying Hanergy and its affiliates have struggled to deal
with a capital crunch over the years and have largely delayed wage
payments, Caixin has learned. In early August, Hanergy's
controlling stake in its main cash cow Jinanqiao Hydropower Station
in southwest Yunnan province was listed for auction by a court to
repay debts, Caixin recalls. A Supreme Court information system
showed that Hanergy still has CNY16 billion of debts to repay under
court orders.

According to the verdict regarding Hanergy's aircraft lease dispute
with Comsys Wanyi, the two companies signed a leasing contract on a
Gulfstream G550 for CNY237 million in June 2015. Hanergy agreed to
pay CNY15.6 million to CNY15.7 million every quarter.

The Gulfstream G550 is a popular business jet among Chinese
billionaires, the report says. According to a 2017 report by Hurun
Research Institute, China's 10 wealthiest people owned five
Gulfstream G550s, including Alibaba Group founder Jack Ma and Wanda
Group's Wang Jianlin.

According to the report, Comsys Wanyi said Hanergy paid a CNY15
million deposit and CNY55.54 million of rent by September 2016,
including a partial payment in March 2016. Hanergy stopped any
payments since November 2016.

Caixin relates that Comsys Wanyi said it sent six requests to
Hanergy demanding payment but got no response. In December 2016,
Comsys Wanyi required termination of the contract and filed for
arbitration with the China International Economic and Trade
Arbitration Commission the next year.

Hanergy "maliciously" refused to return the aircraft, said a person
close to Comsys Wanyi who declined to be identified, Caixin relays.
Comsys Wanyi seized the plane when it stopped in Las Vegas, the
person said, adds Caixin.

Founded by Li Hejun in 1989 as a hydropower producer, Hanergy later
shifted its business focus to thin-film solar modules and quickly
expanded its business to the entire industrial chain, including
manufacturing and solar park development, according to Caixin.

Mr. Li was the Chinese mainland's wealthiest man before losing
about $14 billion of his personal fortune in May 2015, when shares
of Hanergy's Hong Kong-listed arm Hanergy Thin Film Power Group
Ltd. collapsed amid investor concerns about the company's debt
overhang and unusual stock movements, Caixin states.

Caixin relates that floated in Hong Kong through a back-door
listing program in 2013, Hanergy Thin Film saw its shares skyrocket
10-fold between 2013 and early 2015. But on May 20, 2015, a massive
sell-off wiped out nearly half of Hanergy Thin Film's market value
within the first 70 minutes of trading.

In June this year, Hanergy Thin Film was officially delisted from
the Hong Kong bourse after four years of trading suspension, the
report notes.

                      About Hanergy Holdings

Hanergy Holdings Group Company Ltd., together with its
subsidiaries, engages in hydropower, wind power, and solar energy
power generation activities. It also engages in solar power
research and development; thin film photovoltaic cells and modules
production; photovoltaic power plant construction and operation;
integration of solar modules into facades; and energy conservation
and emission reduction. The company also provides solar panels
engineering, procurement, construction, and installation services;
and engages in power plant construction in China, the United
States, and Europe.

SHANDONG RUYI: S&P Downgrades ICR to 'B-', Put on Creditwatch Neg.
------------------------------------------------------------------
On Sept. 19, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Shandong Ruyi Technology Group Co., Ltd. to 'B-'
from 'B'. S&P also lowered the issue rating on the company's
guaranteed senior unsecured debt to 'CCC+' from 'B-'. S&P placed
all the ratings on CreditWatch with negative implications.

S&P lowered the ratings on Shandong Ruyi Technology Group Co. Ltd.
(Ruyi) and placed them on CreditWatch to reflect the company's
heightened liquidity pressure. Ruyi has significant debt maturities
over the next three months, but it has made limited progress in
refinancing. Its pace of asset disposal is also slower than it
expected.

Ruyi has Chinese renminbi (RMB) 4.7 billion of bullet debt due over
the next three months. This includes RMB2.2 billion of domestic
bonds that will become puttable in October and November and US$345
million (equivalent to RMB2.5 billion) overseas bonds due in
December. The aggregated amount is higher than the company's
unrestricted cash balance of RMB4.2 billion as of June 30, 2019.
S&P believes that Ruyi is in talks with onshore bondholders to not
exercise the put options. However, S&P's base case assumes all of
the puttable bonds will be put, given the uncertainties.

In addition, the company will have about RMB7.0 billion of bank
loans due over the next 12 months and RMB2.5 billion of debt that
will become due or puttable in the fourth quarter of 2020. S&P
believes Ruyi is likely to roll over its short-term bank loans,
given its good relationship with domestic banks.

Ruyi has made limited progress in refinancing. S&P said, "In our
view, the company's access to domestic credit markets has
deteriorated, given tight credit conditions and low investor
appetite for debt issued by privately owned enterprises. Ruyi has
not issued any new bullet debt since April 2019. While we believe
the company's existing banking relationships are stable, it may be
difficult for Ruyi to materially increase its credit lines from
onshore banks in 2019."

S&P believes the company may have to rely on its cash on hand and
net proceeds from asset disposals to repay the upcoming debt
maturities, given limited time for a more expansive refinancing
plan.

Ruyi intends to dispose several assets to raise funds but progress
is slower than S&P expected. Any further delay in asset
monetization could jeopardize creditors' confidence in the
company's debt serviceability and add to the already high liquidity
pressure. In the first half of 2019, Ruyi received RMB3.1 billion
of net proceeds from asset disposals, but its cash balance remained
similar to the end of 2018. Other assets that could be monetized
include the company's 50% ownership in a power generation plant in
Pakistan, a commercial complex and land in Shandong province,
industrial properties, and shares of SMCP Group, its overseas
fashion apparel subsidiary.

S&P said, "We expect Ruyi's debt-to-EBITDA ratio to decrease to
6.8x-7.0x in 2019 and 5.8x-6.0x in 2020, from 8.8x in 2018, driven
by a recovery in the company's operating performance and cash
inflows from the disposal of assets. Ruyi's willingness to scale
back its capital investment also underpins our anticipation of a
deleveraging trend. Our base case assumes the company's annual
capital expenditure (capex) to decrease to RMB1.5 billion-RMB1.8
billion in 2019 and 2020, from RMB2.9 billion in 2018. We also
believe the company and its ultimate parent, Beijing Ruyi Fashion
Investment Holding Co. Ltd. (Beijing Ruyi), will both stop pursuing
any sizable acquisitions until they can build sufficient financial
cushion.

"The rating action also reflects the deteriorating credit profile
of Beijing Ruyi. Ruyi is the major cash-generating subsidiary of
the group. We believe Beijing Ruyi has higher debt leverage and
weaker liquidity than Ruyi, given several acquisitions made in the
past two to three years, including Trinity Ltd. Nevertheless, we do
not believe a slightly weaker credit profile of Beijing Ruyi
constrains Ruyi's rating at this stage. There are no cross-default
provisions between Beijing Ruyi and Ruyi's existing debts.

"We expect to resolve the CreditWatch status within the next three
months when we have greater visibility on the timing of Ruyi's
asset monetization plan.

"We could lower the rating if Ruyi's access to credit markets
deteriorates further. An indication of that may be seen in a major
portion of the onshore bondholders choosing to exercise their put
option in the next one to two months. We could also lower the
rating if Ruyi is unable to make any meaningful progress in asset
disposal or refinancing within the next three months.

"We could affirm the rating with a stable outlook if the company
can accelerate the execution of its major asset monetization plans
and improve its access to credit markets."



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

BHUPTANI ASSOCIATES: Ind-Ra Migrates BB- Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhuptani
Associates's (BA) 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 working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR70 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR100.0 mil. Proposed non-fund-based facilities migrated to
     non-cooperating category with Provisional IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 11, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BA was established in 1971 as Sorath Construction and was renamed
in 1993. Based in Junagadh (Gujarat), the firm specializes in
executing civil construction projects.

CHOUDHARY GUM: ICRA Keeps 'B' Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the INR14.50-crore bank facility of
Choudhary Gum and Derivatives (CGD) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash credit         14.50       [ICRA]B(Stable) ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2013, CGD is a partnership firm involved in the
processing of guar seeds to obtain guar gum refined splits and
by-products such as churi and korma. The firm operates from its
facility at Saudulsahar in Rajasthan, with an installed guar gum
seeds-processing capacity of 75,000 metric tonne per annum (MTPA).
It is primarily a family-run concern with Mr. Om Prakash and Mr.
Amandeep as partners. The firm sells its products in the domestic
market with its sales fully concentrated in Rajasthan.

COFFEE DAY: ICRA Lowers Rating on INR315.00cr Loan to D
-------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR315.00
crore Term loans of Coffee Day Enterprises Limited (CDEL) to
[ICRA]D from [ICRA]BB+ (Negative). The rating action follows the
delay in debt servicing by CDEL's flagship subsidiary – Coffee
Day Global Limited and Sical group of companies.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans          315.00      [ICRA]D; downgraded from
                                   [ICRA]BB+ (Negative)

Material Event

Coffee Day Global Limited (CDGL), the flagship subsidiary of Coffee
Day Enterprises Limited (CDEL) has delayed in debt servicing for
the month of August. Further, the Sical group of companies, which
are part of the Coffee Day group have also witnessed delays in debt
servicing. The delays can be attributed to weakened liquidity
position of the group, following the unexpected demise of the
promoter – Mr. V G Siddhartha, which has led to reduced financial
flexibility and enhanced refinancing risks for the group.

Rationale

The downgrade in the rating, reflects the delays in debt servicing
by Coffee Day group entities including the flagship entities –
CDGL (not rated by ICRA), which is engaged in coffee retail
business and Sical group of companies (Sical Logistics Limited
(rated ICRA D)), owing to weakened liquidity profile of the group,
following the unexpected demise of the group's promoter – Mr. V G
Siddhartha. With dividend and interest income from subsidiaries
being major revenue contributor for CDEL (~45% in FY2019), the
standalone entity has high risk of default. While earlier, ICRA had
considered the group's past track record in refinancing backed by
pledging of shares of listed and unlisted entities and personal
guarantee extended by the promoter; post the afore mentioned
incident and the subsequent steep decline in share prices of CDEL
and listed group entity - Sical Logistics Limited(SLL) of more than
70% in the past three months, some of the lenders have invoked the
pledged shares of CDEL which has further impacted the financial
flexibility of the group. ICRA notes that the standalone entity as
well as the group have high repayment obligations in the near to
medium term and is expected to continue to face liquidity pressure.
ICRA also takes note the statements in the purported letter from
Mr. V.G. Siddhartha relating to financial transactions outside the
knowledge of senior management, auditors and the Board; which is
currently being investigated by the Board and the outcome of the
same will be a key monitorable. ICRA also takes note of the
deleveraging efforts of the Coffee Day group through asset sales
and the timeliness and quantum of deleveraging through these
efforts remains a sensitivity factor.

Key rating drivers

Credit strengths

Holding company of the Coffee Day group - CDEL is the holding
company of the Coffee Day group, promoted by Mr. V G Siddhartha.
The group has vertically integrated presence in the coffee business
and has the largest network of cafes under the "Café Coffee Day"
brand with pan India presence. The group also has presence in
integrated logistics through Sical Logistics Limited (rated
[ICRA]D/ [ICRA]D is also engaged in real estate segment with two
SEZ/tech parks in Bangalore and Mangalore respectively and provides
financial services under the brand – "Way2Wealth" through several
entities.

The Coffee Business is the flagship business of the group
accounting for over ~50% of consolidated revenue followed by
logistics segment. Both the segments witnessed steady growth in the
last few years, backed by café network expansion and increased
contribution from mining segment on the back of execution of new
contracts. The average sales per day (ASPD) and same store sales
growth have also remained healthy during FY2019. Nonetheless, the
improvement in profit margin remained subdued on account of high
depreciation and interest expenses. The consolidated entity
including the other businesses has also witnessed revenue growth in
the last few years but margin improvement has been limited.

Credit challenges

Increase in refinancing risk and reduced financial flexibility –
Due to high repayment obligations in the near to medium term, the
group is exposed to refinancing risk. While the risk was partly
mitigated in the past by the group's refinancing track record
backed by share pledges of listed and unlisted group entities and
personal guarantee extended by promoter, the recent developments
and subsequent steep decline in share prices of CDEL and other
listed group entities have resulted in significantly reduced
financial flexibility. This has led to liquidity pressure and
delays in debt servicing by several group entities.

Financial risk profile of the group characterised by leveraged
capital structure and stretched coverage indicators – The
financial profile of the consolidated entity is characterized by
leveraged capital structure and stretched debt protection metrics
due to large debt funded capex incurred under coffee, logistics and
real estate businesses. The consolidated entity had gearing of 2.4
times as on March 31, 2019 (total debt of INR7653 crore), increased
sharply from 1.7 times as on March 31, 2018. Further, the coverage
indicators like interest coverage and TD/OPBDITA have also been
stretched at 1.3 times and 13.3 times respectively during FY2019.
However, subsequently there has been some reduction in consolidated
debt by ~INR2100 crore raised from stake sale in Mindtree Limited.

Investigation into purported letter from promoter and any potential
tax liability – ICRA has taken note of the statements in the
purported letter written by Mr. V G Siddhartha relating to
financial transactions outside the knowledge of senior management,
auditors and the Board and while the authenticity of the letter is
unverified, the Board has decided to investigate the matter. The
developments will be monitored and outcome of the same remains a
sensitivity factor. Further, ICRA notes that in September 2017, IT
department had conducted raids on the properties owned by Mr.
Siddhartha and on the offices of Coffee Day Group, of which Coffee
Day Enterprises Limited (CDEL) is the flagship entity. On 26th
January 2019, Coffee Day Enterprises Limited (CDEL) disclosed to
the Stock Exchanges that the Income Tax (IT) Department had
provisionally attached 22,00,000 shares of Mindtree Limited held by
the company in addition to shares belonging to the promoter Mr.
V.G. Siddhartha. This share attachment was done to safeguard the
Department in case of any future tax claims arising out of the
assessment which is still open. Subsequently, the promoter had got
the attachment of the Mindtree stake removed and offered alternate
security (including shares of CDEL) to the IT Department. Any large
outgo towards this tax demand would stress the liquidity of the
promoter /group and hence would remain a key rating sensitivity.

Liquidity Position: Poor

CDEL's liquidity profile is poor as reflected by delays in debt
servicing of several entities of the group

Rating Sensitivities

Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months), following
improvement in liquidity profile of the group.

Negative triggers – Not applicable

Parent/Group Support Not applicable

Consolidation/Standalone
For arriving at the ratings, ICRA has considered the consolidated
financials of Coffee Day Enterprises Limited. As on March 31, 2019
the company had 4 subsidiaries, 41 step-down subsidiaries, 4
associates and 3 JVs.

                         About Coffee Day

Coffee Day Enterprises Limited is the holding company for Coffee
Day group, promoted by Mr. V G Siddhartha. The key companies of the
group are – Coffee Day Global Limited (coffee business), Sical
Logistics Limited (integrated logistics), Tanglin Development
Limited (real estate), Way2Wealth (financial services) and Coffee
Day Hotels and Resorts Limited (Hospitality).

D.N. HOMES: Ind-Ra Cuts Issuer Rating to BB+, Moves to Non-Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded D.N. Homes
Private Limited's (DHPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-' and simultaneously migrated the rating to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR75.6 mil. Term loan due on September 2019 downgraded and
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating; and

-- INR250 mil. Proposed term loan downgraded and migrated to non-
     cooperating category with Provisional IND BB+ (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects DHPL's stressed cash flows due to delays in
commencement of its ongoing project DN Fairytale. The project,
which was initially to be launched as DN Imperia on August 9, 2018,
is likely to have commenced on June 19, 2019.

RATING SENSITIVITIES

Positive: Timely execution and higher-than-expected cash flows from
the real estate projects would lead to a positive rating action.

Negative: Any further delays in project execution leading to cost
overruns with lower-than-expected cash flows from the unsold
inventories and any deterioration in liquidity profile would lead
to a negative rating action.

COMPANY PROFILE

Incorporated in December 2003, DHPL operates a real estate business
in Odisha. It was founded by Mr. Jagadish Prasad Naik.

FACOR ALLOYS: ICRA Reaffirms 'D' Rating on INR49.48cr Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Facor Alloys Limited (FAL), as:

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

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

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

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


Rationale

The rating reaffirmation factors in the continued irregularities in
debt servicing by FAL owing to inadequacy of its cash flows
vis-a-vis debt obligations. However, while reaffirming the rating,
ICRA has noted a sizeable reduction in the company's overdue debt
obligations over the last two years, facilitated by generation of
surplus cash accruals from the business. Further, ICRA has noted a
one-time settlement (OTS) scheme approved by the company's largest
lender - Bank of India, in June 2019. As per the OTS terms, the
entire amount outstanding (~Rs. 27 crore, including interest of
~INR6 crore outstanding as on March 31, 2019) against a devolved
standby letter of credit (SBLC), issued earlier in favour of an
overseas subsidiary, is to be paid off by September 18, 2019. In
addition, the company has already deposited the amount outstanding
against an invoked corporate guarantee in the escrow account (~Rs.
8 crore outstanding as on March 31, 2019), issued earlier in favour
of a step-down subsidiary, in the current fiscal.

Going forward, regularisation of debt servicing by the company will
remain the key rating sensitivity. Post regularisation of default,
the movement in the company's profitability, coverage metrics and
hence, credit profile will be contingent on its ability to maintain
healthy capacity utilisation, get regular supplies of chrome ore at
competitive rates, and achieve operational and cost efficiencies,
besides a movement in ferrochrome realisations.

Outlook: Not applicable

Key rating drivers

Credit challenges

Continued irregularities in debt servicing - Besides its own
working capital borrowings (Rs. 2.4 crore as on March 31, 2019) and
some high-cost term debt availed recently to meet cash flow
mismatches (Rs. 10 crore as on March 31, 2019),
FAL's external financial obligations comprise some devolved
liabilities. These arose on the invocation of an SBLC and a
corporate guarantee issued by the company in favour of its overseas
subsidiaries. The SBLC was issued for a USD 10-million borrowing by
FAL's overseas subsidiary, M/s Facor Minerals (Netherlands) B.V.,
for an overseas mines acquisition. Subsequently, delays in
commencement of operations at the subsidiary level and ensuing
losses resulted in the invocation of SBLC and the devolvement of
liability in FAL's books in FY2016. Similarly, a corporate
guarantee was issued in favour of Cati Madencilik Ithalat Ve
Ihracat A.S. However, FAL failed to honour the financial obligation
in the absence of commensurate cash flows. This was because its
operations remained suspended for a 30-month period up to October
2016 on account of various issues, such as labour unrest, shortage
of chrome ore supply at competitive rates, pressure on ferrochrome
realisations and high power tariffs. However, the operations
resumed in November 2016 and scaled up at a healthy pace
subsequently. FAL reported a healthy revenue growth of ~135% and
16% in FY2018 and FY2019, respectively. Besides uninterrupted
chrome ore availability, the recovery in the company's operations
was primarily supported by the regular job work orders from Tata
Steel Limited (TISCO), which accounted for ~58% of its revenues in
FY2019. Supported by generation of surplus cash accruals during
FY2018-FY2019, the company paid off a sizeable portion of its
overdue liabilities, with the principal outstanding declining to
~INR21 crore as on March 31, 2019 from INR61 crore as on March 31,
2017. Further, the company's largest lender, Bank of India,
approved an OTS scheme in June 2019, as per which the principal
outstanding together with an interest due of ~INR6 crore is to be
paid by September 18, 2019. In addition, the amount of ~INR8 crore
outstanding against the invoked corporate guarantee has already
been paid in the current fiscal.

Procurement of chrome ore at competitive rates, given
non-availability from Group concern - In the past, FAL was reliant
on its Group concern, Ferro Alloys Corporation Limited1 (FACOR),
for the supply of chrome ore. However, with reduced mining
activities at FACOR post expiry of some leases, FAL is now reliant
on external sources to procure chrome ore, exposing itself to
availability and price risks.

Exposure to cyclical nature of ferrochrome industry results in
volatile cash flows - The company remains exposed to the cyclical
nature of the ferrochrome industry. However, the long-term demand
outlook for stainless steel, the primary consumer of ferrochrome,
remains positive, which in turn supports the favourable demand
scenario in the ferrochrome industry.

Liquidity position

The company's liquidity position remains stretched at present,
owing to sizeable debt obligations vis-à-vis cash accruals and
limited access to working capital borrowings from banks to fund
operational requirements. With its overdue obligations likely to be
cleared by September 2019 and the company continuing to generate
surplus accruals with no incremental capex plans, ICRA expects the
liquidity position to improve by the end of FY2020.

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

In FY2019, the company reported a net profit of INR12.0 crore on an
operating income (OI) of INR361.0 crore, compared to a net profit
of INR2.9 crore on an OI of INR311.5 crore in FY2018.

GMR KAMALANGA: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR3855.00-crore bank facility of GMR
Kamalanga Energy Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       3,405      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-fund based      450      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

GMR Kamalanga Energy Limited (GKEL) is an SPV promoted by the GMR
Group for development of 1050 MW (3 X 350 MW) domestic coal based
thermal power plant at Kamalanga in the state of Odisha. GMR Group
holds ~86% stake in GKEL through GMR Energy Limited, while balance
is held by India Infrastructure fund and IDFC Limited. The plant
has been commissioned in March 2014 as against original
commissioning schedule of March 2012. The final project cost is
estimated at INR6,519 crore. The company has three Power Purchase
Agreement (PPA) with Grid Corporation of Odisha (GRIDCO; 263 MW),
Haryana Utilities (300 MW net) and Bihar state utility (260 MW
net).

GOLDEN TOBACCO: ICRA Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating for INR53.80-crore bank facilities of Golden
Tobacco Limited (GTL) continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING". ICRA had earlier moved the rating of GTL to the
'ISSUER NOT COOPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        44.30      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based-         6.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-Non-     3.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
GTL, ICRA has been trying to seek information from the entity so as
to monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The rating is based on no information on the entity's performance
since the time it was last rated in May 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai (Maharashtra) as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing operations
located at Vadodara (Gujarat) set up in 1972 apart from the
original unit in Mumbai (now being used for real estate
development), and a tobacco processing unit in Guntur (Andhra
Pradesh). In 1979, the company was taken over by "Dalmia Group",
led by Mr. Sanjay Dalmia. The major brand & brand extensions being
manufactured are Panama, Chancellor, CHL, Panama Premium Filter and
Panama Mini King.

INDIAN PULP: ICRA Reaffirms 'D' Rating on INR38.07cr Term Loan
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Indian Pulp & Paper Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based
   Limits-Term
   Loans**              38.07      [ICRA]D; Reaffirmed

   Fund Based
   Limits-Cash
   Credit               15.93      [ICRA]D; Reaffirmed


**Term Loans include Funded Interest Term Loan and Working Capital
Term Loan

Rationale

The rating reaffirmation primarily considers the company's
stretched liquidity position due to its low cash accrual vis-a-vis
high debt repayment obligation, which led to continuing
irregularity in debt servicing. The rating also considers the
vulnerability of IPPL's profitability to volatility in prices of
raw materials, its substantial accumulated losses over the years,
which led to a negative net worth as well as its exposure to
geographical concentration risks with a major portion of sales
confined to West Bengal. ICRA also notes the company's limited
product diversification as well as the highly fragmented and
competitive nature of the paper industry, which exerts pressure on
pricing flexibility of the players. The rating, however, continues
to factor in the promoter's experience spanning over 30 years in
the paper industry and the company's improved capacity utilisation
in the last two fiscals, aided by an increased demand of kraft
paper.

Key rating drivers and their description

Credit strengths

Experience of promoters in paper industry - IPPL's promoters have
over three decades of experience in trading and manufacturing of
paper. Before entering the paper manufacturing business in 2006,
the promoters were involved in trading of paper.

Improved capacity utilisation, aided by increased demand of kraft
paper - IPPL has a recycling-based paper plant at Naihati, West
Bengal with a capacity of 45,000 metric tonnes per annum (MTPA).
The company's production volume increased substantially post 2017,
aided by an improved demand for kraft paper for packaging purpose.
In the last two fiscals, IPPL's capacity utilisation stood at
around 76-77% vis-a-vis 64% in FY2017.

Credit challenges

Low cash accrual vis-a-vis high debt service obligation led to
stretched liquidity position, resulting in irregularity in debt
servicing – IPPL's net cash accrual in FY2019 remained at a
modest level (Rs. 5.2 crore) despite a marginal improvement
compared to the previous year. This, coupled with the company's
high interest expense and significant debt repayment obligation
adversely impacted its liquidity position, leading to irregularity
in debt servicing.

Substantial accumulated losses over the years led to negative net
worth – The company's net worth remained negative (-Rs. 36.80
crore as on March 31, 2019) due to significant losses incurred in
the past. Given nominal net profits registered during the last
fiscals, IPPL's net worth is likely to remain negative in the
medium term.

Highly fragmented and competitive industry exerts pressure on
pricing flexibility – The company faces stiff competition from
other kraft paper manufacturers as the industry is highly
fragmented. This limits IPPL's pricing flexibility, thereby putting
pressure on margins.

Limited geographical diversification as a major portion of IPPL's
sales is confined to West Bengal – IPPL derives a major portion
of its sales of kraft paper from West Bengal, exposing it to
geographical concentration risks. Nevertheless, the company is in
the process of expanding its clientele to other states. In FY2019,
the proportion of sales generated from West Bengal declined to 78%
from 87% in FY2018.

Vulnerable to volatility in raw material prices – The company
produces kraft paper by recycling of waste paper, which is mainly
procured from domestic sources and a small portion is imported. The
company's profitability is likely to remain susceptible to
volatility in prices of waste paper, given its limited ability to
pass on the price hike owing to an intense competition.

Liquidity position: Poor IPPL has a poor liquidity position, as its
cash accruals are lower than its current debt repayment obligation,
leading to continuing delays in meeting its debt service
obligations in a timely manner. As on March 31, 2019, IPPL had a
high amount of term loans on its books of which around INR11.30
crore is scheduled to be repaid in FY2020. ICRA expects the
company's net cash accrual in the near to medium term to remain
inadequate compared to its overall debt repayment obligation.
Moreover, IPPL's fully utilised fund-based working capital limits
and a modest cash balance exert further pressure on its liquidity.

Rating sensitivities

Positive triggers – ICRA could upgrade IPPL's rating if the
company is able to regularise its debt servicing on a sustained
basis, aided by a significant improvement in cash accruals, going
forward.

Negative triggers – Not applicable

The company was incorporated in 2004 by the Kolkata-based Agarwal
family in the name of Balaji Kagaz Private Limited. In 2006, the
company acquired Indian Paper Pulp Company Limited (IPPCL) from the
Government of West Bengal and subsequently its name was changed to
Indian Pulp & Paper Private Limited (IPPL). IPPL currently
manufactures kraft paper (with 16-30 burst factor) by recycling of
waste paper. Its manufacturing facility is located in Naihati, West
Bengal with a capacity of 45,000 metric tonnes (MT) per annum.

JAI MAA: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------
ICRA has continued the long term ratings for the bank facilities of
Jai Maa Savitri Educational Society to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   LT-Fund           28.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/TL                     Rating continues to remain under
                                'Issuer Not Cooperating' category

   LT-Fund            3.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                     Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in 2010, Jai Maa Savitri Educatioanal Society is a
single asset society, which runs and operates a college by the name
of JMS group of Institutions. This institute offers courses in
Engineering, (including B. Tech courses in 5 disciplines as well as
diploma courses ), management (BBA, MBA, PGDM), computer
applications (BCA) and architecture (B. Arch and) All the courses
are approved by AICTE and the institute is affiliated to UPTU for
technical courses (B.Tech, MBA, B.Arch and Ch. Charan Singh
University (Meerut) for BBA and BCA courses and Board of technical
education (UP) for diploma courses. The campus is located on NH-24,
Ghaziabad (Uttar Pradesh) on a land parcel of 15 acres.

KAYVAL KRUPA: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s. Kayval Krupa
Petroleum's (KKP) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital facilities (Long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating;

-- INR17.5 mil. Fund-based working capital demand loan (Long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating; and

-- INR12.5 mil. Proposed fund-based working capital facilities
     (Long-term/short-term) affirmed with Provisional IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects KKP's delays in debt servicing, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least six consecutive months
could result in a rating upgrade.

COMPANY PROFILE

KKP commenced operations in 2002 in Dahej, Gujarat as a sole
proprietor. Later, in 2012 the firm was reconstituted as a
partnership firm. It is involved in trading of petrol and diesel.
KKP has two Indian Oil Corporation petrol pumps in Dahej and
Vasana. It is also involved in the trading of diesel to power
generator companies based in Gujarat. Vimlaben Patel and Amitbhai
Patel are the partners.

MAHATMA GANDHI: ICRA Reaffirms C+ Rating on INR35cr Loans
---------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
The Mahatma Gandhi Sahakara Sakkare Karkhane's (MGSSK), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund
   Based/CC             15.0      [ICRA]C+; Reaffirmed

   Long Term-
   Unallocated          20.0      [ICRA]C+; Reaffirmed

Rationale

The rating reaffirmation factors in MGSSK weak financial profile
characterised by net losses and negative cash accruals and its
negative net worth owing to accumulation of losses over the years.
The coverage indicators have remained inadequate and the cash
losses and debt servicing obligations have been mainly funded
through additional borrowings. The rating is also constrained by
its high working capital intensity of operations due to high
inventory holdings and the exposure of the business to
agro-climatic risks on sugarcane availability and recovery and the
high regulatory intensity in terms of sugarcane pricing. Further,
the margins are likely to be under pressure in the near term, given
the likely increase in sugarcane prices on the back of lesser
acreage of sugarcane crop due to weak monsoon.

The rating, however, draws comfort from the extensive experience of
the management in the sugar industry, along with forward
integration of the plant into co-generation, which results in
partial de-risking from the volatilities of sugar industry.

Key rating drivers

Credit strengths

Extensive experience of management in the industry - MGSSK was
promoted by Dr. Bheemanna Khandre, who has over 35 years of
experience in the sugar industry. Before MGSSK, he had co-founded
the Bidar Sahakare Sakkare Karkhane Ltd and served as its Chairman
for more than fourteen years.

Partial forward integration with co-generation power plant - MGSSK
is partially forward integrated with an eight-MW co-generation
power plant, which protects its profitability to an extent in case
of downturn in the sugar industry. In addition to the sale of
power, it derives revenues from the sale of bagasse and molasses.
This lends support to its revenues and margins to some extent.

Credit challenges

Net losses and negative cash accruals – The profitability of
MGSSK has remained weak with the entity continuing to report net
losses in FY2019 due to high interest costs resulting from high
debt levels. The operating profits, however, improved due to
inventory gain and increase in revenue supported by increase in
sugar sales volume.

Adverse capital structure with negative net worth and inadequate
coverage indicators - MGSSK's net worth remains negative owing to
the losses accumulated over the years. The losses are primarily
funded through additional debt borrowings and this has resulted in
an adverse capital structure. The weak operating margins and high
interest costs have resulted in inadequate coverage indicators.

Exposure of the business to agro-climatic risks and regulatory
risks - The availability of sugarcane and the sugar recovery from
the cane is susceptible to changes in the weather conditions. This
leads to high volatility in the prices of sugar over the years.
Moreover, the sugar industry is highly regulated, and the
Government sets the floor price for the procurement of sugarcane.
This would impact the profitability of sugar industry when the
sugar realisations are low.

Working capital intensive nature of operations - MGSSK operates its
sugar mill during the cane harvesting season, which typically runs
from October/November to March/April. It stocks the sugar produced
during this season and sells them during the subsequent months. The
high inventory holdings during this season lead to high working
capital intensity of operations as indicated by NWC/OI which stood
at 109% in FY2019.

Liquidity position

MGSSK's cash flows from operations remained weak owing to an
increase in its working capital requirements in FY2019. With weak
realisations and low profitability in the current fiscal, the
liquidity position remains tight. It has limited cushion available
in the form of its undrawn working capital borrowings. The
repayment obligation of ~INR0.8 crore in FY2020 and ~INR21.1 crore
in FY2021 is likely to further impact the liquidity.

MGSSK, a co-operative society registered under the Karnataka
Co-operative Societies Act, 1959, operates a sugar mill with a
capacity of 3,500 tonne of cane per day (TCD), integrated with an
8-megawatt (MW) co-generation power plant, in Balki Taluk of Bidar
district in Karnataka. Registered in March 1981, the entity
commenced its commercial operations in FY2003 with 2,500-TCD
crushing capacity. Registered in April 1991, the society commenced
its operations in November 2003 with 2500 TCD. In FY2012 and
FY2013, the entity expanded its processing capacity to 3500 TCD and
installed the co-generation plant.

In FY2019, MGSSK reported a net loss of INR13.9 crore on an
operating income (OI) of INR123.4 crore compared to a net loss of
INR19.8 crore on an OI of INR91.9 crore in the previous year.

MANDEEP INDUSTRIES: ICRA Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the rating for the INR49.00 crore bank facilities of
Mandeep Industries to 'Issuer Not Cooperating' category. The rating
is now denoted as "[ICRA]B(Stable)/A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        40.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating Moved to
                                'Issuer Not Cooperating' category

   Fund-based         5.94      [ICRA]B (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating Moved to
                                'Issuer Not Cooperating' category

   Unallocated        0.06      [ICRA]B (Stable) ISSUER NOT
   Limited                      COOPERATING; Rating Moved to
                                'Issuer Not Cooperating' category

   Warehouse          3.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Receipt                      Rating Moved to 'Issuer Not
   Financing                    Cooperating' category

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

Established in 1973 as a partnership firm by the Talaviya family,
Mandeep Industries crushes groundnuts for the production of
groundnut oil and oil cake, and undertakes solvent extraction of
groundnut oil cakes to produce oil and deoiled cake and further
refines groundnut oil as well. The manufacturing unit of the firm
is located at Upleta (Gujarat) with a daily input capacity of 310
metric tonnes (MT) of groundnut and 225 MT of oil cake.

MIRHA EXPORTS: ICRA Hikes Rating on INR140cr Loan from 'D'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Mirha Export Private Limited's (MEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term:
   Fund based           140.0      [ICRA]A4; revised from [ICRA]D

   Short-term/
   Non-fund Based        33.0      [ICRA]A4; revised from [ICRA]D

Rationale
The rating revision is driven by MEPL's satisfactory track record
of debt servicing over the past three months. The rating also takes
into consideration the extensive experience of the company's
promoters in the buffalo meat processing industry. This apart,
entry into new geographies to augment export sales is expected to
augur well for the company. The rating continues to factor in the
integrated nature of MEPL's processing facilities and the
locational advantage of presence in Punjab and Uttar Pradesh, with
easy access to raw materials.

MEPL's ratings, however, remain susceptible to the working
capital-intensive nature of the business, which has led to high
utilisation of limits. The ratings are further constrained by the
intense competition in the meat export business from both organised
as well as unorganised sectors. ICRA also notes the risk inherent
in the industry, given the regulatory nature of operations,
possibility of disease outbreak and the socio-politically sensitive
nature of the business. The ratings are further exposed to foreign
exchange rate volatility as most revenues come from exports.

Outlook: Not applicable

Credit strengths
Extensive experience of promoters in buffalo meat processing
industry – The company is promoted by Mr. Shuab Ahmed, (Chairman
and MD), who has been in this business for the last 15 years and
has gained experience in the industry working with other firms in
similar businesses. The extensive experience and the relationships
with the buyers and suppliers have supported MEPL's growth.

Entry into new geographies - MEPL is looking to foray into new
regions. In the past, the company faced issues in Egypt, where its
shipment and eventually the payment got delayed due to higher
transportation time. Similarly, its client faced problems at the
Vietnam port due to congestion. To avoid dependence on a few
countries, the company is trying to augment its sales in Malaysia
and Bangladesh.

Location-specific advantage - The rating continues to factor in the
integrated nature of MEPL's processing facilities and the
locational advantage of its presence in Punjab and Uttar Pradesh,
which provides easy access to raw materials.

Credit challenges

Vulnerability of working capital cycle - The working capital cycle,
in this nature of business, depends heavily on the transportation
time. Any stretch in the same delays shipments and eventually
payments from buyers. This in turn can further lead to cashflow
mismatches.

Intense competition - The company remains exposed to the intensely
competitive and fragmented nature of the industry.

Inherent industry risk and foreign currency fluctuation risk –
The business remains susceptible to risks related to disease
outbreak along with the importing countries' political and economic
scenario. This apart, the business remains vulnerable to foreign
currency fluctuations as most revenues come from exports.

Liquidity position

The liquidity position remained stretched with consolidated working
capital limit utilisation at ~88% in the last eight-month period
that ended in June 2019. The cash stood at INR9.5 crore but a large
amount was encumbered with the bank. The liquidity position
recently suffered on account of cashflow mismatches arising out of
delayed payments from clients due to delay in transportation of
goods. The current ratio as on March 31, 2019 stood at 1.42 times.

Incorporated in September 1997, Mirha Exports Private Limited
(MEPL) is a private limited company involved in processing and
exporting frozen meat products from India. In FY2005, MEPL
purchased a running unit with meat processing facilities in
Sahibabad, UP. In April 2012, it completed the capacity expansion
at its Sahibabad unit and increased the capacity to 60 MT per day
from 20 MT per day. The company had two adjoining units (B-36 and
B-37) in Sahibabad. In February 2011, MEPL set up an integrated
meat processing plant as some big exporting countries mandate the
presence of a slaughter house to be eligible for export. This plant
is located in Joula Kurdh village in the Dera Bassi district of
Punjab. Currently, this plant has a 300 MT per day capacity, which
translates to ~2,400 buffaloes per day. The plant is approved by
the Indian Government's Agricultural & Processed Food Products
Export Development Authority (APEDA) under the administrative
control of Ministry of Commerce and Industry.

MIXED BAG: ICRA Lowers Rating on INR10cr LT Loan to 'D'
-------------------------------------------------------
ICRA has revised its long-term rating of [ICRA]B (Stable) to
[ICRA]D on the INR10-crore fund-based bank facilities of Mixed Bag
Overseas (MBO). The rating continues to remain under the Issuer not
cooperating category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      10.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       downgraded from [ICRA]B
                                  (Stable); rating continues to
                                  be in the 'Issuer Not
                                  Cooperating' category

The rating downgrade follows the delays in debt servicing by Mixed
Bag Overseas to the lenders, as confirmed by them to ICRA. The
rating is based on limited information on the entity's performance
since the time it was last rated in January 2017. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.

As part of its process and in accordance with its rating agreement
with Mixed Bag Overseas, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Outlook: Not applicable

Key rating drivers and their description

Credit strengths
Robust demand for mobile handsets in domestic market

Credit challenges
Unsatisfactory debt servicing track record: There have been delays
in debt servicing by MBO as confirmed to ICRA by the firm's
lender.

Liquidity position: Poor

MBO's liquidity is poor as reflected in delays in debt servicing by
the firm.

Rating sensitivities

Positive triggers: ICRA could upgrade MBO's rating if the firm
demonstrates a track record of debt servicing.

Mixed Bag Overseas was established as a partnership firm in
February 2016 by Mr. Deepak Gupta and Mr. Ajay Pal. The firm is
involved in trading of mobile accessories including memory cards,
screen guards, batteries etc.

MOONLIGHT MARBLES: ICRA Lowers Rating on INR12cr Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Moonlight Marbles Private Limited (MMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         12.00       ICRA]D; downgraded from
   Working Capital                 [ICRA]B- (Stable)

   Fund Based-          0.54       [ICRA]D; downgraded from
   Term Loan                       [ICRA]B- (Stable)

Rationale

The rating downgrade reflects irregularities in term loan repayment
and cash credit, based on feedback received from the banker.

The rating is based on limited information on the entity's
performance since the time it was last rated in August 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with MMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers and their description

Credit strengths

Experienced promoters with long track record - The promoters of the
company have been associated with the industry for over 30 years.
Such experience provides insight.

Credit challenges
Delays in debt servicing - There has been irregularities in the
term loan and cash credit repayment by the company.

Liquidity position: Poor
MMPL liquidity is poor as reflected in delays in the term loan
repayment by the company.

Rating sensitivities

Positive triggers: ICRA could upgrade MMPL's rating if the company
demonstrates a track record of timely debt servicing

MMPL was established in 1990 and is involved in processing of
marbles. The manufacturing facility of the company is located at
Rajasamand, Rajasthan. It mainly sells its products in India, with
some exports to countries in Europe and the Middle East.

NAVKAR LIFESCIENCES: ICRA Raises Rating on INR19.75cr Loan to B-
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Navkar Lifesciences (Navkar), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         19.75      [ICRA]B- (Stable); upgraded
   Cash Credit                    from [ICRA]D and removed from
                                  Issuer Not Cooperating category

   Fund-based-          7.00      [ICRA]B- (Stable); upgraded
   Term Loan                      from [ICRA]D and removed from
                                  Issuer Not Cooperating category

Rationale

The rating upgrade of Navkar takes into account the regularisation
in its debt servicing obligations with the entire repayment of term
loan. The delays in debt servicing in the past were due to the weak
liquidity profile because of the firm's stretched receivables and
high inventory holdings.

Further, the rating takes into account the utilisation of its
working capital facilities within limits, on a sustained basis
after overdrawals in the previous financial year. The rating
continues to draw comfort from the extensive experience of Navkar's
promoters, the decade-long track record of operations of the firm
and its established clientele. Further, the rating positively
factors in the firm's wide distribution network and locational
advantage due to the proximity of its Baddi, Himachal Pradesh-based
factory in to its principals. This apart, Navkar's moderate capital
structure and coverage indicators provide comfort.

The rating, however, is constrained by Navkar's long working
capital cycle led by high debtor position. Further, with the
competition in the industry post GST implementation, the firm
reported marginal revenue growth and declining operating margins in
FY2019. The rating also remained constrained by the risks
associated with the partnership nature of the constitution.

Key rating drivers and their description

Credit strengths

Regularisation of delays in servicing debt obligations – The firm
delayed in the repayment of term loan instalments in December 2018.
However, the delays were regularised in the next month and Navkar
has been timely servicing its debt obligations since then. Further,
despite the long working capital cycle, the firm has been able to
manage its liquidity and there have been no instances of overdrawal
in cash credit limits since the last rating.

Long track record in pharmaceutical industry with diversified
client base – The firm has more than a decade-long track record
of operations. Its plant is located in Baddi, Himachal Pradesh, in
proximity to its principals and suppliers. The Group also has a
packaging company, which lends some synergies. Over the years,
Navkar has established a client base of more than 200 and has
limited customer concentration.

Moderate debt levels and coverage indicators – With the majority
of the capex already incurred in the past, Navkar's dependence on
long-term borrowings is low and it avails mainly working capital
limits. Modest debt levels and moderate margins and minimal
long-term repayments have resulted in moderate coverage metrics.
This is reflected by gearing of 1.3 times, DSCR of 1.3 times and
interest coverage of 1.7 times in FY2019.

Credit challenges

Long working capital cycle – Navkar's business is working capital
intensive owing to the high inventory holding period and long
receivable collection period. Further, the funds are blocked in GST
for inverted rates, which is leading to heavy utilisation of
working capital limits. The firm's average utilisation of the
sanctioned fund-based limits was 98% in the last 18 months. Hence,
it lacks sufficient liquidity buffer in terms of unused limits.
ICRA notes that going forward, Navkar's ability to obtain
enhancement in its existing limits will be critical for its
liquidity position.

Stagnant revenue growth and declining margins with intense
competition – The domestic pharmaceutical industry growth, over
the past two fiscals, has been impacted to an extent by regulatory
interventions/policies such as fixed dose combinations (FDCs) ban
and GST implementation. Further, post GST implementation, all
entities are now at a level playing field and no entity has special
benefit of excise zone. This has further increased competition in
the industry. Thus, Navkar's revenue growth has been marginal in
the last two years. In FY2019, the operating income (OI) grew 5%
YoY to INR79.8 crore. The intense competition also reduced
operating margins to 6.9% in FY2019 from 8.1% in FY2018.

Risks associated with partnership constitution – Given Navkar's
constitution as a partnership firm, it remains exposed to discrete
risks, including the possibility of withdrawal of capital by the
partners and the risk of dissolution of the firm upon the death,
retirement or insolvency of partners.

Liquidity position: Stretched Navkar's liquidity is stretched with
the average utilisation of the sanctioned fund-based limits being
high and not providing sufficient liquidity buffer in terms of
unused limits to it. Going forward, the enhancement in the existing
limits or any reduction in working capital cycle would provide
sufficient cushion to the firm's liquidity profile.

Rating sensitivities

Positive triggers – ICRA could upgrade Navkar's rating if it
demonstrates a sustained revenue growth and improvement in its
profitability and working capital intensity, thereby improving its
liquidity position. Sufficient liquidity buffer with enhancement in
the existing limits or working capital limits utilisation below 90%
on a sustained basis could lead to an upgrade.

Negative triggers – Negative pressure on Navkar's rating could
arise if, for reasons including a shift in the industry conditions,
or if liquidity position worsens due to inability to obtain
enhancement in the existing limits or high working capital
intensity, resulting in heavy utilisation of the existing limits.

Navkar Lifesciences (Navkar), incorporated in February 2016, is
involved in developing and manufacturing generic pharmaceutical
formulations such as tablets, capsules and ointments. The firm's
manufacturing facilities are located in Baddi, and it offers a
considerably broad range of formulations such as analgesic,
nutritional, dermatological, anti-allergic, anti-diabetic,
anti-fungal, and anti-depressant. Navkar is a part of the
Baddi-based Arion Healthcare Group (which is also involved in the
same line of business) and Arihant Packwell (which is involved in
manufacturing packaging material).

In FY2019, the company reported a net profit of INR1.3 crore on an
OI of INR79.8 crore compared with a net profit of INR2.2 crore on
an OI of INR76.1 crore in the previous year.

PNX LOGISTICS: ICRA Downgrades Rating on INR14cr Loan to D
----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR33.00 crore
fund-based facilities of PNX Logistics Pvt Ltd (PNX) to [ICRA]D
from [ICRA]B+ (Negative) and also downgraded the
long-term/short-term rating assigned to INR24.00 crore
fund-based/non-fund-based facilities (sub-limits) to [ICRA]D from
[ICRA]A4. The rating action follows the delays in debt servicing of
term loans within the due date.


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan 1         14.00      [ICRA]D; downgraded from
                                  [ICRA]B+(SO) (Negative)

   Term Loan 2          5.00      [ICRA]D; downgraded from
                                  [ICRA]B+(SO) (Negative)

   Cash Credit         14.00      [ICRA]D; downgraded from
                                  [ICRA]B+(SO) (Negative)

   WCDL*              (14.00)     [ICRA]D/[ICRA]D; downgraded
                                  From [ICRA]B+(SO)(Negative)/
                                  [ICRA]A4(SO)

   Short term Loan     (6.00)     [ICRA]D/[ICRA]D; downgraded
                                  From [ICRA]B+(SO)(Negative)/
                                  [ICRA]A4(SO)

   Letter of Credit    (2.00)     [ICRA]D/[ICRA]D; downgraded
                                  From [ICRA]B+(SO)(Negative)/
                                  [ICRA]A4(SO)

   Bank Guarantee      (2.00)     [ICRA]D/[ICRA]D; downgraded
                                  from [ICRA]B+(SO)(Negative)/
                                  [ICRA]A4(SO)

Material Event
PNX has delays in debt servicing on its term loans due for the
month of August 2019. The company had sought for deferment of
payment, which is yet to be received.

Rationale
The rating downgrade takes into account the delays in debt
servicing of term loans by PNX. The delays have been on account of
weakened liquidity position post the unexpected demise of the
group's promoter – Mr. V. G. Siddhartha, due to reduced financial
flexibility and enhanced refinancing risks, with some of the
lenders to the group also delaying the disbursement of loan
installments. ICRA notes that Sical group has high repayment
obligations in the near to medium term and is expected to continue
to face liquidity pressure and has requested the lenders for
rescheduling of loan repayments, with inclusion of short term
moratorium, which if agreed upon may provide some respite on the
liquidity front. ICRA also notes that both SLL and parent Coffee
Day group is looking at deleveraging by raising funds through asset
sales, which may include the parent's stake sale in SLL. The
developments on this front will be key monitorable.

Key rating drivers

Credit Challenges

Weakened financial flexibility and liquidity profile of the group
– The delay in debt servicing by SLL and other group entities,
was on account of weakened liquidity position post the unexpected
demise of the group's promoter – Mr. V. G. Siddhartha, due to
reduced financial flexibility and enhanced refinancing risks , with
some of the lenders to the group also delaying the disbursement of
loan installments. ICRA notes that Sical group has high repayment
obligations in the near to medium term and is expected to continue
to face liquidity pressure and has requested the lenders for
rescheduling of loan repayments, with inclusion of short term
moratorium, which if agreed upon may provide some respite on the
liquidity front. ICRA also notes that both SLL and parent Coffee
Day group is looking at deleveraging by raising funds through asset
sales, which may include the parent's stake sale in SLL. The
developments on this front will be key monitorable.

Liquidity position: Poor
The company's liquidity profile is poor as reflected by delays in
debt servicing

Rating Sensitivities

Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months), following improvement in liquidity
profile of the group.

Negative triggers - Not applicable

                       About PNX Logistics

PNX Logistics Private Limited (PNX) traces its origins to a courier
company which started as a proprietary firm in January 2000 with an
objective to provide courier/document services. Incorporated in
January 2007, PNX eventually became a private limited company in
2012. PNX subsequently exited the courier business and currently
offers express cargo services pan-India catering to customers
majorly in textile, automobile and pharmaceutical industries. PNX
owns a mix of LCV, MCV and HCV vehicles and additionally operates
vehicles under lease. The company has a team of 400+ employees
working out of various offices across India. Sical Logistics Ltd
acquired 60% stake in PNX in July 2017. The remaining 40% stake is
currently held by the founder Mr. Ananthashesha Naganna Hanagal.

Guarantor Profile:

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.

POSITIVE MICRON: ICRA Lowers Rating on INR13cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Positive Micron LLP, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          13.00      [ICRA]D; Downgraded from
   Term Loan                       [ICRA]B(Stable)

   Fund Based-           4.00      [ICRA]D; Downgraded from
   Working Capital                 [ICRA]B(Stable)  
   Facilities            
                                   
   Non-fund Based-       1.35      [ICRA]D; Downgraded from
   Bank Guarantee                  [ICRA]A4

Rationale

The ratings revision takes into account the delays in servicing
debt obligations in the recent past as confirmed by the banker
owing to delays in commencement of the commercial operations
because of non-availability of the key raw material (feldspar
lumps).

Key rating drivers and their description

Credit strengths:

Extensive experience of promoters in ceramic industry - The key
promoter have extensive experience in trading and ceramic tiles
industry through their other entities engaged in the ceramic tiles
and other industries.

Credit challenges

Recent delays in debt servicing - There has been delays in debt
servicing by Positive Micron LLP in the recent past, owing to
lower-than- expected cashflows with delays in commencement of the
commercial operations because of non-availability of the key raw
material (feldspar lumps). The term loan repayment has been
rescheduled and the moratorium has been increased by 6 months in
July 2019.

Weak credit profile over near term - The entity's financial profile
is expected to remain stretched in the near to medium term, given
the debt -funded nature of the project, stabilisation of operations
and the impending debt repayments.

Intense competition in feldspar processing industry- The
competitive intensity of the feldspar processing industry is high
because of the low capital intensity and the limited entry
barriers.

Profitability to remain susceptible to volatility in raw material
prices - Raw material price is a major component determining the
cost competitiveness of the industry. The firm has, however, little
control over the prices of its key raw material-feldspar lumps.
Thus, the margins are expected to remain exposed to the movement in
raw material prices and its ability to pass on any upward movement
to its customers.

Liquidity position: Poor

PML's liquidity is poor as reflected in delays in the term loan
repayment by the entity.

Rating sensitivities

Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months).

Negative triggers - Not Applicable.

Formed on July 19, 2017; Positive Micron LLP (PML) is established
as a limited liability partnership firm by Mr. Pritesh Shirvi, Mr.
Chetan Halvadia Mr. Dilip Jethaloja and their family members. The
promoters of the firm have over a decade of experience in the
ceramic industry and trading. PML plans to manufacture soda potash
(feldspar) of 70-80 microns quality. The product find applications
in various industries such as ceramic tiles, cement manufacturing,
glass industries, etc. however the company will majorly cater to
the ceramic industry.

ROOTS COOLING: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Roots Cooling
Systems Private Limited (RCSPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR99 mil. Fund-based working capital facility assigned with
     IND B+/Stable/IND A4 rating; and

-- INR110 mil. Non-fund-based working capital facility assigned
     with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect RCSPL's modest scale of operations as is
evident from top-line of INR272.75 million in FY19 (FY18: INR340.76
million). Revenue fell on lack of orders in hand. FY19 financials
are provisional in nature.

The ratings take into consideration the company's weak credit
metrics with interest coverage (operating EBITDAR/gross interest
expense + rents) of 1.99x in FY19 (FY18: 1.18x) and net leverage
(total adjusted net debt/operating EBITDAR) of 4.54x (FY18: 5.83x).
Credit metrics improved on the back of increase in EBITDA to
INR29.10 million (FY18: INR21.80 million).  

The ratings also factor in RCSPL's modest EBITDA margin, which
improved to 10.67% in FY19 (FY18: 6.40%) due to decrease the
administrative expenses. Its return on capital employed stood at
4.9% in FY19 (FY18: 5.5%).

Liquidity Indicator: “Poor”: The ratings also factor in RCSPL's
tight liquidity position as indicated by full utilization of cash
credit limits during the last 12 months ended July 2019. Cash flow
from operations turned positive to INR6.36 million (FY18: negative
INR13.32 million) on account of support from creditors by extending
the creditors days to 259 days (FY18: 191 days). Furthermore, the
cash and cash equivalent stood at around INR5.87 million at FYE19
(FYE18: INR2.13 million).

The rating, however, is supported by the promoters' more than two
decades of experience in the manufacture of evaporating cooling
units.

RATING SENSITIVITIES

Negative:  Decline in the scale of operations leading to interest
coverage below 1.5x along with stretched liquidity could be
negative for the ratings.

Positive: Any improvement in the scale of operations along with
improvement in liquidity could be positive for the ratings.

COMPANY PROFILE

Promoted in 1994 by Mr. Anoop Kumar Saxena, RCSPL designs,
manufactures, installs, and commissions evaporating cooling
equipment and ventilation and pollution control systems; the
Noida-based company also executes heating, ventilation, and air
conditioning (HVAC) turnkey projects.

SHINE METALTECH: ICRA Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------
ICRA said ratings for the INR7.00-crore bank facilities of Shine
Metaltech Private Limited (SMPL) continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]D2
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-Fund     0.60      [ICRA]D; ISSUER NOT COOPERATING;
   Based/CC                     Continues to remain under the
                                'Issuer Not Cooperating' category

   Long Term-Fund     6.40      [ICRA]D; ISSUER NOT COOPERATING;
   Based TL                     Continues to remain under the
                                'Issuer Not Cooperating' category

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

Shine Metaltech Private Limited (SMPL) is a private limited company
engaged in machining of metal components on job work basis, which
are primarily being used in the auto industry; and its
manufacturing facility is located in Ropar (Punjab). SMPL has been
promoted by members of the Gill family.


SHRIYA RICE: ICRA Reaffirms 'B' Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Shriya Rice Mill's (SRM), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-
   Term Loan          0.40      [ICRA]B (Stable); reaffirmed

   Fund Based-
   Working Capital
   Facilities         5.50      [ICRA]B (Stable); reaffirmed

   Unallocated        2.60      [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation continues to factor in SRM's small scale
of operations in a highly fragmented and competitive rice milling
industry, which limits its pricing power. The rating remains
constrained by the susceptibility of the firm's revenues and
margins to volatile paddy prices and adverse changes in
agro-climatic conditions and Government regulation, which can
affect the availability of paddy. Besides, SRM's weak financial
profile with a low net worth position, as depicted by a high
gearing of 3.8 times as on March 31, 2019, low debt coverage
indicators and limited financial flexibility, reflected by its
fully-utilised working capital limits, are other concerns. The
rating also remains constrained by the risks associated with the
partnership nature of the firm.

The rating, however, continues to derive comfort from the extensive
experience of its promoters in the rice milling industry and easy
availability of paddy because of its proximity to major paddy
cultivating regions in northern Karnataka. ICRA considers the
favorable demand prospects of the rice industry because of India's
growing population, with India being one of the largest producers
and consumers of rice.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that SRM will continue to benefit from the extensive experience of
its promoters in the rice milling business.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in rice milling industry – The
firm's promoters are involved in the rice milling business for over
two decades and have established relationship with its suppliers,
which ensure timely availability of paddy and repeat orders from a
diversified customer base.

Presence in major paddy cultivating area – The firm's plant is in
Raichur, which is surrounded by paddy cultivating areas such as
Manvi, Sindhnoor, Gangawati and Davangere. Mostly, paddy prices are
above the minimum support price (MSP) from the local farmers, which
result in easy procurement of paddy at low transportation cost.

Favourable demand prospects of rice – The demand prospects of the
rice industry are expected to remain favourable because of India's
growing population as rice is a staple food grain in the country
and India is the world's second largest consumer of rice.
Credit challenges

Small scale of operations – SRM's revenues remained small at
INR15.70 crore in FY2019, declined from INR18.40 crore in FY2018.
This, coupled with its low net worth, restricts operational and
financial flexibility to some extent.

Weak financial profile – The operating margins decreased to 7.5%
in FY2019 from 9.9% in FY2018 owing to a decline in scale resulting
in under-absorption of overheads. The firm's gearing remained high
at 3.8 times in FY2019 (albeit an improvement from 4.1 times in
FY2018) due to its low net worth. The debt coverage indicators
remained moderate with interest coverage of 1.7 times, DSCR of 1.2
times and TD/OPBITDA of 7.0 times in FY2019.

Intense competition due to limited value addition in business –
The rice milling industry remains highly fragmented and competitive
in nature owing to the presence of numerous unorganised and
organised players on account of low entry barriers in terms of
technology and investments.

Industry susceptible to agro-climatic and governance risks – The
rice milling industry is susceptible to agro-climatic risks (which
can affect the availability of paddy in adverse weather
conditions), epidemics in paddy crop or a shift of farmers to other
cash crops and cyclicality. Moreover, it is exposed to Government
policies such as MSP, which affects the raw material cost and
thereby the margins.

Risk related to partnership nature of the firm – SRM is exposed
to the risks inherent to the partnership nature of the firm,
including the capital withdrawal risk.

Liquidity position: Stretched SRM's liquidity is stretched with a
low free cash balance of INR0.9 crore as on March 31, 2019, coupled
with fully-utilised working capital limit during June 2018 to May
2019. The firm's fund flow from operations (before adjusting for
working capital changes) also remained low, owing to thin
profitability margins in the business. It does not have major term
loan repayment obligation other than repayment of INR0.20 crore in
FY2020.

Rating sensitivities

Positive triggers – ICRA could upgrade SRM's rating if the firm
demonstrates a sustained improvement in its capacity utilisation or
improvement in yield ratio or significant increase in sales volume.
Specific credit metrics that could lead to an upgrade of SRM's
rating include (1) improved profitability margins (2) Total Debt/
OPBITDA below 5 times on a sustained basis; (3) improved capital
structure with a gearing of less than 2 times.

Negative triggers – Negative pressure on SRM's rating could arise
if, for reasons there is a further decline in revenue and margins.
Additionally, a negative change in agro-climatic condition, or a
rise in capex, the Total Debt/OPBITDA exceeds 7.5 times will lead
to negative trigger. A weakening in DSCR to below 1 times could
also exert negative pressure on the company's rating.

Incorporated in 2010, SRM is a partnership firm involved in the
milling of paddy and produces rice. It has a milling unit at
Raichur, Karnataka with an installed capacity of 8 metric tonnes
per hour (MTPH) of milling. The firm's major products include
boiled rice, raw rice, bran, broken rice and husk and it has a
storage capacity of 70,000 bags (75 kg each) of paddy and 800 MT of
rice. SRM sells raw rice under the brand name 'Trophy' and
'Jungle'.

In FY2019, on a provisional basis, the company reported a net loss
of INR0.1 crore on an operating income (OI) of INR15.7 crore
compared to a net profit of INR0.5 crore on an OI of INR18.4 crore
in the previous year.

SICAL IRON: ICRA Downgrades Rating on INR500cr LT Loan to D
-----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR600.00
crore fund-based/non-fund based facilities of Sical Iron Ore
Terminals Limited (SIOTL) to [ICRA]D from [ICRA]B+ (Negative) and
also downgraded the short-term rating assigned to (Rs. 175.00)
crore non-fund-based facilities(sub-limit) to [ICRA]D from
[ICRA]A4. The rating action follows the delays in debt servicing of
term loans within the due date.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term:          500.00      [ICRA]D; downgraded from
   Term Loans                      [ICRA]B+(SO) (Negative)

   Long term-           40.00      [ICRA]D; downgraded from
   Fund based                      [ICRA]B+(SO) (Negative)

   Long term-           60.00      [ICRA]D; downgraded from
   Non fund based                  [ICRA]B+(SO) (Negative)

   Long term-Non-     (175.00)     [ICRA]D; downgraded from
   fund based                      [ICRA]B+(SO) (Negative)
   (sub-limit)        
                                   
   Short term-Non-    (175.00)     [ICRA]D; downgraded from
   fund based                      [ICRA] A4 (SO)
   (sub-limit)        
                                    
Material Event

Sical Logistics Limited (SLL) has delayed in making principal and
interest payment on its term loans due for the month of August
2019. The company had sought for deferment of payment, which is yet
to be received.

Rationale

The rating downgrade follows the delay in debt servicing by the
guarantor - Sical Logistics Limited1(SLL/the guarantor, rated at
[ICRA]D/[ICRA]D). The ratings of SIOTL are based on an
unconditional and irrevocable corporate guarantee provided by SLL
for the INR600.00-crore bank facilities of SIOTL and an undertaking
from the guarantor to ensure that the debt obligations are serviced
on or prior to the due date, irrespective of the invocation of the
guarantee by the beneficiary. However, while SIOTL has is currently
regular in debt servicing, the parent entity – SLL and some of
the other group entities have delayed in debt servicing due to
reduced financial flexibility and high refinancing requirements
post demise of the group's promoter – Mr. V G Siddhartha, leading
to weakened liquidity profile of the group.

Key rating drivers

Credit challenges

Weakened financial flexibility and liquidity profile of the group
– The delay in debt servicing by SLL and other group entities,
was on account of weakened liquidity position post the unexpected
demise of the group's promoter – Mr. V. G. Siddhartha, due to
reduced financial flexibility and enhanced refinancing risks , with
some of the lenders to the group also delaying the disbursement of
loan installments. ICRA notes that Sical group has high repayment
obligations in the near to medium term and is expected to continue
to face liquidity pressure and has requested the lenders for
rescheduling of loan repayments, with inclusion of short term
moratorium, which if agreed upon may provide some respite on the
liquidity front. ICRA also notes that both SLL and parent Coffee
Day group is looking at deleveraging by raising funds through asset
sales, which may include the parent's stake sale in SLL. The
developments on this front will be key monitorable.

Liquidity position: Not Applicable

Analytical approach Analytical Approach Comments Applicable Rating
Methodologies Corporate Credit Rating Methodology Approach for
rating debt instruments backed by third-party explicit support

Parent/Group Support
Parent/Group Company: SLL
The assigned ratings are based on corporate guarantee extended by
SLL

Consolidation/Standalone
The ratings are based on corporate guarantee extended by SLL. For
arriving at the ratings of SLL, ICRA has considered the
consolidated financials of Sical Logistics Limited.

                         About Sical Iron

SIOTL was incorporated as a special purpose vehicle in September
2006 by the consortium of SLL and L&T Infrastructure Development
Projects Limited (L&T IDPL). A concession agreement (CA) was signed
between SIOTL and Kamarajar Port Limited (KPL, erstwhile Ennore
Port Limited) on September 23, 2006, to implement an iron ore
terminal at Ennore Port, Tamil Nadu on a build-operate-transfer
(BOT) basis for a total period of 30 years (including the terminal
construction period). The project was planned towards setting up an
iron ore terminal of capacity 6 MMTPA in Phase I to reach 12 MMPTA
in phase II. At present, SLL holds 63% in the JV, while MMTC
Limited and L&T IDPL hold 26% and 11%, respectively.

Despite completion, the operations did not commence due to the
Supreme Court's ban on iron ore mining operations in Karnataka in
2011. Post this, SIOTL sought approval from the Ministry of
Shipping for conversion into a coal handling terminal.
Subsequently, SIOTL received the approval from the Ministry of
Shipping. The company received the letter of award from KPL in July
2016 for conversion of terminal to handle coal with a capacity of
12 MTPA. The terminal received the final environmental clearance
and at present, terminal conversion works are ongoing. The
management started receiving the INR500-crore project loan, which
is to be used for refinancing the old debt and to fund the
conversion capex.

Guarantor profile

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.

SICAL LOGISTICS: ICRA Lowers Rating on INR526.01cr Loan to D
------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR932.54
crore fund-based facilities of Sical Logistics Limited (SLL) to
[ICRA]D from [ICRA]B+ (Negative) and also downgraded the short-term
rating assigned to INR412.50 crore fund-based/non-fund-based
facilities to [ICRA]D from [ICRA]A4. The rating action follows the
delays in debt servicing of term loans within the due date.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     100.00      [ICRA] D; downgraded from
   Debenture                       [ICRA]B+ (Negative)
   Programme           
                                   
   Long term-Cash      300.00      [ICRA] D; downgraded from
   Credit                          [ICRA]B+ (Negative)


   Long term-Term      526.01      [ICRA] D; downgraded from
   Loans Outstanding               [ICRA]B+ (Negative)

   Long term-            6.53      [ICRA] D; downgraded from
   Unallocated                     [ICRA]B+ (Negative)


   Short term Fund      29.50      [ICRA]D; downgraded from
   based facilities                [ICRA] A4

   Short term-Non-     383.00      [ICRAD; downgraded from
   fund-based                      [ICRA] A4
   facilities          
                                   
Material Event

Sical Logistics Limited (SLL) has delays in debt servicing on its
term loans due for the month of August 2019. The company had sought
for deferment of payment, which is yet to be received.

Rationale

The rating downgrade takes into account the delays in debt
servicing of term loans by SLL. The delays have been on account of
weakened liquidity position post the unexpected demise of the
group's promoter – Mr. V. G. Siddhartha, due to reduced financial
flexibility and enhanced refinancing risks, with some of the
lenders to the group also delaying the disbursement of loan
installments. ICRA notes that Sical group has high repayment
obligations in the near to medium term and is expected to continue
to face liquidity pressure and has requested the lenders for
rescheduling of loan repayments, with inclusion of short term
moratorium, which if agreed upon may provide some respite on the
liquidity front. ICRA also notes that both SLL and parent Coffee
Day group is looking at deleveraging by raising funds through asset
sales, which may include the parent's stake sale in SLL. The
developments on this front will be key monitorable.

The company's financial risk profile is characterised by weak
capitalisation and coverage indicators, on account of significant
debt levels and considerable interest costs. It is further impacted
by SLL's weaker-than-expected operational performance. ICRA had
earlier taken note of the considerable capex requirements towards
the mine development and operation (MDO) projects, over the near to
medium term, for setting up the infrastructure and procurement of
mining equipment, which would entail additional debt at the
consolidated level. However, given the deterioration in liquidity
profile, some of the above-mentioned capex may not materialise.
Moreover, continued support in the form of equity commitments and
corporate guarantees extended to its subsidiaries and related Group
entities puts further stress on SLL's credit profile.

Sical Iron Ore Terminals Limited (SIOTL), a subsidiary of SLL,
witnessed considerable delays in commencement of terminal
operations for over close to seven years due to multiple reasons
including ban on iron ore movement, delays in rebidding process for
conversion into coal terminal and for receipt of environmental
clearance. This led to considerable project cost overruns, leading
to increased funding support from SLL over the years. However, the
conversion work commenced in the last fiscal and is expected to
achieve COD over the next 12 months. The project is primarily
funded by INR500.0-crore sanctioned facility (used for both capex
and repayments of some old loans), repayable over a 20-year period.
Even though, traction on the conversion project and replacement of
older loans with longer duration loan are favourable for the
consolidated entity, any delays in disbursement of loan instalments
by lenders will have adverse impact on the overall liquidity
profile and progress of the project. ICRA, also takes note of the
significant revenue share payable (~52%) to Kamarajar Port, which
can stress the debt servicing capability of SIOTL once it commences
operations. Hence, speedy ramp up of cargo handled after COD will
be a sensitivity factor.

Key rating drivers

Credit strengths

Extensive track record and established presence in integrated
logistics solutions – Incorporated in 1955, the company has
significant presence in South Indian ports like those at Kamarajar,
Chennai, Tuticorin and Visakhapatnam for handling various port
operations. SLL has established its presence in transportation,
shipping and container rail operations. This enables it to be a
multi-modal integrated logistics player.

Credit challenges

Weakened financial flexibility of the Coffee Day Group –
Following the takeover of SLL from its erstwhile promoters, the
Coffee Day Group has been supporting its business through oversight
and financial support. Till March 2019, CDEL infused ~INR281 crore
as unsecured loans to SLL (increased from INR189.95 crore as on
March 31, 2018), for meeting the various funding requirements of
the businesses. However, given the unexpected demise of the Group's
promoter and weakened financial flexibility with increased
refinancing risks faced by the Coffee Day Group, following the
aforementioned development and steep decline in share prices of
Group entities, its ability to provide incremental support has
become constrained.

Financial risk profile characterised by weak capitalisation and
coverage indicators – In FY2019, SLL (consolidated) witnessed a
healthy revenue growth, driven by increased revenues from the
mining segment. However, it witnessed moderation in its profit
margin on account of lower-than-expected margin from the mining
project and high bid preparation expenses. The company continued to
register subdued profit margin in Q1 FY2020. The capital structure
and coverage indicators remained subdued with a gearing of 2.1
times as on March 31, 2019 and DSCR and interest coverage of 0.5
times and 2.5 times in FY2019, respectively. Moreover, significant
scheduled annual debt repayments in the range of INR250 – INR300
crore per annum over the next three fiscals, amid limited cash
accruals, might entail refinancing risks for the company.

Equity/advances and corporate guarantees extended to subsidiaries
and related Group entities – SLL has extended sizeable corporate
guarantees to its subsidiaries and related Group entities.
Moreover, the company's continued support in the form of equity
commitments and advances towards its subsidiaries is a credit
concern.

Liquidity position: Poor

SLL's liquidity profile is poor as reflected by delays in debt
servicing

Rating Sensitivities

Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months), following improvement in
liquidity profile of the group.

Negative triggers – Not applicable

Parent/Group Support
Parent/Group Company: Coffee Day Group
The ratings factor in implicit support from Coffee Day Group

Consolidation/Standalone

For arriving at the ratings, ICRA has considered the consolidated
financials of SLL. As on March 31, 2019, the company had 11
subsidiaries, three step-down subsidiaries and two JVs.

                      About Sical Logistics

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.

SICAL MULTIMODAL: ICRA Lowers Rating on INR100cr Loan to D
----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR200.77
crore fund-based facilities of Sical Multimodal and Rail Transport
Limited (SMART) to [ICRA]D from [ICRA]B+ (Negative) (SO) and also
downgraded the short-term rating assigned to INR60.00 crore
non-fund facilities to [ICRA]D from [ICRA]A4.  The rating action
follows the delay in debt servicing by the parent entity - SLL and
some of the other group entities.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible       100.00      [ICRA]D; downgraded from
   Debenture                         [ICRA]B+(SO) (Negative)
   Programme                

   Long term-Fund         40.00      [ICRA]D; downgraded from
   based                             [ICRA]B+(SO) (Negative)

   Long term-Term         60.77      [ICRA]D; downgraded from
   Loan                              [ICRA]B+(SO) (Negative)

   Short term-Non-        60.00      [ICRA]D; downgraded from
   fund based                        [ICRA] A4 (SO)

Material Event

Sical Logistics Limited (SLL), the parent entity of the group has
delayed in making principal and interest payment on its term loans
due for the month of August 2019. SLL had sought for deferment of
payment, which is yet to be received.

Rationale

The rating downgrade follows the delay in debt servicing by the
guarantor - Sical Logistics Limited (SLL/the guarantor, rated at
[ICRA]D/[ICRA] D). The ratings of SMART are based on an
unconditional and irrevocable corporate guarantee provided by SLL
for the INR100.00-crore NCDs and INR160.77-crore bank facilities of
SMART and an undertaking from the guarantor to ensure that the debt
obligations are serviced on or prior to the due date, irrespective
of the invocation of the guarantee by the beneficiary. However,
while SMART has is currently regular in debt servicing, the parent
entity – SLL and some of the other group entities have delayed in
debt servicing due to reduced financial flexibility and high
refinancing requirements post demise of the group's promoter –
Mr. V G Siddhartha, leading to weakened liquidity profile of the
group.

Key rating drivers

Credit challenges

Weakened financial flexibility and liquidity profile of the group
– The delay in debt servicing by SLL and other group entities,
was on account of weakened liquidity position post the unexpected
demise of the group's promoter – Mr. V. G. Siddhartha, due to
reduced financial flexibility and enhanced refinancing risks , with
some of the lenders to the group also delaying the disbursement of
loan installments. ICRA notes that Sical group has high repayment
obligations in the near to medium term and is expected to continue
to face liquidity pressure and has requested the lenders for
rescheduling of loan repayments, with inclusion of short term
moratorium, which if agreed upon may provide some respite on the
liquidity front. ICRA also notes that both SLL and parent Coffee
Day group is looking at deleveraging by raising funds through asset
sales, which may include the parent's stake sale in SLL. The
developments on this front will be key monitorable.

                           About SMART

Incorporated in May 2007, SMART is a container rail freight
operator with a category I license to operate container trains on
all routes of the Indian Railways (IR). SMART is a 100% subsidiary
of Sical Infra Assets Limited (SIAL), which is in turn held by SLL.
It commenced commercial operations in March 2008 with one leased
rake. At present, it operates seven rakes, mainly in the
north-south and west-south routes for domestic container cargo.
SMART is, at present, developing its own Inland Container Depots
near Chennai. In July 2012, the company got sanction and approval
for a scheme of amalgamation with its associate concern Sical
Distriparks Limited (SDL) and a 100% subsidiary, Sical Hambuja
Logistics Private Limited (Hambuja), vide a High Court of Madras
order. Post this merger, SMART has two operational segments –
container rail operations and CFS operations.

Guarantor profile
Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.

SICAL SAUMYA: ICRA Downgrades Rating on INR41.83cr Loan to D
------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR41.83 crore
fund-based facilities of Sical Saumya Mining Limited (SSML) to
[ICRA]D from [ICRA]B+ (Negative) and also downgraded the short-term
rating assigned to INR25.00 crore fund-based facilities to [ICRA]D
from [ICRA]A4. The rating action follows the delays in debt
servicing of term loans within the due date.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           41.83       [ICRA]D; downgraded from
                                   [ICRA]B+(SO) (Negative)

   Short term: Fund    25.00       [ICRA]D; downgraded from
   based facilities                [ICRA] A4 (SO)

Material Event
SSML has delays in debt servicing on its term loans due for the
month of August 2019. The company had sought for deferment of
payment, which is yet to be received.

Rationale

The rating downgrade takes into account the delays in debt
servicing of term loans by SSML. The delays have been on account of
weakened liquidity position post the unexpected demise of the
group's promoter – Mr. V. G. Siddhartha, due to reduced financial
flexibility and enhanced refinancing risks, with some of the
lenders to the group also delaying the disbursement of loan
installments. ICRA notes that Sical group has high repayment
obligations in the near to medium term and is expected to continue
to face liquidity pressure and has requested the lenders for
rescheduling of loan repayments, with inclusion of short term
moratorium, which if agreed upon may provide some respite on the
liquidity front. ICRA also notes that both SLL and parent Coffee
Day group is looking at deleveraging by raising funds through asset
sales, which may include the parent's stake sale in SLL. The
developments on this front will be key monitorable.

Key rating drivers

Credit challenges

Weakened financial flexibility and liquidity profile of the group
– The rated bank facilities of SSML are backed by an
unconditional and irrevocable guarantee provided by SLL for its due
payment and an undertaking provided by the guarantor that it would
ensure that the related debt obligations are serviced on or prior
to the due date, irrespective of the invocation of the guarantee by
the beneficiary. However, the guarantor did not service the debt
since the guarantee was not invoked by lender, despite the
undertaking. The delay in debt servicing by SSML was on account of
liquidity pressure at the group level, arising from delays in
disbursement of loan (under another group entity – Sical Iron Ore
Terminal Limited) by one of the lenders, post the unexpected demise
of SLL's promoter – Mr. V. G. Siddhartha, indicating weakened
financial flexibility and enhanced refinancing risks faced by the
group.

Liquidity position: Poor

The company's liquidity profile is poor as reflected by delays in
debt servicing

Rating Sensitivities

Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months), following improvement in
liquidity profile of the group.

                       About Sical Saumya

Sical Saumya Mining Limited (SSML) is a subsidiary of Sical
Logistics Limited (SLL) and is engaged in the business of
overburden extraction and transportation. The company was formed as
a JV with Saumya Mining Limited (SML) for the purpose of securing
overburden removal contracts in association with the coal removal
contracts that Sical is undertaking in Mahanadi Coalfields Limited
(MCL). Currently the company is executing two contracts – the
operations are handled by SLL through a subcontract.

Guarantor Profile:
Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.

SYNCO INDUSTRIES: ICRA Keeps 'C+' Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Synco
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]C+/A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based         8.50      [ICRA]C+; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Non-fund based     1.50      [ICRA]A4; ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain in the
                                'Issuer Not Cooperating' category

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

Incorporated in 1982, SIL was originally incorporated as private
limited company 'Synco Textiles Private Limited' for carrying out
dyes and chemical manufacturing activity. However, with
discontinuation of the dyes and chemical manufacturing business and
commencement of oil extraction business in 1995, the name was
changed to Synco Industries Limited and presently the company is
involved in Processing of Mustard seed and Groundnut and selling of
oil and de-oiled cake having installed plant capacity of 75,000
Metric tonnes per annum located in Sumerpur which is approx 150 km
from Jodhpur. The company is also engaged in the manufacturing of
blasting machines used in foundries for cleaning, grading and
powder coating and pollution control equipments.

TEXPLAS INDIA: ICRA Cuts INR11.50cr Loan Rating to D, Not Coop.
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Texplas India Private Limited (TIPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        11.50      [ICRA]D ISSUER NOT COOPERATING;
   Working Capital               downgraded from [ICRA]B-
                                 (Stable) ISSUER NOT
                                 COOPERATING; rating continues
                                 in the 'Issuer Not Cooperating'
                                 category

   Fund Based-         2.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     downgraded from [ICRA]B-
                                 (Stable) ISSUER NOT
                                 COOPERATING; rating continues
                                 in the 'Issuer Not Cooperating'
                                 category

   Non-fund Based      3.50      [ICRA]D ISSUER NOT COOPERATING;
                                 downgraded from [ICRA]A4 ISSUER
                                 NOT COOPERATING; rating
                                 continues in the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects irregularities in term loan
repayment, information for which available in public domain.

The rating is based on limited information on the entity's
performance since the time it was last rated in August 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with TIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers and their description

Credit strengths

Long-term relationship with key customers and suppliers – The
company's client profile includes players like Bharat Heavy
Electricals Limited (BHEL). However, most of its clients comprise
state electricity distribution companies, which ensured repeat
orders in the past.

Credit challenges

Delays in term-loan repayment – There has been irregularities in
the term loan repayment by the company.

Liquidity position: Poor

TIPL liquidity is poor as reflected in delays in the term loan
repayment by the company.

Rating sensitivities

Positive triggers: ICRA could upgrade TIPL's rating if the company
demonstrates a track record of timely repayment of term loan
installments.

Negative triggers: Not applicable.

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

VIKAS COTTON: ICRA Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
ICRA said rating for the INR17.10 crore bank facilities of Vikas
Cotton Ginning & Pressing remains under the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        12.00     [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated         5.10     [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in 2006, Vikas Cotton Ginning & Pressing (VCGP) is a
partnership firm owned and managed by Mr. Mahmadrafik Allarakha
Kaladiya, Mr. Afzal Allarakha Kaladiya and Mr. Amin Allarakha. The
manufacturing facility of the firm, located at Surendranagar,
Gujarat, is equipped with 42 ginning and one fully automatic
pressing machine to produce cotton bales and cottonseeds. The firm
also has five expellers for cottonseed crushing. It also trades in
castor seeds, cumin seeds, wheat, coriander and other
agro-products.

WARANA DAIRY: Ind-Ra Affirms 'D', Issuer Not Cooperating Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings on
Warana Dairy And Agro Industries Ltd.'s bank facilities at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the ratings are based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR485.19 mil. Bank loan (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Fund-based working capital limit (long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects the classification of Warana Dairy And
Agro Industries' account as non-performing by the banker.

RATING SENSITIVITIES

Positive: The reclassification of the account as standard and
timely debt servicing thereafter for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Formed in 2008, Warana Dairy And Agro Industries is engaged in milk
processing and milk product manufacturing.



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

SEACERA GROUP: Ambank Seeks to Sell Property to Recoup Loan
-----------------------------------------------------------
Justin Lim at The Edge Financial Daily reports that Ambank Islamic
Bhd is seeking a public auction of a property in Penang belonging
to Seacera Group Bhd over a sum of MYR18.31 million owed to the
bank under an Islamic loan facility taken by its subsidiary Seacera
Ceramics Sdn Bhd (SCSB).

In a filing with Bursa Malaysia, Seacera said SCSB received a legal
summon on Sept. 5, and that the date of the auction has yet to be
fixed but will not be less than one month from the date of the
court order, the report relates.

The Edge relates that Seacera said it is seeking professional legal
advice.

The Penang High Court has set Oct. 10 for hearing, the report
notes.

                       About Seacera Group

Seacera Group Bhd engages in manufacturing and trading of ceramic
tiles. The company operates in mainly two divisions namely, Tiles
division involving the manufacturing, trading, and marketing of all
kinds of ceramic tiles and related products which contributes a
major part of revenue and Property development and construction
division which comprises of Investing and development of properties
located in Malaysia. The company operates in multiple states across
Malaysia, while it has a presence in ASEAN and other countries.

Seacera Group Bhd has been classified as a Practice Note 17 (PN17)
company as it has defaulted on the payment of principal and profits
to AmBank Islamic Bhd and not being able to provide a solvency
declaration to Bursa Malaysia Securities.

The company recorded a net loss of MYR43.13 million in the
financial year ended Dec. 31, 2018, from a net profit of MYR8.92
million in the previous year.



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

POSH TERASEA: POSH May Face US$42M Impairment Charge Over Default
-----------------------------------------------------------------
Sharanya Pillai at The Business Times reports that mainboard-listed
PACC Offshore Services Holdings (POSH) could face a maximum
impairment charge of US$42 million, following the default of its 50
per cent-owned joint venture (JV) on US$27.6 million worth of debt
as at Sept. 17.

In a bourse filing after market close on Sept. 19, POSH identified
the JV in question as POSH Terasea Pte Ltd (PTPL), BT relates. The
remaining 50 per cent of PTPL is held by Terasea, a separate JV
between debt-stricken Ezion Holdings and Seabridge Marine Services.

  
The extent of the financial impact cannot be fully ascertained at
this point, POSH said in its filing, BT relates. But in the
worst-case scenario, POSH would have to recognise impairments for
its interest in PTPL, worth US$27.6 million as at end-June, as well
as the US$14.4 million due from PTPL to POSH as at end-June,
according to the report.

BT says the loan, comprising ship financing loans and a revolving
credit facility, is secured by five anchor handling tugs owned by
PTPL and its five subsidiaries. The creditor, a financial
institution, has declared the full outstanding sum, including
accrued interest, to be payable.

The Business Times understands that POSH had explored options to
rescue PTPL, such as a possible capital injection from
shareholders.

Despite the potential impairment, POSH does not expect the default
to impact its operating cash flows, given its debt headroom, or
undrawn amount from borrowing facilities of about US$90.4 million,
BT relays.

The company operated a combined fleet of 122 vessels as at
end-June, of which nine were operated by PTPL and its units. PTPL
did not contribute to POSH's positive EBITDA of US$24.5 million for
the six months ended June, POSH, as cited by BT, added in its
filing.

BT adds that in a separate statement sent to the media, a POSH
spokesman said: "We regret the circumstances as POSH had been
committed to exploring options with all parties to enable the
(PTPL) JV to meet its obligations towards lenders."

The latest developments come as POSH announced a comprehensive
review of its business in August, following its gloomy Q2 results,
the report states. The company's net loss for the quarter widened
by 49 per cent on-year to US$8.6 million, BT discloses. It had
US$16.5 million in cash and US$782 million in borrowings as at
end-June.

TEE INTERNATIONAL: SGX Grants 60-day Extension to Hold AGM
----------------------------------------------------------
Sharanya Pillai at The Business Times reports that Tee
International said on Sept. 19 that it has received a 60-day
extension from the Singapore Exchange (SGX) to conduct its Annual
General Meeting (AGM) by Nov. 29 and release its Q1 results for the
financial year 2020 by Dec. 13.

This comes as the company revealed on Sept. 8 that it is looking
into unauthorised transactions of SGD6.55 million made by
subsidiaries, allegedly under the instruction of chief executive
Phua Chian Kin, BT relates. On Sept. 13, it appointed
PricewaterhouseCoopers Risk Services as an external investigator,
the report discloses.

According to the report, the external investigator has since
advised that it requires six to eight weeks to report its findings,
potentially delaying the company's preparation of its financial
results, TEE International said in its filing.

Moving forward, the company will also request for an extension from
the Accounting and Corporate Regulatory Authority to hold its AGM,
BT adds.

TEE International Limited (SGX:M1Z), an investment holding company,
engages in engineering, real estate, and infrastructure businesses.
TEE International Limited has operations in Singapore, Malaysia,
Thailand, Vietnam, Hong Kong, Australia, and New Zealand. The
company was founded in 1980 and is headquartered in Singapore.

TEE International reported net losses of SGD1.56 million and
SGD7.60 million for years ended May 31, 2017, and 2018,
respectively.



=================
S R I   L A N K A
=================

SRILANKAN AIRLINES: Fitch Puts Final B Rating to $175M Unsec. Bonds
-------------------------------------------------------------------
Fitch Ratings assigned a final 'B' rating to SriLankan Airlines
Limited's (SLA) USD175 million government-guaranteed 7% unsecured
bonds due June 25, 2024. The final rating on the bonds is in line
with the expected rating assigned on June 19, 2019, and follows the
receipt of final documents conforming to information received
earlier.

The issuance proceeds were used to repay the company's USD175
million bond due June 27, 2019.

KEY RATING DRIVERS

The bonds are rated at the same level as the bonds issued by SLA's
parent, the government of Sri Lanka (B/Stable), due to the
unconditional and irrevocable guarantee provided by the government.
The government's bonds are, in turn, rated in line with the
sovereign's Long-Term Issuer Default Rating (IDR) of 'B'. The
payment obligations arising under the guarantee rank pari passu
with all other present and future, unconditional, unsecured and
unsubordinated obligations of the government. The state held 99.5%
of SLA as of end-May 2019 through direct and indirect holdings

DERIVATION SUMMARY

Fitch has rated SLA's US dollar bonds at the same level as the
sovereign rating due to the unconditional and irrevocable guarantee
provided by the government. The rating is not derived from SLA's
Standalone Credit Profile and thus is not comparable with that of
its industry peers.

RATING SENSITIVITIES

The rating of the bond would be sensitive to any changes in Sri
Lanka's Long-Term IDR.

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

  - An upgrade of the sovereign Long-Term IDR

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

  - A downgrade of the sovereign Long-Term IDR

For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of December
3, 2018

The main factors that individually, or collectively, could trigger
a positive rating action are:

  - Improvement in external finances supported by higher non-debt
inflows, or a reduction in external sovereign refinancing risks
from an improved liability profile

  - Improved policy coherence and credibility

  - Stronger public finances underpinned by a credible medium-term
fiscal strategy

The main factors that, individually or collectively, could trigger
negative rating action are:

  - Further increases in external funding stresses that threaten
the ability to repay external debt

  - Continued political uncertainty that contributes to a loss of
investor confidence, possibly affecting the macroeconomic outlook

  - A deterioration in policy coherence and credibility that leads
to an increase in general government debt and deficit levels.

Criteria Variation

The rating on SLA's bonds is derived from the rating of an entity
covered by a group that does not assign Recovery Ratings. As a
result, no Recovery Rating was assigned to SLA's bond.


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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
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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
Peter Chapman at 215-945-7000.



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