/raid1/www/Hosts/bankrupt/TCRAP_Public/191018.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, October 18, 2019, Vol. 22, No. 209

                           Headlines



A U S T R A L I A

LA TROBE 2019-2: Moody's Rates AUD12.5MM Class F Notes B1
OBJECT CONSULTING: Faces Liquidation; Creditors Chasing AUD24MM
PORTARLINGTON INVESTMENTS: First Creditors' Meeting Set for Oct. 28
STAR AVIATION: First Creditors' Meeting Set for Oct. 28
SUNSTATE FOODS: First Creditors' Meeting Set for Oct. 25



C H I N A

HONG YANG: Fitch Upgrades LT IDR to B+, Outlook Stable
NANJING PUKOU: Moody's Rates Sr. Unsec. Notes Ba2, Outlook Stable
YAMADA GREEN: Auditor Gives Qualified Opinion on FY19 Results


I N D I A

AARVANSS INFRASTRUCTURE: Insolvency Resolution Case Summary
AIR ODISHA: Insolvency Resolution Process Case Summary
AMARRAJA CONSTRUCTIONS: CARE Cuts Rating on INR5cr Loan to B
ARBEE AQUATIC: Ind-Ra Affirms 'BB' Long Term Issuer Rating
AUTO PROFILES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

B.L. KASHYAP: Syndicate Bank to Withdraws Insolvency Petition
BRIJ KISHORE: CARE Lowers Rating on INR13cr LT Loan to 'B'
CALCHEM INDUSTRIES: Insolvency Resolution Process Case Summary
CICIL BIOCHEM: Insolvency Resolution Process Case Summary
DANICA AQUA: CARE Lowers Rating on INR12cr LT Loan to D

DELHI BARODA: Insolvency Resolution Process Case Summary
DEWAN HOUSING: ICRA Cuts Rating on INR12.14cr Loan to D(SO)
DI-AN-ARE EXPORTS: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
FOUR COINS: Insolvency Resolution Process Case Summary
GALI JAGADISH: CARE Lowers Rating on INR5.53cr LT Loan to B-

GANDHAMARDHAN SPONGE: Insolvency Resolution Process Case Summary
GANPATI RICE: CARE Reaffirms B+ Rating on INR8.30cr LT Loan
GLOWMORE FINANCE: ICRA Assigns B Rating to INR10cr Bank Loan
GMR HYDERABAD: CARE Reaffirms D Rating on INR1457.89cr Loan
GRAMCO INFRATECH: CARE Lowers Rating on INR6.47cr Loan to B-

HONEST POLYMERS: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
IL&FS TECHNOLOGIES: CARE Keeps D Rating in Not Cooperating
INDIA: Faces Severe Slowdown; World Bank Cuts GDP Forecast
ISOLUX CORSAN: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
JDC INDIA: CARE Maintains B+ Rating in Not Cooperating Category

JET AIRWAYS: Synergy Gets More Time to Finalise Resolution Plan
KELVIN RECRUITERS: Insolvency Resolution Process Case Summary
KSK MAHANADI POWER: Insolvency Resolution Process Case Summary
KUNDLI MANESAR: Ind-Ra Cuts Bank Loan Rating to C, Not Cooperating
KUT ENERGY: Insolvency Resolution Process Case Summary

LAKSHMI TEA: CARE Reaffirms B+ Rating on INR5.25cr Loan
MADHAV ENGINEERS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
MEHTA AND ASSOCIATES: CARE Lowers Rating on INR8cr Loan to D
MNR COTTONS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
OPPO MOBILES: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'

PERFECT BORING: Insolvency Resolution Process Case Summary
PROSPERITY STEELS: Insolvency Resolution Process Case Summary
R K JAIN CONSTRUCTION: Insolvency Resolution Process Case Summary
RAJ REGENCY: CARE Maintains D Rating in Not Cooperating Category
RELIANCE COMMUNICATIONS: Insolvency Resolution Case Summary

RISHABH BUILDWELL: CARE Lowers Rating on INR120cr Loan to B+
S A MULLA: CARE Assigns 'B' Rating to INR5.0cr LT Loan
SAANVI CLOTHING: ICRA Assigns B Rating to INR8.0cr Loan
SANDCITY AUTOTEC: CARE Cuts INR6.78cr Loan Rating to B, Not Coop.
SECURE INDUSTRIES: Ind-Ra Moves 'BB+' LT Rating to Non-Cooperating

SHRI TULSI: ICRA Reaffirms 'B+' Rating on INR5.50cr Loan
SRI SHYAM: CARE Maintains B Rating in Not Cooperating Category
SRI VATSA: Insolvency Resolution Process Case Summary
SUMERU MICROWAVE: ICRA Assigns B+ Rating to INR4.80cr Loan
TAYAL FOODS: Insolvency Resolution Process Case Summary

TRINITY INDIA: Ind-Ra Lowers Long Term Issuer Rating to BB+
UMA RANI: CARE Maintains B Rating in Not Cooperating Category
UNION CHAINS: Insolvency Resolution Process Case Summary
VEER INDUSTRIES: CARE Reaffirms B+ Rating on INR6cr LT Loan
VEER INFRA: CARE Reaffirms B+ Rating on INR4.0cr LT Loan

VINCI INDUSTRIAL: CARE Keeps B/A4 Rating in Not Cooperating
VISHWA INDUSTRIAL: CARE Assigns B+ Rating to INR7.0cr LT Loan
WALCHANDNAGAR INDUSTRIES: CARE Cuts Rating on INR220cr Loan to B


I N D O N E S I A

CHANDRA ASRI: Fitch Affirms BB- LT Issuer Default Rating
SRI REJEKI: Fitch Puts Final BB- Rating to USD225M Sr. Unsec. Notes


M O N G O L I A

TAVAN BOGD: Moody's Withdraws B3 CFR for Business Reasons


N E W   Z E A L A N D

CBL CORP: Shareholders Class Action Suit About to Launch
MAINZEAL GROUP: Liquidators Defend Claim of NZD10MM for Services


S I N G A P O R E

LIBRA GROUP: Gets 6-Month Protection Against Creditors

                           - - - - -


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

LA TROBE 2019-2: Moody's Rates AUD12.5MM Class F Notes B1
---------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited
(the Trustee) as trustee for La Trobe Financial Capital Markets
Trust 2019-2.

Issuer: La Trobe Financial Capital Markets Trust 2019-2

AUD209.0 million Class A1S Notes, Assigned Aaa (sf)

AUD666.0 million Class A1L Notes, Assigned Aaa (sf)

AUD160.0 million Class A2S Notes, Assigned Aaa (sf)

AUD75.00 million Class A2L Notes, Assigned Aaa (sf)

AUD82.50 million Class B Notes, Assigned Aa2 (sf)

AUD11.25 million Class C Notes, Assigned A2 (sf)

AUD15.00 million Class D Notes, Assigned Baa1 (sf)

AUD13.75 million Class E Notes, Assigned Ba1 (sf)

AUD12.50 million Class F Notes, Assigned B1 (sf)

The AUD5.00 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 definitive ratings take into account, among other factors,
Moody's assessment of the underlying receivables and their expected
performance, Moody's evaluation of the capital structure and credit
enhancement provided to the notes, the 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 a 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 9.5%. 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, the
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:

  - There are no loans in the pool with a scheduled LTV or current
LTV above 80.8%, notwithstanding the fact that the portfolio has a
reasonably high weighted-average scheduled loan-to-value (LTV)
ratio of 67.5%.

  - Around 67.1% 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 57.6% of the loans were extended on an alternative
documentation basis.

  - Loans secured by investment properties represent 47.1% of the
pool.

  - Interest-only loans represent 17.7% of the pool.

  - Based on Moody's classifications, around 11.0% of borrowers
have adverse credit histories.

  - Based on Moody's classifications, 90.2% of loans are secured by
properties located in metro areas, which is higher than the market
average.

  - 4.9% 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.

OBJECT CONSULTING: Faces Liquidation; Creditors Chasing AUD24MM
---------------------------------------------------------------
Simon Sharwood at CRN reports that Object Consulting will be wound
up and creditors are chasing a total of AUD24,762,345.36 from the
collapsed company.

According to CRN, minutes of a September 25 creditors meeting made
available to the Australian Securities and Investment Commission
reveal the company has 93 creditors. Many are employees owed tens
of thousands of dollars, the Australian Taxation Office has a claim
for over AUD11 million and Revenue NSW believes it is owed over
AUD145,000.

CRN relates that the minutes suggested it will be several months
before creditors understand whether they will receive any dividend.
Liquidators advised the meeting that Object's ability to pay is
"unknown" and that it will be at least six months before an
investigation is complete. Liquidators suggested litigation could
be required to recover some funds, CRN relays.

CRN adds that the minutes also explained DWS, which announced it
would acquire Object for AUD4.3 million, bought Object's assets and
business, not the company itself. Hence the liquidation and
attempts to recover funds.

DWS, meanwhile, has told the ASX that it completed the acquisition
of Object on October 4. The company has not responded to a request
from CRN for a briefing on its post-acquisition plans.

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


PORTARLINGTON INVESTMENTS: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Portarlington Investments Pty. Ltd., trading as Grand Hotel, will
be held on Oct. 28, 2019, at 10:30 a.m. at the offices of PKF
Melbourne, Level 13, at 440 Collins Street, in Melbourne.

Petr Vrsecky and Stirling L. Horne of PKF Melbourne were appointed
as administrators of Portarlington Investments on Oct. 16, 2019.

STAR AVIATION: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Star
Aviation Services Pty Ltd, as Trustee for the Star Aviation
Services Unit Trust, will be held on Oct. 28, 2019, at 11:00 a.m.
at Equinox Building 4, Level 2, at 70 Kent Street, in Deakin, ACT.

Jonathon Colbran & Frank Lo Pilato of RSM Australia Partners were
appointed as administrators of Star Aviation on Oct. 16, 2019.

SUNSTATE FOODS: First Creditors' Meeting Set for Oct. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sunstate
Foods Pty. Limited, formerly traded as: Red Rooster Deception Bay,
Red Rooster Burpengary, Red Rooster Currimundi, Red Rooster
Buderim, Red Rooster - Sunshine Plaza Maroochydore, Red Rooster
Noosaville, Red Rooster Noosa Civic, will be held on Oct. 25, 2019,
at 11:00 a.m. at Unit 1, 78 Logan Road, in Woolloongabba,
Queensland.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Sunstate Foods on Oct. 15, 2019.




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

HONG YANG: Fitch Upgrades LT IDR to B+, Outlook Stable
------------------------------------------------------
Fitch Ratings upgraded the Long-Term Foreign-Currency Issuer
Default Ratings of China-based homebuilder Hong Yang Group Company
Limited and subsidiary Redsun Properties Group Limited to 'B+' from
'B'. The Outlook is Stable. Fitch has also upgraded the senior
unsecured ratings of both companies to 'B+' from 'B' with a
Recovery Rating of 'RR4'.

Fitch rates both companies on a consolidated basis, according to
its Parent and Subsidiary Rating Linkage criteria, as Redsun
represents the group's entire exposure to the China homebuilding
business.

The upgrade reflects the group's expanded contracted-sales scale,
supported by its high-quality land bank and prudent financial
policy, which has kept its leverage below 50%, a healthy level
among 'B' category peers. The group also has a higher recurring
income arising from the larger scale of its property-rental
business. The group's improving business profile may be constrained
by the pressure to build up its land bank to pursue sustained
strong sales growth.

KEY RATING DRIVERS

Sales to Continue Rising: Fitch expects the group's land
acquisitions and geographical expansion to drive higher sales, and
forecasts annual attributable contracted sales will increase 25% to
CNY30 billion in 2019. The sales growth will be supported by
sufficient saleable resources as the group acquired more land
during 1H19. The group's total contracted sales rose by 40% to
CNY43.8 billion in 9M19. Fitch expects its 2019 sales to mainly
come from Jiangsu province.

Leverage to Rise Gradually: Fitch believes the group's leverage,
measured by net debt to adjusted inventory that proportionately
consolidates joint ventures and associates, will rise to about 45%
in 2019-2020 (1H19: 38%), which remains reasonable among 'B+' rated
peers. The group needs to spend 0.7x of its contracted sales
proceeds for land acquisitions to sustain its expansion in sales
scale in 2019-2020, which Fitch expects will lead to a gradual
increase in leverage. The spending will allow the group to maintain
a land-bank life of about three years, which is in the mid-range of
its 'B' category peers.

Diversification in Land Bank: The group had total land bank of 15.7
million sq m at end-June 2019, which will be sufficient for about
three years of development. The group had 67% of its land bank in
Jiangsu province where it is based. The group diversified its
footprint to 11 new cities in 2019, including Tianjin and Yanjiao
in northern China, Xi'an in western China, Xiangyang and Changsha
in central China, Yancheng and Wenzhou in eastern China, Tengzhou
in Shandong province, Fuyang and Liu'an in Anhui province, and
Jiangmen in Guangdong province.

Margins to Stay Healthy: Fitch expects the group's EBITDA margins
(after adding back capitalised interest in cost of goods sold) to
narrow but remain healthy at 20%-23% in 2019-2020 as its
high-margin Nanjing projects will provide support over the next 12
months. This will be partly offset by recognition of revenue from
more projects outside Nanjing that have lower margins, and higher
operating costs for its geographical expansion.

Niche Property-Rental Business: The group's investment-property
portfolio, which comprises mainly malls for retail and the
wholesale of household construction and decoration materials,
enjoys a niche market position and nearly full occupancy. The
portfolio provides a recurring EBITDA/interest coverage ratio of
0.3x, higher than for 'B' rated peers. Fitch expects the completion
of renovation at the Nanjing Hong Yang Plaza retail mall and
still-resilient demand from consumers for furniture and decorations
to continue supporting Hong Yang's rental revenue growth and its
ratings.

DERIVATION SUMMARY

The group's business and financial profile is similar to 'B+' rated
peers such as Helenbergh China Holdings Limited (B+/Stable), Hong
Kong Junfa Property Company Limited (B+/Stable) and Fantasia
Holdings Group Co., Limited (B+/Stable). They have similar
attributable contracted-sales scale of CNY30 billion-40 billion,
and their sales are concentrated in one to two regions. The ratings
of these companies are constrained by their leverage (net
debt/adjusted inventory) of 45%-50%, and limited sales scale, while
their EBITDA margins are satisfactory at around 25%.

KEY ASSUMPTIONS

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

  - Total contracted gross floor area to increase 25% in 2019, 10%
in 2020 and 5% in 2021

  - Contracted average selling price to stay unchanged in 2019, and
rise 3% in both 2020 and 2021

  - Property-development gross profit margin (after adding back
capitalised interest) of 30% in 2019-2021

  - Land-acquisition cash outflow to account for 70% of presales
proceeds in 2019-2021

RATING SENSITIVITIES

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

  - Significant increase in attributable contracted sales

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained at 25% or above

  - Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained below 40%

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

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained below 20%

  - Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained above 50%

(All the ratios are based on parent Hong Yang's consolidated
financial data)

LIQUIDITY

Sufficient Liquidity: The group had cash balances of CNY18.0
billion (including restricted cash and pledged deposits of CNY8.7
billion) at end-June 2019 and unused bank facilities of CNY14
billion, sufficient to cover short-term borrowings of CNY16.4
billion.

FULL LIST OF RATING ACTIONS

Hong Yang Group Limited

  - Long-Term Foreign-Currency IDR upgraded to 'B+' from 'B';
Outlook Stable

  - Senior unsecured rating upgraded to 'B+' from 'B'; Recovery
Rating of 'RR4'

Hong Seng Limited

  - Rating on USD250 million 7.875% senior notes upgraded to 'B+'
from 'B'; Recovery Rating of 'RR4'

Redsun Properties Group Limited

  - Long-Term Foreign-Currency IDR upgraded to 'B+' from 'B';
Outlook Stable

  - Senior unsecured rating upgraded to 'B+' from 'B'; Recovery
Rating of 'RR4'

  - Rating on USD250 million 10.5% senior notes due 2022 upgraded
to 'B+' from 'B'; Recovery Rating of 'RR4'

  - Rating on USD300 million 9.95% senior notes due 2022 upgraded
to 'B+' from 'B'; Recovery Rating of 'RR4'

  - Rating on USD300 million 11.5% senior notes due 2021 upgraded
to 'B+' from 'B'; Recovery Rating of 'RR4'

  - Rating on USD380 million 13.5% senior notes due 2020 upgraded
to 'B+' from 'B'; Recovery Rating of 'RR4'

NANJING PUKOU: Moody's Rates Sr. Unsec. Notes Ba2, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service assigned a first-time Ba2 corporate
family rating to Nanjing Pukou Economic Development Co., Ltd.

At the same time, Moody's has assigned a Ba2 backed senior
unsecured rating to the proposed notes issued by Boxinyuan
International Co., Ltd., and unconditionally and irrevocably
guaranteed by Nanjing Pukou.

All the ratings outlooks are stable.

The proceeds from the notes will be used to refinance offshore
debt.

RATINGS RATIONALE

Nanjing Pukou's Ba2 CFR primarily combines (1) its b1 Baseline
Credit Assessment (BCA); and (2) Moody's assessment of a moderate
likelihood that the company will receive support from, and a high
level of dependence on the Nanjing Pukou District Government and
ultimately the Government of China (A1 stable), when needed, which
results in a rating that is two notches above its BCA.

Moody's support assessment reflects Nanjing Pukou's primary role in
developing the Nanjing Pukou Economic Development Zone (the
Development Zone), its ultimate 100% ownership by the Nanjing Pukou
District Government, and the track record of government support.

Nanjing Pukou has historically been engaged in two businesses: (1)
primary land development; and (2) infrastructure construction in
the Development Zone on behalf of the government.

The Development Zone plays an important role in upgrading Pukou
District's industries and driving its economic development. For
example, the district is able to attract reputable corporates such
as Taiwan Semiconductor Manufacturing Co Ltd (Aa3 stable) to the
Development Zone.

The support assessment also considers the reputational and
contagion risks that could arise if Nanjing Pukou were to default,
given Nanjing Pukou's status as the second largest government-owned
entity in Pukou District in terms of total assets.

As such, Moody's believes the central government would support
efforts by Pukou District and the Nanjing City Government to
prevent Nanjing Pukou from defaulting, thereby avoiding disruption
to the domestic financial market. Such support can take various
forms, including government subsidies, capital or asset injections,
as well as loans from state-owned banks.

These factors are counterbalanced by the fact that Nanjing Pukou is
owned by the Pukou District government, which results in a lower
likelihood of support than for other entities owned by higher tier
governments.

The high dependence level reflects the fact that Nanjing Pukou and
the central government are exposed to common political and economic
event risks.

Nanjing Pukou's BCA of b1 is driven by (1) its monopoly position in
primary land development and infrastructure construction within the
Development Zone; (2) the recurring but volatile government cash
payments to cover the company's investments and debt servicing; and
(3) Nanjing Pukou's good access to domestic funding.

Nanjing Pukou's BCA is constrained by its elevated debt leverage
due to the large investments needed to develop the Development
Zone, estimated at around RMB7-8 billion per year between
2019-2021. The BCA is also constrained by the large amount of
external guarantees it provides to other state-owned enterprises
within the Pukou District.

Moody's believes Nanjing Pukou's high level of financial risk is
partly mitigated by the fact that the majority of its debt
associated with government-related projects is supported by (1)
periodic capital injections from the government, and 2) revenue
from land sales, albeit lumpy and volatile.

Nanjing Pukou's liquidity profile is weak. Its cash and cash
equivalents of around RMB8.7 billion at the end of June 2019 are
insufficient to cover the RMB7-8 billion in planned investments and
RMB9.4 billion in debt maturing over the next 12 months. However,
the associated risks are somewhat mitigated by the company's good
access to domestic funding channels, including bank loans and the
public bond market, given its status as a key state-owned
enterprise in the Pukou District.

The rating also takes into consideration Nanjing Pukou's low
predictability on its project mandates and limited information
transparency on its investment strategy and financial policy,
partly mitigated by its full ownership, supervision and close
monitoring by the government.

The stable ratings outlook reflects (1) the stable outlook on
China's A1 sovereign rating; and (2) Moody's expectation that
Nanjing Pukou will continue to receive strong and recurring
government support.

Moody's could upgrade the ratings if (1) the likelihood of
government support for Nanjing Pukou increases; and/or (2) Nanjing
Pukou's BCA further improves.

Nanjing Pukou's BCA could be upgraded if the company's business or
financial profile improves, with more stable and predictable
government cash payments.

Credit metrics indicative of upward pressure on its BCA include: 1)
a significant decrease in its adjusted debt, or 2) adjusted
debt/capitalization falling below 60% on a sustained basis; or (3)
adjusted (funds from operations [FFO] from nongovernment
transactions + government cash payments + interest)/interest
exceeding 2.5x on a sustained basis.

Moody's could downgrade the ratings if (1) the likelihood of
government support for Nanjing Pukou decreases; and/or (2) Nanjing
Pukou 's BCA deteriorates.

Moody's could lower Nanjing Pukou's BCA if there is a material
deterioration in its business or financial profile, for example in
the case of lower-than-expected government cash payments or
higher-than-expected investment needs.

Credit metrics indicative of a downward pressure on its BCA
include: 1) adjusted debt/capitalization rising above 75% for a
prolonged period; or 2) adjusted (FFO from non-government
transactions + government cash payments + interest)/interest
falling below 1.2x for a prolonged period.

In addition, Moody's could downgrade the BCA if the company is
unable to wind down its external guaranteed debt.

The methodologies used in these ratings were Business and Consumer
Service Industry published in October 2016, and Government-Related
Issuers published in June 2018.

YAMADA GREEN: Auditor Gives Qualified Opinion on FY19 Results
-------------------------------------------------------------
Vivienne Tay at The Business Times reports that the auditor of
Yamada Green Resources has given a qualified opinion for the
mushroom supplier's financial results for the year ended June 30.

This is due to the extent of spillover on the fiscal 2019
statements from the disclaimer of opinion given in fiscal 2017 and
fiscal 2018, said independent auditor Foo Kon Tan in its report
disclosed by the company on Oct. 17, BT relays.

A qualified opinion was provided on the uncertainty of the possible
impact to the assets, liabilities and income statement for fiscal
2019, which the auditor said may be "affected and impacted by any
circumstances not known of as at the date of the report," according
to the report.

BT says one issue highlighted was that of an unaccountable balance
of CNY29.3 million (SGD5.7 million) relating to a residual sum
which could not be represented as at June 30, 2018.

For fiscal 2019, Yamada management had tried to authenticate
whether the residual sum--which is standing as a credit balance--is
a liability, income or deferred income.

"In this regard, the China subsidiaries' legal counsel has
conducted legal due diligence processes to verify this residual sum
and its completeness," the auditor report, as cited by BT, noted.

BT adds that the management also believed the residual sum should
be fairly represented as non-distributable reserve standing in
equity, given the passage of time and because the sum was derived
from the reconstruction of the books and records since fiscal 2017
and fiscal 2018.

On this basis, the auditor is of the opinion that the stating of
the residual sum as non-distributable reserve as at June 30, 2019
has been "satisfactory resolved and dealt with," BT relays.

As for the spillover of disclaimer of opinion for fiscal 2017 and
fiscal 2018, the matters regarding the moso bamboo and eucalyptus
plantation and the processed food products exported to Japan were
also found to be satisfactorily dealt with.

Except for these matters highlighted, the group's consolidated
financial statements and its statement of financial position were
said to be properly drawn up in accordance with the provisions of
the Companies Act, Chapter 50 (the Act) and Singapore Financial
Reporting Standards (International), adds BT.

The company's shares are currently suspended, the report notes.

Yamada Green Resources Ltd is a grower, manufacturer and supplier
of fresh and processed agricultural products. The Company's
products consist of two segments, including self-cultivation
segment and processed food segment. Its self-cultivated products
consist of shiitake mushroom, moso bamboo trees and bamboo shoots
that are sold to wholesalers of agricultural products in the
domestic markets. Its processed food products include processed
mushrooms, processed vegetables, water-boiled bamboo shoots and
konjac-based dietary fiber food products that are sold in cities in
China and exported to overseas markets, mainly Japan, under its
customers' brand names. The Company also possesses upstream
resources with sawdust from its eucalyptus plantations, utilized
for the production of synthetic logs used in the cultivation of
shiitake mushrooms, and the spring bamboo shoots from its bamboo
plantations.



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

AARVANSS INFRASTRUCTURE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: M/s Aarvanss Infrastructure Private Limited
        83, Baldev Park
        Krishna Nagar
        Delhi 110051

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, New Delhi Bench II

Estimated date of closure of
insolvency resolution process: March 15, 2020
                               (180 days from commencement)

Insolvency professional: Kamal Agarwal

Interim Resolution
Professional:            Kamal Agarwal
                         487/27 School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087
                         E-mail: advocate.kamal.aggl@gmail.com
                                 cirp.aarvanssinfrastructure@
                                 gmail.com

Last date for
submission of claims:    October 7, 2019


AIR ODISHA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Air Odisha Avaiation Private Limited
        Plot No. MIG-99, Rajiv Nagar
        PO. Aiginia
        Bhubaneswar 751019
        Odisha

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises CSL
                         2nd Floor
                         227, P.D' Mello Road
                         Opp. St. George Hospital
                         Mumbai 400001
                         Maharashtra
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    October 10, 2019


AMARRAJA CONSTRUCTIONS: CARE Cuts Rating on INR5cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Amarraja Constructions, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable Based on
                                   best available information

   Short-term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Amarraja Constructions to
monitor the rating vide e-mail communications dated September 17,
2019, September 19, 2019, September 20, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of best available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on Amarraja Constructions bank facilities will now be
denoted as CARE B/CARE A4; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on June 28, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Short track record and Small scale of operation
The firm's scale of operations was small in nature as marked by a
TOI of INR3.99 crore in FY18 (CA certified Prov.). Further, the
firm had short track record of business operations, which is
partially offset by the more than a decade experience of the
partners in construction industry.

Elongated operating cycle during review period and low revenue
visibility from current order book
The working capital cycle of the firm was elongated during the
review period due to high inventory days of 387 days in FY18 (Prov)
on account of its nature of business i.e., real estate. The firm
received part payment as advance from the customer during the
construction of the project and collected the balance amount from
its customer upon sale. Further the firm has no creditor days in FY
18 (Prov). The firm has an order book of INR26.95 crore as on June
14, 2018 and the same is likely to be completed by November 2020.
The said order book is related to civil engineering works. However,
the orders in hand provide revenue visibility to the firm for
medium term.

Highly fragmented and intensely competitive construction
The firm is engaged in civil construction which is highly
fragmented industry due to presence of large number of organized
and unorganized players in the industry resulting in huge
competition.

Partnership nature of constitution with risk of withdrawal of
capital
The firm being a partnership firm is exposed to inherent risk of
capital withdrawal by partners due its nature of constitution. Any
significant withdrawals from the capital account would impact the
net worth and thereby the firm's capital structure.

Profitability margins are susceptible to fluctuation in raw
material prices
The firm's Profitability margins are susceptible to fluctuation in
raw material prices due to the absence of price variation clause

Key Rating Strengths

Experience of partners for more than a decade in civil construction
and real estate
ARC was established in 2013, by Mr. D. Amar Mohan Das (Managing
Partner) and Mr. G. Venkata Siva Rama Krishna. Mr. D. Amar Mohan
Das (MP) is a Civil Engineer by qualification and having more than
a decade of experience in civil construction and real estate. Mr.
G. Venkata Siva Rama Krishna is a qualified graduate and having
more than a decade of experience in the field of civil construction
and real estate. Satisfactory capital structure and debt coverage
indicators The capital structure and debt coverage indicators of
the firm remained satisfactory. Overall gearing ratio of the firm
was marked at 0.29x as on March 31st, 2018(CA certified Prov.) due
to the firm does not have any long term or short term bank
borrowings from any banks and NBFC's. The total debt of the firm
consisting of only unsecured loans from friends and relatives of
INR0.48 crore as on March 31st, 2018 (CA certified Prov.). Debt
coverage indicators marked by Interest coverage and TD/GCA stood at
3.02x and 3.61x in FY18 (CA Certified Prov.).

Satisfactory Profitability margins
The profitability margins of the firm remained satisfactory in FY18
(CA certified Prov.). The PBILDT and PAT margins of the firm stood
at 4.97% and 3.32% in FY18 (CA certified Prov.) as the firm started
booking the revenue from sale of flats from December 2017.

Stable outlook of construction industry
The construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. The sector was marred by varied
challenges during the last few years on account of economic
slowdown, regulatory changes and policy paralysis which had
adversely impacted the financial and liquidity profile of players
in the industry. The Government of India has undertaken several
steps for boosting the infrastructure development and revive the
investment cycle. The same has gradually resulted in increased
order inflow and movement of passive orders in existing order book.
The focus of the government on infrastructure development is
expected to translate into huge business potential for the
construction industry in the long-run. In the short to medium term
(1-3 years), projects from transportation and urban development
sector are expected to dominate the overall business for
construction companies. The implementation of Goods and Service Tax
might result in short run operational issues and pressure on
working capital until the process is streamlined. Going forward,
companies with better financial flexibility would be able to grow
at a faster rate by leveraging upon potential opportunities.

Hyderabad (Telangana) based, Amarraja Construction was established
in the year 2013 as a partnership firm by Mr. D. Amar Mohan Das and
Mr. G. Venkata Siva Rama Krishna. The firm is engaged in the civil
construction work relating to buildings, ports, roads, bridges etc.
and completed one residential project in the name Amarraja
Apartments. The commercial operations of the firm were started in
2017. As on May 31st 2018, the firm has an order book to a tune of
INR26.95 crore and the same is likely to be completed by November
2020. In the year 2015, the firm undertook the construction of a
residential project by the name Amarraja Apartments at Hyderabad
with a total project cost of INR10 crore, funded by partners. The
project was completed in December 2017. As on June 14 2018, the
firm has sold 11 flats at INR6500 per Sq. ft on an average out of a
total 25. It also expects to sell the remaining flats at same
price.

ARBEE AQUATIC: Ind-Ra Affirms 'BB' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Arbee Aquatic Proteins Private Limited's (AAPPL) Long-Term Issuer
Rating of 'IND BB'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR70.4 mil. Long-term loans due on

     August 2024 affirmed and withdrawn;

-- The 'IND BB' rating on the INR80 mil. Fund-based limits     
     affirmed and withdrawn; and

-- The 'IND BB' rating on the INR27.30 mil. Non-fund based limits

     affirmed and withdrawn.

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

KEY RATING DRIVERS

The affirmation reflects AAPPL's continued small scale of
operations, as indicated by revenue of INR453 million in FY19
(FY18: INR400 million). The figures for FY19 are provisional in
nature.

The ratings reflect the average EBITDA margins. The margin
increased to 15.8% in FY19 (FY18: 14.5%) owing to the growth in
revenue. The company's return on capital employed was 14% in FY19
(FY18: 15%)

Liquidity Indicator – Stretched: AAPPL's net working capital
cycle elongated to 116 days in FY19 (FY18: 94 days). Cash flow from
operations increased to INR26 million in FY19 (FY18: INR17 million)
and free cash flow turned positive at INR15 million in FY19 (FY18:
negative INR36 million) due to an improvement in absolute EBITDA to
INR72 million in FY19 from INR58 million in FY18. Cash and cash
equivalents amounted to INR14 million at end-FY19 (end-FY18: INR1
million).

However, AAPPL's credit metrics are strong, as indicated by
interest coverage (operating EBITDA/gross interest expense) of 4.7x
in FY19 (FY18: 4.9x) and net leverage (total adjusted net
debt/operating EBITDA) of 2.0x (2.7x). The gross coverage
deteriorated marginally on account of an increase in gross interest
expenses. The net leverage improved due to the increase in absolute
EBITDA.

The ratings also continue to be supported by the promoters'
experience of almost four decades in the fish oil industry.

COMPANY PROFILE

Incorporated in 2013, AAPPL is a producer of fish meal and fish
oil. The company began commercial productions in February 2015. Its
manufacturing unit is located in Alleppey, Kerala, with raw fish
processing capacity of 250 metric tons per day. Mr. P.K Raju is the
promoter.

AUTO PROFILES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Auto Profiles
Limited's (APL) 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:

-- INR304.00 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR236.64 mil. Term loan due on March 2023 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR58.8 mil. Proposed fund-based limits migrated to Non-
     Cooperating Category with Provisional IND BB+ (ISSUER NOT
     COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating.

The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by APL to the satisfaction of Ind-Ra.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

APL is engaged in the manufacturing of sheet metal pressed auto
components and has a total production capacity of 78,000 metric
tons per annum.

B.L. KASHYAP: Syndicate Bank to Withdraws Insolvency Petition
-------------------------------------------------------------
Business Standard reports that B.L. Kashyap & Sons announced that
the NCLT, New Delhi has permitted Syndicate Bank to withdraw the
insolvency petition it had filed against the company.

According to the report, the company has proposed for one-time
settlement (OTS) of INR78 crore to be paid before February 28, 2020
out of which INR35 crores has already been paid till date.

Further, the NCLT, New Delhi vide their order dated Sept. 6, 2019,
directed that the petition of Syndicate Bank as Financial creditor
stands dismissed as withdrawn as per joint application with
Corporate Debtor (the company), Business Standard relays.

As the petition was not admitted by the Hon'ble Tribunal,
permission was granted to the petitioner Syndicate Bank to withdraw
the petition under Rule 8 of I&B (AAA) Rules, 2018, the report
says.

B.L. Kashyap & Sons provides construction services to customers
operating in the commercial, residential, and industrial segments.
The company has also ventured into real estate development and
related services, such as furnishing.

BRIJ KISHORE: CARE Lowers Rating on INR13cr LT Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Brij Kishore Prasad (BKP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       13.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the basis
                                   Of best available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BKP to monitor the ratings
vide e-mail communications/letters dated July 5, July 8, 2019, July
16, 2019, August 28, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
BKP's bank facilities will now be denoted as CARE B; Stable; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in August 31, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Modest scale of operations with low profit margins: The scale of
operations of the firm was modest marked by its total operating
income (TOI) of INR180.88 crore (FY17: INR15.13 crore) with a PAT
of INR0.68 crore (FY17: INR0.14 crore) in FY18 (Provisional). The
firm generates around 90% of total revenue from exporting of
non-basmati rice to Bangladesh. The revenue had declined from
INR51.92 in FY16 to INR15.13 crore in FY17 as Bangladesh had
imposed 28% import duty on exports of rice after its domestic
production recovered. So the revenue of BKP has drastically
declined in FY17 as compare to FY16. However, Bangladesh reduced
import duty on rice from 28% to 10% in June 2017 and again it
reduced the import duty from 10% to 2% in September-October 2017 to
meet the shortfall of the crops as flash floods damaged production
of rice in Bangladesh. So the revenue of the firm has increased
significantly in FY18. Currently Bangladesh has again increased the
import duty to 28% on rice imports to support its farmers after
local production revived. During 4MFY19, the firm has reported a
turnover of INR34.00 crore. Moreover, the profitability margins of
the firm remained low marked by PBILDT margin of 1.60% (FY17:
6.22%) and PAT margin of 0.38% (FY17: 0.90%) in FY18 provisional.
The profit margin of the firm was low mainly on account of its
trading nature of business.

Proprietorship nature of business: BKP, being a proprietorship
firm, is exposed to inherent risk of the capital being withdrawn at
time of personal contingency and entity being dissolved upon the
death/insolvency of the proprietor. Further, proprietorship firm
has restricted access to external borrowing as credit worthiness of
the proprietor would be the key factors affecting credit decision
for the lenders.

Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the company remained leveraged marked by
overall gearing ratio of 2.01x (1.46x as on March 31, 2017) as on
March 31, 2018, provisional. Deterioration in overall gearing ratio
was on account of higher debt level to support its improved
turnover. However, the leverage ratios were improved as on March
31, 2018 on account of accumulation of profit into reserves.
Further, the debt coverage indicators of the firm remained moderate
marked by interest coverage ratio of 1.31x (FY17: 1.17x) and total
debt to GCA of 11.22x (FY17: 34.07x) in FY18, provisional.

Improvement in interest coverage was on account of higher: PBILDT
level resulted from higher turnover in FY18 and improvement in
total debt to GCA was on account of higher GCA level during the
period.

Geographical concentration and Geo-Political Risk: BKP's entire
operating income is generated from export of food grains to
Bangladesh, hence any change in the political environment or any
government intervention may affect the entity's operating income.
As such the firm is also exposed to geographical concentration
risk.

Presence in highly competitive & fragmented industry: BKP operates
in highly fragmented and competitive market marked by the presence
of numerous organized as well as unorganized players in India. Low
entry barriers and low investment requirements makes the industry
highly lucrative and thus competitive. Smaller companies in general
are more vulnerable to intense competition due to their limited
pricing flexibility, which constrains their profitability as
compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Key Rating Strengths

Experienced proprietor with long record of operations: BKP was
established as a partnership firm since Jan 1995 and engaged in
trading of food grains. Accordingly, it has over 23 years of long
track record of operations and has established good relationship
with its clients. Currently the firm is managed by Mr. Brij Kishore
Prasad (aged about 52 years) who is having experience of more than
two decades trading and export business. He looks after the overall
management of the firm, with adequate support from a team of
experienced personnel. Liquidity Indicator: Comment on liquidity is
not available due to non-cooperation by the firm.

Brij Kishore Prasad (BKP) was established in 1995 as a
proprietorship firm by Mr. Brij Kishore Prasad based out of
Siliguri, West Bengal. The firm is engaged in exporting of food
grains mainly rice, pulses, flour, mustard oil cake, coal,
soyabeans etc. to Bangladesh. BKP procures its traded goods mainly
from Uttar Pradesh, Bihar, West Bengal etc. The registered office
of the firm is situated in Siliguri, West Bengal.

CALCHEM INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Calchem Industries (India) Limited

        Registered office:
        Plot No. 61/62 MIDC Industrial Area
        Village Dhatav, Taluka Roha
        Dist. Raigad
        DHATAV Raigarh MH 402116

        Prinicpal office:
        Shop No. 9 & 10, D Wing
        Elco Arcade, 1st Floor
        Hill Rd, Santosh Nagar
        Bandra West, Mumbai
        Maharashtra 400050

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Mr. Ritesh Prakash Adatiya

Interim Resolution
Professional:            Mr. Ritesh Prakash Adatiya
                         E-904, Iscon Platinum
                         Bopal Cross Road, Bopal
                         Ahmedabad 380054
                         E-mail: riteshadatiya01@gmail.com

                            - and -

                         109, Arista Business Space
                         Sindhu Bhavan Road
                         Bodakdev 380059

Last date for
submission of claims:    October 14, 2019


CICIL BIOCHEM: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: CICIL Biochem Private Limited
        (Formerly Sunshakti Oil Refinery Private Limited)

        Registered address:
        D-46, S-11, M.G. Complex Amarjyoti CHS
        Sector 14, Vashi Navi Mumbai
        Maharashtra 400703
        India

Insolvency Commencement Date: October 5, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 2, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Arun Kapoor

Interim Resolution
Professional:            Mr. Arun Kapoor
                         G-601, Army Co-operative Housing Society
                         Sector-09, Nerul (East)
                         Navi Mumbai, Maharashtra 400706
                         E-mail: arun.kapoor58@yahoo.in

                            - and -
  
                         Sumedha Management Solutions Private
                         Limited
                         C-703, Marathon Innova
                         Off Ganpatrao Kadam Marg
                         Opp. Peninsula Corporate Park
                         Lower Parel (West)
                         Mumbai 400013
                         E-mail: cbpl@sumedhamanagement.com

Classes of creditors:    Class I - Depositors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Arundeep Singh Pathania
                         76-B-32, Brindavan Society
                         Thane, Maharashtra 400601
                         E-mail: pathanias@perchadvisors.com

                         Mr. Rakesh Bothra
                         119-A, 1st Floor
                         Vinay Bhavya Complex
                         159, C S T Road
                         Kalina, Santacruz East
                         Mumbai City
                         Maharashtra 400098
                         E-mail: ip.rakeshbothra@gmail.com

                         Mr. Krishna Gopal Ratanial Maheshwaris
                         602, Rajendra Ratna
                         Mahesh Nagar, S V Road
                         Goregaon (W), Mumbai City
                         Maharashtra 400104
                         E-mail: 1kgmaheshwari@gmail.com

Last date for
submission of claims:    October 19, 2019


DANICA AQUA: CARE Lowers Rating on INR12cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Danica Aqua Exports Private Limited (DAEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       12.00      CARE D; Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

CARE has conducted the review on the basis of best available
information and had classified DAEPL vide its press release dated
September 12, 2018, furthermore, CARE's rating on DAEPL bank
facilities will now be denoted as CARE D;. The rating has been
revised on account of ongoing delays in debt serving by the
company.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
DAEPL takes into account ongoing delays in servicing the interest
in term loan facility.  

At the time of last rating on September 12, 2018, the following
were the strengths and weaknesses considered.

Key rating Weaknesses

Ongoing delays in meeting of debt obligations
Danica Aqua Exports Private Limited (DAEPL) has been facing
liquidity issues due to which there are ongoing delays in interest
serving in term loan.

Key Rating Strengths
Experience of the promoters for more than two decade in sea food
industry
DAEPL is promoted by Mr. Joseph Rangunath (Managing Director), Mr.
B. Srinivas (Director), Mr. Duryodhan Ray (Director) and Mr.
Kishore (Director). The directors are well qualified wherein Mr.
Joseph Ragunath is a graduate in Fisheries Science (B.F. Sc.) and
has worked for many companies like M/s. George Maijo& Co (Vizag),
M/s. Integrated Rubian Exports Limited (Cochin), Oman Fisheries
Company (Muscat) and Torry Harris Private Limited (Cochin) as
senior operations manager. The managing director has around 33
years of experience in sea food industry, and also the others have
significant amount of exposure in the sea food industry.

Danica Aqua Exports Private Limited (DAEPL) was incorporated on May
19, 2015 as a Private Limited Company by Mr. Joseph Rangunath
(Managing Director), Mr. B. Srinivas (Director), Mr. Duryodhan Ray
(Director) and Mr. Kishore (Director). The company is setting up an
aqua processing unit in order to export processed sea foods (fishes
and shrimps). The company is establishing their processing unit in
a land area of 1 acre, located at Yerukonda, Vizianagaram District,
Andhra Pradesh. The company's plant is located at around 60 Kms
away from Visakhapatnam and covers all fishing villages of both
Srikakulam and Vizianagaram districts and the aqua culture hub is
located at around 250 Km from the factory facilitating location
advantage in terms of availability of sea food for processing.

DELHI BARODA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Delhi Baroda Road Carrier Private Limited
        23, Transport Centre New Sabzi Mandi
        Azadpur Delhi DI 110033

        Corporate office:
        480, Phase (V)
        Udyog Vihar
        Gurgoan 122016
        Haryana
        Email: dbrc47@rediffmail.com

Insolvency Commencement Date: September 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 26, 2020

Insolvency professional: Rocky Ravinder Gupta

Interim Resolution
Professional:            Rocky Ravinder Gupta
                         4582/52, Arya Samaj Road
                         Karol Bagh, New Delhi 110005
                         E-mail: rrgupta.irp@gmail.com

Last date for
submission of claims:    October 14, 2019

DEWAN HOUSING: ICRA Cuts Rating on INR12.14cr Loan to D(SO)
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Dewan Housing Finance Corporation Limited, as:

                               Amount
                               After
                               Sept-19
   Trust                       Payout
   Name            Instrument  (INR cr)   Ratings
   -----           ----------  --------   -------
   DHFL Mortgage   Purchaser     12.14    [ICRA]D(SO); Downgraded
   Loan Pool D.A.  Payouts                from [ICRA] BBB(SO)&;
   Jan-12                                 removed from Watch with
                                          Developing Implications

   DHFL Mortgage   Purchaser     92.04    [ICRA]D(SO); Downgraded
   Loan Pool D.A.  Payouts                from [ICRA] BBB(SO)&;
   Feb-12                                 removed from Watch with
                                          Developing Implications

   DHFL Mortgage   Purchaser     43.25    [ICRA]D(SO); Downgraded
   Loan Pool D.A.  Payouts                from [ICRA] BBB(SO)&;
   Feb-12 II                              removed from Watch with
                                          Developing Implications

   Nirmaan RMBS    PTC Series    46.56    [ICRA]BB(SO)&;  
   Trust Series I  A1                     Downgraded from  
   2013                                   [ICRA]BBB(SO)&

   Nirmaan RMBS    PTC Series    33.10    [ICRA]BB(SO)&;  
   Trust Series I  A2                     Downgraded from  
   2013                                   [ICRA]BBB(SO)&

   Nirmaan RMBS    PTC Series   201.07    [ICRA]BB(SO)&;  
   Trust Series I  A1                     Downgraded from  
   2017                                   [ICRA]BBB(SO)&

   Nirmaan RMBS    Second Loss   16.47    [ICRA]BB(SO)&;  
   Trust Series I  Facility               Downgraded from  
   2017            (SLF)                  [ICRA]BBB(SO)&

   Nirmaan RMBS    PTC Series   150.42    [ICRA]BB(SO)&;  
   Trust Series    A1                     Downgraded from  
   II 2017                                [ICRA]BBB(SO)&

& Under rating Watch with Developing Implications

Rationale

The rating downgrades take into account the inability of Dewan
Housing Finance Corporation Limited (DHFL; rated [ICRA]D) to fund
the Collection & Payout Account (C&P Account) maintained for the
respective transaction/trust (D.A. Jan-12, D.A. Feb-12, D.A. Feb-12
II and Nirmaan Series I 2017) on or before the due date (i.e.
October 10, 2019). For three transactions, viz. D.A. Jan-12, D.A.
Feb-12, D.A. Feb-12 II, the cash collateral (CC) lien marked in
favour of the Trustee2 could not be dipped in a timely manner owing
to operational reasons, thereby leading to a default on the
purchaser payouts. The Trustee for Nirmaan Series I 2017 dipped
into the CC placed in the form of fixed deposits and payouts were
made to the investors on the due date. The rating actions also
factor in the ongoing legal proceedings against DHFL, which might
impact its ability to transfer the pool collections into the
respective C&P Account under the rated transactions in a timely
manner.

ICRA notes that the performance of the above-mentioned pools was
strong till August 2019 (collection month), evidenced by the
healthy collection efficiency and low delinquency levels. In the
event that the C&P Accounts are not funded, the CC is sufficient to
meet the payouts to the investors for the next 5-12 months, though
the timely utilization of the CC by the Trustee would remain
critical. The ratings on Nirmaan Series I 2013, Nirmaan Series I
2017 and Nirmaan Series II 2017 remain under Watch with Developing
Implications, given the uncertainty on the funding of the C&P
Accounts by the Servicer.

Key rating drivers

Credit strengths
* Robust collection performance seen in all the pools till
September 2019 (payout month)
* Availability of credit enhancement in the form of CC in these
transactions; however, timely utilisation of these
features by the Trustee remains important

Credit challenges
* Significantly weak credit profile of the Servicer, DHFL
* Non-funding of C&P Accounts by DHFL

Description of key rating drivers highlighted above

The performance of the pools has been strong with healthy
cumulative collection efficiency after meeting the September 2019
payouts and low delinquencies. Any shortfall in collections has
been absorbed by the excess interest spread (EIS) in the structure.
There was no instance of CC utilisation in any of the transactions
till the August 2019 payouts. However, the inability of DHFL to
fund the C&P Accounts for four transactions in October 2019 is a
credit negative.

ICRA notes that the ongoing legal proceedings against the Servicer
might impact its ability to transfer the pool collections into the
respective C&P Accounts of the rated transactions in a timely
manner. Further, DHFL's weak financial profile has a bearing on the
ratings assigned to the transactions. The Servicer is the most
important counterparty in any securitisation transaction. A
significantly further deterioration in the credit profile of the
Servicer or legal restrictions on it could adversely impact its
operations. In the absence of an alternate servicer, such an impact
on the Servicer's operational capability could translate into
weakened collection performance of the pools or the collected
cashflows could be unavailable to the Trustee for making
pass-through certificate (PTC) payouts. Considering the importance
of the Servicer's role in any securitisation transaction, the
Servicer's credit rating—as a proxy indicator of its operational
strength—is an important input for ICRA's rating for
securitisation transactions. Thus, notwithstanding the
bankruptcyremote nature of such transactions, ICRA ratings for PTCs
are not entirely delinked from the Servicer's stand-alone rating.
The presence of a CC is a credit positive; however, the timely
utilisation of these features by the Trustee remains important.

Key rating assumptions
N.A.

Liquidity position: Stretched
The liquidity for the transactions has been stretched due to DHFL's
inability to fund the C&P Accounts. While liquidity is available
due to the presence of a CC (fixed deposit lien marked in favour of
the Trustee), its utility depends on the ability of the Trustee to
dip into the same in a timely manner.

Rating sensitivities
Positive triggers - Funding of the C&P Accounts by DHFL in a timely
manner, on a sustained basis, would remain important for any rating
upgrade.

Negative triggers (for Nirmaan Series I 2013, Nirmaan Series I 2017
and Nirmaan Series II 2017) – Pressure on the ratings could
emerge in case the Servicer is unable to fund the C&P Accounts,
going forward, leading to considerable depletion of the CC or if
the Trustee is unable to utilise the CC in a timely manner as
originally envisaged in the structure.

Analytical approach
The rating actions are based on the performance of the pools till
August 2019 (collection month), the present delinquency levels and
the credit enhancement available in the pools, and the performance
expected over the balance tenure of these pools.

Dewan Housing Finance Corporation Limited was incorporated as Dewan
Housing and Leasing Company Limited in 1984. Its name was changed
to Dewan Housing Development Finance Limited in 1984 and
subsequently to Dewan Housing Finance Corporation Limited in 1992.
With the merger of First Blue Home Finance Limited (FBHFL) with
DHFL in FY2013, DHFL extended its offerings to the higher ticket
size segment of more than INR10 lakh. DHFL focused on the low-and
middle-income customer segment.

DI-AN-ARE EXPORTS: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Di-aN-aRe Exports'
(DE) 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 action is:

-- INR100 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERTAING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1994, Mumbai-based Di-aN-aRe Exports, is engaged in
the import, export and manufacturing of diamonds. The firm's
manufacturing unit is located at Surat.

FOUR COINS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Four Coins Global India Private Limited

        Registered office:
        H.No. 320, Plot No. H-7
        Behind PP Design State
        Aggrawal Plaza, Pitampura
        Delhi 110034

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Brahm Datt Verma

Interim Resolution
Professional:            Brahm Datt Verma
                         B-1/1, Pink Apartments
                         Sector-13, Rohini
                         Delhi 110085
                         E-mail: bdverma.rp@gmail.com

                            - and -

                         11-CSC, DDA Market
                         A-Block, Saraswati Vihar
                         Delhi 110034
                         E-mail: ip.fourcoins@gmail.com

Last date for
submission of claims:    October 17, 2019


GALI JAGADISH: CARE Lowers Rating on INR5.53cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gali Jagadish Chandra Prakash, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.53       CARE B-; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B on the basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Gali Jagadish Chandra
Prakash to monitor the rating vide e-mail communications dated July
1, 2019, September 13, 2019, September 17, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Gali Jagadish Chandra Prakash bank facilities will now be denoted
as CARE B- ; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 17, 2018, the following were the
rating strengths and weaknesses.

Key Rating Weakness

Small Scale of operations with highly fluctuating revenue profile
The scale of operations of the entity marked by total operating
income (TOI), remained small at INR2.23 crore in FY15 coupled with
low net worth base of INR0.07 crore as on March 31, 2015 as
compared to other peers in the industry. Further, the firm had
minimal operations during FY16 and FY17 as the firm did not receive
any major orders from Andhra Pradesh State Civil Supplies
Corporation Limited (APSCSCL), its sole customer. However, in FY18
(Prov.), the firm achieved a total operating income of INR6.39
crore at the back of handling and transportation receipt from A.P.
State Warehousing Corporation.

Highly fragmented industry with intense competition from large
number of players
The firm is engaged into the business of providing cold storage
facilities on rental basis to farmers where the profitability
margins compared to other industries are generally low. Apart from
that there are numerous organized and unorganized players entering
into the market which makes the industry competitive in nature.

Constitution of the entity as a proprietorship firm with inherent
risk of withdrawal of capital
The firm being a Limited Liability proprietorship firm is exposed
to inherent risk of capital withdrawal by proprietor due its nature
of constitution. Any substantial withdrawals from capital account
would impact the net worth and thereby the gearing levels.

Geographic concentration risk
The client profile of GJCP is limited to the state of Andhra
Pradesh, exposing the firm to geographical concentration risk.

The two godowns of the firm are all located in Andhra Pradesh and
concentrated in area surrounding Chittor District.

Key Rating Strengths

Reasonable track record of the entity and experience of the
proprietor for more than one decade in the agriculture sector
Gali Jagadish Chandra Prakash was established as a proprietorship
firm in the year 2002 and is promoted by Mr. G. Jagadish Chandra
Prakash. The proprietor of the firm has more than two decades of
experience in the agricultural industry. Through the vast
experience gained in the agricultural sector, the proprietor has
established healthy relationship with farmers and local traders,
which is expected to benefit him in the future.

Stable outlook of warehousing industry
Warehousing Market in India states that the demand for good quality
state-of-the-art warehouses will be a major requirement in the
country given the growing logistics industry. The evolution from
storage godowns to multipurpose logistic centers is highly desired.
Warehouses form a crucial supply chain element which is key to both
customer satisfaction and cost reduction. Warehouses today serve as
a stocking point as well as consolidation centers for multiple
sourcing locations which provide cross docking facilities to retail
distributors, sorting centers for customer deliveries, and assembly
facilities for final packaging and bundling. The organized sector
has a minor market share, but claims a major portion of the
revenue. The warehouse market is subjected to stringent regulations
and policies regarding licensing, performance, and accountability.
The current fragmented state of the sector coupled with growth in
the overall economy provides tremendous potential for the
warehousing sector to flourish.

Andhra Pradesh based, Gali Jagadish Chandra Prakash was established
as a proprietorship firm in the year 2002 and is promoted by Mr. G.
Jagadish Chandra Prakash. The firm is engaged in providing ware
housing services (lease/rental basis) to Andhra Pradesh State Civil
Supplies Corporation Limited (APSCSCL) under the name of 'Jagadish
Warehousing Corporation'. The warehouse is built on total land area
of 30 acres comprising of 2 warehouses having a cumulative storage
capacity of 10,000 MT and 18,000 MT (proposed).

GANDHAMARDHAN SPONGE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gandhamardhan Sponge Industries Pvt. Ltd.
        P-3, New CIT Road, 2nd Floor
        Kolkata 700073

Insolvency Commencement Date: October 4, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 1, 2020
                               (180 days from commencement)

Insolvency professional: Pradeep Kumar Goenka

Interim Resolution
Professional:            Pradeep Kumar Goenka
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: goenka.pradeep@gmail.com
                                 cirp.gsipl@gmail.com

Last date for
submission of claims:    October 18, 2019


GANPATI RICE: CARE Reaffirms B+ Rating on INR8.30cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ganpati Rice Mills (GRM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.30       CARE B+; Stable Reaffirmed


   Short-term Bank
   Facilities          12.00       CARE A4; Stable Reaffirmed

Detailed Rational and key rating drivers

The rating assigned to the bank facilities of GRM continues to
remain constrained by small scale of operations along with low
profitability margins, weak overall solvency position and elongated
operating cycle. The rating is further constrained by
susceptibility of margins to fluctuation in raw material prices and
monsoon dependent operations fragmented nature of industry coupled
with high level of government regulation and partnership nature of
its constitution. The rating, however, derives strength from
experienced partners in agro processing industry and favorable
processing location. Going forward, the ability of GRM to
profitably increase its scale of operations while improving its
overall solvency position and managing its working capital
requirements efficiently would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins
The total operating income (TOI) of GRM increased from INR46.73
crore in FY18 to INR55.38 crore in FY19 on account of higher
quantity sold. However, the same continued to remain small.

The profitability margins of the firm stood low marked by PBILDT
margin and PAT margin of 4.00% and 0.16% respectively in FY19 owing
to firm's presence in highly competitive and fragmented industry.
The PBILDT margin deteriorated from 6.83% in FY18 due to
procurement of paddy at higher rates. The high interest and
depreciation expenses restricted the net profitability of the firm
to below unity level during last three financial years.

Weak overall solvency position
The capital structure of the firm stood leveraged with overall
gearing ratio of 2.33x as on March 31, 2019. The overall gearing
ratio improved from 4.60x as on March 31, 2018 on account of lower
utilization of working capital limits by the firm in FY19.

Furthermore, the debt coverage indicators of the firm stood weak as
marked by interest coverage ratio of 1.49x in FY19 and total debt
to GCA of 19.03x, as on March 31, 2019. The total debt to GCA ratio
improved from 34.00x, as on March 31, 2018 due to lower utilization
of working capital limits.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations
Agro-based industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. Adverse climatic
conditions can affect their availability and leads to volatility in
raw material prices the firm is exposed to the risk of adverse
price movement resulting in lower realization than expected.

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

Partnership nature of constitution
GRM's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key Rating Strengths

Experienced partners in agro processing industry
GRM was established in 1998 as a partnership firm and is currently
being managed by Mr. Kulwant Rai Singla and Mr. Lakshman Das. The
partners have a work experience ranging between two to three
decades which they have gained through GRM and other family run
business. This has led to management's better understanding of the
market and establishment of strong relationships with suppliers as
well as customers.

Favorable processing location
The firm's processing facility is situated in Haryana which is one
of the highest producers of paddy in India. Its presence in the
region gives additional advantage in terms of easy availability of
the raw material as well as favorable pricing terms.

Stretched liquidity position
The operating cycle of GRM stood elongated at 150 days for FY19
(250 days for FY18). The average utilization of working capital
limits stood at around 95% for 12 months period ended August 2019.
The current ratio stood moderate at 1.59x, however, quick ratio
stood weak at 0.15x as on March 31, 2019.

Ganpati Rice Mills (GRM) was established as a partnership firm in
1998 and it is currently being managed by Mr. Kulwant Rai Singla
and Mr. Lakshman Das sharing profits and losses equally. The firm
is engaged in processing of paddy at its manufacturing facility
located in Mareta, Mansa with an installed capacity of 3.5 lakh
quintals of paddy per annum as on March 31, 2019.

GLOWMORE FINANCE: ICRA Assigns B Rating to INR10cr Bank Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Glowmore Finance
Pvt. Ltd. (GFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Bank lines            10        [ICRA]B(Stable); assigned

Rationale

The rating considers the experienced promoter and management team
of GFPL with dedicated functional heads. However, the rating is
constrained by the company's small scale and geographically
concentrated operations with no external funding relationships. The
company operates in the Ganjam district of Odisha and had a
portfolio of INR5.38 crore as on July 31, 2019.

ICRA notes GFPL's intention of growing its portfolio to ~Rs. 20
crore by March 2022 while diversifying geographically. However, its
ability to raise funds in a timely manner to support the envisaged
growth will be a key rating monitorable. The rating is also
constrained by the risks associated with unsecured lending,
including credit risks, political risks and the marginal borrower
profile. While GFPL's overall asset quality remains comfortable
with no delinquencies as on July 31, 2019, the company's ability to
recruit and train employees as it scales up its operations, while
improving earnings and maintaining the asset quality, would be
important from a rating perspective.

Key rating drivers and their description

Credit strengths

Experienced promotor and management team - GFPL is led by an
experienced promoter who is assisted by dedicated functional heads
to look after its key areas and operations. The company has set up
dedicated functions like human resource, operations, accounts,
audit, IT & systems, etc. However, its ability to augment its
management team to support the envisaged pace of growth will be a
key rating monitorable.

Credit challenges

Small scale and geographically concentrated operations - GFPL
operates in the Ganjam district of Odisha, with a network of eight
branches and a portfolio of INR5.38 crore as on July 31, 2019. The
portfolio remains small compared to peers. ICRA notes management's
intention of growing its portfolio while geographically
diversifying its operations. Going forward, the company's ability
to achieve the same would be important from a rating perspective.

Modest profitability - The company commenced operations in H2
FY2019 and reported a total income of INR0.20 crore in FY2019. It
reported a return of 0.17% and 0.20% on average total assets and
average net worth, respectively. Overall, GFPL's profitability
profile is modest with its profitability indicators being lower
than peers.

Ability to raise funds at competitive rates - As on July 31, 2019,
the company relied on its own funds and borrowings from promoters
and related parties to fund its portfolio. ICRA notes that GFPL is
in discussions with multiple lenders and investors. In ICRA's
opinion, the company's ability to raise external funds in a timely
manner and at competitive rates will be important for business
continuity and growth.

Ability to manage political, communal risks and to manage marginal
borrower profile - Unsecured lending to the marginal borrower
profile, and the political and operational risks associated with
microlending may result in high volatility in the asset quality
indicators. The microfinance industry is prone to socio-political
and operational risks, which could negatively impact its
operations, and thus its financial position. While GFPL's overall
asset quality remains comfortable with no delinquencies as on July
31, 2019, the company's ability to on-board borrowers with good
credit history, recruit and retain employees and improve
geographical diversity while maintaining prudent lending policies
would be key for achieving the envisaged growth.

Liquidity position: Stretched

The company primarily meets its operating expenses and debt
obligations through loan repayments from its borrowers. ICRA takes
note of the scheduled inflows of ~Rs. 6 crore against the scheduled
outflows of INR3 crore till June 2020. However, it would be
critical for GFPL to maintain its collection efficiency while
ensuring the regular flow of funds to sustain operations and meet
its internal growth projections.

Rating sensitivities

Positive triggers - ICRA could upgrade the rating if the company is
able to raise funds in a timely manner and profitably scale up its
operations while maintaining the asset quality and prudent
capitalisation structure.

Negative triggers - Pressure on GFPL's rating could arise if there
is a deterioration in the asset quality, which could exert pressure
on its profitability and overall financial profile. Weakening of
the company's capitalisation profile or a further stretch in
liquidity could also exert pressure on the rating.

Glowmore Finance Pvt. Ltd. (GFPL) is a non-banking finance company
with its registered and corporate office in Ganjam, Odisha. The
company promotes financial inclusion by extending products and
services in the micro credit space. It primarily offers
collateral-free loans to women through the joint liability group
(JLG) model. GFPL had a network of eight branches in the Ganjam
district of Odisha as on July 31, 2019.

GMR HYDERABAD: CARE Reaffirms D Rating on INR1457.89cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GMR Hyderabad Vijayawada Expressways Private Limited
(GHVEPL), as:
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities         1457.89      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
GHVEPL takes into account the on-going delays in servicing of debt
obligations and persistent losses on account of lower than
envisaged toll revenues. Going forward, the company's ability to
service its debt obligations in a timely manner and register
improvement in the overall financial risk profile shall remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing by the company
The subdued financial performance and poor liquidity position of
the company on account of lower than envisaged toll revenues has
led to the continuing delays in the servicing of its debt
obligations.

On-going arbitration process with NHAI
The company has been incurring losses since the commencement of
commercial operations since FY13. These losses are primarily due to
loss of revenue arising as a result of drop in commercial traffic
due to bifurcation of state of Andhra Pradesh and ban on sand
mining in the region. The company has claimed compensation from
NHAI on account of change in law to recover losses due to the same
and has also requested for deferral of revenue share (NHAI is
entitled to get 35% of total toll revenue collected as per
concession agreement). NHAI has not accepted the claims on account
of concerns regarding claim computation methodology and also
rejected the request for deferral of revenue share. After failing
to reach on any consensus, GHVEPL initiated the arbitration
proceedings against NHAI. Hon'ble Arbitration Tribunal has heard
the arguments of both the parties i.e. GHVEPL & NHAI, and the
outcome of the same is expected to come in near term. Going
forward, the extent of favorable verdict of the Tribunal and
receipt of the claim shall be a key monitorable.

Liquidity profile: Poor
The company has poor liquidity position marked by its lower than
envisaged revenue due to drop in commercial traffic due to ban on
sand mining and bifurcation of Andhra Pradesh

GMR Hyderabad Vijayawada Expressways Pvt. Ltd. (GHVEPL) is a
Special Purpose Vehicle (SPV) incorporated on June 11, 2009,
promoted by GMR Highways Limited (rated BWR BB (CE); Stable) (49%
stake), GMR Infrastructure Limited (rated IVR BBB-; Stable) (41%
stake) and Punj Lloyd Limited (10% stake, rated CARE D; Issuer Not
Cooperating). GHVEPL was formed for construction of four/six laning
of 181.5 km of Hyderabad Vijayawada section of NH-9 starting from
km 40 to km 221.5 in the erstwhile State of Andhra Pradesh, now
Telangana on Build Operate and Transfer (BOT)-Toll basis, awarded
through competitive bidding by National Highways Authority of India
(NHAI). The company received 'Provisional completion certificate'
from Independent Engineer Intercontinental Consultants and
Technocrats Pvt. Ltd' on  December 20, 2012, on behalf of NHAI and
commenced toll operations for four laning from December 21, 2012.
The project road is a part of NH–9 linking Hyderabad and
Vijayawada in the state of Telangana & Andhra Pradesh respectively.
GHVEPL is required to share 35% of its revenue to NHAI as per
Concession Agreement (CA).

GRAMCO INFRATECH: CARE Lowers Rating on INR6.47cr Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gramco Infratech Private Limited (GIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.47       CARE B-; Stable Revised from
   Facilities                      CARE B; Stable

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of GIPL is continue to
constrained on account of modest scale of operation with net loss
as well as cash loss in the past three financial years ended FY19
(FY refers to the period from April 1 to March 31), weak solvency
position and poor liquidity position. The rating is, further,
constrained on account of its presence in the highly fragmented as
well as government regulated industry and vulnerability of margins
to fluctuation in agriculture commodities prices. The rating,
however, continue to derives strength from the experienced
management with long track record of operations in the agro
commodity industry. The ability of the company to increase its
scale of operations with improvement in profitability and better
management of working capital would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operation with net loss as well cash loss
The Total Operating income (TOI) of the company stood modest at
INR5.98 crore in March 31, 2019, as against at INR4.62 crore as on
March 31, 2018.The profitability of the company stood modest on
account of vulnerability and price fluctuation of agricultural
commodities. The PBILTD margin of the company stood at 7.74% as on
March 31, 2019 as against 8.97% as on March 31, 2018. The PBILTD
margin of the company declined by 123 bps over FY18 owing to lower
sales realization. Further, company registered net loss and cash
loss as on March 31, 2019 which was continue from last three years.
The PAT margin of the company stood negative at 14.91% as on March
31, 2019. Further the company generated TOI of INR1.90 crore as on
June 30, 2019.

Weak solvency position
The capital structure of the company stood moderate with an overall
gearing of 1.31 times as on March 31, 2019, deteriorated from 1.07
times as on March 31, 2018 mainly on account of adjustment of net
loss to reserve and increase in Total Debt. The debt coverage
indicators of the company remained weak marked by negative total
debt to GCA as on March 31, 2019 owing to increase in unsecured
loans and net losses. Further interest coverage stood below unity
at 0.31 times as on March 31,2019 as against 0.28 times as on March
31,2018 owing to marginal increase in PBILTD and interest cost
remain stagnant over FY18.

Poor Liquidity Position
The business of the company stood working capital intensive in
nature with elongated operating cycle of 67 days as on March 31,
2019, improved from 110 days as on March 31, 2018 mainly owing to
decline in inventory holding days and collection period through
offset by decline in creditor's period. Further, the current ratio
and quick ratio stood below unity at 0.37 times and 0.27 times
respectively during FY19, as against 0.35 times and 0.21 times
respectively during FY18. The cash and bank balance of the company
stood at INR0.06 crore as on March 31, 2019. The company fully
utilized its working capital borrowing in last twelve months ended
August 2019. Presence in highly fragmented and government regulated
industry and vulnerability of margins to fluctuation in agriculture
commodities prices.

As the firm is engaged in the agriculture commodities, the prices
of agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the GIPL is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the GIPL is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the industry
do not have any pricing power.

Key Rating Strengths

Experienced management
Mr. Ramnik Singh Saluja, director, is an MBA by qualification and
has more than three decades of experience in the trading of
agricultural commodities industry and metal industry. He looks
after overall affairs of the company.

Indore (Madhya Pradesh) based Gramco Infratech Private Limited
(GIPL) was incorporated in 2009 by Mr. Ramnik Singh Saluja along
with his family members. The company is engaged in the business of
warehousing, grading and trading of agro commodities, soil testing,
seeds multiplication program and financing activities against
warehouse receipts. The company provides warehouses to government
and farmers. The company has seven warehouse located at Pivday,
Tinonia, Attotkhs, Binjal, Nanded, Titwas and Piplyanath located
nearby villages for minimizing normal losses (arising out of
storage). All the warehouse storage capacity comprises of 5000 per
Metric tonne. The company is accredited with National E-Repository
Limited (NERL) that provides a platform issuing negotiable
warehouse receipts and financing farmers and other depositors.

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

The instrument-wise rating action is:

-- INR85.0 mil. Non-fund-based working capital limits migrated to

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 9, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, Surat-based Honest Polymers is engaged in the
trading of plastic granules.

IL&FS TECHNOLOGIES: CARE Keeps D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Technologies Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term bank       45.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
   (Fund-based)                    Information

   Long-term bank      121.55      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
  (Non-fund based)                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IL&FS Technologies Limited
to monitor the rating(s) vide e-mail communications dated September
19, 2019, September 16, 2019; September 12, 2019; September 09,
2019 and numerous phone calls. However, despite CARE's  repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on the bank
facilities of IL&FS Technologies Limited will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations
As per the last banker interaction, there were on-going delays in
the servicing the debt obligations with instances of overdrawals of
fund-based limits for more than 30 days. This was on the account of
the stressed liquidity position of the company due to stretched
receivables with continued slow execution of the ongoing projects
and subdued bidding of the new projects.

ITL is a part of the IL&FS group in which Infrastructure Leasing
and Financial Services Ltd (IL&FS) holds the majority stake (52.26%
as on June 30, 2018) in the company. ITL was incorporated on
February 9, 1993, and is engaged in complete endto-end technology
solutions offering consulting, software development, systems
integration, data digitization and management service and
solutions, performance tuning solutions and IT infrastructure
management services to global customers.

INDIA: Faces Severe Slowdown; World Bank Cuts GDP Forecast
-----------------------------------------------------------
Bloomberg News reports that the World Bank cut India's economic
growth forecast by the most among South Asian nations on Oct. 13,
below the outlook pegged by the nation's central bank for this
year, mainly because of a deceleration in domestic demand.

India's gross domestic product growth is projected at 6% in the
fiscal year started on April 1, compared with 7.5% forecast in
April and 6.8% recorded a year earlier, the bank said in its latest
South Asia Economic Focus report, Bloomberg relates. Growth is
expected to gradually recover to 6.9% in 2020-21 and to 7.2% in the
following year, it said.

India's economic growth has cooled for a fifth straight quarter
"India's cyclical slowdown is severe," the report, as cited by
Bloomberg, said. The weakness is mostly due to a deceleration in
local demand, according to the bank. "In such a weak economic
environment, structural issues surface and the weak financial
sector is becoming a drag on growth."

Earlier this month, the Reserve Bank of India downgraded its
economic growth projection by the biggest cut in its forecast in at
least five years to 6.1% this year, Bloomberg recalls. GDP growth
cooled for a fifth straight quarter to 5% in the three months ended
June, at the slowest pace since March 2013.

The critical situation demands decisive policy actions, and initial
government steps point in the right direction, with the RBI
embarking on an easing cycle and the government announcing a
stimulus package recently, the World Bank report said, Bloomberg
relays. "All these measures will help to contain the downturn, but
also raise concerns about fiscal space."

"The main policy challenge is to address the sources of softening
private consumption and the structural factors behind weak
investment," according to the report cited by Bloomberg.

Bloomberg relates that the report said the main sources of risk
include external shocks that result in tighter global financing
conditions, and new defaults by non-banking financial companies
triggering a fresh round of financial sector stress. To mitigate
these risks, the authorities will need to ensure that there is
adequate liquidity in the financial system, while strengthening the
regulatory framework for NBFCs, it said.

Bloomberg adds that the World Bank expects the South Asian economy
to grow at 5.9% this year, lower by 1.1 percentage points from its
April estimates. It also cut growth forecasts for Sri Lanka,
Maldives and Bhutan, while raising those for Nepal and Bangladesh.

ISOLUX CORSAN: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Isolux Corsan
India Engineering & Construction Private Limited's (ICI) Long-Term
Issuer Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR665 mil. Fund-based facilities (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR6.050 bil. Non-fund-based facilities (Long-term/Short-term)
         
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR4.285 bil. Proposed working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with
     Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The issuer was admitted for bankruptcy proceedings in National
Company Law Tribunal in October 2018.

COMPANY PROFILE

ICI is a subsidiary of the Spain-based Isolux Corsan Group. It was
incorporated in June 2008 for carrying out construction,
development, and maintenance of infrastructure projects in India.

JDC INDIA: CARE Maintains B+ Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JDC India
Limited continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.10      CARE B+; Stable; ISSUER NOT
   Facilities                     COOPERATING; Based on best
                                  Available information.

   Short term Bank      0.50      CARE A4; ISSUER NOT COOPERATING
   Facilities                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JDC India Limited to monitor
the rating vide letters/e-mails communications dated May 20, 2019,
June 10, 2019, June 18, 2019, July 12, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at fair
ratings. The JDC India Limited's bank facilities will now be
denoted as CARE B+; Stable/A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of JDC India Limited
are constrained by its small scale of operation, low profitability
margins, moderate financial risk profile, fragmented and
competitive nature of industry, regulated nature of industry, high
working capital intensity and exposure to vagaries of nature and
leveraged capital structure with moderate debt coverage indicators.
However, the aforesaid constraints are partially offset by its
experienced promoters with continued support in the business,
equity infusion in FY18, close proximity to raw material sources
and stable demand outlook of rice.

The ability of the entity to grow its scale of operations and
improve its profitability margins and ability to manage working
capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margins and
moderate financial risk profile
JDC India Limited is a relatively small player in the rice milling
and processing business. The company has reported total operating
income of INR14.37 crore (INR10.82 crore in FY17) with PAT of
INR0.04 crore (net loss of INR1.71 crore) in FY18. Furthermore, the
tangible net-worth of the company was INR4.05 crore as on March 31,
2018. The PBILDT and PAT margins of the company were low in FY18
due to higher cost of raw materials. The total capital employed was
also low as on March 31, 2019. Small scale of operations with low
net worth base has led to moderate financial risk profile for the
company.

Fragmented and competitive nature of industry
The commodity nature of the product makes the industry highly
fragmented, with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small scale operators which are not into endto-end processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semiprocessed rice to other big rice
millers for further processing.

Regulated nature of industry
The Government of India (GoI) decides a minimum support price (MSP
- to be paid to paddy growers) for paddy every year limiting the
bargaining power of rice millers over the farmers. The MSP of paddy
was increased during the crop year 2019-20 to INR1815/quintal from
INR1750/quintal in crop year 2018-19. Given the market determined
prices for finished product vis-à-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the entity, especially in times
of high paddy cultivation. High working capital intensity and
exposure to vagaries of nature Rice milling is a working capital
intensive business as the rice millers have to stock rice by the
end of each season till the next season as the price and quality of
paddy is better during the harvesting season. Also, paddy
cultivation is highly dependent on monsoons, thus exposing the fate
of the entities' operation to vagaries of nature. Accordingly, the
working capital intensity remains high leading to higher stress on
the financial risk profile of the rice milling units.

Leveraged capital structure and moderate debt coverage indicators
Capital structure of the company, although improved significantly
as on March 31, 2018 on account of infusion of equity capital, was
leveraged as marked by overall gearing ratio at 4.51x as on  March
31, 2018. However, the debt coverage indicators also remained
moderate in FY18. Interest coverage ratio remained satisfactory at
5.91x in FY18. Further total debt to GCA remained moderate at
15.16x as on March 31, 2018.

Key Rating Strengths

Experienced promoters with continued support in the business
JDC India Limited was incorporated in October 24, 1995. However,
the company started its commercial operations from 2006. Mr. Ajoy
Kumar Basu (aged 68 years) and Mr. Asim Kumar Bose (aged 67 years)
both having almost four decades of experience in similar line of
business, looks after the day to day operation of the company along
with other directors and a team of experienced professionals who
have rich experience in the similar line of business. The company
has infused equity capital aggregating to INR3.0 crore in FY18.

Close proximity to raw material sources
JDC India Limited plant is located in Ausgram, Burdwan District,
West Bengal which is in close proximity to the paddy growing areas
of the state. The entire raw material requirement is met locally
from the farmers helping the entity to save simultaneously on
transportation cost and paddy procurement cost. Further, rice being
a staple food grain with India's position as one of the largest
producer and consumer, demand prospects for the industry is
expected to remain good in near to medium term.

Stable demand outlook of rice
Rice, being one of the primary food articles in India, demand is
high throughout the country and with the change in life style and
health consciousness; by-products of the same like rice bran oil
etc. are in huge demand.

Liquidity
The liquidity position of the company remained comfortable marked
by current ratio of 2.14x and quick ratio of 1.34x as on March 31,
2018. The Gross cash accruals also remained moderate at INR1.21
crore as on March 31, 2018.

JDC India Limited was incorporated in October 24, 1995 with an
objective to enter into the rice milling and processing business.
However, after remaining dormant for a few years, the company
started its commercial operations from 2006. The manufacturing unit
of the company is located at Ausgram, Burdwan, West Bengal. The
current installed capacity of the unit is 24,000 tons per annum.
The entity is procuring raw paddy from the local farmers. The
company also has a cold storage facility in Ausgram for potato
traders and farmers. This apart, it also exports electrical goods
to Doha, Qatar. Mr. Ajoy Kumar Basu and Mr. Asim Kumar Bose both
having almost four decades of experience in similar line of
business, looks after the day to day operation of the company along
with other directors and a team of experienced professionals who
have rich experience in the similar line of business.

JET AIRWAYS: Synergy Gets More Time to Finalise Resolution Plan
---------------------------------------------------------------
Anwesha Ganguly at Financial Express reports that the committee of
creditors of Jet Airways on Oct. 14 decided to give the Synergy
Group, the only entity interested in buying the beleaguered
airline, time till November 15 to finalise a resolution plan. The
Colombian group is understood to have held discussions with the
Bird Group for investment into the ailing airline, sources told FE.
Bird provides aviation management and other services in India and
abroad.

With the additional time given to Synergy, the resolution will
likely be pushed to December, sources close to the proceedings
said, FE relays.

Ravi Deol, the UK-based entrepreneur who was the first CEO of the
coffee chain Barista Lavassa, is also understood to have held
discussions with German Efromovich, owner of the Synergy Group,
sources told FE.

According to the earlier timeline set out by Jet's resolution
professional (RP), Ashish Chhawchharia, interested parties were
expected to submit a resolution plan latest by October 14, FE
notes. The final resolution plan was expected to be put before the
National Company Law Tribunal (NCLT) for its approval on October
28.

"The Synergy Group is still doing due diligence. They had a video
conference call with Jet's management on Oct. 14 to understand
which all routes they can begin operations from once the airline is
revived. Lenders are hopeful, so some more time has been given,"
the person told FE. The Directorate General of Civil Aviation
(DGCA) has given time till mid-January for Jet Airways to file slot
request for the summer season, the source added.

Jet Airways has been grounded for nearly six months now, FE notes.
The slots allotted to the airline have since been re-allocated to
other airlines. The airline was admitted for insolvency on June 20.
The 180-day deadline for completing the corporate insolvency
resolution process (CIRP) will end on December 16, FE says.

Jet's insolvency order stated that the airline's revival is of
national importance, FE relays. "The corporate debtor company has
more than 20,000 employees, and its revival at the earliest by a
viable resolution plan is essential," the order, as cited by FE,
stated.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal.  It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

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

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

KELVIN RECRUITERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Kelvin Recruiters Private Limited
        506, 5th Floor
        Krishna Apra Business Sqaure
        Netaji Subhash Place
        Pitampura, Delhi 110034

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, New Delhi Bench II

Estimated date of closure of
insolvency resolution process: March 15, 2020
                               (180 days from commencement)

Insolvency professional: Kamal Agarwal

Interim Resolution
Professional:            Kamal Agarwal
                         487/27 School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087
                         E-mail: advocate.kamal.aggl@gmail.com
                                 cirp.kelvinrecruiters@gmail.com

Last date for
submission of claims:    October 7, 2019


KSK MAHANADI POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: KSK Mahanadi Power Company Limited

        Registered and Corporate address:
        8-2-293/82/A/431/A
        Road No. 22 Jubilee Hills Hyderabad
        Telangna 500033

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Mahender Kumar Khandelwal

Interim Resolution
Professional:            Mahender Kumar Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12, Dwarka
                         New Delhi 110078
                         E-mail: khandelwalmahendar2@gmail.com

                            - and -

                         Pricewaterhouse Coopers Pvt. Ltd.
                         Plot# Y-14, Block EP, Sector V
                         Salt Lake, Kolkata 700091
                         E-mail: claims.ksk@in.pwc.com

Last date for
submission of claims:    October 17, 2019

KUNDLI MANESAR: Ind-Ra Cuts Bank Loan Rating to C, Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kundli Manesar
Expressway Limited's (KMEL) bank loan rating to 'IND C' from 'IND
BB-' while resolving the Rating Watch Negative (RWN). The agency
has simultaneously migrated the rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND C
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR13.0 bil. Term loans due on February 2032 downgraded; Off
     RWN; migrated to non-cooperating category with IND C (ISSUER
     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects tight liquidity to manage the debt servicing
obligations.  Given  the sponsor - Essel Infraprojects Limited's
(EIL) - weak credit profile, Ind-Ra believes the likelihood of
injection of timely funds, either to meet the debt service or
providing funds to complete the project, is remote.

The rating downgrade reflects the significant delay in the receipt
of the first annuity payment from the concession authority against
the scheduled date of August 24, 2019. Additionally, the
management's expectations regarding the completion of punch-list
items within 120 days from the provisional commercial operations
date have slipped considerably. Given the delays in completion,
further annuity deductions cannot be ruled out. Due to the
deterioration in its creditworthiness, EIL could not bring the
residual equity worth INR72 million for project completion until
end-September 2019.

The rating has been migrated to the non-cooperating category as
KMEL did not provide Ind-Ra information related to the receipt of
monthly no-default statement for the month of September 2019,
business and financial profile of KMEL, despite continuous requests
and follow-ups by the agency.

RATING SENSITIVITIES

Positive: The rating will be upgraded on sustained improvement in
the operational and financial performance including receipt of
first annuity leading to adequate cash flow generation to meet debt
obligations, timely creation of debt-service reserve and clarity on
EIL's liquidity profile.

COMPANY PROFILE

KMEL is a special purpose vehicle promoted by EIL. It was set up
for the execution of a project envisaging the development of
greenfield access controlled six-lane Kundli-Manesar expressway
from 0-83.320 kilometer in Haryana through a public-private
partnership on the design, build, finance, operate and transfer
annuity basis. The estimated total project cost is INR19,154.7
million, proposed to be financed by promoters' contribution of
INR6,154.7 million and debt.

KUT ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kut Energy Private Limited
        Kaith House
        Near H.S. Khaneri Petrol Pump
        Tehsil Rampur Bushahr
        Rampur Bushahr
        Shimla HP 172001
        IN

Insolvency Commencement Date: October 7, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 4, 2020

Insolvency professional: CA Nipan Bansal

Interim Resolution
Professional:            CA Nipan Bansal
                         10-B Udham Singh Nagar
                         Ludhiana
                         Punjab 141001
                         E-mail: irp@parshotamandassociates.com
                                 ip.kutenergy@gmail.com
                         Tel.: 0161-4640500

Last date for
submission of claims:    October 22, 2019


LAKSHMI TEA: CARE Reaffirms B+ Rating on INR5.25cr Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Lakshmi Tea Factory (LTF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.25       CARE B+; Stable Reaffirmed

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of LTF continues to
remain constrained by the small scale of operations, risk of
capital withdrawal due to partnership nature of business,
agro-climatic risk and aggressive capital structure with weak debt
coverage indicators. However, financial support through promoter
funding eases the pressure on debt servicing to an extent.

The rating, however, derives strength from the experience of the
promoters and support of group entities, improvement in the
capacity utilization during FY19 &Q1FY20 coupled with moderate
financial performance in FY19.

Improvements in the capacity utilization and profitability,
efficient management of working capital with improvement in the
capital structure are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Risk of capital withdrawal due to partnership nature of business:
LTF is exposed to the risks associated with the status of being a
partnership firm, including the risk of withdrawal of capital by
the partners.

Small scale of operations: LTF is a relatively small player in tea
industry having annual tea manufacturing capacity of 10 lakhs kg,
operating income of INR8.58crore in FY19 and Net worth of
INR0.72crore in FY19.The small size deprives it the benefit of
economies of scale and restricts the financial flexibility of the
firm in the time of stress.

Aggressive capital structure with weak debt coverage indicator- The
capital structure of LTF is marked by high overall gearing ratio
due to low net worth and increase in unsecured loan. The overall
gearing moderated to 12.36x as on March 31,2019 vis-à-vis 6.86x as
on March 31,2018 due to withdrawal of capital of INR0.71 crore in
FY19.Total debt includes unsecured loan of INR3.75 crore (INR3.23
crore in FY18) from related parties.TD/GCA remained high at 19.80
times in FY19 as against 20.69 times in FY18.

Agro-climatic risk: LTF has its operations in Assam, a region which
has witnessed erratic weather conditions. It has experienced
drought during October 2008, pest attack in 2010, heavy rainfall in
2012 and a delay in monsoon during 2014. This apart, Assam
experienced heavy rains during FY18that led to flooding and
waterlogging. LTF's operations are concentrated in Assam, which
makes its profitability even more susceptible to vagaries of
nature.

Key rating Strengths

Experienced Promoters and support of group companies: The Agarwal
Group has moderate experience in the business of tea processing and
planting, while they have significant experience in the
manufacturing of pre-stressed concrete poles and rural
electrification work in Assam. Under the new promoters, FY19 was
the third year of operations for LTF. The firm receives managerial
support from its promoters and its group companies and operational
support from the experienced staff and managers of Tulip Tea
Company Limited (TTCL).

Improved capacity utilization in FY19 &Q1FY20: The firm has
expanded the capacity by 4 lakhs kg in April 2018 and touched an
annual production of 5.02 lakhs kg (i.e. around 50% utilization) in
FY19 as against annual production of 2.81 lakhs kg in FY18(i.e.
equivalent to around 28% of the enhanced capacity). Further, in
Q1FY20 the annualized capacity utilization has been around 103 %(
i.e. 2.58 lakhs kg).

Moderate Financial Performance in FY19: The operating income of LTF
has witnessed a y-o-y growth of around 85% in FY19 driven by
increase in the sales volume and average sales realization of tea.
However, PBILDT margins deteriorated to 8.17% in FY19 from 17.07%
in FY18 owing to increase in the cost of bought leaves (incidental
to wage hike) and power and fuel expenses incidental to scaling up
of operations. PAT margins however remained moderate and marginally
improved from 1.08% in FY18 to 1.10% in FY19 on account of decrease
in the finance cost.

Liquidity: Stretched

The operating cycle of the LTF remained high at 177 days in FY18.It
however improved substantially in FY19 to 56 days on the back of
improved collection period and inventory holding days. The average
CC Utilization remained high at 91% during past 12 months ending
June 2019.GCA stood at INR0.45crore vis-à-vis debt repayment
obligations of INR0.48crore in FY19 and the shortfall in debt
repayment was made good through infusion of unsecured loans by the
promoter's group. The current ratio continues to remain below
unity.

Lakshmi Tea Factory (LTF) was established in 2010 as a partnership
firm with three partners viz. Mr. Benudhar Nath, Mrs. Runumi Devi
and Mr.Bhargav Nath.Since its inception, the firm has been engaged
in the manufacturing of tea and its manufacturing facility is
located in Dhekiajuli in Sonitpur District, Assam. However, the
firm is currently being promoted by new partners, Mr. Anil Agarwal
and Mrs. Mamta Agarwal, who took over the management of the firm in
July 2016. LTF sells CTC (Curl, tear and Crush) variety of tea in
bulk in India. It manufactures tea by processing bought tea leaves
procured from the indigenous tea garden owners. Currently the firm
has an annual tea manufacturing capacity of 10 lakhs kg (increased
from 6 lakhs kg in April 2018).

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

The instrument-wise rating action is:

-- INR300 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOEPRATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 15, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Madhav Engineers trades electrical equipment, including hotline
tools used in transmission-line works and electrical test, and
measuring equipment.

MEHTA AND ASSOCIATES: CARE Lowers Rating on INR8cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mehta and Associates Fire Protection System Private Limited
(MAFPSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       4.00       CARE D Revised from CARE C;
   Facilities                      Stable

   Long Term/           8.00       CARE D/CARE D Revised from
   Short Term                      CARE C; Stable/CARE A4
   Bank Facilities      
                                   
   Short Term
   Bank Facilities      2.25       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
MAFPSPL is primarily due to on-going delay in servicing its debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing
MAFPSPL has exhibited on-going delays in servicing of its debt
obligations owing to poor liquidity position of the company.

Liquidity Analysis: Poor
The liquidity position of MAFPSPL has remained poor during FY18 as
marked by full utilization of its working capital limit during past
12 months period ended September, 2019. Further, cash and Bank
balance also remained low at INR0.02 crore as on March 31, 2018,
while net cash flow from operations remained negative at INR2.52
crore during FY18. Furthermore, Gross Cash Accrual (GCA) remained
low at INR0.10 crore in FY18. However, there is no term debt
repayment obligation for FY19.

Ahmedabad-based (Gujarat), MAFPSPL was incorporated in October 1984
as a private limited company primarily promoted by Mr. Jayant
Mehta. Later Mr. Kunal Mehta and Mr. Kaushal Mehta joined MAFPSPL
as directors in 2001 and 2005 respectively. MAFPSPL imparts service
of designing fire detection and protection system as per the
requirement of clients and later implements the same by assembling,
erecting and commissioning fire suppression system, fire detection
system, fire fighting system and allied products mainly designed
for heavy power equipment. Furthermore, it also does trading
activities pertaining to the machinery parts used in fire
protection systems, while it also carries out research and
development (R & D) activities pertaining to fire protection system
from its R & D centre situated in Ahmedabad, Gujarat. It mainly
caters to power sector industries which include government as well
as private entities spread across India.

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

The instrument-wise rating actions are:

-- INR96.6 mil. Term loans due on June 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR80.0 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR8.0 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 29, 2018.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2011, MNR Cottons owns a 16,320-spindles spinning
mill in Mahbubnagar (Telangana).

OPPO MOBILES: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Oppo Mobiles
India Private Limited's (OPPO) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:            

-- INR7 mil. Non-convertible debentures (NCDs) ISIN INE793V08021
     issued on September 30, 2016 3% coupon rate due on September
     30, 2020 downgraded with IND BB-/Stable rating.

The ISIN Code has been updated to reflect OPPO receiving approvals
from all relevant regulatory authorities to extend the maturity
date of its outstanding NCD to September 30, 2020 from September
30, 2019.

The downgrade reflects deterioration in the financial profile of
OPPO, with margins remaining negative and losses increasing.
Furthermore, heightened competition in the sector could continue to
put pressure on the cash flows, leading to uncertainty in regards
to future debt servicing.

KEY RATING DRIVERS

Continued Losses: OPPO's weak financials are reflected by an EBITDA
loss of INR11 billion in FY19 (FY18: loss of INR5.3 billion), and a
net loss of INR6.9 billion (INR3.6 billion). The continued loss is
despite 80% yoy improvement in revenue to INR215 billion in FY19,
due to increased demand and product launches. The company's
operating margins deteriorated to negative 5.1% in FY19 (FY18:
negative 4.4%) due to increased cost of raw materials, which are
typically imported from China. The company faced a major forex loss
of INR6.5 billion in FY19 (FY18: loss of INR255 million). If EBITDA
and net income were to be adjusted for the same, the company's
margin be relatively better at negative 2.1% (FY18: negative 4.2%),
and there would be a marginal net loss of INR364 million (FY18: net
loss of INR3.3 billion).

The company will look to turn profitable in FY21 by increasing
sales through product launches at more competitive price-points,
developing innovative products (under-display finger print scanner)
and strengthening its offline presence. The management, however,
has indicated that it would continue to spend sizeable amounts
(7%-10% of revenue) on sales promotions to maintain its current
market share.

Liquidity Indicator - Poor: Ind-Ra expects the company to continue
to incur EBITDA losses till FY21 on account of thin gross margins
and high advertisement expenses, thus remaining vulnerable to
refinancing risk. The company has been able to meet its interest
payments via its cash balances (FY19: INR9.3 billion, FY18: INR10.8
billion), but it is reliant on the parent to repay its upcoming
NCD, due in September 2020. Furthermore, internal cash flows are
volatile, and cannot be relied upon.

The company's debt structure has no bank debt, and comprises an NCD
worth INR7 billion and an ECB of INR17.3 billion, both of which are
subscribed by OPPO's parent entity. The external commercial
borrowing will be due in FY24. Given the company's weak financial
performance, reliance on high cash balances and funding of its
working capital cycle through its trade payables, the company has
committed that it will make its large principal repayments through
further funding from the parent entities.

Large Capex Impacts Cash Flows: OPPO incurred capex of INR9.3
billion in FY19 (FY18: INR3.2 billion) to expand the capacity and
manufacturing capabilities at its two facilities (Surajpur and
Kasna, Greater Noida). Cash flow from operations turned negative to
INR8.3 billion in FY19 (FY18: INR9 billion) on account of increased
inventory, leading to net working capital increasing to negative 49
days (FY18: negative 83 days; FY17: negative 71 days). This led to
a working capital inflow of roughly INR1.1 billion in FY19, much
lower than historical working capital inflows (FY18: INR14.3
billion; FY17: INR5.8 billion), as the company continued to extend
its trade payables. The agency expects the inventory level to
moderate in FY20 (FY19: INR14.5 billion, FY18: INR3.8 billion), as
the company tends to stock large quantities of raw materials six
months prior to the launch of new products.

Shift in Strategy; Stable Market Share: OPPO's shipment market
share has remained stable at roughly 10% over the last one year,
due to the combined effect of its aggressive marketing strategy and
a shift in the company's strategy. The company has reduced the
margins offered to retailers and rationalized its distribution.
Thus, its products are now available at fewer counters which have
strong visibility and sales. However, strong marketing from
competitors has meant the company's market share has remained
stable. As of July 2019, the company's market share stood at 8%
(2Q18: 9%).

Ind-Ra expects to see improvement in OPPO's margins in the medium
term, which will enable it to make focused investments in tier two-
and three- tier cities. Management expects to achieve major revenue
growth in FY20 on account of new product launches and improved
focus on online and offline sales, thus growing its market share in
the process.

Domestic Manufacturing to Increase: Assembling capacity of the
company increased to 65 million units in FY19 (FY18: 15 million
units). The company had commissioned a greenfield facility in
Greater Noida to cater to the additional demand arising from the
Indian market. A domestic manufacturing facility with capacity of
50 million units was operational in FY19. The company now has
enhanced connectivity with its dealers given the location of the
facility and will be able to keep pace with the growing Indian
smartphone market.

Forex Risk; Intense Competition: The company imports over 95% of
its material requirements, which exposes it to foreign exchange
fluctuation risk. Also, intense competition leaves less flexibility
to pass on price increases to customers. However, the risk is
partially mitigated by increasing the mix of indigenous
sourcing/manufacturing. The company is increasing local
manufacturing of printed circuit boards, which make up around 50%
of the smartphone's making cost, which would reduce the impact of
rupee depreciation.

Industry Risks: The ratings factor in industry risks such as rapid
technological changes, changing consumer preferences and
competitive pricing pressures.

RATING SENSITIVITIES

Positive: A sustained improvement in the overall financial risk
profile could be positive for the ratings.


Negative: Sustained deterioration in the overall financial risk
profile could be negative for the ratings.

COMPANY PROFILE

Incorporated in November 2013, OPPO is engaged in manufacturing and
selling of smartphones and wholesale trading of mobile spare parts
and accessories.

PERFECT BORING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Perfect Boring Pvt. Ltd.
        Plot No. 3822/A, Phase IV
        Behind Indo-German Tool Room
        GIDC, Vatva, Ahmedabad
        Gujarat 382445

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020

Insolvency professional: Manish Kumar Bhagat

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

Last date for
submission of claims:    October 18, 2019


PROSPERITY STEELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Prosperity Steels Limited

        Registered office:
        Nakrajoria, Vill: Salanpur
        P.O. Salanpur Dist: Paschim Bardhaman
        Salanpur Bardhaman WB 713357

        Principal office:
        F-101, 400 G T Road (South)
        PS. Shibpur Howrah
        WB 711103

Insolvency Commencement Date: Ocotber 4, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room No. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: jitulohia@knjainco.com

                            - and -

                         Klass Insolvency Resolution Professionals
                         Pvt Ltd, Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room No. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: ip.jitulohia@gmail.com

Last date for
submission of claims:    Ocotber 21, 2019


R K JAIN CONSTRUCTION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: R K Jain Construction India Private Limited
        Shop no. 311, 312, 3rd floor
        Lalganga Shopping Mall
        G.E. Road Raipur
        Chhattigarh 492001

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020
                               (180 days from commencement)

Insolvency professional: Vinodkumar P. Ambavat

Interim Resolution
Professional:            Vinodkumar P. Ambavat
                         Room No. 40, 9/15 Morarji Velji Bldg.
                         1st Floor, Dr M.B. Velkar Street
                         Kalbadevi Road, Mumbai
                         Maharashtra 400002
                         E-mail: vinod.ambavat@ajallp.com

                            - and -

                         D511 Kanakia Zillion
                         Junction of LBS Road and CST Road
                         BKC Annexe, Kurla West
                         Mumbai 400070
                         E-mail: irp.rkjain@gmail.com

Last date for
submission of claims:    October 17, 2019


RAJ REGENCY: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Regency
continues to remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.61       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Raj Regency to monitor the
rating vide letters/e-mails communications dated May 27, 2019, May
28, 2019, May 29, 2019, Sept. 3, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at fair ratings. The
rating on Raj Regency's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING. Further, the banker could not be
contacted.

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

The long term rating assigned to the bank facilities of Raj Regency
is mainly on account of on-going delays in debt servicing.

Going forward, the ability of the company to regularize the debt
servicing obligations and timely repayment of debt will be the key
rating sensitivities.

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

The long term rating assigned to the bank facilities of Raj Regency
is mainly on account of on-going delays in debt servicing.

Going forward, the ability of the company to regularize the debt
servicing obligations and timely repayment of debt will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing
As reported by the banker, as on July 7, 2018, there are on-going
delays in servicing of term loans. This apart, there is continuous
overdrawal in the cash credit account for more than 30 days. The
delays were due to stretched liquidity position owing to lower
accruals from business operations and higher dependence on external
borrowings.

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

Raj Regency was established in September, 2013, as a partnership
entity, however started operation from June 2016 by three partners
namely Smt. Surindar Kaur Bhatia, Mr. Harjeet Singh Bhatia and Mr.
Jasvinder Singh Bhatia. The entity started commercial operation
from April 1, 2016. The entity is currently operating with 50 rooms
which include 46 deluxe rooms, 03 presidential rooms and one
honeymoon suits. The hotel also has banquet hall, an air
conditioned multi cuisine restaurant, bar, private dining, swimming
pool and spa. The room rent of the Raj Regency on normal season is
INR3000 per day and INR3500 per day on peak season. The occupancy
rate of the hotel averagely remained at around 25%- 30% throughout
the year, which increases to around 50% during peak season (in the
month of October to February).

RELIANCE COMMUNICATIONS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Reliance Communications Infrastructure Limited
        H Block, 1st Floor
        Dhirubhai Ambani Knowledge City
        Navi Mumbai, Maharashtra 400710
        India

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Anish Niranjan Nanavaty

Interim Resolution
Professional:            Anish Niranjan Nanavaty

                         Registered address (not to be used for
                         correspondence purpose):
                         2A/208, Raheja Classique
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: anish.nanavaty.irp@gmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         Indiabulls Finance Centre
                         Tower 3, 27th Floor
                         Senapati Bapat Marg
                         Elphinstone Road (West)
                         Mumbai 400013
                         India
                         E-mail: inrcilip@deloitte.com

Last date for
submission of claims:    October 12, 2019


RISHABH BUILDWELL: CARE Lowers Rating on INR120cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rishabh Buildwell Pvt Ltd (RBPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      120.00      CARE B+; Stable Revised from
   Facilities                      CARE BB; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of RBPL
takes in to account the subdued liquidity position of the company
largely attributable to non-receipt of payments from HESCOM leading
to ongoing delays in servicing of term loan from IREDA (Not rated
by CARE). Further, the rating continues to remain constrained on
account of project execution and salability risk in its ongoing
projects coupled with general slowdown in the real estate sector.
However, the rating continues to draw strength from the experienced
promoters and presence of required approvals including RERA
registration in-place for the ongoing real estate projects.

Going forward, completion of real estate projects within the
envisaged time frame and cost estimates and achievement of healthy
sales momentum from the project shall be the key rating
sensitivities. Further the timely receipt of payments from HESCOM
enabling the company to meet debt servicing in a timely manner
shall also be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing towards IREDA
RBPL has installed a 14MW solar project, the COD of which was
achieved on March 28, 2018. There was a delay of about 172 days in
the installation of the project, due to which HESCOM levied a
penalty of INR0.84 cr on RBPL. However, later in May-19, the
quantum of said penalty was reviewed and increased to INR3.50 cr.
The same has been deducted from the monthly bills by the discom.
This has led to non-receipt of payments by RBPL from April-19
onwards, which in-turn, has led to delays in debt servicing towards
loan from IREDA (Not rated by CARE). RBPL has approached the High
Court against HESCOM. The High court in its order dated July 31,
2019, has quashed the penalty levied on RBPL. However, RBPL is yet
to commence receipt of payments from HESCOM in this regard.

Project execution and saleability risk
RBPL is engaged in development of 2 ongoing projects; Iris Towers
in Cloud9 towers and Hindon Green Valley (Phase-I). Iris tower is
at advanced stage of construction with 93% of project cost incurred
(86% incurred till Jun-18) and is almost fully booked.

In project Hindon Green Valley, being at fairly nascent stage of
execution, about 52% of project cost has been incurred (43%
incurred till Jun-18). Further, out of the total construction cost
of INR216 cr, only INR65cr i.e. 30% of construction cost has been
incurred till same date (PY: 17% till June 30, 2018). On bookings
front, about 36% of total saleable area has been sold till same
date (32% sold till Jun-18). With significant cost to be incurred
in Hindon Green Valley project and majority of portion yet to be
sold, the company remains exposed to execution and salability
risk.

Subdued real estate scenario
With the on-going economic conditions, the real estate industry is
currently facing issues on many fronts, including subdued demand,
curtailed funding options, rising costs, restricted supply due to
delays in approvals, etc. thereby resulting in stress on cash flows
of developers. The industry has seen low demand in the recent past,
primarily due to factors like sustained high level of inflation
leading to high interest rates and adverse impact on the buying
power and affordability for the consumers.

Key Rating strengths

Experienced promoters
Rishabh Buildwell Pvt. Ltd. has already executed commercial and
residential projects over an area of more than 20 lacs square feet
(lsf). The promoter, Mr. Sanjeev Jain possesses more than 2 decades
of experience in the field of real estate development. Some of the
residential and commercial real estate projects delivered include
'e' Residency in Kaushambi, Rishabh Paradise in Indirapuram,
Rishabh Platinum in Indirapuram, Rishabh IPEX Mall in Patparganj,
Rishabh Corporate Tower in Kakardooma and National Arcade in
Gazipur.

Approvals of the projects in place
The ongoing projects is registered under RERA (Real Estate
Regulation Act) and approvals required for the projects are in
place, including land related approvals, Layout Plan, Building
Plan, High rise clearance, Fire Safety, Pollution Control,
environmental clearance etc.

Liquidity: Stretched
The liquidity position of RBPL remains stretched on account of
non-receipt of payments from HESCOM against its solar generation,
which has in-turn also led to delays in debt servicing towards loan
from IREDA. Further, project collections (from Iris and Hindon
Green Valley) have remained modest at INR8 cr per quarter as
against debt servicing obligations of ~Rs.4 cr per quarter. Cash
and bank balance stood at INR1.75cr as on Mar 31, 2019. Going
forward, improvement in project collections from Hindon Green
Valley project shall be imperative to meet principle repayment
obligations of INR20 cr per quarter post expiry of moratorium on
loan from PNB Housing Finance in Q1FY22.   Incorporated in 2005,
Rishabh Buildwell Pvt. Ltd. (RBPL) is engaged in development of
real estate projects, mainly in NCR region. Till March 31, 2018,
the company has already executed commercial and residential
projects over an area of more than 20 lacs square feet (lsf). RBPL
belongs to Rishabh group, having presence in various segments
including hospitality, education, solar, Television channel and
real estate.

S A MULLA: CARE Assigns 'B' Rating to INR5.0cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S A
Mulla (SAM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           5.00       CARE B; Stable Assigned

   Short term Bank
   Facilities           6.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SAM is tempered by
small scale of operations in highly fragmented and competitive
industry, susceptible to fluctuation in raw material prices and
customer and geographic concentration risk. The ratings further get
constrained on account of leveraged capital structure, weak debt
coverage indicators and working capital intensive nature of
operations. The rating takes into account experienced promoter for
more than three decades in construction industry, healthy
profitability margins and moderate order book position and
increased demand for construction industry. Ability to increase its
scale of operations, ability to execute the projects in timely
manner and timely receipt of contract proceeds are the key rating
sensitivity factors.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations during the review period
The scale of operations stood small marked by total operating
income (TOI) of INR6.47 crore in FY19 (Prov.). TOI of the firm has
declined from INR7.86 crore in FY18 (A) to INR6.47 crore in FY19
(Prov.) due to decrease in the number of orders executed. The firm
has been receiving orders from the government departments. Further
in 5MFY20, the company has achieved TOI of INR7.84 crore.

Leveraged capital structure and debt coverage
The capital structure of the firm stood leveraged during the review
period FY17-18 & FY19 (Prov.). The overall gearing ratio stood
leveraged, though improved from 5.68 times as on March 31, 2018 to
3.45 times as on March 31, 2019 (Prov.) mainly on account accretion
of profits. Further, the debt coverage indicators of the firm also
stood weak marked by total debt to GCA of 19.77 times as on March
31, 2019(Prov.) which improved from 25.13 times as on March 31,
2018 mainly on account of increase in GCA level. The interest
coverage ratio stood weak at 1.46x in FY19 (Prov.) which
deteriorated from 1.73x in FY18 owing to increase in interest
cost.

Working capital intensive nature of business along with indicators
along with susceptibility to fluctuation in raw material prices
The firm operates in a working capital intensive nature of
business. S A Mulla receives payment from its clientele in 10-20
days, makes payment to its suppliers within 10-30 days and
maintains inventory of raw-material used in road construction for a
period of 30-60 days. However, In FY19 the average inventory period
increased to 253 days from 84 days in FY18 due to increase in
inventory from INR3.36 crore to INR3.92 crore which was
subsequently reduced in April as the invoices were raised. However,
the due to the above reason, the operating cycle has increased from
86 days in FY18 to 241 days in FY19. To bridge the gap between the
receivable and payables, the firm is dependent on working capital
bank borrowings. Hence the average utilization of the working
capital facility stood almost full for the last twelve months ended
August, 2019. The basic input materials for execution of contracts
are steel and cement, the prices of which are highly volatile.
Hence, the operating margin of the firm is exposed to any sudden
spurt in the input material prices along with increase in labour
prices being in labour intensive industry.

Customer and geographic concentration risk
The client base of the firm is skewed towards government
departments in Karnataka with firm generating majority of its
income from PWD and Municipal Corporation. Further, unlike many
other construction companies, it has remained focused on the road
segment and moreover its orders under execution and the orders at
bidding stage are also in the road segment. This makes it dependent
on opportunities only in the road sector which is saddled with
increased execution challenges. Moreover, the firm being a regional
player and all the projects are executed in Karnataka only, also
reflects geographical concentration risk.

Highly fragmented and competitive civil construction industry along
with tender driven nature of business
The firm is operating in highly competitive and fragmented
industry. It witnesses intense competition from largely unorganized
players as the projects are tender-based and the revenues are
dependent on the firm's ability to bid successfully for these
tenders. This fragmented and highly competitive industry results
into price competition thereby affecting the profitability margins
of the companies operating in the industry.

Liquidity: Stretched
The current ratio and Quick ratio of the firm stood at 1.27 x and
0.65x as on March 31, 2019 mainly on account of increase in sundry
debtors as on March 31, 2019. The cash and bank balances stood at
INR0.04 crore as on March 31, 2019. SAM is fully utilizing its
working capital limits as on August 31, 2019.

Key rating strengths

Experienced promoter for more than a decade in Construction
industry
S A Mulla was incorporated in 2014, hence has track record of five
years. Mr. Saifuddin Appalal Mulla, Partner, I.T.I by
qualification, has an experience of more than three decades in
construction business. Also, he has worked in similar line of
business from the past 40 years. The other managing partner Mr.
Mainuddin S Mulla, S/o Mr. Saifuddin Appalal Mulla also possesses
an experience of 15 years in construction industry. Due to long
term presence in the market, the promoters are able to improve
firm's ability to undertake the contracts as they have established
relations with customer and suppliers which enable the firm to get
repeated orders from existing customers.

Satisfactory profitability margins and moderate order book
position
The profitability margins of the firm stood satisfactory marked by
PBILDT and PAT margin of 16.11% and 4.98% respectively in FY19
(Prov.). However, in FY19, PBILDT margin has significantly improved
by 869 bps over FY18 mainly on account of decrease in labour
charges and also machinery hire charges. However, despite increase
in PBILDT margin, PAT margin has decreased from 6.12% in FY17 to
3.08% in FY18 due to increase in interest expenses. But the PAT
margin stood at 4.98% improving by 190 bps in FY19 over FY18
despite increase in interest charges. Till August 31, 2019, the
order book position of the firm stood at INR28.65 crore which is
4.2 times of TOI in FY19 which is to be completed within 2019-2020
showing medium term revenue visibility.

Stable outlook of construction industry
After the agriculture sector, construction is the next biggest
sector in India. It is substantial to the infrastructure growth in
our country; and is the second largest contributor to our GDP.
Projects of Express Highways, metros, Airports, Flyover bridges,
Tunnels are being under taken in huge number in every state of
India. Accordingly, the government aims to invest INR3.4 trillion
(US$50.3 billion) through the budgetary allocation between
FY2019-2020 and FY2022-2023, while INR2.1 trillion (US$30.7
billion) will be made through market borrowings in the Bharatmala
scheme by 2023. Moreover, population growth and urbanization will
also drive the need for better infrastructure facilities in the
country.

S A Mulla was incorporated as a Partnership firm by Mr. Saifuddin
Appalal Mulla and Mr. Moinuddin Saifuddin Mulla in 2014. The firm
is engaged in the business of civil construction such as laying of
roads and construction of buildings and bridges in the states of
Karnataka and is registered contractor with Public Works Department
(PWD) and Road and Building Departments (R&B), Karnataka. The firm
assigns civil works and labour works to sub-contractors and also
executes work orders as a sub-contractor for Govt. bodies. The
major customers of the firm include Public Works Department, Govt.
of  Karnataka, Karnataka Rural road development, City Municipal
Council etc. The firm purchases inputs required for civil
construction (such as cement, bitumen, steel, pipes etc.) from
local suppliers in and around the site locations.

SAANVI CLOTHING: ICRA Assigns B Rating to INR8.0cr Loan
-------------------------------------------------------
ICRA has assigned rating to the bank facilities of Saanvi Clothing
Pvt Ltd (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–
   Term Loan            1.88       [ICRA]B (Stable); assigned

   Fund Based–CC        8.00       [ICRA]B (Stable); assigned

   Unallocated          0.12       [ICRA]B (Stable)/A4; assigned

Rationale

The assigned ratings factor in Saanvi Clothing Pvt Ltd's (SCPL)
diversified customer base along with the financial support extended
by the promoters via regular fund infusions. The ratings, however,
are constrained by the nascent stage of operations of the company
as depicted by its turnover of INR8.1 crore in FY2019. ICRA further
takes note of the weak capital structure, owing to the low capital
base and stretched working capital cycle, with high receivables and
inventory levels impacting the liquidity position. Additionally,
high competition from established brands and other large
manufacturers constrains the company's pricing flexibility and
growth potential.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that SCPL will continue to be supported by the promoters through
regular fund infusions to meet its incremental working capital
requirements.

Key rating drivers and their description

Credit strengths

Financial support extended by promoters - The promoters have been
regularly infusing funds into the business in the form of
interest-free unsecured loans to support SCPL's funding
requirements. The external borrowings of the company remain limited
as a result.

Diversified customer base with pan-India presence - The company has
a diversified customer base with the top 10 customers contributing
to 25-35% of the revenues over the past three years. It has around
82 distributors and its brands are present in more than 7,500
stores across India. Its products are also available in large
format retail stores like Brand Factory and D-Mart. It recently
started a contract manufacturing business for corporate customers
like TATA ZUDIO, Kitex, Sangam Textiles Private Limited, etc, and
the same is expected to support the revenue growth going forward.

Credit challenges

Nascent stage of operations - The company started its operations in
October 2016 and its scale of operations remains modest with an
operating income (OI) of INR8.1 crore in FY2019, restricting its
financial and operational flexibility. While it has launched three
brands and has a pan-India presence, its revenue growth remained
muted in FY2019. Its operations are at a nascent stage, as
reflected by the low inventory turnaround.

High competition from established brands - The company faces
intense competition from many established brands in the domestic
market, thereby restricting its market position. It has limited
bargaining power with its suppliers and customers and enjoys
limited pricing flexibility.

Leveraged capital structure and weak coverage indicators - SCPL was
incorporated as a company with effect from April 2019, with a share
capital of INR1.0 crore. The capital structure remains leveraged
owing to the low capital base. However, ICRA notes that a large
part of the borrowings are in the form of interest-free unsecured
loans from the promoters, which do not have any fixed repayment
obligations. ICRA also notes that the land and building on which
the company operates are owned by the promoters in their personal
capacity. If these were recognised in SCPL's books, the net worth
would be higher. The coverage indicators of SCPL remain weak, as
reflected by interest coverage of 0.8 times in FY2018 and 1.6 times
in FY2019.

High working capital intensity - The working capital requirement
for the company is significantly high due to the low inventory
turnaround and stretched receivables. The receivable days were high
at 210 days in FY2019 due to limited bargaining power with its
customers. The inventory levels have remained high due to
lower-than-anticipated offtake by the distributors. The high
working capital intensity has stretched the liquidity position of
the company.

Liquidity position: Stretched

SCPL's liquidity remains stretched as indicated by the full
utilisation of its working capital limits between August 2018 and
July 2019. Despite healthy operating margins, the cash flows remain
weak due to the high working capital intensity. The company has a
repayment obligation of INR0.6 crore in FY2020. Improvement in the
turnover, while maintaining the profitability and bringing down the
working capital intensity, will be critical to generate sufficient
cash flows to meet the repayment obligations. The enhancement in
the working capital limits to INR8.0 crore in August 2019 from
INR5.0 crore till July 2019 and continuous infusion of funds by the
promoters are expected to aid the liquidity position to some extent
going forward.

Rating sensitivities

Positive triggers - ICRA could upgrade SCPL's ratings if it
demonstrates a sustained improvement in its revenues, while
maintaining its operating margins and bringing down the working
capital intensity substantially, leading to an improved liquidity
position. Specific credit metrics that could lead to a rating
upgrade include (1) DSCR of >1.4 times (2) OPBDITA/Interest of
>2 times.

Negative triggers - Negative pressure on SCPL's ratings could arise
if any reduction in revenues or margins or increased working
capital requirement worsen its liquidity position.

Saanvi Industries was established as a proprietorship concern in
2016 with a manufacturing plant in Bangalore and an office in
Mumbai. It was incorporated as a private limited company, Saanvi
Clothing Pvt Ltd, with effect from April 1, 2019. It is a family
owned business with Mr. Dhiren Rathore and his wife Mrs. Jinal
Dhiren Rathore as directors. The manufacturing unit is jointly
owned by Jinal Dhiren Rathore and Khubilal Gulabchand Rathore in
their personal capacity. The company manufactures women's innerwear
under its own brand name, ENVIE, which began commercial sales in
October 2016 and has a pan-India presence. In FY2018, it launched
another brand, ENERVE, to tap modern trade channels like D-Mart and
Brand Factory. Misterio was launched as an initiative for B2B sales
and was registered with Reliance Jio in May 2019. SCPL has more
than 80 distributors across India and it recently started a
contract manufacturing business for some of the domestic brands as
well.

SANDCITY AUTOTEC: CARE Cuts INR6.78cr Loan Rating to B, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sandcity Autotec Private Limited (SAPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        6.78      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Revised form CARE B+; ISSUER
                                   NOT COOPERATING on the basis of

                                   Best available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAPL to monitor the rating
vide e-mail communications/letters dated July 12, 2019, July 16,
2019, August 22, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on SAPL's
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

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

The revision in the rating takes into account the non-availability
of information due to non-cooperation by Sandcity Autotec Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information non-availability risk as a key
factor in its assessment of credit risk. At the time of last rating
in July 11, 2018 the following were the rating strengths and
weaknesses; (Updated for the information available from Registrar
of Companies.)

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small player with moderate track record of operation:
The total operating income (TOI) increased from INR46.57 crore in
FY17 to INR65.21 crore in FY18 and continues to remain small. SAPL
has commenced operations since January 2015 and thus has moderate
track record of operations.

Risk of termination of dealership agreements from HMIL: SAPL has
entered into a dealership agreement with Hyundai Motor India Ltd.
(HMIL) in May, 2014. At present, there exists no renewal clause in
the dealership agreements of SAPL with HMIL and the same are guided
by certain terms and conditions of HMIL resulting in mitigation of
the risk of non renewal of the agreements. However the dealership
agreements can be terminated at any time completely at the
discretion of either of the parties entailing the termination risk.
Moreover, the agreements may also get terminated at any time on
violation of certain clauses.

Pricing constraints and margin pressure arising out of competition
from other auto dealers in the market: SAPL faces aggressive
competition on account of established presence of authorized
dealers of other passenger vehicle manufacturers like Maruti,
Honda, Chevrolet, Mahindra, Tata Motors, Ford etc. Considering the
existing competition, SAPL is required to offer better terms like
providing discounts on purchases to attract new customers. Such
discounts offered to customers create margin pressure and
negatively impact the revenue earning capacity of the company.
Further, the revenues of SAPL would also be governed by launch of
newer models by HMIL and acceptance of the products in the market.

High leverage ratios: The debt equity ratio remained at 0.96x and
overall gearing ratio remained at 9.11x as on March 31, 2018.

Key Rating Strengths

Experienced promoters: The main promoter of SAPL, Shri Shiv Kumar
Poddar, the Managing Director, is having an experience of three
decades in similar line of business. He is being duly supported by
the other director Shri Ankit Poddar and a team of experienced
personnel. Shri Shiv Kumar Poddar is actively involved in the
day-to-day operations of the company.

Sole authorized dealer of Hyundai Motor India Ltd (HMIL) resulting
in low geographical concentration risk: SAPL is an authorized
dealer of Hyundai Motor India Ltd. (HMIL). HMIL is the second
largest car manufacturer in India and the largest passenger car
exporter with a market share of around 48 percent of the total
exports of passenger cars from India. SAPL's showroom at Balasore
covers a wide region of three districts Balasore, Bhadrak and
Mayurbhanj in Odisha. As such it is exposed to a relatively low
geographical concentration risk.

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

SAPL was incorporated in June, 2014 by Shri Shiv Kumar Poddar and
Shri Ankit Poddar of Balasore, Odisha. However, the company
commenced operations from January, 2015. It is an authorized dealer
of Hyundai Motor India Ltd (HMIL) for its passenger vehicles,
spares & accessories in Balasore, Odisha. Currently, SAPL has its
only vehicle showroom and workshop at Balasore (Odisha) where it
also provides repair and refurbishment services for HMIL passenger
vehicles.

SECURE INDUSTRIES: Ind-Ra Moves 'BB+' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Secure Industries
Private Limited's (SIPL) 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:

-- INR180.00 mil. Fund-based facilities migrated to non-
     cooperating category with IND BB+ (ISUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR68.90 mil. Term loan due on May 2021 migrated to non-
     cooperating category with IND BB+ (ISUER NOT COOPERATING)
     rating; and

-- INR50.00 mil. Proposed term loan migrated to non-cooperating   

     category with Provisional IND BB+ (ISUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1999, SIPL manufactures caps and closures for
polyethylene terephthalate bottles used for packaging carbonated
soft drinks, fruit juice and water at its 12-million-cap-per-day
site in Telangana.

SHRI TULSI: ICRA Reaffirms 'B+' Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Shri Tulsi Oil Products (STOP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Working Capital
   Facilities          5.50       [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation of STOP continues to favourably factor in
the extensive experience of the promoters in the solvent extraction
industry. ICRA notes the location benefits of the firm's solvent
extraction unit due to proximity to raw material sources as well as
end-customers.

The rating, however, remains constrained by STOP's modest financial
profile characterised by small and volatile revenues, low
profitability due to limited value addition, high gearing and weak
debt coverage indicators, as well as working capital-intensive
nature of operations owing to stretched inventory position. The
rating further factors in STOP's exposure to intense competition in
the edible oils industry, and susceptibility of revenues and
profitability to prices of cottonseeds and its derivatives. ICRA
also notes that STOP is a partnership firm and any significant
withdrawals from the capital account could impact its net worth
and, hence, its capital structure.

The Stable outlook of [ICRA]B+ factors in the benefit to the
company on account of the extensive experience of its promoters and
a steady demand for the firm's products.

Key rating drivers and their description

Credit strengths

Extensive experience of the promoters in the solvent extraction
industry - STOP's promoters have close to 20 years' experience in
the solvent extraction industry. The daily operations of the firm
are managed by its managing partner, Mr. Chetan Chopda. Mr. Chopda
is also associated with Shri Tulsi Industries and Shri Tulsi Krupa
Agro Tech Private Limited, both based out of Khamgaon, Maharashtra,
as a partner and director, respectively. Both entities are involved
in the same solvent extraction business.

Location advantage from proximity to cotton growing region as well
as end-customers - Being in Khamgaon (Buldhana), Maharashtra, the
company enjoys proximity to the key cotton producing regions of
Vidarbha and Marathwada, in the vicinity of Gujarat. STOP sells
cotton wash oil to edible oil manufacturers in Maharashtra,
Karnataka and Telangana, among others, while de-oiled cake (DOC) is
sold to cattle feed manufactures, farmers and dairies in the
region.

Credit challenges

Modest financial profile characterised by low profit margins, high
gearing and moderate debt coverage indicators - STOP's operating
profit margins (OPM) remain low, given the limited value-added
nature of the operations and have demonstrated some volatility in
past three fiscals. Further, the net profit margins also remain
low, given the low OPM and sizeable interest charges. OPM improved
to 3.53% in FY2019 from 2.53% in FY2018 given the decline in
selling expenses and machine repair charges. The capital structure
continued to remain leveraged with a gearing of 3.77 times as on
March 31, 2019, as compared to 6.11 times in FY2018, marked by some
increase in net worth base. The coverage metrics also continued to
remain stretched in FY2019 as in the past on limited profitability
and high debt levels, with interest coverage of 1.30 times,
TD/OPBDITA of 7.07 times, NCA/TD of 2% and TOL/TNW of 4.75 times as
on March 31, 2019.

Small scale of operations; revenue volatility in the past fiscals -
The firm's revenues have remained volatile in last three fiscals,
dominated by cottonseed DOC (~70% of the total revenues), followed
by cottonseed wash oil (~25%). The operating income remained modest
at INR24.35 crore in FY2019 as against at INR25.99 crore in FY2018
due to decline in volume finished products.

High working capital intensity due to stretched inventory position
- The working capital intensity continued to remain high because of
stretched inventory and stood at 28% in FY2019 as compared to 27%
in FY2018. The inventory days continued to remain high at 91 days
as on March 31, 2019, though declining from 108 days as on the
previous fiscal-end, while the debtors and creditors stood at 39
days and 14 days, respectively.

Vulnerability of profitability to commodity price movements as well
as regulatory changes - Being an agro commodity, the company
remains vulnerable to price movements of cottonseeds. Further,
price movements as well as demand for substitute oilseed products
influence the firm's revenue growth and profitability.

Exposure to high competition in edible oil industry - The edible
oil industry in India is characterised by intense competition and
fragmentation with a large number of units, given its low entry
barriers. The same limits the pricing power and, hence, the
operating profitability of the company.

Risk of capital withdrawal associated with a partnership firm -
STOP is a partnership firm and any significant withdrawals from the
capital account could impact its net worth and, hence, the capital
structure, as witnessed in the past two fiscals.

Liquidity position: Poor

STOP's liquidity is poor as evidenced by its modest cash flows from
operations, cash balance of INR0.02 crore as on March 31, 2019 and
limited cushion available in the form of undrawn working capital
limits. The company's average monthly utilisation of fund-based
working capital limits stood high at 88% during the 16-month period
ended July 31, 2019. As on March 31, 2019, it had minimal term
loans on its books and the long-term borrowings mostly comprised
interest bearing unsecured loans without any definite scheduled
repayments. Along with the absence of any major debt-funded capital
expenditure plan, this provides a limited comfort to the company's
liquidity position.

Rating sensitivities

Positive triggers: ICRA could upgrade STOP's rating on healthy
increase in its overall scale of operations and profitability,
which strengthens its net worth.

Negative triggers: Negative pressure on STOP's rating could arise
if lower than expected accruals due to decline in revenues and/or
profitability, and/or any sizeable unanticipated debt-funded capex
and/or deterioration in working capital cycle impacted the
liquidity of the company.

Shri Tulsi Oil Products is a partnership firm promoted by Mr.
Chetan Chopda and his wife, Mrs. Payal Chopda. It commenced
operations from 2008. The firm is engaged in crushing cottonseeds
for producing cotton oil and cotton de-oiled cake. Cotton oil is
sold to oil refineries, while the DOC is sold to farmers and
dairies as cattle feed. The firm's manufacturing units are located
in the Buldhana district of Maharashtra with a total installed
production capacity of 10,000 metric tonne per annum.

In FY2019, on a provisional basis, it reported a net profit of
INR0.21 crore on an operating income of INR24.35 crore compared to
a net profit of INR0.01 crore on an operating income of INR25.99
crore in the previous year.

SRI SHYAM: CARE Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Shyam
Millers Private Limited (SSM) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank        5.00      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information.

   Short term Bank       0.05      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Based on best available
                                   information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSM to monitor the rating
vide e-mail communications/letters dated July 12, 2019, July 16,
2019, July 19, 2019 and numerous phone calls. However, despite
CARE's  repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
SSM's bank facilities will now be denoted as 'CARE B/CARE A4;
ISSUER NOT COOPERATING'.

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

At the time of last rating in July 11, 2018 the following were the
rating strengths and weaknesses; (Updated for the information
available from Registrar of Companies.)

Detailed description of the key rating drivers

Key Rating Weakness

Small size of operations with weak profitability margin: The scale
of operations of the company remained small marked by its total
operating income of INR4.96 crore with PAT of INR0.07 crore in
FY18. Furthermore, the profitability margins of the company
remained weak marked by PBILDT margin of 6.97% and PAT margin of
1.39% in FY18.

Moderate capital structure with weak debt service coverage
indicators and high operating cycle: The capital structure of the
company remained moderate with overall gearing ratio of 0.68x in
FY18. However, the debt service coverage indicators of the company
remained weak with interest coverage ratio of 5.42x and total debt
to GCA of 8.97x in FY18. Further the operating cycle of the company
remained at the higher side at 91 days in FY18 on account of high
inventory period of 85 days during FY18.

Volatility in profit margins subject to government regulations: The
Government of India (GOI), every year decides a minimum support
price (MSP - to be paid to paddy growers) for paddy which limits
the bargaining power of rice millers over the farmers. The MSP of
paddy was increased during the crop year 2019-20 to INR1815/quintal
from INR1750/quintal in crop year 2018-19. The sale of rice in open
market is also regulated by the GoI through the levy of quota,
depending on the target laid by the central government for the
central pool. Given the market determined prices for finished
product vis-à-vis fixed acquisition cost for raw material, the
profitability margins are highly vulnerable. Such a situation does
not augur well for the company, especially in times of high paddy
cultivation.

Fragmented and competitive nature of industry: SSM's plant is
located in Purulia district, West Bengal which is one of the hubs
for paddy/rice cultivating region. Owing to the advantage of close
proximity to raw material sources, large numbers of small units are
engaged in milling and processing of rice in the region. This has
resulted in intense competition which is also fuelled by low entry
barriers.

Seasonal nature of availability of paddy resulting in high working
capital intensity and exposure to vagaries of nature: Rice milling
is a working capital intensive business, as the rice millers have
to stock paddy by the end of each season till the next season since
the price and quality of paddy is better during the harvesting
season. Furthermore, while paddy is sourced generally on cash
payment, the millers are required to extend credit period to their
customers.

Key Rating Strengths

Experienced promoters: The company is being promoted by Mr Manoj
Kumar Fogla and Mr Manish Kumar Agarwal based out of Purulia, West
Bengal. Mr Manoj Kumar Fogla having an experience of around two
decade in the agro-commodity business through family owned rice
milling unit , looks after the overall affairs of the entity. Mr
Fogla is also the VicePresident of Rice Mill Association, West
Bengal. He is adequately supported by Mr Manish Kumar Agarwal
having an average experience of 13 years in a similar line of
business.

Proximity to raw material sources: SSM's plant is located in
Purulia district, West Bengal which is in the midst of paddy
growing areas of the state. The entire raw material requirement is
met locally from the farmers (or local agents) which helps the
company to save substantial amount of transportation cost and also
procure raw materials at effective price. Liquidity Indicator:
Comment on liquidity is not available due to non-cooperation by the
company.

SSM, incorporated in February 2005 by Mr Manoj Kumar Fogla and Mr
Manish Kumar Agarwal based out of Purulia, West Bengal is engaged
in the processing and milling of rice with an installed capacity of
25,920 metric tons per annum. The milling unit of the company is
located at Purulia, West Bengal.

SRI VATSA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. Sri Vatsa Hotels Limited

        Registered office:
        9-1-199 to 218 SONA Arcade
        St. Mary's Road
        Secunderabad, Hyderabad
        TG 500003
        IN

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 29, 2020

Insolvency professional: Kalpana G

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

Last date for
submission of claims:    October 14, 2019


SUMERU MICROWAVE: ICRA Assigns B+ Rating to INR4.80cr Loan
----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Sumeru Microwave
Communications Pvt Ltd, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Cash Credit          4.80       [ICRA]B+(Stable); Assigned

   Fund-based
   Term Loan            1.24       [ICRA]B+(Stable); Assigned

   Fund-based Bill
   Discounting          2.50       [ICRA]A4; Assigned

   Non-fund Based
   Letter of Credit     4.35       [ICRA]A4; Assigned

Rationale

The assigned ratings favourably factor in the extensive experience
of the promoters in the antenna industry, along with its
established customer base, which ensures repeat business for the
company.

The assigned ratings are, however, constrained by the company's
weak financial profile, characterised by small-scale operations,
leveraged capital structure and high working capital intensity. The
ratings also factor in the exposure of the company's profitability
to volatile raw material prices, given the fixed price nature of
the company's contracts.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SMCPL will continue to benefit from the extensive experience
of its promoters and its reputed customer base.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in antenna industry -
Incorporated in 1996, the company manufactures different kinds of
antennas, primarily Very Small Aperture Terminal (VSAT). The key
promoter, Mr. Sudhanshu Singh, has been in the antenna industry for
over 24 years, supported by his father Mr. Raghubir Singh, who was
earlier associated with ISRO.

Established relationship with reputed clientele - The customer
profile of the company comprises reputed players in the VSAT
industry such as NELCO Ltd., Hughes Communications Ltd., Bharti
Airtel Ltd. and ISRO. The established relationship with major
customers along with the quality and timely deliverables ensures
repeat business for the company.

Credit challenges

Weak financial risk profile - The company has witnessed a healthy
CAGR of ~23% in the past five years, primarily supported by healthy
operating income growth of 131% in FY2019 due to healthy order
inflows, although the scale of operations remained small. The
operating profitability has remained volatile over the years,
moderating to 12.0% in FY2019 from 20.8% in FY2018 due to an
aggressive bidding policy. This coupled with high depreciation and
interest burden led to thin net profitability. The capital
structure of SMCPL remained leveraged over the years because of
high working capital requirement, as reflected in the gearing of
5.6 times as on March 31, 2019. The coverage indicators also
remained weak, with interest coverage of 1.5 times and TD/OPBDITA
of 4.9 times for FY2019.

High working capital intensity - The working capital intensity has
remained high over the years, with NWC/OI at ~50% in the past two
fiscals, primarily because of elongated receivables (at ~192 days
in FY2019) from its key customers, who cater to the government
projects. The inventory level also remained high, at ~211 days in
FY2019, because of delayed offtake from clients. Consequently, the
creditors has remained stretched to support the liquidity.

Vulnerability of profitability to any adverse fluctuation in raw
material prices - The company's major raw materials, such as steel,
resin and fiber, expose the company's margins to adverse movements
in raw material prices to the extent of fixed price nature
contracts of the company.

Liquidity position: Stretched SMCPL's liquidity is stretched
because of high working capital intensity caused by elongated
receivables from major customers and limited cushion in working
capital limits (average utilisation of around ~86% in the period -
April 2018 to July 2019). The company's annual cash accruals are,
however, expected to remain adequate against the debt repayments of
INR0.89 crore, INR0.41 crore and INR0.08 crore over the next three
fiscals. Overall, the liquidity is expected to remain tight and
hence, infusion of equity/unsecured loans from promoters remains
crucial in case of any cash-flow mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade SMCPL's rating if sustained
increase in revenues and profitability, and improvement in working
capital cycle with faster recovery of receivables improve the
company's credit metrics. Specific credit metrics that could lead
to an upgrade of the company's rating include Total Debt/OPBDITA
below 4x on a sustained basis; and interest coverage greater than
2.5x on a sustained basis.

Negative triggers - Negative pressure on SMCPL's rating could arise
if any decline in revenues and profitability leads to
lower-than-expected cash accruals, or if any major debt-funded
capital expenditure or a stretch in the working capital cycle
weakens the interest coverage below 1.2x, and/or Total Debt/OPBDITA
exceeding 6x could exert negative pressure on the company's
rating.

Incorporated in 1996, Sumeru Microwave Communications Pvt Ltd
(SMCPL) is promoted by Mr. Sudhanshu Singh. It manufactures
different kinds of antennas, primarily VSAT, which finds
application in various segments such as commercial communication,
broadcasting and defence. The company's manufacturing facility is
located at Ahmedabad (Gujarat), and has an installed capacity of
1,20,000 antennas per year.

In FY2019, the company reported a net profit of INR0.2 crore on an
OI of INR29.3 crore, as compared to a net profit of INR0.1 crore on
an OI of INR12.7 crore in FY2018.

TAYAL FOODS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Tayal Foods Limited

        Registered office:
        Vill. Sirri Kharora
        District, Raipur (C.G.)
        Kharora, Raipur
        Chhattisgarh 499999
        India

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Jagdish Kumar

Interim Resolution
Professional:            Mr. Jagdish Kumar
                         B56, Wallfort City
                         Bhatagaon, Ring Road No. 1
                         Raipur, Chhattisgarh 492001
                         E-mail: jkparulkar@yahoo.co.in

                            - and -   

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: tayalfood@aaainsolvency.com

Last date for
submission of claims:    October 17, 2019


TRINITY INDIA: Ind-Ra Lowers Long Term Issuer Rating to BB+
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Trinity India
Forgetech Private Limited's (TIFPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR35 mil. Proposed long-term loans downgrade with Provisional

     IND BB+/Negative rating;

-- INR145 mil. Fund-based working capital limits downgrade with
     IND BB+/Negative/ IND A4+ rating; and

-- INR55 mil. Non-fund-based working capital limits downgrade
     with IND A4+ rating.

The rating is provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facilities by TIFPL
to the satisfaction of Ind-Ra.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view of Smita Steel Rolling Mills Pvt Ltd (SSRMPL) and
its subsidiary, Trinity India Forgetech Private Limited (TIFPL; 97%
stake held by SSRMPL) owing to strong financial and legal linkages
between companies. The agency has also factored in the likelihood
that financial support might be required by an associate entity,
Advent Developers Pvt Ltd (ADPL; SSRMPL holds 52% stake in ADPL).
All three companies belong to the same promoter group.

KEY RATING DRIVERS

The downgrade reflect the lower-than-expected improvement in
SSRMPL's profitability in FY19 due to an increase in raw material
costs and deterioration in TIFPL's performance in 1QFY20 owing to
the slowdown in the auto industry (auto sector contributes 40% to
TIFPL's revenue). The rating action also reflects
lower-than-expected cash up streaming from Advent Developers in
4QFY19 and 1QFY20. The Negative Outlook reflects Ind-Ra's
expectation that the group's financial performance would be
affected by the slowdown in the auto industry in the near term,
considering that TIFPL was the main growth driver for the company's
revenues in FY19. The figures for FY19 are provisional.

SSRMPL's standalone EBITDA margin stood 6.9% in FY19 (FY18: 6.29%),
as against Ind-Ra's expectation of 9%-10%, due to an increase in
raw material costs; the company's EBITDA margin was 0.85% in 2HFY19
compared to 13% in 1HFY19. TIFPL's standalone revenue declined to
INR291.2 million in 1QFY20 (1QFY19: INR362.5 million), mainly
because of a fall in orders from the auto sector (contributes 40%
to the company's revenue) owing to the ongoing slowdown in the
industry.

ADPL did not witness any notable sales velocity over
January-September 2019 due to the slowdown in the real estate
sector. The company could register sales of only seven residential
flats in its real estate project, 'Advent Plazzo', during this
period. Moreover, ADPL has also taken up a new project worth about
INR500 million. This along with the subdued sales in the
residential project would result in muted up streaming of cash over
the medium term.

Liquidity Indicator - Stretched: During April-September 2019, there
were instances of overdrawing in the cash credit account along with
instances of penal interest. Bank line utilization was more than
95% over the same period. In case of SSRMPL, though, the bank line
utilization levels were comfortable at around 85%. Furthermore, the
ratings factor in the likelihood of cash flow support required by
ADPL's (Advent Developers Private Limited) real estate project. In
FY19, SSRMPL provided an unsecured loan of INR310.97 million to
ADPL's project. Ind-Ra expects further cash outflows from SSRMPL to
ADPL, as the latter has taken up a new project for which it has not
yet tied up the funding.

The group's borrowings include a cash credit facility of INR295
million (TIFPL: INR145 million; SSRMPL: INR150 million) and
unsecured loan of INR305.5 million (TIFPL: INR112 million; SSRMPL:
INR193.5 million).

The group's working capital cycle elongated to 144 days in FY18
(FY17: 134 days), due to a long inventory holding period of 90-100
days to meet its export orders. Also, TIFPL procures excess raw
material as and when it expects an increase in steel prices. The
group had a debtor collection period of 60-90 days and creditor
period of 30-40 days in FY18.

The ratings reflect the group's moderate credit profile. The
consolidated revenue rose to INR1,558 million in FY19 (FY18:
INR1,332 million), mainly driven by a growth of 29% yoy in TIFPL's
revenue (FY19: INR834 million; FY18: INR645 million) on account of
an increase in orders from existing as well as new customers.
SSRMPL's revenue rose to INR905 million in FY19 (FY18: INR840
million) due to an increase in orders. The figures for FY19 are
provisional. The consolidated EBITDA margin remained modest at 6.7%
in FY19 (FY18: 6.9%), with RoCE of 6% (6%). However, the absolute
EBITDA increased to INR104.4 million in FY19P (FY18: INR93.06
million) on account of growth in the group's top-line. The EBITDA
margin remained in the range of 6%-9% during FY16-FY19 on account
of volatility in raw material prices. On a standalone basis,
TIFPL's EBTIDA margin was 6.59% in FY19 (FY18: 6.29%).

The ratings factor in the modest credit metrics. The net leverage
deteriorated to 4.9x in FY18 (FY1: 3.9x) owing to an increase in
unsecured short-term borrowings from the promoters. The interest
coverage improved to 3.05x (2.44x) due to a decrease in bank
charges and commission. Ind-Ra expects the group's credit metrics
to remain modest in the near term, considering the absence of any
major debt-led capex plans by SSRMPL. TIFPL plans to incur a minor
capex of INR50 million during 2019-2020, of which INR20 million
will be funded by internal accruals and INR30 million by term loan.
On a standalone basis, TIFPL's interest coverage (operating
EBITDA/gross interest expense) was 1.9x in FY19 (FY18: 1.9x).

The ratings are supported by TIFPL's strong linkages with SSRMPL.
In FY18, SSRMPL provided financial support to TIFPL in the form of
an unsecured loan of INR112 million (FY17: INR83 million), which
was subordinated to the bank debt. The parent has also provided a
post-default corporate guarantee of INR200 million to TIFPL.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with the
interest coverage remaining above 2.0x on a sustained basis and an
increase in the sales of units of Advent Plazzo along with an
improvement in the liquidity profile will be positive for the
ratings.

Negative: Deterioration in the operating performance, leading to
consolidated interest coverage falling below 2.0x or deterioration
in liquidity profile or incurring higher-than-expected debt-led
capex in the real estate business beyond the agency's
expectations.

COMPANY PROFILE

Pune-based TIFPL manufactures forged and machined components.
SSRMPL manufactures hot-rolled round and flat steel bars. ADPL is
engaged in the real estate business.

UMA RANI: CARE Maintains B Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uma Rani
Agrotech Private Limited (URAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank        5.98      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information.

   Short term Bank       0.49      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Based on best available
                                   information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from URAPL to monitor the rating
vide letters/e-mails communications dated May 27, 2019, June 10,
2019, June 18, 2019, July 12, 2019, and numerous phone calls.
However, despite CARE's  repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at fair ratings. The
Uma Rani Agrotech Private Limited's bank facilities will now be
denoted as CARE B; Stable/A4 ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Uma Rani Agro Tech
Private Limited (URAPL) are constrained by its small scale of
operation with low profitability margins, regulated, fragmented and
competitive nature of the industry, high capital intensity and
exposure to vagaries of nature, leveraged capital structure with
moderate debt coverage. However, the aforesaid constraints are
partially offset by its experienced management and close proximity
to raw material sources and favorable industry scenario.

Going forward, the ability of the company to increase its scale of
operations, improve profitability margins and manage working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margins
The scale of operation of the company continues to remain
relatively small with a PAT of INR0.13 crore on TOI of INR22.16
crore, respectively, in FY18. However, the TOI have shown CAGR
growth of 27.18% for the period FY16-FY18. The apart, the PBILDT
level has decreased by 11.11% in FY18 over FY17 on account of
increase in cost of operations. PAT level has also declined by
45.71% in FY18 keeping in line with decline in PBILDT level and
marginal increase in capital charges.

Regulated nature of the industry
The Government of India (GoI), every year decides a minimum support
price (MSP) to be paid to paddy growers which limits the bargaining
power of rice millers over the farmers. The MSP of paddy increased
during the crop year 2019-20 to INR1815/quintal from
INR1750/quintal in crop year 2018-19.The sale of rice in the open
market is also regulated by the government through levy of quota,
depending on the target laid by the central government for the
central pool. Given the market determined prices for finished
product vis-à-vis fixed acquisition cost for raw material, the
profit margins are highly vulnerable.

Fragmented and competitive nature of the industry
URAPL's plant is located in Birbhum district, West Bengal which is
in close proximity to hubs for paddy/rice cultivating region of
West Bengal. Owing to the advantage of close proximity to raw
material sources, large numbers of small units are engaged in
milling and processing of rice in the region. This has resulted in
intense competition which is also fuelled by low entry barriers.
Given that the processing activity does not involve much of
technical expertise or high investment, the entry barriers are
low.

High working capital intensity and exposure to vagaries of nature
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the next
season as the price and quality of paddy is better during the
harvesting season. Further, the millers are required to extend a
credit period of around 30 days to its customers. Also, paddy
cultivation is highly dependent on monsoons, thus exposing the fate
of the company's operation to vagaries of nature. Accordingly, the
working capital intensity remains high leading to higher stress on
the financial risk profile of the rice milling units. Average
monthly working capital utilization remained relatively high at 80%
during last twelve months ending on June, 2018.

Leveraged capital structure with moderate debt coverage indicators
Leverage ratios have deteriorated as on Mar.31, 2018 vis-à-vis as
on Mar.31, 2017. Moreover, the overall gearing ratio declined as on
Mar.31, 2018 and remained leveraged due to availment of new term
loan, and higher utilization of cash credit limit and accretion of
lower profits to reserve during the period. Moreover, total debt to
GCA declined and remained moderate at 4.44x in FY18 as against
2.87x in FY17.

Key Rating Strengths

Experienced management
Mr. Sukdev Kundu (Director) along with his wife Mrs. Kamala Kundu
(Director) and his daughter Mrs. SubarnaKundu (Director) looks
after overall management of the company. Mr. Sukdev Kundu has
around two decades of experience in the rice milling business and
is ably supported by the manager Mr. Tanmoy Chatterjee along with a
team of experienced professionals who have rich experience in the
same line of business.

Close proximity to raw material sources and favourable industry
scenario
URAPL's plant is located in Birbhum District, West Bengal which is
in close proximity to the paddy growing areas of the state. The
entire raw material requirement is met locally from the farmers (or
local agents) helping the company to save simultaneously on
transportation cost and paddy procurement cost. Further, rice being
a staple food grain with India's position as one of the largest
producer and consumer, demand prospects for the industry is
expected to remain good in near to medium term.

Stable demand outlook of rice
Rice, being one of the primary food articles in India, demand is
high throughout the country and with the change in life style and
health consciousness; by-products of the same like rice bran oil
etc. are in huge demand.

Liquidity
The liquidity position of the company remained comfortable marked
by current ratio of 2.14x and quick ratio of 1.34x as on March 31,
2018. The Gross cash accruals also remained moderate at INR1.21
crore as on March 31, 2018.

Uma Rani Agrotech Private Ltd (URAPL), incorporated in 2012,
commenced operation from February, 2014. The company is engaged in
processing and milling of non-basmati rice. The milling unit of
URAPL is located at Birbhum, West Bengal with processing capacity
of 14,400 Metric Ton Per Annum (MTPA). URAPL procure paddy from
farmers & local agents and sells its products through the
wholesalers and distributors across West Bengal, Jharkhand, Bihar,
Rajasthan and Assam. Mr. Sukdev Kundu (Director) has over two
decades of experience in rice milling, looks after the day to day
operations of the company. He is further supported by his wife Mrs.
Kamala Kundu and his daughter Mrs. Subarna Kundu along with a team
of experienced professionals.

UNION CHAINS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Union Chains and Jewellers Private Limited
        67/1, Dhanji Street
        Ground Floor, Parsi Gully
        Zaveri Bazar, Mandvi
        Mumbai 400003

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         G-Block, Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com

Last date for
submission of claims:    October 17, 2019

VEER INDUSTRIES: CARE Reaffirms B+ Rating on INR6cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Veer Industries (VEI), as:

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


   Short-term Bank
   Facilities           1.00       CARE A4; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VEI continued to be
constrained by small scale of operations in highly competitive
nature of industry, low profitability margins, leveraged capital
structure coupled with low partners' capital base and weak debt
coverage indicators and working capital intensive nature of
operations. The ratings further remained constrained by VEI being
susceptible to fluctuations in raw material price. The ratings,
however, continue to draw comfort from experienced partners coupled
with long track record of operations, growing scale of operations
and moderate liquidity position. Going forward; the ability of the
firm to increase its scale of operations while improving its
profitability, improvement in capital structure and managing its
working capital requirements shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses
Small though growing scale of operations with low partners' capital
base: The scale of operations of the firm stood small as marked by
total operation income and gross cash accrual at INR39.08 crore and
INR0.44 crore respectively for FY19 (FY refers to period April 1 to
March 31; based on provisional results). Further, the partners'
capital base of the firm stood low at INR5.56 crore as on March 31,
2019. The small scale of operations limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.
For the period FY17-FY19, VEI's total operating income grew from
INR22.13 crore to INR39.08 crore owing to higher quantity sold.
Further, the firm has achieved a total operating income of
~INR22.50 crore for 5MFY19 (refers to period April 1 to August 31;
based on provisional results).

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
remained low marked by PBILDT and PAT margins stood at 5.85% and
0.71% respectively for FY19 (Prov.) as against 4.29% and 0.63%
respectively for FY18 lower material cost incurred.

The capital structure of the firm remained leveraged as marked by
overall gearing ratio of 2.61x as on March 31, 2019 as against
2.54x as on March 31, 2018 owing additional loan taken for the
capex incurred. Owing to low profitability margins with high debt
levels, the debt coverage indicators remained weak marked by
interest coverage of 1.24x and total debt to GCA of above 32.77x
respectively for FY19 (Prov.).

Working capital intensive nature of operations: Operations of the
firm are working capital intensive as reflected from almost full
utilization of the working capital limits for past 12 months period
ending August, 2019. The high working capital requirements pertain
to high realization period. The firm receives payment from the
customers in around 3-4 months. Furthermore, the firm caters to
government sector entities, wherein the payments realisation is
delayed due to procedural delays. The firm maintains an inventory
of around one month for smooth running of its production process.
On the contrary, the firm has to make payment to the suppliers in
around 3-4 months. All this resulted into high working capital
requirements which are met through external borrowings.

Susceptible to fluctuations in raw material price: Raw material
constituted around 90% of the total raw material cost for FY19,
thereby making profitability sensitive to raw material prices
mainly due to the reason that the major raw material are commodity
in nature and witness frequent price fluctuations. Furthermore the
prices of copper are driven by the international prices which had
been volatile in past. Thus, any adverse change in the prices of
the raw material may affect the profitability margins of the firm.

Highly competitive industry: The firm operates in a competitive
industry wherein there is presence of a large number of players in
the unorganized and organized sectors. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced partners and long track record of operations: Mr Ajit
Prasad Jain and Mr Prateek Jain are the partners in the firm and
both manage the overall operations of the firm. Mr Ajit Prasad Jain
has around four decades and Mr Prateek Jain has an experience of
one and half decades of experience in the industry through their
association with VEI. VEI has been operating in this business for
nearly four decades, which aid in establishing relationships with
both customers and suppliers and also in understanding the market
dynamics.

Moderate liquidity position: The liquidity position of the firm
stood moderate as marked by current and quick ratio of 1.41 times
and 1.15 times as on March 31, 2019. Further, the cash and bank
balance stood at INR0.14 crore as on March 31, 2019.

Delhi based, Veer Industries was established in 1978 as a
proprietorship firm by Mr Ajit Prasad Jain. It reconstituted in
partnership firm in year 2011. The firm is managed by Mr Prateek
Jain and Mr Ajit Prasad Jain sharing profit and losses in equal
proportion. VEI is engaged in manufacturing of cables and wires
such as submersible winding wire, copper winding wire, enamelled
copper wire, motor wing wire, transformer winding wire, three core
cable and others.

VEER INFRA: CARE Reaffirms B+ Rating on INR4.0cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Veer Infra Projects (VIP), as:


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.00       CARE B+; Stable Reaffirmed
   Facilities           

   Long-term/Short-     2.00       CARE B+; Stable/CARE A4
   Term Bank                       Reaffirmed
   Facilities           
                                   
Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VIP continues to
remain constrained by short track record of operations coupled with
small scale of operation and leveraged capital structure. The
rating further continues to remain constrained by business risk
associated with tender -based-orders and highly fragmented and
competitive industry. The rating, however, draws comfort from
experienced management, moderate order book and moderate
profitability margins and coverage indicators. Going forward, the
ability of the company to increase its scale of operations while
improving its profitability margins, capital structure with
effectively managing the working capital requirements would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of operations coupled with small scale of
operation
The company commenced operations in July, 2016 and has short of
track record in this industry as compared to other established
players. FY18 (FY refers to the period April 01 to March 31) was
its first full year of operations. During FY19(Prov) the firm has
achieved a total operating income of the around INR10.23 crore as
against INR0.86 crore in FY18 (first full year of operations).
Further, the firm is a small regional player involved in executing
civil construction contracts for PWD (Public Works Department,
Uttar Pradesh) and Uttar Pradesh Nirman Nigam Limited. The ability
of the firm to scale up to larger-sized contracts having better
operating margins is constrained by its comparatively low capital
base of INR1.47 crore as on March 31, 2019(Prov). The small scale
of operations in a fragmented industry limits the pricing power and
benefits of economies of scale.

Leveraged capital structure
The capital structure stood leveraged as marked by an overall
gearing of 3.75x as March 31, 2019(P) as against 5.21x in FY18. The
improvement was on account of reduction in total debt and an
increase in partner's capital. The TDCA also stood at 4.72x and
March 31, 2019(Prov).

Business risk associated with tender-based orders
The firm undertakes government projects from government entities
like PWD (Public Works Department, Uttar Pradesh) and Uttar Pradesh
Nirman Nigam Limited which are awarded through the tender-based
system. The company is exposed to the risk associated with the
tender-based business, which is characterized by intense
competition. The growth of the business depends on its ability to
successfully bid for the tenders and emerge as the lowest bidder.
Furthermore, any changes in the government policy or government
spending on projects are likely to affect the revenues of the
firm.

Highly fragmented and competitive industry
Indian construction industry is characterized as fragmented and
competitive nature as there are a large number of players at the
regional level. Hence, going forward, due to increasing level of
competition, the profits margins are likely to be range bound.
Also, the construction industry plays an important role in the
development of a country's infrastructure, which is a key engine of
economic growth. Further, the award of contracts is under bidding
process and lowest bidder gets the work.

Liquidity
The liquidity position of the company stood weak as marked by a
current and a quick ratio of 0.86x and 0.48x as on March 31, 2018.
The working capital limits stood around 95% utilized for the past
12 months ended August 31, 2019.

Key Rating Strengths

Experienced Management
The operations of VIP are currently being managed by Mr. Sachin
Yadav, Mr. Rahul Veer Singh and Mr. Rohit Veer Singh. They are
graduates by qualification and have an experience of around half a
decade in the civil construction industry through their association
with VIP and other family business. They look after the overall
management of the firm and are supported by a team of qualified
managers having requisite experience in the similar line of the
business.

Moderate Order Book
VIP has an unexecuted order book of around INR36.17 crores as on
August 31, 2019. The tenor of the contracts to be executed varies
up to 12-24 months. The moderate order book provides visibility in
the short to medium term for the firm.

Moderate profitability margins and coverage indicators
The profitability margins of the company continues to remain
moderate marked by PBILDT margin of 19.02% in FY19(P) as against
26.28% in FY18.The deterioration the PBILDT margin was on account
of an increase in material cost, employee costs and other expenses.
Further the PAT margin increased in line with the increase in PAT
and stood at 0.29%x in FY19(P) as against 0% in FY18. The interest
coverage ratio improved to 3.00x in FY19 (P) as against 1.00x in
FY18 on account of increase in PBILDT. The total debt to PBILDT
also improved to 2.83x in FY19 (P) as against 27.20x in FY18.

Uttar Pradesh based, Veer Infra Projects (VIP) was incorporated by
Mr. Sachin Yadav, Mr. Rahul Veer Singh and Mr. Rohit Veer Singh in
July 2015 with the objective of undertaking civil construction
contracts. The firm undertakes projects such as construction of
roads, bridges and office buildings mainly for PWD (Public Works
Department, Uttar Pradesh) and Uttar Pradesh Nirman Nigam Limited.
The raw material consists mainly of sand, cement, steel bars etc.
which it procures from various dealers and distributors in the
domestic market.

VINCI INDUSTRIAL: CARE Keeps B/A4 Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinci
Industrial Corporation (VIC) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/          10.40       CARE B; Stable/CARE A4;
   Short term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Based on best available
                                   information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VIC to monitor the ratings
vide e-mail communications/letters dated May 10, 2019, June 18,
2019, August 8, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.  The rating on Vinci
Industrial Corporation bank facilities will now be denoted as CARE
B; Stable, ISSUER NOT COOPERATING/CARE A4, ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in June 08, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the firm remained small marked by its total operating
income (TOI) of INR14.09 crore (FY16: INR22.12 crore) with a PAT of
INR0.17 crore (FY16: INR0.29 crore) in FY17 (refers to the period
April 1 to March 31). Deterioration in turnover was mainly on
account of lower demand of its products in the market place. The
firm has achieved a turnover of around INR14.00 crore during FY18.
Moreover the total capital employed was also low at INR14.59 crore
as on March 31, 2017. The small size restricts the financial
flexibility of the firm in times of stress and deprives it from
benefits of economies of scale. The profit margins of the firm also
remained low marked by PBILDT margin of 7.39% (FY16: 5.26%) and PAT
margin of 1.19% (FY16: 1.30%) in FY17. The PBILDT margin improved
in FY17 due to lower cost of operations. However the PAT margin has
deteriorated in FY17 as compare to FY16 mainly on account of higher
capital charges.

Working capital intensive nature of operations: The operations of
the firm are highly working capital intensive mainly due to high
inventory period and high debtor realization period with low
creditor period. The inventory period was high at 197 days (FY16:
129 days) and debtor days was also high at 81 days (FY16: 60 days)
in FY17 whereas the creditor period was low at 10 days (FY16: 16
days) in FY17. According the operating cycle was high at 268 days
(FY16: 173 days) in FY17 and the average working capital
utilization has remained high at around 95% over the last 12 months
ending March 2018 restricting the overall financial flexibility.

Partnership nature of constitution: VIC, being a partnership firm,
is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

Weak capital structure and debt coverage indicators: The capital
structure of the firm remained weak with overall gearing ratio of
9.58x (FY16: 8.51x) in FY17. Weak overall gearing ratio was on
account of higher working capital utilisation. Furthermore, the
debt coverage indicators also remained weak marked by interest
coverage of 1.23x (FY16: 1.46x) and total debt to GCA of 75.96x
(FY16: 51.72x) in FY17. Deterioration in interest coverage was on
account of lower PBILDT level and higher interest expenses.
Moreover deterioration in total debt to GCA was on account of lower
GCA level.

Intensely competitive industry: The spectrum of the industry in
which the firm operates is highly fragmented and competitive marked
by the presence of numerous players in India. Since the type of
work done by the firm is mostly commoditized, the firm faces
intense competition from other players induced pressures on
profitability.

Key Rating Strengths

Experienced partners with long track record of operations: The firm
started its commercial operations since 1995 and thus has long
track record. Due to long track record of operations, the partners
have established relationship with its clients. Furthermore, the
firm is promoted by two partners namely; Mr. Vikram Barmecha (aged
about 45 years) and Mr. Vishal Barmecha (aged about 42 years) are
having over two decades of experience in the same line of business.
They look after the overall management of the firm, with adequate
support from a team of experienced personnel.

Liquidity Indicator: Comment on liquidity is not available due to
non-cooperation by the firm.

Kolkata based, Vinci Industrial Corporation (VIC) was established
as a partnership firm in April 1995 by two brothers namely Mr.
Vikram Barmecha and Mr. Vishal Barmecha. The firm assembles and
supply of pump sets, gen sets, other agriculture equipment and also
assembles battery operated toto rickshaw etc. The firm has also
been engaged in manufacturing and supply of LED bulb, LED tube
light etc. The firm procures pump sets, gen sets and other
agriculture equipment from China and assembles those materials and
sells in the domestic market.

VISHWA INDUSTRIAL: CARE Assigns B+ Rating to INR7.0cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vishwa
Industrial Company Limited (VICL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           7.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VICL continue to be
constrained by its small scale of operations with moderately low
profitability margins, volatility in raw material prices, intense
competition due to fragmented nature of industry, working capital
intensive nature of operation, sluggish growth in user industry,
leverage capital structure with moderately weak debt coverage
indicators. The ratings, however, continue to draw comfort from
experienced management with satisfactory track record of operation,
strategic location of the plant, reputed client profile. The
ability of the company to grow its scale of operation and
profitability margins and ability to manage its working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderately low profitability margins
Vishwa Industrial Company Limited is a small player vis-a-vis other
players in the Engineering works (Engineering equipment & Material
handling equipment) manufacturing industry marked by its total
operating income of INR20.03 crore (INR20.85 crore in FY18) with a
PAT of INR0.27 crore (INR0.35 crore in FY18) in FY19. The total
operating income has declined in FY19 on account of sluggish demand
in the market place. Moreover, the tangible net worth of the entity
was low at INR1.99 crore as on March 31, 2019. The small size
restricts the financial flexibility of the entity in terms of
stress and deprives it from benefits of economies of scale. Due to
its relatively small scale of operations, the absolute profit
levels of the entity also remained low. Furthermore, the
profitability margins of the entity remained moderately low marked
by PBILDT margin of 12.47% (FY18: 9.77%) and PAT margin of 1.37%
(FY18: 1.66%) in FY19 .The operating profit margin has improved in
FY19 over FY18 mainly on account of better management of cost of
operations during the said period. Furthermore, the entity achieved
sales of around INR2.50 crore in 5MFY20.

Volatility in raw material prices
The raw-material cost is the major cost driver for the entity,
accounting for around 55% of total cost of sales in FY19. The major
raw-materials required for the Vishwa Industrial Company are Raw
Iron, Iron Path, Steel, etc. and the entity has no backward
integration for the same and procures it from open market. Since
the raw-material is the major cost driver and the prices of which
are volatile in nature, the profitability of the entity is
susceptible to fluctuation in raw-material prices.

Working capital intensive nature of operation
The entity is into manufacturing of Belt Conveyor, Chain Conveyor,
Screw Conveyor, Idler Roller, Conveyor Pulley, Gear Box, Haulages
and accordingly Vishwa Industrial Company has to maintain a large
quantity of raw material inventories for smooth running of its
production process and mitigate the price fluctuations risk.
Accordingly the average inventory period of the entity remained on
around six months during last year. Furthermore, the entity allows
credit of around four and half months to its customers due to its
low bargaining power which also resulted into working capital
intensive nature of its operations. However, it receives high
credit period from its suppliers due to its long presence in the
industry which mitigates its working capital intensity to a certain
extent. The average utilization of fund based limit remained on the
higher side at about 90% during last 12 months ended August 31,
2019.

Intense competition due to fragmented nature of the industry
Vishwa Industrial Company is engaged in the manufacturing of Belt
Conveyor, Chain Conveyor, Screw Conveyor, Idler Roller, Conveyor
Pulley, Gear Box, Haulages, which is primarily dominated by large
players and characterized by high fragmentation and competition due
to the presence of numerous players in India owing to relatively
low entry barriers. High competitive pressure limits the pricing
flexibility of the industry participants which induces pressure on
profitability.

Sluggish growth in user industry and cyclicality in the industry
The fortunes of entity like Vishwa Industrial Company limited from
engineering works (Engineering equipment & Material handling
equipment) are heavily dependent on the automotive, engineering and
infrastructure industries. Iron consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to decline
in demand of Iron. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Leveraged capital structure with moderately weak debt coverage
indicators
The overall gearing ratio of the entity remained high at 7.40x as
on March 31, 2019. The same was also high as on last two account
closing dates. Deterioration in capital structure was on account of
higher working capital utilization during FY19. However, the debt
coverage indicators of the company remained moderately weak marked
by moderate interest coverage of 1.43x (1.41x in FY18) and weak
total debt to GCA of 21.96x (19.95x in FY18) in FY19 . The interest
coverage ratio deteriorated marginally during FY19 on account of
higher interest costs during the period. Furthermore, the total
debt to GCA also deteriorated during FY19 on account of lower
generation of cash accruals along with high debt level as on
account closing date.

Low order book position of the entity
Vishwa Industrial Company limited has weak order book position of
INR20.78 crore (which is 1.04x of FY19 turnover) as on August 31,
2019, which is expected to be completed by December, 2019.

Key Rating Strengths

Experienced management and satisfactory track record of operation
The entity was established in 1981 and thus has a satisfactory
track record of operations. Mr. Rajiv Pasari (Director) who has 33
years of experience, in similar line of business, looks after the
day to day operation of the entity. He is further supported by a
team of experienced professionals.

Strategic location of the plant
Vishwa Industrial's plant is located at Belur, West Bengal which is
in the vicinity of Iron manufacturing companies of West Bengal,
from where the entity procures its raw materials. The proximity to
the raw material sources reduces the transportation cost to the
entity.

Reputed client profile
Over the years, Vishwa Industrial has established a good
relationship with its customers and has reputed client portfolio,
which includes Coal India Limited and its Subsidiaries WCL, SECL,
Mahanadi Coalfields Limited, ECL, South Eastern Railway and other
GOI Undertakings on the back of its exhibited operational
efficiency, timeliness of delivery and quality control which has
helped the entity in acquiring repeat orders.

Liquidity: Stretched
The liquidity position of the company remained stretched marked by
tightly matched gross cash accruals of 0.67 crore visà-vis its
repayment obligation during FY19. The average utilization of fund
based limits remained high at around 90% during last 12 months
ended August, 2019. The balance sheet shows moderate cash and bank
balance amounting to INR0.60 crore as on March 31, 2019.

Vishwa Industrial Company Limited was established in 1981, started
production of Engineering Equipment's, Material Handling equipment
on job order basis in their factory at HazraRoad at Kolkata. At
present, the company manufactures and sells Conveyors, Haulages of
different capacities as per the requirement of the customer along
with selling of their spares. It is an ISO 9001:2008 certified
Company. The manufacturing unit of the entity is located at 308,
G.T. Road, Belur, and Howrah-711202 .The entity procures its raw
materials from the open market. Major customers of the company are
Coal India Limited and its subsidiaries like Western Coalfields
Limited, South Eastern Coalfields Limited, Mahanadi Coalfields
Limited, Eastern Coalfields Limited, Heavy Engineering Corporation
Ltd, BHEL, Hindustan Paper Corporation Ltd, ACC LT and other GOI
undertakings. Presently, the company diversifies business towards
railway wagon making and other railway products. Mr. Rajiv Pasari
(Director) who has 33 years of experiences, in the similar line of
business, looks after the day to day operation of the entity. He is
further supported by a team of experienced professionals.

WALCHANDNAGAR INDUSTRIES: CARE Cuts Rating on INR220cr Loan to B
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Walchandnagar Industries Limited (WIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank      220.00      CARE B; Stable Revised
   facilities                      from CARE BB; Stable

   Short term bank     715.00      CARE A4 Reaffirmed
   facilities          

Detailed Rationale & Key Rating Drivers

The revision in the ratings to the bank facilities of WIL takes
into account delay in interest payment of term loan sanctioned by a
private equity investor (not rated by CARE Ratings) due to
liquidity constraints. Further, the ratings continues to factor in
un-envisaged loss in Q1FY20 (refers to the period April 2019 - June
2019), low debt protection metrics, working capital intensive
nature of operations and deferment of scheduled equity investment
amounting to INR200.00 crore via Qualified Institutional Placement
(QIP) out of which company had plans to raise INR100.00 crore by
Q1FY20.

The ratings, however, continue to derive strength from company's
long track record of over a century in heavy engineering industry
and long term experience of promoters in the line of business,
improved revenue mix on the back of increased order execution in
the Defence, Nuclear, Aerospace & Missile (DNAM) segments and
financial assistance from Kohlberg Kravis Roberts (KKR) amounting
to INR237.00 crore (INR180.00 crore term loan + INR57.00 crore
un-listed NCD).  The ratings also takes into account FY19 (A)
(refers to April 2018 to March 2019) performance of the company.

Going forward, the ability of WIL to turn profitable by executing
outstanding order book without any time and cost overruns;
along-with securing new orders thereby providing continued revenue
visibility, improving the capital structure, effective management
of working capital led by timely realisation of outstanding & new
debtors are the key rating sensitivities. Also the ability to
liquidate non-core assets is key rating monitorable.

Key Rating Weaknesses

Delay in interest servicing
Delay in interest payment on term loan (not rated by CARE Ratings)
as on September 30, 2019.

Deterioration in financial risk profile marked by un-envisaged loss
in Q1FY20, declining operating margin coupled with below average
liquidity WIL registered total operating income (TOI) of INR67.35
crore in Q1FY20 (UA) registering a y-o-y decline of 10.97% as
against TOI of INR75.65 crore in Q1FY19 led by decline in heavy
engineering business by 6.52% in Q1FY20. Also execution of some
portion of DNAM business was deferred to next quarters. PBILDT
margin in Q1FY20 declined by 2331 bps and stood at 11.45%
vis-à-vis 34.76% during Q1FY19. Majorly impacted by increase in
raw material costs in foundry division and sales mix variance
dominated by low margin orders as compared to Q1FY19. Further, WIL
registered un-envisaged loss of INR20.49 crore in Q1FY20. This was
mainly on account of high interest cost of INR22.27 crore in Q1FY20
corresponding to term loan and working capital borrowings.
Depreciation cost also stood high at INR5.93 crore for Q1FY20.
Interest coverage in Q1FY20 stood below at 0.35x. as against 1.37x
in Q1FY19. Major interest cost was for cash credit facility and
bank guarantee and letter of credit charges. During FY19 (A), WIL
registered total operating income of INR388.97 crore indicating
y-o-y de-growth of 4.07% as against TOI of 405.48 crore during FY18
(A). Albeit WIL registered PBILDT margin of 27.10% in FY19
vis-à-vis 20.41% in FY18. On account of high Interest and
depreciation cost of INR80.51 crore and INR27.03 crore,
respectively WIL incurred a loss of INR2.14 crore in FY19. However
GCA stood positive at INR24.89 crore during FY19 as against GCA of
INR7.64 crore during FY18.

Moderate debt protection metrics and capital structure
As on March 31, 2019 Total debt to GCA stood at 16.83x, PBILDT
interest coverage stood at 1.31x. Long term debt to equity stood
below unity at 0.62x as on March 31, 2019 (0.74x as on March 31,
2018), while overall gearing stood stable at 1.29x as on March 31,
2019. Improvement in debt protection metrics is key rating
sensitivity.

Working Capital intensive nature of operations
WIL operates in working capital intensive industry, although
improved, working capital cycle remained elongated at 389 days as
at March 31, 2019, as against 447 days as at March 31, 2018, mainly
led by blockage of funds in the form of receivables majorly from
two of its projects TNEB and TENDAHO Phase I & Phase II.
Improvement in bank line utilization levels and realization of
stuck debtors is key rating monitorable.

Inherent cyclical nature of the industry
The heavy engineering industry including Defense Aerospace Nuclear
& Missile industry is sensitive to the shifting business cycles,
including changes in the general economy, interest rates and
seasonal changes in the demand and supply conditions in the market.
Apart from the demand side fluctuations, the highly capital
intensive nature of raw material like steel risk associated to
mismatch of supply side to demand side. The producers of heavy
engineering are essentially pricetakers in the market, which
directly expose their cash flows and profitability to volatility in
the steel prices.

Deferment of Asset Sale
The company has also undertaken to sell the non-core assets
properties. The company within the period of 24 months from the
disbursement of the facility from KKR was required to sell the
property for the repayment of the facility. Although the sale of
the same has been deferred on account of un-favorable market
conditions Sale of these assets and thereby reducing debt is key
rating monitorable.

Key Rating Strengths

Experienced Promoters, long track record
Walchandnagar Industries Limited (WIL) a company with a track
record of over 100 years was promoted by industrialist Late Seth
Walchand Hirachand Doshi. Seth Doshi was one of the renowned
industrialists of pre-independence India. He promoted and
established business ventures in various sectors like Automobiles,
civil engineering, aircraft manufacturing, ship building,
construction of dams and bridges and organized farming under
"Walchand Group". Presently the group is spearheaded by Mr. Chakor
L. Doshi in the capacity of Chairman. Mr. C. L. Doshi is an M.Sc
(Op. Research and Industrial Engineering) from USA and has been
associated with WIL since more than three decades. He is ably
supported by Mr. G.K. Pillai (CEO and Managing Director), having
business experience of over three decades. Prior to WIL Mr. Pillai
was associated with Heavy Engineering Corporation Limited, Ranchi
as Chairman & Managing Director. The top management of WIL is ably
supported by a team of qualified and experienced professionals.

Financial Assistance from Kohlberg Kravis Roberts (KKR)
The company in May 25, 2017 received a sanction from KKR for
INR243.00 crore in the form of a term loan of INR186.00 crore and
unlisted non-convertible debentures (NCD) of INR57.00 crore against
which the company has availed INR237.00 crore as on May 25, 2017;
(term loan of INR180 crore and INR57 crore of NCD). The said funds
received from KKR have been utilized for the repayment of the term
loans, and regularizing the working capital limits. Repayment of
these funds commenced in September 2019. Going forward, timely
repayment of the said debt along with interest would remain a key
rating monitorable.

Project execution capability with strong technical tie-ups
WIL is an ISO 9001:2015 company with proven project execution
capability in the heavy engineering business segment. The
manufacturing facility of the company is located in 'Walchandnagar'
town Maharashtra with area under crane of 56,000 square meters (sq.
mt.) in its fabrication shop.

Liquidity- Stretched
WIL's liquidity is marked by tightly matched accruals to repayment
obligations, highly utilized bank limits at ~99% of the sanctioned
limits and low cash balance.

The management's plan to raise funds through Qualified
Institutional Placement (QIP) has been currently delayed due to
suppressed market conditions, if successfully implemented, may
provide additional cash inflow for repayment of loans, plant
modernization and working capital requirements.

Industry Outlook
The Indian engineering sector is divided into two major segments -
heavy engineering and light engineering. The initiatives of the
government through various programs including Smart City
Initiative, Make in India and Domestic Preference Policy to support
companies and manufacturing units to produce and procure locally
will benefits companies which are looking to grow in power,
nuclear, railways, defense etc in the long run.

Companies engaged in the engineering sector are virtually on a
roll. Capacity creation in sectors like infrastructure, power,
mining, oil & gas, refinery, steel, automotive, and consumer
durables has been driving demand in the engineering sector.

Walchandnagar Industries Limited (WIL) is established by
industrialist Late Seth Walchand Hirachand Doshi in the year 1908.
During 1933, WIL entered in to organized farming business and also
started a sugar manufacturing unit. WIL established its foundry in
Satara, Maharashtra in the year 1940 and from 1956 onwards, entered
in to heavy engineering segment with manufacturing for sugar
industry related machinery at its Walchandnagar unit. WIL's heavy
engineering division is engaged in the engineering, fabrication and
manufacture of machinery for heavy-duty gears for equipment for the
Indian space, defense and nuclear power plants along with the sugar
plants, cements plants, boilers. WIL's foundry and machine shop
division manufactures casting and undertakes machining of precision
components.



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

CHANDRA ASRI: Fitch Affirms BB- LT Issuer Default Rating
--------------------------------------------------------
Fitch Ratings affirmed Indonesia-based PT Chandra Asri
Petrochemical Tbk's Long-Term Issuer Default Rating at 'BB-'. The
Outlook is Stable. The agency has also affirmed the rating on the
company's USD300 million senior unsecured notes at 'BB-'. At the
same time, Fitch Ratings Indonesia has affirmed and withdrawn CAP's
National Long-Term Rating of 'A+(idn)'.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

Fitch assesses CAP's linkage with its dominant 46% shareholder, PT
Barito Pacific Tbk (B+/Stable), as moderate and consequently rate
CAP based on the consolidated credit profile of Barito, based on
its Parent and Subsidiary Rating Linkage criteria. Any weakening of
Barito group's credit profile may affect CAP's rating. Fitch
continues to assess CAP's Standalone Credit Profile (SCP) at 'bb-',
reflecting its leading market position, integrated operation,
diverse product offering, strong financial profile and favourable
long-term industry prospects. The SCP is constrained by CAP's
asset-concentration risk and limited operating scale compared with
global chemical peers. CAP's SCP also reflects the cyclical nature
of the petrochemical industry.

CAP is expecting a final investment decision (FID) on a second
petrochemical complex (CAP2) for a total investment of about USD5
billion by late 2020. Fitch only factors in pre-FID capex in its
analysis for CAP2, as ownership and funding details are yet to be
finalised and the project timeline is uncertain. CAP's rating could
face downward pressure if the company's share of capex is
significant and debt-funded. Fitch will assess the rating impact
upon further clarity upon the FID.

Fitch is withdrawing the National Rating on CAP for commercial
reasons.

KEY RATING DRIVERS

Leading Market Position; Integrated Operations: CAP's SCP benefits
from its leading market position as Indonesia's largest
petrochemical producer, accounting for about 35% of the country's
olefin and polymer production capacity. Its market position is also
aided by better-integrated operations than those of domestic peers
as well as a diverse product offering and customer base. This,
together with its plant being located close to key customers with
pipeline connectivity to some, will continue to support higher
realisations and profitability.

Product Spread to Moderate: Average product spreads in 2019 are
lower than in 2018, resulting in CAP's 1H19 EBITDA declining by
around 42% to USD135 million from 1H18. Fitch expects spreads to
remain low for most petrochemical products over the next two to
three years, reflecting considerable global capacity additions.
Margin pressure on CAP should, however, be lower than for domestic
peers due to its operational flexibility in varying its product
slate, diversified supplier base and long-term key- customer
relationships. CAP's feedstock procurement also benefits from its
association with SCG Chemicals Company Limited, which owns 31% of
CAP.

Favourable, Albeit Cyclical, Growth: Fitch expects CAP to benefit
from stable demand growth for petrochemical products in Indonesia
over the medium- to long-term and the country's position as a net
importer of key petrochemical products. Indonesia's strong GDP
growth, coupled with increasing urbanisation and consumption, is
likely to drive demand for key polyolefins. However, CAP's SCP
remains vulnerable to the commodity cycle, as its earnings and cash
flow are affected by crude oil price movements and global
demand-supply dynamics.

Moderate Linkages with Parent: Fitch assesses the linkage between
CAP and its largest shareholder, Barito, as moderate and
consequently rate CAP on the consolidated credit profile of Barito
group. The group benefits from a diversified presence across the
petrochemical and energy businesses, a leading market position,
integrated petrochemical operations and a strong record in
geothermal operations, with long-term contracts driving stable
revenue.

Barito effectively owns about 35% to 40% of the operating assets of
Star Energy Group Holdings Pte Ltd. Star Energy's established
operation, together with its long-term contracts - which have
residual terms of 20 years or more - with state power utility PT
Perusahaan Listrik Negara (Persero) (BBB/Stable), results in stable
revenue and cash flow, enhancing Barito's consolidated credit
profile. Star Energy's operation benefits from high availability,
inherently low operating costs and the long operating history of
its assets.

Potentially Large Capex: CAP is investing about USD750 million in
2019 and 2020 to increasing its downstream operation capacity and
cover the initial spending for CAP2. This should help it maintain
its leading market position over the long term. Fitch expects CAP2
to incur total investment costs of around USD5 billion, but have
only factored in pre-FID capex - primarily land-acquisition costs -
in its analysis for CAP2. This is because CAP expects the FID to be
taken in late 2020 or early 2021 and the ownership and funding
structure are yet to be finalised.

Barito also has a modest investment plan for its power business via
a medium- to long-term expansion of Star Energy's geothermal
operation. In addition, Barito plans to invest in a 2GW greenfield
Indonesian coal-fired power project - PT Indo Raya Tenega - in
which Barito has a 49% stake. Fitch only factors in the equity
outflow from Barito in its cash flow forecast due to the probable
non-recourse nature of the project-finance debt usually taken on
such projects.

Moderate Consolidated Financial Profile: Fitch expects Barito
group's consolidated financial profile to weaken, but stay within
its rating sensitivities, with consolidated FFO net leverage rising
to around 4.2x in 2019 (2018: 2.7x) on weaker earnings from CAP.
However, Barito's financial profile should gradually improve over
the medium term, with a rising earnings contribution from CAP after
its capacity additions kicking in from 2019 and 2020. Fitch expects
CAP's financial profile to remain strong, with FFO adjusted net
leverage at below 1.5x (2018: -0.4x) over the next four to five
years. However, leverage is likely to weaken to 1.1x in 2019, from
a net cash position in 2018, on weaker product margins.

DERIVATION SUMMARY

CAP's ratings reflects Barito group's diversified business across
the petrochemical and energy businesses, its leading market
position as Indonesia's largest petrochemical producer, integrated
operation and a strong record of geothermal operation with
long-term contracts driving stable revenue. The ratings also
reflect Barito group's moderate consolidated financial profile.

Ineos Group Holdings S.A. (BB+/Stable) is the world's largest
commodity chemical producer, with diversified integrated production
facilities, access to low-cost feedstock and feedstock flexibility.
CAP's smaller scale and limited geographical diversification result
in its SCP being lower by two notches, despite a stronger financial
profile.

PJSC Kazanorgsintez (B+/Stable) is one of Russia's largest chemical
companies and the country's largest polyethylene producer. Fitch
believes CAP's more diversified product profile, slightly larger
size and marginally better cost structure justify the one-notch
difference in the two entities' ratings, despite similar financial
profiles.

The ratings on PT Japfa Comfeed Indonesia TBK (BB-/A+(Idn)/Stable)
reflect its leading position in the poultry-feed and breeding
industry in Indonesia. Its ratings are the same as that of CAP as
it also has a strong market position, similar exposure to commodity
cycles, and similar scale. The ratings on PT Golden Energy Mines
Tbk (GEMS, B+/A(idn)/Positive) reflect its healthy financial
profile and cost position. CAP is rated a notch higher due to its
larger scale and stronger market position. The Positive Outlook on
GEMS' ratings reflect its improving scale of operations.

KEY ASSUMPTIONS

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

  - Moderation in product margins (spreads) of key products over
the near and medium term

  - Marginal volume growth over the next two to threeyears.
Proportion of higher value added products gradually increases over
this period

  - Capex of around USD850 million from 2019 to 2021

  - Dividend payout ratio of between 30%-50%

RATING SENSITIVITIES

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

Positive rating action is not probable in the near- to medium-term
pending the FID and funding structure for CAP2. An upgrade in CAP's
rating would only result from an improved SCP combined with a
similar improvement in Barito group's credit profile. However,
Fitch does not expect this to occur in the near- to medium-term due
to CAP's limited scale and diversification and potentially high
uncommitted capex. CAP's SCP could be raised upon a significant
improvement in its business profile, as seen by larger scale and
vertical linkages that increase business diversification, while
maintaining a strong financial profile, such that FFO net leverage
does not exceed 1.5x on a sustained basis.

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

  - Deterioration in Barito group's consolidated credit profile,
with FFO net leverage exceeding 4.0x for a sustained period, which
may arise from large, debt-funded capex on CAP2.

  - For CAP's standalone credit profile, deterioration of Its
financial profile resulting in FFO net leverage exceeding 3.0x for
a sustained period.

LIQUIDITY

Strong Liquidity: CAP has strong liquidity, with a cash balance of
USD649 million and undrawn committed credit facilities of about
USD160 million at end-June 2019, against scheduled debt maturities
of USD72 million in 2019. CAPS's debt maturity schedule is well
spread out, with annual debt maturities not exceeding USD125
million until 2024, when its USD300 million notes are due. CAP also
enjoys strong relationships with domestic banks and has access to
some Thai banks due to its linkages with Siam Cement group, one of
Thailand's largest conglomerates.

SRI REJEKI: Fitch Puts Final BB- Rating to USD225M Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings assigned Indonesia-based integrated textile and
garment manufacturer PT Sri Rejeki Isman Tbk's (Sritex, BB-/Stable)
USD225 million 7.25% senior unsecured notes due in 2025 a final
rating of 'BB-'. The notes are issued by Sritex and guaranteed by
its subsidiaries PT Sinar Pantja Djaja, PT Bitratex Industries and
PT Primayudha Mandirijaya.

The notes are rated at the same level as Sritex's senior unsecured
rating as they represent the company's unconditional, unsecured and
unsubordinated obligations. The note guarantors together generate
or control 100% of Sritex group's operating cash flows. At June 30,
2019, Sritex's prior-ranking debt/ EBITDA ratio was 0.2x, well
below the 2.0x-2.5x threshold that would indicate that creditors
may be significantly impaired by the presence of prior-ranking
debt. The company's debt may be downgraded, regardless of any
movement in the Issuer Default Rating, if the ratio of
prior-ranking debt/EBITDA moves above the threshold.

The final rating on the notes follows the receipt of final
documents conforming to information already received and is the
same as the expected rating assigned on October 9, 2019.

Fitch believes Sritex's credit profile remains unchanged and
consistent with its ratings, as the notes will be mainly used to
refinance its outstanding USD175 million senior unsecured notes,
which are due in 2021. The issuance will lengthen the company's
debt maturity profile and provide Sritex with significant cash-flow
flexibility to execute its medium-term plans. The earliest
significant debt maturity will then be the USD350 million
syndicated loan due in 2022, which has an option to extend the
maturity by two years, subject to the lenders' consent.

KEY RATING DRIVERS

Increasing Scale; Normalising Margins: Sritex's ratings reflect the
company's robust operating performance, stemming from the
production ramp-up on its two spinning companies, which were
acquired in early 2018. Net sales rose by 16% yoy to USD632 million
in 1H19, while EBITDA margin improved to 20% in 1H19 from 18% in
2018 due to the cost-optimisation measures on its new spinning
entities. Fitch believes Sritex's growing operating scale
strengthens its bargaining power with suppliers, as it is able to
purchase larger quantities of raw materials, allowing for higher
bulk-purchase discounts.

Furthermore, net working-capital days improved in 1H19 to 214 days
from 222 days in 1H18. Leverage, measured by net adjusted
debt/adjusted EBITDAR, fell to 3.0x from 3.2x during the same
period. Fitch expects net working capital days to remain similar at
around 217 days and leverage to be 2.9x by end-2019.

Capex Risk; Limited Rating Headroom: Fitch believes Sritex's
leverage limits its rating headroom over the next two to three
years, and any capacity expansion, either organic or via M&A -
especially if aggressively debt-funded - may keep leverage high for
longer than Fitch expects, leading to negative rating action.
Sritex has an annual output capacity of 1.1 million bales of yarn,
180 million metres of greige cloth, 240 million yards of finished
fabric and 30 million garments. Its capacity utilisation rate could
reach its optimal level in the next year or two despite recent
expansion. It could consider further expansion in the short to
medium term, although this is not factored into its forecast.

Vertical Integration; Export-Oriented: Fitch expects more than half
of Sritex's net sales (1H19: 60%) to come from exports over the
medium term, up from an average of 47% in 2014-2016, providing the
company with a partial natural hedge for its foreign-currency
liabilities. The company also benefits from its vertically
integrated operations. Sritex sources yarn and raw fabric from its
mills and produces specialty garments, such as military uniforms,
which have higher profit margins and less cyclical demand than
fashion apparel. It is also a nominated supplier to several of its
main buyers, which promotes demand and revenue sustainability. This
is supported by its record of punctual delivery to customers'
required quality and cost

DERIVATION SUMMARY

Sritex may be compared with its main peers: 361 Degrees
International Limited (BB-/Stable) and PT Pan Brothers Tbk (PB;
B/Stable). 361 Degrees is an established sportswear-brand owner and
producer in China. 361 Degrees' stronger financial profile, evident
from its net cash position, is offset by Sritex's larger operating
scale and wider profit margin. Fitch believes Sritex also has a
stronger market position than 361 Degrees, given its position as a
top-three player within the textile and garment manufacturing
industry in Indonesia relative to 361 Degrees' declining market
share, which further compensates for Sritex's higher leverage.
Fitch believes these result in both companies being rated at the
same level.

PB is the largest publicly listed garment manufacturer in
Indonesia. The two-notch difference between the ratings of Sritex
and PB is mainly driven by Sritex's considerably larger operating
scale, wider profit margin, stronger financial profile and better
business-risk profile from its vertically integrated operations.

KEY ASSUMPTIONS

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

  - Net sales growth of around 10% in 2019 and around 4% in
2020-2021 (2018: 36%)
  
- EBITDAR margin of around 20% in 2019-2021 (2018: 18%)

  - Capex/revenue ratio of around 4% in 2019-2021 (2018: 4%)

  - Net working capital cycle of around 217 days in 2019 (2018: 204
days)

RATING SENSITIVITIES

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

Fitch does not expect positive rating action for the next two
years, as Sritex's leverage, measured by net adjusted debt/EBITDAR,
is likely to remain high for its ratings

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

  - Inability to reduce net adjusted debt/EBITDAR to around or
below 3.0x on a sustained basis (2019F: 2.9x)

  - A sustained weakening in EBITDAR margin

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Sritex had a cash balance of around USD137
million at June 30, 2019 against around USD30 million of debt
maturities over the next 12 months, a majority of which consists of
short-term working capital facilities, which are typically rolled
over during the normal course of business. Sritex also had about
USD175 million of bonds maturing in 2021, which will be refinanced
using the proceeds of the new notes and will extend the company's
debt maturity profile, allowing greater flexibility to manage cash
flow

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's readily available cash used in the leverage calculation
included prepaid interest, payment guarantee of interest on notes
payable and guarantees in the form of time deposits and cash of the
company's long-term bank-loan facilities. Fitch also includes
advance payments for inventory as part of the working-capital
calculation and adds amortised cost of debt back to total debt
outstanding.



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

TAVAN BOGD: Moody's Withdraws B3 CFR for Business Reasons
---------------------------------------------------------
Moody's Investors Service withdrawn Tavan Bogd Trade LLC's B3
corporate family rating. Prior to the withdrawal the outlook on the
rating was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Founded in 1995, the Tavan Bogd group of companies is one of the
largest conglomerates in Mongolia. It operates in segments
including (1) cashmere manufacturing, (2) international trade and
services (automobile dealership, merchandise and distribution of
international brands), (3) food production and services, (4)
tourism and hospitality, (5) banking, and (6) mining supply and
services.

Tavan Bogd Trade LLC is a private company owned by Baatarsaikhan
Tsagaach and his family.



=====================
N E W   Z E A L A N D
=====================

CBL CORP: Shareholders Class Action Suit About to Launch
--------------------------------------------------------
BusinessDesk reports that an Australia-based litigation funder and
New Zealand-based law firm Glaister Ennor are about to launch a
class action on behalf of CBL Corp's shareholders, claiming failure
to observe disclosure rules from the time of the initial public
offering in September 2015.

CBL's shares were suspended from trading on both the NZX and ASX in
February last year after the company revealed the Reserve Bank had
been questioning its solvency for some time, certainly since July
2017, but that it had been bound by the central bank's
confidentiality order from telling the market any earlier,
according to BusinessDesk.

CBL and its subsidiaries have since gone into liquidation, the
report notes.

CBL shares last traded at NZD3.17 on NZX before they were
suspended, valuing the company at NZD747.4 million.

According to BusinessDesk, ASX-listed IMF Bentham has agreed to
fund the litigation against CBL Corp and said it has support from a
number of CBL's institutional investors, although it won't name
them. It is now looking for retail shareholders to sign onto its
action.

BusinessDesk relates that IMF Bentham investment manager Gavin
Beardsell said the amount sought will depend on how many
shareholders sign onto the action, the extent of their
shareholdings, and the amount the courts deem they have lost.

"It would be safe to say it would be tens of millions of dollars,"
the report quotes Mr. Beardsell as saying.

CBL had 1,071 shareholders as at Jan. 31, 2017, BusinessDesk
discloses citing CBL's last filed annual report.

BusinessDesk says the last substantial shareholder notice filed by
the largest institutional shareholder, Harbour Asset Management, in
January 2018 showed it owned almost 17.3 million shares, or 7.3 per
cent of the company.

Companies Office records show that at Jan. 12, 2018, ACC owned
nearly 10.2 million shares, or 4.3 per cent, while Forsyth Barr
Custodians held about 7.5 million shares, or 3.2 per cent,
BusinessDesk discloses.

The 2015 float raised NZD125.3 million with 80.9 million shares
sold at NZD1.55 each.

BusinessDesk adds that the first liquidators' report filed in June
by Neale Jackson and Brendon Gibson of KordaMentha estimated CBL
owed preferential creditors NZD566,766, secured creditors NZD6.6
million and unsecured creditors NZD172.8 million, including
intercompany liabilities of NZD26.2 million.

They said they were unable to reliably estimate CBL's assets but
that the amount that could be recovered from the subsidiaries would
be a key driver and two of the largest subsidiaries were under the
control of other insolvency officials, according to BusinessDesk.

Mr. Beardsell said the litigation will proceed either with the
liquidators' consent or, failing that, Glaister Ennor will apply to
the New Zealand High Court for leave to proceed against the company
in liquidation, BusinessDesk relays.

"If we're successful, we anticipate there will be insurance to pay
any settlement or judgment," BusinessDesk quotes Mr. Beardsell as
saying.  "We don't know who the insurer is and we intend to take
steps at an early stage" to find out.

He expects a statement of claim will be filed by the beginning of
November, the report notes.

Glaister Ennor managing partner Jack Porus and his fellow partner
Mitch Singh will be the solicitors representing the shareholders
and they have engaged Philip Skelton, QC, as their barrister,
BusinessDesk discloses.

                         About CBL Corp.

Founded in 1973, CBL Corporation Limited together with its
subsidiaries, provided insurance and reinsurance products and
services primarily in New Zealand. It offered financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provided a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.

CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.

On Feb. 23, 2018, KordaMentha New Zealand partners Brendon Gibson
and Neale Jackson were appointed Voluntary Administrators by the
Board of CBL Corporation Ltd and certain of its subsidiaries.

The administration relates to New Zealand-domiciled companies.

Messrs. Gibson and Jackson are administrators to these CBL
entities: CBL Corporation Limited; LBC Holdings New Zealand Ltd;
LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.

In November 2018, the High Court in Auckland placed CBL Insurance
into liquidation with Kare Johnstone and Andrew Grenfell from
McGrathNicol appointed as liquidators.

MAINZEAL GROUP: Liquidators Defend Claim of NZD10MM for Services
----------------------------------------------------------------
Anne Gibson at NZ Herald reports that the liquidators of collapsed
builder Mainzeal have chalked up an estimated NZD10 million bill
for legal and financial services since the builder went under six
years ago.

Brian Mayo-Smith, one of the BDO liquidators of Mainzeal, has
defended the bill, saying they were faced with unravelling an
"elaborate" situation between New Zealand and China.

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZD11.3 million to the BNZ, NZD70
million to unsecured creditors and NZD5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.



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

LIBRA GROUP: Gets 6-Month Protection Against Creditors
------------------------------------------------------
Sharanya Pillai at The Business Times reports that the Singapore
High Court has granted distressed Libra Group a six-month reprieve
against its creditors, the Catalist-listed company announced in a
bourse filing on Oct. 14.

BT says Libra's creditors include UOB, which issued a letter of
demand on Oct 8 for US$18.8 million, and Maybank Singapore, which
on Sept. 3 issued a letter of demand to possess Libra's property at
34 Sungei Kadut Loop.

Other creditors include trust firm Watiga Trust, which is seeking
SGD1.77 million, and WMS Industrial Gas & Equipment, seeking
MYR72,940 (SGD23,940), BT discloses.

BT notes that in the next month, Libra will need to submit a report
on the valuation of its significant assets to the High Court. It
will also need to submit periodic financial reports on a quarterly
basis, along with forecasts of profitability and cash flow from
operations on a quarterly basis to the court. The first set of
reports are due by end-November, according to BT.

If Libra acquires or disposes of any property, or grants security
over any property, it will need to provide the relevant details to
the court within 14 days, the report notes.

The company is represented by Shook Lin & Bok, BT adds.

Libra Group Limited provides integrated M&E services as a
sub-contractor. The Company's services include the contracting and
installation of ACMV systems, fire alarms and fire protection
systems, electrical systems as well as sanitary and plumbing
services. Libra also manufactures and sells ACMV related products.


                           *********


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
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Information contained herein is obtained from sources believed
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