/raid1/www/Hosts/bankrupt/TCRAP_Public/191023.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

          Wednesday, October 23, 2019, Vol. 22, No. 212

                           Headlines



A U S T R A L I A

ABC STUDY: First Creditors' Meeting Set for Oct. 30
AUS GOLD: Second Creditors' Meeting Set for Oct. 31
BRANCOURTS MANUFACTURING: 2nd Creditors' Meeting Set for Oct. 30
CASMAT NOMINEES: First Creditors' Meeting Set for Oct. 30
CHILANGOZ PTY: First Creditors' Meeting Set for Oct. 30

GRANITE POWER: First Creditors' Meeting Set for Oct. 30
NOAHS ROSEHILL: First Creditors' Meeting Set for Oct. 29
TOWER CRASH: Second Creditors' Meeting Set for Oct. 29


C H I N A

CHINA: Warned to Reform its Lending to Indebted Pacific Islands
KAISA GROUP: Fitch Puts Final 'B' Rating to $400MM Sr. Notes
RADIANCE GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Pos.


I N D I A

AKSHAR COTTON: CARE Reaffirms B+ Rating on INR10cr LT Loan
AMBER AUTOMOBILES: CARE Reaffirms 'B' Rating on INR9cr LT Loan
AVIRAT COTTON: CARE Reaffirms B+ Rating on INR17.09cr LT Loan
BADAMI SUGARS: Insolvency Resolution Process Case Summary
BHARAT BRIGHT: Insolvency Resolution Process Case Summary

C DOCTOR: CARE Raises Rating on INR1.75cr LT Loan to B+
CELITE TYRE: CARE Lowers Rating on INR15.90cr LT Loan to 'B'
DIGHI PORT: NCLAT Allows NCLT Mumbai to Decide on Adani Ports' Bid
FOUR FRESH: Insolvency Resolution Process Case Summary
FUTEC SHELTERS: Insolvency Resolution Process Case Summary

GAZEBO CONSTRUCTIONS: CARE Keeps 'B' Rating in Not Cooperating
KEDAR COTTON: CARE Reaffirms B+ Rating on INR12.16cr LT Loan
KHATI DESIGN: Insolvency Resolution Process Case Summary
KOPARGAON AHMEDNAGAR: Insolvency Resolution Process Case Summary
LEESUN CERAMIC: CARE Reaffirms B+ Rating on INR5.73cr LT Loan

LOKESH ADVISORY: CARE Keeps 'B+' Rating in Not Cooperating
LSK PROJECTS: CARE Reaffirms B+ Rating on INR1.75cr LT Loan
MANDEEP INDUSTRIES: CARE Reaffirms B+ Rating on INR44.09cr Loan
MUTHOOT FINANCE: S&P Puts 'BB' Rating to New US$ Sr. Secured Notes
NAMDHARI RICE: CARE Keeps 'D' Rating in Not Cooperating Category

NARAYANI LAMINATES: CARE Reaffirms B+ Rating on INR11.82cr Loan
NRN BROADCASTING: Insolvency Resolution Process Case Summary
OM COMMUNICATION: CARE Reaffirms B+ Rating on INR8cr LT Loan
PRATIBHA ELECTRICAL: CARE Reaffirms B+ Rating on INR6.09cr Loan
PREM INDUSTRIES: CARE Keeps B+ Rating in Not Cooperating

PRIMORDIAL SYSTEMS: CARE Reaffirms B+ Rating on INR7.48cr Loan
ROYAL PRESSING: CARE Cuts INR7.0cr LT Loan Rating to D, Not Coop.
SAIKRUPA COTGIN: CARE Withdraws D Rating on INR18.37cr LT Loan
SHRI ARUNACHALESWARAR: CARE Cuts Rating on INR11.7cr Loan to B
SIDHARTH OILS: CARE Cuts INR6cr Loan Rating to B, Not Coop.

SOUTHCO UTILITY: Ind-Ra Puts BB- LT Issuer Rating, Outlook Stable
SUGARCANE PRODUCERS: CARE Reaffirms B+ Rating on INR9cr LT Loan
SUPERIOR FOOD: CARE Cuts INR40cr LT Loan Rating to C, Outlook Neg.
TECPRO INFRA-PROJECTS: Insolvency Resolution Process Case Summary
VENKATADRI SPINNING: Insolvency Resolution Process Case Summary

VRG DIGITAL: Insolvency Resolution Process Case Summary


I N D O N E S I A

LIPPO MALLS: Fitch Assigns 'BB' Final LT IDR, Outlook Stable


M A L A Y S I A

1MDB: Prosecutor Says Najib Engaged in Well-Planned Plot to Plunder


S I N G A P O R E

FALCON ENERGY: Debt Moratorium Extended to November 30
KRISENERGY LTD: Will Not Pay Off Notes Amid Restructuring


T H A I L A N D

PACE DEVELOPMENT: Owner of Dean & DeLuca Defaults on THB2.6BB Debt

                           - - - - -


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

ABC STUDY: First Creditors' Meeting Set for Oct. 30
---------------------------------------------------
A first meeting of the creditors in the proceedings of ABC Study
Group Pty Ltd, trading as Australian International College of
English (AICE), will be held on Oct. 30, 2019, at 10:00 a.m. at the
offices of Australia Business Rescue, G14, at 1-15 Barr Street, in
Balmain, NSW.  

Mali Thaggard -- mali@australiabusinessrescue.com.au --
of Australia Business Rescue was appointed as administrator of ABC
Study on Oct. 18, 2019.

AUS GOLD: Second Creditors' Meeting Set for Oct. 31
---------------------------------------------------
A second meeting of creditors in the proceedings of Aus Gold Mining
Group Pty Ltd has been set for Oct. 31, 2019, at 10:00 a.m. at the
offices of Hall Chadwick, Level 40, at 2 Park Street, in Sydney,
NSW.

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

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

John Vouris, Kathleen Vouris and Richard Albarran of Hall Chadwick
were appointed as administrators of Aus Gold on Aug. 8, 2019.

BRANCOURTS MANUFACTURING: 2nd Creditors' Meeting Set for Oct. 30
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Brancourts
Manufacturing and Processing Pty Ltd, trading as Brancourt Dairy
Pty Ltd, has been set for Oct. 30, 2019, at 11:00 a.m. at the
offices of PKF, Level 8, at 1 O'Connell Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 28, 2019, at 4:00 p.m.

Mark Roufeil, Bradley Tonks and Simon Thorn of PKF were appointed
as administrators of Brancourts Manufacturing on Sept. 9, 2019.

CASMAT NOMINEES: First Creditors' Meeting Set for Oct. 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Casmat
Nominees Pty Ltd in its own right and as Trustee for the Russell
Hall Family Trust Trading as "Bunbury Auto Group", will be held on
Oct. 30, 2019, at 10:30 a.m. at Lord Forest Hotel, West Ballroom,
at 20 Symmons Street, in Bunbury, WA.

Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of Casmat Nominees on Oct. 21, 2019.

CHILANGOZ PTY: First Creditors' Meeting Set for Oct. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Chilangoz
Pty Ltd, trading as Bakery La Stazione, will be held on Oct. 30,
2019, at 12:00 p.m. at the offices of Mackay Goodwin, Level 2, at
10 Bridge Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Chilangoz Pty on Oct. 20, 2019.

GRANITE POWER: First Creditors' Meeting Set for Oct. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Granite
Power Limited will be held on Oct. 30, 2019, at 4:00 p.m. at Level
16/Tower 2, Darling Park, at 201 Sussex Street, in Sydney, NSW.

Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Granite Power on Oct.
18, 2019.

NOAHS ROSEHILL: First Creditors' Meeting Set for Oct. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Noahs
Rosehill Waters Pty Ltd will be held on Oct. 29, 2019, at 11:00
a.m. at BGC Conference Room, 28 The Esplanade, in Perth, WA.

Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Noahs Rosehill on Oct. 17, 2019.

TOWER CRASH: Second Creditors' Meeting Set for Oct. 29
------------------------------------------------------
A second meeting of creditors in the proceedings of Tower Crash
Repairs Pty. Limited, trading as Tower Crash Repairs Pty Ltd, has
been set for Oct. 29, 2019, at 11:15 a.m. at the offices of CMA
Chartered Accountants, at 219 Henley Beach Road, in Torrensville,
SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 18, 2019, at 4:00 p.m.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Tower Crash on Oct. 4, 2019.



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C H I N A
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CHINA: Warned to Reform its Lending to Indebted Pacific Islands
---------------------------------------------------------------
Jamie Smyth at The Financial Times reports that China needs to
fundamentally reform its delivery of development finance aid in the
Pacific region to ensure it does not create a "debt trap" for
vulnerable island nations through its Belt and Road Initiative, a
report has warned.

According to the FT, the report published on Oct. 14 by the Lowy
Institute warns if the current $6 billion  lending splurge from
Beijing into the region continues in a "business as usual" manner
then it poses a significant risk of future debt sustainability
problems.

However, accusations from critics that Beijing is deliberately
financing "white elephant" infrastructure via loans with the
intention to expose small nations to default are alarmist and wide
of the mark, it says.

"China has not been engaged in deliberate 'debt trap' diplomacy in
the Pacific. Nonetheless, the sheer scale of China's lending and
its lack of strong institutional mechanisms to protect the debt
sustainability of borrowing countries poses clear risks," the
report, as cited by the FT, said.

The FT says the South Pacific, which encompasses some of the
world's poorest island nations, as well as strategically important
sea lanes, is at the centre of a battle for influence between China
and western powers.

The FT relates that the report, Ocean of Debt: Belt & Road and Debt
Diplomacy in the Pacific, warns that increased geopolitical
competition and an influx of debt finance risks undermining efforts
to promote domestic reform and good governance in the region.

Beijing has emerged as one of the largest suppliers of development
finance in the Pacific, the report says, announcing $6 billion in
concessional loan commitments between 2011 to 2018--equivalent to
21 per cent of regional gross domestic product--for roads, port and
other projects, the FT states.

China's largesse has alarmed the region's traditional benefactors,
including Australia, the US and UK.

Last year, Australia's then international development minister,
Concetta Fierraventi-Wells, accused Beijing of financing "useless
buildings" and roads to "nowhere" in the Pacific, prompting a
formal protest from China, the FT recalls. Since then Canberra has
responded by announcing a "Pacific step-up", which includes a new
AUS2 billion ($1.37 billion ) infrastructure financing programme
for the region, as it seeks to bolster its own diplomatic
positioning in a region it considers is within its own sphere of
influence.

Three Pacific economies--Tonga, Samoa, and Vanuatu--appear to be
among those nations most heavily indebted to China of any in the
world, according to the report cited by the FT.

According to the FT, the Lowy Institute warns a lack of
transparency and official information about the Belt and Road
Initiative, as well as fewer conditions attached to loans from
China when compared with traditional partners, increases the risk
of nations getting into financial difficulties.

As one senior Pacific bureaucrat put it: "We like China because
they bring the red flags, not the red tape", said the report, the
FT relays.

The FT adds that the Lowy report showed that China supplied just
over a quarter of all official loan disbursements in the Pacific
while the Asian Development Bank and World Bank accounted for just
over half of concessional loans. Much of Australia's aid was in the
form of grants.

Loans provided by the multilateral lending institutions and Japan
tend to be more generous than Chinese finance, which typically has
an interest rate of 2 per cent, a five- to seven-year grace period,
and a 15- to 20-year maturity. In contrast, the multilateral
lenders tend to offer interest rates in the range of 1 to 2 per
cent, a grace period of five to 10 years, and loan maturity of 25
to 40 years, the FT says.

KAISA GROUP: Fitch Puts Final 'B' Rating to $400MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings assigned China-based homebuilder Kaisa Group Holdings
Limited's (B/Stable) USD400 million 11.95% senior notes due 2022 a
final rating of 'B' with a Recovery Rating of 'RR4'. The notes will
be used to refinance medium- to long-term offshore debt, which is
due within one year.

The notes are rated at the same level as Kaisa's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on October 15, 2019.

Kaisa's ratings are underpinned by a strong asset base that
supports scale expansion, which is at a level comparable with 'BB'
category homebuilders. The company had a large and well-located
land bank consisting of 167 projects in 47 cities across five major
economic regions at end-1H19. Its geographical diversification
mitigates project and region-related risks and gives it more
flexibility when launching new projects to support sales growth.
Kaisa's ratings are constrained by high leverage - measured by net
debt/adjusted inventory (urban renewal projects (URP) and
investment properties at original cost) - of 72% at end-1H19,
although this is mitigated by high profitability.

Fitch believes Kaisa will start deleveraging from 2020, supported
by its enlarged scale and increased margin, with more high-margin
URPs being recognised. Kaisa is able to secure a large land bank at
low cost in China's Greater Bay Area through its URP business,
which supports its high EBITDA margin of over 30%. The wider margin
of the URP business, at over 40%, will help deleveraging. However,
Kaisa's leverage will remain high if it expands its scale at the
same pace as in 2017 and 2018, as URPs only contributed 30% of
contracted sales in 2018.

KEY RATING DRIVERS

URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability enables
the company to sustain price cuts in a market downturn. Kaisa can
also sell stakes in its URPs, if needed, at a profit because of
their low land cost. Kaisa's long experience in the URP business
has enabled it to secure a large land bank with a high gross profit
margin of over 40%, supporting the company's EBITDA margin,
excluding capitalised interest in cost of goods sold (COGS), of
30%-35%. A large URP pipeline of 128 projects, covering a site area
of 32 million square metres (sq m), also allows for a consistent
stream of projects entering the sales phase.

Kaisa has converted an average gross floor area (GFA) of 940,000 sq
m a year for the past 10 years; this offers some operational
flexibility with land replenishment. Nevertheless, the URP business
has limited scope to build scale and will become a less important
driver at higher rating levels. URPs require a longer development
cycle and thus funds will be trapped for a longer period and incur
higher funding without immediate cash flow generation or profit
contribution, raising Kaisa's leverage above that of peers without
as large an exposure to URPs. The nature of the business and the
high profitability mean Kaisa can operate at a higher leverage than
other Chinese homebuilders for a sustained period.

High Leverage Constrains Ratings: Fitch expects Kaisa's leverage,
measured by net debt/adjusted inventory, to stay above 70% in 2019,
but to fall below that level thereafter. Kaisa's sales scale in
2019 would be insufficient to cover its high tax and interest
burden. Reliance on the non-URP homebuilding business, which has a
lower margin, and growth at the business that is faster than Fitch
expects, may limit Kaisa's capacity to deleverage. However, Fitch
thinks there may be improvement once the company's attributable
sales rise above CNY100 billion from 2020, as its sales efficiency
- contracted sales/gross debt - will exceed 0.8x and support
stronger fund flow from operation.

Large and Premium Land Bank: Fitch believes Kaisa's quality land
bank will support its ability to meet its sales target in 2019. Its
premium asset base can also buffer liquidity if conversion of its
URP land bank takes longer than the company expects, as it can
easily find buyers for its well-located URPs, especially in
Shenzhen. Kaisa's land bank totalled 25.8 million sq m (estimated
sellable resources of CNY501 billion) at end-1H19, of which 14.1
million sq m, or 54.6%, was in the Greater Bay Area and 3.2 million
sq m in Shenzhen.

Robust Contracted Sales Growth: Fitch thinks Kaisa's 2019
contracted sales target is achievable due to the supportive
policies in the Greater Bay Area and the company's well-located
land bank. Kaisa had available sellable resources of CNY158 billion
at end-2018, implying a sell-through rate of 57% to support a 20%
sales growth in 2019, close to its historical sell-through rate of
around 60%. Kaisa's attributable contracted sales rose by 34% to
CNY55.1 billion in 9M19, supported by an average selling price
increase of 4% and GFA growth of 28%.

DERIVATION SUMMARY

Kaisa's attributable sales of CNY70 billion in 2018 were comparable
with those of 'BB' category peers, such as CIFI Holdings (Group)
Co. Ltd. (BB/Stable), Logan Property Holdings Company Limited
(BB/Stable) and China Aoyuan Group Limited (BB-/Positive), and
exceeded the CNY40 billion-50 billion sales of Yuzhou Properties
Company Limited (BB-/Stable), KWG Group Holdings Limited
(BB-/Stable) and Times China Holdings Limited (BB-/Stable). Over
half of Kaisa's land bank GFA is in the Greater Bay Area, similar
to that of Logan, China Aoyuan and Times China. Kaisa's EBITDA
margin of over 30% is at the higher end of 'BB' category peers due
to its high-margin URPs.

Kaisa's leverage of over 70% is similar to that of Oceanwide
Holdings Co. Ltd. (B-/Stable), Xinhu Zhongbao Co., Ltd. (B-/Stable)
and Tahoe Group Co., Ltd. (B-/Stable). Kaisa's business profile is
much stronger than that of Oceanwide and Xinhu, with a larger sales
scale and more diversified land bank. Its churn, measured by
contracted sales/total debt, of 0.64x is also healthier than the
ratios of the two peers, which are below 0.25x. Kaisa and Tahoe,
whose land bank is more exposed to the Pan-Bohai Area, the Yangtze
River Delta and Fujian province, have similar scale and margin.
However, Tahoe's shorter land-bank life of two to three years
pressures its leverage and Tahoe's liquidity is much tighter than
that of Kaisa.

Kaisa's closest peer among 'B' category issuers is Yango Group Co.,
Ltd. (B+/Stable). Yango's sales of CNY118 billion in 2018 were
larger than Kaisa's CNY70 billion and its land bank was also more
diversified, although Yango's EBITDA margin, excluding capitalised
interest, of around 28% was narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, of below
65% in 2019 is lower than its expectation of Kaisa's leverage.
Yango's moderately stronger business and financial profiles
justifies the one-notch difference.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to rise by 20% in 2019 and 2020

  - Attributable land premium/contracted sales at 28% in 2019 and
31% in 2020 (2018: 23%)

  - Cash collection rate of around 80% in 2019 and 85% in 2020
(2018: 75%)

  - Construction cost/sales proceeds at around 30% in 2019 and 2020
(2018: 30%)

  - Dividend payout ratio of 20% of net income (2018: 19%)

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
below 60%

  - EBITDA margin, excluding capitalised interest in COGS,
sustained above 30%

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

  - Leverage, measured by net debt/adjusted inventory, above 75%
for a sustained period

  - EBITDA margin, excluding capitalised interest in COGS, below
25% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY28 billion at end-1H19, including restricted cash
of CNY7 billion, against CNY22 billion in short-term debt. The
company also had total credit lines of CNY165 billion, of which
CNY119 billion was unused. In addition, Kaisa obtained approval
from the Shenzhen Stock Exchange to issue four asset-backed
securities, consisting of CNY5 billion linked to supply-chain
financing (CNY555 million issued), CNY3 billion linked to long-term
rental apartments, CNY685 million secured by mortgage balloon
payments (issued) and CNY475 million backed by income from its
shipping business (issued). Kaisa's average funding cost stayed
flat at 8.4% in 2018.

RADIANCE GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Pos.
------------------------------------------------------------------
On Oct. 21, 2019, S&P Global Ratings assigned its 'B' long-term
issuer credit rating to Radiance Group Co. Ltd.  with a positive
outlook. S&P also assigned its 'B-' long-term issue rating to the
proposed senior unsecured notes guaranteed by Radiance.

S&P said, "The rating reflects Radiance's high debt leverage and
relatively small scale compared with some of its 'B' rated peers.
We also expect its profitability to weaken gradually due to rising
land costs. The company's long operating history and relatively
diverse geographic span, especially its high exposure to first- and
second-tier cities, temper the risks. Despite being a privately
owned company, which we consider as having weaker-than-peer
information transparency, Radiance has good access to the domestic
credit market and a fair record of issuing domestic bonds and
asset-backed securities.

"The positive outlook reflects our view that the ramp-up in revenue
and disciplined land acquisitions will drive substantial
deleveraging in the next 12 months." Radiance's project delivery
pipeline will be healthy over 2019-2020 following solid sales
growth in 2017 and 2018. The company's total contracted sales rose
to Chinese renminbi (RMB) 70 billion-RMB75 billion (RMB48.7 billion
on a consolidated basis, with the rest from unconsolidated joint
ventures) in 2018, representing about 56% year-on-year growth
during 2017-2018.

Radiance has a long operating track record in China's property
market and has experienced different economic cycles. The
completion of large-scale and complex projects, such as Chongqing
Radiance City's 2 million square meters land area, demonstrates its
project execution capability. Its early entrance into some key
operating cities outside its home base, such as Chongqing in 2004
and Xi'an in 2006, helped it build the local network with
customers, government, and financial institutions.

Radiance's current leverage is noticeably higher than some
similarly rated peers. In S&P's view, Radiance's high leverage of
above 10x debt to EBITDA in 2017-2018 was a result of its
aggressive expansion and slow revenue recognition during that
period. The company became increasingly aggressive in 2017-2018,
following its strategic change to focus on fast-churn and
joint-venture (JV) projects to capture upside market potential.
Prior to 2016, Radiance mainly focused on high-margin, large-scale
projects. As a result of the expansion, the company's total
adjusted debt increased significantly to RMB53 billion in 2018,
from RMB22 billion in 2016, while revenue recognition was weak due
to the time lag in project delivery.

S&P said, "That said, we do not expect Radiance to embark on
aggressive debt-funded expansion in the next two years given that
it has largely completed its strategic shift. Year-to-date debt
growth has been minimal, reflecting the company's financial
discipline toward controlled land acquisitions. As such, we
forecast Radiance's consolidated debt-to-EBITDA ratio to improve to
8x-9x in 2019 and to about 7x in 2020, from 10.2x in 2018. We
anticipate the company's see-through debt-to-EBITDA ratio (after
proportionate consolidation of JVs) will improve to about 7x in
2019 and about 6x in 2020. This is because we expect JV projects to
start contributing revenue over 2019-2020, assuming an approximate
two-year development cycle from the investment period in 2017-2018.
Radiance's off-balance-sheet leverage is lower than its
consolidated leverage because land is usually injected into project
companies as a form of equity.

"We expect Radiance's diverse geographic span and exposure to
higher-tier cities to provide stability to its earnings and partly
offset the risks of its high leverage. The company's key operating
cities are first- and second-tier cities across western, southern,
and eastern China, with no city contributing over 15% to sales in
2018. More than 70% of its current land reserves are located in
first- and second-tier cities with solid market demand, mostly
municipalities and provincial capitals such as Fuzhou, Chongqing,
Xi'an, Wuhan, and Tianjin. Such geographic reach protects the
company from a drastic policy or market shock in any single city or
province.

"In our opinion, Radiance's profit margin will likely decline
because low-cost land reserves are diminishing. Radiance's EBITDA
margin of over 30% in the past two years, which is higher than the
industry average, was attributable to its low-cost land reserves
acquired owing to government initiatives. This has become harder to
replicate given current market conditions and competition from
larger developers in higher-tier cities. In our view, the company's
higher-than-average profitability will not be sustainable and its
EBITDA margin will decline to 27%-28% in the next two years, from
32.4% in 2018.

"We expect Radiance to maintain its good access to the onshore
banking system and credit market in the next two to three years. As
of June 30, 2019, the company had a balanced debt structure with
half of its borrowings from project-level bank financing, and the
remaining 23% from onshore bonds and 27% from non-bank financing
(such as trust loans and asset management plans). We believe the
capital structure compares well with peers at a similar rating
level, and is more stable than some smaller 'B' rated peers, such
as Guangdong Helenbergh Real Estate Group Co. Ltd. and Dexin China
Holdings Co. Ltd., which have higher exposure to nonbank
alternative borrowings that may subject them to policy risks.

"In our view, Radiance has lower information transparency relative
to its listed peers. Given its privately owned status, the company
may not be compelled to disclose material transactions in a timely
manner. We also believe Radiance faces higher key-man risk, given
our opinion that its founder Mr. Lin Dingqiang has substantial
influence over the company's key decisions. Mr. Lin assumes key
roles in the board and management team.

"The positive outlook reflects our view that Radiance will improve
its financial leverage over the next 12 months through strong
revenue growth and controlled land acquisitions. We also expect the
company to maintain a stable capital structure and good funding
access.

"We will revise the outlook back to stable if Radiance's
debt-to-EBITDA ratio cannot improve to below 6x on a proportionate
consolidation basis or its consolidated debt-to-EBITDA ratio cannot
improve to 6.5x. This could happen if: (1) the company's revenue
recognition from both consolidated and JV projects is slower than
our base-case expectation; or (2) the company embarks on aggressive
debt-funded land acquisitions.

"We could raise the rating if Radiance improves its leverage over
the next 12 months, such that its debt-to-EBITDA ratio improves to
below 6x on a proportionate consolidation basis and below 6.5x on a
consolidated basis."

Radiance is a midsize Chinese developer that is focused on
residential property development. The company was founded by Mr.
Lin Dingqiang in 1996 and has expanded out of Fujian since 2004.
Headquartered in Beijing, the company has operations in more than
30 cities across different regions in China. It was ranked top 35
in terms of Chinese developers' contracted sales ranking by China
Real Estate Information Corp. (CRIC). As of June 30, 2019, the
company had a total land bank of about 22 million square meters.

The company is wholly owned by Mr. Lin and his family members.
Radiance filed an IPO application with the Shanghai Stock Exchange
in 2016 and is still pending approval.



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AKSHAR COTTON: CARE Reaffirms B+ Rating on INR10cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Akshar Cotton Industries (ACI), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACI continue to
remain constrained on account of its thin profitability, weak debt
coverage indicators along with stretched liquidity with elongated
operating cycle. Further, the rating continue to remained
constrained on account of its presence in highly fragmented cotton
industry, seasonality associated with cotton availability,
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by government and its
partnership nature of constitution. The rating also factored in
decrease in scale of operation and deterioration in capital
structure in FY19(Provisional, refers to period April 1 to
March 31).

The rating, however, continues to draw strength from the vast
experience of the partners in the cotton ginning business coupled
with location advantage in terms of proximity to the cotton growing
regions in Gujarat.

ACI's ability to increase its scale of operations along with an
improvement in profit margins while managing fluctuation in
profitability in light of the volatile raw material prices and
improvement in the solvency position with debt coverage indicators
and liquidity remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decrease in scale of operations with thin profitability
The scale of operation of ACI deteriorated by 10.48% over previous
year on account of non-availability of raw material during the year
and remained moderate at INR67.48 crore during FY19 (Provisional,
refers to period April 1 to March 31) as compared to INR75.38 crore
during FY18.

The profitability of ACI marginally deteriorated over previous year
and remained thin owing to its low value addition nature of
business as marked by PBILDT margin of 2.04% and PAT margin of
0.18% during FY19 (Prov.) as against 2.07% and 0.16% respectively
during FY18.

Deterioration in capital structure, weak debt coverage indicators
and elongated operating cycle
Owing to increase in debt outstanding pertains to working capital
utilisation with decrease in net-worth base on account of  capital
withdrawal by partners, ACI's capital structure deteriorated over
previous year remained moderate marked by an overall gearing ratio
of 1.21 times as on March 31, 2019 (Prov.) against 0.68 times as on
March 31, 2018. Further, on account of thin profitability the debt
coverage indicators of the firm remained weak marked by total debt
to GCA of 29.71 times as on March 31, 2019 (Prov.) as against 28.07
times as on March 31, 2018 and interest coverage of 1.35 times in
FY19 (Prov.) as against 1.31 times in FY18.  Further, operating
cycle of ACI remained elongated at 101 days during FY19 (Prov.) as
compare to 93 days during FY18 owing to elongated inventory
period.

Presence in highly fragmented industry
ACI operates in industry characterized by low entry barriers, high
fragmentation, the presence of a large number of players in the
organized and unorganized sector and very low bargaining power
against its customers, puts pressure on the profitability margins.

Seasonality associated with cotton availability and susceptibility
of margins to cotton price fluctuations and prices and supply for
cotton are highly regulated by government Prices of raw material
i.e. raw cotton are highly volatile in nature and depend upon
factors like, area under production, yield for the year,
international demand supply scenario, export quota decided by
government and inventory carry forward of last year. Further,
cotton being a seasonal crop as it is available mainly from
November to February results into a higher inventory holding period
for the business. Thus, aggregate effect of both the above factors
results in exposure of ginners to price volatility risk.
Furthermore, the cotton prices in India are highly regulated by
government through MSP (Minimum Support Price) fixed by government,
though due to huge demand supply mismatch the prices have rarely
been below the MSP. Hence, any adverse change in government policy
may negatively impact the prices of raw cotton in domestic market
and could result in lower realizations and profit.

Partnership nature of constitution
Being a partnership firm, ACI is exposed to inherent risk of
partners' capital being withdrawn at time of personal contingency,
and firm being dissolved upon the death/retirement/insolvency of
partners.

Key rating strengths

Experienced partners
Mr. Ashokbhai Dudhagara and Mr. Hashmukhbhai Pansuriya are partners
of the firm and looks after overall operations of the ACI. All the
partners possess more than decade of experience in the same line of
business.

Proximity to cotton growing area of Gujarat
ACI's plant is located in cotton-producing belt of Gujarat region
which is the largest producer of raw cotton in India. ACI's
presence in cotton-producing region results in benefit derived from
lower logistics expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
price and consistent demand for finished goods resulting in
sustainable revenue visibility.

Liquidity Analysis: Stretched Liquidity
The liquidity of ACI remained stretched during FY19 (Prov.) marked
low by cash and bank balance of INR0.12 crore as on March 31, 2019
(Prov.). Further, the average utilization of its working capital
limit remained high at 98% for past 12-months ended August 2019.
However, The cash flow from operating activity stood positive at
INR6.14 crore during FY19 (Prov.) as against negative CFO of
INR1.95 crore during FY18 due to realization of fund from
inventory. Further, GCA of ACI remained low at INR0.35 crore in
FY19(Prov). However, there is no term debt repayment obligation for
FY20.

Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm was owned by three partners namely Mr.
AshokbhaiDudhagara, Mr. Hashmukhbhai Pansuriya and Mr. Narendrabhai
Virani. Currently ACI is managed by two partners namely Mr.
Ashokbhai Dudhagara and Mr. Hashmukhbhai Pansuriya. ACI is engaged
in ginning and pressing of raw cotton. ACI's manufacturing facility
is located at Kalavad in Jamnagar District of Gujarat. ACI has an
installed production capacity of 230 cotton bales per day (24 hours
operation) as on March 31, 2019. Angel Fibers Limited (rated CARE
BB+; Stable/ CARE A4+) is associate entity of ACI, which is engaged
into manufacturing of carded, combed and compact cotton yarn since
2014.

AMBER AUTOMOBILES: CARE Reaffirms 'B' Rating on INR9cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Amber Automobiles (AMA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.00       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AMA continues to
remain constrained on account of its low profitability, highly
leveraged capital structure, weak debt coverage indicators along
with stretched liquidity. The rating also continues to remain
constrained on account of exposure to intense competition in the
automobile dealership industry, fortune of the firm linked with
growth of principal automobile manufacturers and its proprietorship
nature of constitution.

The rating, however, continues to draw strength from the experience
of the promoter in automobile dealership business. The rating also
factors in improvement in income in FY19 (Provisional, refers to
period April 1 to March 31); however scale of operations remain
moderate.

AMA's ability to increase its scale of operations along with
improvement in profitability and improvement in overall financial
profile with efficient management of its working capital
requirement shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Low profitability
Owing to its trading nature of operations, profitability of AMA
remained low marked by PBILDT margin and PAT margin of 3.33% and
0.57% in FY19(Prov.) as against PBILDT margin and PAT margin of
3.63% and 0.16% respectively in FY18(A). Further, during FY19
(Prov.) in absolute terms PBILDT and PAT improved but remained low
at INR2.62 crore and INR0.45 crore as compared to INR2.22 crore and
INR0.10 crore during FY18 (A).

Highly leveraged capital structure and weak debt coverage
indicators
Owing to high debt level as a result of high amount of working
capital limit utilisation and high amount of borrowing inform of
channel financing with low net-worth base, AMA's capital structure
remained highly leveraged marked by an overall gearing ratio of
27.95 times as on March 31, 2019 (Prov.) against from 42.60 times
as on March 31, 2018.

Further, as a result of highly leveraged position with low
profitability, the debt coverage indicators of the firm remained
weak marked by total debt to GCA of 22.32 times as on March 31,
2019 (Prov.) as against 31.20 times as on March 31, 2018 and
interest coverage of 1.57 times in FY19 (Prov.) as against 1.35
times in FY18.

Exposure to intense competition in the automobile dealership
industry
AMA has its presence in the competitive nature of automobile
industry. AMA is an authorised dealer for Mahindra & Mahindra and
has to compete with dealers of other brands belonging to four
wheeler segment. Intense pricing pressure has forced automobile
players to cut costs, leading to reduced commissions for dealers.

Fortune of the firm linked with growth of principal automobile
manufacturers
Though the firm is an authorized dealer of established brands like
Mahindra & Mahindra limited but any unfavourable event affecting
the growth plans of Original Equipment Manufacturer (OEM) will have
a significant impact on the performance of
AMA.

Constitution as partnership firm
AMA being a proprietorship firm is exposed to inherent risk of
proprietor's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor thereby affecting
financial flexibility of the firm.

Key rating strengths

Experienced proprietor
Proprietor, Mr. Rakesh Bakaliya holds more than a decade of
experience into similar industry through their associate firms and
manages overall operation of the firm.

Improvement in income albeit moderate scale of operations
The total operating income of AMA improved by 28.11% over previous
year on account of higher demand from customers and remained
moderate at INR78.44 crore during FY19 (Provisional) as compared to
INR61.23 crore during FY18.

Liquidity Analysis: Stretched Liquidity
The liquidity of AMA remained stretched during FY19 (Prov.) marked
by low cash and bank balance of INR1.28 crore as on March 31, 2019
(Prov.). Further, The cash flow from operating activity stood at
negative INR1.02 crore during FY19 (Prov.) due to blockage of funds
in inventory and receivables and the average utilization of its
working capital limit remained high at 98% for past 12-months ended
August 2019 with 84% of total capital deployed as working capital.
Cash accruals of AMA remained low at INR0.95 crore in FY19 (Prov).
However, there is no term debt repayment obligation for FY20.

Dahod (Gujarat) based Amber Automobiles was established in July,
2013 by Mr. Rakesh Bakaliya as an authorized dealer of Mahindra &
Mahindra Limited (M & M: rated CARE AAA; Stable/ A1+). AMA is an
authorized dealer for passenger vehicles of M & M. AMA has one
authorized dealership in Dahod and other two sub dealerships in
Jhalod and Piplod respectively. The firm is also engaged in sales
of second hand vehicles, spare parts and accessories. Mr. Rakesh
Bakaliya looks after the entire operations of the firm. In FY19
(Prov), AMA sold 1250 cars as against 1000 numbers of cars in FY18.

AVIRAT COTTON: CARE Reaffirms B+ Rating on INR17.09cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Avirat Cotton Industries Private Limited (ACPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          17.09       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACPL continues to
remain constrained on account of moderate scale of operations, thin
profit margins and weak debt coverage indicators. The rating also
continue to remain constrained owing to the susceptibility of
operating margins to cotton price fluctuations, its presence in
highly fragmented cotton ginning industry.

The rating, however, continues to derive strength from the
promoters' experience of more than a decade in cotton ginning
business and its proximity to cotton-producing area of Gujarat. The
rating also takes into consideration improvement in capital
structure and adequate liquidity in FY19 (A).

AIPL's ability to increase its scale of operations and improve its
profitability by managing the volatility associated with prices in
cotton and improvement in debt coverage indicators remains the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with thin profit margins
Total operating income (TOI) of ACPL declined marginally and
remained moderate at INR76.03 crore during FY19 (FY18:Rs. 77.81
crore) due to lower demand due to high competition in the cotton
industry. Operating profit margins deteriorated marginally on
account of proportionate increase in employee costs and selling
expenses and remained thin during FY19 marked by PBILDT margin of
1.40% (FY18:1.86%). However, with decline in depreciation and
interest cost, PAT margin improved marginally but remained thin at
0.13% during FY19 as against 0.07% during FY18. Overall
profitability remains thin due to its low value addition nature of
business. On account of thin profitability, gross cash accruals
(GCA) also remained at low at INR0.34 crore during FY19.

Weak debt coverage indicators
Debt coverage indicators of ACPL although improved due to decrease
in total debt outstanding as on March 31, 2019 as a result of
gradual repayment of term debt with lower outstanding balance of
working capital limit, remained weak marked by total debt to gross
cash accruals of 15.75 times as on March 31, 2019 (28.48 times as
on March 31, 2018). Also, Interest coverage ratio remained low at
1.56 times during FY19 due to low profitability during the year.

Susceptibility of operating margins to cotton price fluctuations
The profitability of ACPL is exposed to fluctuations in raw
material prices, which being agricultural commodity, its prices are
volatile in nature and linked to production in the domestic market.
Further, the supply of key raw materials is primarily dependent
upon monsoon during a particular year as well as overall climatic
conditions. Hence any adverse movement in cotton prices would
impact profitability of the company.

Presence in the highly competitive and fragmented cotton ginning
industry
ACPL operates in an industry characterized by high fragmentation
and intense competition on account of presence of a large number of
small and medium-scale units due to minimal technological and
financial investment requirement. Furthermore, due to limited value
addition, players present in this segment operate at a very low
bargaining power against its customers as well as suppliers.

Key Rating Strengths

Improved solvency position
Solvency position of ACPL improved and remained comfortable as on
March 31, 2019 marked by overall gearing ratio of 0.75 times as
against 1.35 times as on March 31, 2018 on account of decrease in
total debt as a result of gradual repayment of loan with lower our
outstanding balance of working capital borrowing as on date.

Experienced promoters
ACPL is promoted and managed by Mr. Bhupendrabhai Tala and Mr.
Bharatbhai Vataliya, who hold more than a decade of experience in
cotton ginning industry.

Proximity to the cotton-producing region of Gujarat
ACPL's plant is located in (Rajkot) Gujarat region which is the
largest producer of raw cotton in India. ACIPL's presence in
cotton-producing region results in benefit derived from lower
logistics expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price
and consistent demand for finished goods resulting in sustainable
revenue visibility.

Liquidity Analysis: Adequate Liquidity

Liquidity remained adequate marked by moderate average utilization
of its working capital limit at 60% for past 12 months ended August
2019. Further, Cash and bank balance remained INR0.62 crore as on
March 31, 2019 as against INR0.41 crore as on March 31, 2018 while
cash flows from operating activity remained positive at INR5.15
crore as against INR3.29 crore due to fund realized from
inventories. Gross cash accruals remained adequate at INR0.34 crore
during FY19 as against its gross loan repayment of INR0.20 crore
during FY20.

Rajkot (Gujarat) based ACIPL was incorporated in 2005 as a
partnership firm under the name M/s. Avirat Cotton Industries (ACI)
and then converted into a private limited company in 2008. ACIPL is
involved in cotton ginning & pressing, cotton seed crushing and
trading in agro commodities. ACPL operates from its sole
manufacturing unit located at Gondal (Gujarat) with an installed
processing capacity to manufacture 8,250 metric tonne per annum
(MTPA) of cotton bales, 1,460 MTPA of oil extraction and 10,950
MTPA of de-oiled cake as on March 31, 2019.

BADAMI SUGARS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Badami Sugars Limited
        Chalukya Nagar
        Bagalkot Dist. Badami
        Bagalkot KA 587201
        IN

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: April 6, 2020

Insolvency professional: Madhugiri Venkatarayappa Sudarshan

Interim Resolution
Professional:            Madhugiri Venkatarayappa Sudarshan
                         No. 984/13, 8th Main
                         Girinagar II Phase
                         Bangalore 560085
                         KA, IN
                         E-mail: sudarshan.mv@outlook.com
                                 rp.badami@gmail.com

Last date for
submission of claims:    October 23, 2019


BHARAT BRIGHT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bharat Bright Bars Private Limited
        Block No. 4, 1st Floor
        Saraswati Bhavan
        Lamington Road
        Mumbai 400007
        Maharashtra

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         c/o Omega Business Solutions Pvt. Ltd.
                         Unit 12, Kakad Industrial Estate
                         Lady Jamshedji Cross Road No. 3
                         Mahim (West) Mumbai 400016
                         E-mail: pjoshi.ip@gmail.com

Last date for
submission of claims:    October 23, 2019


C DOCTOR: CARE Raises Rating on INR1.75cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
C Doctor India Private Limited (CDIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       1.75       CARE B+; Stable Revised from
   Facilities                      CARE B; Stable

   Short-term Bank
   Facilities           1.50       CARE A4 Reaffirmed

   Long term/Short      2.50       CARE B+; Stable/CARE A4 Revised

   term Bank                       From CARE B; Stable/CARE A4
   Facilities           
                                   
Detailed Rationale & Key Rating Drivers

The revision in the long ratings assigned to the bank facilities of
CDIPL is mainly on account of increase in scale of operations and
profitability during FY19 (Audited, refers to period April 1 to
March 31). Further, ratings continue to derive strength from
experienced promoters with established track record of operations
and comfortable capital structure.

The rating continues to remain constrained due to modest orders on
hand, moderate debt coverage indicators, stretched liquidity,
susceptibility of operating margins to volatility in raw material
prices and forex rates coupled with tender-driven nature of
business for select contracts.

CDCPL's ability to further increase its scale of operations and
improvement in profitability along with maintenance of capital
structure with efficient working capital management are key rating
sensitivities. Further, support to group concerns, if any, and its
funding pattern for funding mix would remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate debt coverage indicators
As a result of low operating profitability as well as cash
accruals, the debt coverage indicators of the company remained
moderate marked by interest coverage of 2.93 times in FY19 (A) as
against 2.47 times in FY18 and total debt to GCA of 4.02 times as
on March 31, 2019 (A) as against 4.06 times as on March 31, 2018.

Modest orders on hand
CDIPL has modest orders on hand of INR16.50 crore(88% of TOI of
FY19) as on September 27, 2019 received from reputed clientele from
engineering goods industry, which are expected to be executed in
next one and half year reflecting its short term revenue
visibiliity.

Susceptibility of operating margins to volatility in raw material
prices and foreign exchange rates along with tender driven nature
of business for few contracts
The key raw materials for manufacturing industrial heaters and air
cooled condensers steel sheets, plates and tubes. The price of
steel, the key raw material, is fluctuating in nature and in the
absence of price variation clause in the contract, profit margins
of CDIPL remains vulnerable to volatility in the raw material
price. Thus any adverse change in the prices of the raw material
may affect the profitability of the company. Also, CDIPL exports
its products to few countries which make its margins susceptible to
fluctuation in foreign exchange rates. Also, few orders are
tender-driven in nature. The award of contracts is under bidding
process and lowest bidder gets the work. Hence the margins remain
under pressure for these contracts.

Key rating strengths

Experienced promoters with established track record of operations
CDIPL promoted and managed by three directors namely
SisirChakraborty, SaurabhSuhasbhai Mehta, SuhasbhaiVadilal
Mehta.The promoters of CDIPL hold on an average have an experience
of more than 2 decades in the same line of business. While CDIPL
was incorporated in 1958 reflecting its established track record of
business operation.

Improvement in scale of operations albeit remained small and
improvement in profitability albeit remained low
CDIPL is engaged into the business of manufacturing Industrial
heaters, Air cooled condensers and Industrial vacuum cleaning
system.

The scale of operation of CDIPL improved by 51.21% over previous
year on account of higher amount of order execution during the year
albeit remained small at INR18.75 crore during FY19 (Audited,
refers to period April 01 to March 31) as compared to INR12.40
crore during FY18.

Further, the operating profitability of CDIPL decline over previous
year but remained moderate as marked by PBILDT margin of 13.36%
during FY19 as against 15.48% during FY18 owing to high amount of
consumption cost. Also, PAT margin improved by 169 bps and remained
5.11% as compare to 3.42% during FY18 (A) owing to proportionate
decline in interest and depreciation cost.

During FY19 (A) in absolute terms PBILDT and PAT improved but
remained low at INR2.51 crore and INR0.96 crore respectively as
compare to INR1.92 crore and INR0.42 crore respectively during FY18
(A). Consequently, gross cash accruals also remained low at INR1.48
crore in FY19.

Comfortable capital structure
Owing to moderate net-worth base with lower external debt
obligations, ACI's capital structure remained comfortable marked by
an overall gearing ratio of 0.81 times as on March 31, 2019 (A)
against 0.76 times as on March 31, 2018.

Liquidity Analysis: Stretched liquidity position
Liquidity CDIPL remained stretched marked by modest current ratio
of 1.12 times as on March 31, 2019 (A). Cash flow from operating
activity also remained low at INR0.17 crore during FY19 (A) reduced
from CFO of INR2.06 crore in FY18 owing to blockage of fund in
receivables. The cash and bank balance also remained low at INR0.02
crore as on March 31, 2019 (A). Furthermore, the average
utilization of its working capital limit remained high at 98% for
past 12-months ended May 2019.

Ahmedabad-based (Gujarat), CDIPL, an ISO 9001:2008 certified
private limited company was incorporated during 1958 as Industrial
Machinery Manufacturers Private Limited. Later on during 2001, it
resumed its current name. CDIPL is engaged in the business of
manufacturing of industrial heaters, air cooled condensers and
industrial vacuum cleaning system which finds application in wide
number of industries like power, cement, paper, sugar, fertilizer
etc. It operates from its manufacturing facilities located at
Ahmedabad. Mr. Suhas Mehta, Mr. Saurabh Mehta and Mr. Sisir
Chakraborty are the present directors of CDIPL.

The group companies include C Doctor and Company Private Limited
(CDCPL; rated CARE B-; Stable/ CARE A4, engaged in the business of
supply and erection of heating, ventilation and air conditioning
system on turnkey basis), CB Doctor Ventilators Private Limited
(CBVPL, rated CARE B+; Stable/ CARE A4, engaged into the business
of manufacturing of industrial fans and industrial blowers) and
Mehta Machinery Private Limited (engaged in the business of
manufacturing of humidification ventilation plant).

CELITE TYRE: CARE Lowers Rating on INR15.90cr LT Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Celite Tyre Corporation (CTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      15.90       CARE B; Stable Revised
   Facilities                      from CARE D
   (Fund Based
   Limits)             
                                    
   Short Term Bank     12.75       CARE A4 Revised from
   Facilities (Non-                CARE D
   fund Based Limits)  


Detailed Rationale & Key Rating Drivers

The revision in the ratings for the bank facilities of CTC takes
into account track record of regular servicing of its debt
obligations over the last 90 days with no instance of overdrawal in
its fund based limits exceeding 30 days.

The ratings for CTC, however, continue to remain constrained on
account of its modest scale of operations, weak leverage and debt
coverage indicators and poor liquidity along with working capital
intensive nature of operations. The ratings also continue to remain
constrained on account of CTC's constitution as proprietorship firm
and exposure of its profitability to volatility in prices of traded
goods as well as foreign exchange rates. The ratings, however,
continue to draw strength from the experience of the proprietor in
the tyre trading industry, longstanding track record of CTC's
operations and its established distribution network.

CTC's ability to increase its scale of operations and improve its
profitability along with prudent management of its working capital
requirements while improvement in its capital structure are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations: CTC's scale of operations declined from
INR121.44 crore in FY17 to INR63.49 crore in FY19, primarily on
account of shift of CTC's passenger vehicle tyre business to Celite
Tyre Pvt. Ltd. (CTPL), an associate concern along with reduced
demand for off-the-road (OTR) tyres due to slowdown in demand from
end user industries, particularly in mining.

Weak capital structure and debt coverage indicators: CTC's capital
structure remained weak marked by an overall gearing of 4.68x as on
March 31, 2019, which deteriorated from 2.28x as on March 31, 2017.
This was on account of withdrawal of capital by the proprietor and
increased reliance on bank borrowings and unsecured loans by the
proprietor to fund working capital requirements. This also
translated into weak debt coverage indicators for the firm, marked
by a TD/GCA of 28.47x as on March 31, 2019.

Poor liquidity: CTC's liquidity remained poor with full utilization
of its fund based working capital limits over the last 12 months
ended September 2019 and an operating cycle of 156 days. This long
operating cycle largely reflects the decline in CTC's scale of
operations over last three years ended FY19, without commensurate
reduction in outstanding receivables on account of delay in
realization of payments from customers. Due to this, there were
overdrawals in CTC's working capital limits in the recent past,
however, over the last 90 days, the servicing of debt obligations
has been regular with no instance of overdrawal exceeding 30 days.
Further, CTC has negligible term loan outstanding in next 2-3 years
which provides some respite for its liquidity.

Vulnerability of profitability to adverse fluctuation in forex
rates: CTC is exposed to unfavourable movement in forex rates due
to its import of tyres, which forms about 50% of its total
purchase. Also, as CTC does not have any exports, there is no
natural hedge for its import payables. Further, despite sizeable
exposure to forex risk, it does not have any active hedging policy
in place, underlining the inherent risk.

Key Rating Strengths

Extensive experience of proprietor: Mr. Kamlesh Mehta, proprietor
of CTC, has more than two decades of experience in the tyre trading
industry. He looks after overall business operations of the entity
and takes all the key decisions. Mr. Kamlesh Mehta is also
associated with another group entity 'Celite Tyre Private Limited'
(CTPL), which trades in premium branded tyres.

Established distribution network: CTC is the authorized distributor
for various brands of tyres such as Achilles, Goodyear, Birla,
Apollo and JK tyres. These tyres find application in diverse
industries such as automobile, mining, cement, steel and
infrastructure. CTC operates from its warehousing facility located
at Vadodara with a storage capacity of more than 50,000 tyres and
has distribution network as well as stocking points spread across
14 different locations in India. With its established distribution
network, CTC sells OTR tyres directly to the end customers while
commercial vehicle tyres are sold through
dealers as well as own sales network.

Established in 1996, CTC is a Vadodara, Gujarat based
proprietorship firm established by Mr. Kamlesh Mehta. CTC is the
authorized distributor for tyres such as off the road (OTR) tyres
and commercial vehicle tyres. CTC operates from its warehousing
facility located at Vadodara and has distribution network as well
as stocking points spread across India. Mr. Kamlesh Mehta is also
associated with another group entity Celite Tyre Private Limited
(CTPL), which trades in premium branded tyres.

DIGHI PORT: NCLAT Allows NCLT Mumbai to Decide on Adani Ports' Bid
------------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) gave its go-ahead to National Company Law
Tribunal, Mumbai to decide on Adani Ports and SEZ Ltd.'s bid for
Dighi Port.  

However, the outcome would be subject to its final order, the NCLAT
added.

According to BloombergQuint, NCLT has reserved its order over an
application moved by the resolution professional of Dighi Port for
approval of the INR650 crore resolution plan submitted by Adani
Ports and Special Economic Zone under Section 31 of the Insolvency
and Bankruptcy Code.

BloombergQuint relates that the Committee of Creditors of Dighi
Port had voted in favor of the resolution plan by Adani Ports and
rejected the promoters' offer to settle the dues under Section 12A
of the Insolvency and Bankruptcy Code.

A two-member bench headed by Chairperson Justice SJ Mukhopadhaya
asked the creditors and the resolution professional of Dighi Port
Ltd to file a comparative chart giving compatability and
feasibility of the plans in two weeks, the report says.

"Pendency of this appeal would not come in the way of adjudicating
authority (NCLT) to decide" over it, the NCLAT said. However, it
added, "If any plan approved, it should be subject matter of this
appeal."

During the proceedings, the counsel appearing for promoters and
suspended directors of the company submitted before the appellate
tribunal that their offer of INR730 crore was rejected by the
creditors, who selected a lower bid of INR650 crore by the Adani
Group, BloombergQuint relays.

He further submitted that promoters have also proposed an upfront
payment of INR100 crore within a week and unlike Adani, are also
paying the operational creditors of the company.

However, the appellate tribunal said that promoter proposals under
Section 12 A cannot be compared with the plans submitted by
resolution applicants. The NCLAT has directed the matter to be
listed on Dec. 2 for next hearing, the report notes.

Earlier on Sept. 19, the NCLAT was informed by the CoC that the bid
submitted by APSEZ has been approved with 99.68 percent votes,
according to BloombergQuint.

It was also informed that the proposal by the promoters under
Section 12A to settle the dues and bring the company out of
insolvency was not accepted.

Dighi Port, which is being developed by Balaji Infra Projects in
Raigad district of Maharashtra, is going through insolvency
resolution process. APSEZ and Jawaharlal Nehru Port Trust were
among the bidders.

The NCLAT had earlier in August directed the CoC to approve a
resolution plan within three weeks and also to evaluate the
proposal submitted by its promoters, BloombergQuint recalls. The
lenders had rejected the resolution plan filed by Adani Ports and
approved JNPT's bid. However, Adani Ports moved the NCLAT by filing
an appeal.

                         About Dighi Port

Dighi Port Limited (DPL) has been promoted by Balaji Infra Projects
Ltd (BIPL, holding 51.01%), Infrastructure Leasing & Financial
Services Ltd (IL&FS, holding 39.37%) and Tara India Fund III LLC
(5.46%) as a Special Purpose Vehicle (SPV) for the development of
port at Dighi, Maharashtra. As per the Concession Agreement (CA)
dated March 17, 2002 with Maharashtra Maritime Board (MMB), DPL
would develop, design, finance, construct, operate and maintain the
port on Build, Own, Operate, Share and Transfer (BOOST) basis for a
period of 50 years. The port is located in the Rajpuri Creek, in
Raigad District in the State of Maharashtra on the West Coast of
India.

Dighi Port went into insolvency proceedings in 2018 after the
Mumbai bench of the NCLT allowed a recovery plea by DBM Geotechnics
and Constructions Pvt Ltd, one of its operational creditors, for
nonpayment of dues, according to BloombergQuint.

FOUR FRESH: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Four Fresh Retail Private Limited
        Property No. B-9, 4th Floor
        ITL Twin Tower
        Netaji Subhash Place
        New Delhi 110034

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Arti Baluja

Interim Resolution
Professional:            Arti Baluja
                         H-34/100, Sector-3
                         Rohini, New Delhi 110085
                         E-mail: ca.artibaluja@gmail.com
                                 irpfourfresh@cabaluja.com

Last date for
submission of claims:    October 21, 2019


FUTEC SHELTERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Futec Shelters Private Limited
        R-19, 3rd Floor
        Near Shakarpur
        Laxmi Nagar, Vikas Marg
        New Delhi 110092

Insolvency Commencement Date: October 9, 2019

Court: National Company Law Tribunal, New Delhi Principal Bench

Estimated date of closure of
insolvency resolution process: April 6, 2020

Insolvency professional: Sunil Prakash Sharma

Interim Resolution
Professional:            Sunil Prakash Sharma
                         Lower Ground Floor
                         E-25, Lajpat Nagar-3
                         New Delhi 24
                         E-mail: adv.sunilprakash@gmail.com

                            - and -

                         Lower Ground Floor
                         2/6A, Jungpura-A
                         New Delhi 14
                         E-mail: irpsunil.futecshelters@gmail.com

Insolvency
Professionals
Representative of
Creditors in a class:    Shailesh Dayal
                         Mobile: 9811255855
                         E-mail: shaileshdayal@gmail.com

                         Ashok Kumar Jalan
                         Mobile: 9312279229
                         E-mail: akjalan@jalanca.com

                         Bhim Sain Goyal
                         Mobile: 9811081491
                         E-mail: bspgoyal1@gmail.com

Last date for
submission of claims:    October 25, 2019


GAZEBO CONSTRUCTIONS: CARE Keeps 'B' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gazebo
Constructions Private Limited (GCPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 5, 2018, placed the
rating of GCPL under the 'issuer non-cooperating' category as GCPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
September 24, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on October 5, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from MCA website)

Key Rating Weaknesses

Small and fluctuating scale of operations with low PAT margin
The scale of operations remained small at INR2.65 crore with
healthy PBILDT margin of 29.97% in FY18. Further the company
registered net profit of INR0.05 crore in FY18 against net loss of
INR0.03 crore in FY17.

Low project preparedness level coupled with funding risk
In respect to the project preparedness, the project is at modest
stage of development with approximately 44% of the total
construction cost incurred till April 30, 2017. The company is
exposed to the execution risk for the project under development.
Furthermore, the company has not tied up with the amount of term
loan of INR2.00 crore. The loan proposal is pending with the bank.
Therefore, the company is exposed to execution risk as well as
funding risk.

Leveraged capital structure and weak debt coverage indicators
The capital structure remained leveraged with overall gearing of
4.82 times as on March 31, 2019, improved from 5.53 times as on
March 31, 2017 owing to decrease in total debt with registration of
net profit in FY18 Further debt coverage indicators remained
leveraged with total debt to GCA of 29.69 times in FY18 against
72.09 times in FY17 and interest coverage of 1.16 times in FY18.

Weak Liquidity position
Owing to significantly decline in scale of operations in FY18, the
operating cycle stood elongated at 2647 days in FY18 with current
and quick ratio stood at 1.48 times and 0.03 times as on March 31,
2018.

Marketability risk and market competition
The company has booked only 38 flats out of 84 flats. The risk of
marketing and selling of the remaining flats still exists as per
the current booking status of the project. Moreover, the Indian
real estate industry is highly fragmented in nature with the
presence of a large number of organized and unorganized players
spread across various regions. Many townships are emerging in
cities like Patiala and small players are coming with projects in
these areas.

Geographically concentrated revenue profile
GCP entirely derives its revenue from the orders in the Punjab
state which exposes the company to geographical concentration risk
and closely ties its fortunes to the incremental development of
civil projects in the state. Although the state offers a relatively
conducive business environment for industry players, it also
witnesses high level of competition due to large number of players
and low profit margins.

Cyclicality associated with real estate industry and exposure to
local demand-supply dynamic
The company is exposed to the cyclicality associated with real
estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals. In case of real estate
companies, the profitability is highly dependent on property
markets. This exposes these companies to the vagaries of property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market.

Fragmented nature of the construction sector albeit improving
growth prospects
The construction sector in India is highly fragmented with a large
number of small and mid-sized players. This coupled with tendering
process in order procurement results into intense competition
within the industry. Additionally, continued increase in execution
challenges including delays in land acquisition, regulatory
clearances and elongated working capital cycle due to longer
gestation period of the projects collectively put pressure on the
credit profile of the players. Despite these road blocks faced by
the industry, the sector is expected to grow, given huge economic
significance associated with it and rising investor interest. Also,
the outlook for Indian construction sector continues to be stable
in the medium to long-term on account of increased thrust of
Government on development of infrastructure to support economic
growth.

Key Rating Strengths

Experienced promoters and established track record of entity
GCP was incorporated as a private limited company in February 2007
and is currently being managed by Mr. Srijan Kumar Bansal and Mrs.
Minaxi Aggarwal. Mr. Srijan Kumar Bansal and Mrs. Minaxi Aggarwal
have a total industry experience of two decades and one and a half
decades respectively which they have gained through their
association with GCP and other entity- namely M/s Srijan Bansal &
Co., Patiala (a proprietorship firm engaged in construction
business since 1997; operations discontinued in 2007). Furthermore,
the directors have industry experience through the group concerns
also and thus have adequate acumen about various aspects of
business which is likely to benefit GCP in the long run.

Land acquired and relevant approvals in place
The entire cost of the land acquisition for the ongoing "Gokul
Tower" project has been fully paid amounting to INR4.00 crore and
construction has already started. As per management, the company
has taken all requisite approvals and clearances for the project
namely building, construction approval etc.

Moderate order book in hand
The company has a moderate order book position with outstanding
order book of INR30.00 crore as on May 10, 2017 to be executed by
FY19. The current order book of the company is 12.65x times of the
revenue for FY16. The order book of the company comprises orders in
different stages of execution, which provides sufficient medium
term visibility on the revenue stream.

Gazebo Constructions Private Limited (GCP) was incorporated in
February 2007 as a private limited company and is currently being
managed by Mr. Srijan Kumar Bansal and Mrs. Minaxi Aggarwal, as its
directors. GCP is engaged in civil construction work in Punjab
which includes infrastructure development, construction of
hospitals, education institutes, bridges etc. The company is
registered with Punjab Urban Planning and Development Authority
(PUDA). The orders undertaken by the company are secured through
the competitive bidding process. However, GCP mainly undertakes
private sector contracts. In 2011, the company entered into the
real estate business as well. Furthermore, GCP is also engaged in
developing commercial and residential complexes for other builders
and developers. Besides GCP, the directors are also engaged in
other group concerns namely Mittal Innovations Private Limited
(MIPL), Gazebo Super Infrastructure Private Limited (GSIP), P-Sat
Enterprises (PSE) and P-sat concrete solutions (PCS).

KEDAR COTTON: CARE Reaffirms B+ Rating on INR12.16cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kedar Cotton Industries (KCI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           12.16      CARE B+; Stable Reaffirmed

Detailed rationale

The rating assigned to the bank facilities of KCI continues to
remain constrained on account of its moderate scale of operations,
thin profit margins, leveraged capital structure, weak debt
coverage indicators in FY19 (Audited, refers to the period April 1
to March 31). Furthermore, the ratings are also constrained on
account of its partnership nature of constitution, susceptibility
of profit margins to volatility in raw material prices and inherent
risks associated with the cotton industry such as high degree of
fragmentation, seasonality and probable impact of the government
policies.

The rating however derives strength from experience of the partners
in the cotton industry along with the firm's presence in cotton
producing belt of Gujarat. Rating also takes into consideration
adequate liquidity of the firm. KCI's ability to improve its scale
of operations, profit margins, capital structure and debt coverage
indicators along with efficient working capital management would
remain the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Moderate scale of operation with thin profit margins
Due to adverse market fluctuations, the scale of operations marked
by total operating income (TOI) declined by 13.41% remained
moderate at INR69.16 crore during FY19 as against INR79.87 crore
during FY18. The overall profitability remains thin owing to low
value additive nature of business along with highly competitive
industry. Hence, during FY19, profit margins improved marginally
but continued to remain thin, marked by PBILDT margin of 2.26%
(FY18:1.82%) and PAT margin of 0.73% (FY18:0.11%).

Leverage capital structure coupled with weak debt coverage
indicators
On the back of high total debt and a low net worth base, the
capital structure of the firm has deteriorated and continued to
remain leveraged, marked by overall gearing ratio of 6.60x as on
March 31, 2019 as against 6.29x as on March 31, 2018. Further,
owing high debt levels and thin profitability, the debt coverage
indicators remained weak, as marked by high TDGCA ratio of 23.81
years during FY19 though improved from 65.40 years during FY18.
Further interest coverage ratio remained moderate at 1.72x during
FY19 as against 1.23x during FY18.

Constitution as a Partnership firm
The constitution as a partnership firm restricts KCI's overall
financial flexibility in terms of limited access to external funds
for any future expansion plans. Further, there is inherent risk of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of any of the partners.

Susceptibility of profit margins to volatility in the raw material
prices and inherent risks associated with the cotton industry
Profit margins of KCI remain susceptible to changes in its primary
raw material i.e. raw cotton which is an agricultural commodity and
hence its prices are volatile in nature; linked to production in
the domestic market. Production is volatile due to its dependence
on seasonality.

Further, the cotton prices in India are highly regulated by the
government through MSP (Minimum Support Price) hence any adverse
change in government policy may also impact the prices of raw
cotton. High proportion of small scale units operating in the
cotton value chain has resulted in the fragmented nature of the
industry as well as intense competition within the players.

Key Rating Strengths

Experienced promoters coupled with presence in cotton growing
region of Gujarat
Promoters of KCI hold more than a decade of experience into similar
line of operations. Furthermore, the manufacturing facilities of
KCI are located at Kadi in Gujarat, which is a major cotton growing
region of the state. Thus, KCI's presence in the cotton producing
region results in benefit derived from lower logistic expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective prices.

Liquidity Analysis: Adequate Liquidity
Liquidity remained adequate marked by positive cash flow from
operating activity (CFO) of INR3.50 crore as against negative CFO
of INR1.13 crore in FY18. Further, average utilization of working
capital limits remained at 75% during the past 12 months ended
August 2019. Furthermore, the cash accruals remained adequate of
INR0.66 crore in FY19 as against its principal repayment
obligations of INR0.09 crore for FY20. However, as on March 31,
2019, cash and bank balance was low at INR0.50 crore.

Kadi (Gujarat) based partnership firm established by six members of
a Patel family which was taken over from Parikh Family in August
2008. Mr. Bharatbhai Patel and Mr. Laljibhai Patel are the key
partners of the firm and all the partners actively look after the
overall operations of the firm. KCI is involved in the cotton
ginning & pressing and crushing of cotton seeds activity with main
products as cotton bales, cotton seeds, cotton seed oil and cotton
cake with an installed capacity of 12,750 Metric Tonnes Per Annum
(MTPA) for cotton bales and 9,000 MTPA for crushing cotton seed as
on March 31, 2019 at its sole manufacturing facility located in
Kadi(Gujarat).

KHATI DESIGN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Khati Design Private Limited
        G-73, RIICO Industrial Area
        Bagru Extn. Bagru
        Jaipur 303007
        Rajasthan

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: April 2, 2020

Insolvency professional: Satyendra Prasad Khorania

Interim Resolution
Professional:            Satyendra Prasad Khorania
                         402, OK Plus DP Metro
                         Opp. Metro Pillar No. 94
                         New Sanganer Road
                         Jaipur 302019
                         E-mail: skhorania@live.com
                                 khatidesign.ip@gmail.com

Last date for
submission of claims:    October 19, 2019


KOPARGAON AHMEDNAGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Kopargaon Ahmednagar Tollways (Phase-I) Private Limited

        Registered office as per ROC company master data:
        510, 5th Floor, ABW Tower
        IFFCO Chock, MG Road
        Gurgaon HR 122002
        India

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: Vanit Kumar Mittal

Interim Resolution
Professional:            Vanit Kumar Mittal
                         C-2495, Basement
                         Sushant Lok-1
                         Near Gold Souk Mall
                         Gurgaon, Haryana 122002
                         E-mail: vanit.mittal@vmtcorpadvisors.com

Last date for
submission of claims:    October 21, 2019


LEESUN CERAMIC: CARE Reaffirms B+ Rating on INR5.73cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Leesun Ceramic Tiles Company (LCTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.73       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           0.50       CARE A4 Reaffirmed

Detailed rationale

The ratings assigned to the bank facilities of LCTC continue to
remain constrained on account of its small scale of operations and
low profitability in FY19 (Provisional) (from April 1 to March 31);
along with stretched liquidity. Furthermore, the ratings are also
constrained on account of its presence into highly fragmented
ceramic industry along with fortunes dependent on real estate
market; susceptibility of profit margins to volatility in prices of
raw material, power and fuel and partnership nature of
constitution. The ratings, however, derive comfort from the
experienced promoters, locational advantage having presence into
ceramic hub and support from group entities. The ratings also
factors in improvement in capital structure as well as debt
coverage indicators in FY19 (Prov).

LCTC ability to increase its scale of operations and profit margins
in light of volatile raw material and fuel costs would remain the
key rating sensitivities. Furthermore, improvement in capital
structure and debt coverage indicators would also remain crucial.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with low profitability
During FY19 (Prov.), LCTC has registered marginal growth in its
scale of operations but continued to remain small at INR12.16 crore
(FY18: INR12.02 crore). Further, as a consequence of small scale of
operation the profitability remained low in absolute terms marked
by PBILDT and PAT of INR2.13 crore and INR0.50 crore respectively
in FY19(Provisional) as against PBILDT and PAT of INR2.06 crore and
INR0.25 crore in FY18.

Partnership nature of constitution
The constitution as a partnership firm restricts LCTC's overall
financial flexibility in terms of limited access to external funds
for any future expansion plans. Further, there is inherent risk of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of any of the partners.

Susceptibility of profit margins to volatility in prices of raw
material and fuel
Prices of raw material i.e. clay is market driven and puts pressure
on the margins of tile manufacturers in case of volatility into the
same. Another major cost component is fuel expenses in the gas form
which is to fire the furnace. The profitability of LCTC remains
exposed to volatile natural gas prices, mainly on account of its
linkages with the international demand-supply of natural gas. Hence
any adverse movement in material and fuel prices impacts
profitability of the Firm.

Presence into highly fragmented ceramic industry along with
fortunes dependent on real estate market
LCTC operates in single segment of ceramic industry i.e. wall tiles
which are highly competitive and fragmented with the presence of
numerous organized as well as unorganized players operating in the
domestic market. Low entry barriers, easy availability of raw
material and limited initial capital investment requirement has
attracted a large number of regional and unorganized players
putting pressure on profitability of the existing as well as new
players. Furthermore, most of the demand for the tiles comes from
the real estate industry, which, in India is highly fragmented and
cyclical. The real estate industry is also highly sensitive to the
interest rates and liquidity position in market. Thus any negative
impact on the real estate industry will adversely affect the
prospects of ceramic tiles industry as well as the firm.

Key Rating Strengths

Experienced promoters coupled with presence into ceramic cluster
Promoters of LCTC hold more than a decade of experience into
similar line of operations. Further, manufacturing facilities of
LCTC are located at Wankaner, Morbi in Gujarat. Majority of the
total ceramic tiles production in India comes from the Morbi
cluster. Primary raw materials are easily available from the local
market of Gujarat coupled with availability labours, accessibility
of water, power connection, gas connection and the nearby location
of the major seaport, Kandla leading to facilitating delivery of
finished products in a timely manner.

Improvement in capital structure and debt coverage indicators which
remained at moderate level
The capital structure has improved and remained moderate marked by
an overall gearing stood at 1.94x as on March 31, 2019 as compared
to 3.18x as on March 31, 2018 on back of decrease in total debt as
a result of gradual repayment of term debt along with repayment of
its unsecured loans. Further, as a consequence of decrease in total
debt along with improvement in profitability in absolute terms, the
debt coverage indicators marginally improved and remained moderate
marked by an interest coverage ratio stood at 2.07 times during
FY19 (Prov.) as against 1.84x during FY18 and total debt to GCA of
5.81 years during FY19 (Prov) as against 9.38 years during FY18.

Liquidity Analysis: Stretched Liquidity
Liquidity was stretched during FY19 (Prov) marked by low cash flow
from operating activity (CFO); although improved to INR2.83 crore
in FY19 (Prov.) as against to INR1.75 crore in FY18. Further, cash
accruals at INR1.10 crore in FY19 (Prov) are tightly matched as
against its principal repayment obligations of INR1.08 crore for
FY20. Also, the average utilization of working capital limits
remained high at 98% during the past 12 months ended August 2019.
Cash and bank balance was low at INR0.29 crore as on March 31, 2019
as against INR0.12 crore as on March 31, 2018.

Wankaner-based (Gujarat) LCTC, was incorporated in 2013 by Mr.
Manoj Patel, Mr. Mukesh Sontaki, Mr. Manoj Amrutiya and Mr. Jadevji
Bopaliya. It is engaged in manufacturing of ceramic digital printed
wall tiles. LCTC's manufacturing facilities are located at Wankaner
city of Gujarat having total installed capacity of around 8000
boxes per day (48000 MTPA) for tiles of size of "8 X 12" as on
March 31, 2019. LCTC sells its products under the brand name
"Leesun Tiles".

LOKESH ADVISORY: CARE Keeps 'B+' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lokesh
Advisory Private Limited (LAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       1.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Short term Bank      7.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from LAPL to monitor the
ratings vide e-mail communications dated September 30, 2019,
September 23, 2019, September 11, 2019, September 9, 2019,
September 5, 2019, and August 30, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on LAPL's bank facilities will now be denoted as CARE B+;
Stable/ CARE A4; ISSUER NOT COOPERATING.

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

LSK PROJECTS: CARE Reaffirms B+ Rating on INR1.75cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
LSK Projects Private Limited (LSK), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           1.75       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           6.95       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of LSK continues to be
tempered by leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of operations, tender
based nature of operations, profitability margins are susceptible
to fluctuation in raw material prices, highly fragmented industry
with intense competition from other players. The rating also
factors decline in profitability margins, growth in total operating
income during FY 19 (CA Certified Provisional; refers to period
April 1 to March 31). However, the rating continues to derive
strength from experience of the promoters for two decades in
construction industry with established track record, medium term
revenue visibility from order book position, stable outlook of
civil construction industry.

Going forward, the ability of the company to increase its scale of
operations, execute the projects in timely manner and timely
receipt of contract proceeds remains the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure and weak debt coverage indicators
The debt profile of the company comprised of mobilization advances
(75%), working capital borrowings (12%) besides, unsecured loans;
vehicle loan availed to the execution of projects. The capital
structure of the company marked by overall gearing of the remained
unchanged at 2.32x in FY19 (CA Certified Prov.) due to accretion of
profits to reserves although the total debt level increased in
terms of unsecured loans and mobilization advances.

Further, the debt coverage indicators marked by interest coverage
ratio improved from 2.62x in FY18 to 4.38x in FY19 (CA Certified
Prov.) on the back of low interest cost, While TD/GCA deteriorated
and stood at 30.84x in FY19 (CA Certified prov.) as compared
18.26xin FY18 due to increase in total debt levels coupled with low
cash accruals generated. Further, the Total debt to CFO stood
negative due to absolute increase in receivables and coupled with
marginal decline in the payables as on March 31, 2019 (CA Certified
prov.).

Working capital intensive nature of operations
The company is operating in a working capital intensive industry on
account of stretched collection days. During FY19 (CA Certified
Prov.), the average collection days continues to be elongated at
417 days as compared to 659 days in FY18. The company maintains
average inventory of around a month to execute the current projects
in timely manner. The company procures its material on credit and
gets a credit of around 90 days from its suppliers. However, due to
delay in realization of prime contractors and ~5% of projects costs
are subjected to retention money for period of 12 months. To manage
working capital gap, the company has availed additional credit
period up to six months which resulted in higher creditor period.
Due to the above said factors, the operating cycle of the company
stood at 207 days in FY19 (CA Certified Prov.) as against 331 days
in FY18. The average utilization of the cash credit facility was
90-95% for the last 12 month ended August 31, 2019.

Tender based nature of operations
The work orders of the company are tender- based. The revenues of
the company are dependent on the ability of the promoters to bid
successfully for the tenders and execute the same effectively.
However, the promoter's long experience in the industry for more
than two decade mitigates the risk to an extent. Nevertheless,
there are numerous fragmented & unorganized players operating in
the segment which makes the industry highly competitive.
Furthermore, the profitability margins also come under pressure
because of competitive nature of the tender based contract works of
the company.

Profitability margins are susceptible to fluctuation in raw
material prices
The basic input materials for execution of contracts are steel and
cement, the prices of which are highly volatile. Moreover, the
company does not have any long term contracts with its suppliers
for purchase of aforesaid raw materials. Hence, the operating
margin of the company is exposed to any sudden spurt in the input
material prices along with increase in labor prices being in labor
intensive industry. Furthermore, the company does not have price
variation clause in work agreements which would impact the
profitability of the company.

Highly fragmented industry with intense competition from other
players
The company is engaged in construction of civil works, which is
fragmented industry due to presence of large number of organized
and unorganized players in the industry, the company faces huge
competition.

Decline in Profitability margins
The PBILDT margin has declined in FY19 (CA Certified Prov.) by 544
bps and stood at 6.88% as compared to 12.32% in FY18 due to nature
of work undertaken where projects are not covered by the price
escalation clause. The PAT margin had declined by 172 bps and stood
at 0.38% in FY19 (CA Certified Prov.) as compared to 2.10% in FY18
on account of absolute increase in the tax expenses.

Key Rating Strengths

Experience of the promoters for two decades in construction
industry with established track record
LSK Projects Private Limited (LSK) was incorporated in the year
2008, prior to which it was established as a proprietorship concern
in the year 1991. The company is managed by Mr. L. Satish Kumar and
Mrs M Vedavathi. Mr. L. Satish Kumar is a qualified Graduate and
has two decades of experience in the civil construction industry.
Due to his experience, he is able to establish long term
relationship with clientele, which has helped in developing the
business and securing of new orders Medium-term revenue visibility
from order book position The company has an order book of INR33.98
crore as on September 23, 2019 which translates to 2.62x of total
operating income of FY19 (CA Certified Prov.). The said order book
is expected to be executed by FY19-20 which provides revenue
visibility for medium term period.

Stable outlook of civil 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. During the last few years there was a
reduction in flow of orders along with slow movement of the
existing order book. However, 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
infrastructure sector are expected to dominate the overall business
for construction companies. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Growth in total operating income during FY19
The scale of operations has been improved during review period on
account of execution of the new orders. However, the total
operating income (TOI) remained small at INR12.98 crore in FY19(CA
Certified Prov.) coupled with low net worth base of INR4.21 crore
as on March 31, 2019(CA Certified Prov.) as compared to TOI of
INR7.16 crore and net worth of INR3.66 crore in
FY18.

Liquidity Analysis: Stretched
The liquidity profile of the firm is stretched. The firm has low
cash and bank balance of INR0.03 crore as on March 31, 2019(CA
Certified Prov.) The average working capital limit utilization
stood at 95% for the 12-month period ended August, 2019. The
current ratio remained above unity at 1.87x as on March 31, 2019
(CA Certified Prov.). The working capital cycle was elongated at
around 417 days as on March 31, 2019 (CA Certified Prov.).

LSK Projects Private Limited (LSK) was incorporated in the year
2008. It is promoted by Mr. L. Satish Kumar and his spouse Mrs. M
Vedavathi. LSK is engaged in the civil construction works like
construction of multistoried buildings, industrial and
administrative buildings and other structures. The company is
registered with various government agencies with specialization in
Buildings, Public Health Engineering Works and other Structures.
The company has current order book of INR33.98 crore to be
completed by June, 2020.

MANDEEP INDUSTRIES: CARE Reaffirms B+ Rating on INR44.09cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
M/s. Mandeep Industries (MI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          44.09       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           3.00       CARE A4 Reaffirmed


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MI continue to
remain constrained by its modest scale of operations and thin
profitability, highly leveraged capital structure and weak debt
coverage indicators along with its stretched liquidity. The ratings
are further constrained due to susceptibility of profitability to
volatility associated with raw material prices, its presence in a
highly fragmented and competitive agri processing industry and MI's
constitution as partnership firm.

The ratings, however, continue to derive strength from the
experience of partners in agro processing business, MI's long
standing track record & integrated operations with support of group
entities engaged in similar line of business and locational
advantage of being present in close proximity to groundnut
producing region of Gujarat.

The ability of MI to grow its scale of operations along with
improvement in its profitability and effective management of its
working capital would be the key rating sensitivities. Continued
support of MI's partners towards timely funding for various
exigencies would also be crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with thin operating profitability:
During FY19, MI's scale of operations remained modest as the
decline in income from its manufacturing activities was offset by
higher trading income. Further, MI's profitability remained thin
marked by a PBILDT margin of 4.32% and PAT margin of 0.21% during
FY19.

Highly leveraged capital structure and weak debt coverage
indicators: MI's capital structure was highly leveraged marked by
an overall gearing of 2.54x as on March 31, 2019 due to high
reliance on external debt for its working capital requirements
coupled with a low networth base. Its debt coverage indicators also
remained weak on the back of thin cash accruals along with high
reliance on bank borrowings to fund working capital requirements.

Susceptibility of profitability to volatile agro commodity prices:
The prices of various agri-commodities used by MI for its
manufacturing and trading operations are inherently volatile due to
dependence on climatic conditions, expected prices as well as
regulatory interventions in the form of minimum support price
(MSP). Hence, MI's profitability is exposed to any adverse price
movement the prices of agri-commodities, both on its outstanding
inventory as well as due to its limited ability to pass on the same
to its customers in a competitive market.

Presence in highly competitive & fragmented industry: The
agri-commodity processing and trading industry is highly
competitive in nature due to low entry barriers and technological
intensity and limited capital requirements. This, along with
presence of a large number of players in organized and unorganized
sector restricts the profitability of industry players.

Stretched liquidity: MI's liquidity is stretched marked by full
utilization of its working capital limits and a long operating
cycle of 108 days due to sizeable inventory holding. Its working
capital limits are also adequate considering its scale of
operations and working capital intensity thereon. Further, its
scheduled repayment of term loans is expected to be tightly matched
with its cash accruals.

Constitution as a partnership firm: MI is constituted as a
partnership concern which restricts its financial flexibility and
there is an inherent risk of withdrawal of capital deployed by the
partners from the firm.

Key Rating Strengths

Experienced and resourceful partners: MI's partners have more than
four decades of experience in agro processing industry, including
through associate entities viz., Mandeep International Pvt. Ltd.,
Tirupati Industries and Everest Starch India Pvt. Ltd.

Long standing track record of operation: MI started operations in
1973 and has more than four decades of operational track record in
solvent extraction and refining of groundnut oil along with trading
of other agro-commodities products including de-oiled rice bran
(DORB) poultry feeds.

Favourable location advantage: MI's processing unit is situated in
Upleta near Rajkot in Saurashtra region of Gujarat which is the
largest producer of groundnut in India. MI's presence in this
region results in easy availability of groundnut with lower
transportation cost.

Upleta (Dist. Rajkot), Gujarat based M/s. Mandeep Industries (MI)
was setup as a partnership firm in 1973 by members of the Talaviya
family. MI is mainly engaged in groundnut processing which includes
crushing of groundnuts to produce raw oil and oiled cake, solvent
extraction of groundnut oiled cake to produce groundnut oil &
de-oiled cake and refining of groundnut oil to produce refined
groundnut oil. Furthermore, MI is also engaged in opportunity based
trading of agro-commodity products including de-oiled rice bran
(DORB) poultry feeds. The firm is presently managed by five
partners, principal amongst them being Mr. Ashish Talaviya.

MUTHOOT FINANCE: S&P Puts 'BB' Rating to New US$ Sr. Secured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to a
proposed issue of U.S. dollar three-year senior secured bonds by
India-based Muthoot Finance Ltd. (BB/Stable/B). The rating on the
notes are equalized with the long-term issuer credit rating on
Muthoot.

The proposed notes will constitute direct, unconditional, secured,
and unsubordinated obligations of Muthoot, and shall at all times
rank equally with all other secured obligations of the finance
company.

The notes are secured by a first ranking pari passu charge over all
current assets, book-debts, loans and advances, and receivables
(including gold loan receivables), both present and future, and all
benefits, rights titles, interest, claims, and demands of Muthoot.

Muthoot must maintain a minimum security coverage ratio of at least
1.0x (excluding stage 3/nonperforming assets), and maintain
regulatory capital ratios above regulatory minimums.

The rating on the proposed notes is subject to S&P's review of the
final issuance documentation.


NAMDHARI RICE: CARE Keeps 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Namdhari
Rice and General Mills (NRGM) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       11.50      CARE D; ISSUER NOT COOPERATING;
   facilities                      based on best available
                                   information

   Short-term Bank       1.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated October 5, 2018 placed the
rating of NRGM under the 'issuer non-cooperating' category as had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. NRGM continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated September 24, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on October 5, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Delay in the debt servicing
There was delay in debt servicing in past owing to stressed
liquidity position.

Sirsa-based (Haryana) Namdhari Rice & General Mills (NRGM) was
established in 1986 as partnership concern by Mr Daljit Singh and
Mr Jaspal Singh sharing profits and losses equally. The firm is
engaged in milling and processing and trading of both basmati and
non-basmati rice with an installed capacity of 320 tonnes per day
as on March 31, 2017.

NARAYANI LAMINATES: CARE Reaffirms B+ Rating on INR11.82cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Narayani laminates Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       11.82      CARE B+; Stable Assigned
   Facilities          

   Long/Short term       0.18      CARE B+; Stable/CARE A4
   Bank Facilities                 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Narayani laminates
Private Limited are constrained by small scale of operations
coupled with stabilization risk, weak financial risk profile and
elongated operating cycle. The ratings are further constrained on
account of foreign exchange fluctuation risk and presence in highly
fragmented and competitive industry and weak liquidity position.
The ratings, however, draw comfort from qualified management and
moderate capital structure.

Going forward; ability of the company to increase the scale of
operations along with improving its profitability margins and
capital structure shall be its key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations coupled with stabilization risk The scale
of operations of company has remained small on account of initial
stages of commercial operations. The manufacturing and sale of ACP
Sheets was started in October 2018 thereby recording TOI of
INR~3.07 crore in 6MFY19. Further, the company has recorded TOI of
INR~5 crore in 5MFY20 ending August 30, 2019 with INR~1-1.5 crore
orders in hand. Therefore Stabilization of operations and resulting
revenue remains a risk factor posing a threat to stabilization of
operations.

Weak Financial Risk Profile
On account of initial stages of commercial operations, the company
has undertaken a capex which is majorly funded by external debt,
thereby restricting the expansion plans and accretion of profit to
reserves.

Further, inspite of a comfortable PBILDT margin of around 20% in
FY19, PAT margin stood negative on account of heavy interest
commitments coupled with low commercial operations.

Elongated Operating Cycle
The operations of the company are working capital intensive marked
by operating cycle of 284 days for FY19 (based on provisional
results). The company maintains sufficient inventory of raw
material for the smooth production process. Furthermore, being a
manufacturer the company has to maintain minimum inventory in form
of finished goods to meet the immediate requirement of customers.
Along with this, the company imports aluminium coils which take
around 60-70 days in shipping, because of which the company
maintains and stocks high volume of this coil in different colors.
All this resulted into high inventory holding and the average
inventory period of 233 days for FY19. Being in highly competitive
nature of industry, the company has low bargaining power with its
customers which led to liberal credit policies wherein it allows
credit of around 3 months to its customers. The average collection
period remained high at around 82 days during FY18. The high
working capital requirements were met largely through bank
borrowings which resulted in a high average utilization of around
60% of its sanctioned working capital limits for 12 months period
ended August 31, 2019.

Foreign exchange fluctuation risk
The business operations of Narayani Laminates Private Limited
involve exports and imports resulting in cash outflow and inflow in
foreign currency. Further, its export stood at 20% for FY19, while
import procurement stood around 15% in FY19, thereby exposing the
company to volatility in foreign exchange rates. This exposes the
company to fluctuations in rupee against foreign currency for the
uncovered portion. Presence in a highly fragmented and competitive
Industry Narayani Laminates Private Limited operates in a highly
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. There are number
of small and large players and also catering to the same market
which has limited the bargaining power of the firm and has exerted
pressure on its margins. Hence, the players in the industry have
limited pricing power and are exposed to competition induced
pressures on profitability.

Liquidity: Streched
Liquidity is marked by tightly matched accruals to repayment
obligations, highly utilized bank limits and modest cash balance.

Key rating strengths

Qualified and Resourceful management
The company is currently being managed by Mr. Akash Jalan, Mr.
Pankaj Khetan, Mr. Om Praksh Jalan, Mr. Gaurav Jalan and Mr, Deepak
Kumar Banka who are all well qualified and hold experience in their
respective fields. They are all connected with this organization
since inception. They are all further supported by qualified
TIER-II management consisting of supervisory staff and other
employees.

Mr. Aksh Jalan and Mr. Om Praksh Jalan are also directors in
Mahashakti Flour Mills thereby holding market experience of more
than two decades. While Mr. Deepak Kumar Banka holds various
dealership of material related to Cermica thereby holding an
experience of more than two decades in this industry.

Moderate Capital Structure
The capital structure of the company stood moderate owing to
reasonable net worth base as compared to reliance on external
borrowings on account of infusion of funds by the directors.

Debt to equity and overall gearing stood comfortable as marked by
0.65x and 1.57x respectively as on March 31, 2019 (based on
provisional results).

Gorakhpur, Uttar Pradesh-based Narayani laminates Private Limited
incorporated in July 2017 is engaged in manufacturing of ACP
(Aluminium Composite Panels) Sheets, which is generally made up of
aluminium composite material which are flat panels consisting of
two thin coiled aluminium sheets bonded to a non aluminium core.
NLPL started its commercial production in October 2018 for Interior
ACP Sheets, while the manufacturing and sale of Exterior ACP Sheets
is under process and is expected to start commercially in 2-3
months.

NRN BROADCASTING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: NRN Broadcasting Network India Private Limited
        Plot No. 24, Phase III
        Kamalapuri Colony
        Banjara Hills, Hyderabad
        Telangana, Pin No. 500073

Insolvency Commencement Date: October 4, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Koteswara Rao Gutta

Interim Resolution
Professional:            Koteswara Rao Gutta
                         Plot No. H-70
                         Madhura Nagar
                         SR Nagar (Post)
                         Hyderabad 500038
                         Telangana
                         E-mail: wyra_2@hotmail.com

Last date for
submission of claims:    October 18, 2019


OM COMMUNICATION: CARE Reaffirms B+ Rating on INR8cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Om Communication (OMC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           8.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of OMC continues to
remain constrained on account of its moderate scale of operations,
low profit margins, leveraged capital structure, weak debt
protection metrics. Further, the rating is also constrained due to
its proprietorship nature of constitution and its presence in
highly competitive and fragmented trading industry with presence of
many unorganized players.

The rating, however, derives comfort from vast experience of its
proprietor and adequate liquidity.

OMC's ability to increase its scale of operations with improvement
in profitability, capital structure, and debt coverage indicators
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations and low profit margins
During FY19(Provisional, refers to period April 1 to March 31), OMC
has registered a growth in its scale of operations by 15% but it
remained moderate at INR45.99crore as against INR40.08crore during
FY18 on back of increase in demand for its traded products.

Further, the profitability deteriorated over previous year as
result of increase in cost of traded goods and remained low marked
by PBILDT margin and PAT margin of 1.47% and 0.14% respectively in
FY19(Prov) as against 2.96% and 0.95% respectively in FY18(A). The
overall profitability remains low owing to its trading nature of
business operation. Leveraged capital structure and weak debt
protection metrics As on March 31, 2019(Prov) overall gearing ratio
has deteriorated and remained at 4.53x as against 2.30x as on March
31, 2018, the deterioration was mainly on account of increase in
total debt level mainly pertains to higher utilizations of its
working capital limit coupled with decrease in tangible net worth
base as a result of capital withdrawal by proprietor. Further, as a
result of decrease in profitability with deterioration in leveraged
position of the firm, the debt coverage indicators have also
deteriorated and remained weak marked by total debt to GCA of 86.56
times as on March 31, 2019(Prov) as compared to 11.08 times as on
March 31, 2018. Further, an interest coverage ratio has also
remained weak at 1.11 times during FY19 as against 1.67 times
during FY18.

Proprietorship nature of constitution
OMC being a proprietorship firm is exposed to inherent risk of
proprietor's capital being withdrawn at time of personal
contingency or the firm being dissolved upon the
death/retirement/insolvency of the proprietor.

Presence in highly fragmented and competitive nature of industry
with presence of many unorganized players
OMC has its presence in the trading industry which is highly
fragmented in nature with presence of numerous independent
small-scale enterprises in unorganized sector and some large
players in organized sector. This is owing to low entry barriers
due to minimal capital required, easy availability of raw materials
and easy access to clients and suppliers, leading to high level of
competition.

Key Rating Strengths

Vast Experience of proprietor
OMC was established as a proprietorship firm by Mr. Ajay K.
Kotadiya who has a total experience of more than a decade in
electronic trading industry and looks after overall operations of
the business.

Liquidity Analysis: Adequate Liquidity
The liquidity of OMC has remained adequate marked by low cash
accruals, low cash on hand but moderately high utilization of its
working capital limit and no debt repayment obligations.

Cash flow from operating activities (CFO) remained low at
INR1.26crore in FY19(Prov). Further, as on March 31, 2019, Cash &
bank balance remained low at INR0.05crore. Furthermore, cash
accruals also remained low at INR0.07 crore during FY19 (Prov).
However, OMC has no term debt repayment obligations for FY20. Also,
average working capital utilization remained 75% for the past 12
months ended September, 2019.

Rajkot-(Gujarat) based Om Communication (OMC) was established as a
proprietorship firm in March, 2007 by Mr. Ajay K. Kotadiya. OMC is
engaged into the business of trading of handsets, mobile
accessories and home appliances like mobile phones, television sets
and fridges. It procures finished products from manufacturers and
sells the goods to wholesale dealers all over gujarat. It has five
offices at Bharuch, Mehsana, Jamnagar, Junagadh and Amreli which
operates through its offices under the name Om Enterprises, Om
Telecom, Om Rudra Infocom, Om Har Enterprise and Om Infocom
respectively.

PRATIBHA ELECTRICAL: CARE Reaffirms B+ Rating on INR6.09cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pratibha Electrical Contractors LLP (PEC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          6.09        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities         16.00        CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PEC continues to
remain constrained by its relatively small scale of operations with
moderate profit margins, moderate solvency position and stretched
liquidity position. The ratings are further constrained on account
of susceptibility of margins to volatile raw material prices, its
presence in highly competitive industry with tender based business
and partnership nature of constitution with the inherent risk of
withdrawal of capital.

The ratings, however, continue to draw strength from the long
operational track record of the firm, extensive experience of the
promoter and moderate order book position providing short term
revenue visibility.

The ability of the entity to timely execute the projects in hand
and strengthen its order book thus increasing its scale of
operations, improve profitability while managing working capital
requirements effectively remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderate profit margins: The scale of
operation of the PEC declined in FY19 (Provisional; refers to a
period from April 1 to March 31) with total operating income
showing de-growth of 18.03% on account of slower execution of the
projects. The same stood at INR20.05 crore in FY19 as against
INR24.46 crore in FY18.Further, the total capital employed stood at
the moderate level of INR19.00 crore. Moreover, profitability
margins of the firm improved during the year with execution of
higher margin orders from the order book. The PBILDT and PAT margin
stood at 13.56% and 5.27% respectively in FY19.

Moderate solvency position: The relatively low net worth base of
the firm led to increased reliance on external debt to support its
business operations, hence resulting in moderate capital structure
reflected by overall gearing of 1.00x on March 31, 2019.Moreover,
due to moderate profitability and debt profile, the debt coverage
indicators also remained moderate with interest coverage and total
debt to gca of 1.68x and 8.52 years respectively in FY19.

Susceptibility of margins to volatile raw material prices: The raw
materials required by the firm are steel, cement, and pipes which
constituted significant part of overall cost profile. The prices of
these materials are volatile in nature and depend on global demand
and supply scenario. Further, PEC does not have any price
escalation clauses in its contract and hence the margins are
exposed to any sudden spurt in the raw material prices.

Intense competition due to exposure to tender driven nature of
business: The entry barriers for the EPC industry are low on
account of less initial capex. Also, competitive intensity is high
with presence of number of organized and unorganized players.
Further, tender based nature of the operations links the growth
of the firm to its ability to successfully convert the bids.
Furthermore, high clientele concentration in its order mix makes
the firm vulnerable to slowdown in awarding tenders from the
clients.

Constitution as a partnership firm limiting financial flexibility:
PEC, being a partnership concern, is closely held and is subject to
limited disclosure norms. Further, owing to the constitution of the
entity, it is exposed to the risk of withdrawal of capital as well
as long-term existence of business operations under the entity.

Key Rating Strengths

Experienced promoter and long track record of operation: PEC has an
operational track record of about three decades. Operations of the
entity are managed by Mr. Hrishikesh L. Joshi and Mrs. Anita H.
Joshi who has an average experience of two and a half decades in
electrical contractor business. The partners are assisted by a team
of technical personnel. Being in the industry for about three
decades helps the promoter to gain adequate acumen about the
business which will aid in smooth operations of PEC.

Moderate order book position: PEC has an outstanding order book to
sales ratio of 1.01x of FY19 total operating income as on August
31, 2019, which is to be executed over a period of 8 months
providing revenue visibility only for short term. The ability of
the entity to timely execute the projects in hand and strengthen
its order book will remain crucial of the overall financial risk
profile of the entity.

Liquidity Indicators: Stretched

The liquidity of PEC is stretched with tightly matched accruals to
repayment obligations and modest cash balance. Further, long
gestation periods of work contracts coupled with blockage of funds
in inventory and debtors, necessitates the firm to depend on
external bank borrowings to meet its working capital requirements.
The utilization of the working capital borrowings also remained on
higher side during the year.

PEC was established in the year 1987 as a proprietorship firm. The
entity was reconstituted as a partnership firm in June 2014. The
firm undertakes electrification projects and undertakes
implementation of lighting systems and power distribution of the
factory premises, process plants, and commercial complex &
residential colonies.

PREM INDUSTRIES: CARE Keeps B+ Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prem
Industries (Karnal) (PID) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       9.61       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated February 6, 2019, placed the
rating(s) of PID under the 'issuer non-cooperating' category as PID
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PID continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2019, September 24, 2019 and September 30, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations with low profitability margins
The total operating income (TOI) of PID increased from INR39.06
crore in FY16 (refers to the period of April 01 to March 31) to
INR43.38 crore in FY17 at a rate of ~11.07% owing to higher
quantity sold owing to higher orders received from existing as well
as new customers. However, the scale continues to remain small. The
small scale limits the firm's financial flexibility in times of
stress and deprives it of scale benefits. Furthemore, the firm has
reported total operating income of INR42.00 crore in 8MFY18
(Provisional). The PBILDT margin declined from 5.68% in FY16 to
4.61% in FY17 on account of increase in raw material and employee
costs that could not be passed onto to the customers. However, the
PAT margin stood in line with previous year at 0.18% in FY17 (PY:
0.19%) owing to decline in interest and depreciation costs.

Leveraged capital structure
The capital structure reflected by overall gearing ratio stood at
3.91x as on March 31, 2017. The same has improved from 5.05x as on
March 31, 2016 owing to infusion of funds by partners amounting to
INR0.25 crore in FY17 along with gradual repayment of term loans
and unsecured loans in FY17.

Susceptibility to fluctuation in raw material prices
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. The price of rice moves
in tandem with the prices of paddy. Adverse climatic condition can
affect the availability of paddy and thus its prices. Any sudden
spurt in the raw material prices may not be passed on to
customers.

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.

Constitution as partnership firm
PID'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 promoters
Mr Ram Lal has an experience of two decades through his association
with this entity. He is well supported by his brother; Mr Sham Lal,
in managing the overall operations of the firm who has an
experience of two and half decades through family run
rice milling entity.

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

Moderate Operating Cycle
The average operating cycle stood moderate at 41 days for FY17 (PY:
48 days). The average utilization of the working capital limit
remained at ~80% for the last 12 months period ended December,
2017. The liquidity position of the firm stood low marked by
current ratio of 1.87x and quick ratio of 0.59x as on March 31,
2017. The company has free cash and bank balance of INR0.25 crore
as on March 31, 2017.

Karnal-based (Haryana) Prem Industries (PID) was established in
April 2013 as a partnership concern and is currently being managed
by Mr. Prem Lal and Mr. Sham Lal, sharing profit and losses
equally. The firm has succeeded an erstwhile proprietorship firm
M/S Prem Industries established in 1995 by Mr. Prem Lal. The firm
is engaged in milling of rice, processing of paddy and trading of
basmati and non-basmati rice. The processing unit is located at
Karnal, Haryana with an installed capacity of 150 tonnes per annum
as on December 31, 2017.

PRIMORDIAL SYSTEMS: CARE Reaffirms B+ Rating on INR7.48cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Primordial Systems Private Limited (PSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities            7.48      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PSPL continues to
remain constrained by small scale of operations, high collection
period and weak coverage indicators. The rating further continues
to remain constrained highly regulated educational sector in India.
The rating, however, draws comfort from experienced management,
moderate profitability margins and capital structure and buoyant
prospects of professional education.

Going forward, the ability of the company to increase its scale of
operations while realizing its outstanding receivable in timely
manner would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations
The scale of operations stood small as marked by total operating
income of INR4.92 crore and gross cash accruals of INR0.15 crore.
The small scale limits the company's financial flexibility in times
of stress and deprives it from scale benefits. Further, the company
has achieved total operating income of around INR4.00 crore during
5FY20 (refers to the period April 1 to August 31, based on
provisional results). The total operating income has declined
during FY19 as compared to FY18 due to the change in accounting
policy from accrual based accounting to cash based accounting for
revenue.

Weak Coverage Indicators due to high receivable
The coverage indicators stand weak marked by a total debt to gca of
89.87x in FY19(Prov) as compared to 5.53x in FY18 on account of
lower sales which further resulted in a lower gca. The interest
coverage ratio also stood weak at 1.09x in FY19(Prov) as against
2.47x in FY18 on account of lower PBILDT. The higher debt is due to
higher receivable of INR5.93 crores as on March 31, 2019. The
company has earlier been accounting for revenue based on accrual
leading to high receivable and there has been delay in the
collection of the receivable over period of time. During FY19 &
5MFY20, the company has been able to realize major portion of the
receivable outstanding as on March 31, 2018, leading to increase in
debt. Therefore going forward, the ability of the company to timely
realize the receivable with no major bad debt would be the key
rating sensitivity.

Highly regulated educational sector in India
The education industry remains highly regulated with the constant
intervention from the central government, state government and
other regulatory bodies with respect to the number of seats,
admissions, amount of the tuition fees charged, applicable
government and management quotas, etc. Any change in policy by the
government may adversely impact the business risk profile of the
company.

Liquidity
Poor liquidity marked by lower accruals when compared to repayment
obligations, fully utilized bank limits and modest cash balance.
This could constrain the ability of the company to repay its debt
obligations on a timely basis.

Key Rating Strengths

Experienced management
Mr. K. Parijaat and Dr. Sangeeta Parijaat manage the overall
operations of the company. Mr. K. Parijaat is an MBA from the
University of Michigan and has extensive experience of around two
decades in corporates though his association with PSPL, McKinsey &
Company, Cap Gemini and Ernst & Young. Dr. Sangeeta Parijaat is a
doctorate and has around two decades of experience in the education
industry through her association with PSPL and Jawaharlal Nehru
University.

Moderate profitability margins
The profitability margins of the company stood moderate as marked
by PBILDT margin of above 35% for the past four financial years i.e
FY16-FY19(Prov). The PAT margin stood above 3x for the past two
financial years (FY18-FY19(Prov); (FY refers to April 01 to March
31) owing to high interest expense. Further the gross cash accruals
also stood weak at INR0.15 crore in FY19(Prov).

Moreover the company's profits will further be affected in a
positive way as they will not have to pay any royalty fees to any
institutions like Mewar University, etc as they have discontinued
the programs with them.

Moderate capital structure
The capital structure stood moderate on account of infusion of
funds by promoter in the form of qasi equity coupled with timely
repayment of term loans. The debt-equity ratio and overall gearing
of the company stood at 0.59x and 1.33x respectively as on March
31, 2019(Prov). However the company plans to payoff of the fresh
overdraft with a current balance of INR1.98 crores by November 2019
and bring the facilities down to INR5.00 crores. The capital
structure is expected to improve in the future as the company has
paid of all of its rupee term loans as on August 31, 2019 and is
planning to pay off it's fresh overdraft facility by November 2019
and are planning to bring down the facility exposure below INR5.00
crores.

Buoyant prospects of professional education
PSPL is primarily engaged in providing skill development courses
with the objective of increasing employability. Demand for these
courses is growing at a phenomenal pace in India. Further, the
awareness has increased for vocational education in India in recent
times and there is a tremendous skilled manpower requirement from
the industry. As a result there had been an increased demand for
imparting quality training to the aspirants.

Delhi based, Primordial Systems Private Limited (PSPL) was
incorporated in 1999. PSPL is managed by Mr. K. Parijaat and Dr.
Sangeeta Parijaat. PSPL was incorporated with an aim to provide
educational services i.e. event management, health care management,
advertising and public relations etc. The company also provides
vocational training under the Pradhan Mantri Kaushal Rin Yojna,
operating as a Centre of Excellence for Haryana Skill Development
Corporation. It has also partnered with Lingaya's University as the
graduate student sourcing, training and placement partner and the
University as the academic partner. The company is empaneled by
Haryana Skill Development Mission, as their exclusive Centre of
Excellence for Graduate Employability and Training & Placements.
They are currently working with NSDC (National Skill Development
Corporation) to provide short-term courses under the Pradhan Mantri
Kaushal Vikas Yojna and is operating as a Centre of Excellence
under the aforementioned scheme.

ROYAL PRESSING: CARE Cuts INR7.0cr LT Loan Rating to D, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Royal Pressing and Components Private Limited (RPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE C; Stable;
                                   Issuer not Cooperating on the
                                   basis of best available
                                   information

   Short-term Bank      3.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; Issuer
                                   not Cooperating on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 20, 2019, placed the
ratings of RPL under the 'issuer non-cooperating' category as RPL
had failed to provide information for monitoring of the rating. RPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings of the company have been revised on account of
application being submitted to and approved by National Company Law
Tribunal (NCLT) via notice issued by Insolvency and Bankruptcy
Board of India (IBBI) as on March 15, 2019 by the operational
creditors of the RPL.

Detailed description of the key rating drivers

Key Rating Weaknesses

Commencement of insolvency resolution process: The company, under
the order of NCLT via notice issued by IBBI is undergoing corporate
insolvency resolution process due to application submitted by an
operational creditor of RPL for non–repayment of debt amounting
INR0.34 crore (principal + interest). The application of the
operational creditor has been approved by the NCLT vide its order
dated March 15, 2019 and has appointed the Interim Resolution
Professional. Further, as per banker feedback, the account is under
command of NCLT and there are no debit transactions taking place in
the account.

Delhi based RPL was incorporated in May, 2005. RPL succeeded an
erstwhile proprietorship firm established in 2001 named "Royal
Multi" by Mr. Surendra Pal Singh Tomar. The company is currently
being managed by Mr. Surendra Pal Singh Tomar and Mrs. Pushpa Rani
Tomar. The company is engaged in the manufacturing of sheet metal
components, wire and plastic injection molding components for air
conditioner, refrigerator and washing machine. The manufacturing
facility of the company is located at Greater Noida; Uttar Pradesh.
RPL mainly manufactures consumer durable parts and major raw
materials are procured domestically.

SAIKRUPA COTGIN: CARE Withdraws D Rating on INR18.37cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Saikrupa
Cotgin Private Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      18.37       CARE D; Issuer not cooperating
   Facilities                      Reaffirmed and withdrawn

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE has reaffirmed and withdrawn the outstanding rating of 'CARE
D' assigned to the bank facilities of Saikrupa Cotgin Private
Limited with immediate effect. The above action has been taken at
the request of Saikrupa Cotgin Private Limited and 'No Objection
Certificate' received from the bank that has extended the
facilities rated by CARE.

Saikrupa Cotgin Private Limited (SCPL) was incorporated in 2009 as
a public company and was converted to private limited company in
2015. SCPL is in the process of conversion of raw cotton into
bales, processing of cotton seeds into oil and seed cake. Also the
company is engaged in trading activity of cotton seeds and bales.
The company's manufacturing facility is located in Wani Taluka
(Yavatmal District). SCPL's product portfolio includes cotton
bales, cotton seeds, cotton seed oil and cotton seed cake.

The total operating income during FY19 stood at INR123.85 crore as
against INR79.61 crore in FY18. The PBILDT margin and PAT margin
improved and stood at 3.92% and 1.28% in FY19 respectively, as
against loss in FY18.

SHRI ARUNACHALESWARAR: CARE Cuts Rating on INR11.7cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Arunachaleswarar Tex (SAT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.70       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable Issuer Not
                                   Cooperating; Based on best
                                   available information

   Short-term Bank
   Facilities           3.00       CARE A4 ISSUER NOT COOPERATING;

                                   Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 17, 2018, placed
the rating(s) of SAT under the 'issuer non-cooperating' category as
SAT had failed to provide information for monitoring of the rating.
SAT continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 22, 2019, August 06, 2019, August 07, 2019 and August
08, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers
At the time of last rating December 17, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Small scale of operation with fluctuating total operating income
The entity has small scale of operations marked by total operating
income (TOI) of INR31.70 crore in FY16 and networth of INR4.39
crore as on March 31, 2016. The total operating income of the firm
has been fluctuating during the review period depending upon demand
for its products. However, TOI of the firm increased by 44 % and
stood at INR31.70 crore in FY16 against INR22.10 crore in FY15 on
the back of more number of orders executed in FY16. The yarn sales
constitute around 70% of TOI while balance revenue comes from
fabric sales. SAT has also imported two interlock machinery from
Germany for infant fabric manufacturing which has become
operational in May 2017 and one interlock machinery in June 2017.
The entity has availed term loan (INR0.90 crore) from state bank of
India for the purchase of the same. During FY17 (Provisional), SAT
reported a total revenue of INR27.06 crore.

Deteriorating capital structure and weak debt coverage indictors
The overall gearing ratio has been deteriorating year on year from
1.90x as on March 31, 2015 to 2.45x as on March 31, 2016 due to the
increase in the bank borrowings coupled with withdrawal of capital
(Rs.0.91 crore) during FY16. The debt coverage indicators like
TD/GCA and interest coverage stood weak at 13.63x and 1.56x in FY16
due to high debt levels and low cash accruals.

Susceptibility to raw material price fluctuations
The main raw material for the firm is specialized & blended yarn,
the prices of which are highly volatile and is dependent upon the
global economic scenario. Further, it is also affected by
government policies viz. Minimum Support Price (MSP) and
irregularity of monsoon leading to unpredictable yields with
respect to cotton. Besides, the firm adopts the stock and sale
model thereby impacting its profitability margin in the event of
southward movement in prices as there is a time lag between the
purchase and sale of the traded inventory. Furthermore, SAT has
limited power to pass on any increase in the raw material cost
fully to its customers due to its presence in a highly fragmented
and competitive industry. The firm procures yarn mainly from the
local market as well as from Maharashtra, Karnataka & Rajasthan and
imports about 3% of its total purchases from China.

Further, textile industry in India is highly fragmented with
presence of large number of small and medium scale units. Due to
high degree of fragmentation, small player's holds very low
bargaining power against both its customers as well as suppliers
resulting in such companies operating at low profit margins.

Working capital intensive nature of operations
The business of SAT entails high working capital requirements. SAT
offers a credit period of around 2 months to its customers and
enjoys a credit period upto 30 days. In order to meet the growing
demand from customers and better pricing, SAT holds inventory
between 2-3 months. All these factors led to a working capital days
at 113 days. During the last 12 month period ended March 31, 2017,
the cash credit limits were 90% utilized.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital
SAT, being a partnership firm, is exposed to inherent risk of the
partner's capital being withdrawn at time of personal contingency
and firm being dissolved upon the death/retirement/insolvency of
the partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision for the lenders.

Key Rating Strengths

Long experience of the management in the textile industry
SAT was promoted by Mr. T.A.S. Dhanddabani, a graduate, aged 63
years and his wife Mrs. D. Shashivarnam, a graduate aged 54 years
based out of Tamilnadu. Mr. T.A.S. Dhanddabani has an experience of
four decade in the textile industry by virtue of being associated
with a family managed set-up engaged in the similar line of
business and looks after the overall affairs of the firm.  While
his wife, Mrs. D. Shashivarnam has an experience of 15 years is in
the same line of business and oversees the operations. They are
assisted by a team of experienced and qualified personnel.

Locational advantage by way of proximity to textile hub
The manufacturing unit of SAT is situated in Tirupur, Tamil Nadu, a
major textile and knit wear hub in India and is well connected to
the road & highways, railways. The firm avails benefit from its
strategic location in terms of raw materials sourcing and labour
availability.

Moderate profitability margins
SAT is engaged in manufacturing of fabric from yarn as well as
trading of synthetic and specialized & blended yarn which results
in moderate profitability margins. Furthermore, textile industry is
highly fragmented and competitive industry. The PBILDT margin has
been fluctuating in the range of 5%-9% during the review period due
to reasons mentioned above. However, the PAT margin stood thin and
fluctuated in between 1%-2% during the review period due to
relatively high financial expenses on account of usage of cash
credit facilities to fund the operations along with availing term
loans for purchasing machineries.

Shri Arunachaleswarar Tex (SAT) was established as a partnership
firm in the year 2000 by Mr. T.A.S. Dhanddabani and his wife Mrs.
D. Shashivarnam. The firm is located at Tirupur, Tamilnadu and is
engaged in trading of specialized & value-Press Releaseadded yarns,
fabrics and manufacturing of knitted fabric. The firm generates its
revenue primarily through two segments i.e. manufacturing of fabric
from yarn and trading of synthetic and specialized & blended yarn
like viscose yarn, modal yarn, neppy yarn and indigo yarn which
finds applications in T-shirts, leggings, jeggings, jeans, etc.
Hallmark Knit Fabrics Private Limited (HKFPL) is an associate
concern and is engaged in fabric manufacturing. The company
contributes around 10-20% to total sales of SAT. SAT sells fabric
and yarn in Karnataka, Maharashtra, New Delhi and Tamilnadu through
their own marketing network.

In FY16, SAT reported a PAT of INR0.59 crore on a total operating
income of INR31.70 crore, as against a PAT and TOI of INR0.20 crore
and INR22.10 crore respectively in FY15.

SIDHARTH OILS: CARE Cuts INR6cr Loan Rating to B, Not Coop.
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sidharth Oils (SO), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

CARE had, vide its press release dated December 12, 2018, placed
the rating(s) of SO under the 'issuer noncooperating' category as
SO had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2019, September 24, 2019 and September 30, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings of Sidharth Oils (SO) takes into
account weak financial profile as marked by its small scale of
operations with low profitability margins in fragmented and
competitive nature of industry.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Small scale of operations with low net-worth base
Despite being operational for nearly 15 years, the firm's scale of
operations has remained small marked by total operating income
(TOI) of INR43.78 crore in FY15 (refers to the period April 01 to
March 31). During FY16 (Prov.), the firm has achieved total
operating income of INR41 crore. The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it of scale benefits.

Weak financial risk profile
The profitability margins of the firm stood low marked by PBILDT
margin and PAT margin of 1.65% and 0.49%, respectively, in FY15.
The PBILDT margin has been low mainly on account of trading nature
of business. This apart, interest burden on working capital
borrowing restricts the net profitability of the firmThe firm had a
highly leveraged capital structure as reflected by long-term debt
equity and overall gearing ratios of 1.58x and 6.57x, respectively,
as on March 31, 2015. The debt coverage indicators of the firm
remained weak as reflected by interest coverage ratio of 1.54x in
FY15 and Total debt to GCA of 18.03x as on March 31, 2015. The
operations of the firm are working capital intensive in nature as
indicated by full utilisation of cash credit limit during last
12-month period ended May 2016.

Proprietorship nature of constitution
SO's constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor.

Stable business outlook for edible oil industry in India albeit
fragmented and competitive nature of industry
The consumption of edible oil in India has been rising during the
past few years which can be attributed mainly to economic boom
resulting in better standard of living, decline in edible oil
prices and growth in demand for fried processed food products.
However, the favorable demand prospects of edible oil market are
partly offset by the highly fragmented and competitive nature of
industry due to presence of large number of unorganised players,
presence of large and established players and entry of
multinational companies with strong marketing focus in the high end
of market.

Key rating strengths

Experienced promoter and long track record of operations
SO has been engaged in the trading of edible and non-edible oil
since 2003 and is currently being managed by Mr Munish Gulati. The
proprietor has total experience of around 15 years. The long track
record of operations has aided the firm in establishing
relationship with both customers and suppliers.  

Siddharth Oils (SO), a proprietorship firm, was established in
2003, and is being managed by Mr. Munish Gulati. The firm is
engaged in the trading of edible oil and non-edible oil. The major
customers of the firm for the edible oil include-Hindustan Uni
Lever Limited, VVF India Limited and Wipro Limited. The non-edible
oil is sold to various wholesalers in industries such as cosmetics,
soaps, plastic additives and rubber.

SOUTHCO UTILITY: Ind-Ra Puts BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Southco Utility's
(SOUTHCO) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR720 mil. Fund-based/non-fund-based limits affirmed with IND

     BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings continue to factor in the regulated cost-plus nature of
SOUTHCO operations, which allow for a reasonable return along with
guaranteed return on equity, provided SOUTHCO is able to achieve
the defined aggregate technical and commercial (AT&C) loss level
targets. Although, the company's transmission and distribution
(T&D) losses declined to 30% in FY19 (FY18: 33%, FY17: 35%), it
remained higher than the normative level of 25.5%. Additionally,
given the low collection efficiency at 87% in FY19 (FY18: 92%),
SOUTHCO's AT&C losses increased to 39% in FY19 (FY18: 38%) and
normative AT&C losses of 26.25%, resulting in significant
under-recovery in cost recovery.

The ratings also factor in SOUTHCO's customer profile which is
characterized by a high number of customers with low-tension
voltage connections accounting for around 73% of the customer mix
which have higher T&D loss levels, coupled with lower ability to
pay. Moreover, the company provided connections under the SAUBHAGYA
scheme and the payment against the bills raised has been low,
resulting in significant debtor provisions (FY18: INR1,430 million,
FY17: INR1,577 million). Even after providing against these
debtors, receivables remained high as the payment capacity of the
consumers continued to be low. Given the higher-than-normative AT&C
losses and unfavorable consumer mix, SOUTHCO continued to report
EBITDA losses of INR1,589 million as per the FY19 provisional
financials (FY18: INR1,714  million, FY17: INR2,111 million).

Given the weak operational cash flow generation, SOUTHCO relies on
support from the government of Odisha (GoO), payment flexibility on
power purchased from GRIDCO Limited - the company's sole power
supplier, grant/subsidy and consumer contribution towards capital
assets to manage its operations. SOUTHCO's working capital
requirements continue to be supported by advances/security deposit
from customers of INR3,028 million in FY19 (FY18: INR2,768
million). At FYE19, payables to GRIDCO stood at INR7,225 million
(FYE18: INR6,167 million). As of FY19, the GoO had extended
interest-free loans of INR668 million (FY18: INR604 million), which
would be convertible to grant-on-pro rata basis subject to
achievement of average AT&C loss reduction of 3% over a period of
three years. Additionally, SOUTHCO received grant amounting to
INR1,090 million from the government of India in FY19 (FY18: INR249
million) under the SAUBHAGYA scheme to provide rural
electrification and last mile connectivity. Ind-Ra expects SOUTHCO
to continue receiving support from both GRIDCO and GoO.

SOUTHCO receives all its collections in a tri-partite account in
favor of GRIDCO/SOUTHCO and a bank. GRIDCO receives all its
payments towards power purchase cost through this account.

Liquidity Indicator - Poor: SOUTHCO use of its working capital
limits was around 100% during the 12 months ended September 2019.
Additionally, the company avails limits from the banks against 100%
cash margin. It had unrestricted cash balance of INR1,572 million
at FYE19 (FYE18: INR1,452 million). The company does not have any
debt repayments. The company had cash flow from operations of
INR342 million in FY18 (FY17: INR254 million) against a net
interest expense (gross interest expense – interest income) of
INR156 million (FY17: INR194 million).

RATING SENSITIVITIES

Positive: A significant reduction in distribution losses, leading
to an improvement in the profitability and liquidity on a sustained
basis could result in a positive rating action.

Negative: Continued stressed liquidity and delays in timely support
by GRIDCO and the GoO could result in a negative rating action.

COMPANY PROFILE

SOUTHCO was formed in March 2015 post the revocation of license of
Southern Electricity Supply Company of Odisha Limited. SOUTHCO
operates in 47,000 sq. km. geographical area and provides
electricity to about 1.6 million consumers in its licensed area.

SUGARCANE PRODUCERS: CARE Reaffirms B+ Rating on INR9cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sugarcane Producers Vividh Karykari Sahakari Society Ltd (SPVK),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank  
   Facilities           9.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPVK is constrained
on account of its small scale of operations with moderate
profitability margins, weak debt coverage indicators, stretched
liquidity position, and its presence in highly fragmented
industry.

The rating however, is underpinned by the extensive experience of
the promoters with long track record of operations of society of
more than six decades and moderate capital structure of the
society.

The ability of the society to increase its scale of operations
along with improvement in profitability and debt coverage
indicators and efficiently managing its working capital requirement
are the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations and moderate profitability margins: The
scale of operations of SPVK registered a de-growth of ~42% to
INR5.76 crore in FY19 Provisional (refers to the period from April
01 to March 31)as against of INR8.33 crore in FY18led by decrease
in trading of seeds. Further, the total capital employed stood at
INR11.97 crore as on March 31, 2019. The small scale of operations
restricts its financial flexibility in times of stress and deprives
it of scale benefits. Moreover, the society has registered a
turnover of INR0.96 crore during 5MFY20 ended in August 31, 2019.
Furthermore, the profitability margins though improved continues to
remain moderate with PBILDT margin in range of 10.01%-15.34% for
last three years ended FY19, on account of limited value addition
nature of business. Moreover, with moderate PBILDT level and high
fixed capital charges, the PAT margin continues to remain low in
the range of 1.36%-1.94% during the aforementioned period.

Weak debt coverage indicators: The debt coverage indicators of the
SPVK continues to remain weak in account of lower accruals and
moderate debt levels with total debt to GCA of 63.30 years and
interest coverage of 1.09x as at the end of FY19.

Presence in highly fragmented and competitive industry: SPVK
operates in highly fragmented and competitive trading industry,
which is marked by presence of large number of small sized players
operating on wafer thin margins on account of low entry barriers in
the industry.

Key Rating Strengths

Established track record with experienced promoters: The chairman
of SPVK, Mr. Subodh Girme has gained an experience of more than two
decades in trading and service industry. Being in the industry for
such a long period has helped the promoter to gain an adequate
acumen about the industry which aids the society in running its
operations smoothly.

Moderate capital structure: The capital structure of SPVK though
improved owing to its reduce reliance on external borrowings,
continues to remain moderate as reflected by an overall gearing
ratio of 1.37x , as on March 31, 2019.

Liquidity indicator: Stretched
Liquidity is marked by tightly matched accruals to fully utilized
bank limits during the past twelve months ended in August 31, 2019
and modest cash balance of INR0.60 crore. The operations of the
society continue to remain working capital intensive with gross
current asset of 108 days in FY19 (Provisional) with funds majorly
blocked in inventory.

SPVK is Malshiras, Solapur based cooperative society established in
the year 1957 under the Societies Registration Act 1860. The
society is promoted by Mr Subodh Girme in his strength as Chairman.
The society generates income from trading of fertilizers,
pesticides and seeds.

SUPERIOR FOOD: CARE Cuts INR40cr LT Loan Rating to C, Outlook Neg.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Superior Food Grains Private Limited (SFGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   (i) Long term       25.69       CARE D Revised from
   Bank Facilities                 CARE C; Stable
   - Term Loan         
                                   

   (ii) Long term      40.00       CARE C; Negative Revised
   Bank Facilities                 from CARE C; Stable
   - Working Capital
   Limit               
         
   (iii) Short term
   Bank Facilities      2.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the rating (i) above of SFGPL factors in the
ongoing delays in servicing of the term debt obligations by the
company. Further, the ratings continue to remain constrained by the
weak financial risk profile, poor liquidity position coupled with
cyclicality & agro-climatic risk associated with the sugar
industry.

The ratings continue to derive strength from experienced promoters
and long-term Power Purchase Agreement (PPA) with Uttar Pradesh
Power Corporation Limited (UPPCL).

Going forward, SFGPL's ability to timely service its debt
obligations, profitably scale-up its operations while improving its
overall solvency and liquidity position will remain the key rating
sensitivities.

Outlook: Negative

The negative outlook is on account of expected continuance of the
stretched liquidity position of the company. The outlook may be
revised to 'Stable' if the company is able to generate healthy cash
accruals and improve its liquidity position.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in the debt servicing: There are ongoing delays in
the servicing of the repayment obligations for the term loans
availed by the company. The same has been on account of stretched
liquidity position of the company.

Poor liquidity position: The overall liquidity profile of the
company has remained poor. The average utilization of cash credit
limits remained high at ~95%, for the twelve months period ended
May-2019, while the creditor days elongated, as on March 31, 2019
(mainly pertaining to sugar dues towards the farmers). There have
also been instances of cash credit limit overutilization in the
past. The same were, however, settled within 30 days. SFGPL has
repayment obligation of INR52.84 Crore for FY20 and the same is
proposed to be met through the internal accruals and infusion of
unsecured loans by promoters and related parties. The current and
quick ratios of the company stood weak at 0.85x and 0.22x
respectively as on March 31, 2019(Provisional). The firm had free
cash and bank balances of INR3.02 Crore, as on March 31,
2019(Provisional). Going forward, the ability of the company to
generate cash accruals as envisaged and timely infusion of funds by
the promoters will remain the key rating sensitivities.

Weak financial risk profile: The capital structure of SFGPL
continued to remain leveraged with long term debt-to-equity ratio
and overall gearing ratio of 22.68x and 26.38x, respectively, as on
March 31, 2019 (Provisional) as compared to 22.71x and 23.69x
respectively, as on March 31, 2018. To support the clearance of
sugarcane dues to the farmers, the company has been sanctioned a
soft-loan of INR93.58 Cr. from the Uttar Pradesh Government. The
loan amount was fully availed in FY19 (Provisional) and was used to
settle the past dues of the farmers (sugar). Despite this, the long
term debt to equity ratio remained on previous year's levels on
account of accretion of profits to the networth, repayment of
unsecured loans infused by promoters and related parties.
Furthermore, the total debt to GCA ratio also stood weak at 23.91x,
as on March 31, 2019 (Provisional) while the interest coverage
ratio of the company stood at 1.43x in FY19 (Provisional). SFGPL
reported a total income of the company of INR268.80 Crore in FY19
(Provisional) which remained almost at previous year's level.
Further, the PBILDT margins remained at previous year's level at
13.97% in FY19 (Provisional; PY: 13.87%). The PAT margins remained
low at 0.76% in FY19 (Provisional) though improved from 0.05% in
FY18 owing to decline in interest expenses incurred.

Cyclicality and agro-climatic risk associated with the sugar
industry: Sugarcane is the key raw material used for the
manufacturing of sugar and sugar-related products. The availability
and yield of sugarcane depends on factors like rainfall,
temperature and soil conditions, demand-supply dynamics, government
policies, etc. The production of sugarcane and hence sugar is
cyclical in nature while the seasonality of the business has a
significant impact on the profitability and sustainability of sugar
mills.

Key Rating Strengths

Experienced promoters: SFGPL is promoted by Mr. Rana Inder Pratap
Singh, Mr. Rana Karan Pratap Singh and Mr. Rana Preet Inder Singh.
Mr. Rana Inder Pratap Singh and Mr. Rana Karan Pratap Singh have an
experience of around 15 and 10 years, respectively, in the sugar
industry through their association with SFGPL and other group
concerns of the company. Mr. Rana Preet Inder Singh (director) has
an experience of around 8 years in the sugar industry.

Long-term power offtake arrangement in the form of Power Purchase
Agreement (PPA): SFGPL is engaged in the manufacturing of sugar as
well as generation of power through the by-product of the sugar
manufacturing process viz. bagasse. The company has a power
generation capacity of 33 MW. The company uses the power generated
for captive consumption and the surplus power is sold to UPPCL
(Uttar Pradesh Power Corporation Limited) under long-term PPA of 25
years which is valid from Jan-2017 till Jan-2042. In FY19
(Provisional; refers to the period April 1 to March 31), the income
from the power segment constituted ~18% of total operating income
of SFGPL.

SFGPL was incorporated in January-2007 and is being managed by Mr.
Rana Inder Pratap Singh, Mr. Rana Karan Pratap Singh (brother of
Mr. Rana Inder Pratap Singh) and Mr. Rana Preet Inder Singh (cousin
of Mr. Rana Inder Pratap Singh). The company is engaged in the
manufacturing of sugar since September-2014 with a total installed
crushing capacity of 5,000 tonnes per day (TPD) as on March 31,
2019. The company is also operating a bagasse-based power plant of
33 MW.

TECPRO INFRA-PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Tecpro Infra-Projects Limited

        Registered office:
        106, Vishwadeep Tower
        Plot No. 4 District Centre
        Janak Puri, New Delhi 110058

        Corporate office:
        CRAN 91, Ponekkara Road
        Edappally, Kochi 682024

Insolvency Commencement Date: September 27, 2019

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

Estimated date of closure of
insolvency resolution process: March 25, 2020

Insolvency professional: V. Senthilkumar

Interim Resolution
Professional:            V. Senthilkumar
                         F2, Rohini Homes
                         171, 5th Street
                         Murugu Nagar, Velachery
                         Chennai 600042
                         E-mail: vsenthilkumar1993@gmail.com
                                 Irp.tecproinfra@gmail.com

Last date for
submission of claims:    October 23, 2019


VENKATADRI SPINNING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Venkatadri Spinning Mills Private Limited
        D.No. 7/248, Ammigunta Area
        Chagallu Mandal
        Chikkala Andhra Pradesh 534342
        India

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, West Godavari
       (Rajahmundry) Bench

Estimated date of closure of
insolvency resolution process: March 29, 2020
                               (180 days from commencement)

Insolvency professional: Rajesh Chhaparia

Interim Resolution
Professional:            Rajesh Chhaparia
                         B-3, Magadha Empire
                         8-6-42/7 2nd Floor
                         Pedawaltair
                         Visakhapatnam 530017
                         E-mail: rajesh_chhaparia@yahoo.co.in

Last date for
submission of claims:    October 23, 2019


VRG DIGITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: VRG Digital Corporation Private Limited
        151, Wing A, Master Mind
        Royal Palms, Aarey Milk S.No. 169
        Goregoan East, Nr. Unit No. 26
        Mumbai 400065

Insolvency Commencement Date: October 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mukesh Khathuria

Interim Resolution
Professional:            Mukesh Khathuria
                         6B, 1105, Sapphire Heights
                         Lokhandwala Township
                         Akurli Road, Kandivali East
                         Mumbai 400101
                         E-mail: khathuria@hotmail.com

                            - and -

                         Office No. 3, 1st Floor
                         B Wing, Sukh Sagar
                         Akurli Cross Road No. 1
                         Kandivali East
                         Mumbai 400101
                         E-mail: rp.vrgdigital@gmail.com

Last date for
submission of claims:    October 21, 2019




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

LIPPO MALLS: Fitch Assigns 'BB' Final LT IDR, Outlook Stable
------------------------------------------------------------
Fitch assigned Lippo Malls Indonesia Retail Trust a final Long-Term
Foreign-Currency Issuer Default Rating of 'BB' with Stable Outlook,
and a final rating of 'BB' to its USD250 million 7.25% senior
unsecured notes due in 2024. The bonds are issued by LMIRT's wholly
owned subsidiary, LMIRT Capital Pte. Ltd., and guaranteed by
Perpetual Limited in its capacity as the trustee of LMIRT.

The final IDR follow LMIRT's announcement that the company and PT
Lippo Karawaci Tbk (Lippo, B-/Stable) have agreed to extend the
deadline for the completion of the segregation process and the long
stop date to complete the Lippo Mall Puri acquisition to March 31,
2020 and June 30, 2020, from the previous plan to complete them in
2H19. The expected IDR assigned to LMIRT on June 3, 2019 was based
on the assumption that LMIRT will complete the acquisition in 2H19
and maintain a loan-to-value (LTV) ratio (net debt/investment
property value) of around 35% after the acquisition.

The delay in completing the Lippo Mall Puri acquisition does not
impact LMIRT's rating. Fitch believes that Lippo Mall Puri does not
materially change LMIRT business risk profile, while LMIRT's
financial profile, characterised by FFO fixed-charge coverage of
around 2x and LTV ratio of around 35%, is consistent with its
rating. In any case, Fitch had assumed that that the acquisition of
Lippo Mall Puri would be funded using a combination of debt and
equity such that LMIRT maintains an LTV ratio of 35%.

The final ratings on the USD250 million senior unsecured notes
follows the receipt of final documents conforming to information
already received and is the same as the expected rating assigned on
June 3, 2019.

KEY RATING DRIVERS

Largest Indonesian Shopping-Mall Portfolio: LMIRT's shopping-mall
portfolio is the largest in Indonesia with net lettable area (NLA)
of 910,749 square meters, more than 3,697 tenants and estimated
annual shopper traffic of 169.8 million as of December 31, 2018.
Fitch expects the portfolio's average occupancy rate to hover
around 91%-92% over the next two years, which is above the current
industry average of 81%-83%. The above-average occupancy reflects
LMIRT's well-located assets and favourable demand-supply dynamics
in most of its catchment areas.

LMIRT's lease expiry profile is manageable with 4.9% of NLA
expiring from September 30, 2019 to December 31, 2019 and 18.9% in
2020. In addition, leases that are not coming up for renewal have
built-in annual rental increases and Fitch expects the performance
of several of LMIRT's under-utilised shopping malls to improve.
These factors support Fitch's forecast of modest EBITDA growth over
the medium term.

Ring-Fenced from Lippo: Fitch rates LMIRT on a standalone basis
because Fitch believes the trust is sufficiently ring-fenced from
Lippo, which owns 31.57% of LMIRT's equity and controls the trust's
manager. LMIRT has right of first refusal over Lippo's shopping
malls, and a large portion of its malls were purchased from its
sponsor. However, LMIRT, as a REIT listed in Singapore, is subject
to stringent regulations that require two independent valuations
and minority unitholders' approval for related-party transactions.
Fitch believes these rules sufficiently mitigate the risks that
such transactions are detrimental to minority unitholders.

Manageable Related-Party Tenant Risk: As of end-June 2019, around
25% of LMIRT's gross revenue was to related-party tenants,
including 8% from master leases with LPKR on three of its malls,
and around 4% from unprofitable supermarket operator PT Matahari
Putra Prima Tbk (Hypermart). Fitch expects revenue from
master-leased malls to fall significantly at contract expiry, given
the underlying tenant revenue and occupancy are considerably lower
than the contracted values. The master lease for Lippo Mall Kemang,
the largest of the three, expires on December 16, 2019 and Fitch
has assumed revenue from the mall will fall by around 30%, which
Fitch estimates will drag down LMIRT's total revenue by around 4%.

Hypermart remains current on its rental payments to LMIRT, but it
reduced its space by 7.7% so far this year, with a 10% reduction
planned for 2019, as part of its business rationalisation. Fitch
has assumed that LMIRT will be able to fill about 50% of the total
space vacated by Hypermart in the first year, but expect the
replacement tenants to pay a higher rent per square foot than
Hypermart, in line with the trend of the last 12 months.
Accordingly, the cash flow impact from Hypermart's space reduction
will be broadly neutral.

Mall Puri Purchase Pending: LMIRT signed a conditional sales and
purchase agreement with LPKR in March 2019 to purchase Lippo Mall
Puri for around SGD350 million. Puri is a relatively new mall, and
is part of the St. Moritz mixed-development in West Jakarta, which
should support an increase in tenant demand over the medium term.

Puri's occupancy stood at 91.6% as of end-June 2019, which is in
line with trust's average of around 92%. The sponsor has committed
to provide annual rental support payments to LMIRT during the first
five fiscal years after the purchase of the mall. The purchase
price does not factor in this rental support income. The sponsor
expects to pre-fund the rental support payments as well as its
31.57% share of the new equity that LMIRT plans to issue via a
USD730 million rights issue that is targeted to be completed in
1Q20. Fitch expects that LMIRT will fund the purchase using a
combination of debt and equity in order to maintain LTV of around
35%.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million of perpetual securities - issued in 2016 and 2017 - as 100%
equity, as these securities have strong going-concern and
gone-concern loss-absorption features. Its treatment also factors
in LMIRT's intention to maintain these securities as a permanent
part of its capital structure, by replacing the securities at their
next call-dates with similar instruments or common equity.

DERIVATION SUMMARY

LMIRT's Long-Term IDR can be compared to PT Pakuwon Jati Tbk
(BB/Stable) and Emirates REIT (BB/Stable).

Pakuwon is a Indonesia-based property developer whose rating is
driven by its large investment property portfolio consisting of
primarily shopping malls, with some office and hotel assets. For
similar assets, Fitch views that Pakuwon's investment properties
are of better quality than those of LMIRT, indicated by stronger
occupancy and rent per square foot. This coupled with Pakuwon's
conservative capital structure leads to an overall stronger
financial profile than LMIRT. However, Pakuwon has higher exposure
to the more-risky property development business, while the robust
regulatory frameworks for Singapore-listed REITs compensate for
LMIRT's weaker financial profile than Pakuwon. As a result, Fitch
rates both companies at the same level.

Emirates REIT is based in the United Arab Emirates. It has a
resilient portfolio of office and school properties in Dubai.
Emirates REIT has a higher leverage and lower portfolio occupancy
than LMIRT, however, these are offset by its strong asset quality,
better earnings visibility via longer lease durations of its school
assets, and beneficial government relations. These support Emirates
REIT's ratings at the same level as those of LMIRT.

KEY ASSUMPTIONS

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

  - Broadly stable occupancy rates at around 90% and modest rental
rate growth of around 3.5% a year to 2020. Revenue decline in
Kemang is compensated by improvements in weaker assets from asset
enhancement initiatives, while stronger assets continue to exhibit
stable performance and rental rate growth.

  - US dollar bonds issued to refinance SGD175 million term loans
due in 2020 and SGD120 million short-term working capital
facility.

  - Master lease at Lippo Mall Kemang, Kuta, and Yogyakarta will
expire in December 2019, 2021, and 2022 - and will not be
extended.

RATING SENSITIVITIES

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

  - Fitch does not expect any positive rating action over the
medium term given LMIRT's operating scale

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

  - Net debt / investment property of above 35% on a sustained
basis

  - FFO fixed-charge cover ratio of below 1.5x on a sustained
basis

  - A sustained weakening in the performance of LMIRT's shopping
mall portfolio as indicated by falling occupancy rates and negative
rental reversion

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity, Financial Flexibility: LMIRT has refinanced the
SGD120 million revolving credit facility due in 2019 and the SGD175
million term loan due in 2020 using proceeds from the US dollar
notes. The trust maintains the SGD120 million revolver as an
undrawn liquidity line following the bond issuance. The next
significant maturity is SGD75 million of bonds due in June 2020.
LMIRT will have a cash balance of around SGD93 million at end-2019
by Fitch's estimates, but it also has undrawn uncommitted credit
lines of SGD120 million to cover this maturity.

LMIRT, as with most REITs, is exposed to refinancing risk because
it is required to pay out at least 90% of its distributable profits
to unitholders. However Fitch expects the trust to be able to meet
its refinancing needs due to its adequate financial profile,
unencumbered property portfolio, and comfortable LTV of around 35%
over the medium term.



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

1MDB: Prosecutor Says Najib Engaged in Well-Planned Plot to Plunder
-------------------------------------------------------------------
The Business Times reports that Malaysian ex-leader Najib Razak
engaged in a "well-planned" plot to plunder state fund 1MDB,
prosecutors argued on Tuesday as a judge prepares to decide whether
his first trial over the scandal should proceed.

But the defence team of the 66-year-old, who was voted out of
office last year in large part due to allegations he and his
cronies pilfered massive sums from the fund to buy everything from
real estate to artwork, said that the evidence presented in court
was not enough to prove his guilt, BT relates.

After being ejected from office, Najib was hit with dozens of
charges and his first 1MDB-linked trial began in April, centring on
claims 42 million ringgit (SGD13.65 million) was stolen from a
former unit of the fund, the report recalls.

According to the report, the prosecution wrapped up its case in
August. On Oct. 22 prosecutors and defence lawyers presented
arguments before the judge rules on November 11 whether the case is
strong enough to move forward.

If it proceeds, Najib will likely begin his defence in December,
the report says.

BT says Prosecutor V Sithambaram told the Kuala Lumpur High Court
that Najib engaged in a "planned, premeditated" plot to steal the
money over several years.

It was a "well-designed, well-planned execution of (criminal
conduct) committed by the person in the highest office in the
country," he said.

In a written submission, Najib's defence team argued that "the bulk
of the evidence" did not lead to "any finding of culpability" on
Najib's part, and he should be cleared, the report relates.

Najib is facing seven charges of corruption and money-laundering in
the trial. He denies any wrongdoing, BT notes.

Each charge of corruption carries a maximum jail term of 20 years,
and each money-laundering count is punishable by a term of up to 15
years.

BT adds that the prosecution called 57 witnesses and the court
heard evidence about the lavish lifestyle enjoyed by Najib and his
widely reviled wife, Rosmah Mansor, after allegedly looting state
coffers.

Najib's biggest 1MDB trial opened in August, centring on
allegations he illicitly obtained the equivalent of US$545 million
from 1MDB, the report says.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
overnment agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue, riggering
cross defaults on two other Islamic notes totaling MYR7.4 billion
($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.



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

FALCON ENERGY: Debt Moratorium Extended to November 30
------------------------------------------------------
The Business Times reports that Falcon Energy on Oct. 22 said the
High Court has extended its debt moratorium by about one more month
to Nov. 30 from Oct. 26 previously.

This is less than the four-month stay requested by Falcon and its
subsidiary Asetanian Marine in their applications, which were heard
in court on Oct. 21, the report says.

In August, the two firms were granted a two-month debt moratorium
till Oct. 25, which was also less than the six months they applied
for, according to BT.

With the debt stay, no receiver or manager shall be appointed over
any property or undertaking of the companies, and no legal
proceedings can be commenced or continued against them, the report
states.

BT says creditors are also not to enforce security over any
property, repossess goods held by the companies, or enforce any
right of re-entry or forfeiture under any lease of premises
occupied by the companies.

There shall be no disposal of significant assets by the companies
without the court's leave.

A further hearing will be scheduled in the week of Nov. 26, BT
discloses.

Singapore-based Falcon Energy Group Limited, an investment holding
company, provides services from the initial exploration stage to
production and postproduction stage to oil companies and
contractors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific on July
29, 2019, The Business Times said Falcon Energy Group and its
subsidiary Asetanian Marine on July 25 filed applications in the
High Court for a moratorium as part of a court-supervised process
to reorganise their liabilities.

Falcon Energy Group and Asetanian have engaged Rajah & Tann
Singapore LLP as legal advisers and KPMG Services as their
independent financial adviser in this process.

KRISENERGY LTD: Will Not Pay Off Notes Amid Restructuring
---------------------------------------------------------
Fiona Lam at The Business Times reports that KrisEnergy Ltd on Oct.
22 said it has decided not to pay out the redemption amounts under
its notes, as the debt-laden group needs to conserve cash while it
works on a restructuring proposal.

BT relates that these redemption amounts comprise the principal and
interest payable for both the SGD130 million 4 per cent senior
unsecured notes due 2022 and the SGD200 million 4 per cent senior
unsecured notes due 2023, as well as the principal payable under
the SGD139.5 million senior secured zero-coupon notes due 2024.

No payment will be made even when redemption events have occurred
under the notes and if any completed exercise notice has been
submitted, the report says.

According to BT, KrisEnergy is under court protection from legal
action by creditors in Singapore. Its three-month debt moratorium,
which lasts till Nov. 14, was granted in September.

Besides the notes, its other existing debt agreements comprise a
US$200 million revolving credit facility (RCF) with DBS Bank
maturing on June 30, 2020, a term loan from HSBC, and a term loan
from Standard Chartered Bank, Singapore Branch (SCB), BT relates.

Total debt stood at around US$558.8 million as at June 30, BT
discloses citing KrisEnergy's presentation slides for its Sept. 10
informal investor meeting for noteholders and shareholders.

In August, KrisEnergy said it will temporarily stop repaying the
principal and interest under the HSBC and SCB term loans, amounting
to US$4.6 million due on Aug. 21. It also paused the repayment of
interest under the due-2023 notes, amounting to SGD4.1 million due
on Aug. 22, BT recalls.

BT says the debt-laden firm reiterated on Oct. 22 that given the
group's financial condition, it is not feasible to make all
payments of its financial obligations as they fall due.

KrisEnergy said on Oct. 22 it is working closely with its advisers
to conserve all available cash to meet the group's funding
requirements during the restructuring period to protect the
interest of all stakeholders while a restructuring proposal is in
the works, BT relays.

On Oct. 18, KrisEnergy appointed a non-executive independent
director, Bernard Castanet, and also reshuffled its board
committees. Before that, non-executive independent director Duane
Radtke had stepped down from the board on Sept. 30.

BT adds that Keppel Corporation, a creditor and shareholder of
KrisEnergy, had publicly expressed support for KrisEnergy's
management in formulating a restructuring plan. Separately, Keppel
Corp has been announced as the target of Temasek's planned bid for
a controlling stake, in a SGD4.08 billion deal which will involve a
strategic review of Keppel's operations including the offshore and
marine segment, the report notes.

                      About KrisEnergy Limited

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ --
is a Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

KrisEnergy reported net losses of US$237.1 million, US$139.2
million and US$137.3 million for the financial years 2016, 2017 and
2018, respectively.



===============
T H A I L A N D
===============

PACE DEVELOPMENT: Owner of Dean & DeLuca Defaults on THB2.6BB Debt
------------------------------------------------------------------
Anuchit Nguyen at Bloomberg News reports that Thailand's Pace
Development Corp., owner of gourmet grocer Dean & DeLuca, said it's
in default on THB2.6 billion (US$88 million) of debt owed to one of
the nation's top banks.

Siam Commercial Bank Pcl has asked the firm to repay outstanding
amounts by Nov. 4, Pace Development said in a stock exchange filing
on Oct. 21, Bloomberg relays.

Bloomberg relates that the company said it will accelerate
discussions with the lender to prepare financial restructuring and
debt management plans so it can continue developing projects.

According to Bloomberg, the trend-setting Dean & DeLuca store in
New York introduced Americans to international delicacies more than
four decades ago, but lately has been battling to survive. Pace
Development, which in 2014 agreed to purchase Dean & DeLuca, said
in July tough U.S. conditions wouldn't prevent expansion in other
regions.

In September, Pace Development said Dean & DeLuca's Thai operation
plans to raise THB2 billion by selling bonds, with the proceeds
earmarked for repaying debt and funding investment, Bloomberg
says.

Pace Development's shares tumbled as much as 13% in Bangkok,
Bloomberg notes. The firm's market capitalization is just US$33
million, Bloomberg discloses.

Pace Development Corporation Public Company Limited is a
Thailand-based real estate developer. The Company is involved in
the development of both commercial and residential real estate. It
operates six principal business segments, namely the property
development segment, which develops and sells condominium units;
the investment segment, which invests in shares of the Company's
group businesses; the hotel segment, which operates hotel business;
the luxury condominium segment, which develops and sells luxury
condominium units; the shopping center segment, which develops and
leases out shopping centers, and the food and beverage segment,
which operates food and beverage retail business.


                           *********


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,
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Information contained herein is obtained from sources believed
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