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

                     A S I A   P A C I F I C

          Friday, January 17, 2020, Vol. 23, No. 13

                           Headlines



A U S T R A L I A

AZURE ON WEST: First Creditors' Meeting Set for Jan. 24
CARHOOD GROUP: First Creditors' Meeting Set for Jan. 23
JEANSWEST CORPORATION: Collapses Into Administration
JEANSWEST CORPORATION: First Creditors' Meeting Set for Jan. 28
M STELLER: First Creditors' Meeting Set for Jan. 24

MINDARIE MANAGEMENT: First Creditors' Meeting Set for Jan. 28


C H I N A

CHINA EVERGRANDE: S&P Puts 'B' Rating to New  USD Sr. Unsec. Notes
KAISA GROUP: Moody's Assigns B2 Rating to New USD Notes
LANDSEA GREEN: Moody's Assigns B3 Rating to New USD Bond
LANDSEA GREEN: S&P Assigns 'B-' Rating to New US$ Sr. Unsec.Notes
SEAZEN GROUP: Fitch Assigns BB Rating to New USD Sr. Notes

SEAZEN HOLDINGS: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
SHANDONG RUYI: Blacklisted After Failing to Pay Arbitration


I N D I A

ABSOLUTE PROJECTS: Ind-Ra Cuts LT Issuer Rating to BB+, Not Coop.
ABT (MADRAS): Insolvency Resolution Process Case Summary
AJAY LANDMARK: CARE Lowers Rating on INR5.75cr LT Loan to 'C'
AKASH GANGA: CARE Cuts INR6.20cr LT Loan Rating to 'B+', Not Coop.
AKASHGANGA INFRAVENTURES: Ind-Ra Moves BB+ Rating to Non-Coop.

BAJRANG STEEL: Ind-Ra Moves 'BB+' Issuer Rating to Non-Cooperating
BETA WIND: CARE Reaffirms 'D' Rating on INR896.91cr Loan
ENCORP POWERTRANS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
IMPALA DISTILLERY: Insolvency Resolution Process Case Summary
JAI MATA: CARE Assigns B+ Rating to INR5.18cr LT Loan

JAYAKUMARAN EXPORTS: Ind-Ra Migrates BB- Rating to Non-Cooperating
K. D SINGH: CARE Lowers Rating on INR1.0cr LT Loan to B+
MFS INTERCORP: Insolvency Resolution Process Case Summary
NAIKNAVARE BUILDCON: CARE Reaffirms D Rating on INR80cr NCD
RAMDEV COTTON: CARE Lowers Rating on INR9.50cr LT Loan to 'D'

SANGAM FORGINGS: Ind-Ra Ups LT Issuer Rating to B+, Outlook Stable
SUBHASH KABINI: CARE Hikes Rating on INR19cr LT Loan to BB-
TRIMURTI FOODTECH: Insolvency Resolution Process Case Summary
VIKAS TECHNOPLAST: Ind-Ra Raises Long Term Issuer Rating to 'B+'


S I N G A P O R E

EMAS OFFSHORE: Court Extends Judicial Management Period
HYFLUX LTD: PnP Holders Plan to Block Utico's Scheme
HYFLUX LTD: Utico to Hold Town Halls for Investors on Jan. 20
SWIBER HOLDINGS: Judicial Management Period Extended to Apr. 30

                           - - - - -


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

AZURE ON WEST: First Creditors' Meeting Set for Jan. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Azure on
West Terrace Pty Ltd, formerly trading as The Hindley and HQ
Complex, will be held on Jan. 24, 2020, at 11:30 a.m. at the
offices of Clifton Hall, Level 3, at 431 King William Street, in
Adelaide, SA.

Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of Azure on West on Jan. 14, 2019.


CARHOOD GROUP: First Creditors' Meeting Set for Jan. 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Carhood
Group Limited will be held on Jan. 23, 2020, at 11:00 a.m. at
Treasury Room, Mantra on Russell, at 222 Russell Street, in
Melbourne, Victoria.

Adam Shepard of Setter Shepard was appointed as administrator of
Carhood Group on Jan. 14, 2020.


JEANSWEST CORPORATION: Collapses Into Administration
----------------------------------------------------
SmartCompany reports that national denim chain Jeanswest has
collapsed into administration, becoming just the latest major
retailer to fall on tough times in recent weeks.

KPMG Administrators' Peter Gothard and James Stewart were appointed
as voluntary administrators of Jeanswest Corporation Pty Ltd on
Jan. 15, SmartCompany discloses.

The business, which employs 988 people and has 146 stores across
the country, is known for its denim products and maternity wear.

Jeanswest also has a number of international stores, including in
New Zealand, which have not been affected by the Australian
administration.

According to SmartCompany, administrators are now undertaking an
"urgent analysis" of the retail chain with an eye on a possible
restructure or sale.

"Jeanswest is an iconic Australian denim brand, well known in the
leisure and casual wear market place," the report quotes Mr.
Stewart as saying in a statement.  "Like many other retailers, the
business has been challenged by current tough market conditions and
pressure from online competition.

"The Administration provides an opportunity for Jeanswest to
restructure so as to better respond to the challenging Australian
retail market," Mr. Stewart said.

Administrators are seeking urgent expressions of interest from
parties interested in buying or investing in the Jeanswest
business, SmartCompany relates.

Established in 1972, Jeanswest is one of Australia's most
well-known retail brands.  Jeanswest is currently owned by the
Hong-Kong-based Yeung family's investment vehicle, HOWSEA Limited,
which acquired the business as part of an HK$220 million ($41
million) deal with publicly-listed Glorious Sun Enterprises in
2017.

JEANSWEST CORPORATION: First Creditors' Meeting Set for Jan. 28
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Jeanswest Corporation Pty Ltd, trading as Jeanswest;
   -- Jeanswest Investments (Australia) Pty Ltd;
   -- Glorious Sun (Australia) Pty Ltd;
   -- Glorious Sun Corporate Services Pty Ltd; and
   -- Jeanswest Wholesale Pty Ltd

will be held on  Jan. 28, 2020, at 11:00 a.m. at the Business
Centre, Collins Square, Level 6, at Tower 2, 727 Collins Street, in
Melbourne, Victoria.

Peter Gothard and James Stewart of KPMG were appointed as
administrators of Jeanswest Corporation, et. al.  on Jan. 15, 2020.

M STELLER: First Creditors' Meeting Set for Jan. 24
---------------------------------------------------
A first meeting of the creditors in the proceedings of M Steller
Maintenance Pty Ltd will be held on Jan. 24, 2020, at 2:30 p.m. at
the offices of Worrells Solvency & Forensic Accountants, Level 15,
at 114 William Street, in Melbourne, Victoria.

Con Kokkinos and Matthew Kucianski of Worrells Solvency & Forensic
Accountants were appointed as administrators of M Steller on Jan.
15, 2019.

MINDARIE MANAGEMENT: First Creditors' Meeting Set for Jan. 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Mindarie
Management Pty Ltd, trading as ATF the Mindarie Development Trust,
will be held on Jan. 28, 2020, at 11:00 a.m. at Level 8, at 235 St
Georges Terrace, in Perth, WA.

Martin Bruce Jones and Andrew Michael Smith of KPMG were appointed
as administrators of Mindarie Management on Jan. 15, 2020.



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C H I N A
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CHINA EVERGRANDE: S&P Puts 'B' Rating to New  USD Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed issue of U.S. dollar-denominated senior unsecured notes by
China Evergrande Group (B+/Stable/--). The rating is subject to our
review of the final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Evergrande to reflect significant structural
subordination risk. As of June 30, 2019, Evergrande's capital
structure consisted of about Chinese renminbi (RMB) 118 billion of
unsecured debt at the holding company level. The company also has
RMB695 billion of debt issued at either the project level or at the
level of its subsidiary, Hengda Real Estate Group Co. Ltd., which
holds most of its onshore property development business. As such,
Evergrande's priority debt ratio is more than 85%, significantly
above our notching threshold of 50%.

"We believe the new issuance will not significantly affect
Evergrande's leverage profile because the company intends to use a
considerable portion of the proceeds for refinancing." Besides, due
to the sheer size of the company's gross debt, the new issuance
alone is unlikely to have a material impact.

Evergrande's weaker-than-peer liquidity profile and sub-optimal
capital structure remain key rating constraints. That said, S&P
believes the downside risk on liquidity is still manageable, given
the company's satisfactory contracted sales performance and lower
spending on new land acquisitions. Evergrande was also able to
extend the A-share listing deadline for the first two batches of
pre-listing strategic investments, removing imminent liquidity
risk. These factors are reflected in our stable outlook for the
company.


KAISA GROUP: Moody's Assigns B2 Rating to New USD Notes
-------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
the proposed USD notes to be issued by Kaisa Group Holdings Ltd (B1
stable).

Kaisa plans to use the notes' proceeds to refinance its existing
medium to long-term offshore debt due within one year.

RATINGS RATIONALE

"The proposed bond issuance will support Kaisa's liquidity and
lengthen its debt maturity profile," says Danny Chan, a Moody's
Assistant Vice President and Analyst.

"The issuance will not materially affect its credit metrics,
because the company will use the majority of the proceeds to
refinance existing debt," adds Chan.

Kaisa reported 25.8% year-on-year contracted sales growth (together
with its joint ventures and associates) to RMB88.1 billion for the
12 months ended December 2019, from RMB70.1 billion over the
corresponding period in 2018.

Supported by robust contracted sales, Moody's expects Kaisa's
revenue to continue to grow strongly over the next 12-18 months. As
a result, the company's revenue/adjusted debt should improve to
60%-65% in 2020 from 38% for the 12 months ended June 2019.

Similarly, the company's adjusted EBIT/interest coverage should
trend towards 2.5x from 1.9x over the same period.

Kaisa's liquidity profile is good. Moody's expects that Kaisa's
cash holdings along with its operating cash flow will be sufficient
to cover its maturing and committed land payments over the next
12-18 months. As of June 2019, the company's cash holdings of RMB28
billion could cover about 1.2x of its RMB22.6 billion of short-term
debt.

Kaisa's B1 corporate family rating (CFR) reflects its strong brand
and sales execution in the Guangdong-Hong Kong-Macao Bay Area (the
Greater Bay Area), its established track record of completing
high-margin urban redevelopment projects, its quality land bank in
high-tier cities such as Shenzhen, and its good liquidity.

However, the rating is constrained by Kaisa's high debt leverage
and track record of debt restructuring.

The B2 senior unsecured rating is one notch lower than Kaisa's B1
corporate family rating due to structural subordination risk. This
risk reflects the fact that the majority of Kaisa's claims are at
its operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination.

Kaisa's stable outlook reflects Moody's expectation that the
company will maintain its contracted sales growth and good
liquidity over the next 12-18 months.

Moody's could upgrade Kaisa if the company (1) maintains its good
liquidity; (2) diversifies its funding channels; and (3) improves
its adjusted EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.

On the other hand, downward rating pressure could emerge if the
company fails to achieve sales growth or aggressively acquires land
beyond Moody's expectation, such that its financial metrics and
liquidity deteriorate.

Credit metrics that could trigger a rating downgrade include (1)
revenue/adjusted debt falling below 50%; (2) adjusted EBIT/interest
coverage falling below 2.0x; or (3) cash to short-term debt falling
below at 1.0x-1.5x on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

LANDSEA GREEN: Moody's Assigns B3 Rating to New USD Bond
--------------------------------------------------------
Moody's Investors Service assigned a B3 senior unsecured rating to
the proposed USD bond to be issued by Landsea Green Properties Co.,
Ltd. (B2 stable).

Landsea plans to use the proceeds of the notes to refinance
existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Landsea's debt maturity
profile without materially impacting its credit metrics, as the
proceeds will be used to refinance existing debt," says Cedric Lai,
a Moody's Vice President and Senior Analyst, and also Moody's Lead
Analyst for Landsea.

Landsea's B2 corporate family rating is supported by its recognized
brand in the niche green property market, where its green products
have achieved sustained demand and higher selling prices than
traditional property offerings. The rating also reflects Landsea's
asset-light business model, allowing it to earn service income
while requiring limited capital and borrowed funds when compared to
fully-owned property development projects.

On the other hand, the B2 CFR is constrained by the company's
developing track record for its asset-light business model, which
was introduced in 2015. The sustainability of this model will
depend on the company's ability to secure new projects from
investors through the property cycles.

Another rating constraint is the company's narrow funding sources.
As of June 2019, Landsea's high-cost loans from non-bank financial
institutions and senior notes accounted for a sizeable 52% of total
debt. Moody's notes that the company is proactively expanding its
funding channels.

Moody's expects the company's debt leverage -- as measured by
adjusted debt/EBITDA -- will deteriorate to 5.5x-6.0x from 4.6x for
the 12 months ended June 2019, while its interest coverage -- as
measured by EBIT/interest -- will weaken to 2.5x-3.0x from 3.4x
over the same period. But these metrics remain appropriate for its
B2 corporate family rating.

Landsea's liquidity position is very good. Moody's expects the
company's cash holdings and operating cash flow will be sufficient
to cover its short-term debt and committed land payments over the
next 12 months. As of June 30, 2019, Landsea's total cash balance
of RMB5.0 billion could cover about 2.3x of its RMB2.1 billion
short-term debt.

The stable outlook reflects Moody's expectation that the company
will maintain good liquidity and continue to secure new projects
for its asset-light business model.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
subordination risk reflects the fact that the majority of Landsea's
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

Upward ratings pressure could develop if Landsea substantially
grows its scale through its asset-light business model while
maintaining sound credit metrics, with EBIT/interest coverage above
3.0x-3.5x and adjusted debt/EBITDA below 4.0x-4.5x on a sustained
basis.

On the other hand, the ratings could be downgraded if (1) its
contracted sales weaken; (2) it engages in aggressive land
acquisitions, such that its debt leverage and liquidity deteriorate
materially; or (3) its credit metrics deteriorate, such that its
adjusted debt/EBITDA is above 6.0x-6.5x and EBIT/interest falls
below 1.5x-2.0x on a sustained basis.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account Landsea's concentrated ownership by
its key shareholder, Mr. Tian Ming, who held an approximate 57.92%
stake (direct and indirect) in Landsea at June 30, 2019.

Moody's has also considered (1) the presence of three independent
non-executive directors who chair the audit, nomination and
remuneration committees; and (2) the company's adherence to the
Listing Rules of the Hong Kong Stock Exchange and the Securities
and Futures Ordinance in Hong Kong for related-party transactions.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Landsea Green Properties Co., Ltd. is a property developer, as well
as a development and management services provider in China and the
US, specializing in green property projects. "Landsea" is a
well-known green property brand in the Yangtze River Delta,
including the cities of Nanjing, Shanghai and Suzhou.

The company listed its shares in Hong Kong through a reverse IPO in
2013, after acquiring Shenzhen High-Tech Holding Limited. As of
June 2019, Landsea had total land reserves of 6.72 million sqm
across cities in both China and the US.

LANDSEA GREEN: S&P Assigns 'B-' Rating to New US$ Sr. Unsec.Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes that Landsea Green
Properties Co. Ltd. proposes to issue. The issue rating is subject
to its review of the final issuance documentation.

S&P rates the notes one notch below the issuer credit rating on
Landsea (B/Stable/--), given significant subordination risk in the
China-based developer's capital structure. As of Dec. 31, 2018,
Landsea's capital structure consists of Chinese renminbi (RMB) 2.4
billion in secured debt, RMB1.7 billion in unsecured debt issued by
Landsea, and RMB3.4 billion in unsecured debt issued or guaranteed
by the company's operating subsidiaries. The priority debt ratio is
77%, above its 50% threshold for notching down the issue rating.

S&P expects the proposed issuance to alleviate Landsea's
refinancing pressure and lengthen its debt maturity profile.
Landsea will use the net proceeds to refinance its borrowings, in
accordance with its green bond framework. The company has about
RMB2.3 billion of debt maturing in 2020, about 35% of its total
indebtedness. This includes US$200 million of green notes due in
April 2020.

In 2019, Landsea's contracted sales from projects with equity
interest were RMB26 billion, in line with S&P's expectation of
RMB26 billion-RMB28 billion. The 2019 figure is 10% higher than the
2018 tally of RMB23.6 billion. However, the company's market
position remains weak relative to that of peers with similar
ratings due to its small scale and geographical concentration in a
few key cities.

The stable outlook on Landsea reflects our expectation that the
company will have steady sales growth and stable margins over the
next 12 month. S&P expects leverage to increase moderately to fund
expansion.

SEAZEN GROUP: Fitch Assigns BB Rating to New USD Sr. Notes
----------------------------------------------------------
Fitch Ratings assigned Seazen Group Limited's (SGL, BB/Stable)
proposed US dollar senior notes a 'BB' rating. The notes are issued
by SGL's indirect wholly owned subsidiary, New Metro Global
Limited.

The proposed notes are unconditionally and irrevocably guaranteed
by SGL and rated at the same level as SGL's senior unsecured rating
because they constitute its direct and senior unsecured
obligations.

The Issuer Default Ratings of SGL and subsidiary, Seazen Holdings
Co., Ltd. (SHCL, BB/Stable), as well as the Stable Outlook on both
entities, reflect Fitch's assessment that the companies'
operational and financial risks, as well as access to liquidity,
have stabilised and have not deteriorated significantly while their
founder and former chairman, Mr Wang Zhenhua, is being held in
criminal custody by Chinese police and awaiting court trial. Mr
Wang's son, previously a non-executive director, has assumed the
role of chairperson of the two entities. Mr Wang senior no longer
has a role at the two entities, although he still has a 71% stake
in SGL, which holds 67% of SHCL.

Fitch uses a consolidated approach to rate SHCL based on its Parent
and Subsidiary Rating Linkage criteria.

KEY RATING DRIVERS

Funding and Liquidity Stabilised: Mr Wang's arrest affected the
group's funding access for a short period, but this has since
recovered and the group has obtained financing from a large number
of onshore and offshore banks since August 2019. Funding access has
further improved with the December 2019 issuance of USD350 million
7.5% senior notes due 2021. The group's continued growth in
contracted sales, project disposals and its decision to slow land
acquisitions in 2H19 have helped maintain adequate liquidity.

The group's onshore and offshore bonds have change of control
covenants, whereby the group has to make an offer to repurchase all
outstanding notes if a change of control is accompanied by negative
rating action, a Negative Outlook or a downgrade by an onshore
rating agency for its onshore bonds or an international rating
agency for its offshore bonds. The group has not breached its bond
covenants since Mr Wang's arrest.

Continued Sales Generation: SGL's full-year 2019 contracted sales
reached CNY271 billion, a yoy increase of 22%, slightly exceeding
its full year target. Contracted sales by gross floor area reached
24.3 million square metres (sq m), a 34% yoy increase. SGL
maintains an attributable contracted sales proportion of around
70%.

Diversified, Sufficient Land Bank: Fitch estimates that the group
has sufficient land bank for around three years of development,
although it slowed land acquisition and disposed of certain
projects in 2H19. The group had attributable land reserves of 98.2
million sq m, or 73% of total land reserves, as of 1H19. It will
remain focused on the Yangtze River Delta, but has increased its
land bank outside the region to buffer against regional market
uncertainties. Land acquisition cost were low, at around
CNY2,990/sq m, in 1H19.

Lower Leverage: Fitch estimates SGL's leverage fell to around 38%
in 2019, from 44% in 2018, due to slower land acquisition in 2H19.
However, leverage is likely to fluctuate as the company continues
to expand its contracted sales scale and investment-property
business. SGL's business profile strength is supported by its large
business scale, diversified land bank and expanding
investment-property business that generates predictable contractual
rental income.

Increased Recurring Income: Fitch expects the group's recurring
EBITDA to continue to increase rapidly, providing strong support to
interest servicing. SGL doubled its rental and property-management
fee income to CNY2 billion in 2018 from the operation of Wuyue
Plaza-branded shopping malls, which are mainly in second- and
third-tier cities. SGL generated around CNY4.1 billion in rental
and management fees in 2019, and Fitch expects recurring
EBITDA/interest expense to be above 0.4x in 2020 (2019E: 0.4x).

DERIVATION SUMMARY

Fitch's consolidated approach to rating SGL and SHCL is based on
its Parent and Subsidiary Rating Linkage criteria due to SGL's 67%
stake in SHCL. The strong strategic and operational ties are
reflected by SGL representing SHCL's entire exposure to the China
homebuilding business, while SGL raises offshore capital to fund
the group's business expansion. The two entities share the same
chairman.

SGL's quick sales churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's attributable sales reached CNY143
billion in 2018, larger than that of Sino-Ocean Group Holding
Limited (BBB-/Stable, Standalone Credit Profile: bb+), CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and almost double the size of
China Aoyuan Group Limited (BB-/Positive), KWG Group Holdings
Limited (BB-/Stable) and Logan Property Holdings Company Limited
(BB/Stable). SGL has also rapidly expanded its investment
properties, which generated CNY2 billion of recurring income and a
recurring EBITDA/interest of 0.4x in 2018. SGL's
investment-property portfolio of around CNY40 billion is much
larger than that of all the other 'BB' rated peers; this
contributed to the leverage increase and justified the higher
leverage than peers in 2018.

SGL maintained leverage - defined by net debt/adjusted inventory
(after joint venture and associate proportionate consolidation) -
at around 45% in 2018, in line with 'BB' rated peers, such as CIFI,
but higher than Sino-Ocean Group's 35%. SGL's recurring
EBITDA/interest of 0.4x was similar to that of Sino-Ocean Group in
2018. However, Sino-Ocean Group has a stronger and longer record in
investment-property operation, which supports its Standalone Credit
Profile at one notch above SGL's rating.

KEY ASSUMPTIONS

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

  - Total contracted sales reaching CNY270 billion in 2019, with
around 70% attributable interest

  - Land premium representing around 30% of attributable sales
proceeds in 2019 and 50%-60% in 2021-2022

  - CNY25 billion in investment property capex each year in
2019-2022

  - Overall EBITDA margin to remain above 25%

  - SGL maintaining a controlling shareholding in SHCL and no
weakening in the operational ties between the two entities

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action for SGL and SHCL:

  - Net debt/adjusted inventory (after joint venture proportionate
consolidation) sustained below 40%

  - Recurring EBITDA/interest paid sustained above 0.4x

  - No material deterioration in funding access and pre-sales
relative to Fitch's expectation

Developments that May, Individually or Collectively, Lead to
Negative Rating Action for SGL and SHCL:

  - Weakening in funding access and material deterioration in
pre-sales relative to Fitch's expectation

  - Consolidated contracted sales/total debt below 1.5x for a
sustained period

  - Net debt/adjusted inventory (after joint venture proportionate
consolidation) above 50% for a sustained period

  - EBITDA margin below 18% for a sustained period

Separately for SGL, a weakening of the linkage between SGL and SHCL
may lead to negative rating action.

(All the ratios mentioned are based on parent SGL's consolidated
financial data)

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: The group had an unrestricted cash balance of
CNY40 billion in 1H19, which was sufficient to cover short-term
borrowings of CNY36 billion. The group issued USD300 million 7.5%
senior notes due 2021, USD300 million 6.5% senior notes due 2022
and USD350 million 7.5% senior notes due 2021 in January, May and
December 2019, respectively.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

SGL and SHCL have an ESG relevance score of 4 for governance
structure due to Mr Wang's 71% stake in SGL, reflecting the
concentration of ownership.

SEAZEN HOLDINGS: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service changed the outlooks for Seazen Group
Limited (formerly Future Land Development Holdings Limited), Seazen
Holdings Co., Ltd., and New Metro Global Limited to stable from
negative.

At the same time, Moody's has affirmed the following ratings:

  -- Seazen Group's Ba2 corporate family rating (CFR) and Ba3
senior unsecured rating;

  -- Seazen Holdings' Ba2 CFR, and

  -- The Ba2 backed senior unsecured rating for the bonds issued by
New Metro Global Limited and guaranteed by Seazen Holdings.

Seazen Holdings is a 67.1%-owned subsidiary of Seazen Group. The
two companies are collectively referred to as the Group.

RATINGS RATIONALE

"The change in outlooks to stable from negative reflects the
companies' improving liquidity and demonstrated ability to regain
access to funding, after the arrest of Mr. Wang Zhenhua, the
largest shareholder and former chairman of the Group," says Kaven
Tsang, a Moody's Senior Vice President.

"The Group's strengthened liquidity, a result of strong contracted
sales and the Group's preemptive measures to preserve liquidity,
will provide the companies with good headroom to buffer against the
risks that could arise from the criminal allegations against the
former chairman," adds Tsang.

Moody's explains that the Group has made progress in improving its
funding access over the last 2-3 months, as seen by its issuance of
USD bonds in December for refinancing, and its ability to secure
further new bank loans to support ongoing operations.

While a few major banks have yet to resume lending to the Group,
Moody's expects these banks will gradually resume lending this
year, if the Group can maintain strong contracted sales and good
liquidity.

Such concerns are also partly mitigated by the Group's sufficient
internal resources — as seen by the Group's ample amount of cash
holdings and strong growth in contracted sales— that can fully
cover its maturing debt and committed land payments over the next
12-18 months.

In addition, Seazen Group's recently proposed share placement to
raise around USD350 million, if completed, will further strengthen
the Group's liquidity.

Moody's points out that the Group's contracted sales were strong in
H2 2019, the period since allegations were made against the former
chairman. Overall, the Group registered a 22.5% year-on-year growth
in contracted sales to RMB270.8 billion in 2019.

Additionally, the Group has a sizable portfolio of investment
properties under the brand name "Wu Yue Plaza", which will generate
RMB3.0-RMB4.5 billion in rental income (excluding income from
commercial property management services) over the next two years.
Moody's expects this income can cover around 45% of its gross
interest expenses in the same period.

Moody's also expects that the credit metrics of the Group will
remain appropriate for the Ba2 CFRs, although the Group will likely
step up land acquisitions over the next 1-2 years to support
business growth, after the temporary suspension of land
acquisitions in H2 2019.

The Group's financial metrics will also be supported by likely
strong growth in revenues — a result of its robust contracted
sales — and Moody's belief that the Group will maintain a
disciplined approach to land acquisitions.

Specifically, Seazen Holdings' adjusted revenue/debt and adjusted
EBIT/interest coverage — including its share in joint ventures
(JVs) — will improve to 80%-85% and around 4.0x by 2020 from 57%
and 3.0x for the 12 months to June 30, 2019.

Likewise, Seazen Group's debt leverage — as measured by adjusted
revenue/debt — and interest coverage — as measured by adjusted
EBIT/interest coverage, including its share in joint ventures JVs
— will improve to 75%-80% and 3.5x-4.0x from 54% and 2.7x, over
the same period.

Seazen Holdings' Ba2 CFR continues to reflect its strong sales
execution, large-scale operation and the growing stream of
recurring rental income from its retail malls. Additionally, the
CFR has considered the company's exposure to the regional economy
of the Yangtze River Delta and its sizable JV business exposures.

Seazen Group's Ba2 CFR mainly reflects the credit profile of its
subsidiary, Seazen Holdings; with the subsidiary accounting for
most of the Group's operations and financial profile. There is also
a close link between the two entities, as reflected in an
intercompany loan agreement, as well as the high level of ownership
by Seazen Group in Seazen Holdings.

In terms of environmental, social and governance factors, Moody's
has taken into account the concentrated ownership by Seazen Group's
key shareholder, Mr. Wang Zhenhua, who held a total 71% stake in
the company as of September 30, 2019.

This risk of concentrated ownership is partly mitigated by: (1) the
presence of special committees (audit, nomination and remuneration
committees) chaired by independent non-executive directors to
oversee the company's corporate governance; (2) the company's
moderate 20%-25% dividend payout ratio over the past three years;
and (3) the presence of other internal governance structures and
standards, as required under the Corporate Governance Code for
companies listed on the Hong Kong Stock Exchange.

The liquidity profiles of Seazen Group and Seazen Holdings are
good. Moody's expects that the two companies' cash holdings and
operating cash flow will be sufficient to cover their maturing debt
and committed land payments over the next 12-18 months.

Seazen Group's Ba3 senior unsecured bond rating is lower than its
CFR by one notch because of the risk of structural subordination.

This subordination risk reflects the fact that most of Seazen
Group's claims are at the operating subsidiary level and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

On the other hand, there is no notching for the Ba2 senior
unsecured rating of the notes guaranteed by Seazen Holdings.
Although most of the company's claims are at the operating
subsidiary level, its diversified business profile — with cash
flow generation across a large number of operating subsidiaries and
different business segments, covering both property development and
property investment — mitigates structural subordination risks.

Moody's could upgrade the two companies' ratings, if they maintain
resilient sales through the cycles, as well as strong liquidity and
prudent financial management.

Specifically, upward pressure could emerge if their (1) adjusted
revenue/debt, including their share in JVs, exceeds 85%-90%; (2)
EBIT interest coverage, including their share in JVs, is above
4.0x, or their rental income/interest coverage exceeds 50%, with
these results demonstrated on a sustained basis.

However, downward ratings pressure could emerge for the two
companies if (1) their contracted sales growth slows, or (2) credit
metrics weaken, with EBIT/interest coverage, including the
companies' share in JVs, falling below 3.0x, or adjusted
revenue/debt, including their share in JVs, falls below 70%-75% on
a sustained basis; or (3) their liquidity deteriorates, as
reflected by cash/short-term debt falling to below 1.25x.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

SHANDONG RUYI: Blacklisted After Failing to Pay Arbitration
-----------------------------------------------------------
Don Weinland at The Financial Times reports that Shandong Ruyi is
facing serious disruption to its access to cotton supplies after
the company, once hailed as the "LVMH of China", was placed on an
industry blacklist that will halt much of its trading in the
commodity with major global groups.

Details from a recent arbitration case with a Bangladeshi group, in
which Shandong Ruyi was ordered to pay compensation but has not,
have also shone a spotlight on the extent of the Chinese company's
difficulties in paying off debts, the FT relates.

The FT says the Liverpool-based International Cotton Association
added Shandong Ruyi this month to its list of companies that have
failed to pay arbitration awards connected to corporate disputes.

That will bar association members, which include many of the cotton
industry's largest traders such as Cargill and Louis Dreyfus, from
trading with the Chinese textile group.

Shandong Ruyi is a major purchaser of cotton due to the clutch of
global brands it bought in a $4 billion shopping spree in recent
years, including Paris-based SMCP, UK clothing maker Aquascutum and
Savile Row tailor Gieves & Hawkes.

According to the FT, the move has the potential to freeze Shandong
Ruyi's access to purchasing cotton from major suppliers and squeeze
production at its brands, according to several people familiar with
the cotton industry. An ICA spokesperson said the association could
discipline members who continue to trade with companies on the
blacklist, the FT says.

Many Chinese groups that made costly overseas acquisitions in
recent years have struggled to manage, and pay for, their new
global empires.

Over a period of three years, Shandong Ruyi agreed to more than 15
global acquisitions that eventually put it in control of a long
list of name brands including the Carloway Mill, one of the last
producers of handwoven Harris tweed on Scotland's Isle of Lewis. As
a result, its total debt ballooned from CNY15 billion ($2.2
billion) at the end of 2015 to CNY28 billion at the end of 2018,
the FT discloses.

According to an ICA document seen by the Financial Times,
Bangladeshi textile group Valleycot Marketing bought 7,000 tonnes
of Australian cotton from Shandong Ruyi between 2016 and 2017 but
the Chinese company delivered only a portion of that order.

Valleycot initiated arbitration against Shandong Ruyi in February
2019 and was awarded about $1 million in compensation, the
documents showed. But the Chinese company has not paid even part of
it.

"Since the publication of the award, Shandong Ruyi has expressed
their inability to pay up even a fraction of the award due to their
financial woes," the FT quotes Khondoker Shahriar, Valleycot chief
executive, as saying.

Shandong Ruyi was founded as a textile manufacturer in northern
China in the 1970s but began rapidly expanding into the world of
fashion starting in 2015.

The FT says the accumulation of fashion assets earned it the
moniker "the LVMH of China", likening it to the Parisian group that
takes its name from luxury brand Louis Vuitton, champagne house
Moet et Chandon and cognac distiller Hennessy.

But over the past year, it has faced problems paying for its trophy
acquisitions. Last year, Shandong Ruyi was forced into
restructuring and required a bailout from the local government in
Jining city where it is based. It narrowly avoided a default on
renminbi-denominated bonds last month, the FT notes.



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

ABSOLUTE PROJECTS: Ind-Ra Cuts LT Issuer Rating to BB+, Not Coop.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Absolute
Projects (India) Limited's (APIL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-' and simultaneously migrated the rating to the
non-cooperating category. The outlook was Negative. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using this rating. The
rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit downgraded and
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

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

-- INR400 mil. Non-fund-based working capital limit downgraded
     and migrated to non-cooperating category with IND A4+ (ISSUER

     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects APIL's breach of Ind-Ra's negative rating
guideline for working capital cycle and liquidity. The company's
working capital cycle elongated to 52 days for FY19 (FY18: 34 days)
due to deterioration in the creditor days. The cash flow from
operations turned negative to INR109.74 million in FY19 (FY18:
positive INR86.43 million) on account of unfavorable changes in the
working capital requirements.

The downgrade also factors in APIL's weak credit metrics. Its net
financial leverage (total adjusted net debt/operating EBITDA)
deteriorated to 2.26x in FY19 (FY18: 1.00x) due to an increase in
debt. The interest coverage (operating EBITDAR/gross interest
expense + rents) improved marginally to 3.26x (3.09x) due to an
increase in absolute EBITDA.

The ratings also factor in the company's continued medium scale of
operations as indicated by revenue of INR2,049.09 million in FY19
(FY18: INR1,542.85 million). The company reported an improvement in
the absolute EBITDA to INR87.97 million in FY19 (FY18: INR71.10
million).

The ratings, however, are supported by APIL's healthy margins. FY19
EBITDA margins contracted to 4.29% in FY19 (FY18: 4.61%) due to an
increase in administrative expenses. The return on capital employed
was 19.5% in FY19 (FY18: 17.9%).

The cash and cash equivalents stood at INR4.88 million at FYE19
(FYE18: INR10.45 million).

APIL did not participate in the surveillance exercise and has not
provided information about bank utilization, future plans and
interim numbers for FY20.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position and working
capital cycle, while resulting in improved credit metrics, will be
positive for the ratings.

Negative: A decline in the revenue and overall credit metrics, all
on a sustained basis, would lead to negative rating action.

COMPANY PROFILE

APIL was incorporated in 1995 and is promoted by Mr. R.S. Ola. The
company executes turnkey projects such as erection and
commissioning of substations, civil work for the extension of
switchyard, shifting of lines, and manufacturing electrical goods
such as conductors, transformers, switches, and switchgear. It has
two manufacturing units in Greater Noida and Roorkee.

ABT (MADRAS): Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: ABT (Madras) Private Limited
        180, Race Course Road
        Coimbatore, Tamil Nadu 641018

Insolvency Commencement Date: December 4, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Balakrishnan Venkatachalam

Interim Resolution
Professional:            Balakrishnan Venkatachalam
                         GF02, Ittina Padma I
                         5th Main Road
                         Ramamurthy Nagar
                         Bengaluru 560016
                         E-mail: cabalakrishnanip@gmail.com
                                 rp.abtmadras@gmail.com

Last date for
submission of claims:    December 18, 2019


AJAY LANDMARK: CARE Lowers Rating on INR5.75cr LT Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ajay
Landmark Private Limited (ALPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.75       CARE C; Stable Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating of ALPL takes into account of continuous
losses in the company. The ratings, continues to remain constrained
on account of modest scale of operations with operational as well
as net loss, weak solvency position and stretched liquidity
position. The ratings is further, continues to remain constrained
on account of presence in a highly competitive and fragmented food
processing industry and seasonality associated with agro industry
leads to fluctuations in the raw material prices and vulnerability
to margins.

The rating, however, derives strength from the long standing
experience of the directors along with its established marketing
network.

Rating Sensitivities

Positive Factors

* Sustained improvement in scale of operations with registering of
net profit and cash profit
* Continuous support provided by the promoters
* Improvement in capital structure with positive net worth of the
company.

Negative Factors

* Un-timely support provided by the promoters in form of capital
infusion or unsecured loans

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with operational as well as net loss and
weak solvency position
During FY19, TOI of the company has improved by 1.01 times over
FY18 mainly on account of increase in sale of spices and flour mill
division during the year. Despite significant growth in TOI, the
scale of operations of the company stood modest with TOI of
INR37.22 crore in FY19. Further, the company has registered
continuous operating and net loss during last three financial years
ended FY19. During FY19, the company registered operating loss of
INR2.18 core mainly on account of higher cost of material consumed
and net loss of INR6.20 crore on account of higher interest and
depreciation.  Due to continuous net loss, the net-worth base of
the company has eroded and stood negative as on March 31, 2019. Due
to negative net-worth and cash loss, the capital structure and debt
coverage indicators stood weak.

Presence in highly competitive and fragmented food processing
industry
Indian food processing industry is characterized as fragmented and
competitive due to presence of around 6600 units that includes
organized as well as unorganized players in the industry. ALPL will
be facing stiff competition from organized players in the market as
well as from unorganized players that are very active at regional
level. Further, ALPL also faces stiff competition from other
well-known Indian Brands of leading spices like MDH Masala, Everest
Masala, Badshah Masala, Ramdev etc. which have greater penetration
in the market. Due to highly competitive and fragmented industry,
ALPL needs to sustain its aggressive sales promotional activities
to maintain its market position.

Key Rating Strength

Experienced management
Mr Ajay Kumar Singh, Director, is Graduate by qualification and has
around more than three decades of experience in the industry. The
long standing experience and in-depth knowledge of the industry by
the promoter has benefited the company and has able to establish
customer and supplier base in the market.

Liquidity: Stretched

Liquidity position of the firm stood stretched with 90%-100% of
average utilization of working capital bank borrowings during the
last twelve months ended in November 30, 2019. Further, liquidity
stood stretched with current and quick ratio stood below unity
level at 0.92 times and 0.58 times respectively as on March 31,
2019. Furthermore, the cash flow from operating activities stood
negative at INR2.68 crore in FY19 as against negative INR4.42 crore
in FY18 mainly due to lower operating loss during the year as
against loss in FY18. However, cash and bank balance stood at
INR1.39 crore as on March 31, 2019. It has negative cash accruals
in FY20 projections due to higher depreciation and interest
expenses.

Jaipur (Rajasthan) based ALPL was incorporated in 2007 by Mr. Ajay
Kumar Singh and Mr. Atul Kumar Singh. ALPL is engaged in the
business of processing of spices and markets its products under the
brand name of 'Saptarshi' in domestic market mainly in Eastern
Rajasthan, Uttar Pradesh, Madhya Pradesh and Haryana. Further, in
FY17, the company undertook a project for setting up of flour mill
having an installed capacity of 400 tons per day for manufacturing
of flour, maida, Gram flour and porridge. Further, the promoters of
ALPL have promoted Ajay Petro Junction which is operating a
Reliance Petrol Pump and Jumbo Finvest Private Limited which is
Registered as Non deposit taking NBFC with RBI.

AKASH GANGA: CARE Cuts INR6.20cr LT Loan Rating to 'B+', Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Akash Ganga Rice Mills Private Limited (AGRMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       6.20       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information.

   Short term Bank      1.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AGRMPL to monitor the rating
vide letters/e-mails communications dated Oct 18, 2019, November
18, 2019, December 9, 2019 and December 12, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, the banker could not be contacted.

The rating on AGRMPL's bank facilities will now be denoted as CARE
B+; Stable; Issuer Not Cooperating* and CARE A4; Issuer not
cooperating.

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

Detailed description of the key rating drivers

At the time of last rating on January 7, 2019 the following were
the rating weaknesses and strength (updated the information
available from Ministry of Corporate Affairs).

Key Rating Weaknesses

Small scale of operation with low profitability margins: AGRM is a
relatively small player in the rice milling industry with a total
operating and PAT of INR19.77 crore and INR0.41 crore respectively,
in FY19. Further, the net worth base and total
capital employed was low at INR2.72 crore and INR3.37 crore,
respectively, as on March 31, 2019. This apart, the PBILDT
and PAT margin were low at 3.90% and 2.05% respectively, during
FY19.

Risk associated with expansion project: The company is currently
expanding its processing capacity of its plant with an aggregate
project cost of INR6.06 crore (including margin money for working
capital of INR0.67 crore) which is to be financed by term loan of
INR3.00 crore and balance through promoters contribution. The
financial closure for the debt portion of the project is yet to be
tied-up and therefore project funding risk exits. However, the
company has spent around INR2.00 crore till November 26, 2018
funded through promoters contribution. Since the expansion project
is into initial stage of implementation, the project implementation
risk is yet to be taken care off. Moreover, the expanded capacity
will be operational by May 2019.

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

Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature:
AGRM is primarily engaged in the processing of rice products in its
rice mills. Paddy is mainly a 'kharif' crop and is cultivated from
June-July to September-October and the peak arrival of crop at
major trading centers begins in October. The cultivation of paddy
is highly dependent on the monsoon.

Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high at
season time owing to the requirement for stocking of paddy in large
quantity. Also, agro products cultivation is highly dependent on
monsoons, thus exposing the fate of the company's operation to
vagaries of nature.

Intensely competitive nature of the industry with presence of many
unorganized players: Rice milling industry is highly fragmented and
competitive due to presence of many small players operating in this
sector owing to its low entry barriers, due to low capital and
technological requirements. Burdwan and nearby districts of West
Bengal are a major paddy growing area with many rice mills
operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative bearing
on the profitability.

Key Rating Strengths

Experienced promoters with long track record of operation: AGRM is
into rice milling business since 1997 and thus has long track
record of operations. Mr. Asoke Kumar Hazra Choudhury having more
than two decades of experience in the rice milling industry looks
after the day to day operations of the company along with a team of
experienced professionals who have rich experience in the similar
line of business. Close proximity to raw material sources and
favourable industry scenario: AGRM's plant is located at Burdwan's
district, West Bengal which is in the midst of paddy growing states
like Jharkhand and Bihar. The entire raw material requirement is
met locally from the farmers (or local agents) which helps the
company to save on substantial amount of transportation cost and
also procure raw materials at effective prices. Further, rice being
a staple food grain with India's position as one of the largest
producer and consumer, demand prospects for the industry is
expected to remain good in near to medium term.

Comfortable capital structure with strong debt coverage indicators:
The capital structure of the company remained
comfortable overall gearing ratio at 0.24x, as on March 31, 2019.
Furthermore, the debt coverage indicators also remained strong as
marked by interest coverage of 11.64x and total debt to GCA of
1.14x in FY19.

Akash Ganga Rice Mills (AGRM) was incorporated in December 1997.
The company is engaged in milling and processing of non-basmati
rice. The milling and processing plant of the company is located at
Burdwan, West Bengal with capacity of 480 metric ton per day (MPD).
The company procures its raw material i.e. paddy from farmers &
local agents and sells its finished products through the
wholesalers and distributors across West Bengal, Jharkhand & Bihar.

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

The instrument-wise rating actions are:

-- INR162.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR255.0 mil. Non-fund-based working capital limits migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR46.0 mil. Term loan due on March 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 31, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2007, AIIL is engaged in civil construction and
infrastructure development services for various governments and
private clients. It is specialized in piling and diaphragm works on
a pan India basis. It also supplies ready-mix concrete and deals in
equipment hire. Mr. Manoj Bansal is the main promoter who takes
care of the company's day-to-day operations.

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

The instrument-wise rating action is:

-- INR140 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 31, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in December 1998, BSAL manufactures mild steel ingots
and mild steel structures at its plant in Rourkela (Odisha). The
site has an installed capacity of 25,400 tons per annum of mild
steel structures and 32,000 tons per annum of mild steel ingots. It
is also engaged in the trading of crushed slags, mild steel
structures, and mild steel scrap. The company is managed by
directors Mr. Ramesh Kumar Aggarwal, Mr. Ashok Kumar Kansal and Mr.
Ashok Kumar Agarwal.

BETA WIND: CARE Reaffirms 'D' Rating on INR896.91cr Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Beta
Wind Farm Private Limited (BWF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          896.91      CARE D Reaffirmed


Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BWF factors in the
instances of delays in servicing debt obligations.

Rating Sensitivities

Positive Factors

* Satisfactory track record of timely servicing of debt
obligations on sustained basis.
* Sustained improvement in operational and financial performance.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in debt servicing
The Company has reported delays in debt servicing to banks on
account of tight liquidity position, arising mainly due to longer
time taken for realization of receivables from AP Discom. During
FY19 (refers to the period April 01 to March 31), the company
generated total income of INR235 crore as against INR255 crore
during FY18. Decline in the power sales was due to delayed onset of
wind season and impact of cyclone, which resulted in drop in wind
availability. The company reported net loss of INR30 crore in FY19
as against PAT of INR3 crore in FY18, due to decrease in power
sales. As on March 31, 2019, the company's receivables stood at
INR66.09 crore increased from INR50.69 crore as on March 31, 2018.

Seasonality associated with wind generation
Wind farms are exposed to inherent risk of climate fluctuations
leading to variations in the wind patterns which affects the PLF.
Generally, the wind farms enjoy high PLF during May – September
period (Monsoon period), whereas the PLF is relatively low during
the other seasons. During the off-season stretching from October to
April, wind generation dips significantly impacting the cash flows.
BWF's wind assets operated at an average PLF of 21.94% during FY19
(PY: 23.2%).

Key Rating Strengths
Established presence of OGPL in renewable energy segment BWF is a
subsidiary of Orient Green Power Company Limited (OGPL). OGPL's
promoter is SVL Limited (formerly known as Shriram Industrial
Holdings Limited), which is part of Chennai-based Shriram Group. As
of March 2019, OGPL had a portfolio of operational wind capacity of
425 MW. BWF had been supported by the group companies in terms of
funding requirements in the past. Similarly, BWF has provided loans
to group companies (Rs.104 crore as on March 31, 2019).

Industry outlook
Wind power continues to dominate the share of renewable energy (RE)
capacity in India at about 35.6 GW as on March 31, 2019 forming
around 45% of total RE capacity, though the overall share has come
down in last 2-3 years. The government plans to increase the
overall renewable energy capacity to 175 GW by 2022, out of which
wind capacity is planned to be enhanced to 60 GW. Given there is
continued emphasis by the government to increase capacity addition
in the sector, vast potential, established technology and faster
and modular nature of implementation, the outlook is stable for the
wind power sector. Nevertheless, there are issues like weak
financial risk profile of Discoms and poor evacuation
infrastructure leading to lower off-take; besides the inherent risk
of variation in wind patterns.

Liquidity indicator: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations, fully utilized bank limits and modest cash balance.
The company had cash and bank balance of INR0.54 crore as on March
31, 2019.

Beta Wind Farm Private Ltd. (BWF), a project SPV, was incorporated
for setting up of wind farm under the Group Captive Power Plant
Policy in the state of Tamil Nadu. The company has subsequently
expanded to other states namely, Gujarat, Karnataka and Andhra
Pradesh. BWF is a subsidiary of Orient Green Power Company Limited,
which is holding 74% stake and the remaining 26% held by various
group captive consumers. The company sells power generated, to
discoms like Andhra Pradesh discom (Central power Distribution
Company of Andhra Pradesh Limited) and Gujarat discom (Gujarat Urja
Vikas Nigam Limited) and to captive customers. The company's wind
assets currently aggregate to 242 MW.


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

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR310 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 29, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2008, Encorp Powertrans is primarily engaged in the
fabrication of power transmission towers. It also undertakes
galvanization work for fabricated steel structures. Its
manufacturing facility is located at Tarapur, Maharashtra.

IMPALA DISTILLERY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Impala Distillery and Brewary Limited
        Gold Road, Pajifond
        Margao, Goa 403601

Insolvency Commencement Date: January 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 8, 2020
                               (180 days from commencement)

Insolvency professional: CA. Sameer Kakar

Interim Resolution
Professional:            CA. Sameer Kakar
                         105, Gulmohar Complex
                         Near Bus Depot
                         Station Road, Goregaon East
                         Mumbai 400063
                         E-mail: sameerkakar@gmail.com
                                 ip.impala@gmail.com

Last date for
submission of claims:    January 25, 2020


JAI MATA: CARE Assigns B+ Rating to INR5.18cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jai Mata
Di Enterprises (JMD), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank
   Facilities           5.18       CARE B+; Stable Assigned

   Short-Term Bank
   Facilities           9.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JMD primarily take
into account its modest scale of operations with moderate
profitability margins and stretched liquidity position. The
ratings, further, constrained on account of its presence in the
highly fragmented and competitive industry and constitution as a
proprietorship concern.  The ratings, however, derive comfort from
experienced management, moderate order book position and moderate
solvency position.

Rating Sensitivities

Positive Factors

* Increase in scale of operations to more than INR25.00 crore on
sustained basis in the highly competitive and fragmented industry
* Improvement in capital structure with overall gearing less than
1.50 times on sustained basis.
* Timely receipt of payment government department with collection
period less than 120 days

Negative Factors

* Any new debt funded project taken or higher utilization of
working capital bank borrowings by the firm which results in
deterioration in capital structure more than 3.00 times
* Deterioration of liquidity position form current level of
operating cycle to more than 80 days due to increase in collection
period.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest Scale of Operations with moderate profitability margins
The scale of operations of the firm stood modest with Total
Operating Income (TOI) and PAT of INR16.06 crore and INR0.58
crore respectively in FY19 and net-worth of INR4.09 crore as on
March 31, 2019. The profitability margins of the firm stood
moderate marked by PBILDT and PAT margin of 15.24% and 3.66%
respectively in FY19 as against 8.89% and 4.57% respectively in
FY18. GCA level has also declined by 9.26% in FY19 over FY18 and
GCA level stood at INR1.43 crore in FY19.

Presence in the highly fragmented and competitive industry and
constitution as a proprietorship concern
The construction industry is highly fragmented in nature with
presence of large number of unorganized players and a few
large organized players coupled with the tender driven nature of
construction contracts poses huge competition and puts pressure on
the profitability margins of the players. Further, as the firm
participates in tenders invited by government departments, high
competition and lower bargaining power restricts its profitability
margins.

JMD's constitution as a proprietorship concern restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. There is inherent
risk of possibility of withdrawal of capital and dissolution of the
firm in case of death/insolvency of the proprietor.

Key Rating Strengths

Experienced Management and Moderate order book position
Mr. Avinash Azad Singh Tomar, Proprietor, graduate by
qualification, looks after overall affairs of the firm and has more
than a decade of experience in the industry. Further, the
management is assisted by staff of 20 qualified and experienced
employees for smooth functioning of the firm.

As on December 30, 2019, JMD has an outstanding order book position
of about INR9.79 crore which consists of 5 orders
which will be executed in next 6-8 months.

Moderate solvency position
The capital structure of the firm stood moderate with an overall
gearing of 1.96 times as on March 31, 2019, which remained stagnant
as on March 31, 2018. Further, the debt service coverage indicators
of the firm stood moderate with total debt to GCA of 5.61 times as
on March 31, 2019, declined from 4.81 times as on March 31, 2018
owing to increase in total debt and decrease in GCA level. The
interest coverage ratio stood comfortable at 2.40 times in FY19 as
against 6.03 times in FY18 due to higher proportionate increase in
interest and finance costs then increase in PBILDT in FY19.

Liquidity: Stretched

The liquidity position of the firm stood stretched marked by
maximum full utilization of its working capital bank borrowings and
maximum 50% of its non-fund based limits during the last twelve
months ended November, 2019. The current ratio and quick ratio
stood at 1.06 times as on March 31, 2019. The operating cycle of
the firm stood at 61 days in FY19 as against negative operating
cycle in FY18 due to increase in collection period. During FY19,
the firm got delayed payment from its customers mainly from BSNL.
With increase in collection period, creditor's period has also
increased significantly. The firm has cash and bank balance stood
at INR0.21 crore as on March 31, 2019.

Gwalior (Madhya Pradesh) based JMD was formed in 2005 by Mr.
Avinash Azad Singh Tomar. JMD is engaged in the business of laying
of optical fibres in Madhya Pradesh and Chhattisgarh for government
and private organisations such as Bharat Sanchar Nigam Limited,
Sterlite Technologies Limited, Bharat Broadband Network Limited and
Dinesh Engineers Limited.

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

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Term loan due on September 9, 2027, migrated to
non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Proposed fund-based working capital limit migrated
     to non-cooperating category with Provisional IND BB- (ISSUER
     NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 11, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1993 as Imayam Knitwear and later renamed in 2006,
Tirupur-based Jayakumaran Exports manufactures knitted garments. It
started exporting garments to the United Arab Emirates and the
United Kingdom in 1993. The firm has in-house facilities for
knitting, dyeing, printing, embroidery, and washing.

K. D SINGH: CARE Lowers Rating on INR1.0cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K. D
Singh (KDS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       1.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable

   Short-term Bank      7.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING

Detailed Rationale & Key rating Drivers

CARE has been seeking information from KDS to monitor the ratings
vide e-mail communications dated August 13, 2019, September 19,
2019, October 23, 2019, November 14, 2019, and November 29, 2019
and December 12, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, KDS has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on KDS bank facilities will now be
denoted as CARE B+; Stable/CARE A4 ISSUER NOT COOPERATING.

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

The ratings continue to be remained constrained on account of its
modest scale of operations with moderate order book, moderately
stressed liquidity position. The rating is, further, constrained on
account of high competition in civil construction segment, customer
concentration risk and constitution as a proprietorship concern.

The rating, however, favorably takes into account the experienced
proprietor and renowned clientele base, healthy profitability and
capital structure.

Detailed description of the key rating drivers

At the time of last rating on November 02, 2018, the following were
the rating strengths and weaknesses

Key Rating Weakness

Modest scale of operations with moderate order book position: The
scale of operations as indicated by Total Operating Income (TOI)
has shown a fluctuating trend during the last three financial years
ended on March 31, 2017 owing to tender driven nature of industry.
During FY18, TOI of the firm has increased by 29.24% over FY17,
however, declined by 59.85% in FY17 over FY16. Further, till
October 25, 2018, the firm has achieved TOI of INR 8.99 crore.  As
on October 25, 2018, KDS has an outstanding order book position of
INR57.01 crores which consists of 4 orders contributing 5.56 times
of TOI which is to be executed in next 12-24 months.

Moderately stressed liquidity position: The liquidity of the firm
stood moderately stressed marked by current and quick ratio of 1.29
times and 1.05 times respectively as on March, 2018. The firm
maintain inventory of 2-3 months and makes payment to its suppliers
within 5-6 months owing to negative operating cycle at 95 days in
FY18. Further, KDS has fully utilized its fund based and non-fund
based limits during the last twelve month ended in September, 2018.
The cash flow from operating activities has improved from INR 1.12
crore in FY17 to INR 1.53 crore in FY18 owing to lower working
capital gap.

High competitive intensity in the government civil construction
segment and geographical as well as customer concentration of order
book and constitution as a proprietorship concern: The construction
industry is highly fragmented in nature with presence of large
number of unorganized players and a few large organized players
which coupled with the tender driven nature of  construction
contracts poses huge competition and puts pressure on the
profitability margins of the players. Further, its constitution as
a proprietorship concern restricts its overall financial
flexibility in terms of limited access to external funds for any
future expansion plans. Further, there is inherent risk of
possibility of withdrawal of capital and dissolution of the firm in
case of death/insolvency of proprietor.

Key Rating Strengths

Experienced proprietor and renowned clientele base with long
relationship with various government departments: Mr. K.D Singh,
Proprietor, has around more than 20 years of experience and looks
after overall functions of the firm. He is assisted by a staff of
qualified and experienced employees and labour. Being in the
industry since 1992, the firm has developed long standing
relationship with various government departments including Public
Works Department (PWD), Rural Engineering Services (RES), Madhya
Pradesh Road Development Corporation Limited (MPRDC), Water
Resource Departments and others and thus receives repetitive orders
from the departments.

Healthy profitability and capital structure: The profitability
margins of the firm stood healthy marked with PBILDT and PAT margin
of 14.62% and 5.29% respectively. During FY18, PBILDT margin of the
firm has declined by 362 bps over FY17 mainly because of higher
cost of material. However, PAT margin of the firm remained in line
with FY17. The capital structure of the firm stood comfortable with
an overall gearing of 0.47 as on March 31, 2018 improved from 0.73
times as on March 31, 2017 owing to scheduled repayment of term
loans as well as accretion of profits to reserves.

Rewa (Madhya Pradesh) based K.D Singh (KDS) was formed in 1992 by
Mr K.D Singh as a proprietorship concern and is mainly engaged in
business of civil construction for government departments such as
Water Resource Department (WRD), Public Works Department (PWD),
Madhya Pradesh Road Development Corporation Limited (MPRDC), Rural
Engineering Services (RES) and Railways. Further the firm also
gives contract on subcontract basis.

MFS INTERCORP: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: MFS Intercorp Limited

        Registered address:
        Ground Floor-18, Omaxe Square
        Jasola New Delhi
        DL 110025

Insolvency Commencement Date: January 7, 2020

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: July 7, 2020
                               (180 days from commencement)

Insolvency professional: Ms. Dipti Mehta

Interim Resolution
Professional:            Ms. Dipti Mehta
                         201-206, Shiv Smriti
                         2nd Floor, 49A
                         Dr. Annie Besant Road
                         Above Corporation Bank
                         Worli, Mumbai 400018
                         Mobile: +91 9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    January 23, 2020

NAIKNAVARE BUILDCON: CARE Reaffirms D Rating on INR80cr NCD
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Naiknavare Buildcon Private Limited (NBPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non–Convertible
   Debentures          80.00       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating to the instruments of NBPL takes into
account low ability of the company to service its debt obligation.
The company is not likely to generate enough cash surplus from its
operations in immediate future, considering initial stage of
completion of projects (transferred to NBPL from other group
entities), pending approvals and slow sales momentum.

CARE also observes that there are ongoing delays in servicing of
debt obligations towards existing term loans availed by its group
entities against various projects. The same projects are
transferred to NBPL.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing
There are ongoing delays in servicing of debt obligations towards
existing term loans availed by its group entities against various
projects. The same projects are transferred to NBPL. The company's
ability to service its principal and interest obligations is low.

Naiknavare Group (group) is engaged in construction business since
the past 28 years in Pune, and has transferred its three projects
namely Neelaya – Talegaon, Eagle's Nest- Talegaon, and Seven
Business Square – Shivajinagar under a newly formed Special
Purpose Vehicle (SPV) Naiknavare Buildcon Private Limited (NBPL).
The business was transferred on March 31, 2019.

RAMDEV COTTON: CARE Lowers Rating on INR9.50cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ramdev Cotton Industries (RCI), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term Bank     9.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                    revised from CARE B+; Stable;
                                 Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 18, 2019, placed the
rating(s) of RCI under the 'issuer non-cooperating' category as RCI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. RCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated January 02, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information.

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

The rating has been revised on account of on-going delays in debt
servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing
RCI has been irregular in servicing its debt obligation due to weak
liquidity position of the firm.

Rajkot based Ramdev Cotton Industries (RCI) was established in 2009
as a partnership firm by Mr Ashwinbhai M. Chovatiya, Mr Jagdishbhai
M. Sakaria, Mr Kishorbhai N. Sakaria and Mr Ramjibhai K. Sakaria.
All the partners are actively involved in the management of RCI as
functional heads. RCI is engaged in business of cotton ginning &
pressing to produce cotton bales and cotton seeds with an installed
capacity to produce 6048 MTPA (Metric Tonnes per Annum) for cotton
bales and 10,500 MTPA for cotton seeds as on March 31, 2017.

SANGAM FORGINGS: Ind-Ra Ups LT Issuer Rating to B+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sangam Forgings
Private Limited's (SFPL) Long-Term Issuer Rating to 'IND B+' from
'IND B (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits upgraded with IND B+/Stable
     rating; and

-- INR15 mil. Non-fund-based limits affirmed with the IND A4
rating.

The upgrade reflects an increase in SFPL's revenue and an
improvement in its liquidity position in FY19.

KEY RATING DRIVERS

SFPL's revenue increased to INR64 million in FY19 (FY18: INR57
million) due to an increase in orders. However, the scale of
operations continued to be small.

Liquidity Indicator – Adequate: The average maximum utilization
of fund-based limits was about 30% for the 12 months ended in
November 2019. The cash and cash equivalent stood at INR11.20
million at FYE19 (FYE18: INR 7.80 million). The cash flow from
operations remained positive but declined to a low INR0.17 million
in FY19 (INR 13.26 million) on account of unfavorable changes in
the working capital. The networking capital cycle remained
elongated but improved to 605 days in FY19 (FY18: 651 days) on
account of a decline in receivable and inventory days.

The ratings are constrained by the modest EBITDA margins due to
poor market conditions and intense competition in the industry. The
margins fell to 14% in FY19 (FY18: 21%) due to an increase in raw
material costs. The absolute EBITDA fell to INR9 million in FY19
(FY18: INR12 million). The RoCE was 3.46% in FY19 (FY18: 4.27%)

The ratings also reflect the company's moderate credit metrics.
Despite witnessing an improvement due to a decrease in interest
expenses, the interest coverage (operating EBITDA/gross interest
expense) remained weak at 2.84x in FY19 (FY18: 2.38x).
Additionally, the net financial leverage (total adjusted net
debt/operating EBITDA) deteriorated to 9.76x in FY19 (FY18: 7.12x)
owing to an increase in unsecured debt (non-interest bearing in
nature) from directors and family members.

The ratings are supported by the promoter's significant experience
of more than a decade in the forging business.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity position could be
negative for the ratings.

Positive: An increase in the revenue along with an improvement in
the liquidity profile and overall credit metrics, leading to the
net leverage falling below 5x, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1976, SFPL manufactures forging products. It
produces open die and closed die forgings. The company is managed
by Mr. Shailesh Kumar Shah. The company has a facility in Bhilai,
which has an annual production capacity of 3000 metric tons per
annum.

SUBHASH KABINI: CARE Hikes Rating on INR19cr LT Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Subhash Kabini Power Corporation Limited (SKPCL), as:


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      19.00       CARE BB-; Stable Revised from
   Facilities                      CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SKPCL
is on account of the timely repayment of term loan by the company.
The rating continues to be constrained by its substantial exposure
to group companies, vulnerability of cash flows to availability of
water and stretched liquidity position. The rating, however, derive
strength from experienced promoters, tie-up of long term power
purchase agreement (PPA), low counterparty credit risk, improvement
in financial performance in FY19 (refers to the period from April
01 to March 31), satisfactory capital structure and debt protection
metrics and presence of escrow arrangement for debt servicing.

Rating Sensitivities

Positive Factors

* Timely commission of hydro power plants in group companies in
order to reduce fund support from SKPCL
* Further extension of PPA for next 10 years.

Negative Factors

* Decline in profitability and cash accruals with average PLF going
below 20%
* Substantial debt funded capex

Detailed description of the key rating drivers

Key Rating Weaknesses

Substantial exposure to group companies
SKPCL's fund based exposure to the group companies by way of equity
and loans & advances as on Mar. 31, 2019 stood at INR115.70 crore
(accounting for 111.8% of its tangible net worth) as compared to
INR101.4 crore as on March 31, 2018 (accounting for 113.2% of its
tangible net worth). It has also extended corporate guarantee of
INR73.6 crore as on March 31, 2019 to its group companies (as
against INR105.2 crore on March 31, 2018).

Vulnerability of cash flows to availability of water
SKPCL owns and operates a 20 MW dam-based (without pumped-storage)
hydro power plant over the River Kabini near Mysore in Karnataka.
Given the low storage capacity of the reservoir, power generation
is largely concentrated within the monsoon season (June –
September). Hence, SKPCL witnesses variability in hydro power
generation as the same is dependent on the extent of rainfall
received during the year.

Key Rating Strengths

Experienced Promoters
SKPCL is part of the SPML group, promoted by the Kolkata based
Sethi family which has around three decades of multidisciplinary
experience in hydel, power, environment, infrastructure,
manufacturing and technology. SKPCL is engaged in hydro power
generation since 2003. It has a 20 MW hydro power plant over the
river Kabini near Mysore in Karnataka. Besides SKPCL, there are
four other hydro power companies belonging to the group, namely
Neogal Power Co. Pvt. Ltd., IQU Power Co. Pvt. Ltd., AWA Power Co.
Pvt. Ltd. and Luni Power Co. Pvt. Ltd.

Long term power purchase arrangement
SKPCL is having a 20 year PPA with Karnataka Power Transmission
Corporation Ltd. (KPTCL rated CARE A; Stable/CARE A2+), since
August, 2001. The PPA was later assigned to MESCOM. The PPA
provides for a single-part tariff for the period 2003-04 to April
2011 starting with a base level of INR3.49/unit in 2003-04 and
escalating thereafter at the rate of 5% from 2003-04 to 2006-07 and
at 2% for the period thereafter to reach a final level of
INR4.43/unit in April 2011.

The PPA with MESCOM only specified the tariff applicable for the
first ten year period expiring in August 2011. However, as per the
Tariff Order issued by Karnataka Electricity Regulatory Commission
(KERC), for projects which have completed the first ten years of
operations, the applicable tariff for next ten year period shall be
the tariff prevailing in the tenth year as per the PPA with nil
escalation y-o-y. Accordingly, a supplementary agreement has been
signed by SKPCL with MESCOM, wherein it has been agreed that MESCOM
shall pay SKPCL a tariff of INR4.43/unit (tariff prevailing in the
tenth year as per the PPA) for the next ten years (August 2011 to
August 2021).

Low counterparty credit risk
SKPCL has a PPA signed with MESCOM at a fixed tariff of
INR4.43/unit which shall expire in August 2021. SKPCL's debt
repayment obligation for the term loan shall complete in the month
of June, 2021. The company bills MESCOM post completion of the
billing cycle and MESCOM makes the payment to SKPCL on a timely
basis within a period of 30 days from the date of the bill. Hence,
SKPCL does not have any major debtors outstanding at any time
during the year. Hence, SKPCL does not face any problem with regard
to collection of bills raised by the company for its hydel power
generated.

Improvement in financial performance of the company in FY19
The total operating income of the company witnessed a growth of 46%
y-o-y in FY19 compared to FY18 on account of increase in quantity
of power sold due to increase in PLF from 21.16% in FY18 to 28.75%
in FY19. The PBILDT margin also witnessed an improvement from
74.77% in FY18 to 78.97% in FY19 due to significant increase in
revenue with no major increase in operating expenses. The PAT
margin also witnessed a significant improvement from 6.71% in FY18
to 57.31% in FY19 on account of increase in interest income on
loans given along with decline in interest expense. The interest
coverage ratio improved from 0.96x in FY18 to 2.09x in FY19 due to
increase in PBILDT along with reduction in interest expense. The
company earned a GCA of INR17.54 crore in FY19 against a debt
repayment obligation of INR11.00 crore.

Satisfactory capital structure and debt protection metrics
The capital structure of the company witnessed an improvement with
overall gearing ratio improving from 0.87x as on March 31, 2018 to
0.65x as on March 31, 2019 on account of reduction in debt and
increase in networth with accretion of profits to reserves. TDGCA
of the company witnessed a significant improvement from 29.99x in
FY18 to 3.81x in FY19 on account of significant increase in GCA.

Presence of Escrow arrangement for debt servicing
The term loan availed by SKPCL is based on discounting of power
sale receivables and the term lender has first charge over the
collections from MESCOM. The amount is deposited by way of TRA
(Trust & Retention account) mechanism and is available for use to
SKPCL only after deduction of interest and instalment of the bank.

SKPCL is allowed by the bank to take out the surplus cash in the
escrow account to meet operational expenses after
deducting the instalment due and interest obligation. Hence, in
case of lower generation in the ensuing months, there might be a
cash flow mismatch if generation is not sufficient.

Liquidity Profile – Stretched

The company has a stretched liquidity position with GCA of INR17.54
crore against a debt repayment obligation of INR11.85 crore in
FY19. Further, the company has a debt repayment obligation of
INR12.96 crore in FY20 against which the company is expected to
generate sufficient cash flows. However, the company had been
advancing funds to its group companies to fund interest and
repayments obligation which put pressure on the liquidity of
SKPCL.

SKPCL, promoted by the Kolkata based Sethi family, is a part of the
SPML group, a leading infrastructure construction group with around
three decades of multi-disciplinary experience in hydel, power,
environment, infrastructure, manufacturing and technology. SKPCL,
which commenced operation in June 2003, owns and operates a 20 MW
hydro power plant over the river Kabini near Mysore, Karnataka.
SKPCL is a subsidiary of SPML Infra Ltd., the flagship company of
the group.

TRIMURTI FOODTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Trimurti Foodtech Private Limited

        Registered address:
        Plot No. A-5, MIDC Area
        Railway Station
        Aurangabad 431005
        Maharashtra State

Insolvency Commencement Date: January 1, 2020

Court: National Company Law Tribunal, Aurangabad Bench

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

Insolvency professional: Anand Gopikishan Mundada

Interim Resolution
Professional:            Anand Gopikishan Mundada
                         2, Chandrapusda Sankul
                         24-26, Kalda Corner
                         Aurangabad 431005
                         Maharashtra
                         E-mail: agumundada@rediffmail.com

                            - and -

                         Flat No. 2, Plot No. 0315853/16
                         "Shantijyot" Apartment
                         Ranjeet Nagar, Aurangabad 431001
                         Maharashtra
                         E-mail: ipagm11750@gmail.com

Last date for
submission of claims:    January 24, 2020


VIKAS TECHNOPLAST: Ind-Ra Raises Long Term Issuer Rating to 'B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vikas Technoplast
Pvt Ltd (VTPL) Long-Term Issuer Rating to 'IND B+' from 'IND D'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based limits upgraded with IND B+/Stable/IND
     A4 rating; and

-- INR5.6 mil. (reduced from INR10.28 mil.) Term loan due on
     December 2022 upgraded with an IND B+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects the growth in VTPL's scale of operations to
medium from small. The company's revenue increased to INR178.16
million in FY19 (FY18: INR137.47 million) due to an increase in
orders.

The ratings reflect the VTPL's modest EBITDA margins due to intense
competition in the industry. The margins declined to 9.5% in FY19
(FY18: 11.81%) due to an increase in personnel expenses and
manufacturing costs. The return on capital employed was 8.92% in
FY19 (FY18: 8.85%).

Liquidity Indicator – Stretched: SFPL's average use of the
fund-based facility was 97.66% for the 12 months ended December
2019. The company had liquid cash and cash equivalents of INR1.10
million at end-FY19 (end-FY18: INR1.13 million) against total debt
of INR59.63 million (INR106.09 million). The cash flow from
operations declined to INR7.26 million in FY19 (FY18:  INR27.59
million) due to unfavorable changes in working capital.

The rating, however, is supported by VTPL's comfortable credit
metrics due to low debt levels. The metrics improved on a YoY basis
in FY19 due to an increase in the absolute EBITDA to INR16.93
million (INR16.23 million), resulting from a marginal decrease in
administrative and selling expenses, and a fall in the total debt
to INR59.63 million (INR66.72 million). The company's gross
interest coverage (operating EBITDA/gross interest expense) was
2.04x in FY19 (FY18: 1.74x) and net leverage (adjusted net
debt/operating EBITDA) was 3.46x (4.04x).

The ratings are also supported by VTPL's founders' experience of
more than two decades in the plastics industry.

RATING SENSITIVITIES

Negative: A decline in the scale of operations and deterioration in
credit metrics, all on a sustained basis, could lead to negative
rating action.

Positive:  Improvement in scale of operations, credit metrics and
liquidity position, all on a sustained basis, could be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2013, VTPL manufactures plastic bottles, pet jars,
preforms, molds and other plastic products used for packaging and
storage purposes.



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EMAS OFFSHORE: Court Extends Judicial Management Period
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Lee Meixian at The Business Times reports that Emas Offshore on
Jan. 14 said that the Court has granted the judicial managers'
(JMs) extension application for the validity of the judicial
management order to be lengthened by six months from April 20, 2020
until Oct. 20.

BT relates that the JMs have also been given an extension of six
months until June 20, 2020 to provide the company's creditors and
members with the JMs' statement of proposals and to convene the
creditors' meeting.

Singapore-based EMAS Offshore Limited (SGX:UQ4) --
http://www.emasoffshore.com/home/-- engages in the offering of
offshore support, accommodation and offshore production services to
customers in the offshore oil and gas industry throughout the
oilfield lifecycle, spanning exploration, development, production
and decommissioning stages. It operates through two business
segments: Offshore Support and Accommodation Services division, and
Offshore Production Services division.

HYFLUX LTD: PnP Holders Plan to Block Utico's Scheme
----------------------------------------------------
The Business Times reports that holders of Hyflux Ltd's perpetual
and preference (PnP) shares have expressed "dissatisfaction" with
the Utico deal, and a number of them holding "substantial debt" are
planning to vote against it at the scheme meeting in March.

According to the report, the Securities Investors Association
(Singapore), or Sias in short, on January 13 wrote to the Hyflux
board to convey the "pressing concerns" of the PnP informal
steering committee.

Among a list of things, Sias wants to know why the deal terms were
changed from what was discussed at a focus group meeting last
August, BT says.

It also requests for more financial information on the Middle
Eastern investor Utico, and on whether Hyflux founder and chief
Olivia Lum would give up her entitlement as a PnP shareholder
herself for the benefit of other retail investors.

Under the scheme, PnP shareholders have two options: The first is
to receive an upfront cash payment of SGD1,500 or 50 per cent of
their holdings, whichever is lower.

BT relates that the second option is a deferred payment option,
under which PnP holders receive the same amount over a period of
two years, with an added 1.25 per cent interest per annum. They
will also receive an additional payout from a SGD50 million pool of
cash, to be distributed on a pro rata basis.

If Utico manages to list within two years of the completion of the
Hyflux restructuring, the pro rata additional payout will come from
the cash equivalent of a 4 per cent stake in Utico at the listing
price or SGD50 million, whichever is higher. Referring to option
two of the offer, Sias said that Utico had told PnP holders at the
focus group meeting that the additional cash amount would be "at
least SGD50 million". It wants to know why this amount will now be
capped at SGD50 million based on the percentage in value of P&P
holders, including those who choose option one.

"That was not the deal proposed initially, and there is no reason
why there should be a change at this stage."

The Business Times understands that various points of contention
were raised to Utico and Hyflux from the start, but no amendment
was made to the terms. The PnP holders informal steering committee
was also not party to the signing of the restructuring agreement.

Sias has also voiced concern about Utico's ability to meet its
financial obligations under the proposed scheme, especially for PnP
holders going for option two, as it stretches over a four-year
period, BT states.

Investors are worried that they may not get paid anything when the
time comes. Furthermore, there is little financial information on
the Utico entity that is providing a guarantee and share pledge to
the PnP holders who choose option two.

On Ms. Lum's participation in the scheme, Sias has pointed out that
she was "more than willing" to give up her entitlement under the
deal offered by the Salim-Medco consortium, which eventually fell
through. Sias said: "Therefore, there is no reason for her not to
do the same now. She has always maintained that she wants to do the
best for PnPs."

It also wants to know whether the board, including Ms. Lum, will
abstain from voting on the Utico deal to avoid a conflict of
interest.

Separately, Sias has also referred to a success fee of up to SGD25
million, payable to Hyflux adviser nTan Corporate Advisory helmed
by principal Nicky Tan, saying that PnP holders are seeking "a full
understanding" of nTan's role in securing the deal to justify the
"huge" fee amount, or they will vote against the deal, BT relates.
The sum is significant compared to the allocated sum of SGD50
million to PnP holders, who have holdings of about SGD900 million
combined.

BT had earlier reported that nTan's success fee is computed based
on the sum of a few things, including 7.5 per cent of the total
value of Hyflux's debt that is waived, written off, extinguished,
forgiven or avoided; 1.5 per cent of the total value of Hyflux's
debt that is restructured, repaid or refinanced; and 1.5 per cent
of any transaction undertaken by the Hyflux group and its
associates.

In addition, Sias is also concerned about its own advisors' fees.
It has appointed Drew & Napier and PriceWaterHouseCoopers Advisory
Services to represent it as legal counsel and financial advisor,
and appointed Akin Gump Strauss Hauer & Feld, BlackOak and FTI
Consulting to collectively represent the PnP informal steering
committee. Hyflux's lawyers had previously informed the Court that
a sum of SGD1.5 million had been set aside for the Sias advisors.
However, an e-mail at the end of last year from Hyflux's lawyers to
the PnP advisors said that "the company (Hyflux) had instructed
nTan to set off the SGD1.5 million against the fees owing to nTan
shortly after the company's advisors and the Sias advisors were
paid in October 2019".

Sias thus wants to clarify whether the SGD1.5 million was still
held in trust as it expects its advisors to continue to incur
"significant costs" going forward, while working with the PnP
shareholders to provide them the necessary information and context
before voting on any scheme.

Sias has also reiterated its request for Hyflux to relay queries to
Aqua Munda. It wants to know the identities of the principals
behind Aqua Munda and the latter's intention with Hyflux, as well
as how Aqua Munda plans to fund its offer to buy over some of the
unsecured creditors' debt with upfront payment.

It also "strongly encourages" Aqua Munda to open any invitation to
the PnP holders as soon as possible before the scheme meeting is
convened, so that the PnP holders have time to consider both
options.

For a scheme to be approved, a resolution must be passed by each
class of debt holders by both 75 per cent of the votes cast and
more than 50 per cent in number of people voting. This means that
it will take just 25 per cent of the votes cast among the PnP
holders to block the entire scheme, the report adds.

                            About Hyflux

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

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

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

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

HYFLUX LTD: Utico to Hold Town Halls for Investors on Jan. 20
-------------------------------------------------------------
Vivienne Tay at The Business Times reports that Middle Eastern
utility firm Utico has confirmed that both town halls for investors
holding Hyflux's medium-term notes and perpetual securities and
preference shares (PnP) will be held on Jan. 20.

The town hall for medium-term noteholders will be held at Sheraton
Towers at 12:00 p.m., while the town hall for PnP investors will
take place at Suntec Convention Centre in the evening, BT
discloses.

The Securities Investors Association (Singapore) has already
arranged the events and notified all registered investors, Utico
said in a statement on Jan. 16, BT relays.

According to the report, Utico chief executive Richard Menezes said
the Emirati group was "the only white knight that has tried hard to
think for these investors (who hold the notes and PnP) other than
creditors too", and that this stand has been consistent from its
entry as a white knight.

"Having said that, I would like to remind that Utico did not cause
this situation. The noteholders invested in unsecured, unguaranteed
securities for use in Hyflux's business," the report quotes Mr.
Menezes as saying.

Utico is "willing to walk away" if noteholders or PnP investors
vote against the deal, Mr. Menezes said. He believes the town halls
will help them make an informed decision, BT relays.

In the same statement, Utico also noted that it has "nothing to do
with" potential investor Aqua Munda, BT adds. "Some doubts cast in
this direction must be removed," Utico added. Aqua Munda is a
Singapore-incorporated company that is offering to buy out the
debts of Hyflux noteholders and unsecured creditors at a minimum
discount of 85 per cent. Its surprise invitation was disclosed in
December 2019.

                           About Hyflux

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

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

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

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

SWIBER HOLDINGS: Judicial Management Period Extended to Apr. 30
---------------------------------------------------------------
Lee Meixian at The Business Times reports that restructuring
offshore support vessel owner Swiber Holdings said that the Court
has granted the extension of the judicial management periods for
the company and its subsidiary Swiber Offshore to April 30, 2020.

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

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

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

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


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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