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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

          Wednesday, February 19, 2020, Vol. 23, No. 36

                           Headlines



A U S T R A L I A

ALLISE GROUP: First Creditors' Meeting Set for Feb. 25
CIVIC PLAZA: First Creditors' Meeting Set for Feb. 25
GENERAL MOTORS: To Exit Australia, Retire Holden Brand
GENESIS CARE: Moody's Affirms B1 CFR, Alters Outlook to Negative
GENESIS CARE: S&P Downgrades ICR to 'B', Outlook Negative

GOLD VALLEY: First Creditors' Meeting Set for Feb. 25
MP NO 3: First Creditors' Meeting Set for Feb. 25
SCH (DORMANT 2019): First Creditors' Meeting Set for Feb. 26
VIG DEVELOPMENTS: First Creditors' Meeting Set for Feb. 25


C H I N A

HUACHEN ENERGY: Moody's Withdraws Ca CFR on Payment Default
QINGHAI PROVINCIAL: Faces Investor Pushback on Bond Plan
[*] CHINA: 3 Biggest Airlines Report Impact from Virus Outbreak


I N D I A

A PRASHANTH: CARE Lowers Rating on INR18.74cr Loan to B+
ALAM CONSTRUCTIONS: CARE Cuts Rating on INR6cr LT Loan to B+
AMAR BIO-TECH: CARE Assigns B+ Rating to INR7.50cr LT Loan
BARODA AGRO: CARE Maintains 'D' Rating in Not Cooperating
BOB TECH: Insolvency Resolution Process Case Summary

BSCPL AURANG: CARE Lowers Rating on INR826.96cr Loan to 'D'
CHANDANA RICE: CARE Lowers Rating on INR16.64cr LT Loan to 'B'
CRYSTAL CABLE: Insolvency Resolution Process Case Summary
DELHI INT'L AIRPORT: S&P Alters Outlook to Neg., Affirms 'BB' ICR
DREAM PROCON: Insolvency Resolution Process Case Summary

EUROLIFE HEALTHCARE: Ind-Ra Assigns BB+ LT Rating, Outlook Positive
GEMINI CONSOLIDATED: CARE Reaffirms D Rating on INR3cr Loans
IL&FS: Econ. Affairs Dept. Red-Flagged Risks Over Collapse in 2018
IVRCL CHENGAPALLI: CARE Keeps 'D' Rating in Not Cooperating
K. RADHAKRISHNA: CARE Maintains 'D' Rating in Not Cooperating

KISHANGARH BEAWAR: CARE Reaffirms D Rating on INR1061.03cr Loan
LAXMI OIL: CARE Maintains 'D' Rating in Not Cooperating
LEATHER WORLD: Ind-Ra Lowers Long Term Issuer Rating to 'D'
MEHADIA AND SONS C&F: CARE Maintains 'C' Rating in Not Cooperating
MEHADIA AND SONS: CARE Keeps 'C' Rating in Not Cooperating

MID INDIA: Ind-Ra Affirms & Withdraws 'BB+' Long-Term Issuer Rating
MOHIJULI TEA: CARE Lowers Rating on INR7.52cr LT Loan to 'D'
NEW BABA: CARE Cuts INR5.80cr LT Loan Rating to B, Not Cooperating
OIL COUNTRY: Insolvency Resolution Process Case Summary
OMEGA TRAEXIM: CARE Maintains 'D' Rating in Not Cooperating

R. J. TRADELINKS: CARE Keeps 'C' Rating in Not Cooperating
RYATAR SAHAKARI: CARE Maintains B- Rating in Not Cooperating
S. K. HITECH: CARE Maintains 'D' Rating in Not Cooperating
S.S.T PACKAGING: CARE Assigns 'D' Rating to INR7.49cr LT Loan
SAI AUTOMOBILES: CARE Lowers Rating on INR12cr Loan to 'B'

SAINOV SPIRITS: Insolvency Resolution Process Case Summary
SHAKTI REFOILS: Insolvency Resolution Process Case Summary
SIDDAGANGAIAH RURAL: CARE Cuts INR7cr Loan Rating to B+, Not Coop.
SRI LAXMI: CARE Cuts INR6cr LT Loan Rating to B+, Not Cooperating
SRI SURESH: CARE Cuts INR7.0cr LT Loan Rating to B+, Not Coop.

SRI VENKATESHWARA: CARE Lowers Rating on INR5.50cr LT Loan to B+
SRI VENKATESWARA POULTRY: CARE Cuts INR14.25cr Loan Rating to B+
SRI VENKATESWARA: CARE Cuts INR10cr LT Loan Rating to B+, Not Coop.
TRIVANDRUM INTERNATIONAL: Insolvency Resolution Case Summary
UPL CORPORATION: Moody's Assigns Ba2 Rating to New Hybrid Notes

VAMSI KRISHNA: CARE Cuts INR6cr LT Loan Rating to B, Not Coop.
WHITE PEARLS: CARE Assigns B+ Rating to INR15cr LT Loan


J A P A N

[*] JAPAN: Recession Fears Grow on Virus Hit After Tax-Hike Blow


P H I L I P P I N E S

[*] Semiconductor Firms Mull Plant Closure Amid Supply Shortage


S I N G A P O R E

8TELECOM: Weighs Transfer of Listing Status to S. Korean Firm
EMPIRE CAPITAL: Creditors' Scheme Meeting Set for Feb. 24
PACIFIC STAR: Q2 Net Loss Widens to SGD6.63 Million
THOMSON MEDICAL: Q4 Net Loss Narrows to SGD1.16 Million


S O U T H   K O R E A

KCC CORP: S&P Downgrades ICR to 'BB+' On Weak Financials


T A I W A N

CHENG SHIN: S&P Affirms Then Withdraws 'BB+' LT ICR

                           - - - - -


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

ALLISE GROUP: First Creditors' Meeting Set for Feb. 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Allise Group
Pty Limited will be held on Feb. 25, 2020, at 11:30 a.m. at the
offices of Vincents, Level 14 MLC Centre, at 19-29 Martin Place, in
Sydney, NSW.

Henry McKenna of Vincents was appointed as administrator of Allise
Group on Feb. 14, 2020.

CIVIC PLAZA: First Creditors' Meeting Set for Feb. 25
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Civic Plaza
88 Management Pty Ltd will be held on Feb. 25, 2020, at 10:00 a.m.
at the offices of at The Grace Sydney, at 77 York Street, in
Sydney, NSW.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of MP No 3 on Feb. 13,
2020.

GENERAL MOTORS: To Exit Australia, Retire Holden Brand
------------------------------------------------------
Bloomberg News reports that General Motors Co. said it will leave
Australia, New Zealand and Thailand by year-end as it continues to
exit poor-performing markets and focus its resources on new
technologies like self-driving cars and electric vehicles.

According to Bloomberg, the largest US automaker said it will take
$1.1 billion in charges mostly in the first quarter, of which $300
million is cash, to cover the costs of leaving those markets. The
company will retire the Australian Holden brand, withdraw the
Chevrolet brand from Thailand and sell its Rayong plant there to
China's Great Wall Motor Co., GM said in a statement.

Bloomberg relates that GM's downsizing comes as Chief Executive
Officer Mary Barra continues to shrink the automaker to the point
where it gets almost all of its profits from the US and China. The
company has made a calculated gamble to reduce its global presence
and invest in technology rather than sinking money into attempts at
fixing its core business.

"I've often said that we will do the right thing, even when it's
hard, and this is one of those times," Bloomberg quotes Ms. Barra
as saying in a statement. "We have the right strategies to drive
robust returns, and prioritizing global investments that will drive
growth in the future of mobility."

Bloomberg says the downsizing is part of a long-running strategy
for GM since the Detroit-based company emerged from bankruptcy in
2009. The company pulled the Chevrolet brand from Europe in 2015,
left Russia that same year and sold its German Opel unit and
British Vauxhaul brand to France's Peugeot SA in 2017.

Bloomberg relates that the company will also wind down its sales,
design and engineering operations in Australia and New Zealand and
retire the Holden brand by 2021. GM President Mark Reuss ran Holden
in 2008 and 2009, but since then its market share has fallen from
almost 13% to 4.1%, GM said in a statement.

As GM downsizes overseas, the company is pouring money into
electric vehicles in a bid to catch Tesla Inc. GM has already spent
several billions to develop self-driving cars with Cruise LLC,
which it bought in 2016, Bloomberg notes.

GENESIS CARE: Moody's Affirms B1 CFR, Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed Genesis Care Finance Pty Ltd's
B1 corporate family rating, and changed the outlook to negative
from stable. At the same time, Moody's has assigned a definitive B1
rating to the senior secured term loan B facility entered into by
Genesis Specialist Care Finance UK Limited -- a 100%-owned and
guaranteed subsidiary of GenesisCare -- and changed the outlook to
negative from stable. Moody's has also assigned a B1 senior secured
rating to the senior secured term loan B facility entered into by
Orion Merger Sub, Inc. -- a 100%-owned and guaranteed subsidiary of
GenesisCare -- with a negative outlook.

RATINGS RATIONALE

The rating affirmation reflects (1) demographic trends that will
continue to drive growth in the demand for oncology services; (2)
the stable reimbursement environment in Australia and expected
increases in work overflow from the public health service in the UK
and Spain; (3) strong operating capabilities reflected by its solid
margins and (4) a good liquidity profile.

However, Moody's has changed the outlook to negative from stable
reflecting elevated financial leverage -- measured by Moody's
adjusted debt/EBITDA -- which has been sustained above the rating
tolerance threshold of 6.0x, as the company continues to expand.
This is largely due to lease commitments for new clinics, as well
as the ramp up period between opening new clinics and reaching full
earnings capacity.

Furthermore, Moody's expects funding for the proposed acquisition
of 21st Century Oncology, Inc ("21C", rating withdrawn) will result
in leverage increasing to around 7.0x in FY2020. From a credit
perspective, Moody's would regard this degree of leverage, combined
with potential integration and execution challenges, as tempering
the substantial improvement in scale and geographic diversification
arising from the acquisition.

In Moody's view, the outlook could change to stable if the company
de-levers to adjusted debt-to-EBITDA below 6.0x over the next 12-18
months.

However, negative pressure on the company's ratings could emerge if
leverage remains above 6.0x over the next 12-18 months.

Given the company's high leverage, Moody's considers upward
pressure on the rating is unlikely in the near future.

The ratings also take into consideration the environmental, social
and governance factors.

GenesisCare, like other health care issuers, has low exposure to
environmental risks.

The company's ownership structure, which includes a 21% stake (at
October 2019) by Kohlberg Kravis Roberts & Co. L.P. (KKR, unrated),
is a material governance consideration, to the extent that private
equity firms tend to prioritize more aggressive growth plans and
strategies, including a tolerance for higher leverage. However,
Moody's considers these risks are somewhat mitigated by the 38%
ownership stake of doctors and management. Moody's expects majority
shareholder China Resources (Holdings) Co., Ltd. (unrated) will
remain a supportive - although passive shareholder - as the company
grows.

GenesisCare benefits from social and demographic trends with its
demand for services increasing from an ageing population,
particularly in Australia, the UK and Spain. However, the company
is exposed to some social risks such as the potential for medical
data/privacy breaches or for regulatory changes.

Moody's definitive rating for the senior secured term loan B
facility entered into by Genesis Specialist Care Finance UK Limited
is in line with the provisional rating assigned on October 2, 2018.
The assignment of the definitive rating follows Moody's review of
GenesisCare's final debt documentation.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

GENESIS CARE: S&P Downgrades ICR to 'B', Outlook Negative
---------------------------------------------------------
On Feb. 18, 2020, S&P Global Ratings lowered its issuer credit
rating and issue ratings on Genesis Care to 'B' from 'B+'. The
recovery rating on the company's senior secured debt remains
unchanged at '3' (50%). At the same time, S&P has removed the
ratings from CreditWatch, where it placed them with negative
implications on Dec. 17, 2019. S&P also assigned its 'B' issue
credit ratings to the company's proposed incremental term loan B,
with a recovery rating of '3' (50%).

S&P said, "We lowered the ratings to reflect our view that Genesis
Care is less likely to receive extraordinary support from its
majority shareholder China Resources (Holdings) Co. Ltd. (CRH) than
we previously anticipated. The negative outlook reflects our view
that the group's highly leveraged balance sheet limits the group's
ability to accommodate earnings underperformance associated with
the integration of the largely debt-funded acquisition of 21st
Century Oncology (21C).

"In our view, the 21C acquisition is a sizable business that
increases Genesis Care's exposure to the U.S. market and signifies
the company's evolving international growth strategy away from
China's market." The combination of a smaller, potential earnings
contribution from China, the dilution of CRH's shareholding, and
KKR Core Fund's increased share ownership of Genesis Care has led
us to believe that CRH is less likely to provide timely
extraordinary support to Genesis Care if the company were to face
unexpected stress.

The rating on Genesis Care reflects the company's solid and growing
market position in the Australian oncology market. The group's
highly leveraged balance sheet and integration risks associated
with the group's acquisition-led strategy into the U.S. market
temper the strengths. S&P believes that Genesis Care has limited
headroom for underperformance at the 'B' rating level while it
integrates 21C and executes on existing growth initiatives.

S&P said, "Genesis Care has grown rapidly over the past five years,
and we expect the company to remain growth focused through tuck-in
acquisitions and building out new sites. That said, we expect some
deleveraging over the next two years as Genesis Care implements its
operating model across the 21C locations and achieves material cost
savings.

"In our view, the acquisition of 21C is transformational to Genesis
Care's business. The acquisition expands Genesis Care's scale of
operations and provides further growth opportunities into a new and
developed healthcare market. Post the acquisition, earnings will be
approximately equally represented from its home country Australia
(42% proforma EBITDA as of September 2019, company's measure) and
from the U.S. (44%). The remaining earnings will be derived from
its growing European operations (14%). The U.S. is a large and
ageing population that will drive increased patient demand for
cancer care and treatment. We believe that corporate and legal
risks associated with 21C's business can be accommodated since the
previous chapter 11 restructuring has addressed legacy control and
governance issues.

"We note that in the U.S., the reimbursement environment is not as
favorable as Genesis Care's other markets. We believe the company
is subject to reimbursement risk with about 45% of 21C's revenues
derived from commercial payors, while Medicare (U.S.) provides 55%.
21C's larger scale offers some negotiating power with its
commercial payors, resulting in a large proportion of 21C's payor
contracts containing locked-in price set-ups for the next two to
three years, providing some pricing certainty."

Genesis Care's enlarged scale of operations and improved geographic
diversity will lessen the risk from unfavorable economic,
reimbursement, or regulatory developments in a specific country.
Although, Medicare (U.S.)-sourced revenues are a meaningful
proportion of Genesis Care's proforma revenues, it is balanced out
by a similar-size pool of globally diversified private payors and
other global government payors. In particular, S&P views the
Australian healthcare services market as supportive of Genesis
Care's operations given that the country has a long, stable history
of a favorable legislative and reimbursement regime.

S&P said, "While we view Genesis Care as a scale player within the
radiation oncology and cancer care segments, the company is also a
somewhat narrowly focused healthcare provider. Genesis Care's
earnings are largely derived from radiation therapy methods across
a wide range of cancer treatments, cardiology treatments, and
physician consultations. In our view, 21C's integrated cancer care
and radiotherapy services' strategically located clinics, together
with 21C's focus on local market leadership and quality patient
care, are essential to maintaining 21C's market position and
referral relationships in a fragmented and competitive market.

"In our view, the predominantly debt-funded US$1.1 billion 21C
transaction, in combination with its large operating lease
commitments, burdens Genesis Care's leverage. Under our base case,
we expect adjusted leverage (debt-to-EBITDA ratio) to reduce to
about 7x by June 30, 2021, with a deleveraging profile to about 6x
in subsequent years. Revenue realized from growth initiatives that
the company implemented in prior fiscal periods, combined with
operational efficiencies and synergies at 21C, should drive this
deleveraging trend. As Genesis Care pursues its growth
opportunities, there may be a lag in earnings recognition between
initial setup costs of sites and the subsequent revenue
recognition.

"Although we forecast a deleveraging trend, the company's elevated
leverage from the outset provides limited rating buffer while it
seeks to integrate 21C. In addition, we expect Genesis Care to
continue its growth trajectory, which may limit its ability to
deleverage from current high levels. Accordingly, integration
challenges at 21C that constrain anticipated revenue growth and
cost savings could undermine the group's rate of deleveraging.
Nonetheless, we view the strength of its major shareholders, track
record of offshore expansion into Europe, and realization of
operating efficiency gains as credit positives in this process."

The negative outlook reflects Genesis Care's highly leveraged
balance sheet, leaving it with limited headroom for
underperformance at the 'B' rating while it integrates 21C over the
next 12 months.

Rating pressure could emerge if debt to EBITDA sustainably exceeds
7.5x or EBITDA interest coverage is sustained materially below 2x.
S&P could also lower the rating if the company is unable to sustain
positive free operating cash flow and healthy revenue growth. These
weaker credit metrics could be the result of an inability to
realize anticipated revenue growth from the integration of 21C,
failure to realize synergy targets, or the company continuing to
pursue an overly aggressive growth program, including further
debt-funded mergers and acquisitions.

S&P could revise the outlook to stable if the company makes solid
progress in integrating 21C that facilitates steady deleveraging
over the next six to 12 months consistent with its base case of
healthy revenue growth and free cash flow generation.


GOLD VALLEY: First Creditors' Meeting Set for Feb. 25
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Gold Valley
Iron Pty Ltd will be held on Feb. 25, 2020, at 10:00 a.m. at Duxton
Hotel Perth, at 1 St Georges Terrace, in Perth, WA.

Cameron Shaw, Richard Albarran and Brent Kijurina of Clifton Hall
were appointed as administrators of Gold Valley on Feb. 17, 2020.

MP NO 3: First Creditors' Meeting Set for Feb. 25
-------------------------------------------------
A first meeting of the creditors in the proceedings of MP No 3
Holdings Pty Ltd, MP No 9 Holdings Pty Ltd, and MP No 10 Holdings
Pty Ltd, will be held on Feb. 25, 2020, at 10:15 a.m., 10:30 a.m.
and 10:45 a.m., respectively, at The Grace Sydney, at 77 York
Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of MP No 3 on Feb. 13,
2020.

SCH (DORMANT 2019): First Creditors' Meeting Set for Feb. 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of SCH (Dormant
2019) Pty Ltd, formerly known as "Smashcare Holdings Pty Ltd",
formerly trading as "Smashcare Strathpine", "Smashcare Stafford" &
"Smashcare Virginia" will be held on Feb. 26, 2020, at 10:00 a.m.
at the offices of Dexus Place, Level 31, Waterfront Place, 1 Eagle
Street, in Brisbane, Queensland.

Christopher John Baskerville of Jirsch Sutherland was appointed as
administrator of SCH (Dormant 2019) on Feb. 14, 2020.

VIG DEVELOPMENTS: First Creditors' Meeting Set for Feb. 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - VIG Developments Pty Ltd;
     - VIG Huntley Development Management Pty Ltd;
     - VIG Marketing And Events Management Pty Ltd; and
     - VIG Real Estate Development Pty. Ltd

will be held on Feb. 25, 2020, at The Grace Sydney, at 77 York
Street, in Sydney, NSW, at:

     - VIG Developments (11:15 a.m.)
     - VIG Huntley Development (11:30 a.m.)
     - VIG Marketing and Events (11:45 a.m.)
     - VIG Real Estate Development (12:00 p.m.)
  
Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of VIG Developments, et
al. on Feb. 13, 2020.



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C H I N A
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HUACHEN ENERGY: Moody's Withdraws Ca CFR on Payment Default
-----------------------------------------------------------
Moody's Investors Service withdrew the Ca corporate family rating
and senior unsecured rating of Huachen Energy Co., Ltd.'s (Huachen
Energy). At the time of the withdrawal, the rating outlook was
negative.

RATINGS RATIONALE

Moody's has withdrawn the ratings following the company's default
on payment of interest due on November 18, 2019 and the
announcement on February 6, 2020 that holders of its USD senior
unsecured notes are demanding immediate repayment of principal and
interest.

Huachen Energy on February 6, 2020 announced that it had received
notice on January 22, 2020 from various entities claiming to be
beneficial holders of more than 25% in aggregate principal of the
USD senior unsecured notes. As per the notice, an event of default
has occurred because the company has failed to meet its interest
coupon payment within the grace period which ended on December 18,
2019. As such, these holders are demanding immediate repayment of
the principal and interest.

Moody's expects the company will be involved in lengthy legal
procedures with the holders of its USD senior unsecured notes, as
well as other creditors, with the amount to be recovered
uncertain.

Moody's last downgraded Huachen on November 13, 2018, when the
company announced that it had defaulted on one of its domestic bank
loans.

Huachen's difficulties were the result of weakening financing
capabilities following the default by Wintime Energy Co., Ltd., its
parent company, on one of its short-term domestic bonds in July
2018. This default created significant liquidity issues for the
company.

Huachen Energy Co., Ltd. is a privately-owned power generating
company headquartered in Beijing, with core thermal power
operations in Jiangsu and Henan provinces. At September 30, 2019,
its total installed capacity amounted to 8.1GW, of which 89.6% was
coal fired, 9.6% gas-fired and 0.8% solar power.

At September 30 ,2019, Huachen Energy was indirectly wholly-owned
by Wintime Energy Co., Ltd., which is listed on the Shanghai Stock
Exchange. Wintime Energy is a coal mining and trading company in
China, and is 32.41% owned by Wintime Holding Group Co., Ltd.,
which is in turn ultimately controlled by Mr. Wang Guangxi.

QINGHAI PROVINCIAL: Faces Investor Pushback on Bond Plan
--------------------------------------------------------
Bloomberg News reports that a state-owned Chinese aluminum
producer's proposal to settle $850 million of defaulted bonds is
meeting strong resistance from investors, throwing in doubt a
restructuring plan that entails steep losses for bondholders.

On Feb. 14, offshore creditors of Qinghai Provincial Investment
Group Co. published a letter to Chinese government entities
including top regulators in a Hong Kong newspaper, calling on the
defaulter to withdraw its offer of a debt overhaul, Bloomberg
relates. The move comes a week after a call with bondholders was
cut short when some of them lost their temper over the debt plan,
Bloomberg says.

According to Bloomberg, the bondholder showdown comes just days
ahead of the company's proposal that expired on Feb. 17. Qinghai
Provincial offered earlier this month to let holders sell the
defaulted notes at discounts as deep as 63%. How receptive
investors are to the plan is another test case of their bargaining
power when faced with politically influential state-backed
borrowers, the report states.

"It is possible that their actions may have an impact on the result
of the tender offer as they are drawing wider attention from
regulators and the public," Bloomberg quotes Owen Gallimore, head
of credit strategy at Australia & New Zealand Banking Group, as
saying.

Last month, the aluminum maker became the second major Chinese
government-owned firm to fail on dollar bonds in less than two
months, signaling growing stress in the state sector as the economy
weakens, Bloomberg recalls.  

In the letter published in the Hong Kong Economic Journal, the
creditors alleged that Qinghai Provincial's offer is a way for
state-owned firms to exploit their fortunes, an act they said is
tolerated by China's state asset regulator, Bloomberg reports. They
also called for a probe into the aluminum maker's default and debt
restructuring.

Bloomberg says the letter is addressed to officials at Chinese
government agencies including the country's economic planning
agency and state asset regulator.

Some bondholders are also considering demanding immediate repayment
of three dollar bonds, a practice known as an "acceleration," a
starting point for the legal process, Bloomberg relays citing
people familiar with the matter.

According to Bloomberg, the investors' response is crucial as
Beijing appears to be developing a formula for resolving offshore
bond failures by state-owned enterprises, after Qinghai Provincial
and a major commodities trader proposed nearly identical losses on
holders of their defaulted bonds.

Bloomberg relates that the aluminum producer's offer resembles a
key element in the debt restructuring plan of Tianjin-based Tewoo
Group Co., which in December became the largest offshore bond
defaulter among state-run companies in two decades.

"The cases of Qinghai Provincial and Tewoo raise doubt over SOEs'
willingness to pay and this could get out of control if more
Chinese SOEs follow their template," Bloomberg quotes Mr. Gallimore
as saying.

                     About Qinghai Provincial

Qinghai Provincial Investment Group Co., Ltd, produces and sells
primary and fabricated aluminum products in China. The company
operates through four segments: Aluminium Production, Electricity
Generation, the Mining and Sale of Coal, and Other Ancillary
Businesses. It generates thermal power and hydropower; mines and
sells coal; and develops and manages real estate properties, as
well as provides guarantee and leasing services. The company offers
equipment financing and leasing, fundraising, and other financing
services, as well as loan guarantees, and custodian and investment
consultation services; purchases raw materials; sells carbon and
aluminum products.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
16, 2020, S&P Global Ratings lowered the long-term issuer credit
rating on Qinghai Provincial Investment Group Co. Ltd. (QPIG) and
the issue rating on the company's senior unsecured bonds to 'D'
from 'CCC-'.  S&P said, "We lowered the rating on QPIG because the
company missed an interest payment due on Jan. 10, 2020, on its
US$300 million bonds maturing on July 10, 2021. We believe the
company will not be able to make full payment within the
five-business-day imputed grace period. Since the U.S. dollar bond
does not have a stated grace period, we apply the five-business-day
imputed grace period based on our criteria."

"In our view, QPIG does not have the financial capacity to make
timely and full payment on its debt obligations. We also do not
expect the Qinghai provincial government to provide timely support
to help QPIG meet its obligations. This underpins our assessment
that QPIG's general default is commensurate with a rating of 'D'
instead of 'SD'."

[*] CHINA: 3 Biggest Airlines Report Impact from Virus Outbreak
---------------------------------------------------------------
Will Davies at Bloomberg News reports that China's three largest
airlines reported declines in January passenger traffic because of
the coronavirus outbreak, with the shortfalls likely to deepen this
month as the epidemic continues to disrupt travel for millions of
people.

Air China Ltd.'s numbers slipped 2.9% from a year earlier, while
China Southern Airlines Co.'s fell 4.6% and China Eastern Airlines
Corp.'s dropped 5.4%, Bloomberg discloses citing statements filed
to Hong Kong's stock exchange late last week. Their totals ranged
from 9.2 million to 11.4 million passengers.

According to Bloomberg, Air China didn't mention the coronavirus in
its statement, while the other two acknowledged they had suspended
some routes and altered services because of the outbreak, which was
first detected in Wuhan city in the central Chinese province of
Hubei.

Bloomberg says airlines began suspending flights from about Jan. 23
after the government began locking down Wuhan and other Chinese
cities. The outbreak coincided with the Lunar New Year holidays, a
typically busy time for airlines as millions of people travel home
to see their families. Airlines carried only a quarter of last
year's volume of passengers between Jan. 25 and Feb. 14, the
Transport Ministry said Feb. 15, Bloomberg relays.

China's "big three" have drastically cut flights now, as have other
domestic players and international carriers that fly in and out of
the country, according to Bloomberg. Air-travel analytics company
Cirium estimates nearly 86,000 domestic and international flights
to and from China were canceled from Jan. 23 through Feb. 11, or
34% of scheduled services, Bloomberg discloses.

Bloomberg says the Chinese government has said it will exempt
airlines from paying a civil aviation fund fee as part of relief
measures for companies caught up in the outbreak. While that
announcement gave a boost to their share prices, Air China, China
Southern and China Eastern are all still down at least 12% in both
Hong Kong and Shanghai over the past month, Bloomberg notes.



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I N D I A
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A PRASHANTH: CARE Lowers Rating on INR18.74cr Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of A
Prashanth, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      18.74       CARE B+; Stable Issuer not
   Facilities                      cooperating: Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

CARE has been seeking monthly No Default Statement from  A
Prashanth to monitor the ratings vide e-mail communications dated
November 2019 to January 27, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on A Prashanth bank facilities will now be denoted as CARE
B+; Stable; Issuer Not Co-Operating.

ALAM CONSTRUCTIONS: CARE Cuts Rating on INR6cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Alam
Constructions (AC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank        6.00      CARE B+; Stable Issuer not
   Facilities                      cooperating: Revised from
                                   CARE BB-; on the basis of
                                   best available information

   Short term Bank      10.00      CARE A4; Issuer not
   Facilities                      cooperating: Based On the
                                   best available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AC to monitor the rating
vide e-mail communications dated July 2019 to January 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at
fair rating. The rating on Alam Constructions bank facilities will
now be denoted as CARE B+; Stable ISSUER NOT COOPERATING/CARE A4
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on January 16, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with low net worth base
The firm has long track record of 22 years, however, the total
operating income remained low at INR28.68 crore in FY18 with low
networth base of INR4.72 Crore as on March 31, 2018 as compared to
other peers in the similar line of business.

Leveraged capital structure and moderate debt coverage indicators
The capital structure of the firm remained leveraged as March 31,
2018. The debt equity ratio of the firm deteriorated from 0.65x as
March 31, 2017 to 1.29x as on March 31, 2018 due to availing of
vehicle loans in FY18. The overall gearing ratio marginally
deteriorated from 2.21x as on March 31, 2017 to 2.58x as on
March 31, 2018 availing of vehicle loans in FY18.

The PBILDT interest coverage ratio improved marginally from 2.59x
in FY17 to 2.70x in FY18 due to year on year increase in PBILDT
levels in absolute terms. The total debt/GCA improved to 4.95x as
March 31, 2018 as against 4.67x as on March 31, 2016 due to
increase in gross cash accruals (GCA) levels.

Working capital intensive nature of operations
The firm operating cycle days increased from 52 days in FY17 to 77
days in FY18 due to increase in collection days of the firm. The
average collection period days of the firm increased due to late
realization of the receivables from the project based works
executed by the firm. The average utilization of working capital
facility was 95% for the last 12 months ended November 30, 2018.

High client concentration risk
The firm has received about 100% orders from top customers i.e.,
Indian Railways, like South Western railways, Southern Railways and
South Central Railways resulting in high customer concentration
risk.

Competition from other players in the industry
The industry is highly competitive with presence of number of
players. Furthermore, the civil construction industry is tender
driven; therefore, AC faces stiff competition from other
established players in the industry.

Constitution of the entity as a partnership firm
AC is constituted as a partnership firm which signifies that there
is inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which could affect its
capital structure. Moreover, partnership firms have restricted
access to external borrowing which limits their growth
opportunities to some extent. The partners have withdrawn capital
to the tune of INR0.98 crore in FY18.

Key Rating Strengths

Established track record and experience of partners for two decade
in civil construction industry
AC has an established track record of more than two decades. The
partners of the firm are Mr. A. Venkata Narayana, Mr. E. Venkat
Naryana, Mrs. A. Visialaand Mr. A. Ranadeep. Mr. A. Venkat Narayana
and Mr. E. Venkat Narayana having experience for more than two
decades in construction industry and are actively involved in day
to day business operations of the firm. Mr.A.Ranadeep has more than
two decades of experience in construction industry and looks after
overall operations of the firm.

Increase in total operating income
The total operating income increased from INR22.81 crore in FY17 to
INR28.68 crore in FY18 at the back of timely execution of the
current orders in hand coupled with addition of new orders received
by the firm. Further the firm has achieved a total operating income
of INR26.24 crore in 8MFY19 (Prov.).

Increase in profitability margins
The PBILDT margin has increased from 15.56% in FY17 to 17.59% in
FY18 due to better margin associated with projects executed FY18.
The PAT margin of the firm has increased from 5.54% in FY17 to
6.24% in FY18 due to increase in PBILDT levels in absolute terms.

Satisfactory order book position reflecting short to medium term
revenue visibility
The firm has healthy order book of INR111.26 crore as on
November 30, 2018. The same is likely to be completed by April
2020. The said order book provides revenue visibility for short to
medium term. The firm has received 100% of the work orders from
railway departments.

Stable outlook of civil construction industry
The construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. The sector was marred by varied
challenges during the last few years on account of economic
slowdown, regulatory changes and policy paralysis which had
adversely impacted the financial and liquidity profile of players
in the industry. The Government of India has undertaken several
steps for boosting the infrastructure development and revive the
investment cycle. The same has gradually resulted in increased
order inflow and movement of passive orders in existing order
book.

Alam Constructions (AC) was established in the year 1996 and
promoted by Mr. A. Venkata Narayana, Mr. E. Venkat Naryana, Mrs. A.
Visiala and Mr.A.Ranadeep. The firm is engaged in construction of
bridges and earth works for divisions of Indian Railways (IR) like
South Western Railways, Southern Railways and South Central
Railways. The firm has current order book of INR111.26 crore to be
completed by Q1FY20.

AMAR BIO-TECH: CARE Assigns B+ Rating to INR7.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Amar
Bio-Tech Limited (ABTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ABTL are primarily
tempered by the small scale of operations with moderate net worth
base, declining profitability margin during the period, weak debt
coverage indicators during the review period, working capital
intensive operations and presence of highly fragmented and
regulated industry. However, the rating derives for Established
track record of operations with experienced management, Growth in
total operating income during the review period, Comfortable
capital structure and Stable demand outlook of cotton industry.

Key Rating Sensitivities

Positive Factors
* Consistent increase in the company's scale of operations by more
than 10% while maintaining its profitability margins leads
substantial increase in GCA

* Improvement in inventory days leads to lower utilization of debt
subsequently improvement in TD/ GCA to below 3.5x.

Negative Factors
* Deterioration in capital structure marked by overall gearing
ratio by 1.50x.

Key Rating Weaknesses

Small Scale of operations with moderate net worth base
ABTL was incorporated in the year 2000. Despite the satisfactory
track record of operations, the entity has small scale of
operations. TOI stood at INR40.48 crore in FY19 with a moderate
net-worth of INR11.14 crore as on March 31, 2019.

Decreasing profitability margin during the period
The profitability margins of the company remained satisfactory
during the review period. However, PBILDT margin has declined from
8.44% in FY17 to 5.37% as on FY19 due to increase in cost of raw
material consumed (cost of seed). Further, in line with PBILDT
margin PAT margin also declined from 2.19% in FY17 to 1.85% in
FY19.

Moderate debt coverage indicators the review period
The debt coverage indicators of the company remained moderate
during the review period. However, The Total Debt/GCA of the
company has improved from 14.95x in FY17 to 9.55x in FY19 due to
improved GCA level.  However, interest coverage ratio of the
company marginal improved from 1.69% in FY17 to 1.98% in FY19 at
back of increase in PBILDT in absolute terms. Total debt/Cash flow
from operations stood at 8.22x as on March 31, 2019 as against
6.23x as of March 31, 2019.

Presence in highly fragmented and regulated industry
The cotton ginning and pressing industry is highly fragmented due
to presence of large number of players. Also, this industry entails
low value addition in the overall textile value chain, due to
which, the players operate on thin margins. The cotton prices in
India are regulated through fixation of Minimum Support Price (MSP)
by the government, and fortunes of cotton ginners depend on the
price parity between the price fixed by the government and those
prevailing in the market. Moreover, exports of cotton are also
regulated by government through quota systems to suffice domestic
demand for cotton. Hence, any adverse change in government policy
i.e. higher quota for any particular year, ban on the cotton or
cotton yarn export may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit.

Elongated creditors days
The operating cycle of the entity is satisfactory during review
period and remained at -29 days in FY19 against 123 days in FY17
due to decrease in inventory period and average collection days to
90 days and 20 days in FY19 along with average creditor days
remained high at 139 days in FY19. Since, the creditors of the
company are farmers due to which the creditors have low bargaining
power and to reduce the interest cost the company has availed the
extension of credit period. Furthermore, the average debtor days
improved from 134 days in FY17 to 20 days in FY19 on account of
company started providing discounts and offers for better
realization of payments which also resulted in faster movement of
inventory. The average utilization of working capital facility is
90% during past twelve months ended with December 31, 2019.

Key Rating Strengths

Established track record of operations with experienced management
Initially ABTL was incorporated as private limited in FY2000,
promoted by Mr. Krishnaiah. B (Managing Director), Mr. Thanu. K
(Director) and Mr. Danala Naidu P (Director). later, reconstituted
into limited company The directors have more than 2 decades of
experience in the industry. Due to long standing presence in the
market, the promoters have established healthy relationship with
its suppliers and customers. Growth in total operating income
during the review period The total operating income (TOI) of the
company has been increasing year-on-year at a CAGR of 21.53% from
INR22.55 crore in FY17 to INR40.48 crore in FY19 due to increase in
sales volume. Furthermore, the firm has achieved total operating
income of ~INR50.00 crore in 9MFY20 (Prov.).

Comfortable capital structure
The capital structure of the company marked by debt equity and
overall gearing ratio remained comfortable during the review
period. The debt equity ratio of the company below unity and also
overall gearing ratio improved from 0.82x as on March 31,2017 to
0.69x as on March 31,2019 due to decrease in long term debt at back
of repayment of term loan and along with increase in tangible net
worth by way of accretion of net profits.

Stable outlook of cotton industry
Cotton plays an important role in the Indian economy as the
country's textile industry is predominantly cotton based. India is
one of the largest producers as well as exporters of cotton yarn.
The textile industry is also expected to reach US$ 223 billion by
the year 2021. The states of Gujarat, Maharashtra, Telangana,
Andhra Pradesh, Karnataka, Madhya Pradesh, Haryana, Rajasthan, and
Punjab are the major cotton producers in India.

Liquidity: Stretched
The current ratio and quick ratio of the firm stood at 1.39x and
1.09x as on 31st March 2019. Firm has utilized bank facilities to
the extent of 90% for the last twelve months ended December 31,
2019. The firm has a lowest cash balance of INR0.36 crores as on
31st March 2019.

Telangana based, Amar Bio-Tech Limited (ABTL) is company which was
incorporated in 2000 as Amar Bio-Tech Private Limited (ABTPL). In
the year 2007, ABTPL reconstituted into current nomenclature i.e
Amar Bio-Tech Limited and it was promoted by Mr. Krishnaiah.
B(Director),Ms.Thanu.P(Director) and others. The company is engaged
in production & processing of agricultural products like Hybrid
Cotton Seed. ABTL's unit is located at Khairtabad, Hyderabad
District. The company has reputed client base located in various
parts of India.

BARODA AGRO: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baroda Agro
Chemicals Limited (BACL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       23.61      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BACL to monitor the ratings
vide e-mail communications/letters dated December 9, 2019, January
8, 2020, January 27, 2020 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 ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on BACL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings assigned to the bank facilities of BACL takes into
account on-going delays in servicing of its term loan principal
and interest obligations.

Detailed description of the key rating drivers

At the time of last rating on February 05, 2019 the following were
the rating strengths and weaknesses (Updated for the information
from publically available information).

Key Rating Weakness

On-going delay in debt servicing
Debt servicing of BACL is irregular as reflected by on-going delays
in servicing of its term loan principal and interest owing to
stretched liquidity position of the Company.

Vadodara-based (Gujarat) BACL was incorporated on January 17, 1996.
BACL is engaged in toll manufacture of agro-chemical inputs. The
company is operating from its sole ISO certified manufacturing
facilities located at Panelav, Village Halol, Vadodara with an
installed capacity of 3,60,000 metric tons per annum (MTPA). BACL
also does job work for its customers. Final product of BACL i.e.,
pesticides and insecticides of various grades/ types find
application mainly in the agro industry. The associate concerns of
BACL, namely Ravi Plant Biotechnologies Limited is engaged into
business of metals and chemicals and India Farmcare Private Limited
which is engaged into marketing pertaining to innovation in the
areas of Crop Protection Products, Fertilizers, Irrigation Systems
and Agricultural Implements.

BOB TECH: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: M/s. Bob Tech Solutions Private Limited
        II & III, 3rd Floor, No. 13
        100 Foor Ring Road
        JP Nagar 6th Phase
        Above Federal Bank

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: August 9, 2020

Insolvency professional: Surender Devasani

Interim Resolution
Professional:            Surender Devasani
                         1436, Anasuya Nilaya
                         2nd Floor, 8th Cross
                         10th Main, BTM 2nd Stage
                         Bengaluru 560076
                         E-mail: surenderdevasani@gmail.com

                            - and -

                         #50, Ground Floor
                         Millenium Towers
                         Queens Road
                         Bengaluru 560051

Last date for
submission of claims:    February 25, 2020


BSCPL AURANG: CARE Lowers Rating on INR826.96cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
BSCPL Aurang Tollway Limited (BATL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     826.96       CARE D Revised from CARE BB+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of BATL is
on account of ongoing delays in debt servicing due to cash flow
mismatches.

Key Rating Weaknesses

Delays in debt servicing: The banker has confirmed that there are
delays in debt servicing on account of cash flow mismatches
resulting from lower than envisaged toll collection.

BSCPL Aurang Tollway Limited (BATL) is a Special Purpose Vehicle
(SPV) incorporated in September 2011 by BSCPL Infrastructure
Limited (BSCPL) and BSCPL Infra Projects Limited (BIPL), which
currently holds 99% and 1% stake in the company respectively. The
project was awarded for Design Engineering, Finance, Construction,
Operation and Maintenance of Orissa Border to Aurang section
(Chhattisgarh) from KM 88.50 to KM 238.90 of NH 6 (now renamed as
NH53) in the state of Chhattisgarh under National Highway
Development Programme (NHDP) Phase IIIA on Build, Operate and
Transfer (Toll) basis" (Project) by National Highways Authority of
India (NHAI).

CHANDANA RICE: CARE Lowers Rating on INR16.64cr LT Loan to 'B'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chandana Rice Industries (CRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       16.64      CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information
Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from CRI to monitor the
ratings vide e-mail communications dated from July 2019 to January
16, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided no default statement for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on CRI's bank facilities will
now be denoted as CARE B; Stable; Issuer
Not Co-Operating.

CRYSTAL CABLE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Crystal Cable Industries Limited
        Andul Road, P.O. New Kolorah
        Alampur, Howrah 711302

Insolvency Commencement Date: February 11, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 9, 2020

Insolvency professional: Mahesh Chand Gupta

Interim Resolution
Professional:            Mahesh Chand Gupta
                         FE-202, Salt Lake City
                         1st Floor, Sector-III
                         Kolkata 700106
                         E-mail: mcgupta90@gmail.com

                            - and -

                         "Bajrang Kunj" 4th floor
                         Room No. 412
                         2B, Grant Lane
                         Kolkata 700001
                         E-mail: cirp.crystalcable@gmail.com

Last date for
submission of claims:    February 25, 2020


DELHI INT'L AIRPORT: S&P Alters Outlook to Neg., Affirms 'BB' ICR
-----------------------------------------------------------------
On Feb. 18, 2020, S&P Global Ratings revised its outlook on Delhi
International Airport Ltd. (DIAL) to negative from stable. At the
same time, S&P affirmed its 'BB' long-term issuer credit rating on
DIAL and 'BB' long-term issue rating on the company's senior
secured notes.

S&P said, "We revised the outlook on DIAL because the company's
high spending plans, in the absence of any positive regulatory
development under its upcoming control period 3 (CP3) (April
2019-March 2024) tariff reset, could sustainably increase leverage
beyond our expectations for the current rating level within the
next 12 months." Furthermore, the expected deposits and rental
income from Bharti Realty have yet to be received, pending approval
from the Airport Authority of India (AAI).

DIAL's large capital expenditure (capex) program will result in
materially higher leverage in the next 12-18 months, in the absence
of any positive regulatory outcomes. S&P said, "We project that its
ratio of OCF to debt could fall sustainably below 8% in fiscal year
2022 (ending March 2022) as the company spends up to Indian rupees
(INR) 100 billion over the next three years, which is likely to
result in higher debt. We expect adjusted net debt will balloon to
about INR85 billion by fiscal 2022, from INR35 billion in fiscal
2019. We believe this will outpace DIAL's EBITDA growth, which we
forecast to reach about INR12 billion, from INR5.8 billion over the
same period."

DIAL's higher spending comes amid lingering uncertainty and delays
in India's regulatory tariff reset. DIAL's CP3 tariff, which was
supposed to be implemented on April 1, 2019, continues to be
delayed. S&P said, "However, we recognize that significant positive
resolutions from DIAL's ongoing regulatory disputes could lead to
an eventual CP3 tariff implementation that could be higher than the
current base airport charges (BAC) assumed in our base case. A
sufficiently higher tariff could result in DIAL's financials being
stronger than our expectations and support the company's ratios; we
currently expect the ratios to weaken in the next 12-18 months.
However, the amount and timing for regulatory order remain
uncertain."

S&P said, "In the absence of any regulatory clarity from ongoing
regulatory disputes, we anticipate that CP3 could be lower than
BAC. This is because DIAL has a large amount of over-recoveries
from previous control periods that will be applied in CP3.
Therefore, in this scenario, we expect BAC would prevail and DIAL's
ratios will likely remain below our downgrade trigger for a
prolonged period.

"We believe DIAL's eventual receipt of its commercial property
rentals and deposits from its Phase I land monetization with Bharti
Realty should allow the company to maintain its financial strength
for the current rating level until at least fiscal 2021. We expect
the company to receive commercial development property payments
(both rentals and security deposits), which will bolster DIAL's
cash flows amid the airport's lower aero revenues and uncertainty
of its CP3 tariff. However, in our view, material further delays in
the receipt of these payments beyond fiscal 2021 could put negative
pressure on the rating. We expect DIAL to receive lease payments of
about INR3.7 billion per year and a one-off upfront security
deposit payment of about INR15.3 billion, which it has yet to
receive. On March 28, 2019, Bharti Realty signed a 27-year
agreement to lease 4.9 million square feet of commercial land from
DIAL.

"We expect DIAL's operating performance and competitive position to
remain resilient over the next two to three years. In our view, the
impact of the novel coronavirus outbreak (COVID-19) on DIAL's
passenger traffic will be limited, given its high proportion of
domestic flights and India's aviation traffic having relatively
limited exposure to China. Furthermore, we expect growth in Indian
aviation passenger traffic given the lower base in 2019, as some of
the airline and aircraft disruptions have been resolved during the
course of 2020. In addition, we believe the development of Noida
International Airport at Jewar, which will be the second airport in
the National Capital Region within 100 kilometers of DIAL, will not
materially hurt DIAL's operations over the period. This is because
the airport is still in its early stages of development with land
acquisition still not completed.

"We believe DIAL's OCF--which includes interest income--represents
the company's ability to service its debt over the projected
period. DIAL derives its interest income from long-term refundable
security deposits of about 50 years, which is an inherent part of
the company's business model--providing significant capital for
airport development and capex."

The negative outlook reflects DIAL's high spending plans amid
tariff and CPD payment delays, potentially leading to its
OCF-to-debt ratio falling sustainably below 8%. S&P expects greater
clarity over the next three to 12 months on the implementation of
the company's CP3 tariff and the company's receipt of its Phase 1
CPD income, as the company pursues its high capital spending plans
over the next three years.

S&P said, "We may lower the rating on DIAL within the next three to
12 months if we expect the company's OCF-to-debt ratio to fall
materially below 8% on a prolonged basis. This could happen if: (1)
the CP3 tariff is implemented without sufficient positive outcome
from its ongoing regulatory disputes; or (2) the company faces
material delays or significant uncertainty in realizing rentals or
security deposits from CPD.

"We may revise the outlook back to stable if DIAL's OCF-to-debt
ratio is sustainably maintained above 8%. We believe this would
depend on timely receipts of its Phase 1 CPD income and
implementation of DIAL's CP3 tariff that would be sufficiently
higher than the current BAC."


DREAM PROCON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Dream Procon Private Limited

        Registered office:
        811, 8th Floor, Krishna Apra Plaza
        Tower-1, Netaji Subhash Place
        Pitampura, Delhi
        New Delhi 110034

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Manish Gupta

Interim Resolution
Professional:            Mr. Manish Gupta
                         M P R & Co.
                         E-62, LGF
                         Lajpat Nagar-II
                         New Delhi 110024
                         E-mail: ip.manishgupta31@gmail.com
                                 irp.dreamprocon@gmail.com

                            - and -

                         Insolvency & Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Home buyers under the Real Estate Project
                         (Financial Creditors) of the Corporate
                         Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Shashi Sharma
                         Mr. S Prabhakar
                         Mr. Sanjeet Kumar Sharma

Last date for
submission of claims:    October 29, 2019


EUROLIFE HEALTHCARE: Ind-Ra Assigns BB+ LT Rating, Outlook Positive
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Eurolife
Healthcare Pvt. Ltd. (EHPL) a Long-Term Issuer Rating of 'IND BB+'.
The outlook is Positive.

The instrument wise rating actions are:

-- INR620 mil. Fund-based working capital limit assigned with IND

     BB+ /Positive/IND A4+ rating;

-- INR287.7 mil. Long-term loan due on June 2022 assigned with
     IND BB+ /Positive rating; and

-- INR100 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

Modest Scale of Operations: EHPL's revenue surged to INR2,007
million in FY19 (FY18: INR1,802 million; FY17: INR928 million)
owing to its acquisition of Baxter India's two intravenous infusion
units in October 2016, which increased its product range and total
production capacity. The acquisition resulted in the company
doubling its scale of operations in FY18. Intravenous infusion
contributed 90% to EHPL's FY19 revenue, followed by capsules and
tablets (7%) and other products. As of FY19, the company had a
total production capacity of around 320 million units, of which 64%
was utilized.

To increase its scale further, EHPL has started participating in
government tenders, and as of December 30, 2019, it had an
outstanding order book of INR746 million, likely to be executed
over FY20-mid FY22. During 7MFY20, the company booked revenue of
INR1,247 million. Furthermore, the company acquired Teva
Pharmaceutical Industries' intravenous infusion unit in Hungary in
December 2019.

Ind-Ra expects the company's current order book and growth in the
conventional business (of selling directly to hospitals and
brokers) to help it record around 6% revenue growth in FY20, and
20%-25% in FY21 aided by the acquired Teva units and existing
government tenders.

Intensified Competition:  EHPL is exposed to high competition from
organized and unorganized players, leading to the high competition
which exerts pricing pressure. However, a wide range of product
portfolio mitigates the risk to some extent.

Improvement in Profitability FY20 Onwards: Eurolife's modest EBITDA
margin contracted to 8.3% in FY19 (FY18: 8.8%) due to increased raw
material and transportation costs. In 7MFY20, the company's EBITDA
margins expanded to 11.2% as the management adopted a strategy to
rationalize its employee cost. The management also has a plan to
rationalize its transportation cost by transporting through
higher-truck load and setting up warehouses in different parts of
India, which will decrease commission charges related to clearing
and forwarding agents. However, this is likely to be partially
offset by volatile raw material costs and lower margins in the
tender business. Thus, Ind-Ra expects EBITDA margin to remain at
10%-12% over FY20-FY21.

Weak Credit Metrics; Improvement Likely EHPL's net leverage (net
adjusted debt/EBITDAR) stood at 5.7x in FY19 (FY18: 5.6x; FY17:
7.7x) and interest coverage (EBITDA/gross interest expenses) at
1.8x (FY18: 3.1x; FY17: 1.5x). The deterioration in gross interest
coverage was due to high-interest cost as the company's short-term
debt increased to INR552 million (FY18: INR426 million)

EHPL's interest coverage improved to 2.6x in 7MFY20 on a reduction
in the company's total debt to INR854 million (FY19: INR919
million) along with better profitability. Ind-Ra expects the
interest coverage to remain above 2.0x and net leverage to moderate
to 4.0x-4.5x in FY20. No major planned CAPEX and likely improvement
in profitability, owing to the rationalized employee cost, will aid
the improvement in credit metrics.

Equity Infusion by OrbiMed to Support Acquisition:  The acquisition
of Teva's intravenous infusion unit, worth around INR286 million,
was funded by EHPL's private equity investor OrbiMed Asia II
Mauritius FDI Investment Ltd via cumulative compulsorily
convertible preference share. This is OrbiMed's second investment
in EHPL, after it infused INR990 million for the acquisition of
Baxter India's Intravenous Infusion unit in October 2016
(acquisition cost of INR690 million). These acquisitions have
helped to improve EHPL's business profile by increasing its product
range and geographical presence. The acquired Hungary unit does not
have any debt obligation and has a total production capacity of 2.1
million intravenous infusion bags. EHPL expects revenue accretion
from this unit FY21 onwards and plans to expand its presence in the
Europe and United States markets. Ind-Ra will monitor the Teva
Hungary plant acquisition as the company is yet to demonstrate
revenue growth and synergies from the acquired entity.

Liquidity Indicator- Stretched: EHPL's average utilization of the
total sanctioned fund-based working capital limits for the last
12-months ending October 2019 stood at 90.45%.  The company had an
elongated working capital cycle of around 220 days in FY19 (FY18:
205 days) as it holds an average inventory of more than three and a
half months to complete the entire production process. The
company's inventory days also increased to 253 days in FY19 (FY18:
208; FY17: 185) due to water scarcity in Chennai (Tamil Nadu) and
Waluj (Maharashtra) leading to higher inventory holding to cater to
usual peak demand in the summer and rainy seasons. Consequently,
the company reported negative cash flow from operations over
FY17-FY19 (FY19: negative INR91 million; FY18: negative INR162
million, FY17: negative INR25 million).

With a likely improvement in profitability and reduced inventory
from FY19 levels, Ind-Ra expects cash flow from operations to turn
positive in FY20. Further, the management has indicated that there
are no major CAPEX plans over FY20-FY21, as a large part of the
CAPEX was completed in FY17-FY18 (FY19: INR41 million, FY18: INR247
million, FY17: INR215 million). EHPL has a long-term loan repayment
obligation of INR125 million in FY20 and INR116 million in FY21.
Ind-Ra expects the company's debt service coverage ratio to remain
at 1.0x in FY20 and improve henceforth.

Diversified Reach: EHPL derived its revenue through its diversified
reach. During FY19, sales through distributors were around 52%,
exports were around 19% and the rest were through direct hospital
sales. With the Hungary unit likely to become operational in the
coming years, sales from outside India, too, are expected to
increase.

The company faces regional concentration while selling through
distributors, as 56.5% of its total distribution sales are
conducted in three states i.e Maharashtra, Tamil Nadu, and Uttar
Pradesh. However, the above risk is mitigated through sales via
hospitals and exports.

Strong Promoter's Experience: The promoters have been involved in
the pharmaceutical formulations industry for around two decades,
which has helped the company establish healthy relationships with
its suppliers, distributors, and customers.

RATING SENSITIVITIES

Positive: An increase in the revenue, along with improvement in the
operating margin leading to improvement in liquidity and net
financial leverage falling below 3.5x will lead to positive rating
action.

Negative: A deterioration in profitability, leading to
deterioration in the liquidity position of the company or
deterioration in credit metrics may lead to negative rating
action.

COMPANY PROFILE

Eurolife Healthcare Pvt. Ltd, established in 2001 by Sandeep
Toshniwal, is a Mumbai-based specialty pharmaceutical company that
manufactures and distributes an exclusive portfolio of healthcare
formulations, intravenous infusions, ophthalmic solution water, and
sterilized water for injections, nebules, tablets, capsules,
ointment, and creams.

GEMINI CONSOLIDATED: CARE Reaffirms D Rating on INR3cr Loans
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gemini Consolidated Projects Private Limited (GCP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.00       CARE D Reaffirmed

   Short-term Bank
   Facilities           1.00       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GCP continues to be
constrained on account of on-going delay in the debt servicing on
account on of stretched liquidity position.

Rating Sensitivity

Positive factor

* Ability of the company to timely service its debt obligation
* Improvement in liquidity position

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: As per the clarification received
from banker and management, it was confirmed that there is on-going
delay in repayment of interest amount of the working capital term
loan and over drawls in cash credit account since May 31, 2019.

Liquidity: Poor liquidity is marked by lower accruals when compared
to repayment obligations, overdraws in bank limits and modest cash
balance.

Incorporated in 2011 by Mr. Rajiv Sethi, Gemini Consolidated
Projects Private Limited (GCP) is engaged in the business of
undertaking sub contracts for providing metal fabrication and
erection services. Currently, the company majorly caters the power
sector; however it has plans to diversify into oil & gas,
hydrocarbons, cement and steel sectors.

IL&FS: Econ. Affairs Dept. Red-Flagged Risks Over Collapse in 2018
------------------------------------------------------------------
BloombergQuint reports that the Department of Economic Affairs had
raised red signals over the likely collapse of IL&FS in a
confidential note on Sept. 30, 2018 and expressed concerns over its
impact on the Indian economy, according to a latest affidavit filed
by the Corporate Affairs Ministry.

BloombergQuint relates that the ministry said the DEA had said that
if Infrastructure Leasing & Financial Services group collapses, the
Indian economy may have to face repercussions as redemption
pressure would continue, a debt market selloff may create liquidity
crunch and non-banking financial companies' licences could be
cancelled.

"DEA had raised red signals of the likely collapse of IL&FS and had
expressed its deep concern of such a collapse on the Indian
economy," said MCA in the affidavit filed before the National
Company Law Appellate Tribunal, BloombergQuint relays. Immediately
after that, the MCA moved the National Company Law Tribunal to take
over the management of IL&FS, which had a debt exposure of over
INR91,000 crore.

According to DEA, "AMCs having exposure of INR2,800 crores to IL&FS
bonds would get redemption pressure from Corporate Clients". It
added that it was impossible for such mutual fund schemes to get
the redemption amounts in a short period of time.

"Further, illiquid Corporate debt market and DHFL saga may force
AMCs to sell government securities. Hence, the government
securities would face a huge selling pressure so either Bond Yield
will shoot up to 8.30-8.50 percent levels or the RBI has to do OMO
(open market operations)," it said. "If RBI opts for OMO, then the
government's spending capacity will reduce by an equal amount," it
had said.

BloombergQuint adds that DEA said that NBFC licenses could be
cancelled also. "In the wake of the IL&FS crisis, as many as 1,500
smaller NBFCs may have their license cancelled because they do not
have adequate capital."

Moreover, there also could be liquidity crunch and recent events
hitting market sentiments will lead to cost of fund for NBFCs
increasing, impacting profitability, BloombergQuint relates.

According to BloombergQuint, the RBI's liquidity inducing measures
and announcements have helped government bond yields to drop to
8.05-8.08 levels, but corporate bond yields have risen further by
about 40-50 basis post IL&FS crisis. "Primary market in Corporate
bonds has completely dried up as no one is willing to bar currently
in expectation of further redemption from MF's," it added.

Though IL&FS group is not inconsequential, but exposure of the
banks to the NBFC sector is about 16 percent. "Therefore, there is
a substantial public interest in ensuring financial solvency and
good governance and management of this group," it added.

Another INR44,075 crore debt, which is 47 per cent, is collectively
from the commercial banks, the affidavit, as cited by
BloombergQuint, said.

Besides, the aggregate debt of its four key holding companies
-Infrastructure Leasing & Financial Services, IL&FS Financial
Services, IL&FS Transportation Networks Ltd and IL&FS Energy
Development Company Ltd. - is almost 51 per cent, which is
INR48,000 crore, BloombergQuint discloses.

IL&FS group comprised of 302 entities, of which 169 entities are
incorporated in India and 133 entities abroad.

The new board has classified the 169 companies into different
categories and has asked to release 55 companies from its
protection shield of order dated Oct. 15, 2018. In the affidavit,
it has also asked the NCLAT to release nine other companies from
the scope and operation of the October 2018 order so that they can
discharge their debt obligations, BloombergQuint discloses.

While for rest 105 IL&FS group companies, it has sought additional
270 days to complete their resolution process.

Passing an interim order on Oct. 15, 2018, the NCLAT had stayed all
proceedings against IL&FS group companies, whose total debt is
INR94,215 crore, BloombergQuint notes.

BloombergQuint says the government is conducting resolution process
of IL&FS based on the principles enunciated in the Insolvency and
Bankruptcy Code. It has appointed retired Supreme Court judge
Justice DK Jain to supervise the entire process.

                            About IL&FS

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

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

IVRCL CHENGAPALLI: CARE Keeps 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IVRCL
Chengapalli Tollways Limited (ICTL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank     861.90       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ICTL to monitor the
rating(s) vide e-mail communications/letters dated January 17,
2020, December 26, 2019 & October 8, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on IVRCL Chengapalli Tollways Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of IVRCL Chengapalli
Tollways Limited (ICTL) continues to remain constrained by the weak
liquidity profile resulting in delays in debt servicing.

Detailed description of the key rating drivers
At the time of last rating on October 15, 2018, the following were
the rating strengths and weaknesses: (Updated from the Annual
Report taken from Ministry of Corporate Affairs)

Key Rating Weaknesses

Weak liquidity position: The liquidity position of the company is
weak due to inadequate toll revenue for servicing debt
obligations. Further, the company has been classified as
Non-Performing Asset (NPA) by the lender.

Key Rating Strengths

Established promoter group: IVRCL is an established Infrastructure
company with interests in a variety of infrastructure projects,
including Water & Environment, Roads & Bridges, Railways, Buildings
& Industrial Structures, Mining, Oil & Gas exploration as well as
Power transmission. However, the company has a weak financial and
liquidity profile with net loss registered since last two years

ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary
IVRCL Assets & Holdings Limited (IAHL), which has now been merged
with IVRCL. ICTL was implementing a road project (under NHDP
Phase-II programme) envisaging 4/6 laning of the road in
Chengapalli–Coimbatore–Walayar of NH-47 in the state of Tamil
Nadu (Total length: 54.83 km) on Design, Build, Finance, Operate
and Transfer (DBFOT) toll basis for a concession period of 27
years. The project stretch is divided into two sections; from Km
102.03 to Km 144.68 of 42.64 km (Section I) and from Km 170.88 to
Km 183.01 of 12.13 Kms (Section II). The project achieved
provisional Commercial Operational Date (COD) on October 9, 2015
and has started collecting toll revenue from October 14, 2015.

K. RADHAKRISHNA: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.
Radhakrishna Naik continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       5.02       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      1.36       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from K. Radhakrishna Naik to
monitor the ratings vide e-mail communications dated November, 2019
to January 23, 2020 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 ratings on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The ratings on K.Radhakrishna
Naik bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on March 25, 2019, the following were
the rating strengths and weaknesses considered:

Key Rating Weaknesses

Delay in servicing the debt obligations
There are ongoing delays in servicing debt obligations on time due
to stretched liquidity position on back of net loss incurred during
FY18 (refers to period April 1 to March 31) coupled with untimely
receipt of payments for works executed.

Small scale of operations with proprietorship nature of entity as
constitution
Despite of being in business for more than four decades, the scale
of operations marked by the total operating income stood small at
INR7.46 crore in FY18 and the tangible net worth base stood small
at INR2.30 crore as on March 31, 2018.

KRN, being a proprietorship firm, is exposed to inherent risk of
the promoter's capital being withdrawn at time of personal
contingency and firm being dissolved upon his death. Moreover,
proprietorship firm business has restricted avenues to raise
capital which could prove a hindrance to its growth. However, there
has been no withdrawal of capital during the review
period.

Financial risk profile marked by leveraged capital structure and
weak coverage ratios
The capital structure marked by the overall gearing has
deteriorated and stood at 2.47x as on March 31, 2018 as compared to
2.28x as on March 31, 2017 due to higher utilization of working
capital facilities, increase in term loan (agri loan) and coupled
with decline in net worth on back of net loss during FY18. The debt
coverage indicators marked by the interest coverage ratio and total
debt to GCA stood weak at 1.58x and 15.12x respectively in FY18 as
compared to 2.63x and 9.77x respectively in FY17 due to increase in
total debt levels and decrease in cash accruals on back of net loss
during FY18. Further, the total debt to CFO stood at 3.23x as on
March 31, 2018 due to realization of debtors and decline in other
current assets like deposits, loans and advances during FY18.

Short-term revenue visibility from order book position
The firm has an order book of INR3.74 crore as on March 21, 2018 as
compared to order book of 11.36 crore as on February 5, 2018. The
firm order book translates 0.50x of total operating income of FY18
and which is likely to be completed by 2020. The said order book
provides revenue visibility for short term period. The firm has
received about 100% of the work orders from Karnataka Government.

High competitive industry in the tender driven government civil
construction segment along with high geographical concentration
risk The project portfolio of KRN is concentrated in the state of
Karnataka which reflects the high geographical concentration risk.
The risk arises from the fact that any change in the geo political
environment or policy matters would affect all the projects at
large. Furthermore, KRN faces fierce competition from other
companies and firms for tenders of contracts and any changes in
current policies of the government with regard to change in budget
allocation would impact KRN revenue considerably.

Volatility in input prices with no price escalation clause
The major inputs for the firm are cement, bricks, sand, bitumen,
etc. An erratic trend in the input prices can adversely impact the
profitability of the firm. Further, majority of the contracts
executed by KRN do not contain price escalation clause thus
exposing it to the risk of volatile raw material prices.

Key Rating Strengths

Experienced promoter with long track record of operations
The proprietor, Mr K.Radhakrishna Naik, a graduate, through his
firm has an experience of close to 4 decades in civil construction.
Since its inception, KRN has undertaken many projects for
construction of roads, buildings and bridges. Due to long term
presence of the proprietor in the market, the firm has established
relationship with government organizations and
suppliers.

Growth in operating income
Total operating income has increased by 18.96% and stood small at
INR7.46 crore in FY18 due to better execution of orders.

K.Radhakrishna Naik (KRN) is a proprietorship firm established in
1978 by Mr K. Radhakrishna Naik in Udayagiri, Karnataka. The firm
is a class I civil contractor for Public Works Department (PWD),
Karnataka for undertaking civil constructions of buildings, roads
etc. Over the last two years, KRN has constructed roads and bridges
in Bantwal and Mangalore regions of Karnataka for Karnataka Rural
Road Development Agency (KRRDA) and Public Works Department,
Karnataka. The firm subcontracts 30% of its labour work to various
other contractors.

KISHANGARH BEAWAR: CARE Reaffirms D Rating on INR1061.03cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kishangarh Beawar NH-8 Tollway Private Limited (KBTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities        1,061.03      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of KBTL takes into account the ongoing delay in
repayment of its debt obligations.

Going forward, the company's ability to service its debt
obligations in a timely manner with improvement in vehicular
traffic and average daily toll collection shall be the key rating
sensitivities.

Rating Sensitivities

Positive Rating Sensitivities

* Timely servicing of Debt obligations.

* Increase in toll collections such that the DSCR improves to
>1x

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: The Company has delayed in repayment of
debt obligations on account of cash flow mismatch due to lower toll
collection against relatively high debt obligations.

Exposure to O&M risk, traffic fluctuations: The O&M with respect to
the routine maintenance and the periodic maintenance shall be
carried out by the JV of Roadis Consessions S.A., Indus Concessions
India Pvt. Ltd., Soma Enterprise Limited and Soma Tollways Pvt.
Ltd. Since the project highway comprises commercial vehicles (both
light and heavy commercial vehicles) in majority, the O&M assumes
utmost importance. In absence of any provisions for appropriation
of funds towards the major maintenance, the operational cash flows
of that particular year may remain stressed. The company thus
remains exposed to increase in operations and maintenance expenses.
Further any deterioration in vehicular growth may adversely impact
company's revenue and profitability which may further constrain
company's liquidity.

Industry Outlook
The outlook on the road sector is stable, given the increased focus
on infrastructure sector along with series of reforms initiated to
tackle execution woes and ease out liquidity of developers.

Key Rating Strengths

Long track record of promoters: KBTPL is a special purpose vehicle
(SPV) joint venture promoted by Roadis Corsan Concessions SA (owned
by Canadian Pension Fund Managers – PSPIB) and Soma Tollways Ltd
(STL).

Roadis is involved in development, operation and management of
infrastructure concessions and the Group also has a strong
international presence which, currently, extends to over 30
countries in five continents, in addition to its strong presence in
Spain. STL is a closely held public company supported by team of
civil engineers and project managers for executing large
infrastructure projects. The company has rich experience in
execution and maintenance of road projects.

Kishangarh Beawar NH-8 Tollway Private Limited (KBTL) (erstwhile
Soma Isolux Kishangarh-Beawar Tollway Private Limited) is a Special
Purpose Vehicle (SPV) joint venture promoted by Roadis Consessions
S.A., Indus Concessions India Pvt. Ltd., Soma Enterprise Limited
(SEL) and Soma Tollways Pvt. Ltd. The SPV was formed to undertake
the development and operation of a road project awarded by National
Highway Authority of India (NHAI – The Authority).

LAXMI OIL: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi Oil
and Vanaspati Private Limited (LOVPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       50.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LOVPL to monitor the
rating(s) vide e-mail communications/letters dated January 06,
2020, January 8, 2020, January 10, 2020, January 16, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on LOVPLs bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the delays in debt servicing by the
company.

Detailed description of the key rating drivers

At the time of last rating on August 16, 2019 and April 5, 2019,
following were the rating weaknesses:

Key Rating Weaknesses

Stretched liquidity position and resultant dealys in debt
servicing: The liquidity profile of the company is stretched marked
by an elongated operating cycle and higher utilization of working
capital limits. The operating cycle of the company elongated to 94
days as on March 31, 2018 (PY: 79 days) on account of increase in
average inventory holding period. The working capital utilization
remained fully utilized during the trailing twelve months ending
January 2019.

Intense competition in fragmented edible oil industry: LOVPL is in
the Rice Bran Oil (RBO) segment which is a niche market as is a
relatively new form of edible oil, still to find a foothold in
domestic edible oil industry. The company faces stiff competition
in edible oil space from large number of organized and unorganized
players. Majority of the edible oil demand of the country is met by
the regional and unorganized players which are into manufacturing
of crude palm oil, groundnut oil, coconut oil etc. and are consumed
at large levels.

Low profitability margins: With decrease in the material cost, the
profitability margins marked by PBILDT margin improved to 4.74%
(PY: 3.89). The same also resulted in the improvement in the PAT
margin to 1.64% during FY18 (PY: 1.42%), however, the improvement
in PAT margins was constrained due to higher interest cost during
FY18 pertaining to higher utilisation of working capital limits and
additional term loans taken.

Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April
2003 as a private limited company. The company is engaged in
business of manufacturing of refined oil with an installed capacity
of 200 tons per day (TPD) as on March 31, 2017. The company also
has a packaging unit for the packaging the oil into pouch, tin, jar
and bottle for supply to distributors. The company primarily caters
to the wholesalers and suppliers of packaged refined oil. It holds
the FSSAI compliance certificates. The company also sells refined
and blended rice bran oil under the brand name of 'Parv' which is
sold by a distribution network in the rural markets of eastern
Uttar Pradesh, Madhya Pradesh and Bihar.

LEATHER WORLD: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Leather World
India Limited's (Leather World) Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR320 mil. Fund-based working capital limit (long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR52.13 mil. Term loan (long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Leather World,
the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Leather World sells products such as shoes, bags, belts, and
accessories for men, women, and kids. It markets products under its
own brand - Leatherworld.

MEHADIA AND SONS C&F: CARE Maintains 'C' Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehadia and
Sons C&F Division (MSF) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      7.80       CARE C; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank     0.20       CARE A4; Issuer not cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MSF to monitor the rating
vide e-mail communications dated August 28, 2019, September 10,
2019, November 11, 2019, January 7, 2020, January 9, 2020, and
numerous phone calls. However, despite CARE's repeated requests the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on MSF bank facilities will now be CARE C;
Stable/ CARE A4; ISSUER NOT COOPERATING.

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

The rating takes into account of its small scale of operations with
low profit margins due to trading nature of business, leveraged
capital structure, weak debt coverage indicators and stretched
liquidity position, its presence in highly fragmented and
competitive industry and constitution of entity as a partnership
firm limiting financial flexibility in times of stress. The above
constraints outweigh the comfort derived from the experience of the
promoters, long track record of operations of entity, diversified
revenue stream, synergistic association from group entities and
association with established brand name.

Detailed description of the key rating drivers:

At the time of last rating on October 24, 2018 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations with low profitability
margins: The operations of the entity remained small with total
operating income of INR32.67 crore in FY18 (Audited) and total
capital employed of INR11.87 crore as on March 31, 2018 thus
limiting financial flexibility of the entity in times of stress.
Since, the entity is into trading business which is inherently a
low value additive and volume driven nature of business its profit
margins remained low.

Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings to support its
business operations, resulting in leveraged capital structure as
indicated by overall gearing of 2.50x as on March 31, 2018.
Moreover, due to low accruals and high gearing levels, the debt
coverage indicators stood weak.

Stretched liquidity position: Operations of the entity remained
working capital intensive with gross current assets of 107 days
during FY18 with fund majorly blocked in inventory holding and
receivables. The working capital requirements are met by the cash
credit facility availed by the entity, further there are
overdrawals in the cash credit facility for 20-25 days.

Presence in highly fragmented and competitive industry: The Indian
trading industry is highly unorganized & fragmented in nature. Due
to low entry barriers, the trading Industry in the country is
flooded with many unorganized players. This has led to high level
of competition in the industry and players work on wafer-thin
margins. The cost of goods purchased is the major cost component
for the trading industry, accounting for about 93-94% of the sales.
Availability of goods is not an issue for the industry but
procuring these goods at competitive prices poses a challenge to
maintain margins. Demand prospects of the trading industry continue
to be further constrained to a large extent by the influence of the
economic cycle.

Partnership nature of constitution: Being a partnership firm, MCF
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or death
of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

Long and established track record of the entity with experienced
partners: MCF has an established track record of around two and
half decades in the trading of pharmaceutical products. The
promoters have an average industrial experience of two and half
decades, through associate concerns Mehadia and Sons, MS
(established in 1997) and R.J Tradelinks, RJT (established in
1999), engaged in similar line of business. The entity is likely to
be benefited due to wide experience of the promoters in the same
field.

Diversified revenue stream along with association with established
brand name: MCF is engaged in trading of pharmaceutical products
and fabrics and act as clearing and forwarding agents for“Peter
England". The diversified revenue stream and association with
established brand helps entity in times of stress and fortifies its
business profile.

Synergistic association from group entities: MCF derives
synergistic advantage from its association with group concern, RJT
and MS, having common suppliers and customers, which aids in easy
procurement of traded goods and further disbursement of same
through established network.

Established in the year 1981, MCF, is a partnership firm promoted
by Mrs. Sharda Ramshankar Mehadia, Mrs. Nisha Pradeep Mehadia, Mrs.
Sunita Kamal Agarwal and Mrs. Sarita Vimal Agarwal. The firm is
engaged in diverse trading business namely trading of
pharmaceuticals medicines and fabrics. The firm also acts as
clearing and forwarding agent for 'Peter England'. The entity
procures fabric (cotton and polyester) and pharmaceutical product
(medicines) from wholesalers based in Maharashtra. The firm belongs
to the Mehadia group which has three entities including MCF namely
Mehadia and Sons, MS (established in 1997) and R.J Tradelinks, RJT
(established in 1999), which are engaged in trading of
Pharmaceuticals medicines, fabrics and are distributors for Madura
Garments.

MEHADIA AND SONS: CARE Keeps 'C' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehadia and
Sons (MS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.50       CARE C; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MS to monitor the rating
vide e-mail communications dated August 28, 2019, September 10,
2019, November 11, 2019, January 7, 2020, January 9, 2020, and
numerous phone calls. However, despite CARE's repeated requests the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on MS bank facilities will now be CARE C;
Stable; ISSUER NOT COOPERATING.

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

The rating takes into account of its relatively small scale of
operations with low profit margins due to trading nature of
business, stretched liquidity position, leveraged capital structure
and weak debt coverage indicators. The ratings also continue to be
undermined by its presence in highly fragmented and competitive
industry and constitution of entity as a partnership firm limiting
financial flexibility in times of stress. The above constraints
outweigh the comfort derived from the experience of the promoters,
long track record of operations of entity, diversified revenue
stream, synergistic association from group entities and association
with established brand name.

Detailed description of the key rating drivers:

At the time of last rating on October 24, 2018 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively modest scale of operations with low profitability
margins: The operations of the entity remained small with total
operating income of INR26.19 crore in FY18 (Provisional) and total
capital employed of INR8.83 crore as on March 31, 2018 thus
limiting financial flexibility of the entity in times of stress.
Since the entity is into trading business which is inherently a low
value additive and volume driven nature of business its profit
margins remained low.

Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings to support its
business operations, resulting in leveraged capital structure as
indicated by overall gearing of 3.01x as on March 31, 2018.
Moreover, due to low accruals and high gearing levels, the debt
coverage indicators remained weak.

Stretched liquidity position: Operations of the entity remained
working capital intensive with gross current assets of 218 days
during FY18 with fund majorly blocked in inventory holding and
receivables. The working capital requirements are met by the cash
credit facility availed by the entity. Further, there are
overdrawals in the cash credit facility for 20-25 days.

Presence in highly fragmented and competitive industry: The Indian
trading industry is highly unorganized & fragmented in nature. Due
to low entry barriers, the trading Industry in the country is
flooded with many unorganized players. This has led to high level
of competition in the industry and players work on wafer-thin
margins. The cost of goods purchased is the major cost component
for the trading industry, accounting for about 92-94% of the sales.
Availability of goods is not an issue for the industry but
procuring these goods at competitive prices poses a challenge to
maintain margins. Demand prospects of the trading industry continue
to be further constrained to a large extent by the influence of the
economic cycle.

Partnership nature of constitution: Being a partnership firm, MS is
exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or death
of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

Long and established track record of the entity with experienced:
MS has an established track record of around two decades in the
trading of pharmaceutical products and textile yarn. MS is managed
by promoters who have an average experience of more than two and
half decades in the relevant line of business through association
with Mehadia group. Long experience of the partners has supported
the business risk profile of the entity to a large extent.

Established relations with suppliers and customers: MS has an
established track record of around two decades in the trading of
garments, pharmaceutical products and fabric. The promoters have an
average industrial experience of more than two and half decades,
through associate concerns [Mehadia and Sons C&F Division, MCF
(established in 1981) and R.J Tradelinks, RJT (established in
1997)] engaged in similar line of business. The entity is likely to
be benefited due to wide experience of the promoters in the same
field.

Diversified revenue stream along with association with established
brand name: MS is engaged in trading of pharmaceutical medicines
and fabrics. The diversified revenue stream and association with
established brand helps entity in times of stress and fortifies its
business profile.

Synergistic association from group entities: MS derives synergistic
advantage from its association with group concern, RJT and MCF,
having common suppliers and customers, which aids in easy
procurement of traded goods and further disbursement of same
through established network.

Established in the year 1999, Mehadia and Sons (MS) is a
partnership firm based in Nagpur, Maharashtra and promoted by Mr.
Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal Agrawal,
Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal Agrawal. The
entity is engaged in diverse trading business (trading of
pharmaceutical items and fabrics) which constituted ~90% and ~10%,
respectively, of total revenue during FY18 (Provisional). The firm
belongs to Mehadia Group, which has three entities including MS,
Mehadia and Sons C&F Division, MCF (established in 1981) and R.J
Tradelinks, RJT (established in 1997).

MID INDIA: Ind-Ra Affirms & Withdraws 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn Mid
India Creations LLP's (MIC) Long-Term Issuer Rating of 'IND BB+'.
The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR600 mil. Term loan* due on July

     2033 affirmed & withdrawn; and

-- The 'Provisional IND BB+' rating on the INR400 mil. Proposed
     term loan** affirmed & withdrawn.

*Affirmed at 'IND BB+' before being withdrawn

**Affirmed at 'Provisional IND BB+' before being withdrawn

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

KEY RATING DRIVERS

The affirmation reflects MIC's continued weak but improving credit
metrics with net leverage (adjusted net debt/operating EBITDA) of
5.01x in FY19 (FY18: 16.2x) and interest coverage (operating
EBITDAR/net interest expense) of 1.21x (0.48x). The leverage
improved in FY19 due to a decrease in the borrowings with timely
repayments, while the coverage improved due to better operating
profitability. The absolute EBIDTA increased to INR136.5 million in
FY19 (FY18: INR65.66 million) due to higher-order conversion and
lower operating expenses.

The ratings also factor in the firm's modest margins, which
expanded to 35.72% in FY19 (FY18: 29.99%) owing to a decline in
administration expense. The firm's return on capital employed was
5.2% in FY19 (FY18: negative 5.00%).

Liquidity Indicator- Adequate: MIC had liquid cash and cash
equivalents of INR5.45 million at FY19 (FY18: INR12.3 million).
Cash flow from operations improved to INR470.41 million in FY19
(FY18: INR negative 305.57 million), even as the elongated working
capital cycle improved to negative 78 days (negative 115 days), due
to decline in creditors.

COMPANY PROFILE

MIC was incorporated as a limited liability partnership firm in
October 2011. Its partners are M.P. Entertainment & Developers Pvt.
Ltd. (represented by Gurjeet Singh Chhabra), Rajesh Mehta and Riya
Chhabra. The firm's banquet property commenced operations in June
2015, while the hotel property was soft-launched in July 2017. The
firm has entered an operating service agreement with Starwood
Hotels & Resorts India Pvt. Ltd. under the brand Sheraton Grand
Palace.


MOHIJULI TEA: CARE Lowers Rating on INR7.52cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mohijuli Tea Company Private Limited (MTCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank        7.52      CARE D; Revised from CARE B+;
   Facilities                      Stable; Issuer Not Cooperating

Detailed Rationale and Key Rating Drivers

The revision in the rating assigned to the bank facilities of MTCPL
takes into account the delay in debt servicing of the company.

Key Rating Weaknesses

Delays in debt servicing: There are on-going delays in debt
servicing of the company.

Liquidity: Poor - Poor liquidity as reflected by its highly
utilised bank limits. This could constrain the ability of the
company to repay is debt obligations on a timely basis.

Mohijuli Tea Company Private Limited (MTCPL) was established in
1991 by Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur
Rehman. The company is engaged in the processing of black tea and
has installed capacity of 15 lakh kg per annum. The manufacturing
facility is located at Guwahati, Assam.

NEW BABA: CARE Cuts INR5.80cr LT Loan Rating to B, Not Cooperating
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of New
Baba Rice Mill, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.80       CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

CARE has been seeking monthly No default statement (NDS) from  New
Baba Rice Mill to monitor the rating vide e-mail communications
dated May 2019 and January 16, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on New Baba Rice Mill bank facilities will now be denoted
as CARE B; Stable; ISSUER NOT COOPERATING.

OIL COUNTRY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Oil Country Tubular Limited

        Registered office:
        9 Kanchanjunga
        King Koti Road
        Hyderabad
        Telangana 500001

        Plant address:
        Sreepuram, Narketpally Mandalam
        Nalgonda Dist, Telangana 508254

Insolvency Commencement Date: January 28, 2020

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Sisir Kumar Appikatla

Interim Resolution
Professional:            Sisir Kumar Appikatla
                         106, First Floor, Bharat Towers
                         5th Lane, Dwarakanagar
                         Visakhapatnam
                         Andhra Pradesh 530016
                         E-mail: sisir_appi@yahoo.co.in
                                 rp_oilcountry@gmail.com

Last date for
submission of claims:    February 13, 2020


OMEGA TRAEXIM: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Omega
Traexim Inc. continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     50.00       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank    50.00       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 5, 2018, placed the
rating(s) of Omega Traexim Inc. under the 'issuer non-cooperating'
category as Omega Traexim had failed to provide information for
monitoring of the rating. Omega Traexim Inc continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 30, 2019, January 3, 2020 and
January 6, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on November 5, 2018 the following were
the rating strengths and weaknesses:

Key rating weaknesses

Ongoing Delays in the servicing of debt
The ratings of OTI's bank facilities have been revised on account
of ongoing delay in interest servicing of the working capital
facilities.

Incorporated in 2013, Omega Traexim Inc. is a proprietorship firm
promoted by Mrs. Khadija Hassan. The firm is engaged in
manufacturing and export of brass art ware, EPNS wares and all
kinds of Indian handicrafts items to various overseas destinations
like UAE and Europe. Its manufacturing unit is located at
Moradabad, UP which comes under special economic zone (SEZ) of
India. Mrs. Khadija Hassan has done her graduation in architecture
and then did a diploma in interior decoration. She has a long
experience of dealing with brass products as she had worked as a
merchandiser with an export house for more than 7 years before
promoting this firm.


R. J. TRADELINKS: CARE Keeps 'C' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. J.
Tradelinks (RJT) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.40        CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     0.10       CARE A4; Issuer not cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RJT to monitor the rating
vide e-mail communications dated August 28, 2019, September 10,
2019, November 11, 2019, January 7, 2020, January 9, 2020, and
numerous phone calls. However, despite CARE's repeated requests the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on RJT bank facilities will now be CARE C;
Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating takes into account its relatively small scale of
operations with low profit margins due to trading nature of
business, stretched liquidity position, leveraged capital structure
and weak debt coverage indicators. The ratings also continue to be
undermined by its presence in highly fragmented and competitive
industry and constitution of entity as a partnership firm limiting
financial flexibility in times of stress. The above constraints
outweigh the comfort derived from the experience of the promoters,
long track record of operations of entity, diversified revenue
stream, synergistic association from group entities and association
with established brand name.

Detailed description of the key rating drivers:

At the time of last rating on October 24, 2018 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively modest scale of operations with low profitability
margins: The operations of the entity remained small with total
operating income of INR44.78 crore in FY18 (Audited) and total
capital employed of INR16.30 crore as on March 31, 2018 thus
limiting financial flexibility of the entity in times of stress.
Since, the entity is into trading business which is inherently a
low value additive and volume driven nature of business its profit
margins remained low.

Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings to support its
business operations, resulting in leveraged capital structure as
indicated by overall gearing of 3.09x as on March 31, 2018.
Moreover, due to low accruals and high gearing levels the debt
coverage indicators stood weak.

Stretched liquidity position: Operations of the entity remained
working capital intensive with gross current assets of 117
days during FY18 with fund majorly blocked in inventory holding and
receivables. The working capital requirements are met by the cash
credit facility availed by the entity, further there are
overdrawals in the cash credit facility for 20-25 days.

Presence in highly fragmented and competitive industry: The Indian
trading industry is highly unorganized & fragmented in nature. Due
to low entry barriers, the trading Industry in the country is
flooded with many unorganized players. This has led to high level
of competition in the industry and players work on wafer-thin
margins. The cost of goods purchased is the major cost component
for the trading industry, accounting for about 92-94% of the
sales.

Availability of goods is not an issue for the industry but
procuring these goods at competitive prices poses a challenge to
maintain margins. Demand prospects of the trading industry continue
to be further constrained to a large extent by the influence of the
economic cycle.

Partnership nature of constitution: Being a partnership firm, RJT
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or death
of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

Long and established track record of the entity with experienced
partners: RJT has an established track record of around two decades
in the trading of garments, pharmaceutical products and fabric. The
promoters have an average industrial experience of two and half
decades, through associate concerns [Mehadia and Sons (MS,
established in 1997) and Mehadia and Sons C and F Division (MCF,
established in 1981)] engaged in similar line of business. The
entity is likely to be benefited due to wide experience of the
promoters in the samefield.

Diversified revenue stream along with association with established
brand name: RJT is engaged in trading of pharmaceutical products
and fabrics and act as clearing and forwarding agents for “Peter
England". The diversified revenue stream and association with
established brand helps entity in times of stress and fortifies its
business profile.

Synergistic association from group entities: RJT derives
synergistic advantage from its association with group concern, MCF
and MS, having common suppliers and customers, which aids in easy
procurement of traded goods and further disbursement of same
through established network.

Established in the year 1999, RJT is a partnershipfirm promoted by
Mr. Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal
Agrawal, Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal
Agrawal. RJT belongs to Mehadia Group, which has three entities
including R.J Tradelinks, Mehadia and Sons (MS, established in
1997) and Mehadia and Sons C and F Division (MCF, established in
1981). The entity is engaged in diverse trading business
(distributor for Madura garments and traders for pharmaceutical
medicines and fabrics) whereby it serves wholesalers and dealers
based in Maharashtra. RJT is distributor for Madura Garments, and
trades the garments of brand name "Peter England" from Aditya Birla
Nuvo Limited and supplies it to various retailers in and around
Nagpur.

RYATAR SAHAKARI: CARE Maintains B- Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ryatar
Sahakari Sakkare Karkhane Niyamit continues to remain in the
'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     55.00       CARE B-; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank    20.00       CARE A4; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Ryatar Sahakari Sakkare
Karkhane Niyamit to monitor the rating(s) vide e-mail
communications dated October 7, 2019, October 31, 2019, November 1,
2019, November 5, 2019, November 7, 2019, November 29, 2019,
December 2, 2019, December 4, 2019,  December 6, 2019, December 13,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the society has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Ryatar
Sahakari Sakkare Karkhane Niyamit's bank facilities will now be
denoted as CARE B-/CARE A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on February 8, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Subdued operational performance resulting in PBILDT losses in FY18
RSSKN witnessed subdued demand in FY18 and increase in cane prices
though the plant was operational for 134 days. The society
continued to incur PBDIT loss of INR0.20 Crore in FY18 (loss of Rs
15.93 Crores in FY17) due to higher cane cost and lower sale of
sugar stock. The society continued to stack up the inventory in
anticipation of likely increase in sugar prices and demand.

Liquidity Position
RSSKN's liquidity position remains tight due to cash losses in last
2 years and with working capital limits fully utilized. Working
capital cycle stood at 214 days in FY18 (160 days in FY17) due to
high inventory left levels.

Weak capital structure
RSSKN incurred a net loss of INR34.03 crore in FY18 (Rs. 33.64
crore in FY17) which led to decline of its networth to INR43.47
crore as on Mar'18 (Mar'17: Rs 65.03 crore). Overall gearing
deteriorated from 2.77 as on Mar'17 to 4.74 as on Mar'18.

Working capital intensive nature of operations
High levels of inventory holding (due to seasonality associated
with sugarcane), coupled with low credit on sugarcane purchase,
makes the operations of the RSSKN working capital intensive. RSSKN
has an inventory holding period of around 187 days in FY17. RSSKN
receives a credit of around 15 to 30 days from the cane suppliers.
RSSKN liquidity position remained tight with the nearly full
utilization of the working capital for the 12 months ending
Feb'18.

Cyclical and regulated nature of industry
Cyclical nature of the sugar industry significantly impacts the
operating performance and cash flow generation of the sugar
companies. The raw material prices are regulated by the Government.
In addition to this, sale and distribution of by-products (Spirit,
power) also regulated at different levels in different States.
Integrated players are in a better position to counter the
cyclicality of the sugar business.

Key Rating Strengths

Experienced Promoters
RSSKN is managed by Mr R.S. Talewad and Mr Ashok Morab. Mr Talewad,
is from the farming background, and has been involved in the
business for over three decades. RSSKN is also supported by well
qualified management including qualified engineers, agricultural
and finance officers for operation of the factory.

Partially integrated operations
RSSKN has partially integrated operations and the plant operates
with power generation capacity of 11 MW. The society uses the power
generated for captive consumption and the surplus power is sold to
Karnataka Power Transmission Company Limited under PPA.

Ryatar Sahakari Sakkare Karkhane Niyamit (RSSKN) is a cooperative
society, incorporated in 1982 by Mr R. S. Talewad. The first
crushing season was conducted on November 1999, with a crushing
capacity of 2500 tonnes per day (TCD). The society has installed a
co-generation plant of 11 MW in the year 2007. The plant of RSSKN
is located at Bagalkot, Karnataka. Presently the society is managed
by Mr R.S. Talewad, Chairman and Mr Ashok Morab as Managing
Director.

S. K. HITECH: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. K.
Hitech Industries (SKHI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     15.00       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information SKHI to monitor the rating vide
e-mail communications/letters dated November 2019 to January 24,
2020 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on S. K. Hitech Industries bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed Rationale& Key Rating Drivers

At the time of last rating February 28, 2019 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligations and stressed liquidity
position
There are ongoing delays in servicing debt obligations on time due
to net losses and stressed liquidity position on account of delay
in receipt of payments from its customers.

Limited track record and small scale of operations
SKHI, has limited track record less than 5 years and the scale of
operations remained small marked by the total operating income of
INR37.90 crore in FY18 and with the low net worth base of INR3.84
crore as on March 31, 2018. The small scale of operations limits
the financial flexibility in times of stress and deprives it's from
scale benefits.

Financial risk profile marked by the net losses, leveraged capital
structure and weak debt coverage indicators
SKHI, has registered net losses for the last two years. This mainly
is on the account of increase in the finance cost backed by higher
utilization of working capital facilities and coupled with
depreciation provision due to which, the firm registered net loss
of INR1.28 crore in FY17 and INR0.10 crore in FY18. However, the
PBILDT margin has been increasing for the period with
the increase in TOI and stood at 9.59% in FY18 as compared to 3.47%
in FY17.  The capital structure of the firm has been deteriorated
and stood leverage with the overall gearing ratio of 4.76x as on
March 31, 2018 as compared to 4.01x as on March 31, 2017 due to
decline in the tangible net worth on the account of absorption of
carry forward losses.

The debt coverage indicators improved and stood satisfactory marked
by total debt to GCA and interest coverage of 9.18x and 2.21x in
FY18 due to improvement in the absolute amount of PBILDT and
marginal repayment of term loans. Further, the total debt to CFO
has been improved and stood at 4.35x as on March 31, 2018 due to
improvement in the profitability and coupled with improvement in
the net working capital changes (increase in sundry creditors and
utilization levels of working
capital facilities and maturity of current investments, realization
of less than six months' sundry debtors during FY18).

Working capital intensive nature of operations due seasonal
available of paddy
The firm is operating in working capital intensive nature of
business. Paddy in India is harvested mainly at the end of two
major agricultural seasons Kharif (June to September) and Rabi
(November to April). The millers should stock enough paddy by the
end of each season as the price and quality of paddy is better
during the harvesting season. During this time, the working capital
requirements of the rice millers are generally on the higher side.
Further, the firm gets a credit period of 15- 60 days from its
creditors while it offers a credit period of 30-90 days to its
customers. On account of the same, working capital limits have been
fully utilized over the last 12 months ended November 30, 2018.

Partnership nature of business operations
Partnership nature of business has an inherent risk of withdrawal
of capital by the partners at the time of their personal
contingencies. It also has the inherent risk of business being
discontinued upon the death/insolvency of a partner. The ability to
raise funds is also very low as partnership concerns have
restricted access to external borrowings. There is net withdrawal
of capital of INR1.03 crore during FY18.

Fragmented nature of industry and low entry barriers
The rice milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and therefore the industry
is highly fragmented with large number of players operating in the
organized and unorganized segments. The high level of competition
has ensured limiting bargaining power, because of which rice mills
are operating at low to moderate profitability margins.

Key Rating Strengths
Experienced management in rice mill industry
Ms. Syeda Rehana, the managing partner of SKHI, has industry
experience of more than a decade in rice mill industry along with
other partners. Further, due to long term presence in the market,
the partners have established relationship with their customers and
suppliers.

Increasing trend in total operating income for the period under
review
The total operating income of the firm has been increasing for the
period under review at CAGR of 71.40% during FY16-FY18, due to
increasing demand from customers and favourable industry outlook.
The total operating income stood at INR37.90 crore in FY18 as
compared to INR23.13 crore in FY17 and INR12.90 crore in FY16.
Further, the firm registered the TOI of INR36.00 crore during
8MFY19 (Prov.).

Healthy demand outlook for rice
Rice is consumed in large quantity in India which provides
favourable opportunity for the rice millers and thus the demand is
expected to remain healthy over medium to long term. India is the
second largest producer of rice in the world after China and the
largest producer and exporter of basmati rice in the world. With
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy and
better monsoon conditions will be the key factors which will boost
the supply of rice to the rice processing units. Rice being the
staple food for almost 65% of the population in India, it has a
stable domestic demand outlook.

Davanagere (Karnataka) based S K Hitech Industries (SKHI) was
established in the year 2014 as Partnership Firm by Mr. H Syed
Jameel, Ms. Syeda Rehana, Ms. Shahataj Banu and Mr. Shaik Abdul
Khuddus. The firm is engaged in processing of paddy to produce
rice, broken rice, bran and husk with the installed capacity of 14
ton per hour. Ms. Syeda Rehana, the Managing Partner, of the firm
looks after the day-to-day operations.


S.S.T PACKAGING: CARE Assigns 'D' Rating to INR7.49cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S.S.T
Packaging Private Limited (SSTPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.49       CARE D Assigned
   Facilities           

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSTPPL is primarily
constrained by delay in debt servicing of the company.

Key Rating Sensitivities

Positive factors

* Track record of timely servicing of debt obligations for at least
90 days on sustained basis.

* Sustained improvement in financial risk profile, especially
liquidity.

Detailed description of the key rating drivers

Delay in debt servicing
There was a delay in term loan debt servicing of the company owing
to poor liquidity position owing to inadequate cash accruals from
operations. Furthermore, there were frequent instances of
over-drawings in the cash credit account.

Liquidity Indicator

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

S.S.T Packaging Private Limited (SSTPPL) was incorporated in 2016
by Mr. Tanmay Kumar and Mrs. Snigdha Kumar based out of Kolkata,
West Bengal for setting up a manufacturing unit for paper poly
coating and paper cups. The commercial operation of the company has
started from July 2017 onwards. The company has been engaged in
manufacturing of paper poly coating & paper cups at its plant
located at Sonarpur, Kolkata, West Bengal with an installed
capacity of 700 tons per month. The company procures its raw
materials from Japan, China and Kolkata and it sells its products
in the domestic market.

SAI AUTOMOBILES: CARE Lowers Rating on INR12cr Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sai
Automobiles, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      12.00       CARE B; Stable Issuer not
   Facilities                      cooperating: Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Details of instruments/facilities in Annexure-1

CARE has been seeking no default statement from Sai Automobiles to
monitor the ratings vide e-mail communications dated August 2019 to
January 27, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Sai
Automobiles bank facilities will now be denoted as CARE B; Stable;
Issuer Not Co-Operating.


SAINOV SPIRITS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sainov Spirits Private Limited

        Regisitered office:
        107, Bharat Chamber
        70 Scindia House
        New Delhi 110001
        IN

        Manufacturing Unit:
        Pilkhani Distillery & Chemical Works
        Saharanpur-Ambala Highway
        Distt. Saharanpur
        Uttar Pradesh 247001

Insolvency Commencement Date: February 5, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 3, 2020
                               (180 days from commencement)

Insolvency professional: CA Pawan Trivedi

Interim Resolution
Professional:            CA Pawan Trivedi
                         J 1001, Park View City-1
                         Sector-48, Sohna Road
                         Gurugram 122018
                         E-mail: capawantrivedi@gmail.com
                                 cirp.sainovspirits@gmail.com

Last date for
submission of claims:    February 19, 2020


SHAKTI REFOILS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shakti Refoils & Agro Foods Product Pvt. Ltd.
        90, 1st Floor, Shahjanand Shopping Center
        Opp. Shreenath Travel, Shahibag
        Ahmedabad GJ 380004
        IN

Insolvency Commencement Date: January 27, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: July 25, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452001
                         E-mail: navink25@yahoo.com
                                 irpshaktirefoils@gmail.com

Last date for
submission of claims:    February 23, 2020


SIDDAGANGAIAH RURAL: CARE Cuts INR7cr Loan Rating to B+, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddagangaiah Rural Godown, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.00       CARE B+; Stable Issuer not
   Facilities                      cooperating: Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

CARE has been seeking monthly No Default Statement (NDS) from
Siddagangaiah Rural Godown to monitor the rating vide e-mail
communications dated January 6, 2020 to January 23, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided no default statement for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Siddagangaiah Rural Godown bank facilities
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

SRI LAXMI: CARE Cuts INR6cr LT Loan Rating to B+, Not Cooperating
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Laxmi Venkata Ramana Parboiled Rice, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B+; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

CARE has been seeking monthly No default statement (NDS) from  Sri
Laxmi Venkata Ramana Parboiled Rice industry to monitor the rating
vide e-mail communications dated from May 8, 2019 to January 16,
2020 and numerous phone calls However, despite CARE's repeated
requests, the firm has not provided no default statement for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings Sri Laxmi Venkata Ramana
Parboiled Rice Industry on bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.

SRI SURESH: CARE Cuts INR7.0cr LT Loan Rating to B+, Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Suresh Poultry Complex, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.00        CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable; on the basis
                                   of best available information

CARE has been seeking monthly No Default Statement (NDS) from Sri
Suresh Poultry Complex to monitor the rating vide email
communications dated April 2019 to January 27, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided no default statement for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Sri Suresh Poultry Complex' bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.

SRI VENKATESHWARA: CARE Lowers Rating on INR5.50cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Venkateshwara Industries, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.50       CARE B+; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

CARE has been seeking monthly No default statement (NDS) from  Sri
Venkateshwara Industries to monitor the rating vide email
communications dated May 2019 to January 16, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Sri Venkateshwara Industries bank facilities
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

SRI VENKATESWARA POULTRY: CARE Cuts INR14.25cr Loan Rating to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Venkateswara Poultry Complex, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      14.25       CARE B+; Stable; Issuer not
   Facilities                      cooperating: Revised from
                                   CARE BB-; Stable on the basis
                                   of best available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Sri Venkateswara
Poultry Complex to monitor the ratings vide e-mail communications
dated for the period August 2019 to January 16, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Sri Venkateswara Poultry Complex bank
facilities will now be denoted as CARE B+; Stable; Issuer Not
Co-Operating.

SRI VENKATESWARA: CARE Cuts INR10cr LT Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of from
Sri Venkateswara Constructions, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       10.00      CARE B+; Stable Issuer not
   Facilities                      cooperating: Revised from
                                   CARE BB-; on the basis of
                                   best available information

   Short term Bank       5.00      CARE A4; Issuer not
   Facilities                      cooperating: Revised from
                                   CARE A4; on the basis of
                                   best available information

CARE has been seeking no default statement from Sri Venkateswara
Constructions to monitor the ratings vide e-mail communications
dated September 2019 to January 16, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Sri Venkateswara Constructions bank facilities will now
be denoted as CARE B+; Stable; CARE A4 ; Issuer Not Co-Operating.


TRIVANDRUM INTERNATIONAL: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Trivandrum International Health Services Limited
        T.C7/1407, SUT Royal Hospital
        Kochulloor, Trivandrum
        Kerala 695011
        India

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, Cochin Bench

Estimated date of closure of
insolvency resolution process: August 5, 2020

Insolvency professional: Mr. Raju Palanilkunnathil Kesavan

Interim Resolution
Professional:            Mr. Raju Palanilkunnathil Kesavan
                         CGNRA-9 (33/1183A)
                         Kodamessary Lane
                         Chalikkavattom
                         Vennala P.O.
                         Kochi 682028
                         E-mail: rajupkin@gmail.com

                            - and -

                         M/s Agasti & Associates
                         Chartered Accountants, First Floor
                         79 6th Cross Road
                         Girinagar, Kochi 682020

Last date for
submission of claims:    February 27, 2020


UPL CORPORATION: Moody's Assigns Ba2 Rating to New Hybrid Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term Junior
Subordinated rating to the proposed undated fixed-to-reset rate
notes (hybrid) to be issued by UPL Corporation Limited (UPL, Baa3
stable). The outlook is stable.

UPL plans to use the net proceeds predominantly to refinance
existing debt.

RATINGS RATIONALE

"The Ba2 rating is two notches below UPL's Baa3 issuer rating,
because the hybrid notes are deeply subordinated to other debt in
the company's capital structure," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer.

The instrument: (1) is undated; (2) is senior only to common
equity; (3) provides UPL with the option to defer coupons on a
cumulative basis; (4) steps up the coupon by up 25 basis points
(bps) in year 10, and an additional step-up of 75 bps in year 25;
(5) steps up the coupon by 500 bps upon the occurrence of a change
of control event; and (6) requires UPL to come current on any
deferred interest if there are any payments on parity or junior
instruments.

In Moody's view, the notes have equity-like features that allow
them to receive basket "C" treatment, i.e., 50% equity and 50% debt
for financial leverage purposes.

"We view the proposed issuance as credit positive for UPL, as it
will help the company achieve its target $550 million debt
reduction by March 2020 and reduce its leverage -- as measured by
debt/EBITDA -- to below the 3.5x downgrade trigger," adds Chaubal,
who is also Moody's Lead Analyst for UPL.

UPL's Baa3 ratings continue to reflect UPL Group's increased scale
and status as the world's largest post-patent agrochemicals company
following the acquisition in February 2019 of Arysta LifeScience
Inc. (Arysta) from Platform Specialty Products Corporation, which
was renamed Element Solutions Inc (Ba3 stable). The ratings are
also supported by UPL Group's geographically diversified operations
with complementary product offerings from Arysta that smoothen
intra-year sales volatility.

At the same time, the Baa3 ratings are constrained by (1) the
company's elevated financial risk profile, with leverage -- as
measured by adjusted debt/EBITDA -- likely to remain around
2.6x-3.0x until March 2021; (2) the execution risks associated with
its ability to continue extracting synergies from the Arysta
acquisition, including by rationalizing working capital; and (3)
the inherent risks associated with the time-consuming and stringent
regulatory requirements for the industry, especially in terms of
product registrations.

RATIONALE FOR STABLE OUTLOOK

The outlook on the hybrid mirrors the outlook on UPL's issuer and
the senior unsecured bond ratings.

The stable outlook reflects Moody's view that UPL will maintain a
strong business profile with credit metrics appropriate for its
Baa3 rating, and that it will not undertake any large or
transformational acquisitions, at least until Arsyta is completely
integrated and the company's financial profile has been restored to
pre-acquisition levels.

WHAT COULD CHANGE THE RATING UP/DOWN

As the hybrid debt rating is positioned relative to other ratings
of UPL, either (1) a change in UPL's senior unsecured rating; or
(2) a re-evaluation of its relative notching could affect the
hybrid debt rating.

The ratings could be downgraded if the company's EBITDA margins
fall below 18% or if leverage remains above 3.5x, both on a
sustained basis. Any large debt-funded acquisitions that materially
weaken the company's financial profile will also exert negative
ratings pressure.

Moody's ratings incorporate the assumption that UPL Corp remains an
integral part of UPL Group and the significant inter-linkages
between the two continue. Therefore, any divestiture in UPL Corp by
UPL Group, or any significant increase in dividend payments by UPL
Corp to UPL Group, will be viewed negatively.

The ratings could be upgraded if synergies from the Arysta
acquisition start to translate into EBITDA margins at the higher
end of the 22%-25% range, leverage below 2.5x and consistent
positive free cash flow generation, all on a sustained basis.

The principal methodology used in this rating was Chemical Industry
published in March 2019.

Incorporated in Mauritius, UPL Corporation Limited, is a 78% owned
subsidiary of UPL Limited. Private equity firm TPG Capital and the
Abu Dhabi Investment Authority, a sovereign wealth fund each hold
11% in UPL Corp. UPL Limited is one of the largest agro-chemicals
companies globally, operating in the postpatent markets. For the
fiscal year ended March 31, 2019, UPL Limited reported revenues of
INR215.9 billion ($3.1 billion) and adjusted EBITDA of INR43.5
billion ($631 million).

Headquartered in Mumbai and listed on the National Stock Exchange
and Bombay Stock Exchange, UPL Limited is 27.9% owned by the
promoter family, led by Rajnikant Shroff, who is the company's
chairman and managing director.

VAMSI KRISHNA: CARE Cuts INR6cr LT Loan Rating to B, Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vamsi Krishna Cotton Mills, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank        6.00      CARE B; Stable Issuer not
   Facilities                      cooperating: Revised from
                                   CARE B+; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Vamsi Krishna Cotton Mills
to monitor the rating vide e-mail communications dated November
2019 to January 2020 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Vamsi Krishna
Cotton Mills bank facilities will now be denoted as CARE B+; Stable
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on January 25, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Short track record and Small scale of operations with fluctuating
total operating income during the review period The firm has a
track record of around four years; however, the total operating
income (TOI) of the firm remained low at INR25.28 crore in FY18
with low net worth base of INR2.53 crore as on March 31, 2018 as
compared to other peers in the industry.

The total operating income of the firm seen fluctuating during
review period i.e., TOI increased from INR13.50 crore in
FY16 to INR27.88 crore in FY17 due to high demand of cotton lint
and yarn from its existing customers coupled with addition of new
customers. However, total operating income of the frim marginally
decreased to INR25.28 in FY18 due to GST impact.

Financial risk profile marked by Leveraged capital structure and
Weak debt coverage indicators
The firm has leveraged capital structure during the review period.
The overall gearing deteriorated from 3.75x as on March 31, 2016 to
5.39x as on March 31, 2018 due to increase in total debt levels at
the back of high utilization working capital borrowings and
unsecured loans from others. However, The debt equity ratio of the
firm improved from 1.54x as on March 31, 2016 to 0.86x as on March
31, 2018 due to decrease in long term loans at the back of
repayment of term loans.  The debt coverage indicators of the firm
also remained weak during the review period. However, Total
debt/GCA improved from 10.43x in FY16 to 20.61x in FY18 due to
increase in cash accruals. Interest coverage ratio remained
moderate during the review period, though deteriorated from 1.74x
in FY16 to 1.64x in FY18 due to increase in interest expenses.
Total debt/cash flow operation stood negative in FY18 due to
negative cash flow from operation at back of increase in
receivables.

Elongated inventory days resulted in working capital intensive
nature of business
The operating cycle of the firm was elongated during review period
and stood between (65-156 days) due to high inventory period of 113
days as the cotton is not available for the entire year, the firm
purchases the stock and holds for 3-4 months for meeting the
customer demands even during the off season. The firm receives the
payment from its customers within 1-2 months from the date of
invoice. Further, the firm makes the payment to its farmers and
suppliers within 15-30 days depending upon the relationship. To
bridge the working capital requirement gap, the firm is dependent
on working capital limits and the average utilization of CC
facility was 80% for the last 12 months ended January 23, 2019.

Susceptibility of profits at volatile price fluctuation and
seasonality associated with availability of cotton
The cotton industry is highly fragmented in nature with several
organized and unorganized players. Prices of raw cotton are highly
volatile in nature and depend upon the factors like area under
cultivation, crop yield, and demand-supply scenario. The cotton
processing operators procure raw materials in bulk quantities to
avail discount from suppliers to mitigate the seasonality
associated with availability of cotton resulting in higher
inventory holding period. Further, the profitability margins of the
firm are susceptible due to fluctuation in raw material prices.

Highly fragmented industry with intense competition from large
number of players
The firm is engaged in manufacturing of cotton bales which is
highly fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in huge
competition.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital
PCAP being a partnership firm is exposed to inherent risk of the
partner's capital being withdrawn at time of personal contingency
and firm being dissolved upon the death/retirement/insolvency of
the partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth.

Key Rating Strengths

Experience of the partners for more than one decade in cotton
industry
Vamsi Krishna Cotton Mills (VKCM) is promoted by Mr. A.Ramesh Babu
(Managing Partner), Ms. K. Swathi (Partner), Mr. K.Rama Murthy
(Partner) and Mr. P. Naga Mani (Partner). Mr. A.Ramesh Babu is
qualified graduate and has 18 years of experience in cotton
industry; Mr. K.Rama Murthy has more than 10 years of experience in
various fields like Real estate industry and Cotton Industry. Due
to long experience of the Partners, they were able to establish
long term relationship with clientele which will help to developing
their business in near future.

Increasing PBILDT margins albeit fluctuating and thin PAT margins
The PBILDT margins of the firm are seen increasing and fluctuating
during the review period in the range of 6.24%-7.48% (FY16-FY18)
due to fluctuation in raw material prices and PBILDT in absolute
terms. However the PAT margin of the firm remained thin and stood
at 0.90% in FY18 due to increase in interest cost at the back of
increase in total debt on account of high utilization of working
capital bank borrowings.

Location advantage
VKCM is located in one the major cotton growing areas in Andhra
Pradesh. Availability of raw material is not expected to be an
issue as the firm procures raw material (raw cotton) from the
farmers located in and around Andhra Pradesh and Telangana.
Proximity of the plant to the cotton producing belt provides easy
accessibility to agro based raw material and firm benefits from
lower logistic expenditure.

Stable outlook of textile industry
The future for the Indian textile industry looks promising, buoyed
by both strong domestic consumption as well as export demand. With
consumerism and disposable income on the rise, the retail sector
has experienced a rapid growth. The Government of India has started
promotion of its 'India Handloom' initiative on social media like
Facebook, Twitter and Instagram with a view to connect with
customers, especially youth, in order to promote high quality
handloom products. The Revised Restructured Technology Up gradation
Fund Scheme (RRTUFS) covers manufacturing of major machinery for
technical textiles for 5 per cent interest reimbursement and 10 per
cent capital subsidy in addition to 5 per cent interest
reimbursement also provided to the specified technical textile
machinery under RRTUFS.

Vamsi Krishna Cotton Mills (VKCM) is the Andhra Pradesh based
partnership firm, which was established in 2015 and promoted by Mr.
A.Ramesh Babu (Managing Partner), Ms. K.Swathi, Mr. K.Rama Murthy
and Mrs. K.Naga Mani. The firm is engaged in the Cotton ginning and
pressing with a total installed capacity of 24 double roll gins
with a ginning and pressing capacity of 200 bales per day at its
manufacturing unit located at Guntur, Andhra Pradesh. VKCM sells
its product to various spinning mills located in Andhra Pradesh.
VKCM procures Kappas from farmers and middle man in Andhra Pradesh
and Telangana.

WHITE PEARLS: CARE Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of White
Pearls Hotels and Investments Private Limited (WPHIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          15.00       CARE B+; Stable (Assigned)

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of WPHIPL continues to
be constrained by its small scale of operation and moderately
comfortable capital structure. The rating further continues to be
constrained by investment in loss-making subsidiaries, change in
the business model of the company, presence in the highly
competitive and fragmented industry with demand linkage from the
cyclical real estate sector.

The rating continues to derive strength from experienced and
resourceful promoters in hospitality and real estate leasing
business, WPHIPL's long track record and location advantage of its
hotel and real estate properties, healthy profit margins and weak
debt coverage indicators.

Rating Sensitivity

Positive factor

* Improvement in total revenue despite high competition- Growth in
scale of operation to attain a level of around INR25 crore on
sustained basis.

Negative Factors

* Deterioration in capital structure and debt coverage to a level
above 3x
* Deterioration in working capital cycle beyond 100 days.

Outlook: Stable

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation: The scale of operations WPHIPL stood
modest as indicated by its total operating income of INR13.04 crore
and gross cash accruals of INR3.58 crore in FY19. Further During
April to December 31, 2019 WPHIPL received revenue of INR8.26
crore. Thus despite the growth in scale of operation it stood
small, thereby has limited financial flexibility of the company.

Investment in loss-making subsidiaries: The company has invested in
equity share capital of various group companies engaged into
business of buying and leasing in real estate industry amounting to
INR7.03 crore in FY19 which are lossmaking. Furthermore, WPHIPL has
also given unsecured loans to group companies which do not have a
fixed repayment schedule.

Key Rating Strengths

Experienced and resourceful promoters: The day to day operations of
the company are handled by Mr. Manish Doshi who has over three
decades of experience in the hospitality industry. Healthy profit
margin: The operating profit margin of the company has declined
marginally to 49.33% in FY19 (vis-à-vis 50.79% in FY18) owing
increased in repairs and maintenance cost of properties.
Furthermore, PAT margin also declined marginally, yet stood
comfortable at 25.89% in FY19 from 27.07% in FY18 owing to increase
in depreciation cost coupled with decline in PBILDT margin.

Moderately comfortable capital structure and moderate debt coverage
indicators: WPHIPL's capital structure has improved marginally and
stood moderately comfortable with overall gearing at 1.02x as on
March 31, 2019 (vis-a-vis 1.25x as on March 31, 2018) on account of
scheduled repayment of vehicle loan and lower utilisation of
working capital limit as on balance sheet date. Further the
interest coverage ratio also marginally improved and stood at 4.18x
in FY19 (vis-a-vis 4.12x in FY18) owing to reduction in interest
cost.

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

Change in the business model of the company: WPHIPL has changed its
business model from leasing & operating hotel under which 100% of
revenue being derived from leasing From May 2019. Hence now onwards
it will be critical from credit prospective, whether client
received the income from leasing on timely manner.

White Pearls Hotels & Investments Private Limited (WPHI) was
incorporated in 1983 by Mr. Ganesh Kumar Gupta and late Mr.
Dilkhush Doshi. As on November 1, 2014, WPHI owns & operates a
budget hotel of 22 air-conditioned rooms at Colaba, Mumbai (the
company has reduced the rooms from 43 in FY13; as the area of the
remaining rooms have been given on lease) located near the Gateway
of India which is a prime tourist destination in Mumbai and
attracts foreign tourists. From May 2019, WPHIPL has changed its
business model from leasing & operating hotel to 100% leasing;
under which they have given the remaining rooms (22 rooms which
were earlier run by WPHIPL) of Colaba, Mumbai hotel on lease.
Besides the hotel business, WPHI also invests in real estate
business wherein it buys residential and commercial properties
(properties mainly located in South Mumbai, Bandra, Khar Road and
other suburbs in Mumbai) and leases them out.



=========
J A P A N
=========

[*] JAPAN: Recession Fears Grow on Virus Hit After Tax-Hike Blow
----------------------------------------------------------------
Toru Fujioka at Bloomberg News reports that Japan's economy lurched
toward a possible recession after taking another battering from a
sales-tax hike in the last quarter that left it at a low ebb as the
coronavirus outbreak hit activity at the start of 2020.

Japan's gross domestic product shrank at an annualized pace of 6.3%
from the previous quarter in the three months through December, the
biggest slide since a previous tax increase in 2014, Bloomberg
discloses citing a preliminary estimate by the Cabinet Office on
Feb. 17.

Economists surveyed had predicted a fall of 3.8%, flagging the
adverse impact of the tax hike, weak global demand and typhoon
disruption, Bloomberg discloses. The far worse-than-expected
outcome showed that some of the government confidence in measures
to cushion the blow of the tax hike was misplaced.

Bloomberg relates that the result also raises the possibility that
with the virus outbreak still spreading, Prime Minister Shinzo Abe
may have to consider another round of extra spending to support
growth, little more than two months after his most recent stimulus
package.

"I'm getting ready for another contraction in Japan's first
quarter. There just aren't any positive factors to build a positive
growth forecast," Bloomberg quotes Mari Iwashita, chief market
economist at Daiwa Securities Co., as saying flagging her view that
the economy is likely falling into recession.

Iwashita expects the government to form another extra budget once
it becomes clear the economy has stayed in a funk in the first
quarter, the report notes.

According to Bloomberg, the Abe administration and the Bank of
Japan had expected a smaller impact from the tax hike compared with
the experience in 2014, when it buckled the economy by more than
7%. The tax increase this time was smaller, foods were exempted and
the government deployed a raft of counter measures aimed at
smoothing out fluctuations in demand.

But economists said some of the government steps, such as rebates
on spending via cashless transactions, had limited impact as they
didn't appeal to an older segment of the population not used to
mobile phone payment platforms. The figures laid bare the
vulnerability of domestic consumption to sales tax hikes, according
to Takashi Shiono, an economist at Credit Suisse Group AG,
Bloomberg relays.

Bloomberg relates that the latest data showed private consumption
plunged by an annualized 11% in the quarter, as households slashed
their purchases of cars, cosmetics and domestic appliances. In 2014
the hit was 18%.

Businesses also scaled back investment by 14%, preferring to wait
for signs of a recovery from the tax shock before committing to
further spending, Bloomberg discloses.

While the initial trade deal between the U.S. and China should have
offered a tail wind for investment this quarter, the unexpected
virus outbreak may instead amplify caution in the boardrooms of
Japan Inc.

"Concern over the virus is only intensifying and the mood of
self-restraint is going to spread more broadly. I'm becoming
downbeat on Japan's economy," Bloomberg quotes Shiono as saying.

According to Bloomberg, the virus has already stopped the visits of
hundreds of thousands of Chinese tourists to Japan at the beginning
of Japan's Olympic year, hitting an important source of spending
revenue. The longer the outbreak disrupts production and domestic
demand in Japan's biggest trading partner, the more likely Japan's
exporters will suffer and parts supplies may dry up.

Government officials stuck to their line that the tax impact on the
economy was smaller this time than in 2014, but hinted that more
spending could be in the pipeline if a slump looked certain.

"We will keep paying careful attention to the virus's effect on
tourism and the wider economy," said economy minister Yasutoshi
Nishimura in a statement, Bloomberg relays. "According to the level
of emergency, we will take necessary steps as needed in a flexible
manner, and respond fully."

Abe unveiled initial measures to counter the impact of the
coronavirus last week, but so soon after releasing his economic
package in December, he is likely to want to see harder evidence of
a recession before mulling another large spending spree, reports
Bloomberg.



=====================
P H I L I P P I N E S
=====================

[*] Semiconductor Firms Mull Plant Closure Amid Supply Shortage
---------------------------------------------------------------
Johanna O. Bajenting at Sunstar Cebu reports that the continued
suspension of flights from China and Hong Kong is making
semiconductor and electronics companies jittery and forcing some to
consider shutting down operations for lack of raw materials.

Sunstar Cebu says there are 14 semiconductor and electronics
locators in Central Visayas accredited by the Philippine Economic
Zone Authority. They manufacture chargers, optical disc drives,
electronic connectors, aluminum bonding wires, electrical switches
and others.

The industry in the Philippines employs 3.2 million direct and
indirect workers. In Central Visayas, there are about 50,000 direct
jobs, the report relates.

According to Sunstar Cebu, Dan Lachica, Semiconductor and
Electronics Industries in the Philippines Foundation Inc. (Seipi)
president, said Feb. 18 that these flights were necessary for the
transport of materials needed in production activities.

"Forty percent of the material come from China, Hong Kong and
Taiwan. Companies may shut down after safety stocks are depleted,"
the report quotes Mr. Lachica as saying.  Some companies, he said,
will run out of supplies in just weeks.

Companies keep an additional quantity of an item held in the
inventory called the safety stock to reduce the risk that the item
will be out of stock. It is also a buffer in case demand grows or
the supplier is unable to deliver units on time.

Some 30 percent of the electronics and semiconductor materials in
the Philippines come from China, the report states.

"Some production lines will shut down in weeks after safety stocks
are depleted. Unfortunately, sourcing materials outside China takes
time," Mr. Lachica said.

There are sources of raw materials other than China but these need
to be qualified which, he said, is a long process that would take
months, Sunstar Cebu relays.

Lawyer Rufino Ranulfo San Juan IV, deputy zone administrator of the
Mactan Economic Zones (MEZ), told SunStar Cebu he spoke with two
locators in MEZ 1 and MEZ 2 recently. One said the company is
thinking of closing shop while the other saw an opportunity.

"Both locators said their operations were severely affected by the
(coronavirus disease) outbreak in China where their raw materials
are sourced.

One is contemplating shutting down while the other saw it as an
opportunity for companies abroad to source out their products and
materials from the Philippines, instead of China whose borders are
practically closed," the report quotes Mr. San Juan as saying.

Airlines have suspended or downgraded flights to infected countries
to prevent the spread of the coronavirus disease (Covid-19) that
has claimed 1,770 lives in China as of the end of Sunday, Feb. 17.
China also reported 70,548 infection cases, the report notes.

The Philippine electronics industry is classified into 73 percent
semiconductor manufacturing services and 27 percent electronics
manufacturing, adds Sunstar Cebu.



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

8TELECOM: Weighs Transfer of Listing Status to S. Korean Firm
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that 8Telecom
International Holdings' listing status could be transferred to a
South Korean health product company, its judicial managers told the
Singapore Exchange on Feb. 14.

According to the report, 8Telecom has inked a memorandum of
understanding with South Korea-listed stainless steel product maker
Kossen Co, which controls BiogenicsKorea Co with an interest of
40.2 per cent.

BT relates that Tardis Capital (Singapore) Pte Ltd, a boutique
mergers and acquisition advisory firm, introduced the parties in
the transaction and will be advising Kossen and BiogenicsKorea.

While the memorandum of understanding is not legally binding, it
comes with a provision requiring both parties to commit to
exclusive negotiations, for at least 30 days, on a definitive
agreement for the proposed restructuring of 8Telecom, the report
notes.

Still, judicial managers Andrew Grimmett -- agrimmett@deloitte.com
-- and Lim Loo Khoon -- juslim@deloitte.com -- of Deloitte &
Touche, warned: "There is no certainty or assurance that the
definitive agreement will be entered into at this juncture, and if
entered into, whether the transactions contemplated therein can or
will proceed," BT adds.

8Telecom International Holdings Co. Ltd. operates as a
telecommunication infrastructure solution provider. The Company
engaged in design, manufacturing and distribution of
telecommunication pipes, towers, and engineering services, as well
as the development of commercial property.

EMPIRE CAPITAL: Creditors' Scheme Meeting Set for Feb. 24
---------------------------------------------------------
A meeting of Scheme of Creditors of Empire Capital Resources Pte.
Ltd. will be held on Feb. 24, 2020, at 2:00 p.m., at the offices of
PK Wong & Nair LLC, at 25 North Bridge Road, #02-02, EFG Bank
Building, in Singapore.

The High Court of the Republic of Singapore has appointed Richmond
Ang of Deloitte & Touche Corporate Finance Pte Ltd to act as
Chairman at the Scheme Meeting, and has directed the Chairman to
report the result of the Scheme Meeting to the Singapore Court.

Headquartered in Singapore, Empire Capital Resources Pte. Ltd. is a
private company incorporated in 2006 engaged in the business of
holding other companies.  

Empire Capital is a member of the Berau Group of companies, which
is one of the world's largest coal producers. The Berau Group faced
financial difficulties since a crash in global coal prices in 2014
to 2015. In April 2017, Empire Capital filed the present
application under section 210 of the Companies Act ("CA") seeking,
among other things, leave to convene a creditors' meeting to
consider and vote on a proposed scheme of arrangement. This was the
Berau Group's fourth set of restructuring proceedings in
Singapore.

The Proposed Scheme sought to compromise two sets of notes issued
by Berau Capital Resources Pte Ltd ("BCR") and PT Berau Coal Energy
Tbk ("BCE") respectively on behalf of the Berau Group. The first
set issued in 2010 by BCR for an aggregate sum of US$450 million
was due for maturity in July 2015 ("the 2015 Notes"). The second
set issued in 2012 by BCE for an aggregate sum of US$500 million
was due for maturity in March 2017 ("the 2017 Notes"). The security
packages for the two sets of notes largely overlapped. The most
significant security interest was the accounts governed by the Cash
and Accounts Management Agreement ("CAMA"), under which the Berau
Group was obliged to pay and hold all revenue and receipts from the
sale of coal for the benefit of the holders of the 2015 and the
2017 notes. Save that BCR was not a guarantor of the 2017 Notes,
the 2015 and the 2017 Notes were also guaranteed by the same
entities in the Berau Group.  

In essence, the Proposed Scheme provided for the full and final
release of all liabilities under the 2015 and the 2017 Notes. In
consideration, PT Berau Coal, the main operating entity of the
Berau Group, would issue new notes on a dollar-for-dollar basis on
certain terms. The Berau Group urged the creditors to vote in favor
of the Proposed Scheme as the creditors purportedly stood to
recover less in the event of a liquidation than under the Proposed
Scheme.

PACIFIC STAR: Q2 Net Loss Widens to SGD6.63 Million
---------------------------------------------------
Annabeth Leow at The Business Times reports that Pacific Star
Development sank further into the red in the second quarter, as the
whammy of swelling finance costs and its share of an associate's
loss ate into dwindling gross profit, according to results released
on Feb. 14.

Net loss widened to SGD6.63 million for the three months to Dec 31,
2019, from SGD3.32 million before, as revenue came in 18.5 per cent
lower, at SGD2.12 million, on the back of lower net selling prices,
even though the same number of sales agreements were recognized, BT
discloses.

BT relates that the group clocked a loss per share of 1.33
Singapore cents, widening from 0.76 Singapore cent before, while it
had a net liability of 0.65 Singapore cent a share, against net
asset value of 1.87 Singapore cents a share as at June 30, 2019.

For the six months, net loss jumped to SGD12.8 million, against
SGD4.45 million previously, while group turnover was halved to
SGD2.12 million, from SGD4.78 million, as no revenue or cost of
sales were recorded in the first quarter, BT relays.

While Pacific Star had a net liability position of SGD3.26 million
as at end-2019, the board said in its statements that it believed
the group could continue as a going concern as it should be able to
meet its short-term obligations when they fall due, if there are no
unforeseen circumstances, according to BT.

BT adds that the group said that it is in talks to sell unsold
units in Towers 1 and 2 of Puteri Cove Residences in Malaysia, as
well as engaging with potential bulk buyers who could snap up 10 to
20 units at a go, and reviewing an offer for the collective sale of
Tower 3.

No dividend was recommended for the period as there were no
profits, the board added.

                        About Pacific Star

Headquartered in Singapore, Pacific Star Development Limited
(SGX:1C5) -- https://pacificstar-dev.com/ -- is a property
investment management and development firm. The Company invests and
develops office, retail, and residential properties throughout
Southeast Asia. Pacific Star Development also engages in the
provision of aluminum works and the manufacturing of traction
devices and vehicle parts.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
15, 2019, The Business Times said the independent auditor of
Pacific Star Development has issued a disclaimer of opinion on the
firm's use of the going concern assumption for its fiscal 2019
results.

For the full year ended June 30, auditor Ernst & Young said the
firm's current liabilities exceeded its current assets by SGD12.7
million, BT disclosed. It also incurred a net loss of SGD123.1
million, including SGD120.4 million of impairment in subsidiary
investment eliminated on consolidation -- resulting in it having no
bearing on the group's  results.

THOMSON MEDICAL: Q4 Net Loss Narrows to SGD1.16 Million
-------------------------------------------------------
Annabeth Leow at The Business Times reports that Thomson Medical
Group, which used to trade as Rowsley, narrowed its losses in the
fourth quarter, on the absence of losses from discontinued real
estate operations.

Net loss shrank to SGD1.16 million for the three months to Dec. 31,
2019, from SGD4.46 million in the same period the year before, even
as income tax expenses shredded the bottom line, BT discloses.

"Excluding the effect of the real property gain tax increase in
Malaysia, the group would have recorded a net profit after tax of
SGD2.1 million," Thomson Medical said in a statement on Feb. 12.

Still, turnover was up 4.3 per cent to SGD58.6 million, which it
attributed to more in-patients, higher average bill sizes, and
greater revenue intensity -- that is, average revenue per
in-patient admission -- at its hospitals and specialist clinics in
Singapore and Malaysia, BT relates.

BT says for the full year, Thomson Medical posted a net loss of
SGD1.67 million, against a profit of SGD2.16 million before, even
as revenue increased by 6.6 per cent to SGD229.8 million.

Thomson Medical should stay in the black in the year ahead,
"barring any unforeseen circumstances or a further severe
deterioration of the current Covid-19 epidemic", the board said in
its outlook statement, referring to the respiratory disease
ravaging the globe.

But it warned: "If the epidemic persists or deteriorates to a
pandemic, it may affect the business of the group, especially for
elective and non-urgent cases."

Otherwise, Thomson Medical is carrying on with its planned
expansion, including the move to a bigger new fertility facility in
Paragon Medical Centre in January, as well as the ongoing addition
of an obstetric and gynaecological clinic, and expanding paediatric
operations. The development of a 400-bed wing at Thomson Hospital
Kota Damansara in Malaysia "is progressing as scheduled" too, the
board added.

No dividend was recommended for the period, unchanged from the year
before, the report adds.

Thomson Medical Group Limited is a Singapore-based healthcare
company. The Company’s healthcare business includes Thomson
Medical, TMC Life Sciences Berhad and Vantage Bay Healthcare City.
Its Thomson Medical business is engaged in providing healthcare
services for women and children, which owns and operates iconic
Thomson medical centre and a network of medical clinics and
facilities in Singapore. Its TMC Life Sciences Berhad is a
multidisciplinary healthcare service provider, which operates
through Thomson Hospital Kota Damansara, TMC Fertility Centre, and
Thomson Iskandar Medical Hub. Its Vantage Bay Healthcare City is a
vibrant hub comprising medical facilities such as a general
hospital, a specialist hospital, a community hospital and long-term
care facilities. It is also focused on developing health sciences
education and training facilities, and a purpose-built urban
wellness hotel and resort, incorporating retail and other related
services.



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

KCC CORP: S&P Downgrades ICR to 'BB+' On Weak Financials
--------------------------------------------------------
On Feb. 17, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Korea-based KCC Corp. to 'BB+' from 'BBB-'.

S&P lowered the rating on KCC to reflect our view of the company's
weakened financials amid the tough operating environment.

S&P said, "We believe KCC's operating conditions could remain
subdued due to the weak domestic housing market and sluggish
macroenvironment. We estimate KCC's reported EBITDA will fall by
another 20% in 2019, following an 11% decline in 2018. That's
because the company's cash cow--the building materials
business--remains weak. KCC reported a 12% fall in sales and a 34%
drop in operating profit in 2019. We believe the sharp decline in
earnings is mainly due to the building materials division, which
drove down KCC's reported EBITDA margin to 12.6% in the third
quarter of 2019, from 14.2% year on year. Given declining new
housing move-ins and stagnant remodeling housing volumes, we expect
KCC's core operations to remain subdued over the next 12–24
months. Accordingly, we expect the company's core operations EBITDA
to further decline by 6% in 2020."

The merger of Momentive and demerger of the glass and interior
design businesses could worsen KCC's financial metrics. S&P said,
"We believe the sluggish operating environment would hit
Momentive's revenue and EBITDA in 2019, and estimate its EBITDA
will decline 20%-30% year on year. Although we expect Momentive's
operations to remain lackluster in 2020, KCC's consolidation of
Momentive's financials from January would lift KCC's adjusted
EBITDA by 30%, to Korean won (KRW) 700 billion–KRW730 billion in
2020."

S&P said, "Separately, the demerger of KCC's glass and interior
decoration businesses will aggravate the company's credit quality,
in our view. Although we expect limited change in KCC's adjusted
debt, its core operations EBITDA could fall 15%-20% in 2020." On
July 11, 2019, KCC announced the spinoff of parts of its
businesses, including transferring its ownership in Korea Auto
Glass Co. Ltd. to the new entity, KCC Glass Corp. The demerger is
effective from January 2020.

KCC's credit quality could weaken over the next two years amid
heightened debt and the tough operating environment. S&P said,
"Based on our expectation of weaker earnings amid the demerger of
businesses and consolidation of Momentive, we estimate KCC's ratio
of debt to EBITDA will be 5.8x–6.2x in 2020 and 5.1x-5.5x in
2021, from 2.2x in 2018 and 3.4x in 2019. We expect KCC's debt to
increase significantly to about KRW4.3 trillion in 2020 from about
KRW1.9 trillion in 2019, mainly due to the acquisition of
Momentive."

KCC could utilize its sizable holdings of marketable securities to
improve its financial metrics. The company has been an
opportunistic investor, buying and selling equity stakes and
subsidiaries over the past several years. As of end-January 2020,
marketable securities on its balance sheet are valued at about
KRW2.6 trillion.

S&P said, "The stable outlook on KCC reflects our expectation that
the company's strong and stable position in Korea's building
materials market and its global presence in the silicone industry
will boost its free operating cash flows and moderately lower its
debt over the next 24 months.

"We may lower our rating on KCC if the company's adjusted
debt-to-EBITDA ratio remains above 5.5x on a sustained basis. This
could be due to prolonged weakness in building and coating
materials earnings as demand in the construction, auto, or
shipbuilding industries eases. Sluggish earnings from Momentive
could also pressure KCC's consolidated earnings.

"We could also lower the ratings if KCC faces heightened liquidity
pressure owing to large short-term debt maturities.

"We may raise our rating if KCC's adjusted ratio of debt to EBITDA
falls below 4x on a sustained basis. This could be a result of: (1)
significant debt reduction using proceeds from disposal of noncore
assets such as equity investments or property; and (2) stronger
earnings from KCC and its key subsidiaries, such as Momentive."

KCC is a building and construction materials company with extensive
operations in Korea. KCC manufactures building materials, coating
materials, glass, interior decorative materials, and silicon
compounds. The company has strong positions in Korea's building
materials (gypsum board, ceiling materials, and insulation
materials), glass, and polyvinyl window profiles markets. KCC was
founded in 1958 and is headquartered in Seoul.

KCC's key affiliates include KCC Engineering & Construction Co.
Ltd. (KCC E&C) and Momentive. KCC E&C is a general construction
company. Momentive is the second-largest silicon producer globally
with total reported revenue of US$2.7 billion and EBITDA of US$365
million as of end-2018.

S&P said, "In our view, KCC has significant control over KCC E&C,
given the sharing of the KCC brand and management ties. This is
despite KCC's modest direct ownership of about 36% in KCC E&C. KCC
plans to consolidate Momentive into its financials from 2020. We
therefore fully consolidate KCC E&C and Momentive into KCC."

As of end-September 2019, the group's chairman Mr. Jung Mongjin and
related parties own about 39% of KCC, while National Pension
Service of Korea holds about 11% of the company.




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T A I W A N
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CHENG SHIN: S&P Affirms Then Withdraws 'BB+' LT ICR
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S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Cheng Shin Rubber Ind. Co. Ltd., a Taiwan-based tire
manufacturer. S&P then withdrew the rating at the company's
request.

At the time of the withdrawal the outlook on the rating was
stable.



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

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