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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

          Thursday, April 2, 2020, Vol. 23, No. 67

                           Headlines



A U S T R A L I A

ADDED ADVANTAGE: Second Creditors' Meeting Set for April 7
AURELIUS LEISURE: First Creditors' Meeting Set for April 9
CAS MINE: Second Creditors' Meeting Set for April 9
FISHER PROPERTY: Second Creditors' Meeting Set for April 7
HARP N BOWL: Second Creditors' Meeting Set for April 8

IEMMA NOMINEES: Second Creditors' Meeting Set for April 7
MERLIN DIAMONDS: Court Appoints Deloitte as Liquidator
SARGON CAPITAL: Second Creditors' Meeting Set for April 8
SHIELD MERCANTILE: Second Creditors' Meeting Set for April 7


C H I N A

361 DEGREES: S&P Lowers ICR to 'B+' on Weak Consumer Spending
CHRISTINE INT'L: Posts CNY206.6MM Loss for Year Ended Dec. 31
MAOYE INTERNATIONAL: S&P Lowers ICR to 'B-', Outlook Stable
XIWANG GROUP: Creditors Approve Settlement Plan


H O N G   K O N G

HONG KONG: Retail Sales Falls by Record 44% in February


I N D I A

ASIA HOME: CARE Lowers Rating on INR5.32cr Loan to 'B'
ATIBIR INDUSTRIES: CARE Cuts Rating on INR282cr Loan to 'D'
B.M OVERSEAS: CARE Lowers Rating on INR9.46cr Loan to 'B'
BHAGWATI ENTERPRISES: CARE Keeps B Debt Rating in Not Cooperating
CAMERICH PAPERS: CARE Keeps D on INR122cr Loans in Not Cooperating

DEWAN HOUSING: CARE Reaffirms D Rating on INR14,407.9cr Loan
FLEXI INFOTECH: Insolvency Resolution Process Case Summary
GUSTI TOOL: CARE Keeps B+ on INR10.4cr Loans in Not Cooperating
INDIAN POLYCHEMICAL: Insolvency Resolution Process Case Summary
INTERJEWEL DESIGNS: CARE Keeps D on INR36cr Debt in Not Cooperating

JAI KARNI: CARE Lowers Rating on INR11.72cr LT Loan to B+
LEXUS INDIA: Insolvency Resolution Process Case Summary
MAA TARA FERROTECH: Insolvency Resolution Process Case Summary
MANJUNATH BHANDARY: CARE Lowers Rating on INR11.12cr Loan to B
MATRIX AGRO: CARE Keeps 'D' on INR31.8cr Loans in Not Cooperating

MNK EDUCATIONAL: CARE Lowers Rating on INR12cr LT Loan to 'B'
MOHIT VENTURES: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
NEW KOLKATA: Insolvency Resolution Process Case Summary
OCEAN CONSTRUCTIONS: Ind-Ra Assigns 'BB+' LT Issuer Rating
ORYX ENERGY: Insolvency Resolution Process Case Summary

PRAYAAS PACKAGINGS: Insolvency Resolution Process Case Summary
PRIMARY INDUSTRIES: Ind-Ra Lowers LT Issuer Rating to 'BB+'
R.D. APPARELS: Insolvency Resolution Process Case Summary
RAHUL COMMERCE: Insolvency Resolution Process Case Summary
RAM AGRO: CARE Lowers Rating on INR12cr LT Loan to B+

RONAK BANQUETS: CARE Assigns B Rating to INR15cr LT Loan
SECURE PRINT: CARE Keeps 'B+' on INR8cr Loans in Not Cooperating
SHIV NARIAN: CARE Keeps 'B' on INR11cr Loans in Not Cooperating
SHRI KUBER: CARE Lowers Rating on INR16.01cr Loan to B
SOLEX ENERGY: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating

STERLING SEZ: CARE Keeps 'D' on INR1,434cr Loans in Not Cooperating
TARANGINI LAYERS: CARE Keeps 'B+' on INR6cr Debt in Not Cooperating
TIRUPATI RICE: CARE Lowers Rating on INR6.20cr Loan to B+
UNIVERSAL EXTRUSIONS: CARE Lowers Rating on INR4.23cr Loan to D
VARDAAN BIOTECH: CARE Lowers Rating on INR10cr Loan to B+

VASAVI TRADERS: CARE Keeps 'B' on INR4cr Loan in Not Cooperating
VIVIMED LABS: CARE Keeps 'D' Debt Ratings in Not Cooperating
VOHRA SOLVEX: CARE Keeps B+ on INR11cr Loans in Not Cooperating
WADHWA CONSTRUCTION: Ind-Ra Lowers Term Loan Rating to 'BB+'
WADHWAGROUP HOLDINGS: Ind-Ra Lowers Term Loan Rating to 'BB+'

WB STATE ELECTRICITY: CARE Lowers Rating on INR500cr Loan to 'B'


S I N G A P O R E

EAGLE HOSPITALITY: Forms Special Committee for Talks with Lenders


T A I W A N

UNITED RENEWABLE: Annual Loss Widens to NT$5.77BB in 2019


X X X X X X X X

[*] ASIA: Manufacturing Activity Data in Point to Recession

                           - - - - -


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

ADDED ADVANTAGE: Second Creditors' Meeting Set for April 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of Added Advantage
Pty Ltd, trading as All Boats and Caravans, has been set for April
7, 2020, at 11:00 a.m. via teleconference.    

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 5:00 p.m.

Carl Huxtable, Cameron Shaw and Richard Albarran of Hall Chadwick
were appointed as administrators of Added Advantage on March 3,
2020.


AURELIUS LEISURE: First Creditors' Meeting Set for April 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Aurelius
Leisure Group Pty Ltd will be held on April 9, 2020, at 10:0 a.m.
via video conference facilities only.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of Aurelius Leisure on March 31, 2020.


CAS MINE: Second Creditors' Meeting Set for April 9
---------------------------------------------------
A second meeting of creditors in the proceedings of CAS Mine
Services Pty Ltd has been set for April 9, 2020, at 11:00 a.m. at
One Wharf Lane, Level 20, at 171 Sussex Street, in Sydney, NSW.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 8, 2020, at 5:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of CAS Mine on March 5, 2020.


FISHER PROPERTY: Second Creditors' Meeting Set for April 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Fisher
Property Company Pty Ltd, trading as All Boats and Caravans, has
been set for April 7, 2020, at 11:00 a.m. via teleconference.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 5:00 p.m.

Carl Huxtable, Cameron Shaw and Richard Albarran of Hall Chadwick
were appointed as administrators of Fisher Property on March 4,
2020.


HARP N BOWL: Second Creditors' Meeting Set for April 8
------------------------------------------------------
A second meeting of creditors in the proceedings of Harp N Bowl Pty
Ltd has been set for April 8, 2020, at 11:00 a.m. at the offices of
IRT Advisory, Suite 601, Level 6, at 20 Queen Street,
Melbourne, Victoria.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 7, 2020, at 4:00 p.m.

Andrew Poulter of IRT Advisory was appointed as administrator of
Harp N Bowl on March 10, 2020.


IEMMA NOMINEES: Second Creditors' Meeting Set for April 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Iemma Nominees
Pty Ltd, trading as All Boats and Caravans, has been set for April
7, 2020, at 11:00 a.m. via teleconference.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 5:00 p.m.

Carl Huxtable, Cameron Shaw and Richard Albarran of Hall Chadwick
were appointed as administrators of Iemma Nominees on March 4,
2020.


MERLIN DIAMONDS: Court Appoints Deloitte as Liquidator
------------------------------------------------------
The Sydney Morning Herald reports that the Federal Court has
ordered that a company associated with Melbourne business figure
"Diamond" Joe Gutnick be wound up and declared insolvent amid
allegations of millions of dollars of dishonest related party
transactions.

According to SMH, the Federal Court on April 1 appointed
liquidators to the publicly traded mining company Merlin Diamonds
Limited after a provisional liquidators' report showed it had just
AUD1,331 in the bank and liabilities of AUD13 million.

SMH relates that Judge Michael O'Bryan said a liquidator would
allow for investigations into a number of inter-company loans,
related party transactions and "round robin" payments that "have
the appearance of uncommercial and dishonest transactions".

The Australian Securities and Investments Commission's had
requested a liquidator to be appointed after an investigation into
Mr. Gutnick, one of Australia's best-known business figures,
according to SMH. The ordained Rabbi was once a regular on the BRW
Rich 200 list and a benefactor to many Jewish charities. As
president of a stricken Melbourne Football Club during the 1990s,
his financial support kept the club alive.

However, The Age and The Sydney Morning Herald revealed in a series
of stories in 2019 that ASIC was investigating what happened to
AUD18 million in loans that allegedly saw money flow from publicly
listed companies controlled by Mr. Gutnick to a private company
that he was also closely involved with.

In a scathing judgment on April 1, Justice O'Bryan said Merlin
"does not appear to take its legal obligations seriously," had
expressed "no contrition" for various corporate transgressions and
faced a "strong prima facie case" that it had contravened the
Corporations Act, particularly when it came to two related
companies called Chabad and Axis, SMH relays.

At the relevant times, both Gutnicks were directors of Merlin,
Chabad and Axis.

"Merlin's current directors have permitted Merlin to advance funds
totalling in excess of AUD13 million on uncommercial terms to a
company related to [Joe Gutnick and his son Mordechai Gutnick] for
no real benefit to Merlin in circumstances where the loans were
being fully impaired in the same year in which they were advanced,"
the judgment, as cited by SMH, said.

The money was paid through a number of companies in "a series of
round-robin transactions", constituting "a financial benefit" to
the Gutnicks with no evidence that it was approved by the
shareholders of Merlin.

"The transactions . . . cannot be characterised as having been
conducted on reasonable arm's length terms. Further, the
round-robin transactions associated with the issue of convertible
notes to Chabad have the appearance of uncommercial and dishonest
transactions."

These facts "strongly suggest that the current directors of Merlin
have applied company monies for the benefit of entities related to
Mr. Joseph Gutnick and Mr. Mordechai Gutnick," the judgment said,
SMH relays.

Another Gutnick-linked company, Axis, received Merlin money and
then loaned more than AUD9 million to Brocho, a private company
controlled by the Gutnick family, the report adds.

"There is a need for someone independent of the company to
investigate the loans that have been made to Axis and the
recoverability of those loans. In my view, that need is urgent,"
the judge wrote.

Deloitte was appointed as liquidator, SMH discloses.

                            About Merlin

Merlin, a Melbourne-based company listed on ASX, engages in the
exploration and development of diamond mining projects. Its
flagship project is the Merlin diamond mine in the Northern
Territory.

Merlin's shares have been suspended from trading since Oct. 1,
2018. Merlin has 3.3 billion ordinary shares issued, and last
traded at AUD0.006 per share resulting in a market
capitalisation of approximately AUD20 million.

On Sept. 20, 2019, and following a successful application by
Australian Securities and Investments Commission, the Federal Court
of Australia ordered the appointment of provisional liquidators to
Merlin Diamonds Limited.

Justice O'Bryan appointed Mr. Salvatore Algeri and Mr. Timothy
Norman, of Deloitte Financial Advisory Pty Ltd, as joint and
several provisional liquidators to Merlin.


SARGON CAPITAL: Second Creditors' Meeting Set for April 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sargon Capital
Pty Limited has been set for April 8, 2020, at 11:45 a.m. via
virtual meeting by telephone conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 7, 2020, at 4:00 p.m.

Andrew McCabe and Joseph Hayes of Wexted Advisors were appointed as
administrators of Sargon Capital on March 8, 2020.


SHIELD MERCANTILE: Second Creditors' Meeting Set for April 7
------------------------------------------------------------
A second meeting of creditors in the proceedings of Shield
Mercantile Pty Ltd has been set for April 7, 2020, at 11:00 a.m.
via teleconference.    

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 5:00 p.m.

Simon Cathro & Graeme Beattie of Worrells Solvency & Forensic
Accountants were appointed as administrators of Shield Mercantile
on March 3, 2020.




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C H I N A
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361 DEGREES: S&P Lowers ICR to 'B+' on Weak Consumer Spending
-------------------------------------------------------------
S&P Global Ratings, on March 31, 2020, lowered its long-term credit
rating on 361 Degrees International Ltd. to 'B+' from 'BB-'. At the
same time, S&P lowered its long-term issue rating on the company's
senior unsecured notes to 'B+' from 'BB-'.

S&P said, "We lowered the rating to reflect 361 Degrees' declining
share in China's sportswear market and deteriorating operating
performance due to the fallout from the COVID-19 outbreak. While
the company has been losing market share for some time, the
outbreak will accelerate that trend. On the other hand, we expect
the company's debt leverage to range between 3.5x and 4.0x,
benefiting from recent bond buybacks.

"In our view, 361 Degrees will likely to continue losing market
share over the next year or two. According to market research
group, Euromonitor, 361 Degrees' share of China's sportswear market
slid to 3.1% in 2019, from 3.7% in 2018 and 4.5% in 2017. Leading
international brands such as Nike Inc. and Adidas AG have been
gaining market shares at the expense of domestic brands. The
company adopted a new branding strategy and introduced several new
products in the second half of 2019. However, a quick turnaround is
unlikely. These new products account for a fairly small portion of
the company's revenues and their contribution won't be material for
some time.

"We believe that the COVID-19 fallout will have a disproportionate
effect on spending for discretionary items such as sportswear. We
recently lowered our GDP forecast for China to 2.9% from 4.8%.
Furthermore, lower-tier cities in China could face a greater
fallout. Still, 361 Degrees is shielded to some extent because the
company primarily generates its revenue from sales to distributors.
Rising inventory at distributors throughout 2020 will eventually
result in lower revenues and profitability for 361 Degrees. We
anticipate EBITDA margins will decline to 9%-11% from a combination
of modest sales decline and gross margin compression. The company's
EBITDA margin for 2019 was 13.8%.

"Increased working capital needs could consume more cash. 361
Degrees' account receivable term is more generous than the industry
average as the company sought to strengthen its relationship with
distributors. As distributor sales to consumers decline, we believe
that the company could provide some liquidity support to
distributors through even more favorable payment terms at a time
when its inventory is increasing.

"We are forecasting lower cash flow in 2020. We expect the
company's account receivable days to exceed 150 days in 2020, up
from 143 days in 2019, and inventory days to exceed 140 days in
2020, up from 130 days in 2019. As a result, cash flow from
operations will drop to Chinese renminbi (RMB) 50 million–RMB150
million in 2020 from RMB517 million in 2019. We expect the company
to maintain a similar level of capital expenditure for maintenance
and a slightly lower dividend payout ratio in 2020. As a result,
our base case predicts negative discretionary cash flow for 2020.

"The company's leverage is likely to range between 3.5x and 4.0x
over the next 12 months (2019: 3.3x). Although we cut our EBITDA
forecast by about 20%-25% in 2020 to reflect the COVID-19 fallout,
the company's repurchase of its outstanding U.S. dollar-denominated
bond will support the leverage level. We expect the company to
continue the bond buyback in 2020, but we do not include any
further repurchase in our base case considering the uncertainty in
the timing and amount.

"The negative outlook reflects our expectation that the company's
operating performance and cash flow will likely deteriorate over
the next 12 months as COVID-19 and various steps to control the
outbreak dampen consumer confidence and discretionary spending.
Amid these tough conditions, it will be difficult for 361 Degrees
to reverse its declining market share.

"We could lower the rating if 361 Degrees' cash flow declines
significantly, which we believe will negatively affect its ability
to refinance. This scenario could happen if high retail inventory
levels forced the company to share inventory losses with
distributors such as during the industry downturn in 2012.

"We could also lower the rating if the debt-to-EBITDA ratio exceeds
4.0x due to deteriorating profitability amid volatile markets, and
if we believe the company's ability to refinance is curtailed due
to tightening financing conditions.

"We could revise the outlook back to stable if the COVID-19
outbreak has a less severe effect on 361 Degrees' performance than
we expected. This would likely mean that the company will generate
healthy discretionary cash flow. We may also revise the outlook if
the company's debt-to-EBITDA ratio stays sustainably below 3.0x
through improved operating performance."


CHRISTINE INT'L: Posts CNY206.6MM Loss for Year Ended Dec. 31
-------------------------------------------------------------
The Standard reports that Christine International Holdings said on
April 1 loss for the year ended December 31, 2019, fell by 10.98%,
or CNY25.49 million, to CNY206.68 million, from a loss of CNY232.17
million in 2018.

The basic loss per share was 20.5 fen, from 23.0 fen the year
before, the report says.

Net profit margin decreased from -34.97 percent in 2018 to -37.65
percent in 2019.

Revenue fell by 17.34 percent on year to CNY548,89 million,
according to The Standard.

This was attributed to the closure of 117 stores during 2019 under
the strategy of continuously closing poorly-performing stores whose
lease term has expired, the company explained, the report relays.

Despite the opening of seven new stores in 2019, the total number
of stores fell by 110 from 586 as at the end of 2018 to 476 as at
the end of 2019, The Standard adds.

China-based Christine International Holdings Limited --
http://www.christine.com.cn/-- is engaged in the production and
sales of bakery products. Its products mainly include bread and
cakes, moon cakes and pastries. The Company operates in prime
locations and major cities in the Yangtze River Delta region,
including Shanghai, Jiangsu province and Zhejiang province. The
Company's principal subsidiaries include Christine BVI, Deluxe
International Holdings Limited, Shanghai Christine Shanghai Sweet
Art Foodstuff Co., Ltd., Shuang Hong Bakery and Shanghai Keli
Foodstuff Co., Ltd.


MAOYE INTERNATIONAL: S&P Lowers ICR to 'B-', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings, on March 31, 2020, lowered its long-term issuer
credit rating on Maoye International Holdings Ltd. to 'B-' from
'B'.

S&P said, "We lowered the rating to reflect Maoye's thinning
liquidity buffer, a situation exacerbated by a high volume of
looming short-term debt maturities. The downgrade also reflects the
increased uncertainties around the company's operating cash flow
generation in the next 12 months amid the COVID-19 outbreak.

"We believe the COVID-19 outbreak will strain Maoye's operating
performance and cash flow generation in its retail and property
businesses over the next 12 months. The firm's retail business
recorded lower profitability in 2019. We believe China's department
store sector will face even more challenges in 2020 given the
decline in economic growth and consumer confidence, as well as the
structural shift to e-commerce in the retail industry.

"Compared to large scale real estate developers, Maoye operates a
small number of projects, in our view. Therefore, its property
revenue and cash inflow vary greatly from year to year. The
company's operating cash inflow for 2019 was below our expectation
mainly because of the delay in the delivery of a property project.
"Although Maoye expects rising property sales to increase its
operating cash flow in 2020--the company has about Chinese renminbi
(RMB) 5 billon in developed property available for sale--we see a
high uncertainty in the property market."

Maoye's high short-term debt and low cash balance strain its
liquidity. The company repaid some long-term debt and reduced its
ratio of shares pledged against debt to about 43% by the end of
2019, from about 90% a year ago. Although the total debt decreased
in 2019, short-term debt increased to RMB9.3 billion (from RMB7.1
billion in 2018), accounting for 57% of total reported debt as
long-term maturities became current. Maoye's cash balance dropped
significantly due to lower cash inflows in 2019. Its cash balance
dropped to RMB1.2 billion as of Dec. 31, 2019, from RMB3.3 billion
a year ago.

S&P said, "Despite tighter liquidity, we still expect the company
to use domestic funding and cash to repay its US$250 million bond
due in September and October 2020. This debt only accounted for a
small portion of the firm's RMB9.3 billion of short-term
maturities. Asset-secured bank loans make up the rest, with
repayment likely to be extended, in our view. Also, the company has
a large portfolio of stores and properties, with about 71% still
available to be used as security against debt. The company may also
utilize bank lines secured by fixed assets or investments in its
listed company."

S&P said, "Because of weaker revenue and EBITDA amid the COVID-19
fallout, we expect the company's major financial ratios in 2020 to
deteriorate. The company's debt-to-EBITDA is likely to range
between 6.5x and 7.0x in 2020, compared with 5.7x in 2019. We
expect the revenue from its retail business to decline 10%-15% and
property revenue to drop 25%-35%. The department store already
provided a half-month of rent concession to some tenants in the
first quarter. We forecast EBITDA to decrease 17%-23% in 2020. We
also project significantly weaker operating cash flow in 2020 given
the softness in the Chinese property market, especially in
lower-tier cities to which the company has high exposure. As the
delivery of property projects delayed from 2019 may partially
support cash flow, we expect cash flows to remain at similar level
in 2020 while both the retail and property markets stay weak.

"The stable outlook reflects our expectation that Maoye has
sufficient capacity to manage its upcoming refinancing the next 12
months despite its low cash balance (relative to its high volume of
short-term maturities), as most of the company's short-term debts
are bank loans secured by assets. The company may also utilize its
committed bank lines and its portfolio of properties and stores as
assets to pledge against fresh bank loans. In our base case view,
we believe weak economic growth and consumption in the next 12
months--stemming from the COVID-19 outbreak--will pressure the
company's retail and property businesses.

"We could lower the rating if Maoye's refinancing capability
deteriorates. This scenario may happen if the company generates
negative operating cash flow due to weaker property sales, or its
relationship with banks worsens such that it is difficult for Maoye
to roll over debt. We may also downgrade the company if its
earnings from in retail business is weaker than our updated reduced
view.

"An upgrade is unlikely in the next 12 months. Still, we could
raise the rating if the company's liquidity significantly improves.
This could happen if the impact of COVID-19 was less significant
than our expectation, and the company generates healthy operating
cash flow."

Maoye mainly operates and manages department stores, and develops
property in China. Both markets are highly fragmented and
competitive. As of Dec. 31, 2019, the company managed 48 stores
with total gross floor area of approximately 3.02 million square
meters, of which self-owned properties accounted for about 79% of
gross floor area.


XIWANG GROUP: Creditors Approve Settlement Plan
-----------------------------------------------
Caixin Global reports that creditors of bankrupt corn-to-steel
processing conglomerate Xiwang Group Co. Ltd. on March 31 approved
a draft settlement proposal to repay some of its CNY16.7 billion
(US$2.36 billion) of liabilities, marking another step forward in
efforts to repay bondholders and save the privately owned company
from liquidation.

Close to 90% of 374 creditors who attended the meeting, which was
convened over the internet, voted in favor of the offer put forward
by Xiwang's court-appointed bankruptcy administrator, people
familiar with the matter told Caixin.  The 335 who accepted the
plan are owed about 12.4 billion yuan, or 86.4% of the company's
total unsecured debts, the sources said.

The company's bankruptcy administrator will now submit the draft
settlement proposal to the court for approval, according to a
statement from Shenzhen-listed Xiwang Foodstuffs Co. Ltd., a
subsidiary of Xiwang Group, released after the meeting, adds
Caixin.

Founded in 1986, Xiwang Group is the parent company of
Shenzhen-listed Xiwang Foodstuffs Co. Ltd. and two Hong Kong-listed
companies, Xiwang Special Steel Co. Ltd. and Xiwang Property
Holdings Co. Ltd.




=================
H O N G   K O N G
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HONG KONG: Retail Sales Falls by Record 44% in February
-------------------------------------------------------
Reuters reports that Hong Kong's retail sales fell by a record 44%
in February from a year earlier, as travel restrictions kept
tourists away and residents avoided shopping centres to prevent the
spread of the coronavirus.

The spending drought has hit an economy already in recession after
months of often-violent anti-government protests, Reuters says.

Retail sales in February fell 44% from a year earlier to HK$22.7
billion ($2.93 billion), compared with a revised 21.5% drop in
January, Reuters discloses citing government data showed on March
31.

In volume terms, retail sales fell 46.7%, compared with a revised
23.1% drop in January.

"The business environment of retail trade will remain extremely
austere in the near term, as the COVID-19 pandemic has brought
inbound tourism to a standstill and severely dented local
consumption demand," a government spokesman said, referring to the
disease caused by the coronavirus, Reuters relays.

The government would closely monitor the repercussions on the
overall economy and employment, the spokesman said.

According to Reuters, fears over the coronavirus led to shoppers
clearing supermarket shelves of basic necessities. In February,
knife-wielding robbers stole toilet paper rolls following a
panic-buying induced shortage.

The value of sales of commodities in supermarkets increased by
12.2% in February compared with the same period a year earlier, the
data showed, according to Reuters.

Last month, Hong Kong unveiled plans for a record budget deficit in
2020/21, including cash handouts to residents and tax breaks for
firms, though bankruptcies and unemployment - already at its
highest in nearly a decade - are expected to rise, recalls
Reuters.




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ASIA HOME: CARE Lowers Rating on INR5.32cr Loan to 'B'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Asia
Home Furnishing, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.32       CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Asia Home Furnishing to
monitor the rating vide letter dated February 29, 2020 and e mail
communications dated February 28, 2020, February 27, 2020 and
November 5, 2019 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Asia Home
Furnishing's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The long term rating of the firm has been revised on account of
partnership nature of constitution and exposure to raw material
prices volatility.

Key Rating Weaknesses

* Exposure to raw material price volatility:  The entities in
textile industry are susceptible to fluctuations in raw material
prices. The main raw material required for production is polyester
yarn. Polyester yarn is a derivative of crude oil, and hence its
price is directly correlated to the variations in global crude oil
prices which are inherently highly volatile. Therefore, the firm is
exposed to any fluctuation in the prices of polyester yarn. Any
sudden spurt in the raw material prices may not be passed on to
customers completely owing to firm's presence in highly competitive
industry.

* Constitution of the entity being a partnership firm:  AHF's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Asia Home Furnishing (AHF) was established in February, 2015 as a
partnership firm, however, commenced its business operations in
October, 2016. The firm is currently being managed by Mr. Brij
Bhushan Garg, Mr. Rishab Gupta, Mr. Varun Goel and Mrs. Chanchal
Mittal as its partners sharing profit and losses equally. AHF is
engaged in manufacturing of mink blankets at its manufacturing
facility located in Karnal, Haryana. The firm undertakes in-house
dyeing and stitching of these blankets. Besides AHF, the partners
are also engaged in Asia Spinners (ASP), a partnership firm
established in 2003 and engaged in manufacturing and trading of
hosiery goods.


ATIBIR INDUSTRIES: CARE Cuts Rating on INR282cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Atibir Industries Company Ltd. (AICL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     282.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Stable;
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

   Short term Bank    314.07       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4+; Issuer
                                   Not Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Feb 27, 2020, placed the
ratings of AICL under the 'issuer non-cooperating' category as AICL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AICL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails and phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of recent feedback
received from banker highlighting on-going delays in debt
servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing:  As per feedback received from
a banker there are on-going delays in debt servicing.

Atibir Industries Company Limited (AICL), incorporated in 2000
promoted by Mr Santosh Kumar Sarawgi of Giridh, Jharkhand is
engaged in manufacturing of sponge iron and pig iron and also has
pellets and sinters manufacturing facilities as a backward
integration in Jharkhand. The current installed capacities of AICL
are sinter 680,000 mtpa, pig iron 600,000 mtpa, pellets 300,000
mtpa and sponge iron 120,000 mtpa. The company also has waste heat
regeneration power plant of capacity 3.2MW in addition to supply
agreement with Damodar Valley Corporation. The products
manufactured by AICL conform to the ISO 9001:2015 requirements.


B.M OVERSEAS: CARE Lowers Rating on INR9.46cr Loan to 'B'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of B.M
Overseas Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      9.46        CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from B.M Overseas Private Limited
to monitor the rating vide letter dated March 12, 2020 and e mail
communications dated February 10, 2020, February 7, 2020, December
9, 2019 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on B.M
Overseas Private Limited bank facilities will now be denoted as
CARE B; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The long term rating of the company has been revised on account of
Small scale of operations with net losses in FY19, regulatory risk
and presence in competitive and low value acute therapeutics which
limits the growth.  The ratings, however, derive strength from the
experienced promoters along with long track record of operations
and moderate overall solvency position.

Key Rating Weaknesses

* Small scale of operations with net losses in FY19:  The total
operating income of the company has improved from INR2.82 crore in
FY18 to INR9.53 crore in FY19.  However, the firm is incurred net
losses of INR0.31 crore in FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continued to remain leveraged
marked by overall gearing ratio of 139.16x as on March 31, 2019
(PY: 39.23x).The debt coverage indicators stood moderate marked by
total debt to GCA ratio of 7.83x and interest coverage ratio of
2.41x as on March 31, 2019. (PY: 27.51x and 1.94x, respectively).

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

Key Rating Strengths

* Experienced promoters:  Mr. Pawan Kumar Gupta and Mr. Anil Kumar
have work experience of around three decades which they have gained
through their association with BMO and other group concerns. The
directors have adequate acumen about various aspects of business
which is likely to benefit BMO in the long run. Further, the
management is supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.

* Location advantages:  BMO is engaged in processing of paddy and
will also be engaged in grading, sorting & packaging of rice. The
company's processing facility is situated at District Karnal,
Haryana which is one of the hub of processing of paddy in India.
The firm benefits from the location advantage in terms of easy
accessibility to large customer base. Additionally, various raw
materials required in sorting & grading of rice is readily
available owing to established supplier base in the same location
as well.

B.M. Overseas Private Limited (BMO) was incorporated in July 2014
as a private limited company and is currently being managed by Mr.
Pawan Kumar Gupta and Mr. Anil Kumar as its directors. BMO is
incorporated with an aim to set up a manufacturing facility at
Karnal, Haryana for processing of paddy on job work basis with an
installed capacity of processing 48000 tonnes of paddy per annum as
on December 31, 2018. The commercial operations of the company
commenced in December, 2017. Furthermore, BMO is engaged in the
sale of byproducts i.e. rice bran and husk to solvent extraction
plants based in Karnal, Haryana. Besides this, the promoters are
also engaged in another group concerns namely Sunrise Riceland
Private Limited and Shankar Bhatta Company.


BHAGWATI ENTERPRISES: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagwati
Enterprises (BGE) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.25       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Bhagwati Enterprises to
monitor the rating vide letter dated March 12, 2020 and e mail
communications dated February 10, 2020, February 7, 2020, December
9, 2019 and numerous phone calls.  In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Bhagwati
Enterprises bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 14, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Limited exposure of partners in the hospitality industry:  BGE is
being managed by Mr. Ashok Kumar and Mr. Rajinder Kumar. The
partners have no prior experience in hospitality industry. However
the partners have an experience of three decades in the agro
processing industry gained through their association with the group
concerns. Moreover, the management would be trained by
professionals from the franchisee group on a regular basis for
operations of the hotel once the franchisee is finalized.

* Revenue and Geographical concentration due to single hotel
property:  BGE currently has only one hotel under construction in
Kapurthala, which will restrict the operations to a single site
leading to revenue concentration risk. The single-site operations
will expose the firm's revenue and profitability margins to
seasonality in business and happening of unfavorable event in
relation to hotel property or Kapurthala town.

* Implementation risk along with off take and funding risk
associated with debt funded Greenfield project:  The total cost of
project is INR7.15 crore, to be financed through partner's
contribution of INR0.69 crore (in the form of capital), unsecured
loans from partners and other related parties amounting to INR1.21
crore and term loan of INR5.25 crore. As on February 21, 2019 the
project has incurred approximately INR5.25 crore towards the
project. The project was expected to be completed by April, 2019
and the commercial operations were
expected to commence from May, 2019.

* Cyclical and seasonal nature of hospitality industry:  The hotel
industry is highly seasonal in nature with non-festive and
non-holiday months face a slack in demand. On the other hand, the
industry is also cyclical in nature wherein the customers &
corporates don't tend to spend more on hotel stays in case of
economic slowdown. Thus, the ability of the firm to achieve the
projected occupancy level along with projected ARR amidst seasonal
& cyclical scenario would be critical from the credit perspective.

* Constitution of the entity being a proprietorship firm:  BGE's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders.

Key Rating Strengths

* Strategic location:  The firm is setting up a hotel at
Kapurthala, Punjab, one of the heritage sites of Punjab and is
known as the city of palaces and gardens. The hotel site enjoys the
benefit of advantageous location, being located in the vicinity of
the bus stand, railway station etc. The hotel is also well
connected to other tourist destinations in the town like sainik
school (Jagatjit Palace), Elysee Palace, Moorish Mosque, Shalimar
gardens, Clock Tower, Panch Mandir (Five Temples), Kanjli Wetlands,
Gurudwara Ber Sahib etc. Land owned by partners and major approvals
required for project are in place Land is owned by partners and all
the major approvals required to set up project have already been
obtained by the firm.

Bhagwati Enterprises (BGE) was established in June, 2016 as a
partnership firm and is currently being managed by Ashok Kumar and
Rajinder Kumar, sharing profit and losses equally. BGE is setting
up a 4 star hotel in Kapurthala, Punjab. The hotel will span over
~19,000 square meters with the build-up area of 8,100 square meters
and will comprise of 26 rooms (standard, twin, executive and
suite), 2 banquet hall, 2 kitty halls, restaurant, tea lounge,
health club & spa, swimming pool, massage room, steam & sauna and
parking area for 50-60 cars.


CAMERICH PAPERS: CARE Keeps D on INR122cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Camerich
Papers Private Limited (CPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      122.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short-term Bank       5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CPPL to monitor the
rating(s) vide e-mail communications dated March 11, 2020, March
13, 2020, March 14, 2020, March 16, 2020 and numerous phone calls.
However, despite our 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.
Furthermore, CPPL has not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. The rating on CPPL'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 ratings assigned to the bank facilities of CPPL continued to
remain constrained on account of the ongoing delays in debt
servicing due to its poor liquidity arising from net losses during
FY19.

Detailed description of the key rating drivers

At the time of last rating on December 4, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* On-going delays in debt servicing due to poor liquidity:  As per
interaction with the lenders on March 17, 2020, there have been
delays in principle and interest repayment of the term loan along
with instances of overdrawing in the cash credit limit exceeding 30
days on account of poor liquidity arising from net losses during
FY19. Weak financial risk profile along with net losses during FY19
CPPL reported total operating income of INR48.93 crore along with
PBILDT of INR8.88 crore during FY19, which were significantly lower
than envisaged levels. The fall in operating profitability combined
with stable interest and depreciation cost translated into net loss
of INR8.17 crore and gross cash loss of INR1.91 crore during FY19.
CPPL's capital structure remained weak marked by overall gearing of
4.69x as on March 31, 2019. The company's debt coverage indicators
also remained weak with PBILDT interest coverage of 0.82x during
FY19.

Incorporated in 2014, CPPL (CIN:U21000GJ2014PTC080492) had setup a
green field project of manufacturing of duplex and triplex paper
board with specialty packaging boards like Folding Box Board (FBB)
and white top Craft Liners (WTLs) which commenced commercial
operation in June, 2018. The Plant is located at Morbi, Gujarat
with installed capacity of manufacturing 90,000 Metric Tonne Per
Annum (MTPA) of different type of paper from waste/recycled papers.
CPPL is promoted by Mr. Kamlesh Sitapara, Mr. Arjun Sitapara
(Sitapara family), Mr. Gunvant Surani (Surani family), Mr.
Yogeshkumar Patel and Mr. Mohanbhai Donga.


DEWAN HOUSING: CARE Reaffirms D Rating on INR14,407.9cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Dewan
Housing Finance Corporation Ltd. (DHFL), as:

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Non-Convertible
   Debentures             14,407.90      CARE D Reaffirmed

   Subordinated Debt       1,734.00      CARE D Reaffirmed

   Perpetual Debt          1,160.70      CARE D Reaffirmed

   Non-Convertible
   Debentures
   (Public Issue)         24,944.80      CARE D Reaffirmed

   Fixed Deposit
   Programme               4,988.20      CARE D (FD) Reaffirmed

   Long term Bank
   Facilities             28,696.90      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating takes into account the delays in servicing of various
debt obligations due to prolonged liquidity stress. The liquidity
profile of the company continues to remain stressed with
initiation of insolvency resolution process with National Company
Law Tribunal under insolvency and bankruptcy code.

Detailed description of the key rating drivers

Key rating weaknesses

Weak financial and stressed liquidity profile
Company's financial profile continue to be weak as DHFL reported
loss of INR1036 crore in FY19 and INR5977 crore in 9MFY20 on
account of higher ECL provisioning. Further the liquidity profile
of the company also continues to remain weak with insolvency
resolution process initiated with National Company Law Tribunal
under insolvency and bankruptcy code.

Incorporated in 1984, DHFL is registered as housing finance company
in India with total asset size of INR1,06,475 crore as on March 31,
2019. DHFL had a loan portfolio of INR97,977 crore as on March 31,
2019. The company operates through a network of over 330 offices
(incl. branches and service centres).


FLEXI INFOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Flexi Infotech Private Limited
        B-1206 (Basement)
        New Ashok Nagar
        New Delhi
        East Delhi 110096
        IN

Insolvency Commencement Date: March 16, 2020

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

Estimated date of closure of
insolvency resolution process: Septemebr 12, 2020
                               (180 days from commencement)

Insolvency professional: Vikas Garg

Interim Resolution
Professional:            Vikas Garg
                         809, 8th Floor, Arunachal Building
                         19, Barakhamba Road
                         New Delhi 110001
                         E-mail: vikas@vamindia.in

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mal: cirp.flexi@gmail.com

Last date for
submission of claims:    April 2, 2020


GUSTI TOOL: CARE Keeps B+ on INR10.4cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gusti Tool
Works LLP continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.48      CARE B+; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

   Short-term Bank      4.52      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Gusti Tool Works LLP to
monitor the rating vide e-mail communications dated November 6,
2019 to February 14, 2020 and numerous phone calls. However,
despite our 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 ratings of Gusti
Tool Works LLP bank facilities will now be denoted as CARE B;
Stable; CARE A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Gusti Tool Works LLP
continuous to be tempered by small scale with short track record of
operations, leverage capital structure and weak debt coverage
indicators in in FY19 (refers to period April 1 to March 31),
elongated operating cycle, highly fragmented industry with intense
competition from large number of players and vulnerability of
profits to raw materials price movements and foreign exchange
fluctuations. However, the ratings derive comfort from experience
of the promoter in the manufacturing of cutting tools industry of
over three decades, reputed client base and Favorable demand
outlook of the cutting tools and aerospace industry.

Key Rating Weaknesses

* Small scale with short track record of operations:  The firm,
GTW, was established as an LLP in 2017 under the name GUSTI Tool
Works, has a short track record of operations. The commercial
operations were commenced in April 2018.The total operating income
of the firm has increased significantly and stood at INR6.40 crore
in FY19 as compared to INR1.47 crore in FY18.

* Elongated operating Cycle:  The operating cycle of the firm has
elongated to 385 days in FY19 as compared to negative operating
cycle in FY18. Leveraged capital structure and weak debt coverage
indicators The capital structure of the firm marked by overall
gearing ratio has improved marginally from 3.21x in FY18 to 2.95x
in FY19 due to decrease in total debt levels as on March 31, 2019.
Further, debt coverage indicators of the firm marked by Interest
coverage ratio of the firm deteriorated to 0.99x in FY19 from 1.65x
in FY18.

* Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw materials
price movements and foreign exchange fluctuations:  GTW faces stiff
competition in the precision business from large number of
established and unorganized players in the market. Competition gets
strong with the presence of unorganized players leading to pricing
pressures. Further, the major raw material for manufacturing of
precision tool components is steel which is highly susceptible to
price fluctuations. Since the raw material is one of the major cost
drivers (constituting about 30-50% of the total operating income),
the profitability margins of the company is suspect to input price
fluctuation. Though the prices of the finished goods move in tandem
with raw material prices, there is a time lag which exposes the
firm to volatility risk.

Key Rating Strengths

* Experience of the promoter in the manufacturing of cutting tools
industry of over three decades:  The partner, Mr.Tosher Gusti
Hormusjee, has an experience of over three decades in the business
of manufacture of cutting tools for the machine components. He has
been associated with M/s GW Precision Tools India Private Limited
for over three decades before deciding to branch out and set up
GTW. His son Mr. Zosh Tosher Hormusjee also has been in the
business of manufacture of the cutting tools for over two decades.

* Reputed client base:  Due to the experience of the partners in
the industry, the firm has established customer base with companies
like Maini Precision Products Private Limited, Zenith Precision
Private Limited, Delphi TVS Technologies Limited, Brakes India
Private Limited, Titan Engineering and Automation Limited among
others. Business relations with these customers and the nature of
the services has enabled the company to get repetitive orders.

* Favorable demand outlook of the cutting tools and aerospace
industry:  The Indian economy has witnessed phenomenal growth in
the last decade emerging as a global manufacturing hub. There exist
ample opportunities in high technology oriented Aerospace,
Locomotive, Power and general engineering sectors. With the current
“Make in India” initiative, growth prospects are very positive.
Thus, it is imperative for GTW to maintain quality of its products
and increase its scale of production while upgrading its
technologies to benefit from the industry growth.

Bangalore, Karnataka based GUSTI Tool Works LLP (GTW) is an ISO
9001:2008 company, incorporated in the year 2017. The company is
engaged in the manufacture of cutting tools used in the manufacture
of machine components and other services like custom made-mould
bases, specialized mould bases, specialized machining among others.
The manufacturing facility GTW is located in Bangalore which
provides world class technology in the manufacture of the cutting
tools. The company procures majority of the raw material from
Germany and other European countries. The partners, Mr.Tosher Gusti
Hormusjee and Mr. Zosh Tosher Hormusjee look after the operations
of the firm.


INDIAN POLYCHEMICAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Indian Polychemical Industries Private Limited
        Plot No. 60-C, Sector-B
        Industrial Area
        Mandideep (MP) 462040

Insolvency Commencement Date: March 18, 2020

Court: National Company Law Tribunal, Indore Bench at Ahmedabad

Estimated date of closure of
insolvency resolution process: September 13, 2020

Insolvency professional: Mr. Neelesh Gupta

Interim Resolution
Professional:            Mr. Neelesh Gupta
                         111, First Floor
                         Ratanmani Complex
                         7/1 New Palasia
                         Indore (MP) 452001
                         Tel: +91 9826941425
                              0731-4040060
                         E-mail: neeleshcs2004@yahoo.co.in
                                 neeleshguptaip@gmail.com

Last date for
submission of claims:    April 1, 2020


INTERJEWEL DESIGNS: CARE Keeps D on INR36cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M/s
Interjewel Designs (ID) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     36.50      CARE D; ISSUER NOT COOPERATING;
   Fund Based–LT/ST-               Based on best available
   Packing Credit in               information
   Foreign Currency     
                                    
Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ID to monitor the rating(s)
vide e-mail communications/letters dated December 11, 2019,
December 18, 2019, March 9, 2020 and March 11, 2020 and numerous
phone calls. However, despite our 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.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Stressed liquidity on account of overdue/unpaid bills:  ID's
liquidity has become stressed which has resulted in few instances
of overdue/unpaid bills exceeding 30 days.

M/s Interjewel Designs (ID) was established as a partnership firm
in September 2009 by Mr Rupen Kothari and Mr Shrenik Choksi and is
engaged in the business of manufacturing and export of studded
gold, silver and platinum jewellery. The firm is based within
SEEPZ, Mumbai, which is a Special Economic Zone (SEZ) and avails
tax benefit (10 years tax holiday with no tax in first five years
and 50% of prevailing tax rate from sixth year onwards).


JAI KARNI: CARE Lowers Rating on INR11.72cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Jai
Karni Suitings Private Limited (JSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      11.72      CARE B+; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Stable;
                                  Issuer Not Cooperating on the
                                  basis of best available
                                  information

   Short term Bank     0.40       CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from JSPL to monitor the ratings
vide e-mail communications dated January 8, 2020, January 15, 2020,
January 21, 2020, February 6, 2020, March 3, 2020 and March 13,
2020 and numerous phone calls. However, despite our 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. Further, VHPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on JSPL bank facilities will now be
denoted as CARE B+; Stable ISSUER NOT COOPERATING and CARE A4
ISSUER NOT COOPERATING.

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

The revision in the ratings of Jai Karni Suitings Private Limited
(JSPL) continue to remain primarily constrained on account of
modest scale of operations and financial risk profile marked by
weak solvency and working capital intensive nature of the business
being stressed liquidity position. The ratings continue to remain
constrained on account of highly fragmented nature of the textile
industry leading to intense competition and vulnerability of
margins to fluctuation in raw material prices. The ratings,
however, continue to favourably take into account experienced
management with long track record of operations in the textile
industry, moderate profitability margins, established marketing and
distribution network and presence in textile cluster of Bhilwara
with ease access of job work and labour.

Detailed description of the key rating drivers

At the time of last rating on March 14, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available of FY19 from MCA site).

Key Rating Weakness

* Modest scale of operations:  During FY19, TOI of the company has
improved by 17.15% over FY18 and remain modest at INR29.42 crore.

* Financial risk profile marked by weak solvency and working
capital intensive nature of the business:  The capital structure of
the company has improved from 2.20 times as on March 31, 2018 to
1.99 times as on March 31, 2019. Further, the debt coverage
indicator of the firm stood moderate with total debt to GCA stood
at 6.94 times as on March 31, 2019, improved from 8.34 times as on
March 31, 2018 mainly on account of more increase in GCA level. The
liquidity position of the firm remains working capital intensive
with elongated operating cycle of 118 days in FY19 as against 112
days in FY18.

* Highly fragmented nature of textile industry leading to intense
competition and vulnerability of margins to fluctuation in raw
material prices:  Textile industry in India is highly fragmented
and dominated by a large number of independent and small scale
unorganized players leading to high competition among industry
players. Smaller companies are more vulnerable to intense
competition and have limited pricing flexibility, which constrains
their profitability as compared to larger companies who have better
efficiencies and pricing power considering their scale of
operations. Further, due to fragmented nature of the industry,
ability of the firm to pass on the increase in raw material prices
to end customers is limited and is usually accompanied by a time
lag. The profitability of JSPL thus remains susceptible to any
adverse fluctuations in the raw material prices.

Key Rating Strengths

* Experienced management with long track record of operations in
the textile industry:  JSPL was incorporated in the year 1993 and
hence, has a track record of more than two decades in the industry.
Mr. Mahavir Jhanwar, Director, has more than two decades of
experience in the textile industry and looks after overall affairs
of the company. He is assisted by Mr. Abhishek Jhanwar, director
and has a decade of experience in the industry. Further, top
management is assisted by its second tier management who manages
the company. With the long standing experience in the textile
industry the company has established relations with customers and
suppliers.

* Moderate profitability margins:  The profitability of the company
has deteriorated and stood moderate in FY19 with PBILDT and PAT
margin of 12.92% and 2.66% respectively in FY19.

* Established marketing and distribution network:  Being present in
the industry since 1993, JSPL has established a network of 100
dealers/distributors which are spread across India mainly in Uttar
Pradesh (UP), Bihar, Haryana, Punjab, Madhya Pradesh (MP), Andhra
Pradesh (AP), Delhi and Rajasthan. The company provides credit
period of 40-70 days to the agents. With the dedicated marketing
effort of Mr Abhishek Jhanwar, JSPL was able to garner reasonable
revenue growth in the past. The established distribution network is
expected to provide the required strength for the future growth.

* Presence in textile cluster of Bhilwara with ease access of job
work and labour:  The manufacturing facility of the company is
located at Bhilwara (Rajasthan) which is one of the largest textile
clusters in India and majority of these industries are engaged in
the manufacturing synthetic yarn accounting for nearly 40% of
India's total synthetic yarn production and nearly 50% of India's
total polyester fabrics and suiting production. JSPL's presence in
the textile manufacturing region results in benefit derived from
continuous business from the textile manufacturers, low
transportation cost both on transportation and storage, easy
availability of raw materials as well as skilled/unskilled labor
and procurement of raw materials at effective prices.

Bhilwara based (Rajasthan) Jai Karni Suitings Private Limited
(JSPL) was incorporated in 1993 by Mr. Mahavir Jhanwar and Mr.
Abhishek Jhanwar. JSPL is engaged in the business of manufacturing
of men's suitings which JSPL get it done on job work basis from
other process house. The company is also engaged in the business of
trading of grey and finished fabrics. The company has total
installed capacity of 60 LMPA as on March 31, 2018. The company
markets its product through 100 dealers in all over India; major
states are Uttar Pradesh (UP), Bihar, Haryana, Punjab, Madhya
Pradesh (MP), Andhra Pradesh  (AP), Rajasthan and Delhi. Further,
JSPL procures raw material (cotton and synthetic yarn) from
Rajasthan, Madhya Pradesh and Hyderabad.


LEXUS INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Lexus India Ltd.
        D-815, 2nd Floor
        New Friends Colony
        New Delhi 110025

Insolvency Commencement Date: March 4, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sougat Sinha

Interim Resolution
Professional:            Sougat Sinha
                         LGF B-36, Defence Colony
                         New Delhi 110024
                         E-mail: sougat.sinha@artha-legal.com

Last date for
submission of claims:    April 2, 2020


MAA TARA FERROTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Maa Tara Ferrotech Private Limited
        Lal Baba Complex Foundry Road
        Burmamines Jameshedpur
        Purba Singhbhum
        Jh 831007

Insolvency Commencement Date: March 13, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Sandip Kumar

Interim Resolution
Professional:            Mr. Sandip Kumar
                         322, 3rd Floor, Martin Burn House
                         1, R.N. Mukherjee Road
                         Kolkata 700001
                         E-mail: sandipkej2@gmail.com

Last date for
submission of claims:    March 27, 2020


MANJUNATH BHANDARY: CARE Lowers Rating on INR11.12cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Manjunath Bhandary (MB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.12       CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Manjunath Bhandary to
monitor the ratings vide e-mail communications dated November 6,
2019 to March 12, 2020 and numerous phone calls. However, despite
our 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 ratings. The ratings on Manjunath
Bhandary 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 April 2, 2019, the following were the
rating strengths and weaknesses considered:

Key Rating Weaknesses

* Proprietorship nature of business with relatively small scale of
operations:  Proprietorship nature of business has an inherent risk
of withdrawal of capital at the time of personal contingency. It
also has the risk of business being discontinued upon the
death/insolvency of the proprietor. The ability to raise funds is
also very low as proprietorship concerns have restricted access to
external borrowings. The firm has a small scale of operations with
total operating income at INR20.97 crore in FY18 and with low net
worth base of INR6.55 crore as on March 31, 2018.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure marked by the overall gearing ratio has
improved and stood at 2.01x as on March 31, 2018 as compared to
2.89x as on March 31, 2017 due to repayment of term loan coupled
with infusion of capital by the promoter. The debt coverage
indicators marked by the interest coverage ratio and total debt to
GCA has improved marginally, however, stood weak at 1.42x and
19.32x respectively in FY18 as compared to 1.41x and 19.86x
respectively in FY17 due decline in interest cost on back of
repayment of term loan during the review period.

Key Rating Strengths

* Long track record of the entity with large customer base:  MB was
established in the year 1987, thus has a long track record of over
29 years as LPG dealer at Shivamogga. BGA has a large customer base
of around 40,000 customers in Shivamogga. Assured revenue in the
form of rental income The firm owns a hostel rented to Bhandary
foundation from July 2015 onwards. The rental income was INR0.26
crore per month during FY18.

* Resourceful promoter with interest in various other businesses:
MB is promoted by Mr. Manjunath Bhandary who is a resourceful
promoter with interest in various businesses. The promoter is a
politician, educationist and entrepreneur who manage various
businesses. He is a member of All India Congress Committee and
Pradesh Congress Committee. He is also founder chairman of Bhandary
Foundation.

* Comfortable operating cycle:  The firm has a comfortable working
capital cycle with collection period at 7 days and creditors period
at 9 days during FY18. The firm has no working capital facility as
the firm manages its cash requirements from internal accruals.

* Stable outlook of gas industry:  India is the fourth-largest
energy consumer in the world. Oil and gas account for 37 per cent
of total energy consumption. By 2025, India is expected to overtake
Japan to become the third-largest consumer of oil. Oil & Gas sector
is a key contributor to India's economy. The oil and gas industry
ranks amongst India's eight core industries. Oil and gas
contributes about 34.4% to primary energy consumption in India.
India has 54 trillion cubic Feet of proven natural gas reserves and
96 trillion cubic Feet of estimated Shale gas reserves. Re gasified
Liquefied Natural Gas (RLNG) regasification facility is likely to
increase from 47.5 MMTPA (million metric tonnes per annum) by 2022
from a current level of 22 MMTPA.

Manjunath Bhandary (MB) is a proprietary concern established by Mr.
Manjunath Bhandary. The major business of the proprietorship
concern is from Bhandary Gas Agency (BGA) which was established in
1987. BGA has LPG dealership (HP dealer) in the city of Shivamogga,
Karnataka. BGA has more than forty thousand customers in its
customer base.


MATRIX AGRO: CARE Keeps 'D' on INR31.8cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Matrix Agro
Private Ltd. (Matrix) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      31.87       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 6, 2018, placed the
ratings of Matrix Agro Private Ltd. (Matrix) under the 'issuer
non-cooperating' category as Matrix had failed to provide
information for monitoring of the rating. Matrix continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated
March 9, 2020, March 10, 2020 and March 11, 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.

Detailed description of the key rating drivers

At the time of last rating on November 6, 2018, the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Ongoing delays:  Ongoing delays in servicing of debt obligations
owing to the stretched liquidity position of the company.

* Delay in COD and cost overrun:  The Company has achieved COD on
December 9, 2015 (against earlier envisaged December 2014). The
delay in achievement of COD is initially on account of delay in
achievement of financial closure and later on due to issues
pertaining to evacuation which were resolved during November 2015.
The aforementioned situation has led to cost overrun combined with
increase in interest burden.

Key Rating Strengths

* Strong Promoter:  MAPL is promoted by Mrs Shobana Kamineni and Mr
K Sri Harsha. Mrs Shobana Kamineni has more than two decades of
experience in the sphere of project management wherein she
established most of the Apollo hospital group's large projects. Ms
Shobana Kamineni also holds the directorship of various companies
in the health care and other industrial segment.

* Project successfully achieved COD:  The 6 MW Bio-mass power
project was concluded with the total cost of INR58.29 crore
(against earlier envisaged project cost of INR50.05 crore) funded
through debt-equity mix of 3.21x and has achieved COD on December
9, 2015 (against earlier envisaged December 2014).

* Favorable location of the plant with abundant supply of fuel and
water:  The fuel required for operating the power plant are biomass
fuels such as red gram stalks and Bengal gram stalks, which are
sourced from the farmers and are available in sufficient quantity
required for running the power plant. Water for the plant is
sourced from Mullamari river and approval for the same are in place
from the Irrigation department.

* Fixed PPA with group companies:  MAPL has entered into fixed PPA
contract with Apollo Hospitals, Apollo Speciality Hospitals and
Apollo BGS Hospital on November 28, 2012 for supply of power at
fixed rate of INR6 per unit for FY15 (refers to the period April 1
to March 31) with an escalation clause of revising it by 2.50%
y-o-y. Apart from the above, the company has long term agreement
for supply of power with educational institutions and trusts.

Matrix Agro Private Limited (MAPL) has been promoted by Mrs Shobana
Kamineni and Mr K. Sri Harsha to set up a biomassbased power plant
of 6-MW capacity in Polakpalli village, Gulbarga district,
Karnataka. The power generated from the power plant is being sold
to the Apollo group of hospitals (Apollo Hospitals, Apollo
Speciality, and Apollo BGS), Distant Learning Internet India
Limited, Vydehi Institute of Medical Sciences & Research Centre,
and Srinivasa trust through Karnataka Power Transmission
Corporation's (KPTCL) and respective Bangalore Electricity supply
company Limited (BESCOM). The company has achieved COD on December
9, 2015 (against earlier envisaged December 2014).


MNK EDUCATIONAL: CARE Lowers Rating on INR12cr LT Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MNK
Educational Society, 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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MNK Educational Society to
monitor the rating vide e-mail communications dated September 2019
to February 7, 2020, and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on MNK Educational
Society 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
The revision in the ratings assigned to the bank facilities of MNK
Educational Society takes into account deficit in FY19, stretched
receivable days, deterioration in capital structure and debt
coverage indicators. The ratings continues to be tempered by uneven
cash flow associated with educational institutes, highly regulated
nature of educational industry, presence in highly competitive
industry and liquidity analysis. However, the rating continues to
derive benefits from long track record of the society and
experience of the society members for more than one decade in
educational services industry, growth in gross receipts and
satisfactory infrastructure facilities and stable outlook of
educational services.

Key Rating Weaknesses

* Deficit in FY19 albeit improved SBID margin:  The SBID margin
increased from 16.50% in FY18 to 22.60% in FY19. Furthermore, the
society had incurred deficit during FY19 due to increase in
interest cost and depreciation provisions

* Deterioration in capital structure and debt coverage indicators:
The overall gearing ratios of the society deteriorated from 1.73x
as on March 31, 2018 to 2.32x as on March 31, 2019 on account of
increase in term loan and utilization of working capital bank
borrowings.  The debt coverage indicators of the society has seen
deteriorated and remained weak in FY19. The total debt/GCA
deteriorated from 12.05x in FY18 to 17.21 in FY19 at the back of
increase in total debt levels on account of increase in term loans
coupled with utilization of working capital bank borrowings. The
SBID/Interest coverage ratio also seen deteriorating from 3.57x in
FY18 to 1.82 in FY19 at the back of increase in interest and
financial expenses. The total debt/CFO has stood at 47.04 in FY19
as aginst -7.91x in FY18.

* Stretched receivable days:  The operating cycle of the society is
elongated and remained at 87 days in FY19 as against 54 days in
FY18 at the back of increase in average collection period from 64
days in FY18 to 103 days in FY19.

* Highly regulated nature of educational industry:  MNK is
operating in a highly regulated industry. In addition to AICTE, the
educational institutions are regulated by respective State
Governments with reference to matters such as determining the
number of management quota seats, amount of tuition fee charged for
government quota and management quota giving limited flexibility to
the institutions.  The technical education sector also requires
regular approvals from various government bodies for addition of
new courses/seats as well as continuation of the existing courses
which exposes it to high regulatory risk. These factors have
significant bearing on the revenues and surplus levels of the
institutions and resultantly on MNK's financial risk profile.

* Presence in a highly competitive industry:  The education sector
offers immense potential as there is a growing demand for the
services offered driven by increasing propensity of the middle
class to spend on education and India's increasing population. Due
to new colleges being added every year along with established
colleges results in high competition level in the state and
adjoining areas of MNK. Also, the fees for various courses are
presently fixed by regulatory authority, which limits on the
revenue growth.

Key Rating Strengths

* Long track record of the society and experience of the promoters
for more than one decade in educational services industry:  MNK was
established in 2007 by Mr. M.Apprao (President), Mr. N.
Venkateshwarlu (Vice President), Mr. A. Rajendra Prasad (Secretary&
Correspondent), Mr. M.Srinivasa Rao (Treasurer), Mr. A. Ravindra
(Executive Member) and Mrs. A.Madhavi (Executive Member) among
others. Mr. M. Apparao and Mr. A. Ravindra, both are doctors by
qualification.  Mr. M. Srinivasa Rao and Mr. A. Rajendra are post
graduates. Mr. N. Venkateshwarlu and Mrs. A. Madhaviare graduates
by qualification. All the society members have more than one decade
of experience in educational services industry.

* Growth in gross receipts:  The total operating income of the
society has increased from INR9.67 crore in FY18 to 10.03 crore in
FY19.

* Satisfactory infrastructure facilities and resources:  The
campus, which is spread over 15 acres of land with separate blocks
and building for every department. It has multiple libraries with
vast and comprehensive collections on various topics and subjects.
The institution has laboratories with sophisticated modern
equipment for undertaking leading edge research. Each Department is
provided with the latest computer systems and internet facility.
Also, the campus provides other facilities like canteen and post
office.

* Stable outlook of educational services industry:  The education
sector in India is poised to witness major growth in the years to
come as India will have world's largest tertiary-age population and
second largest graduate talent pipeline globally by the end of
2020. As of now the education market is worth US$ 100 billion.
Currently, higher education contributes 59.70 per cent of the
market size, school education 38.10 per cent, pre-school segment
1.60 per cent, and technology and multi-media the remaining 0.60
per cent.

* Higher education system in India has undergone rapid expansion:
Currently, India's higher education system is the largest in the
world enrolling over 70 million students while in less than two
decades, India has managed to create additional capacity for over
40 million students. At present, higher education sector witnesses
spending of over INR46,200 crore (US$6.78 billion), and it is
expected to grow at an average annual rate of over 18 per cent to
reach INR232,500 crore (US$34.12 billion) in next 10 years.

Andhra Pradesh based, MNK Educational Society (NFPL) was
incorporated in 2009 and promoted by Mr. Ramesh and his relatives
and started commercial operations subsequently. Mr. Ramesh has more
than three decades of experience in food processing industry. The
company is engaged in processing of mango pulp, guava and other
fruit pulps and the processing unit is located at Chittoor
district, Andhra Pradesh, with an installed capacity of 250 metric
tons (MT) per day.  The company procures its raw materials (fruits)
from the local market i.e., from local farmers. NFPL sells more
than 90% of its products to Exotica Foods Pvt Ltd (IND BBB-(ISSUER
NOT COOPERATING) as on May 29, 2018).


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

The instrument-wise rating actions are:

-- INR110.3 mil. Term loan due on March 2024 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR77.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR22.5 mil. Non-fund-based working capital limits migrated to

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Mohit Ventures manufactures thermo-mechanically treated bars at its
158,400 metric tons per annum unit in Koderma, Jharkhand for
Kamdhenu Limited and Kamdhenu Concast Limited and sell them under
the brand names Kamdhenu and Kay2, respectively. The commercial
operations started in July 2017. The company has three directors
namely Anil Kumar Pandey, Jitesh Kumar Singh, and Binoy Kumar
Singh.


NEW KOLKATA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: New Kolkata International Development Private Limited
        Kolkata West International City
        Salap Junction, "Vichitra"
        Howrah WB 711403
        IN

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 11, 2020

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         Vill. & P.O. Janai
                         Dist. Hooghly
                         Pin 712304
                         West Bengal
                         E-mail: neeljanai@gmail.com

                            - and -

                         N-527, Diamond Heritage
                         16, Strand Road
                         Kolkata 700001
                         E-mail: ip.santanu@gmail.com

Last date for
submission of claims:    March 30, 2020


OCEAN CONSTRUCTIONS: Ind-Ra Assigns 'BB+' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ocean
Constructions (India) Private Limited (OCIPL) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits assigned with IND BB+/Stable/IND
     A4+ rating; and

-- INR310 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The rating factor in the company's high project and geographical
concentration. OCIPL executes mid-sized projects for reputed
government entities. The company's clientele includes state
government and central government enterprises, namely National
Highway Authority of India ('IND AAA'/Stable), Karnataka Neeravari
Nigam Limited ('IND AA-'/Stable), etc. which accounted for 100% of
OCIPL's total order book in FY20. Except for the National Highway
Authority of India, all Karnataka-government entities are 'IND AA-'
rated and hence, the payments are timely for the projects. This
aids the liquidity of the company by eliminating the need for
mobilization advances. However, as per Ind-Ra, any delay in debtor
realization might hamper the liquidity of the company.

The ratings reflect OCIPL's medium scale of operations. Its revenue
increased to INR4,330.88 million in FY19 (FY18: INR2,078.1 million)
on healthy execution of work orders. The company has strong
medium-term revenue visibility as its order book stood at INR17.49
billion in FYE20 (4.04x of FY19 revenue).

Liquidity Indicator - Stretched: OCIPL's utilization of the working
capital limits during the 12-months ended in February 2020 was
100%. In FY19, cash flow from operations improved to INR228.68
million (FY18: INR143.74 million) due to an increase in absolute
EBITDA. Free cash flow improved to INR26.27 million in FY19 (FY18:
negative INR162.77 million) owing to the CAPEX incurred for
purchasing construction equipment. Ind-Ra expects the cash flows to
remain positive in the medium term in the absence of any debt-led
CAPEX. OCIPL had a negative net cash cycle of two days in FY19
(FY18: 68 days) on account of long payable days. Ind-Ra expects
OCIPL to maintain a net cash cycle of about a month, along with a
sustained interest income in the near term, owing to a long credit
period.

The ratings, however, are supported by OCIPL's strong credit
metrics. Its net leverage (net debt/EBITDA) improved to 0.53x in
FY19 (FY18: 1.13x) due to an increase in absolute EBITDA to
INR573.94 million (INR274.89 million). Its interest coverage
(operating EBITDA/gross interest expenses), however, deteriorated
to 7.29x (8.23x) due to an increase in the interest expense. Ind-Ra
expects the credit metrics to remain comfortable in the medium term
due to OCIPL's low reliance on external borrowings.

The ratings also take into consideration OCIPL's healthy margin.
The EBITDA margin remained stable at 13.25% in FY19 (FY18: 13.23%)
due to the increased execution of high-margin orders. The return on
capital employed was 58.5% in FY19 (FY18: 37.4%). The expects the
company's margin to remain similar to FY19 levels in the medium
term due to increased margins from irrigation projects, which
formed a major part of the company's FY20 order book.

The ratings are also supported by the company over a decade's
presence in the civil construction business. Its founder-promoter
has about 15 years of experience in the civil construction
business, leading to established relationships with customers and
suppliers.

RATING SENSITIVITIES

Positive: An improvement in the liquidity while maintaining
payables at the current level leading to maintenance and/or
improvement in the working capital cycle could be positive for the
ratings.

Negative: Elongation of a working capital cycle and/or debt-led
capex leading to a further deterioration in liquidity could be
negative for the ratings.

COMPANY PROFILE

OCIPL was incorporated in 2008 but started commercial operations in
2014 and is an engineering, procurement and construction contractor
based in Mangalore, Karnataka. As per the provisional 9MFY20
numbers, the company achieved a top line of INR3,860.19 million
with an EBITDA margin of 12.14%. Further, the credit metrics were
comfortable with interest coverage at 27.04x and net leverage at
0.50x. The company also had cash and cash equivalents of INR41.36
million with a networking capital cycle of negative 33 days.


ORYX ENERGY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Oryx Energy Services Private Limited
        Flat No. 502, Krishna Devarayulu Block
        Sri Rama Palace, Raghavendra Colony
        Hyderabad 500084
        Telangana State

Insolvency Commencement Date: March 17, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 13, 2020

Insolvency professional: Narala Varalakshmi

Interim Resolution
Professional:            Narala Varalakshmi
                         #8-588/29/A, Achhai Nagar
                         Baghlingampally Backside
                         RTC Kalyana Mandapam
                         Hyderabad 500044
                         Telangana State
                         E-mail: ip.varalakshmin@gmail.com

                            - and -

                         301, 3rd Floor, Bhavya's Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills
                         Hyderabad 500044
                         Telangana State
                         E-mail: rp.oryx@gmail.com

Last date for
submission of claims:    April 2, 2020


PRAYAAS PACKAGINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Prayaas Packagings Private Limited
        Vijay Bhava 100
        Diamond Harbour Road
        Kidderpore
        Kolkata WB 700023

Insolvency Commencement Date: March 13, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Sandip Kumar Kejriwal

Interim Resolution
Professional:            Mr. Sandip Kumar Kejriwal
                         322, 3rd Floor, Martin Burn House
                         1, R.N. Mukherjee Road
                         Kolkata 700001
                         E-mail: sandipkej2@gmail.com

Last date for
submission of claims:    March 27, 2020


PRIMARY INDUSTRIES: Ind-Ra Lowers LT Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Primacy
Industries Limited's (PIL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB' and has simultaneously migrated it to the
non-cooperating category. The rating was on Rating Watch Evolving.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:    

-- INR285.4 mil. Term loan due on September 30, 2020, downgraded
     and migrated to non-cooperating category with IND BB+ (ISSUER

     NOT COOPERATING) rating;

-- INR1.40 bil. Fund-based working capital limits downgraded and
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

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

-- INR52.8 mil. Non-fund-based working capital limits downgraded
     and migrated to non-cooperating category with IND A4+ (ISSUER

     NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of PIL and its 79% US-based subsidiary MVP Group International Inc.
(MVP) to arrive at the ratings, on account of the strong operating
and strategic linkages between them. The remaining 21% stake in MVP
is held by the Gautham-Pai led Manipal Group. MVP remains the major
driver of the consolidated credit profile, continuing to contribute
more than 90% to the consolidated revenue in FY19. In addition, PIL
has provided a corporate guarantee for a part of MVP's total bank
facilities.

The downgrade reflects the weakening of PIL's consolidated credit
profile due to delays in the expected private equity funding and a
further deterioration in the company's standalone credit profile in
9MFY20.

KEY RATING DRIVERS

Credit Profile Remains Weak due to Delay in Private Equity Funding:
PIL expected to receive private equity funding of USD100 million in
FY20; the same has been delayed, based on the last available update
with Ind-Ra.  The company had intended to use a large part of the
funds for reducing its considerable debt burden. Hence, the delay
in the funding has led to PIL's credit profile remaining stretched

The interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.6x in FY19 (FY18: 2x) despite an increase in the
EBITDA margin to 12% (11.2%). The coverage worsened due to a rise
in debt (FY19: INR11.5 billion, FY18: INR10.9 billion), and the
resultant increase in interest costs. The net leverage (net
debt/EBITDA) remained high at 7.3x in FY19 (FY18: 8.1x). The
company's debt levels have been elevated due to the need to support
its high working capital requirement (net working capital: 65% of
net revenue in FY19), resulting from the high inventory holding of
both raw materials and finished goods to provide a wide variety of
products on a just-in-time basis to large retailers in the US. In
addition, the company had incurred CAPEX of around INR1.5 billion
in FY19 (FY18: INR1.6 billion), which included investments for
brand acquisitions, warehouse purchase, and efficiency improvement.
The consolidated revenue grew 6% YoY to INR12.4 billion in FY19.

Deterioration in Standalone Credit Profile: PIL's standalone
interest coverage fell to 0.9x in 9MFY20 (9MFY19: 3x), while net
leverage increased to 11.8x (2.7x), as the EBITDA margin plummeted
to 5.6% (18%). This excludes the non-operating income of INR104
million received by the company in 9MFY20.  The revenue declined 8%
YoY to INR2.4 billion in 9MFY20. The company has not shared the
9MFY20 financials of MVP, which accounted for more than half of the
consolidated EBITDA in FY19.

Liquidity Indicator - Stretched: PIL's free cash flow remained
negative at around INR1 billion in FY19 and FY18 owing to the CAPEX
and high working capital requirements. The average utilization of
PIL's standalone fund-based working capital limits was 95% during
the 12 months ended December 2019, while MVP's limits were mostly
fully utilized during this period, indicating very limited
liquidity cushion. Besides, Ind-Ra believes the decline in PIL's
standalone profitability in 9MFY20 would have increased its need
for external funding.

Track Record of Support from Manipal Group: The Manipal group had
infused equity of INR0.8 billion in PIL in FY19 after injecting
unsecured loans from a group entity, Manipal Media Networks Limited
('IND BBB-'/Negative) and others in FY18. Some of the company's
bank facilities are also secured by a corporate guarantee from a
group entity, GP Global Limited. Ind-Ra believes that receipt of
timely support from the group will be one of the key drivers of
PIL's liquidity until it receives the private equity funding.

Well Established Brand; Long-term Customers: PIL has a strong
presence in the US candle market through MVP, where it owns nearly
50 brands, including renowned ones such as Colonial and Carolina.
MVP has longstanding relationships with established counterparties
such as Walmart Stores Inc., Dollar General Corporation, Procter &
Gamble Co., etc. and it expects to leverage its long track record
of over two decades and distribution network in the US to increase
the sale of its own branded products.

Lack of Adequate Information: Despite continuous requests and
follow-ups by the agency, PIL did not provide certain key
information required for the surveillance exercise, including
non-default statements for September 2019- February 2020, the
interim financials of MVP and the bank limit utilization reports
for January and February 2020.

COMPANY PROFILE

Established in 2005, Primacy manufactures scented decorative wax
candles and air fresheners of different varieties. The company's
manufacturing facilities are located in Mangalore and Gujarat.
Incorporated in 1998, MVP manufactures imports and distributes wax
candles and related products.


R.D. APPARELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: R.D. Apparels Pvt Ltd
        1, Darpanarayan Tagore Street
        First Floor, Kolkata 700006
        IN, West Bengal

Insolvency Commencement Date: March 17, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 13, 2020

Insolvency professional: Rajendra Kumar Agarwal

Interim Resolution
Professional:            Rajendra Kumar Agarwal
                         Diamond Arcade, 3rd Floor
                         Suite No. 301A
                         68, Jessore Road
                         Kolkata 700055
                         E-mail: rkaco93@yahoo.co.in
                                 rdapparelscirp@gmail.com

Last date for
submission of claims:    March 31, 2020


RAHUL COMMERCE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Rahul Commerce Private Limited
        D38(79), Rajdanga Nabapally
        Kolkata 700107
        West Bengal

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 11, 2020

Insolvency professional: Nihar Ranjan Nayak

Interim Resolution
Professional:            Nihar Ranjan Nayak
                         Salarpuria and Partners
                         7, Chittaranjan Avenue
                         3rd Floor, Laha Paint House
                         Kolkata, West Bengal 700072
                         E-mail: banpur65@yahoo.co.in

Last date for
submission of claims:    March 30, 2020


RAM AGRO: CARE Lowers Rating on INR12cr LT Loan to B+
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Ram Agro Industries (SRAI), as:

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

Detailed Rationale & Key rating Drivers

CARE has been seeking information from SRAI to monitor the ratings
vide e-mail communications dated January 8, 2020, February 6, 2020,
February 13, 2020, February 27, 2020, March 14, 2020 numerous phone
calls. However, despite our repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, SRAI has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on PKPK
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(s).

The rating assigned to the facilities of Shree Ram Agro Industries
(SRAI) continues to remain constrained on account of financial risk
profile marked by thin profitability margins, leveraged capital
structure and stressed liquidity position. The rating, further,
continues to remain constrained on account of operating margins
susceptible to cotton price fluctuation, seasonality associated
with the cotton industry and presence in the lowest segment of the
textile value chain and in a highly fragmented cotton ginning
industry.

The rating, however, continues to derive strength from the
experienced management with long track record of operation,
strategically located in the cotton growing region and Continuous
growth in Total Operating Income (TOI).

Detailed description of the key rating drivers

At the time of last rating on March 29, 2019, the following were
the rating strengths and weaknesses

Key Rating Weakness

* Financial risk profile marked by thin profitability margins,
leveraged capital structure and stressed liquidity position:  The
profitability margins of the firm stood thin on account of limited
value addition and presence in the lowest segment of the textile
value chain. During FY18, the firm registered PBILDT and PAT margin
of 2.43% and 0.20% respectively. The capital structure of the firm
stood leveraged with an overall gearing of 3.62 times as on March
31, 2018, marginally improved from 3.84 times as on March 31, 2017
mainly on account of accretion of profits to reserve which gets
partially off-set by higher utilization of working capital bank
borrowings. The debt service coverage indicators of the firm stood
weak with total debt to GCA at 57.15 times as on March 31, 2018.
However, the interest coverage indicators stood moderate at 1.15
times in FY18.The liquidity profile of the firm stood stressed with
full utilization of working capital bank borrowings in last twelve
month ended February 2019. The current ratio stood moderate at 1.50
times as on March 31, 2018 and quick ratio stood below unity at
0.15 times as on March 31, 2018 due to high inventory. The firm
maintains inventory of 1-2-months. It gives credit period of 10-20
days to its customers whereas makes the payment to suppliers in
5-10 days.

* Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry:  Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year. Ginners
usually have to procure raw materials at significantly higher
volume to bargain bulk discount from suppliers. Furthermore, cotton
being a seasonal crop, the inventory levels of the entity generally
remains high at the end of the financial year. Thus, aggregate
effect of both the above factors results in exposure of ginners to
price volatility risk.

* Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry:  High proportion of
small scale units operating in cotton ginning and pressing industry
has resulted in fragmented nature of industry leading to intense
competition amongst the players. As SRAI operates in this highly
fragmented industry wherein large numbers of un-organised players
are also present, it has very low bargaining power against both its
customers as well as its suppliers. This coupled with limited value
addition in cotton ginning process results in the firm operating at
very thin
profitability (PAT) margins.

Key Rating Strengths

* Experienced management with long track record of operation:  The
firm was established in 1997, hence, has a track record of around
two decades in the industry. Mr. Pramod Gupta has three decades of
experience and look after overall management of the firm. Mr.
Abhishek Kumar Agarwal and Mr. Amol Kumar Agarwal has one decade of
experience in the cotton ginning industry and looks after purchase,
sales related function of the firm.

Due to longstanding presence of the management in the cotton
industry, the management has established good relations with its
customers as well as suppliers and gets repeated orders from its
customers.

* Strategically located in the cotton growing region:  Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil Nadu
are the major cotton producer's states in India. The plant of SRAI
is located in one of the cotton producing belt of Khandwa (Madhya
Pradesh) in India. The presence of SRAI in cotton producing region
results in benefit derived from lower logistics expenditure (both
on transportation and storage), easy availability and procurement
of raw materials at effective price.

* Continuous growth in Total Operating Income (TOI):  The firm has
witnessed continuous growth in TOI and grew at a Compounded Annual
Growth Rate (CAGR) of 5.27% during last three financial years ended
FY18. During FY18, TOI of the firm has increased by 3.42% over FY17
(7.15% in FY17 over FY16) mainly on account of increase in quantity
sold of urad dall (trading). The trading of cotton bales and cotton
seed constitute 24.89% of TOI (27.75% of TOI in FY17), sales of
manufactured cotton cake and oil contributed 61.38% of TOI in FY18
(62.27% of TOI in FY17), trading of moong dall, makka, urid dall
and toor dall constitute 13.14% of TOI (9.98% of TOI in FY17).

Khandawa (Madhya Pradesh) based Shree Ram Agro Industries (SRAI)
was formed in 1997 as a partnership firm by Mrs. Kiran Agarwal, Mr.
Pramod Kumar, Mrs. Priti, Mr Abhishek and Mr. Amol Kumar Agarwal to
share profit or loss in ratio of 15%, 30%, 25%, 15% and 15%. The
firm is engaged in the business of cotton ginning, pressing along
with the production of cotton seed and cake and trading of agro
commodities viz. soyabeen, gram. The manufacturing unit of the firm
has installed capacity of 16000 quintal in ginning and 200,000
quintal in oil mill as on March 31, 2017. SRAI procures raw cotton
directly from farmers and local mandis and sells its finished
products mainly in Maharashtra, Madhya Pradesh, Rajasthan, Gujarat
and South India.


RONAK BANQUETS: CARE Assigns B Rating to INR15cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ronak
Banquets Private Limited (RBPL), 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 RBPL is constrained
by its nascent stage of implementation of the project with less
than three percent of the estimated cost incurred as on February 8,
2020, coupled with project implementation and stabilization risk
and presence of the company in highly fragmented and seasonal
industry. Also timely commencement of operations within envisaged
timelines despite the effect of COVID-19 is a key rating
monitorable. The above constraints outweigh the comfort derived
from experienced promoters and management in the hospitality
industry.

Key Rating Sensitivity

Positive factors

* Stabilization of operations within envisaged timelines and cost

* Sustained improvement in scale of operations and profitability
   with PBILDT margin above 24%.

* Maintenance of capital structure marked by overall gearing to
   less than 2x

Negative factors

* Delay in execution of the project or stabilization of
   operations

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation and stabilization risk coupled with pending
financial closure
The company is in process of setting up five banquet halls at
Mumbai, Maharashtra. The total cost of the project is estimated at
INR20.25 crore, proposed to be funded through term loan of INR15.00
crore and balance INR5.25 crore, through promoters contribution.
However, the company as on February 8, 2020; has incurred only
INR0.50 crore for civil works to set up banquet hall at Malad West,
Mumbai which was funded through promoters contribution. Further,
selection of the remaining three banquet halls at strategic
locations in Mumbai is pending. Moreover, achieving financial
closure along with execution of the project without time or cost
overrun is crucial from credit perspective. The operations of the
company are expected to commence in April, 2020.

Presence of the company in highly fragmented, competitive and
seasonal nature of industry
RBPL operates in hospitality industry which is characterized by
intense competition due to highly fragmented nature, impacting
profitability margins of the companies operating in the industry.
Also, the hospitality industry is cyclical in nature and faces high
elasticity of demand depending upon the economic scenario.
Furthermore, the wedding industry in India is highly seasonal in
nature with high demand for banquets are high during the months of
September- December, February, March and May.

Key Rating Strengths

* Experience promoters and management in the hospitality industry:
The company is managed by Mr Karan Singh Anand and Mr. Raunaq Singh
Anand. The promoters are well versed with the intricacies of the
business on the back of about four years of experience in the
Hospitality sector. The promoters are ably supported by Mr.Mahinder
Pal Singh who has around three decades of experience in the
hospitality industry. Further, the promoters operate four other
firms engaged in the business of hospitality services operating
bar, restaurants and a banquet hall located at Mira road, Mumbai.

Liquidity: Poor

Poor liquidity marked by pending financial closure, high reliance
on debt for execution of the project along with pending
commencement of commercial operations.

Incorporated in November 2019, Ronak Banquets Private Limited
(RBPL) is a Mumbai (Maharashtra) based company expected to be
engaged in providing banquet hall rental services for hosting
wedding functions, corporate meetings, conferences etc. along with
catering services. Further RBPL has received Letter of Intent from
Weddingz.in for two of the selected locations for banquet halls.
Commercial operations of RBPL is expected to commence in April
2020.


SECURE PRINT: CARE Keeps 'B+' on INR8cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Secure
Print Solutions Pvt Ltd. (SPSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

   Short-term Bank      6.00      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

SPSPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on SPSPL's bank facilities will now be
denoted as CARE B+; Stable and CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of SPSPL remain
constrained by low bargaining power of SPSPL with its client,
working capital intensive nature of operations and leveraged
capital structure. The ratings, however, derive strength from long
business experience of the promoter, established client base and
diversification into variable data printing segment, commercial
printing and plastic products with satisfactory financial
performance in FY19 (refers to the period April 1 to March 31) and
9MFY20.

Detailed description of the key rating drivers

At the time of last rating on January 31, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Low bargaining power with its clients:  SPSPL supplies its
product to telecom majors like Airtel, Vodafone which are leading
players in the industry and scratch cards forms a very small
portion of the business. As such, SPSPL has low bargaining power in
terms of pricing and credit terms.

* Leveraged capital structure and weak debt coverage indicators:
The overall gearing ratio of the company was high at 6.37x as on
March 31, 2019. Total debt/GCA also stood vulnerable at 12.87x as
on March 31, 2019.

* Working capital intensive nature of operations:  The operating
cycle of the company, though improved, remained high at 193 days in
FY19 vis-à-vis 317 days in FY18. The average working capital
utilization stood at around 94% during the last 12 months ending
December, 2019.

Key Rating Strengths

* Experienced Promoters:  SPSPL, which is promoted by Shri Rahul
Jain and Shri Rajneesh Jain, ventured into security printing of
prepaid mobile scratch card from 2006. Prior to SPSPL, the
promoters were involved in managing the day to day activity of
Stylo Graphics Private Limited (incorporated in 1984) which is
involved in Pre-Press, Offset printing and large format digital
printing business.

* Reputed clientele base:  SPSPL supplies prepaid mobile scratch
card to both domestic as well as international reputed telecom
operators. Though SPSPL has low bargaining power with its
customers, its clientele base has sound credit risk profile, which
reduces the counter party payment risk to a certain extent.
Diversification in variable data printing segment SPSPL through its
strong R&D technique offer various options to the telecom
providers, which led them to gain advantage over the competition in
this industry. SPSPL through its technology has been able to
provide solutions to various FMCG players to encourage loyal
customers of their original products providing hologram and scratch
cards which aid to their sales and retain the originality of their
products.

* Satisfactory financial performance in FY19 and 9MFY20:  Total
operating income of the company grew by 43.6% in FY19 from FY18.
The Company earned operating profit of INR7.28 crore in FY19
vis-à-vis operating loss of INR3.18 crore in FY18. GCA also
improved to INR3.37 crore in FY19 visà-vis cash loss of INR7.33
crore in FY18. In 9MFY20 (provisional) SPSPL earned PBILDT and PAT
of INR5.3 crore and INR0.78 crore on total operating income of
INR22 crore.  

Incorporated in 2002 (commenced operations from 2006), SPSPL
(erstwhile Ubique Collective Marketing Private Limited) is engaged
in the manufacturing of prepaid mobile scratch cards and other
allied secured products. The capacity of the company is 12 million
pins per day. The manufacturing facility of the company is located
in Dhulagarh, West Bengal.


SHIV NARIAN: CARE Keeps 'B' on INR11cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Narian
Periwal & Sons Private Limited continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      11.00      CARE B; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Shiv Narian Periwal & Sons
Private Limited to monitor the rating vide letter dated February
19, 2020 and e mail communications dated February 18, 2020,
February 17, 2019, January 17, 2020 and numerous phone calls.  In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Shiv Narian Periwal & Sons Private Limited's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 9, 2019, the following were the
rating strengths and weaknesses (Updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Declining Scale of operations with low profitability margins:
The total operating income of the company decreased from INR75.46
crores in FY18 to INR58.88 crore in FY19. The profitability margins
of the company stood low marked by PBILDT and PAT margin of 2.75%
and 0.11% in FY19 respectively (PY: 2.39% and 0.08%,
respectively).

* Weak overall solvency position:  The capital structure of the
company stood leveraged marked by the overall gearing ratio of
8.29x as on March 31, 2019 (PY: 11.12x).  Furthermore, the debt
coverage indicators remained weak marked by total debt to GCA ratio
of 90.26x, as on March 31, 2019 (PY: 117.94x) and interest coverage
ratio of 1.10x in FY19 (PY: 1.11x).

* Revenues vulnerable to agro-climatic risks and prices of
fertilizers:  The demand for fertilizers in general is influenced
by the climatic conditions i.e. level of monsoons, soil type, crop
season, irrigation facilities and prevailing market prices of
fertilizers. During bad/delayed monsoon, the demand for fertilizers
remains limited, which leads to stock pile up with traders and
affect sales. Since India imports approximately 25% of urea, 100%
of potash and approximately 70% of diammonium phosphate (DAP), the
prices of fertilizers depend upon the global pricing scenario and
prevailing exchange rates.

* Highly competitive and fragmented industry:   The industry in
which SNP operates is highly fragmented and competitive in nature
marked by the presence of various large and small players. The
small players in the trading industry do not have any pricing power
and are exposed to competition induced pressures on profitability.

Key Rating Strengths

* Experienced promoters and long track record of operations:  The
entity got established in 1978 which aids it in having established
relation with customers and suppliers. The day to day operations
are looked after by Mr. Sunil Periwal, Mr. Jagat Periwal and Mr.
Vijay Periwal. Mr. Sunil Periwal has industry experience of almost
four decades through his association with SNP only. Furthermore,
Mr. Jagat Periwal and Mr. Vijay Periwal have an industry experience
of three decades and two and a half decades respectively through
their association with SNP only.

* Diversified product portfolio and dealership of reputed
companies:  SNP has diversified product portfolio, the portfolio
comprises of around 5 types of fertilizers, 3 types of seeds and
around 200 pesticides. SNP is the authorized dealer of reputed
companies like Syngenta India Limited, Bayer Crop Science Limited,
Rallis India Limited, Shriram Chemicals and Fertilizers (a unit of
DCM Shriram Limited) etc.

The entity was established as a proprietorship firm in April, 1978
by Mr. Sunil Periwal and later got reconstituted as a private
limited company in June 2014 with the current name. SNP is engaged
in the trading of diversified agriculture products like 5 types of
fertilizers, 3 types of seeds and around 200 pesticides. SNP is the
authorized dealer of reputed companies like Syngenta India Limited,
Bayer Crop Science Limited, Rallis India Limited, Shriram Chemicals
and Fertilizers (a unit of DCM Shriram Limited) and Rasi Seeds
Private Limited.


SHRI KUBER: CARE Lowers Rating on INR16.01cr Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Kuber Industries, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     16.01        CARE B; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Shri Kuber Industries to
monitor the rating vide letters/e-mails communications dated
November 28, 2019, December 9, 2019, March 7, 2020 and numerous
phone calls. However, despite our repeated requests, the entity has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at fair
ratings. Shri Kuber Industries bank facilities will now be denoted
as CARE B; Stable; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Shri Kuber Industries
continues to be constrained by its volatility in raw material
prices, working capital intensive nature of business, partnership
nature of constitution and intensely competitive industry and
cyclical industry. However, the aforesaid constraints are partially
offset by its experienced partners.

Detailed description of the key rating drivers

At the time of last rating in March 20, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Volatility in raw material prices:  SKI has proposed to
manufacture MS wire, tubes and pipes and for the same the basic raw
materials are MS strips and coil. The firm does not have backward
integration for its basic raw-materials and it will procure the
same from open market at spot prices. Since the raw-material will
be the major cost driver and the prices of which are volatile in
nature, the profitability of the entity will be susceptible to
fluctuation in raw-material prices.

* Working capital intensive nature of business:  The operations of
the firm are estimated to remain working capital intensive. As the
firm is proposed to manufacture wire, MS tubes & pipes and
accordingly it will be required to maintain inventory of raw
materials and finished goods of around two to three weeks to
mitigate the raw material price fluctuations risk, smooth running
of its production process and timely supply of its customer
demands. Further, the firm has proposed to allow credit of around
one to two weeks to its clients. Accordingly, the utilisations of
fund based limits are expected to remain on the higher side during
the projected period. During last 12 months, ending in Feb 2019,
average utilization of bank borrowing was around 90%.

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

* Intensely competitive industry and cyclical industry:  SKI is
entering in the steel industry which is primarily dominated by
large players and characterized by high fragmentation and
competition due to the presence of numerous players in India owing
to relatively low entry barriers. High competitive pressure limits
the pricing flexibility of the industry participants which induces
pressure on profitability. The fortunes of companies like SKI from
the iron & steel industry are heavily dependent on the automotive,
engineering and infrastructure industries. Steel consumption and,
in turn, production mainly depends upon the economic activities in
the country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to decline
in demand of steel& alloys. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Key Rating Strengths

* Experienced partners:  The key partner, Mr. Shyam Lal Garg (aged,
51 years), has around two decades of experience in the same line of
business through his associate concerns 'Ashutosh Steels' and
'Shivam Steel Corporation'. He will look after the day to day
operations of the firm supported by other partners Mr. Pawan Kumar
Garg and Mr. Pawan Tantia along with a team of experienced
professionals.

Shri Kuber Industries (SKI) was established as a partnership firm
in January 2015 by Mr. Shyam Lal Garg, Mr. Pawan Kumar Garg and Mr.
Pawan Tantia for setting up a manufacturing unit of MS wire, tubes
& pipes. Currently, the firm has installed a manufacturing plant at
Raipur, Chhattisgarh with an installed capacity of 18000 metric
tonnes per annum for MS wire and 82,000 metric tonnes per annum for
MS tubes & pipes. The unit has started its commercial operation
from June 2018.

Mr. Shyam Lal Garg (aged, 51 years), has around two decades of
experience in the same line of business. He will look after the day
to day operations of the entity supported by other partners.

SKI has two associate concerns which are engaged in same line of
business.


SOLEX ENERGY: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Solex Energy
Limited's (SEL) Outlook to Stable from Positive while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR61 mil. Fund-based working capital limits affirmed; Outlook

     revised to Stable from Positive with IND BB+/Stable/IND A4+
     rating;

-- INR65 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating; and

-- INR4.8 mil. Term loan due on December 2020 affirmed; Outlook
     revised to Stable from Positive with IND BB+/Stable rating.

KEY RATING DRIVERS

The Outlook revision reflects Ind-Ra's expectation of a decline in
SEL's sales in 4QFY20 and 1QFY21, and a consequent deterioration in
its profitability and credit metrics due to SEL's direct and
indirect dependence on China for the procurement of key raw
material i.e. solar cells and modules.

The affirmation factors in the likely worsening of SEL's credit
profile, which could, in turn, add stress to the company's
liquidity position for the next two quarters.

The company reported revenue of INR704.2 million in 6MFY20 (FY19:
INR1,490.6 million) and EBITDA margin of 5.1% (5.3%).

The rating factor in SEL's strong interest coverage (operating
EBITDA/gross interest expense) of 7.6x (FY19:10.5x; FY18: 7.1x). As
per the company's FY19 balance sheet, SEL has principal payment
obligation of INR3.3 million in FY20.

The ratings, however, are supported by the promoters' over two
decades of experience in the solar industry, which has enabled them
to develop strong relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the revenue or the EBITDA margin, leading to
deterioration in the credit metrics and/or liquidity, on a
sustained basis, will be negative for the ratings.

Positive: A sustained increase in the revenue along with operating
profitability and the credit metrics could lead to positive rating
action.

COMPANY PROFILE

Incorporated in 2014, SEL manufactures solar products and
undertakes engineering, procurement and construction contracts for
setting up solar power plants, solar water pumps, solar water
heating systems, and others. It offers a wide range of solar
products such as mono/multi-crystalline solar photovoltaic modules,
solar lanterns, solar street lights, solar water pumps, and solar
inverters. Its facility is located in Anand, Gujarat.


STERLING SEZ: CARE Keeps 'D' on INR1,434cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
SEZ & Infrastructure Limited (SSIL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank    1434.92      CARE D; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 7, 2018, placed the
rating(s) of SSIL under the 'issuer non-cooperating' category as
SSIL had failed to provide information for monitoring of the
rating. SSIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated February 29, 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

Key Rating Weaknesses

The rating has been reaffirmed on account of the ongoing delays in
debt servicing of the company.

Sterling SEZ & Infrastructure Ltd (SSIL, erstwhile Sterling SEZ
Private Limited), formerly known as M/s Sterling Erection and
Infrastructure Private Limited (SEIPL), is a Special Purpose
Vehicle (SPV) promoted by Sandesara group through Sterling Biotech
Ltd. SSIL was incorporated on June 22, 2006 for the development of
a multi-product SEZ in the Jambusar Taluka, Bharuch District of
Gujarat. Sterling Biotech Ltd (SBL) is the flagship and a listed
company of the Vadodara based Sandesara group. The group has over
27 years of industrial experience and has diversified interests
ranging from Pharmaceuticals, Healthcare, Oil & Gas, Engineering
Infrastructure, etc. The other companies of the Sandesara group are
Sterling Biotech Ltd, Sterling Port Ltd, Sterling Oil Resources
Ltd, PMT Machines Ltd, etc.


TARANGINI LAYERS: CARE Keeps 'B+' on INR6cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tarangini
Layers Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.16       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Tarangini Layers Private
Limited to monitor the rating vide letters/e-mails communications
dated November 28, 2019, December 9, 2019, March 4, 2020 and
numerous phone calls. However, despite our repeated requests, the
entity has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at fair ratings. The rating on Tarangini Layers Private
Limited's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Tarangini Layers
Private Limited continues to be constrained by its small scale of
operation with relatively low profitability margins along with
short track record of operation, volatility associated with raw
material availability due to exposure to vagaries of nature,
presence of highly competitive and fragmented industry with risk of
outbreak of bird flu and highly price sensitive consumer segment,
working capital intensive nature of business and leveraged capital
structure with moderate debt coverage indicators. However, the
aforesaid constraints are partially offset by its experienced
promoters, proximity to raw material sources and satisfactory
demand outlook for poultry products.

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Small scale of operation with relatively low profitability
margins along with short track record of operations:  Tarangini
Layers Pvt. Ltd. (TLPL) is a relatively small player in the poultry
farming business. TOI has increased by 75.27% during FY19 to
INR22.19 crore on the back of full year of operation and increase
in demand. Total capital employed was INR11.02 crore as on March
31, 2019. PBILDT margin has declined from 12.74% in FY19 to 8.17%
in FY19 on account of increase of cost of operations during the
said period. However, the PAT margin has improved and remained at
2.20% in FY19.

* Volatility associated with raw material availability due to
exposure to vagaries of nature:  Further, the major inputs like De
Oiled Rice Bran, maize, mustered oil cake, bajra, paddy husk etc.
are mostly agricultural products and dependent on vagaries of
nature. Accordingly, any volatility in input prices due to vagaries
of nature may adversely affect the profitability of the company.
Moreover, there may be a negative impact of adverse climate
conditions on the availability of raw materials.

* Presence in highly competitive and fragmented industry with risk
of outbreaks of bird flu and highly price sensitive consumer
segment:  The poultry farming sector is exposed to inherent risks
associated with the industry, like bird flu, extreme weather
conditions and contamination by pathogens. The outbreak of bird flu
leads to a fall in demand and consequent sharp crash in poultry's
prices. This apart, egg is the major raw material for poultry
farming, the price of which is volatile as the price of the egg is
derived by National Egg Co-ordination Committee (NECC) on daily
basis based on the demand-supply dynamics. On the other hand,
poultry feed industry is highly price sensitive on account of its
intensely competitive and fragmented nature due to presence of many
regional unorganized players. This apart, availability of cheaper
substitutes (like cotton seedcake, copra etc.) further induce
pricing and profitability pressures.

* Working capital intensive nature of business:  TLPL's business
being poultry farming is working capital intensive by nature on the
back of stocking of raw materials for producing feeds, medicines,
vaccines, eggs and layer birds. The same is reflected by the
average inventory holding period of 43 days during FY19.
Accordingly, the average utilization of the cash credit limit
remained high at about 99% during the last 12 months ended
February, 2020.

* Leveraged capital structure with moderate debt coverage
indicators:  Capital structure of the company improved, however,
remained leveraged marked by overall gearing ratio of 1.30x as on
March 31, 2019. Improvements in capital structure owing to
repayments of term loan availed for setting up the poultry farming
unit during the period. Moreover, Total debt to GCA, remained
moderate at 5.70 as on March 31, 2019. Furthermore, Interest
coverage ratio is adequate marked by 2.57x as on FY19.

Key Rating Strengths

* Experienced promoters:  The key promoter, Smt. Subhra Rani Patro
(aged about 38 years) having around seven years of experience in
the poultry industry. She looks after the overall management of the
company, with adequate support from other directors Smt. L. Amita
Patro (aged, 38 years) and a team of experienced personnel.

* Proximity to raw material sources:  TLPL is setting up its plant
in Ganjam District, Odisha which is one of fastest growing region
for poultry farming. The entire raw material requirement is met
locally which helps the company to save substantial amount of
transportation cost and also procure raw materials at effective
price.

* Satisfactory demand outlook for poultry products:  Poultry
products like eggs have large consumption across the country in the
form of bakery products, cakes, biscuits and different types of
food dishes in home and restaurants. The demand has been driven by
the rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from economic cycle.

Incorporated in June 2015, Tarangini Layers Private Limited (TLPL)
is engaged in the business of poultry farming in Ganjam, Odisha.
TLPL is engaged in farming of eggs and laying of poultry birds
(chickens). The entity sells its products to retailers in Odisha
and nearby regions through own sales personnel and through some
dealers. Currently the poultry farm has 1.50 lakh layer birds. The
company has started its commercial operational from May, 2016. Smt.
Subhra Rani Patro (aged, 38 years), having around seven years of
experience in the poultry industry, looks after the day to day
operations of the company. She is supported by other director Smt.
L. Amita Patro (aged, 36 years) and a team of experienced
professionals.


TIRUPATI RICE: CARE Lowers Rating on INR6.20cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Rice Mill (TRM), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      6.20       CARE B+; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Stable;
                                  Issuer Not Cooperating on the
                                  basis of best available
                                  information

   Short term Bank     0.80       CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TRM to monitor the rating
vide letters/e-mails communications dated February 4, 2020,
February 7, 2020, March 7, 2020 March 14, 2020 and numerous phone
calls. However, despite our repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on TRM's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING* and CARE A4; ISSUER NOT
COOPERATING.

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

The revision in the rating takes in account non-availability of
information due to non-cooperation by Tirupati Rice Mill with
CARE'S efforts to undertake a review of the rating outstanding.

Detailed description of the key rating drivers

At the time of last rating on August 19, 2019, the following were
the rating weaknesses and strength.

Key Rating Weaknesses

Small scale of operations with low profit margins: TRM is a
relatively small player in the rice milling industry marked by its
total operating income (TOI) of INR29.10 crore (FY18: INR29.35
crore) with a PAT of INR0.35 crore (FY18: INR0.29 crore) in FY19
provisional. Further, the net worth base and total capital employed
were also low at INR3.61 crore and INR7.60 crore, respectively, as
on March 31, 2019 provisional. Moreover, the firm has reported
turnover of INR4.75 crore during 2MFY20. The small size restricts
financial flexibility in times of stress and deprives it from
benefits of economies of scale. Furthermore, the profit margins of
the firm remained low during last three years (FY17-FY19).
Moreover, the PBILDT margin has improved year on year during last
three financial years on account of better cost of operations and
the same stood at 3.55% in FY19 provisional as against 2.87% in
FY18. The PAT margin also moved in line with PBILDT margin during
last three years and the same stood at 1.22% in FY19 provisional as
against 0.98% in FY18.

Volatile agro-commodity (paddy) prices with linkages to vagaries of
the monsoon: TRM is primarily engaged in the processing of rice
products in its rice mills. Paddy is mainly a 'kharif' crop and is
cultivated from June-July to SeptemberOctober and the peak arrival
of crop at major trading centers begins in October. The cultivation
of paddy is highly dependent on the monsoon. Unpredictable weather
conditions could affect the output of paddy and result in
volatility in price of paddy. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.

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

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

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

Key Rating Strengths

Experienced partners and satisfactory track record of operations:
The firm is into rice milling and processing business since 2002
and thus has satisfactory track record of operations. Due to
satisfactory track record of operations the partners have
established satisfactory relationship with its clients. Furthermore
the key partners; Mr. Jiban Krishna Hazra and Mr. Jayanta Hazra are
having more than a decade of experience in the rice milling
industry and they look after the day to day operations of the firm.
They are further supported by two other partners, namely Mr.
Arindam Hazra and Mr. Avishek Hazra and a team of experienced
professional.

Comfortable capital structure with strong debt coverage indicators:
The capital structure of the firm deteriorated but the same
remained satisfactory marked by overall gearing ratio of 1.11x
(FY18: 0.51x) as on March 31, 2019 provisional. The deterioration
in overall gearing ratio was on account of higher utilisation of
working capital barrowings as on March 31, 2019. Furthermore the
debt coverage indicators also deteriorated but the same remained
moderate marked by interest coverage of 2.38x (FY18: 2.81x) and
total debt to GCA of 6.56x (FY18: 3.29x) in FY19 provisional.
Deterioration in interest coverage ratio was due to increase in
interest expenses. Furthermore, the total debt to GCA also
deteriorated in FY19 provisional due to higher debt level as on
balance sheet date.

Proximity to raw material sources and favorable industry scenario:
TRM's plant is located at Burdwan district of West Bengal which is
a paddy growing region in eastern India resulting in lower logistic
costs (both on transportation and storage), easy availability and
procurement of raw materials at effective prices. Furthermore rice,
being one of the primary food articles in India, demand is high
throughout the country and with the change in life style and health
consciousness; by-products of the same like rice bran oil etc. are
in huge demand.

Established in 2002, Tirupati Rice Mill (TRM) was promoted by Mr.
Jiban Krishna Hazra, Mr. Jayanta Hazra, Mr. Arindam Hazra and Mr.
Avishek Hazra as a partnership firm. Since its inception, the firm
has been engaged in rice milling and processing business at its
plant, located in Burdwan, West Bengal with aggregate installed
capacity of 10,800 metric ton per annum.


UNIVERSAL EXTRUSIONS: CARE Lowers Rating on INR4.23cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Universal Extrusions (UE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.23       CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

The revision in the ratings assigned to the bank facilities of UE
takes into account delays in repayment of debt obligation.

Rating Sensitivities

Positive Factors

* Demonstration of default free track record of over 90 days

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Delays in servicing of debt obligation:  As per interaction with
the banker and as reflected in the term loan statements, there are
on-going delays in the repayment of principal component of term
loan. The delays were on account of reported losses and lower
accruals generation from business.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations. This has constrained the ability of the company to
repay its debt obligations on a timely basis.

UE was established in 2012 and is engaged in manufacturing of
aluminium extrusions, which are used in different industries as
construction, solar, greenhouse and engineering. The firm has a
capacity to manufacture 200 tonnes per month (TPM) of aluminum
extrusions.


VARDAAN BIOTECH: CARE Lowers Rating on INR10cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vardaan Biotech Private Limited (VBPL), as:

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

Detailed Rationale & Key Rating Drivers

VBPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on VBPL's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of decline in scale of
operations in FY19 (FY refers to the period from April 1 to March
31), thin profitability margins, project implementation risk and
stretched liquidity position. The rating, continue to constrained
on account of seasonality associated with agro commodities and its
presence in the highly fragmented and competitive industry.

The rating, however, favorably takes into account extensive
experience of promoters with improvement in solvency position.

Detailed description of the key rating drivers

At the time of last rating on March 13, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Decline in scale of operation and thin profitability margins:
During FY19, Total Operating Income (TOI) of the firm has improved
by 13.53% over FY18 mainly on account of decline in sales. Further,
profitability margin of the company also stood thin marked by
PBILDT and PAT margin of 2.39% and 1.33% respectively in FY19
although improved as against 2.01% and 0.68% respectively in FY18.

* Project Implementation Risk:  VBPL undertook a project to
establish a warehouse and to purchase of Sortex machine for sorting
of Hybrid seeds and also to establish its research & development
department in Telangana .The company had envisaged total project
cost of INR2.80 crore towards the project to be funded through term
loan of INR2.00 crore and remaining through unsecured loans. Till
November 30, 2018, it has incurred total cost of INR0.80 crore
towards the project funded through unsecured loans.

* Stretched liquidity position:  The liquidity position of company
stood strechted marked by current ratio of 1.20 times as on March
31, 2019 and below unity quick ratio at 0.36 times as on March 31,
2019. Further, the operating cycle of the company stood elongated
at 81 days in FY19 deteriorated from 37 days in FY18 owing to
increase in average inventory holding period.

* Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry:  As the firm
is engaged in the business of agriculture commodities, the prices
of agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the VBPL is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the company is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the industry
do not have any pricing power. Furthermore, the industry is
characterized by high degree of government control both in
procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.

Key Rating Strengths

* Experienced partners:  Mr. Lokendra Singh Rajput, Director, has
around more than two decades of experience in the industry and
looks after overall functions of the company. Further, he is
assisted by his wife Mrs. Rashmi Rajput, MBA by qualification, has
more than one decades of experience in the industry and looks after
the finance department of the company. Furthermore, the promoters
have longstanding presence in the market and have established
relations with the suppliers and customers.

* Improvement in solvency position:  The capital structure stood
comfortable marked by overall gearing of 0.56 times as on March 31,
2019 improved from 1.53 times as on March 31, 2019 mainly due to
increase in net worth base owing to infusion of share capital as
well as lower utilization of working capital bank borrowings during
FY19. Further, the debt coverage indicators stood comfortable
marked by Total debt to GCA of 3.45 times as on March 31, 2019
improved from 6.48 times as on March 31, 2018 mainly due to decline
in total debt and increase in GCA level. Interest coverage stood
moderate at 1.50 times in FY19.

Ujjain (Madhya Pradesh) based Vardaan Biotech Private Limited
(VBPL) was established in 2007 by Mr. Lokendra Singh Rajput. VBPL
is mainly is engaged in the production, processing and marketing of
seeds ie. soya bean, wheat, mustard, peas, paddy, maize, bajra and
all kind of pulses. VBPL procures raw material from farmers in
Madhya Pradesh and Andhra Pradesh. It sells processed seeds in
Madhya Pradesh, Maharashtra, Bihar, Uttar Pradesh, Jharkhand,
Chhattisgarh and Rajasthan under brand name of 'Vardaan'.


VASAVI TRADERS: CARE Keeps 'B' on INR4cr Loan in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vasavi
Traders (VT) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       4.00      CARE B; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

   Short-term Bank      4.50      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Vasavi Traders to monitor
the rating vide e-mail communications dated November 2019 to
January 2020 and numerous phone calls. However, despite our
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 Vasavi Traders
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

* The revision in the ratings assigned to the bank facilities of
Vasavi Traders takes into account:  Leveraged capital structure and
weak debt coverage indicators, thin profitability margins in
FY19.The rating, continue to be tempered by small scale of
operation, Presence in highly fragmented industry with intense
competition from other players and constitution of the entity as
partnership with inherent risk of withdrawal of capital. The
ratings, however, underpinned by strength from Satisfactory track
record and experience of partners for more than two decades in the
rice milling industry, growth in total operating income during the
review period, comfortable working capital cycle and healthy demand
outlook of rice.

Key Rating Weaknesses

* Small scale of operations with low net worth base:  Although
having a presence of 6 years in the industry, the business
operations of the firm continued to be on the smaller end when
compared to other peers in the industry. The total operating income
achieved by the firm in FY19 stood at INR23.19 crore coupled with a
low net worth base of INR0.78 crore as on March 31, 2019.

* Thin profitability margins:  The PBILDT margin of the firm
marginally declined from 1.85% in FY28 to 1.43 in FY19. However,
the PAT margin of the company has marginally improved from 0.62% in
FY18 to 0.67% in FY19.

* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators:  The capital structure of firm
marked by overall gearing ratio deteriorated marginally from 1.70x
as on March 31, 2018 to 1.95x as on March 31, 2019 due to increase
total debt. The total debt/GCA of the firm deteriorated from 8.54x
in FY18 to 9.87x in FY19 due to increase in total debt. However,
Interest coverage ratio of the firm improved from 1.51x in FY18 to
2.07x in FY19 due to decrease in interest and finance cost. Total
debt/CFO deteriorated and stood at negative in FY19.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital:  With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth.

Key Rating Strengths

* Satisfactory track record and Experience of partners for more
than two decades in the rice milling industry:  VT was established
in 2013 by Mr. V.Rajendra Pratap along with his father
Mr.V.Satyanarayana. Mr. Rajendra Pratap, Managing Partner of the
firm, who has more than two decades of experience in the rice
milling process and trading of rice, jower among others. Whereas,
Mr. V.Satyanarayana, the partner, has more than four decades of
experience in rice processing industry, as he was one of the
partners in their family business. Due to long term experience of
the partners, the firm has established good relationship with
customers and farmers.

* Growth in total operating income during the review period:  Total
operating income of the firm increased from INR21.05 crore in FY18
to INR23.19 crore in FY19.

* Comfortable working capital days:  Operating cycle days of the
firm improved from 30 days in FY18 to 20 days in FY19 due to
decreased inventory days as well as increased creditor days in
FY19.

* Healthy demand outlook of rice:  Rice is consumed in large
quantity in India which provides favorable 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. The rice industry in India is broadly
divided into two segments – basmati (drier and long grained) and
non-basmati (sticky and short grained). Demand of Indian basmati
rice has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
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 acreage
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 has a
stable domestic demand outlook. On the export front, global demand
and supply of rice, government regulations on export and buffer
stock to be maintained by government will determine the outlook for
rice exports.

Andhra Pradesh based, Vasavi Traders (VT) was established in 2013
as partnership firm by Mr. V.Rajendra Pratap along with his father
Mr.V.Satyanarayana. VT undertakes the job work from AP civil
authority for processing of paddy under custom milling and also
engaged in trading of rice, Jower and Maize. The rice milling unit
of the firm is located at West Godavari District, Andhra Pradesh,
with an installed capacity of 150 metric tons per day. Apart from
rice processing, the firm is also engaged in selling the
by-products such as broken rice, bran and rice flour. For custom
milling process the raw material, paddy, is directly supplied by
civil supply authority of Andhra Pradesh located in and around
Andhra Pradesh. The firm sells maize and jower sellers located
across Karnataka, Telangana and Andhra Pradesh.


VIVIMED LABS: CARE Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vivimed
Labs Limited continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     266.93      CARE D; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

   Short-term Bank    109.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Vivimed Labs Limited to
monitor the ratings vide e-mail communications dated March 2, 2020,
March 4, 2020, March 6, 2020, March 11, 2020 and numerous phone
calls. However, despite our 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 Vivimed Labs Ltd.'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 reaffirmation in the ratings assigned to the bank facilities of
Vivimed Labs Limited (VLL) is primarily due to continued delays in
the company's ability to meet debt obligations due to cash flow
mismatches and deterioration in the liquidity profile.

Detailed description of the key rating drivers

Key Rating Weaknesses

Cash flow mismatches and stretched liquidity resulting in ongoing
delays in debt servicing
The liquidity profile of VLL deteriorated on account of cash flow
mismatches. The same has resulted in delays with respect to debt
servicing of the company.

Vivimed Labs Limited (VLL) incorporated in 1988 is a
Hyderabad-based listed company engaged in manufacturing of
pharmaceuticals (APIs and formulations for various therapeutic
segments), personal care and colour chemistry industrial products.
VLL has manufacturing facilities in India and Overseas (under
subsidiaries). Within the FDF business, it provides contract
manufacturing services to some of its marquee clients in the
pharmaceuticals space, namely Novartis International AG, Glenmark
Pharmaceuticals, Lupin, GlaxoSmithKline Pharmaceuticals Ltd. (GSK
Pharmaceuticals), Dr. Reddy's Laboratories, Cipla, Abbott
Laboratories, Merck Serono, Wockhardt, and so on. VLL has 12
manufacturing facilities, 6 R&D centres and global support offices
in India, China, Europe and the US which adhere to the highest
levels of compliance and manufacture high-quality products.


VOHRA SOLVEX: CARE Keeps B+ on INR11cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vohra
Solvex Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      11.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Vohra Solvex Private Limited
to monitor the rating vide letter dated March 12, 2020 and e mail
communications dated February 10, 2020, February 07, 2020, December
9, 2019 and numerous phone calls.In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Vohra
Solvex Private Limited bank facilities will now be denoted as CARE
B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 5, 2019, the following were the
rating strengths and weaknesses (Updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Small and fluctuating scale of operations along with low
profitability margins:  The total operating income of the company
has improved from INR45.61 crore in FY18 to INR49.04 crore in FY19.
The same, however, continued to remain small. The profitability
margins of the firm stood low marked by PBILDT and PAT margin of
2.87% and 0.27% for FY19, respectively.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continued to remain leveraged
marked by overall gearing ratio of 5.42x as on March 31, 2019 (PY:
5.56x). The debt coverage indicators stood weak marked by total
debt to GCA ratio of 42.33x and interest coverage ratio of 1.31x as
on March 31, 2019. (PY: 47.94x and 1.27x, respectively).

* Elongated operating cycle:  The operating cycle of the company
stood elongated at 93 days for FY19 (PY: 90 days).

Being an agro-based commodity, the prospects are subject to the
vagaries of nature
Rice bran, the major input for rice bran oil is obtained from
paddy, an agri produce. Given the lack of adequate irrigation
facilities, the cultivated amount of paddy highly depends upon
monsoons and thus, is subjected to the vagaries of nature. Any
sudden spurt in raw material prices may not be passed on to
customers completely owing to company's presence in highly
competitive industry.

* Competitive and fragmented industry:  Extraction business in
India is highly fragmented due to presence of large number of
unorganized players in the lower end of the bulk segment and
presence of large and established players in the high end of
market. Due to high degree of fragmentation, small players hold
very low bargaining power against both its customers
as well as its suppliers.

Key Rating Strengths

* Experienced promoters along with long track record of operations:
VSL was established in September, 2003 and its day to day
operations are looked after by the promoters. The directors have
industry experience ranging from 11 years- 25 years gained through
their association with VSL and two other group concerns, i.e. SRM
and VFL. All the directors have adequate acumen about various
aspects of business which is likely to benefit VSL in the long run.
Additionally, the directors of the company are supported by an
experienced team having varied experience in the field of
technical, marketing and finance aspects of business. The long
track record has aided the company in having established
relationship with customers and suppliers.

* Location advantage leading to easy availability of raw material:
The plant of the company is located in Punjab, which is one of the
highest producers of rice in India and home to various rice millers
and processors. VSL uses rice bran as its main raw material which
is a by-product of rice milling. Punjab being a major paddy hub of
the country, there are lot of rice millers around the vicinity of
the plant which give easy access to the company for availability of
rice bran at competitive rates and also lower freight costs.

Vohra Solvex Private Limited (VSL), based in Faridkot, Punjab was
incorporated in September, 2003 as a private limited company with
Mr. Rohit Vohra, Mrs. Rubica Vohra, Mr. Pankaj Vohra, Mrs. Sejal
Vohra and Mrs. Niti Vohra as its directors. VSL is engaged in
extraction of rice bran oil at its manufacturing facility located
in Uttar Pradesh with an installed capacity of 252,000 quintals of
rice bran oil per annum as on December 31, 2018. The product line
of VSL consists of rice bran oil. The residual product of the
process is de-oiled rice bran cake. VSL directly sells rice bran
oil to various local edible oil refineries. Furthermore, the de-
oiled rice bran cake which is used as cattle fodder is sold
directly to cattle feed manufacturing units based in Madhya
Pradesh, Gujarat and Punjab. Apart from VSL, the directors are
associated with two other group concerns namely, Shiv Shankar Rice
Mill (SRM) which was incorporated in 1993 and is engaged in
processing of paddy and Vohra Foods Private Limited (VFL) which was
incorporated in 2001.


WADHWA CONSTRUCTION: Ind-Ra Lowers Term Loan Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Wadhwa
Construction & Infrastructure Private Limited’s (WCIPL) term loan
rating to 'IND BB+' from 'IND BBB-' and has simultaneously placed
it on Rating Watch Negative (RWN). The Outlook was Stable.

The instrument-wise rating action is:

-- INR6.50 bil. Term loan due on FY20-FY24 downgraded; placed on
     RWN with IND BB+/RWN rating.

Analytical Approach: Ind-Ra continues to factor in WCIPL's strong
strategic, operational and legal linkages with its 100% parent,
Wadhwagroup Holdings Private Limited (WGHPL; 'IND BB+'/RWN).

The downgrade and placing on RWN reflect similar rating actions
taken on WGHPL.

KEY RATING DRIVERS

Strong Linkages with Parent: WGHPL has provided an irrevocable and
unconditional guarantee to the term loan raised by WCIPL for its
real estate project in Panvel. As of January 2020, the project
accounted for about 48% and 34% of WGHPL's expected sales in terms
of the total future area and sales value, respectively.
Furthermore, it accounted for more than 50% of the total area under
development of the company's ongoing projects and launched
projects. Also, WCIPL has received interest free loans of INR4,590
million from related parties (Wadhwa and Associates Realtors Pvt
Ltd), thus exhibiting strong strategic and operational importance.


Project Details: WGHPL plans to develop a 19.36 million square feet
(sf) township in Panvel; of this, development of 6.0 million sf has
started. The total project cost for the area of 6.0 million sf is
INR20.3 billion, which is being funded by equity worth INR4.5
billion of equity, debt of INR6.5 billion and internal accruals
amounting to INR9.3 billion. The company has already incurred land
cost of INR1.26 billion. The company plans to develop a commercial
area of 0.6 million sf, which would result in diversification of
the overall cash flows of the project. Out of the total project
cost, INR15.5 billion will be incurred for the residential project,
and the remaining for the commercial project.

Under the first phase of the project, which was launched in May
2018, WCIPL launched a total area of 1.2 million sf till February
2020. Of this, the company has already sold around 52%, recording
sales value of INR7,238 million. The company also launched a
bungalow scheme of 240 plots in FY20, achieving sales of 17% worth
INR750 million till February 2020. As of February 2020, the company
had recorded collections of INR2,479 million from the above two
projects.

Moderate Construction Risk: As the project is in the nascent
construction stages, it is exposed to construction-related risks.
Having received all the approvals for the residential segment
(total saleable area of 3 million sf), the company started
construction on 16 buildings as of January 2020 and is scheduled to
complete the same in three phases. Each phase would cover a
saleable area of around 1 million sf. This would enable the company
to defer the construction costs for the second and third phases in
the event of a slow offtake.

Experience of Parent Company: The agency also takes comfort from
WGHPL's strong track record of developing more than 15 million sf
over five decades.

RATING SENSITIVITIES

The rating will move in tandem with WGHPL's ratings.

COMPANY PROFILE

WCIPL is a wholly-owned subsidiary of WGHPL and is coming up with
its first real estate project in Panvel.


WADHWAGROUP HOLDINGS: Ind-Ra Lowers Term Loan Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Wadhwagroup
Holdings Private Limited's (WGHPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-' and has simultaneously placed it on Rating
Watch Negative (RWN). The Outlook was Stable.

The instrument-wise rating actions are:

-- INR21,940.7 bil. Term loan (Lease rental discounting) due on
     2020-2033 downgraded; placed on RWN with IND BB+/RWN rating;
     and

-- INR5.777 bil. Term loan due on 2020-2028 downgraded; placed on

     RWN with IND BB+/RWN rating.

The downgrade reflects the deterioration in the company's financial
profile in FY19. The RWN indicates the continued uncertainty around
the COVID-19 outbreak, which could delay the recovery in the sector
and thereby impact the credit and liquidity profiles of WGHPL in
the near term.

KEY RATING DRIVERS

Weakened Financial Profile: WGHPL's financial profile deteriorated
in FY19, primarily due to the increased debt levels because of the
funding requirements for new projects. During FY19, the company's
net leverage (net debt/(inventory+ receivables+ unbilled revenue +
advances to suppliers-customer advances-liabilities under JV))
deteriorated to 116% (FY18: 93%). Furthermore, while the company's
sales efficiency ratio (pre-sales/net debt) improved during FY19,
it remained moderate at 0.46x (FY18: 0.38x) due to the high debt
levels.  The gross debt, excluding lease rental discounting (LRD)
loans, increased by 25.6% YoY to INR27.3 billion in FY19.

Subdued Presales: The company's presales improved into INR12.7
billion in FY19 (FY18: INR8.4 billion) but were subdued INR3.3
billion during 9MFY20due to the lack of new launches. The COVID-19
outbreak in the country would result in a slowdown in construction
pace and sales velocity in the near term; this could impact WGHPL's
collections, exerting further pressure on its credit and liquidity
profile.

Liquidity Indicator - Stretched: As of December 2020, the balance
collection from already sold units amounted to INR6.8 billion,
while the undrawn debt was around INR7 billion, against which the
balance cost to be incurred on these projects stood at INR14.8
billion. This has resulted in limited financial flexibility.
Furthermore, the fixed construction time schedule under the Real
Estate (Regulation and Development) Act (RERA) and the high net
debt inventory ratio has hampered the company's ability to
refinance its near-term debt maturities. As of December 2019, WGHPL
had near-term debt maturities of INR4.0 billion and INR3.0 billion,
apart from interest cost of around INR3.3 billion and INR2.8
billion, in FY21 and FY22, respectively. Also, the company has
lease rental discounting obligations against its commercial
properties, for which the debt service coverage ratio is lower than
1.0x. The company plans to raise funds by divesting its commercial
properties; the proceeds would be used towards the repayment of
debt. During FY20, WGHPL sold a few units in one of its commercial
properties for a total amount of around INR1.5 billion. The company
expects to receive the proceeds in 1QFY21.

Geographic and Project Concentration Risk: The Mumbai Metropolitan
Region is likely to account for more than 90% of WGHPL's total
future sales over the medium term. Any significant fall in prices
or region-specific unfavorable event will severely impact the
company's cash flows. Furthermore, as of FY19, a single project,
Panvel Wise-City, accounts for about 48% and about 34% of the total
sales in terms of area and value, respectively. This project is in
the nascent stage of development and is exposed to construction
risk, leading to uncertainty over future collections.  

Cyclicality and Regulatory Risk: The Indian real estate industry is
highly cyclical with volatile cash flows. Moreover, the real estate
sector is subject to multiple regulatory approvals; thus, the
timely receipt of regulatory approval is critical for the timely
launches of new projects and sales/collections.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra shall resolve the RWN once the agency receives clarity about
the longevity and severity of the COVID-19 outbreak and its impact
on WGHPL's financial and liquidity profile.

COMPANY PROFILE

WGHPL has been executing residential projects since 1971. It has
completed more than 56 residential and 24 commercial projects to
date, with a total saleable area of more than 11 million sf. The
company also generates revenue from lease rental income from its
commercial properties, which accounted for around 22% of the total
consolidated FY18 revenue of the company.


WB STATE ELECTRICITY: CARE Lowers Rating on INR500cr Loan to 'B'
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of West
Bengal State Electricity Distribution Company Limited (WBSEDCL),
as:

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Secured Redeemable       250.0      CARE B; Stable Revised from
   Bond Issue–                         CARE BBB-; Negative
   Series I Tranche I       
                                       
   Secured Redeemable       250.0      CARE B; Stable Revised from
   Bond Issue–                         CARE BBB-; Negative
   Series I Tranche I       
                                       
   Secured Redeemable       500.0      CARE B; Stable Revised from
   Bond Issue – Series II              CARE BBB-; Negative

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bond issue of West
Bengal State Electricity Distribution Company Limited takes into
account ongoing delays in repayments of instalments due of
Government of West Bengal (GoWB) guaranteed Pension Trust Bonds as
well as loan taken from GoWB (which was payable during FY19 as
reported by the auditor in the FY19 Audit Report) coupled with
continued losses incurred by the company resulting in weak
financial performance and stressed liquidity position in view of
cash losses.

The ratings are constrained by leveraged capital structure in FY19
(refers to the period from April 1 to March 31) and H1FY20,
regulatory risk relating to revision in tariff, operational
inefficiency on account of higher distribution loss as compared
with the normative levels, significant build-up of regulatory
assets due to non-revision/delay in tariff/truing up order, risk
associated with execution and implementation of on-going projects
and pending reconciliations and accounting adjustments arising out
of unbundling exercise.

The rating constraints are however offset by the 100% ownership of
GoWB and support in the form of short term loans, large
distribution network across the state of West Bengal, favorable
consumption mix, 100% collection efficiency in FY19 and regulated
nature of operations with cost-plus based tariff supported by
operational Monthly Variable Cost Adjustment (MVCA) for passthrough
of increase in power purchase cost.

Rating Sensitivities

Positive Factors

  * Liquidation of Regulatory Asset leading to improvement in
    liquidity profile of the company.

  * Regularity in debt repayment obligations.

  * Company earning sufficient cash profits to meet its debt
    repayment obligations on a sustained basis.

  * Improvement in PAT margins (3%) and overall gearing ratio
    (3x) on a sustained basis.

Negative Factors

  * Continued cash losses incurred by the company.

  * Delay in approval of tariff and truing up of orders by
    WBERC.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in Repayment of GoWB guaranteed Pension Trust Bonds and
loan taken from West Bengal government:  WBSEDCL has defaulted in
payment against the Government Guaranteed Pension Trust Bond 2016
to the extent of INR255.00 crore which was payable during the year
(FY19). As per the management, the Government Guaranteed Pension
Trust Bond was raised by erstwhile West Bengal State Electricity
Board (WBSEB) and subscribed by pension trust of GoWB. The bond was
issued in 2007 and repayable in 5 equal instalments after a 10 year
moratorium period. At the time of unbundling of WBSEB, WBSEDCL
inherited it with no pass through in tariff. However, the company
had filed in its FY18 tariff petition for pass through of the
principal repayment of the Bond which was approved by WBERC in its
Tariff Order for FY18. Hence, the company made the repayment of the
bond for FY18. However, since the company has not received the
Tariff Orders for FY19 and FY20 wherein company have filed for pass
through of such repayment, hence the company has not repaid the
principal amount which was payable in FY19 and FY20.  WBSEDCL has
defaulted in respect of loan from Government of West Bengal to the
tune of INR10.46 crore payable in FY19. As per management, the
company is repaying the loan in tranches in FY20 and the last
repayment of the defaulted amount is expected to be repaid by March
31, 2020.

* Regulatory risks relating to revision in tariffs:  WBSEDCL is
exposed to regulatory risk associated with delay in receipt of
tariff order and non-allowance of expenses by the Commission.
Tariff order for FY15 (Rs.6.58/kwh) was issued on Mar.04, 2015, for
FY16 (Rs.6.55/unit) on Aug. 10, 2015 and that for FY17
(Rs.6.89/kwh) was issued on Oct. 28, 2016. Tariff order for the
year FY17-18 has been issued on July 04, 2018, wherein tariff of
INR6.89 has been allowed for the year. Also, in the absence of
Tariff Order of WBERC for FY19, the company charged tariff as
applicable for FY18. The company has already filed APR for FY14 –
FY18, the order of which is yet to be issued. WBSEDCL has filed the
tariff petition for FY19 and FY20. Delay in tariff order and truing
up has led to build up of huge regulatory asset exposing the
company to weak liquidity.

* Distribution loss higher than normative levels although
improvement witnessed in FY19 - 9MFY20:  The operational efficiency
of WBSEDCL has been mired by the high level of distribution losses
over the years. The same remained higher than the normative levels
of 17.5% mainly due to legacy distribution infrastructure and
execution of massive rural electrification schemes of State and
Central Government [time lag of 3-4 months in bringing the newly
added consumers into the billing cycle]. However, in FY19, the same
improved to 22.97% in FY19 and further to 19.8% from 26.66% in FY18
as a result of improvement in collection efficiency and
modernization of legacy infrastructure.

* Significant build-up of Regulatory Asset (RA):  Recovery of
accumulated regulatory assets which has reached INR13,684 crore as
on September 30, 2019 (mainly financed through short-term loans /
GoWB loans) from INR11,910 crore as on March 31, 2018 is critical
to WBSEDCL's deleveraging. However, there is no clarity on the
timeline of approval for tariff order for FY19 - FY20 and APR from
FY14 onwards. Tariff order for FY21 has not yet been filed. In line
with Regulatory norms, the company will recover these Regulatory
Assets once both tariff orders and APRs are approved.

* Ongoing project:  WBSEDCL, being a state power distribution
utility, is implementing various power distribution related
projects. Projects under rural electrification programmes are,
however, entirely funded through State Government loans. In such
projects (classified as plan scheme projects), the company acts as
a nodal agency of the Ministry of Power, GoWB, and executes
projects out of fund received through govt. grants/loans. The
proposed project expenditure is determined under each plan period
and funds are allocated accordingly. Besides, the company is also
executing upgradation and renovation projects (classified as
non-plan scheme projects) which are financed at a debt-equity ratio
of 7:3, being in line with the regulatory norms. Equity portion is
majorly contributed through consumer contribution and government
grants. Overall, WBSEDCL is undertaking capital expenditure
aggregating INR2700 crore during FY20-FY21, majorly financed under
various State and Central Govt. schemes (grants/loans under RGGVY,
BRGF and R-APDRP, IPDS) and loans from PFC/REC.

* Weak financial performance and leveraged capital structure in
FY19 and H1FY20:  Net sales of the company witnessed a growth of
8.25% y-o-y in FY19 on account of increase in tariff from
INR7.09/unit in FY18 to INR7.14/unit in FY19 along with increase in
number of units sold. However, the power purchase cost increased
from INR3.72/unit in FY18 to INR4.09/unit in FY19 leading to
decline in PBILDT margin from 11.23% in FY18 to 9.98% in FY19. Net
loss of the company also increased from INR40 crore in FY18 to
INR44 crore in FY19. The company incurred cash loss of INR348 crore
in FY19 (adjusted for Regulatory income) and the repayments were
mainly met out of refinancing of loans. Interest coverage ratio
however, witnessed a slight improvement from 1.51x in FY18 to 1.57x
in FY19. In H1FY20, WBSEDCL's total income witnessed a growth of
19.64% y-o-y. However, the PBILDT margin witnessed a decline from
9.8% in H1FY19 to 8.9% in H1FY20. The company earned a PAT of INR14
crore in H1FY20 against a net loss of INR24 crore in H1FY19.
However, the company continued to incur cash loss of INR48 crore in
H1FY20.

The capital structure of the company though improved slightly in
FY19, continued to remain moderate and witnessed deterioration in
H1FY20. Overall gearing ratio which witnessed slight improvement
from 5.43x as on March 31, 2018 to 4.94x as on March 31, 2019 on
account of repayment of short term loans out of lien marked fixed
deposits which was available with the company, deteriorated again
to 5.22x as on September 30, 2019 on account of increase in working
capital utilisation along with refinancing of loans.

Key Rating Strengths

* Wholly owned undertaking of GoWB:  Incorporated on February 16,
2007 as a wholly owned subsidiary of GoWB via spin-off of WBSEB,
the company is involved in carrying out the power distribution
activity of WBSEB as a separate dedicated company. GoWB gave grant
of INR2,033 crore and INR614 crore in FY17 -; FY18 respectively.
The same has been utilized towards repayment of loan from GoWB
(taken for funding regulatory asset). Further, GoWB has
demonstrated fund support of INR500 cr in FY19 in the form of
short-term loan which was repaid within Mar 31, 2019. GoWB, in
turn, has again provided a short term loan of INR500 crore to
WBSEDCL in FY20 which is to be repaid in March 2020.

* Largest power distribution entity in the State of West Bengal:
WBSEDCL is a major power utility of West Bengal with consumer
strength of over 1.91 crore with distribution spanning among 5
zones through 20 regional offices, 72 distribution divisions and
512 customer care centers. The licensed area of the company covers
almost the entire State of West Bengal, barring the licensed area
catered by other licensees. High Collection efficiency and metering
of supply WBSEDCL has almost 100% metered supply for domestic,
industrial customer segments and for agricultural segments. The
company's billing procedure is fully computerized thereby leading
to efficient collection mechanism. The collection efficiency has
been satisfactory over the last few years. The collection
efficiency improved to 100% in FY19 against 99.06% in FY18.

* Favourable consumption mix:  With a large urban/ semi urban
profile of the license area, WBSEDCL has a favourable consumption
mix with high tariff segments (such as commercial & industrial)
accounting for about 50% of the consumption and domestic
consumption accounting for about 33% of the consumption in FY19.

* Power purchase from various utilities with major purchases from
WBPDCL:  WBSEDCL, as a distribution licensee, purchases power from
various power generating entities as per the power purchase
agreement (PPAs). The company majorly purchases power from the
state utility, WBPDCL, which accounted for about 52% of the total
power purchase (in unit terms) in FY19 as compared to 56% of the
total power purchase (in unit terms) in FY18. WBPDCL is the main
power generation utility of West Bengal with an installed capacity
of 4,865 MW. Besides, it also sources power from other central
public generating entities, which accounted for about 28% of the
total power purchases in FY19 as compared to 24% of the total power
purchases in FY18. The balance requirement of power was met through
purchases from the power exchanges and the private utilities. The
company owned generation unit contributed 1,661 mu to the total
power availed in FY19 (1,437 mu in FY18).

* Regulated operations under cost-plus tariff scheme:  Under the
WBERC Tariff Regulations, 2011, WBSEDCL files with WBERC an
application indicating the Annual Revenue Requirement (ARR)
depending on the expected cost of distribution and return on equity
(16.5%). In case of higher fuel; power purchase cost incurred (than
allowed in tariff determination), the company submits petition for
Fuel and Power Purchase Cost Adjustment (FPPCA) to be allowed in
the future tariff. The company is charging MVCA of INR23p/unit
since July 2016.

Liquidity: Stressed

The liquidity profile of the company is stressed as the company is
incurring cash losses due to huge build-up of regulatory assets
from INR11,910 crore in March 31, 2018 to INR13,684 crore as on Sep
30, 2019 due to tariff order for FY19 - FY20 and truing up from
FY14 which is pending. Apart from the same, losses are also on
account of higher than normative AT&C losses (26% in FY18, 22% in
FY19, 19.8% in 9MFY20 vis-a-vis normative rate of 17.5%). The same
has been funded mainly through short term loans.

The company had a repayment obligation of INR2201 crore in FY20 out
of which the company has already repaid INR1866 crore till February
29, 2020. The repayment was met out of refinancing of loans of
INR1616 crore and balance out of utilisation of cash credit limits.
Out of the balance repayment of INR335 crore, INR306 crore is for
the GoWB guaranteed pension trust bond which the company has not
repaid pending approval of Tariff orders for FY19 and FY20. The
average utilization of fund based limits for the past 12 months
ending Feb 29, 2020 stood at 78% indicating availability of
unutilized limits.

Incorporated in 2007, WBSEDCL, wholly owned by the GoWB, is engaged
in the power distribution business in the State of West Bengal. The
company has been formed as a part of the unbundling of West Bengal
State Electricity Board (WBSEB). WBSEDCL is dedicated towards the
distribution business while the power generation business is
carried by West Bengal Power Development Corporation Limited
(WBPDCL) and transmission activity vests with West Bengal State
Electricity Transmission Company Limited (WBSETCL; rated CARE BBB+;
Stable/CARE A2).

WBSEDCL has the power distribution licensee for nearly the entire
state of West Bengal except for certain areas which are catered by
the private distribution licensees. Besides power distribution,
WBSEDCL also has hydel power generation capacity of 176.55 MW of
erstwhile WBSEB and 50MW solar power plant.

As per WBERC's tariff order dated July 4, 2018, the average tariff
for FY18 is INR6.89/unit (no change from INR6.89/unit for FY17).
Besides this, the company is charging MVCA of 23p/unit since July
2016. Tariff orders from FY19 onwards have not yet been received.




=================
S I N G A P O R E
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EAGLE HOSPITALITY: Forms Special Committee for Talks with Lenders
-----------------------------------------------------------------
Fiona Lam at The Business Times reports that a special committee of
directors has been set up to safeguard value for and protect the
interests of Eagle Hospitality Trust's (EHT) stapled security
holders.

According to the report, the five-member committee comprises all of
EHT's independent directors and the managers' chief executive
officer. They are Carl Gabriel Florian Stubbe (chairman of the
special committee), Davy Lau, Tarun Kataria, Kelvin Tan Wee Peng
and Salvatore Takoushian.

They will oversee, among other items, matters relating to the
strategic review and the voluntary trading suspension announced
last week, EHT's managers said on April, BT relays.

On March 24, the managers suspended trading in EHT securities while
disclosing that they had received a demand for the immediate
repayment of a US$341 million syndicated loan. Bank of America
(BofA), the administrative agent for a syndicate of lenders that
provided the loan, issued a notice of default and acceleration to
the managers, the report recalls.

BT says the special committee will thus also engage and discuss
with BofA and the syndicate lenders in respect of the facilities
agreement and the notice of default and acceleration.

The committee is in the process of selecting a financial adviser,
the managers said on April 1.

It has also been engaging "on multiple fronts" with BofA and the
syndicate lenders as well as other counterparties, including the
master lessees and EHT's other lenders, the managers, as cited by
BT. said.

BT says the committee is aiming to obtain a longer-term forbearance
agreement with BofA and the syndicate lenders, including a
"consensual strategy" moving forward.

To this end, EHT has entered into documentation with BofA and the
lenders to facilitate and govern further discussions, and for a
temporary forbearance from exercising their asserted rights and
remedies pending further talks.

The key conditions to the temporary forbearance are that payment of
the distribution to EHT stapled security holders must be suspended
and no withdrawals may be made from the distribution bank account
while discussions with BofA and the syndicate lenders are ongoing.

The distribution of 3.478 US cents per security was thus not paid
to holders on the original scheduled payment date of March 30,
2020, as had been announced last week. The distribution is for the
period from EHT's listing date of May 24, 2019 to Dec. 31, 2019.

"There is no certainty or assurance as to if and when the
distribution can or will be made at all," the managers reiterated
on April 1.

They added that they are "working as quickly as possible" to
achieve the best outcome for EHT stapled security holders amid the
"dire" global hospitality environment, reports BT.

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.




===========
T A I W A N
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UNITED RENEWABLE: Annual Loss Widens to NT$5.77BB in 2019
---------------------------------------------------------
Lisa Wang at Taipei Times reports that United Renewable Energy Co
said that losses last year widened to NT$5.77 billion (US$190.72
million), due to a significant asset impairment loss and constant
price declines in solar products.

Last year's losses deepened from losses of NT$605.17 million in
2018. Losses per share also worsened to NT$2.26, from NT$0.42, the
report discloses.

Taipei Times relates that URE attributed last year's poor results
to an asset impairment loss of NT$1.62 billion as it retired a
batch of outdated manufacturing equipment.

That came as the company sought to move away from manufacturing
polysilicon solar cells to stem losses, it said in a statement.

As part of its turnaround efforts, URE said that it is
concentrating on better-margin, own-brand solar module assembly and
solar power system installation businesses, according to Taipei
Times.

The efforts have shown progress, as gross margin improved to
minus-5 percent last year, from minus-7 percent the previous year,
while revenue from solar module and solar system installation has
increased significantly, the statement said, Taipei Times relays.

Taipei Times says URE gave an upbeat outlook for this year, saying
it has received a major order to install solar systems in Taiwan.

Orders have reached the limit of its capacity, the company added.

Local demand would fuel its revenue growth this year, as the
government aims to add 2.2 gigawatts (GW) of new solar systems to
bring total installed capacity to 6.5GW this year, URE said, Taipei
Times relays.

Taipei Times relates that demand from local enterprises would also
climb this year as heavy power users, mostly manufacturers, must
abide by a new rule that requires them to source 10 percent of
their overall power consumption from green energy sources within
five years, it said.

However, the COVID-19 pandemic has disrupted the company's
turnaround progress.

URE expects its production to return to full capacity this month
after the pandemic disrupted the solar supply chain in the first
quarter, the statement, as cited by Taipei Times, said.

United Renewable Energy Co., Ltd. of Taiwan researches, develops,
and manufactures solar energy equipment. The Company produces solar
cells, solar modules, and solar systems. United Renewable Energy
conducts businesses in Taiwan.




===============
X X X X X X X X
===============

[*] ASIA: Manufacturing Activity Data in Point to Recession
-----------------------------------------------------------
The Financial Times reports that industry across Asia is suffering
a grave but not yet catastrophic slowdown as the impact of the
coronavirus hits home, according to the latest round of business
surveys from around the region.

The FT relates that purchasing managers' indices from Japan, South
Korea, Thailand, the Philippines, Indonesia, Malaysia and Vietnam
all pointed towards recession, while more positive data from China
and Taiwan suggested only stabilisation at a low level of activity,
not a rapid turnround.

According to the FT, the figures show how industry across the
region has suffered from lockdowns to control the coronavirus, as
well as falling global demand, although the slowdown has not yet
hit the same depths as during the financial crisis of 2008-09.

The PMI readings also suggest that ramping up manufacturing
activity in China will be a slow process and may not provide much
support to the regional economy, the report says.

"[China's] manufacturing sector was under double pressure in March:
business resumption was insufficient; and worsening external demand
and soft domestic consumer demand restricted production from
expanding further," the FT quotes Zhengsheng Zhong, chief economist
at CEBM Group, as saying.

The Caixin-Markit manufacturing purchasing managers' index for
China rose to 50.1 in March from the previous month's record low of
40.3. That was above a Reuters poll forecasting a print of 45.5.

But while a figure above 50 means a majority of purchasing managers
think conditions are getting better, Robert Carnell and colleagues
at ING said the data pointed to stabilisation of the grim
conditions prevailing in February, rather than a rapid recovery.
"This is not a V-shaped recovery," they said, the FT relays.

In South Korea, the PMI fell from 48.7 in February to 44.2 in
March, the worst in 11 years, the FT discloses. The index hit
all-time lows in Thailand at 46.7; the Philippines at 39.7; and
Vietnam at 41.9. In each case, the readings pointed to a sharp
contraction in factory output.

South Korea initially reported one of the worst Covid-19 outbreaks
outside of China but the country's rate of daily new infections
slowed to around 100 in recent weeks from more than 900 in late
February. The country reported 101 new cases on April 1, taking the
total caseload to 9,887.

"Although South Korea has succeeded in 'flattening the
curve' .  .  .  it has still succumbed to a substantial
economic shock," the report quotes Joe Hayes, an economist at IHS
Markit, as saying.

In Japan, the Jibun Bank PMI fell to 44.8 in March, down from 47.8
in February, the FT notes. The Bank of Japan's closely watched
Tankan index for large manufacturers also fell into negative
territory, at minus 8 compared with the previous reading of zero.
That suggests a relatively mild slowdown so far but hints at worse
to come.

"The outcome was obviously poor but for large companies, both in
manufacturing and non-manufacturing, they were better than
consensus expectations, both in terms of the current situation and
the outlook," the FT quotes John Vail, chief global strategist at
Nikko Asset Management in Tokyo, as saying.  "The numbers do not
indicate any panic, unlike some parts elsewhere in the world," he
said.



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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