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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, June 11, 2020, Vol. 23, No. 117

                           Headlines



A U S T R A L I A

ARMA SECURITY: First Creditors' Meeting Set for June 18
DR ROEBUCK'S: Second Creditors' Meeting Set for June 17
PACIFIC BAUXITE: Second Creditors' Meeting Set for June 18
SOUTHERN FRESH: First Creditors' Meeting Set for June 18
SPEEDCAST COMM.: Moody's Rates $90MM New Money DIP Facility 'Ba2'



C H I N A

21VIANET GROUP: S&P Lowers ICR to 'B' on Weak Parental Support
HILONG HOLDING: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'CC'
HILONG HOLDING: Moody's Cuts CFR & Sr. Unsec. Ratings to 'B3'
IDEANOMICS INC: Board Approves Reduction of Debt Conversion Price
MUDANJIANG CITY: Fitch Affirms Then Withdraws 'BB-' LT IDRs

RADIANCE GROUP: Fitch Rates New USD Sr. Unsecured Notes 'B'


H O N G   K O N G

CATHAY PACIFIC: Hong Kong Approves $5 Billion Bailout


I N D I A

ALANG SHIP: CARE Lowers Rating on INR4.0cr Loan to B+
ALP NON-WOVEN: CARE Keeps D INR6.41cr Debt Rating in Not Coop.
ARC LAMICRAFT: Insolvency Resolution Process Case Summary
ARYA FIN-TRADE: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
BAHARAMPORE FARAKKA: CARE Cuts INR745.04cr Loan Rating to D

FARAKKA RAIGANJ: CARE Cuts INR969.67cr Loan Rating to D, Not Coop.
FORTUNE CARS: CARE Lowers Rating on INR19.50cr LT Loan to C
GEMINI PACK: CARE Cuts INR10cr LT Loan Rating to D, Not Coop.
GLOBAL FOOTWEAR: CARE Cuts INR0.88cr Loan Rating to B, Not Coop.
HANDICRAFTS AND HANDLOOMS: CARE Cuts Rating on INR5cr Loan to C

IMAGICAAWORLD: CARE Reaffirms D Rating on INR1015.84cr Debt
JAGATH MILK: CARE Lowers Rating on INR9.87cr LT Loan to 'C'
JBF INDUSTRIES: CARE Reaffirms D Rating on INR1,600cr ST Loan
KOMAL SINGH: CARE Lowers Rating on INR7.69cr LT Loan to B-
M.P.K. ISPAT: CARE Keeps 'D' Debt Ratings in Not Cooperating

M.P.K. STEELS: CARE Keeps 'D' Debt Ratings in Not Cooperating
ORANGE AUTOMOTIVE: CARE Lowers Rating on INR9.50cr LT Loan to B-
P. PATEL: CARE Lowers Rating on INR2.0cr Long-Term Loan to B+
REVASHANKAR GEMS: CARE Lowers Rating on INR40.0cr Loan to B
RY MIDAS: CARE Lowers Rating on INR29.0cr LT/ST Loan to B+/A4

S.J. MEMORIAL: CARE Lowers Rating on INR11.82cr Loan to B
SALASAR AUTOCRAFTS: CARE Lowers Rating on INR18.75cr LT Loan to C
SALORA INT'L: CARE Lowers Rating on INR55.0cr LT Loan to B-
SHIVTEX SPINNING: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
SHREE MANDVI: CARE Keeps D INR53.91cr Debt Rating in Non-Coop.

SREE GOURIPUTRA AGRO: CARE Lowers Rating on INR6.0cr LT Loan to B-
SWASTIK GINNING: CARE Lowers Rating on INR7.00cr Loan to 'B'
TECHNO SAT: CARE Keeps D INR14.0cr Debt Rating in Not Cooperating
THREE BROTHERS: CARE Lowers Rating on INR5.0cr LT Loan to B+
VAIBHAV COTEX: CARE Keeps B+ on INR10.70cr Debt in Not Cooperating

VAIBHAV COTGIN: CARE Keeps B+ INR13.50cr Debt Rating in Not Coop.


S I N G A P O R E

HYFLUX LTD: Aqua Munda to Make Offer to PnP Holders, Sias Says


S O U T H   K O R E A

ASIANA AIRLINES: Creditors Ready to Negotiate Terms of Sale


S R I   L A N K A

SRI LANKA: May Force Economy 'Reset' on Distressed Sovereign Debt


X X X X X X X X

[*] AsPac Aviation Sector Forecast to be Worst Hit from Covid-19

                           - - - - -


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A U S T R A L I A
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ARMA SECURITY: First Creditors' Meeting Set for June 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Arma
Security Service Pty Ltd will be held on June 18, 2020, at 10:30
a.m. at Level 1, at 255 Mary Street, in Richmond, Victoria.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Arma Security on June 5, 2020.

DR ROEBUCK'S: Second Creditors' Meeting Set for June 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Dr Roebuck's
Australia Pty Ltd has been set for June 17, 2020, at 11:30 p.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 June 16, 2020, at 4:00 p.m.

Barry Frederic Kogan and Katherine Sozou of McGrathNicol were
appointed as administrators of Dr Roebuck's Australia on May 12,
2020.

PACIFIC BAUXITE: Second Creditors' Meeting Set for June 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of Pacific Bauxite
Limited has been set for June 18, 2020, at 9:00 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 June 17, 2020, at 5:15 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Pacific Bauxite on Dec. 23, 2019.

SOUTHERN FRESH: First Creditors' Meeting Set for June 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Southern
Fresh (Aust) Pty Limited will be held on June 18, 2020, at 12:30
p.m. at 'One Wharf Lane', Level 20, at 171 Sussex Street, in
Sydney, NSW.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Southern Fresh on June 10, 2020.


SPEEDCAST COMM.: Moody's Rates $90MM New Money DIP Facility 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating on the $90 million
Senior Secured Super-Priority New Money Debtor-in-Possession
facility and B1 rating to the $90 million Senior Secured Super
Priority Term Loan, DIP Roll-up issued by SpeedCast Communications,
Inc. Its rating on the DIP facility is being assigned on a
"point-in-time" basis, will not be monitored going forward, and
will have no outlook assigned to the rating. Moody's intends to
withdraw the DIP facility rating as soon as practicable.

Moody's withdrew all previous ratings assigned to Speedcast
International Limited on April 24, 2020, following SpeedCast's
April 23, 2020 filing for relief under Chapter 11 of the US
Bankruptcy Code, including 33 entities, in the US Bankruptcy Court
Southern District of Texas. In connection, a petition for a $180
million DIP facility was filed in an interim order [1]. The Court
approved, in a final order [2] on May 20, 2020, a $90 million
Senior Secured Term Loan Super-Priority Debtor-in-Possession
facility (new money) and $90 million Senior Secured Term Loan, DIP
Roll-up (roll-up). The order allows for an initial and immediate
draw of $35 million to pay critical vendors, and an additional
delayed draw of up to $55 million, and stipulates a carve-out of up
to $7 million (carve-out) that is senior to the DIP lenders and
will be used to pay professional fees, including reasonable
transaction fees and expenses. Moody's ratings reflect the
assumption that the full availability of the $90 million new money
loan proceeds will used and are sufficient to fund operations
through the end of October 2020 when the Company is expected to
emerge from bankruptcy.

The claims and liens of the roll-up loans are subordinate (e.g.
second-out) to the new money (e.g. first-out) loans, and both DIP
lenders (new money and roll-up) are subordinate to a lien
carve-out. Both loans (the new money and roll-up) effectively have
a first lien on all assets (including the government business) via
a fully perfected, first priority, senior secured interest on all
unencumbered property, a fully perfected first priority senior
priming security interest on all prepetition and post-petition
property of the DIP Loan Parties, and a fully perfected junior lien
on all tangible and intangible prepetition property of the DIP Loan
Parties. Moody's doesn't believe the collateral subject to the
junior lien is substantial. The DIP facility is not subject to
borrowing base conditions but does require minimum cash collateral
of $10 million, budget variances to remain under 10% with certain
exceptions, and weekly reporting. Other customary features include
voluntary and mandatory repayment provisions. The new money loan
pays cash interest at a rate of LIBOR plus 8% (eurocurrency, 7% for
ABR) with a 2% LIBOR floor. The roll-up loan pays cash interest of
LIBOR plus 1.75%.

Assignments:

SpeedCast Communications, Inc.

$90 million Senior Secured Term Loan, Super-priority New Money DIP
due 2021, Assigned Ba2

$90 million Senior Secured Term Loan, Super Priority DIP Roll-up
due 2021, Assigned B1

RATINGS RATIONALE

The Ba2 rating on the $90 million Senior Secured Super-priority New
Money DIP facility and B1 rating on the $90 million Senior Secured
Term Loan, DIP Roll-up incorporates and reflects the senior secured
super-priority position of the claims and a number of factors
including the cause of the bankruptcy, the nature and scope of
reorganization, the structural features of the DIP facility, size
of the DIP facility relative to pre-petition debt and collateral
coverage of the DIP facility.

Moody's believes the bankruptcy was caused by a number of issues
including the severe challenges that SpeedCast and its key
customers faced because of the significant disruptions in their
operations and falling oil prices amid the coronavirus outbreak
which strained cash flows and liquidity. The rapid and widening
spread of the coronavirus outbreak, the deteriorating global
economic outlook, falling oil and asset price declines are creating
a severe and extensive credit shock across many sectors, regions
and markets. The combined credit effects of these developments are
unprecedented. Specifically, the cruise and energy industries --
two important end-markets for SpeedCast (around one-third of
revenue in 2019, in its estimate) -- have been significantly hurt
by the spread of the virus. Moody's believes that cruise
cancellations and oil rig closures will significantly hurt demand
for SpeedCast's satellite communications services in 2020, and
potentially beyond. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

The company plans to emerge from bankruptcy at the end of October
2020, but has not yet filed a formal plan of reorganization (not
due until after June 12. 2020). However, Moody's understands the
informal plan includes a restructuring and recapitalization to
reduce leverage. The restructuring includes cost savings
initiatives and the investigation into the separation
(post-bankruptcy) of SpeedCast's government business which was
approximately 21% of 2019 revenues. The company has filed a
detailed 26-week cash flow forecast (in connection with the order)
which projects cash receipts of approximately $252.3 million, cash
disbursements of $287.1 million, producing negative cash flows of
$32.7 million after paying professional and other fees of
approximately $40 million. This deficit will be funded with total
sources of approximately $93.3 million consisting of $38.3 million
in unrestricted cash and $90 million in DIP new money. Moody's
believes the budget excludes the cash flows of the government
business which are non-debtors in this bankruptcy. Based on the DIP
budget, there will be approximately $2.9 million in unrestricted
cash and $24.8 million in total cash remaining by the end of the
26-week period, ended October 31, 2020. Moody's believes the cash
balances projected reflect the initial $35m draw on the new money
DIP, which in large part funded a pre-payment (through June 30,
2020) for services (specifically bandwidth) to Intelsat,
SpeedCast's primary vendor. The order recognizes an additional $44
million in claims for services to be delivered by Intelsat after
June 30, 2020.

Moody's believes the reorganization is somewhat complex despite a
business that is relatively small in scale (approximately $772
million in revenue), a planned bankruptcy that is relatively short
in duration (about 6 months), and capital required to transform the
business that is relatively modest (approximately $40 million, no
earlier than Q4 2020). Complexity is attributable to vendor claims
that are relatively large (greater than 10% of post-petition
obligations), multiple claim priorities (DIP loan carve-out, DIP
loan new money, DIP loan roll-up, and all non-DIP lenders), a
reorganization that includes the sale/divestiture of the government
business, and a recapitalization to reduce the burden of
post-petition leverage that Moody's estimates to be >16x upon
emergence. This elevated leverage reflects the effect of
coronavirus on financial performance in 2020.

The structural features of the DIP facility include a balance
between new money and rollover amounts (50/50), guarantees provided
by all principal operating units but not all subsidiaries, most of
the collateral protection is achieved through first liens, but
there is some reliance on second liens, and collateral coverage is
largely provided by more-liquid assets, such as cash and cash
equivalents, accounts receivables and inventories, but there is
some reliance on fixed assets (which Moody's estimates is no more
than 40% of total asset values). Moody's also assumes the DIP
facility is not subject to borrowing base conditions but does
require minimum cash collateral of $10 million, budget variances to
remain under 10% with certain exceptions, and weekly reporting.
Other customary features include voluntary and mandatory repayment
provisions.

Moody's estimates the $180 million face value of the DIP is between
20%-30% of pre-petition debt obligations that Moody's believes is
at least $680 million as of March 31, 2020 or later, to the extent
known, which is principally the outstanding pre-petition bank
credit facility of $679.6 million. Both the new money and roll-up
DIP claims are, independently, approximately 10%-20% of Moody's
estimate of pre-petition claims.

Moody's estimates the collateral value is 1.25-2.0x the $180
million DIP facility, after carving out $7 million for fee
obligations that are considered senior to the DIP lenders. In its
estimate of collateral value, Moody's considered (a) the purchase
price of recent acquisitions, (b) an estimate of projected EBITDA
based on multiple inputs including the most recent DIP cash flow
budget and management's financial projections, (c) comparable
EBITDA trading multiples (between 2x -- 3.5x), and (d) an estimate
of asset values including of the government business. Although the
government business will be divested and is not a debtor in the
bankruptcy, the DIP lenders have a super priority lien on these
assets which Moody's believes has substantial value. Based the
recent purchase price of the business and its relatively stable
operating performance, Moody's estimates at least one half of
Moody's estimated total collateral value is attributable to this
segment.

SpeedCast International Limited is a global provider of satellite
communications and network services to the maritime and energy
industries, enterprise customers and governments. The company
designs, implements, integrates, operates and maintains
communication networks and solutions by combining the satellite
capacity purchased from satellite operators, network infrastructure
and value-added services.

The principal methodology used in these ratings was
Debtor-in-Possession Lending published in June 2018.

These ratings are assigned on a point-in-time basis and will be
withdrawn as soon as practicable, before which it is subject to
monitoring.



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C H I N A
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21VIANET GROUP: S&P Lowers ICR to 'B' on Weak Parental Support
--------------------------------------------------------------
On June 9, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on 21Vianet Group Inc. to 'B' from 'B+'. At the same
time, S&P lowered the long-term issue rating on the company's
senior unsecured notes to 'B' from 'B+'.

Rising liquidity issues at TUS-Holdings could reduce its ability to
provide ongoing support to 21Vianet. TUS-Holdings' ability to
provide ongoing support to 21Vianet, a supporting factor for the
rating, is weakening. As of March 31, 2020, TUS-Holdings is facing
significant liquidity shortfall with cash and short-term
investments of Chinese renminbi (RMB) 450 million compared to about
RMB11 billion of short-term borrowings.

Liquidity issues at TUS-Holdings are likely to significantly reduce
its ability to provide ongoing financial and operational support.
Such support has historically included the parent's involvement in
the disposal of 21Vianet's loss-making managed network services in
2017 and leasing out some of TUS-Holdings' premises in Beijing to
21Vianet's IDC operations on an arms-length basis.

21Vianet's board composition limits the likelihood of negative
intervention. 21Vianet's board and voting composition protects the
company from significant parental influence on its business
operation and financial management. TUS-Holdings is only allocated
one director on 21Vianet's eight-member board of directors despite
it holding 50.7% of voting rights as of Dec. 31, 2019. The
remainder of the board is composed of five independent directors,
the founder, and a representative from Kingsoft Corp. Ltd. (another
substantial shareholder).

In addition, 21Vianet's issuance of 60,000 class C ordinary shares
to its founder in October 2019 has granted the recipient veto
rights in the annual general meeting on significant matters. These
include appointment or removal of directors, initiation of new
arrangement with shareholders owning over 10% of outstanding
shares, and proposed amendments to memorandum and articles of
associations.

High leverage and reducing liquidity buffer limit rating upside in
the next 12 months. S&P forecasts 21Vianet's debt-to-EBITDA ratio
to stay above 5.0x over the next two years, from 5.0x in 2019.
Additionally, the company is facing rising liquidity pressure given
sizable debt maturities and significant capital spending over the
next 18-24 months.

S&P said, "Our debt leverage forecast is based on the company's
planned capacity expansion of around 15,000 new cabinets annually
over the next two years and possibly even more considering the
government's supportive policy for IDCs. The scale of the expansion
could also result in execution risks should utilization for new
cabinets not materialize as expected, straining profitability.

"We expect 21Vianet's EBITDA margin to be 31%-34% over the next two
years, compared with 33.4% in 2019. EBITDA margin in the quarter
ended March 31, 2020, was 31.8% due to utilization falling to
60.4%, from 65.6% over the same period last year, as new cabinets
were added.

"We also see rising liquidity pressure for 21Vianet over the next
two years. This is given sizable capital expenditure of RMB2.4
billion-RMB2.8 billion annually over the next two years and the
maturity of its US$300 million bond in October 2021." Despite signs
of improving domestic banking relationships, 21Vianet still faces
an uncertain overseas funding environment given the global economic
slowdown caused by the COVID-19 pandemic.

Wholesale IDC projects will contribute sizable and stable cash
flow. 21Vianet is on track to diversify its business exposure and
customer base through developing the wholesale IDC business. The
move may entail larger capital expenditure and lower internal
required return compared to retail IDC projects. Yet, wholesale IDC
could become a major source of stable cash flow in the long run. We
estimate that about 50% of the company's capacity addition over the
next two years will correspond to wholesale orders from leading
internet companies in China.

The government's supportive policies toward data center
construction could improve 21Vianet's access to domestic funding.
The company could be a key beneficiary of government policies to
directly and indirectly provide additional funding support for IDC
construction in China. This includes a pilot scheme to set up
REITs, as proposed by the government, to support funding needs for
some IDC projects. Such policies have also provided 21Vianet better
access to longer-term loans from domestic banks in recent months.

S&P said, "The stable outlook reflects our expectation that
21Vianet will significantly expand its data center capacity and
diversify its business exposure to wholesales data center
operations over the next 12 months. We believe the company's
profitability will remain largely stable, with IDC utilization at
around 60% and stable monthly recurring revenue per cabinet. We
also expect the company's relationships with domestic banks to
gradually improve, thanks to the government's supportive policies
toward data center construction.

"We could lower the rating on 21Vianet if the company's liquidity
deteriorates. This could happen if the company doesn't have a
credible refinancing plan in place within the next six to nine
months for the US$300 million senior secured notes maturing in
October 2021 and other funding needs.

"We could also downgrade 21Vianet if its debt-funded expansion is
more ambitious than our base case, leading to significant increase
in debt leverage or EBITDA interest coverage falling below 2x.

"We could upgrade the company if its leverage falls below 5.0x,
provided liquidity remains adequate. This could happen if 21Vianet
can significantly grow its operating cash flow with good execution
and disciplined capacity expansion."


HILONG HOLDING: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded Hilong Holding Limited's Long-Term
Foreign-Currency Issuer Default Rating to 'CC' from 'B'. At the
same time, Fitch has downgraded its senior unsecured rating and
ratings on its US dollar bonds to 'CC' from 'B', with the Recovery
Rating remaining at 'RR4'. The expected rating on the company's
proposed US dollar bonds is also downgraded to 'CC(EXP)' from
'B(EXP)', with the Recovery Rating staying at 'RR4'. All ratings
have been removed from Rating Watch Negative.

Hilong's ratings have been downgraded to reflect the high
refinancing risk related to the company's USD165.11 million 7.25%
senior unsecured notes due June 22, 2020, as its proposed exchange
offer has not met the minimum acceptance amount and there has been
limited progress in moving funds offshore.

KEY RATING DRIVERS

Uncertain Refinancing: The refinancing or redemption of the
Hilong's June 2020 maturity is subject to uncertainties, including
adequate acceptance by bondholders of the exchange offer, and
approval from the State Administration of Foreign Exchange to
transfer money offshore. There has been limited visibility on the
company's ability to complete its exchange offer or, if the
exchange offer is not successful, receive SAFE approval.

The company's exchange offer did not meet the minimum acceptance
amount of 80%. Hilong announced plans to extend the exchange offer
deadline to June 15. Hilong has USD80 million-USD90 million in
offshore cash and it believes it can readily access USD40
million-USD50 million to redeem the June 2020 bond. Fitch believes
that if the exchange offer is not completed, the company would need
to tap its onshore cash. Fitch believes the refinancing risk has
increased since Fitch's latest rating action given the proximity to
the June maturity.

Approval Needed for Onshore Cash: As mentioned in its press release
dated May 20, 2020, the company said that it had sufficient
unrestricted cash and undrawn credit facilities at end-February
2020 to redeem its June 2020 bond and that it is waiting for SAFE
for approval to transfer money offshore to redeem its June
maturity.

Market Leader in Drill Pipes: Hilong has a strong market position
in drill-pipe manufacturing and coating services for oil country
tubular goods in China and an expanding international presence.
Fitch views the sustained fall in oil prices will have a negative
impact on the company's financial profile (2019: FFO net leverage
of 3.1x). Fitch believes oil prices may result in a longer-term
deterioration in the company's credit metrics as sales decline and
margins contract.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Hilong refinances or redeems its offshore bond maturing in June
2020

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Failure to refinance or redeem the offshore bond maturing in
June 2020

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

Hilong Holding Limited

  - LT IDR CC; Downgrade

  - Senior unsecured; LT CC; Downgrade

  - Senior unsecured; LT CC(EXP); Downgrade

HILONG HOLDING: Moody's Cuts CFR & Sr. Unsec. Ratings to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded Hilong Holding Limited's
corporate family and senior unsecured ratings to B3 from B2 and the
rating on Hilong's proposed senior secured notes to B3 from B2.

At the same time, Moody's has placed the ratings on review for
further downgrade.

The outlook was changed to ratings under review from negative.

RATINGS RATIONALE

The downgrade and review for further downgrade follow Hilong's
announcement on June 8, 2020 of a second extension of the
expiration deadline for its exchange offer to June 15, given its
inability to fulfil the acceptance conditions by the first
extension deadline of June 5.

The downgrade reflects Moody's concerns over Hilong's heightened
refinancing risk, given its weak liquidity and limited progress in
executing on its refinancing plans, including the debt exchange.

Hilong's liquidity is weak. At the end of 2019, the company had
cash and cash equivalents of RMB783 million and restricted cash of
RMB124 million. These liquidity sources and Moody's expected
operating cash flows of around RMB400 million over the next 12
months were insufficient to cover its RMB1.7 billion of short-term
debt, including the USD165 million notes due in June 2020, RMB233
million of bills payable, and an estimated RMB150 million of
maintenance capital expenditure over the same period.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's rating review will mainly focus on the progress of Hilong's
debt exchange and other refinancing plans. Any signs of a failure
in executing its refinancing plans or an inability to meet its
obligations could pressure the company's ratings.

The rating also takes into account the following environmental,
social and governance considerations.

Firstly, the company is exposed to increasingly stringent
regulations for oil and gas operations and access to new resources.
However, Hilong has to date not experienced any major compliance
violations related to air emissions, water discharge or waste
disposal.

Secondly, Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. The breadth and severity of the outbreak,
and the broad deterioration in credit quality and refinancing
challenges it has triggered, will have an impact on Hilong.

Thirdly, on the governance front, the company's ownership is
concentrated in its key shareholder, Jun Zhang, who held a total
58.7% stake in the company at the end of 2019. The company also
shows weak financial management given its weak liquidity and
heightened refinancing risk.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. The company's four main businesses are (1)
oilfield equipment manufacturing and services, (2) line pipe
technology and services, (3) oilfield services, and (4) offshore
engineering services.

The company listed on the Hong Kong Stock Exchange in 2011. Jun
Zhang, the chairman and founder of the company, is the controlling
shareholder, with a 58.7% equity interest as of the end of 2019.

IDEANOMICS INC: Board Approves Reduction of Debt Conversion Price
-----------------------------------------------------------------
The audit committee and the board of directors of Ideanomics, Inc.,
approved reducing the conversion price of the following debt to
$0.59 per share in an effort to reduce the currently outstanding
debt of the Company, contingent upon the immediate conversion of
all such debt at $0.59 per share:

    (i) promissory note in the amount of $1,502,300, inclusive of
        outstanding interest, held by Sun Seven Stars Investment
        Group Limited, an affiliate of Mr. Bruno Wu, now
        convertible into 2,546,271 shares of common stock at
        $0.59 per share;

   (ii) advances to the Company in the amount of $1,585,900 made
        by affiliates of Mr. Bruno Wu, now convertible into
        2,687,966 shares of common stock at $0.59 per share; and

  (iii) promissory note in the amount of $3,000,000, inclusive of
        outstanding interest, held by Mr. Shane McMahon now
        convertible into 5,084,746 shares of common stock at
        $0.59 per share.

Mr. Wu is the executive chairman of the Company and Mr. McMahon is
a member of the Board.

                       About Ideanomics

Ideanomics -- http://www.ideanomics.com/-- is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products.  Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings.  Ideanomics Capital includes
DBOT ATS and Intelligenta which provide innovative financial
services solutions powered by AI and blockchain. MEG and Ideanomics
Capital provide their global customers and partners with better
efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in
Beijing, China.

Ideanomics reported a net loss attributable to common stockholders
of $97.66 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $28.42 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $114.94 million in total assets, $61.06 million in total
liabilities, $1.26 million in series A Convertible redeemable
preferred stock, $7.15 million in redeemable non-controlling
interest, and $45.47 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020 citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


MUDANJIANG CITY: Fitch Affirms Then Withdraws 'BB-' LT IDRs
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Mudanjiang City Investment
Group Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer
Default Ratings of 'BB-'. The Outlook has been revised to Negative
from Stable, mirroring Fitch's assessment of a weakening in the
potential capability of Mudanjiang municipality to support MCIG due
to the impact of the coronavirus. MCIG's ratings are assessed under
Fitch's Government-Related Entities Rating Criteria, reflecting the
municipality's ownership.

Fitch has chosen to withdraw the ratings of MCIG for commercial
reasons.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: Fitch assesses the
attribute as 'Strong' based on the Mudanjiang government's ultimate
control over MCIG through the Mudanjiang State Owned Assets Klc
Holdings Co. Ltd.'s 78.35% stake in the company. Fitch has also
factored in the strategic importance of MCIG to the municipality.

'Strong' Support Track Record and Expectations: The government has
been providing frequent and significant capital injections and
subsidies to monetarily support MCIG's operations. MCIG received
subsidies of CNY132 million, CNY125 million and CNY106 million in
2016, 2017 and 2018, respectively, representing over 100% of pretax
profit on average. Fitch expects MCIG to continue to receive strong
support from the local government.

'Moderate' Socio-Political Implications of Default: MCIG is the
largest social-housing project operator under the municipal
government. It is also a key urban-infrastructure development
operator in Mudanjiang municipality. Some important projects
carried out by the company include water supply infrastructure and
building bridges. A potential default of the company would have a
social and political impact on the city's development.

'Very Strong' Financial Implications of Default: MCIG is one of the
largest GREs under the Mudanjiang municipal government. It is also
one of the most important infrastructure platforms that act on
behalf of the municipal government. The company has a large amount
of outstanding debt that was raised to fulfil its tasks. A failure
by the company would hurt the city's credibility.

Weak Standalone Profile: MCIG's total debt amounted to CNY8.9
billion in 2018. Its net debt/Fitch-calculated EBITDA rose from 38x
to 45x from 2016 to 2018. Fitch expects the rise in leverage and
debt to continue in the medium term in light of its ongoing capex
plan. Its revenue defensibility and operating risk are assessed as
'Weaker' and 'Midrange', respectively. The company's Standalone
Credit Profile is therefore assessed at 'b-'.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

ESG CONSIDERATIONS

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Public Finance issuers have a
best-case rating upgrade scenario (defined as the 99th percentile
of rating transitions, measured in a positive direction) of three
notches over a three-year rating horizon; and a worst-case rating
downgrade scenario (defined as the 99th percentile of rating
transitions, measured in a negative direction) of three notches
over three years. The complete span of best- and worst-case
scenario credit ratings for all rating categories ranges from 'AAA'
to 'D'. Best- and worst-case scenario credit ratings are based on
historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

Mudanjiang City Investment Group Co., Ltd.

  - LT IDR BB-; Affirmed

  - LT IDR WD; Withdrawn

  - LC LT IDR BB-; Affirmed

  - LC LT IDR WD; Withdrawn

RADIANCE GROUP: Fitch Rates New USD Sr. Unsecured Notes 'B'
-----------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Radiance Group
Co., Ltd.'s (B/Stable) proposed US dollar senior unsecured notes a
rating of 'B' with a Recovery Rating of 'RR4'. The proceeds will be
used to refinance existing onshore debt.

The proposed notes are rated at the same level as Radiance's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. The proposed notes will be issued by
Radiance's wholly owned subsidiary, Radiance Capital Investments
Limited, and will be unconditionally and irrevocably guaranteed by
the parent.

Radiance's ratings are supported by its diversified and quality
land bank that is focused in tier-two cities across six regions in
China. This provides a strong asset base for sustainable contracted
sales scale and growth. The company's ability to acquire large
low-cost land parcels in its core markets helps to maintain its
healthy margins, despite a moderate churn rate, measured by
attributable contracted sales/gross debt, of 1.1x-1.2x.

The ratings are constrained by high leverage - measured by net
debt/adjusted inventory, with joint ventures and associates
proportionately consolidated - of around 60% at end-2019. Fitch
expects leverage to stay high over the next 12-18 months due to
large land acquisitions and construction costs. The ratings are
also constrained by weaker financial transparency compared with
listed peers, especially in publishing operational data to support
its financial-statement performance, and the lack of an execution
record in meeting financial-management targets.

KEY RATING DRIVERS

High Leverage Constrains Ratings: Fitch expects leverage to stay
high over the next 12-18 months, assuming the company uses 50%-55%
of attributable sales proceeds for land acquisitions and a larger
portion of sales proceeds than in the previous three years for
construction costs, as the delivery of pre-sold projects picked up
in 2019. The company's leverage of 59% in 2019 was higher than the
below 50% leverage of most 'B+' peers.

Insufficient Disclosure: Radiance has an ESG relevance score of 4
for financial transparency, as there is limited disclosure of
operational information to support its financial-statement
performance compared with listed companies, even though it
discloses financial information half yearly due to its outstanding
domestic bonds. Radiance also lacks an execution record of setting
and meeting financial-management targets, especially in controlling
leverage and maintaining healthy liquidity. These factors constrain
Radiance's ratings, especially when viewed in conjunction with its
high leverage.

Diversified and Sufficient Land Bank: Radiance's diversified and
sufficient land bank, with a focus in provincial capital cities and
municipalities, should support sustainable contracted sales growth
and flexibility in land acquisitions, leaving room for
deleveraging. Radiance had 144 projects across 30 cities in south,
south-west, north-west and east China, as well as the Yangtze River
Delta and the Bohai Rim, at end-2019. Its geographical
concentration is balanced, with no area accounting for more than
25% of total sellable resources. Its land bank gross floor area,
including total GFA from consolidated projects and attributable GFA
from JVs, of 26.7 million square metres at end-2019 was sufficient
for three to four years of development.

Access to Low-Cost Land: Radiance's development projects are
profitable due to its acquisition of large parcels of cheap land
from facilitating urbanisation and enhancing value for local
governments. Following the successful development of new areas in
Chongqing, Xi'an, Fuzhou and Huai'an, the company acquired another
two large land parcels in the city of Xi'an and Wuhan at very low
cost in 2018. The average cost of Radiance's land bank was around
CNY4,000/square metres, or 30% of its average selling price, at
end-1H19.

Thinner but Healthy Margins: Fitch expects Radiance's EBITDA margin
(excluding capitalised interest) to stay at around 25% in 2020 and
2021, with low-cost land acquired in 2018 starting to contribute to
sales and offsetting margin pressure from expensive land that was
purchased in 2017. The company's gross profit margin fell by 8.4pp
to 21.8% in 2019, as high land-cost projects located in Nanjing and
Shanghai were recognised in that year. The EBITDA margin had a
smaller drop to 24%, as selling, general and administrative
expenses consumed a smaller portion of revenue on lower sales
growth.

Sufficient Record of Domestic Funding: Radiance has a record of
onshore debt funding and started offshore debt funding in October
2019. It has adequate relationships with key Chinese banks, with
total credit lines of CNY24 billion from the four largest Chinese
banks at end-1H19. The company has also issued asset-backed
securities and public domestic bonds. Bank loans, non-bank
financial institution loans and capital market debt (including ABS)
each accounted for one third of total debt as of end-2019. However,
Radiance has limited access to equity funding.

DERIVATION SUMMARY

Radiance's total sales scale of around CNY90 billion in 2019 was
comparable with that of peers in the 'BB' range. Its land bank
diversification and quality are also comparable with those of 'BB'
peers, such as Yuzhou Properties Company Limited (BB-/Stable).

Radiance has a larger sales scale and more diversified land bank
than Hong Kong JunFa Property Company Limited (B+/Stable), which is
also unlisted. Up to 80% of Junfa's land bank is located in Kunming
and another 10%-15% in the rest of Yunnan province, although
concentration risk is mitigated by the company's strong
relationship with the local government and expertise accumulated
over 20 years of operation. Junfa's leverage of below 50% is much
lower than that of Radiance and the rising recurring
non-development property EBITDA from its large-scale wholesale
trade centre in Kunming contributes to non-DP EBITDA interest cover
of over 0.5x, while Radiance's recurring non-DP interest-cover
ratio is only 0.1x. Junfa's lower leverage and significant
recurring non-DP EBITDA justify the one-notch rating difference.

Radiance's EBITDA scale is smaller than that of Kaisa Group
Holdings Limited (B/Stable), but its land bank is more diversified.
Kaisa's leverage of 65%-70% is higher than that of Radiance, but
the nature of Kaisa's urban-renewal business and its stronger
profitability mean it can operate at a higher leverage than other
Chinese homebuilders for a sustained period. Kaisa's longer
land-bank life of four years and its large urban-renewal project
pipeline provide more flexibility in land acquisition and leave
room for deleveraging.

KEY ASSUMPTIONS

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

  - Attributable contracted sales increasing by 10% a year from
2020 (2019: 20%)

  - Sales collection rate of around 85% in 2019-2020 (1H19: 90%)

  - Land replenishment rate at 1.4x-1.5x in 2019-2020 to sustain a
land-bank life of three to four years (1H19: 2.0x)

  - Land premium to represent 50%-55% of sales receipts in
2019-2020 (1H19: 56%)

  - Funding costs at 7.5% for new borrowings

KEY RECOVERY RATING ASSUMPTIONS

  - Radiance would be liquidated in a bankruptcy, as it is an
asset-trading company

  - 10% administration claims

  - Cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in

  - 25% haircut to net inventory in light of Radiance's healthy
EBITDA margin of 25%-30%

  - 50% haircut to investment properties after considering the
rental yield of Radiance's investment-property assets and their
locations

  - 30% haircut to accounts receivables

  - 60% haircut to financial assets at fair value through profit
and loss

Based on its calculation of the adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of
Radiance's offshore senior unsecured debt to be within the 'RR4'
recovery range.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Leverage, measured by net debt/adjusted inventory with JV and
associates proportionately consolidated, sustained below 55%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, sustained at 25% or above

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Leverage, measured by net debt/adjusted inventory with JV and
associates proportionately consolidated, above 65% for a sustained
period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Reliant on Refinancing: Radiance had unrestricted cash of CNY9.2
billion at end-2019, which was insufficient to fully cover CNY19.2
billion of short-term debt, including CNY3.6 billion of bonds that
were puttable in 2020. Among the short-term debt, CNY5.2 billion
was domestic corporate bonds that Radiance plans to repay with new
domestic bond issuance and sales proceeds. Fitch believes the
company has adequate access to the domestic bond market; it issued
CNY4 billion in corporate bonds in 2019. Fitch believes the company
will be able to refinance the remaining CNY14.0 billion of
short-term loans, as it had unutilised credit facilities of CNY64.2
billion and net unencumbered assets of CNY19.7 billion at
end-2019.

ESG CONSIDERATIONS

Radiance has an ESG relevance score of 4 for financial transparency
because its ratings are constrained by the absence of public
disclosure on its operational information in support of its
financial-statement performance.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.



=================
H O N G   K O N G
=================

CATHAY PACIFIC: Hong Kong Approves $5 Billion Bailout
-----------------------------------------------------
The Associated Press reports that Cathay Pacific Airways has become
the latest airline to resort to government support to survive the
coronavirus pandemic.

The AP relates that the Hong Kong government on June 9 approved a
HK$39 billion ($5 billion) recapitalization plan that calls for a
new government-controlled entity called Aviation 2020 to buy $2.6
billion of an up to HK$33 billion ($4.3 billion) share offering by
Cathay Pacific.

The airline also would receive a HK$7.8 billion ($1 billion) loan
from Aviation 2020.

According to the AP, Cathay Pacific proposed the bailout as it
struggles to survive the near collapse of regional travel due to
the pandemic.

"The objective is to help protect Hong Kong's role as a leading
international aviation hub in this region, as well as the long
term, overall economic development of Hong Kong, while generating a
reasonable return for the government," Hong Kong financial
secretary Paul Chan told reporters.

The AP relates that Mr. Chan said that the government had no
intention of becoming a long-term shareholder in Cathay Pacific,
and would not interfere in the operations and management of the
airline. If it exercises its rights to the shares it will hold up
to a 6% stake in the airline.

The government stands to earn a return of about 4% to 7% from the
investment, compared to an average 3.7% return for the portfolio of
Hong Kong's sovereign wealth fund, the Exchange Fund, he said, the
AP relays.

"We hope that during these difficult times that this can help
(Cathay Pacific) recover, and when they do so, they can pay off the
loans and buy back the preferred shares," the AP quotes Mr. Chan as
saying. Defending Hong Kong's flight routes was crucial for
maintaining the city's status as a aviation hub, he added.

Cathay Pacific, one of Asia's biggest airlines, was founded in 1946
by two former Air Force pilots to help transport goods from
Australia to China. It has been hamstrung by the recent collapse of
regional travel on top of a decline in traffic to Hong Kong
following months of anti-government protests, the AP says.

The airline has grounded most of its flights as travel remains
restricted across much of the region.

"Cathay Pacific has explored available options and believes that a
recapitalization is required to ensure it has sufficient liquidity
to weather this current crisis," the airline said in the filing.

The AP adds that Cathay Pacific's current largest shareholder,
Swire Pacific, issued a statement saying it "fully supports" the
recapitalization plan.

Swire, a conglomerate descended from a trading house set up in
Liverpool in 1816, holds a 45% stake in Cathay Pacific. Air China,
China's state-owned flag carrier has a 30% stake and Qatar Airways
holds 10%, the AP discloses.

All three are committed to subscribing to an HK$11.7 billion ($1.5
billion) rights issue as part of the bailout package, the report
notes.

According to the AP, Cathay Pacific said it plans executive pay
cuts and a second voluntary leave scheme for employees on top of
earlier cost-cutting measures.

In the first four months of the year, the number of passengers
carried by Cathay Pacific plunged nearly 65% amid a halving of
capacity. The airline has been operating a skeletal network of
flights to major destinations such as Singapore, Beijing, Los
Angeles, New York and Tokyo.

Cargo measured by weight fell nearly 27% in the first four months,
against about a 25% decrease in capacity, the airline said.

Mr. Chan pointed out that Hong Kong, unlike the U.S. and mainland
China, lacks a domestic aviation market.

"If we don't have international flights, then everything comes to a
grinding halt," Mr. Chan, as cited by the AP, said.

Cathay Pacific and Cathay Dragon, the group's two main carriers,
reported a combined HK$4.5 billion ($580 million) unaudited loss in
the first four months of 2020.

                       About Cathay Pacific

Cathay Pacific Airways Ltd., also known as Cathay Pacific or
Cathay, is the flag carrier of Hong Kong, with its head office and
main hub located at Hong Kong International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on May
14, 2020, Egan-Jones Ratings Company, on April 29, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Ltd to B- from B. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.



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

ALANG SHIP: CARE Lowers Rating on INR4.0cr Loan to B+
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Alang Ship Breaking Corporation (ASBC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       4.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE BB; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank     35.00       CARE A4; Issuer not
   Facilities                      cooperating; 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 July 1, 2019, had reviewed
the rating assigned to the bank facilities of ASBC under the
'Issuer Not-Cooperating' category as ASBC had not provided the
requisite information and had not paid the surveillance fees for
the rating exercise as agreed in its rating agreement. ASBC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated May 8, 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 ratings.

The revision in the ratings for ASBC takes into account
non-availability of adequate information.

Detailed description of the key rating drivers

At the time of last rating on July 1, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from lenders feedback and publicly available
information):

Key Rating Weaknesses

* Modest scale of operations; albeit moderate leverage: During
FY17, Alang Patel Group (APG) reported 14% y-o-y decline in its TOI
on account of 13% decline in its average sales realization for
steel scrap. Overall gearing of APG (on net debt basis) improved to
0.49x as on March 31, 2017 (1.18x as on March 31, 2016) on account
of lower outstanding Letter of Credit (LC) obligations against
ships purchased at year-end.

* Exposure to adverse movement in forex rates and adverse movement
in steel scrap prices: APG uses LC facility to purchase old ships.
Since the transactions are denominated in United States Dollars
(USD), the firm is exposed to forex risk during the LC's usance
period, as the firm's revenue is denominated in Indian Rupee (INR).
The volatility in steel prices driven by demand and supply
conditions in the global as well as local markets exposes APG to
any adverse price movement on the uncut ship inventory as well as
unsold inventory of steel scrap held by the firm.

* Constitution as partnership firms: Both the entities in APG are
partnership firms and thus exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency, and firm
being dissolved upon the death/retirement/insolvency of partners.

Liquidity Analysis: As per limited information available
interaction with lenders, the liquidity of APG remained moderate,
as APG has not submitted required information despite repeated
requests for the same. The liquidity of the group remains exposed
to inherent cyclicality in the ship-breaking industry and
volatility in steel prices apart from any regulatory challenges.
Further, ASBC and P. Patel Ship Breaking Company being partnership
firms, the cash flow of APG remains sensitive to the withdrawal of
funds deployed in business by the partners by way of capital and
continued availability of unsecured loans infused in the business
from various sources, included that by the partners.

Key Rating Strengths

* Experienced partners in the ship breaking industry and locational
advantage: The partners of APG have wide experience in the
ship-breaking industry and have successfully run the business
through various business cycles. APG's ship breaking yard is
located at Alang-Sosiya belt which is considered to be one of the
world's largest ship-breaking yards and constitutes nearly 90% of
India's ship-breaking activity.

Analytical Approach: Combined view of Alang Ship Breaking Corp.
(ASBC) and P. Patel Ship Breaking Company (PPSBC) For the purpose
of analysis, CARE has considered a combined view for two entities
of the group, viz., Alang Ship Breaking Corp. (ASBC) and P. Patel
Ship Breaking Company (PPSBC) (referred as Alang Patel Group (APG))
due to their operational, financial and managerial linkages.
Further, the promoters of the both the entities are family
members.

Alang Ship Breaking Corporation (ASBC) is a partnership firm
engaged in ship-breaking activity in the Alang–Sosiya belt of
Bhavnagar region in Gujarat. Its group concern, P. Patel Ship
Breaking Company (PPSBC: rated 'CARE B+; Stable; ISSUER NOT
CO-OPERATING / CARE A4; ISSUER NOT CO-OPERATING'), a partnership
firm, is also engaged in ship breaking activity in the same region.
The partners of both the firms are family members and have
experience of more than two decades in the ship breaking industry.

ALP NON-WOVEN: CARE Keeps D INR6.41cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alp
Non-Woven Private Limited (ANPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       6.41       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 13, 2019, placed the
rating(s) of ANPL under the 'issuer non-cooperating' category as
ANPL had failed to provide information for monitoring of the
rating. ANPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 27, 2020, April 28, 2020 and April
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

At the time of last rating on May 13, 2019 the following was the
rating weakness:

Key Rating Weaknesses

* On-going delay in debt servicing:  Owing to weak liquidity
position, there are on-going delays in debt servicing.

Modasa-based (Gujarat) ANPL was incorporated in 2012, by Mr
Hareshkumar Dahyabhai Patel and is currently managed by Mr
Mahendrakumar Hansarajbhai Patel and Mr Jagdish Ratilal Patel. The
company is engaged into the manufacturing of nonwoven technical
fabrics with a product range from 10gsm-150 gsm, from April 2014
onwards. While the raw materials like Polypropylene (PP),
Polyethelene (PE) and Poly Vinyl Chloride (PVC) granules are
procured from the domestic market, it sells its finished products
to various states of India like Gujarat, Maharashtra, Delhi and
Tamilnadu. The fabrics manufactured by ANPL find application in the
technical textile industry for manufacturing of medical masks,
shopping bags, crop protection covers and other hygiene products.
ANPL operates from its sole manufacturing facility located in
Modasa (Gujarat) with an installed capacity of 2400 tons per annum.


ARC LAMICRAFT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Arc Lamicraft Private Limited
        Near Sadguru Cotton Mill
        Rajpar Khanpar Road
        Village Rajpar
        Taluka Morbi, Rajkot
        GJ 363641
        IN

Insolvency Commencement Date: June 3, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/20 1 Siddhi Vinayak Towers
                         B/h DCP Office
                         Next to Kataria House
                         Off S.G. Highway
                         Makaraba
                         Ahmedabad 380051
                         Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    June 17, 2020


ARYA FIN-TRADE: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Arya Fin-trade
Services (India) Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR 220 mil. Non-fund-based facilities maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
May 28, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Arya Fin-trade Services (India) is engaged in the provision of
broking services and the trading of derivatives and equity on BSE
Ltd (cash and currency derivatives) and National Stock Exchange
Limited (cash, futures, and options and currency derivatives).

BAHARAMPORE FARAKKA: CARE Cuts INR745.04cr Loan Rating to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Baharampore Farakka Highway Limited (BFHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       745.04     CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB; Negative;

                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The rating assigned to the long term bank facilities of BFHL has
been revised on account of delays in debt servicing during FY20 as
confirmed by one of BFHL's lenders and the audited financial
statement of BFHL for FY 2019 reporting delays in debt servicing.
CARE had, vide its press release dated March 06, 2019 placed the
rating of Baharampore Farakka Highway Limited (BFHL) under the
'issuer non-cooperating' category as BFHL had failed to provide
information for monitoring of the rating. BFHL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated 30th September 2019, 31st
December 2019, 31st January 2020, 29th February 2020, 31st March
2020 and 30th April 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

BFHL has not furnished NDS to CARE since August 2018. As per CARE's
interaction with BFHL's lender, there have been delays observed in
servicing of its debt obligations in FY20. In line with RBI
Circular dated March 27, 2020 on COVID-19- Regulatory Package
(Revised), BFHL has availed moratorium for the interest and
principal amount payable from March 2020 to May
2020.

Incorporated on March 11, 2010, BFHL is a special purpose vehicle
(SPV) incorporated by Hindustan Construction Company Limited (HCC;
rated CARE D for bank facilities and instruments) and HCC
Concessions Limited (HCL; step-down subsidiary of HCC) to undertake
the augmentation of the existing stretch of 100.6 km in the state
of West Bengal. The said stretch is on the Baharampore – Farakka
section of NH-34 from 191.42 km to 294.68 km in the state of West
Bengal on Design, Build, Finance, Operate and Transfer (DBFOT) –
Toll basis under National Highway Development program (NHDP) Phase
III. The concession agreement (CA) was executed between BFHL and
National Highways Authority of India (NHAI) on June 28, 2010 and
for a concession period of 25 years from the appointed date i.e. on
February 3, 2011. As per the initial schedule, the company had
envisaged to complete the entire project by August 1, 2013.
However, the project completion date which was extended to March
31, 2018 was further extended. In the meanwhile, on May 13, 2014,
BFHL received a provisional commercial operations certificate for a
stretch of 75.45 km (i.e. 75% of the total physical stretch) and
accordingly commenced collecting toll revenue from May 14, 2014 for
the said stretch of land.

FARAKKA RAIGANJ: CARE Cuts INR969.67cr Loan Rating to D, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Farakka Raiganj Highway Limited (FRHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       969.67     CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB; Negative;

                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The rating assigned to the long term bank facilities of FRHL has
been revised on account of delays in debt servicing during FY20 as
confirmed by one of FRHL's lenders and the audited financial
statement of FRHL for FY 2019 reporting delays in debt servicing.

CARE had, vide its press release dated March 06, 2019 placed the
rating of Farakka Raiganj Highway Limited (FRHL) under the 'issuer
non-cooperating' category as FRHL had failed to provide information
for monitoring of the rating. FRHL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated 30th September 2019, 31st December 2019, 31st January
2020, 29th February 2020, 31st March 2020 and 30th April 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

FRHL has not furnished NDS to CARE since August 2018. As per CARE's
interaction with FRHL's lender, there have been delays observed in
servicing of its debt obligations in FY20. In line with RBI
Circular dated March 27, 2020 on COVID-19- Regulatory Package
(Revised), FRHL has availed moratorium for the interest and
principal amount payable from March 2020 to May 2020.


FORTUNE CARS: CARE Lowers Rating on INR19.50cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fortune Cars Private Limited (FCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      19.50       CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE B-; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank      0.70       CARE A4; Issuer not
   Facilities                      cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2019, placed the
rating(s) of FCPL under the 'issuer non-cooperating' category as
FCPL 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. FCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 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).

The rating has been revised on account of non-cooperation by FCPL
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 06, 2019 the following were the
rating weaknesses:

Key Rating Weaknesses

* Modest scale of operations with low networth base: FCPL's total
operating income grew stood at INR132.88 crore in FY18 vis-à-vis
INR108.95 crore in FY17. Nevertheless despite the growth the scale
continues to remain modest. Moreover, the tangible networth base
has significantly decreased and stood very low which further limits
the financial flexibility of the company.

* Operating and net losses incurred in FY17 & FY18: Despite the
growth in total operating income, the company posted operating and
net loss during FY18 and FY17 on account of increase in cost of
sales and expenses at operating level. Deterioration in capital
structure and debt coverage indicators: Owing to net losses the
networth has eroded which has resulted in the significant
deterioration in the capital structure. Further the debt coverage
indicators also stood at vulnerable level.

* Working capital intensive nature of operations: The operations of
the company remained working capital intensive due to majority of
the funds blocked in debtors and inventory. Moreover, the
utilization of working capital limits significantly increased as on
balance sheet date.

* Intense competition amongst dealers with pressure to pass on
price discounts to customers: In order to capture the market share,
the auto dealers offer better buying terms like allowing discounts
on purchases. Such discounts offered to customers create margin
pressure and negatively impact the profits of FCPL. Furthermore,
the industry competition is intensified with other automobile
companies like Maruti, Honda, Hyundai, etc. launching new models at
competitive prices, resulting into low market share of TML which in
turn also affects its dealers including FCPL.

Key Rating Strengths

* Experienced promoters and more than a decade and a half old
relationship with Tata Motors Ltd: The promoters of FCPL have good
amount of experience in automobile industry with overall a decade
and half years of experience. Owing to this, the company is
benefiting out of it and also due to healthy relationship of
promoters with various clients, the company is getting benefits.

Fortune Cars Private Limited (FCPL), incorporated in November, 1996
was co-founded by Mr. Vinod Sharma, Mr. R.P. Mungrikar, Mr. S.
Premkumar and Mr. N. Subramanium. During 1996-2000, FCPL was
authorized dealer for DAEWOO Motors Limited for selling passenger
cars. Since July 2000, FCPL became authorized dealer for TATA
Motors Limited (TML) for selling passenger vehicles such as Indica,
Indigo, Nano, UV and Fiat in Mumbai, Thane and Nerul. Besides, it
is engaged in the servicing of vehicles and sale of spare parts for
TML. FCPL is amongst the leading dealers for TML in Mumbai. At
present, FCPL is having 3 showrooms along with three workshops in
Andheri, Thane and Nerul (all leased premises). Besides, FCPL has
stockyard at Panvel. The promoters have been involved in the auto
dealership sector since 1986 through another group company viz.
Unitech Automobiles Private Limited (UAPL, rated CARE BB-) is an
authorized dealer for TML's commercial vehicles for Mumbai, Thane
and Raigad district.

GEMINI PACK: CARE Cuts INR10cr LT Loan Rating to D, Not Coop.
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gemini Pack Tech Private Limited (GPT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE D; Issuer Not Cooperating;
                                   Revised from CARE B; stable;
                                   Issuer not cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 7, 2019, placed the
rating of GPT under the 'issuer non-cooperating' category as GPT
had failed to provide information for monitoring of the rating. GPT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 15, 2020 and May 8, 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).

The rating has been revised by taking into account the delays in
servicing of term debt obligation.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays in servicing debt obligation: There are ongoing
delays in servicing of term debt obligations for the month of
February 2020, on account of stretched liquidity position.

Dehradun, Uttrakhand based Gemini Pack tech Private Limited was
(GPT) incorporated on March, 1987, was originally engaged in the
business of. The company is presently being managed by Mr Devender
Kumar and Mr Jitender Singh. The company is engaged in development
of residential projects. Also, the company is engaged in real
estate business activities wherein it split land into residential
plot and sells out to the customers. Prior to 2004; the company was
engaged in manufacturing of packing material.

GLOBAL FOOTWEAR: CARE Cuts INR0.88cr Loan Rating to B, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M/s
Global Footwear (GF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank        0.88      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short term bank       7.00      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2019, placed the
rating of Global Footwear under the 'issuer non-cooperating'
category as Global Footwear had failed to provide information for
monitoring of the rating. Global Footwear continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 13,
2020 and May 8, 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).

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Global Footwear with CARE'S efforts to undertake
a review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, the rating takes in to account constrained on account of
vulnerability of margins to fluctuation in raw material prices as
well as foreign exchange rate and its presence in the highly
fragmented and competitive footwear industry.  The ratings,
however, continue to draw comfort from experienced promoters with
long track record of operations in the footwear industry and
established relation with customer.

Detailed description of the key rating drivers

Key Rating Weakness

* Vulnerability of margins to fluctuation in raw material prices as
well as foreign exchange rate:  The company is small player and has
low bargaining power with its customers, which limit the ability of
the company to entirely pass on any increase in the raw material
costs. Thus, any adverse change in the prices of the raw material
may affect the profitability margins of the company. Further, the
business operations of Global Footwear involve both imports and
exports resulting in sales realization and payments in foreign
currency. The company doesn't have any policy to hedge its foreign
currency risk.

* Highly fragmented and competitive nature of footwear industry:
Global Footwear operates in the footwear industry which is highly
fragmented and has various organized and unorganized players. The
industry is labor intensive and requires low capital investment
which resulted into low entry barriers. Further there is a low
product differentiation among the players. These factors resulted
into high competition among them. Being a small player in the
industry the company is not able to increase the price of its
products which affect the profitability margins of the company.

Key Rating Strengths

* Experienced promoters with long track record of operations in the
footwear industry and established relation with customer:  Overall
operations of GF are managed by Mr. Vikas Mehra who has more than
two decade of experience in the footwear industry and looks after
overall affairs of the firm. He gets assistance by Mr. S. K. Mehra
and Ms. Bhawana Mehra in strategic decision of the firm. Further,
the accounts and finance function of the firm managed by Mr. Mahesh
Agarwal. Being present in the industry since 2001, the management
of the firm has established strong customer base. The firm
manufactures all products according to the requirements and
specifications of its customers.

Agra (Uttar Pradesh)-based M/s Global Footwear (GF) was formed as a
partnership concern by Mr. Vikas Mehra, Mr. S. K. Mehra and Ms.
Bhawana Mehra in 2001 with an aim to deliver optimum variety of
products and finishing according to customer specifications. GF is
engaged in manufacturing of leather footwear. The plant of the firm
is 100% Export Oriented Unit (EOU) located at Agra (Uttar Pradesh).



HANDICRAFTS AND HANDLOOMS: CARE Cuts Rating on INR5cr Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of The
Handicrafts and Handlooms Export Corporation of India Limited
(HHEC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       5.00       CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE B+; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank     18.40       CARE A4; Issuer not
   Facilities                      cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
ratings of HHEC under the 'issuer non-cooperating' category as HHEC
had failed to provide information for monitoring of the rating.
HHEC continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 04, 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).

The ratings have been revised on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Ministry of Corporate Affairs):

Key Rating Weaknesses

* Decline in total income and loss making operations: During FY19
(refers to period from April 1 to March 31), the company reported
total operating income of INR57.78 crores (PY: INR617.12 crores)
with PBILDT margin of -6.15% (PY: -3.44%) and PAT margin of -6.93%
(PY: -3.83%).

* Weak capital structure and debt coverage indicators: Due to
losses incurred by the company in FY18 and FY17, the net worth was
eroded completely. The overall gearing of the company stood at
-0.45x as on March 31, 2019 (PY: -0.24x). The PBILDT interest
coverage during FY19 stood at -2.21x (PY: -20.93x).

Key Rating Strengths

* Government undertaking: HHEC is 100% Government undertaking under
Ministry of Textiles. The company was set up with the objective of
exports promotion & trade development of handicrafts and handloom
products. GoI has not provided any guarantee for the bank
facilities of HHEC. However, HHEC has approached the MOT with its
revival plan to seek infusion of equity/support through sovereign
guarantee, so as to allow the company to raise adequate credit, to
pay the artisans and extend credit to customers and thereby
increase the sale of Handicraft and Handlooms.

HHEC was established in 1958 and presently operates as an
independent Public Sector Undertaking (PSU) under the
administrative control of Ministry of Textile (MoT). HHEC operates
under two segments, namely, handicraft and handloom segment (H&H
segment) and bullion segment. H&H segment involves direct export
sale of handicraft, handloom & carpets etc, and indirect export
(through exhibitions and fairs) and sale of gold and silver
jewellery. HHEC also has a manufacturing facility at Noida (Uttar
Pradesh) and Chennai (Tamil Nadu) for manufacturing ready-to-wear
garments.

IMAGICAAWORLD: CARE Reaffirms D Rating on INR1015.84cr Debt
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Imagicaaworld Entertainment Limited (IEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   LT Bank            1,015.84     CARE D; Issuer not cooperating;
   Facilities–                     Rating reaffirmed; Best on the

   Term Loan                       best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IEL to monitor the rating(s)
vide email communications dated May 4, 2020, May 5, 2020 and May 6,
2020. However, despite CARE's repeated requests, IEL 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 IEL's bank facilities will now be denoted as CARE D,
ISSUER NOT COOPERATING.

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

The rating continue to takes into account ongoing delays in
interest servicing related to the term loans and NPA classification
of account by lenders.

Detailed description of the key rating drivers

At the time of last rating on March 18, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from audited financial available from Stock Exchange
fillings):

Key Rating weakness:

Due to the poor liquidity position, there have been delays in
servicing of interest on term loans by the company. During FY19,
the company reported total income of INR240.47 crore, a marginal
increase from INR236.47 crore in FY18. Further, during the year
ended March 31, 2019, the net loss increased to INR347.43 crore as
compared to net loss of INR155.17 crore in the previous year
(FY18). During 9MFY20, the company reported total income of INR165
crore and net loss of INR156.12 crore as compared to income of
INR189.50 crore and loss of INR118.52 crore during the 9MFY19.
Further, the company is classified as Non Performing Asset (NPA) by
the lenders.

Imagicaaworld Entertainment Limited (earlier, Adlabs Entertainment
Limited), which is promoted by Mr. Manmohan Shetty and his family
in 2009, owns and operates an amusement park called 'Imagica -
located at Khopoli - Pali road, Khalapur, off the Mumbai - Pune
Expressway. The amusement park includes has a Theme Park, a Water
Park, a Hotel & now a Snow Park as well. The aforesaid developments
are spread over an aggregate area of approximately 132 acres out of
the total land parcel of 302 acres at Khopoli. The surplus land
would be utilized for developing a township project by Walkwater
Properties Pvt Ltd, a wholly owned subsidiary of AEL. AEL also owns
and operates an array of Food and Beverages (F&B) outlets as well
as retail and merchandise shops inside the theme park and water
park. Theme park, having 25 rides and attractions, started part
operations in April 2013 and became fully operational on  November
1, 2013. Water Park, which is located adjacent to the theme park,
has 14 kinds of water slides and wave pools and became fully
operational on October 1, 2014. This water park has a separate
admission ticket and a separate entrance from the theme park.

JAGATH MILK: CARE Lowers Rating on INR9.87cr LT Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jagath Milk Dairy (JMD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.87       CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE B+; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2019, placed the
rating(s) of JMD under the 'issuer noncooperating' category as JMD
had failed to provide information for monitoring of the rating. JMD
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and an
e-mail communications/letters dated from October 2019 to May 14,
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.

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Jagath Milk
Dairy with CARE's efforts to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on April 1, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Small Scale of Operations:  Jagath Milk Dairy was established in
the year 2013, the scale of operations of the firm was small marked
by total operating income of 41.28 crore during FY17 and net worth
of INR3.73 crore as on March 31st 2017.

* Improved Capital Structure and weak debt coverage indicators
albeit remained weak:  The capital structure of the firm marked by
debt equity ratio of the firm has improved from 1.03x as on march
31, 2016 to 0.93x as on March 31, 2017 due to decrease in long term
borrowing at the back of repayment of loan(vehicle loan).
Furthermore, overall gearing ratio improved from 4.02x as on March
31, 2016 to 3.59x as on March 31, 2017 due to low utilization of
working capital bank borrowings however remained leveraged.  The
debt coverage indicators of the company have been weak during the
review period. The total debt/GCA improved from 19.38x in FY16 to
18.10x in FY17 due to decrease in debt level at the back of lower
utilization of working capital bank borrowings as on account
closing date, still remained weak. The PBILDT interest coverage
marginally deteriorated from 1.44x in FY16 to 1.40x in FY17 due to
increase in interest and finance cost

* Moderate operating cycle:  The operating cycle of the firm
increase from 66 days in FY16 to 72 days in FY17 still remained
moderate level. However, the firm allows the credit period of 30-35
days to its customers. In order to retain the existing customers
the firm stretches the credit period upto 65-70 days. The firm
makes the payment to the farmers within 5-10 days. Being perishable
nature of the product the inventory holding of the firm stood
comfortable at 4-5 days during review period. Average utilization
of OD for the last 12 months ended March 28, 2018 was 90%.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital:  The firm being a partnership firm
is exposed to inherent risk of capital withdrawal by the partners,
due to its nature of constitution. Further, any substantial
withdrawals from capital account would impact the networth and
thereby the financial profile of the firm. The partners has
withdrawn capital of INR0.06 crore in FY17.

* Highly fragmented industry with intense competition from large
number of players:  JMD faces stiff competition in the dairy
segment from established brands in the organized market and
independent milk vendors in the unorganized market. On the liquid
milk front, competition gets strong with the presence of
unorganized players and independent milk vendors leading to pricing
pressures. However, improved demand scenario of milk and milk
products in the country enables well for the firm.

* Sensitivity to changes in government policies and environmental
conditions:  The dairy industry has low profitability margins as
raw material costs (milk) form significant portion of the total
costs. Milk supply and its prices are exposed to several external
risks like government policies, cattle diseases, yield etc. Any
fluctuation in prices of milk will have a direct impact on the
profitability margins of the firm.

Key Rating Strengths

* Experience of the partners for more than one decade in dairy
industry:  JMD was established in the year 2013 and promoted by Mr.
Bhuma Nagi Reddy and Ms. Bhuma Akkhila Priya. Both the
partners have more than one decade of experience in the dairy
industry. Further, the operations of the firm are well supported by
the satisfactory management team who are qualified graduates with
more than decade of experience in marketing and operations
department.

* Plant located in dairy farming zone:  The plant location of the
firm is in dairy farming zone i.e., Near B.B.R Indoore Stadium,
Allagadda, Kandukur Road, Kurnool, Andhra Pradesh. The firm
procures milk from dairy farmers located in the districts of
Kurnool of Andhra Pradesh, which enables the firm to procure and
process milk immediately after collecting. This results in better
quality product as well as lowers the transportation costs.

* Growth in total operating income and satisfactory profitability
margin:  The total operating income increased from INR38.43 crore
in FY16 to INR41.28 crore in FY17 due to increase in repeat orders
from existing customers and addition of new customers. Further,
during 11MFY18, the company achieved sales of INR39.40 crore The
PBILDT margin, remained thin and decreased from 6.94% in FY16 to
6.60% in FY17 due to under absorption of overheads like increase in
power & fuel expenses and consumable stores during FY17. The PAT
margin increased from 0.15% in FY16 to 0.19% in FY17 due to
decrease in depreciation provision

Jagath Milk Dairy (JMD) was established in the year 2013.
Currently, the partners of the firm are Mr. Bhuma Jagath Vikhyath
Reddy and Ms. Bhuma Akkhila Priya (D/o. Mr Bhuma Nagi Reddy). The
firm is engaged in processing and trading of the milk and milk
products like Milk, Curd, and Butter Milk. The firm purchases the
milk from local traders and sells the products in Mahabunagar,
Kadapa, Anantapur Kurnool District.


JBF INDUSTRIES: CARE Reaffirms D Rating on INR1,600cr ST Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of JBF
Industries Limited (JBF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   LT Bank             426.83      CARE D; Issuer not cooperating;
   Facilities–                     Rating reaffirmed; Best on the

                                   best available information

   Short Term         1,600.00     CARE D; Issuer not cooperating;
   Bank facilities                 Rating reaffirmed; Best on the

                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JBF to monitor the rating(s)
vide e-mail communications dated May 4, 2020, May 5, 2020 and May
6, 2020. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on JBF's bank facilities will now be denoted as
CARE D, ISSUER NOT COOPERATING.

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

The rating continue to takes into account ongoing delays in
interest servicing related to the term loans and NPA classification
of account by lenders.

Detailed description of the key rating drivers

At the time of last rating on March 28, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from audited financial available from Stock Exchange
fillings):

Key Rating weakness:

* Ongoing delays in debt servicing:  Delays in servicing of debt
obligation by the company due to its weakened liquidity position

Established in 1982, JBF Industries Limited (JBF) was founded by
Mr. Bhagirath Arya as a Yarn Texturising company, since then it has
established and expanded capacities into Polyester Chips (textile
grade, bottle grade and film grade), Partially Oriented Yarn (POY)
and Polyester (BOPET) film. It also manufactures Fully Drawn Yarn
(FDY) and Polyester Texturised Yarn (PTY). Today, JBF is one of the
leading Polyester value chain company not only in India but
globally. On a standalone basis, JBF is predominantly polyester
chips (textile grade & bottle grade) and POY player. Having
established itself in the domestic market, JBF ventured into
overseas markets by setting up a packaging-grade polyester chips
plant, JBF RAK LLC in the emirate of Ras AI Khaimah in 2005.
Further, it also commissioned a Polyester (BOPET) film plant at
Bahrain in 2014 and bottle grade Polyester chips plant at Geel,
Belgium in 2014. The manufacturing facilities of JBF are located in
Silvassa, Vapi, UAE, Bahrain and Belgium. JBF became a public
limited company in 1986 and is listed on NSE as well as BSE.

KOMAL SINGH: CARE Lowers Rating on INR7.69cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Komal Singh Kothari Rajendra Singh Kothari (KSKRSK), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       7.69       CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE B+; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank      1.50       CARE A4; Issuer not
   Facilities                      cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2019, placed the
rating(s) of KSKRSK under the 'Issuer not Cooperating' category as
KSKRSK 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. KSKRSK continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 18,
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).

The ratings assigned to the bank facilities of KSKRSK have been
revised on account of non-availability of requisite information.

The ratings, further, continued to remain constrained on account of
modest scale of operations with constitution as a partnership
concern, financial risk profile marked by highly leveraged capital
structure and stressed liquidity position and presence in highly
competitive and fragmented nature of industry. The ratings,
however, continued to derive strength from the experienced
management, healthy profitability margins with revenue from
different streams and location advantage being present at one of
the prime areas of Udaipur and franchisees and leasing of outlets
of renowned brands.

Detailed description of the key rating drivers

At the time of last rating on April 30, 2019, the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Modest scale of operations with constitution as a partnership
concern:  During FY17, TOI of the firm decreased by 9.35% over FY16
and registered TOI of INR2.52 crore. Further, its constitution as a
partnership concern with low net worth base restricts its overall
financial flexibility in terms of limited access to external funds
for any future expansion plans. Also, there is inherent risk of
possibility of withdrawal of capital and dissolution of the firm in
case of death and/insolvency of the partners.

* Financial risk profile marked by highly leveraged capital
structure and stressed liquidity position:  The capital structure
of the firm stood highly leveraged with an overall gearing of 7.63
times as on March 31, 2017; deteriorated from 7.51 times as on
March 31, 2016 on account of higher utilization of working capital
bank borrowings. Further, the debt coverage indicators of the firm
stood weak marked by total debt to GCA of 11.85 times in FY17,
declined marginally from 11.59 times in FY16 mainly on account of
increase in increase in total debt level. The interest coverage
ratio of the firm stood moderate at 2.20 times in FY17.  The
liquidity position of the firm stood stressed marked by full
utilization of working capital bank borrowing during last twelve
months ended January, 2017. The liquidity of the firm stood weak
marked by below unity level of current and quick ratio.

* Highly competitive and fragmented nature of industry:  KSKRSK has
franchisees of Westside, INC 5 Shoes Private Limited and 109 degree
Fahrenheit which are major brands dealing in apparels, sports
shoes, denim, etc. as well as has leased outlets of major brands.
The industry is dominated by unorganized retailers (approximately
92% of total industry size) which are small players. The industry
has large number of small players due to the low entry barriers and
low investment required for starting a retail store. The high
degree of fragmentation also leads to stiff competition amongst the
retailers. Smaller companies in general are more vulnerable to
intense competition and have limited pricing flexibility, which
constrains their profitability as well.

Key rating Strengths

* Experienced management:  The overall affairs of the firm are
managed by both the partners. Mr. Komal Singh Kothari, Bachelor of
Engineering, has an experience of more than two decades in the
industry and Mr. Rajendra Singh Kothari, Post Graduate Diloma in
Management (PGDM), looks after finance functions. Further, both of
them are assisted by Mr. Deepesh Kothari, son of Mr. Komal Singh
Kothari, MBA, looks after gaming zone and marketing/promotions of
the mall and manages the stores which are leased out by the firm.

* Healthy profitability margins with revenue from different
streams:  The PBILDT margin of the firm improved by 517 bps and
stood at 49.18% in FY17. However, PAT margin of the firm has
declined by 31 bps mainly due to higher depreciation and interest
and finance cost.

* Location advantage being present at one of the prime areas of
Udaipur and franchisees and leasing of outlets of renowned Brands:
RKay mall is situated in Udaipur City which is the major tourist
hub for Indian as well as International visitors. The major tourist
attractions in the city of Udaipur are Lake Pichola, City Palace
Complex, Bagore Ki Haveli, Ambrai Ghat, Fateh Sagar Lake and many
more temples which are an hour distance from the mall. Mall has
different branded stores coupled with gaming and food zone in it,
which fascinates localities as well as tourist to visit and enjoy
during its leisure time. The firm has leased out its mall to around
20 different outlets which includes major brands like John Players,
Zodiac, Denizen, Fabindia, Zari, etc. and operates three
franchisees of renowned brands named Westside, INC 5 Shoes Private
Limited and 109 degree Fahrenheit in the mall. Further, the mall
has a gaming zone which has a bowling alley, video games, bike
racing car racing, etc as well as food court and cafes in it.

Udaipur (Rajasthan) based KSKRSK was formed in 2005 as a
partnership concern by Mr. Komal Singh Kothari and Mr. Rajendra
Singh Kothari and shares profit and loss in the ratio of 50:50
respectively. KSKRSK has developed a commercial complex, 'RKay
Mall' situated at Panchwati, near Chetak Circle (Udaipur) which has
5 floors including ground floor and basement parking (For 50 cars
and 100 two wheelers) total construction area of 1 lakh square
feet. The firm has leased out its mall to around 20 stores and runs
three franchisees of Westside, INC 5 Shoes Private Limited and 109
degree Fahrenheit in the mall.

M.P.K. ISPAT: CARE Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.P.K.
Ispat India Private Limited (MPKI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       19.30      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       7.40      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2019, placed the
rating(s) of MPKI under the 'issuer non-cooperating' category as
MPKI had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. MPKI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 01, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating based on 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 PR on March 22, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Irregularity in debt servicing:  The account of the company was
NPA owing to stretched liquidity position.

Incorporated in 2010, MPKI is promoted by the MPK group based out
of Jaipur (Rajasthan). As a backward integration initiative, MPK
group set up Mild Steel (MS) billet manufacturing plant in MPKL
with commencement of operations from March, 2013 onwards thus by
translating to FY14 being the first full year of operation for the
company. MPKI has its manufacturing unit situated at Bagru,
Rajasthan, having installed capacity of 27,000 Metric Tonnes Per
Annum (MTPA) as on March 31, 2016.

The company majorly supplies its production of M.S. Billets to its
group concerns which are engaged in the manufacturing of structural
steel products as well as cater to the domestic market. It meets
its raw material requirement mainly by purchase from local market
as well as import from outside market.

M.P.K. STEELS: CARE Keeps 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.P.K.
Steels India Private Limited (MPKS) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       15.67      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       7.25      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19, 2019, placed the
rating(s) of MPKS under the 'issuer non-cooperating' category as
MPKS had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. MPKS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 01, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating based on 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 PR on March 19, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Ongoing delays in debt servicing:  The account of the company was
NPA owing to stretched liquidity position.

Incorporated in 2005, M.P.K Steels India Private Limited (MPKS) is
promoted by the MPK group based out of Jaipur (Rajasthan). MPKS is
primarily engaged into the business of manufacturing of structural
products including Mild Steel (M S) angles, channels, rounds and
flats which finds its application particularly in infrastructure
industries ranging from power transmission to real estate.

ORANGE AUTOMOTIVE: CARE Lowers Rating on INR9.50cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Orange Automotive Private Limited (OAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.50       CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE BB-; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2019, placed the
rating(s) of OAPL under the 'issuer non-cooperating' category as
OAPL 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. OAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 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).

The rating has been revised on account of non-cooperation by OAPL
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2019 the following were the
rating weaknesses:

Key Rating Weaknesses

* Moderate and fluctuating scale of operations: The total operating
income of the firm has been fluctuating during the last three
financial years i.e. FY15-FY17. Furthermore, the same has remained
moderate with low tangible networth which limits the financial
flexibility of the firm to meet any exigency. Operates on low and
fluctuating profit margins: The profit margins of the company
remained low due to trading nature of the business and pricing
pressure owing to competitive industry. Furthermore, the PAT
margins have also remained below unity.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of OAPL stood leveraged with the overall
gearing at 3.36 times as on March 31, 2017, given the high reliance
on debt funds. Given this, the debt coverage indicators also stood
weak.

* Working capital intensive nature of business: The operations of
OAPL are working capital intensive in nature with considerable
amount of funds are blocked in inventory. However, the firm funds
its working capital requirement primarily through bank borrowings
and hence, the utilization of working capital limits remained fully
utilized ended February, 2018.

* Presence in highly competitive and cyclicality of auto industry:
The auto industry is inherently vulnerable to the economic cycles
and is highly sensitive to the interest rates and fuel prices of
petrol and diesel. Further, any hike in the same would lead to
reduced disposable income of the consumers, influencing new car
purchase decision. The company thus faces significant risks
associated with the dynamics of the auto industry.

Key Rating Strengths

* Moderate track record of operations with extensive and
resourceful promoter's experience: OAPL possesses a moderate track
record over 6 years of operations in selling automobiles.
Furthermore, overall operations of OAPL are looked after by the key
promoter, Mr. Mrunal Gandhi who is professionally qualified and
possesses a total experience of over a decade in the industry.

* Authorized dealer for reputed brand albeit intensely competitive
automobile dealership industry: OAPL is an authorized dealer for
reputed brands i.e. Hyundai Motors (4 wheeler) and Bajaj Auto (2
wheeler, 3 wheeler). OAPL has been dealing with Hyundai Motors
since inception and with Bajaj Motors from last two months.
Furthermore, there is a very articulated criterion that is required
to get a hold of a dealership of an automobile brand. The companies
are constantly monitored by the principal.

Incorporated in December 2012, Orange Automotive Private Limited
(OAPL) is promoted by the Dave and Gandhi family. OAPL is an
authorized automobile dealer (PV vehicle) for Hyundai cars since
October 2013 and Bajaj two wheelers from January, 2018. The company
prior used to deal with Yamaha bikes. The company also undertakes
the sale of spare parts, accessories and lubricants along with
servicing facility. The company is member of Federation of Auto
Dealers Association (FADA). Moreover, apart from operations in
automobile industry, OAPL is also engaged in trading of computers
and electronics. OAPL operates two different showrooms for sale of
Hyundai cars and Bajaj bikes, both are located in Amreli, Gujarat.

P. PATEL: CARE Lowers Rating on INR2.0cr Long-Term Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of P.
Patel Ship Breaking Company (PPSBC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       2.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE BB; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank     72.42       CARE A4; Issuer not
   Facilities                      cooperating; 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 July 1, 2019, reviewed the
rating of PPSBC under the 'Issuer Not-Cooperating' category as
PPSBC has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. PPSBC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated May 8,
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 ratings.

The revision in the ratings for PPSBC takes into account
non-availability of adequate information.

Detailed description of the key rating drivers

At the time of last rating on July 1, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from lenders feedback and publicly available
information):

Key Rating Weaknesses

* Modest scale of operations; albeit moderate leverage: During
FY17, Alang Patel Group (APG) reported 14% y-o-y decline in its TOI
on account of 13% decline in its average sales realization for
steel scrap. Overall gearing of APG (on net debt basis) improved to
0.49x as on March 31, 2017 (1.18x as on March 31, 2016) on account
of lower outstanding Letter of Credit (LC) obligations against
ships purchased at year-end.

* Exposure to adverse movement in forex rates and adverse movement
in steel scrap prices: APG uses LC facility to purchase old ships.
Since the transactions are denominated in United States Dollars
(USD), the firm is exposed to forex risk during the LC's usance
period, as the firm's revenue is denominated in Indian Rupee (INR).
The volatility in steel prices driven by demand and supply
conditions in the global as well as local markets exposes APG to
any adverse price movement on the uncut ship inventory as well as
unsold inventory of steel scrap held by the firm.

* Constitution as partnership firms: Both the entities in APG are
partnership firms and thus exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency, and firm
being dissolved upon the death/retirement/insolvency of partners.

Liquidity Analysis: As per limited information available
interaction with lenders, the liquidity of APG remained moderate,
as APG has not submitted required information despite repeated
requests for the same. The liquidity of the group remains exposed
to inherent cyclicality in the ship-breaking industry and
volatility in steel prices apart from any regulatory challenges.
Further, Alang Ship Breaking Corporation (ASBC) and PPSBC being
partnership firms, the cash flow of APG remains sensitive to the
withdrawal of funds deployed in business by the partners by way of
capital and continued availability of unsecured loans infused in
the business from various sources, included that by the partners.

Key Rating Strengths

* Experienced partners in the ship breaking industry and locational
advantage: The partners of APG have wide experience in the
ship-breaking industry and have successfully run the business
through various business cycles. APG's ship breaking yard is
located at Alang-Sosiya belt which is considered to be one of the
world's largest ship-breaking yards and constitutes nearly 90% of
India's ship-breaking activity.

Analytical Approach: Combined view of Alang Ship Breaking Corp.
(ASBC) and P. Patel Ship Breaking Company (PPSBC) For the purpose
of analysis, CARE has considered a combined view for two entities
of the group, viz., Alang Ship Breaking Corp. (ASBC) and P. Patel
Ship Breaking Company (PPSBC) (referred as Alang Patel Group (APG))
due to their operational, financial and managerial linkages.
Further, the promoters of the both the entities are family
members.

P. Patel Ship Breaking Company (PPSBC) is a partnership firm
engaged in ship-breaking activity in the Alang–Sosiya belt of
Bhavnagar region in Gujarat. Its group concern, Alang Ship Breaking
Corp. (ASBC: rated 'CARE B+; Stable; ISSUER NOT CO-OPERATING/CARE
A4; ISSUER NOT CO-OPERATING'), a partnership firm, is also engaged
in ship breaking activity in the same region. The partners of both
the firms are family members and have experience of more than two
decades in the ship breaking industry.

REVASHANKAR GEMS: CARE Lowers Rating on INR40.0cr Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Revashankar Gems Limited (RGL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      40.00       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE BB; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2019, placed the
rating(s) of RGL under the 'issuer non-cooperating' category as RGL
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. RGL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 20, 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).

The rating has been revised on account of non-cooperation by RGL
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 31, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Modest scale operations and low profitability margins: The total
operating income (TOI) has continuously declined during FY16-FY18.
Further, TOI has declined by 19.37% to INR78.44 crore in FY18
(vis-à-vis INR97.04 crore in FY17). The PBILDT margin has improved
by 147 bps to 7.92% in FY18 (vis-à-vis 6.45% in FY17).
Nevertheless the same continues to remain moderate. However, due to
high interest and depreciation cost, the PAT margin has declined by
64 bps to 0.56% in FY18 (visà-vis 1.20% in FY17).

* Working capital intensive nature of operations: RGL's working
capital cycle deteriorated to 324 days (vis-à-vis 264 days in
FY17) owing to funds being blocked in debtors and inventory. The
collection period has stretched to 259 days in FY18 from 214 days
in FY17. While the inventory holding period also elongated to 151
days in FY18 from 137 days in FY17.

* Moderate capital structure and moderately weak debt coverage
indicators: During FY18, RGL's capital structure has remained in
line with FY17. The overall gearing stood moderate at 1.20 times as
on March 31, 2018 and March 31, 2017 due to higher utilization of
working capital limits to fund the operations. With moderate
gearing level, RGL's debt coverage indicators further deteriorated
and remained weak owing to low and decreased profitability in FY18
over FY17.

* Customer and geographical concentration risk: RGL continues to
earn major portion of revenue from top 5 customers in FY18. Any
adverse changes in the macroeconomic scenario in the exports
markets could have a significant bearing on the demand for its
products & liquidity of RGL. RGL continues to earn significant
portion (around 75%) of revenue from exports, indicating
geographical concentration risk.

* Foreign exchange fluctuation risk, partially mitigated by natural
hedge: RGL derives majority of the revenue from exports (75% during
FY18), thereby exposing it to any adverse movement in forex.
Nevertheless, risk is mitigated to an extent due to natural hedge
created on account of 100% import of rough diamonds. However, given
the difference in the timings of import and export, the ability of
the company to maintain its profitability margins amidst
fluctuation in forex shall be critical from the credit
perspective.

* Presence in competitive and fragmented industry: Further owing to
presence of large numbers of players operating in the industry and
low degree of product differentiation, the industry remained highly
competitive and fragmented in nature limiting bargaining power of
players of like RGL.

Key Rating Strengths

* Long track record of operation and experienced promoters in the
diamond industry: The promoters have been in the business of
diamond trading since five decades and have established strong
relations with the customers. The key directors Mr Praveen Pandya,
Mr Siddharth Pandya and Mr Anandshankar Pandya have an extensive
experience in the diamonds industry. The promoters are supported by
experienced management team to carry out day-to-day activities.

* Group support: The group company Shankar Packaging Limited (SPL)
is engaged in the manufacturing of FIBC (Flexible Intermediate Bulk
Container Bag), multi filament yarn and technical textile. The
company is primarily focused on exports with 90% of the total
revenue derived from Europe, USA & Africa. Furthermore, SPL with
its long track of operation in the packaging industry has developed
established relationship with customers.

Apart from the above, the company has other group companies,
namely, Shangold India Limited, Shankar Jewels Limited, Naqsh
Collection and S.J International which are engaged in the business
of manufacturing and export of diamond-studded gold jewellery.

Incorporated in 1995, Revashankar Gems Limited (RGL) erstwhile
operated as partnership since 1961. RGL is engaged in the business
of processing and exporting of cut and polished diamonds of size of
0.01 to 0.10 carats. RGL has its processing plant located at Surat
(Gujarat). RGL imports rough diamonds from Belgium and Israel.


RY MIDAS: CARE Lowers Rating on INR29.0cr LT/ST Loan to B+/A4
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RY
Midas Alluminiums Private Limited (RMAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           29.00      CARE B+; Stable/CARE A4;
   Short Term                      Issuer not cooperating;
   Bank Facilities                 Revised from CARE BB-;
                                   Stable/CARE A4; ISSUER NOT     
                                   COOPERATING; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019, reviewed the
rating assigned to the bank facilities of RMAPL under the 'Issuer
Not-Cooperating' category as RMAPL had failed to provide
information for monitoring of the ratings. RMAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 8,
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 ratings.

The revision in the ratings for RMAPL takes into account of decline
in RMAPL's profitability and deterioration in capital structure
during FY19 (refers to the period from April 1 to
March 31) along with non-availability of adequate information.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from MCA filings, lenders feedback and publicly available
information):

Key Rating Weaknesses

* Modest scale of operations, thin operating profitability and
deterioration in capital structure: Despite its existence for over
a decade, RMAPL's scale of operations remains modest as indicated
by a total operating income (TOI) of INR168.64 crore during FY19
which increased from INR140.51 crore during FY18. The operating
profitability is also low due to higher proportion of trading
income and low value addition in manufacturing of ingots from metal
scrap. Further, substantial decline in interest income from fixed
deposits/ current investments (Rs.0.31 Crore in FY18 and INR0.02
crore in FY19) resulted in lower overall profitability. Capital
structure had deteriorated marked by an overall gearing of 3.02x as
on March 31, 2019 (1.94x as on March 31, 2018), primarily on
account of its modest networth base and high reliance on bank
borrowings to fund its working capital requirements.

* Presence in a highly fragmented and working capital intensive
industry with stretched liquidity: RMAPL has presence in the
melting segment of the non-ferrous metal industry which is highly
fragmented with the presence of numerous independent small-scale
enterprises on account of low technological intensity and moderate
capital investment requirement leads to high level of competition.
Furthermore, RMAPL's operations are working capital intensive with
more than 90% of its total capital employed being deployed for
funding its working capital requirements. The utilization of the
fund based working capital limits also remained high at more than
95%.

* Vulnerability of profitability to volatile raw material prices:
The main raw material consumed by RMAPL is aluminium scrap from
which it segregates aluminium, copper and iron. The prices of scrap
are linked to internationals prices of aluminium and copper which
have remained volatile during the past few years. However, price
variation clause present in most purchase orders of RMAPL linking
the selling price of aluminium ingots to prices published by
industry leaders partly mitigates the risk against volatile raw
material prices to a certain extent.

Key Rating Strengths

* Vastly experienced & resourceful promoters: Mr. Jagdishchandra
Shah, the promoter of RMAPL, has an experience of nearly 3 decades
in trading of various types of metals and alloys. The promoters
have also continuously supported the business operation with
infusion of interest-free unsecured loans from time to time.

* Established track record of operations: Before RMAPL, the
promoters were involved in the metal industry through 'Pushpak
Metal Corporation'; a proprietorship firm which was in the similar
business since 1988. The promoters have established strong
relationships with reputed steel manufactures in India which has
enabled RMAPL to get repeat orders.

Incorporated in October 2006, RY Midas Alluminiums Pvt. Ltd.
(RMAPL) is promoted by Mr. Jagdishchandra Shah.  RMAPL is primarily
engaged in the trading of metal scrap and manufacturing of aluminum
ingots. At its manufacturing plant, various scrap of aluminum,
copper, iron etc. is segregated and aluminum ingot is manufactured
which finds application as de-oxidation agent during alloy steel
manufacturing. RMAPL's manufacturing facility is located at
Ahmedabad with an aggregate capacity of melting 4,500 MTPA of metal
scrap as on March 31, 2017.

S.J. MEMORIAL: CARE Lowers Rating on INR11.82cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.J.
Memorial Education Society (SJS), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      11.82      CARE B; Stable; Issuer Not
   Facilities                     Cooperating; Revised from      
                                  CARE B+; Stable; Issuer Not
                                  cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2019, placed the
rating of SJS under the 'issuer non-cooperating' category as SJS
had failed to provide information for monitoring of the rating. SJS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 13, 2020 and May 8, 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).

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by SJS with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk. Further, the rating
takes in to account regulatory risk associated with the education
sector and competition from existing schools and ability to enroll
students as envisaged. The ratings, however, continue to draw
comfort from experienced and qualified members of the society and
modern infrastructure coupled with experienced and qualified
faculty members.

Detailed description of the key rating drivers

Key Rating Weakness

* Regulatory risk associated with the education sector:  Despite
the increasing trend of privatization of education sector in India,
regulatory challenges continue to pose a significant threat to the
educational institutes. The regulatory authority for the schools,
CBSE, functions under the supervision of the controlling authority,
which is vested with Secretary (Education), Government of India,
and Ministry of Human Resource Development.

* Competition from existing schools and ability to enroll students
as envisaged:  SJS faces high competition from the existing
established schools like Delhi Public School and other schools in
nearby areas.  The ability of SJS to enroll the projected number of
students at a competitive fee structure depends on its capability
to distinguish itself and leverage on its established brand name in
the market.

Key Rating Strengths

* Experienced and qualified members of the society:  Mr. Tara Chand
Rana is the current president of the society. He has around three
and a half decades of experience in education sector through his
association with SJS. Prior, to this, he was working as a teacher
with various schools. Furthermore, he is assisted by members of the
society (SJS) including Ms. Sarita Kumar (Secretary cum Treasurer),
who has more than a decade of experience through her association
with this society.

* Modern infrastructure coupled with experienced and qualified
faculty members:  SJS is having modern infrastructure which
consists of 75 classrooms (including 10 smart classrooms), computer
laboratories, multimedia library, auditoriums, seminar room and
resource centers etc. This helps the school in offering all round
development to the students. Further, the school is managed by its
Principal –Ms. Jyoti Sharma having vast experience in school
education and has a long overall experience in teaching.

S.J. Memorial Education Society (SJS) was established on 1999 under
the Society Registration Act, 1860 with an objective to provide
education services by establishing and operating various
educational institutions. SJS is operating a school in the name of
Green Wood Public School at Gurgaon (Haryana). The school provides
primary and senior secondary education from Nursery to XII standard
and is affiliated with CBSE (Central Board of Secondary Education).


SALASAR AUTOCRAFTS: CARE Lowers Rating on INR18.75cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Salasar Autocrafts Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       18.75      CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE B; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2019, placed the
rating(s) of SAPL under the 'issuer non-cooperating' category as
SAPL 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. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 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.

The ratings take into account nascent stage of operations,
Leveraged capital structure & weak debt coverage indicators,
fortunes linked to performance of Mahindra, presence in cyclical
and intensely competitive automotive industry and experienced of
promoters in the industry.

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 (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Nascent stage of operations: SAPL has incorporated in February
2017 and the operations have been commenced in August 2017. During
FY19, the company has achieved total operating income of INR203.77
crore vis-à-vis INR94.08 crore in FY18 and as against the same
incurred net loss in FY19 and FY18. Hence, ability of SAPL to
increase its scale of operations and improve the profitability
would be critical from credit perceptive.

* Leveraged Capital structure & weak debt coverage indicators:
SAPL's capital structure remained highly leveraged with overall
gearing stood at 27.38x as on March 31, 2019 due to significant
increase in the debt level to fund its working capital
requirements. Owing to this along with low profitability, the debt
coverage indicators also remained weak.

* Fortunes linked to performance of Mahindra: SAPL is an authorized
dealer of Mahindra and Mahindra Ltd. (Mahindra) hence the
performance of SAPL would be more depends on the performance and
market share of Mahindra. Though the Mahindra is third largest auto
maker in India, the market share of the same in passenger vehicle
has dropped to 7.75 percent last financial year as against 8.47
percent in FY 2015-16. Going forward any unfavourable event
affecting the growth plans of Mahindra and Mahindra will have a
significant impact on the performance of SAPL and similarly launch
of new vehicles of Mahindra and Mahindra will improve the sales
too.

* Presence in cyclical and intensely competitive automotive
industry: The auto industry is inherently vulnerable to the
economic cycles and is highly sensitive to the interest rates and
fuel prices of petrol and diesel. Interest rate is one of the
factors that affect demand made by consumers. Further, Car sales
increase when a new model hits the market. Due to increased
competition in Indian car market, frequency of new model launches
has increased. In order to capture the market share, the auto
dealers generally have to offer better buying terms like providing
credit period or allowing discounts on purchases. Such discount
creates margin pressure and may negatively impact the earning
capacity of the company.

Key Rating Strengths

* Experienced promoters and established track record in automobile
dealership business: SAPL has promoted by Mrs. Preeti Jakhete and
Mr. Aditya Jakhete and both the directors have extensive experience
in automobile industry. Apart from automobile industry both the
directors have been associated with finance & construction
sectors.

Incorporated in the February 2017 as a private limited company,
Salasar Autocrafts Private Limited (SAPL) is an authorized dealer
of Mahindra and Mahindra Ltd. (Mahindra) and is engaged in the
business of trading and servicing the passenger vehicles of
Mahindra along with sale of spare parts. SAPL was incorporated in
February 2017 and commenced its operations in August 2017. SAPL has
1 showroom located at thane spread over 3500 sq ft. & 2 workshops
at Thane & Bhiwandi.

SALORA INT'L: CARE Lowers Rating on INR55.0cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Salora International Limited (SIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      55.00       CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from      
                                   CARE B+; Stable; Issuer Not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank      15.00      CARE A4; Issuer not
   Facilities                      cooperating; on the basis
                                   of best available information
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2019, placed the
ratings of SIL under the 'issuer non-cooperating' category as SIL
had failed to provide information for monitoring of the rating. SIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 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(s).

The ratings have been revised on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from company's website):

Key Rating Weaknesses

* Subdued operational performance: The total income of the company
increased to INR180.60 crore in FY19(refers to the period April 1
to March 31) (PY: INR127.73 cr.), mainly because of increase in the
revenue from consumer electronic division from INR124.40 cr. during
FY18 to INR171.08 cr in FY19. Consequently, SIL reported PBILDT of
INR6.12 cr. during FY19 (PY: Loss of INR5.33 cr.). The company
reported loss of INR10.15 cr during 9MFY20 (refers to the period
from April 1 to December 31) (unaudited) as compared to loss of
INR1.87 cr during 9MFY19. Weak financial risk profile: The overall
gearing of the company deteriorated to 0.96x as on March 31, 2018
(PY: 0.77x). The company reported operating losses in 9MFY20
thereby reflecting weak financial flexibility and debt coverage.

* High competition: The company is present in a highly competitive
and price sensitive industry. The industry is highly fragmented
with numerous players operating with negligible product
differentiation. Large presence of players makes the segment highly
competitive and sensitive to any price fluctuation, thereby,
constraining industry pricing power.

Key Rating Strengths

* Experienced promoters: SIL has a long track record of operations
of more than three decades. Currently, the company is being run by
second and third generation of the Jiwarajka family. Mr GK
Jiwarajka (Managing Director) has more than 17 years of experience
in television manufacturing, assembling, telecom and related
fields. SIL became a public listed company in 1993.

* Strong distribution and service network and rekindled focus on
Salora brand: SIL has a wide network of branch offices across
states in India and 200 service tie-up/networks in 127 cities,
involving more than 500 dealers and distributors. SIL uses its
pan-India sales and service operations for distributing its SALORA
brand TVs (CRT, LCD and LED), TV components, lifestyle & household
products like home theatre systems, mobile etc. SIL also provides
distribution and after sales services for range of products like
mobiles, data cards, etc., for other national and international
brands. The company plans to launch new products under the Salora
brand and increase visibility in the market.

Salora International Limited (SIL) is currently engaged into
trading and manufacturing of mobile handsets and televisions. The
commenced its operations in 1977 under the guidance of Mr S R
Jiwarajka and Mr Obel Reddy. Presently, the company is managed by
Mr. Gopal Jiwarjika and his sons, Mr. Tarun Jiwarajka (Marketing
and Finance) and Mr. Ayush Jiwarajka (Technology & Operations). The
company operates in two segments viz. Consumer Electronics and wind
energy segment.

SHIVTEX SPINNING: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shivtex Spinning
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 the ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR678.14 mil. Term loan due on September 2026 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR100 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR17 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 25, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shivtex Spinning was incorporated in 2017 by Sanjay Bindal, Navin
Saraogi, Dinesh Agarwal, and Aman Agarwal. The company manufactures
denim yarn with nine and 16 counts.



SHREE MANDVI: CARE Keeps D INR53.91cr Debt Rating in Non-Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mandvi Vibhag Sahakari Khand Udyog Mandli Ltd. (SMSKL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       53.91      CARE D; Issuer not cooperating;
   Facilities                      Based on best available  
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019, reviewed the
rating assigned to the bank facilities of SMSKL under the 'issuer
non-cooperating' category as SMSKL had failed to provide
information for monitoring of the ratings. SMSKL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 8,
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 ratings.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019, the following was the
weakness: (updated for the information available from lenders
feedback and publicly available information):

Key Rating Weaknesses

* On-going delays in servicing of debt obligations: During 11MFY16,
the SMSKL produced 20,548 metric tonne (MT) sugar and reported
69.06% of capacity utilisation. The TOI during the period was
INR44.58 crore including sale of stock of previous year. However,
delays in the commencement of operations of the manufacturing
facility, lower than envisaged generation of cash accruals owing to
depressed sugar prices and lower level of sanctioned working
capital facilities compared with its scale of operations resulted
into cash-flow mismatches and consequently delay in its debt
servicing. Further, as per interaction with lenders the account is
classified as NPA.

Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli
Limited (SMSKL; erstwhile Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) is a co-operative society
registered under The Gujarat Co-operative Society Act 1961.
Initially, the society was engaged in the trading of sugarcane,
procuring sugarcane from farmer members and supplying to sugar mill
in the vicinity. In FY15, SMSKL set-up a green field sugar
manufacturing unit with an installed capacity of 2,500 tonne of
sugarcane crushing per day (TCD) and a warehouse with a capacity of
24,000 metric tonne (MTs) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project was completed with
delay of about 8 months as against its envisaged completion
timeline of May 2014 and commercial operations commenced from
February 2015. After demonetization, due to liquidity crunch, the
society was not able to make payments in cash to its farmers for
procurement of sugarcane and because of this during the sugarcane
crushing season, it was not able to break even, which led to its
temporarily shut down its plant, which is non-operational at
present.

SREE GOURIPUTRA AGRO: CARE Lowers Rating on INR6.0cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Gouriputra Agro Products Private Limited (SGAPPL), as:

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

   Short-term Bank      8.00       CARE A4; Issuer not
   Facilities                      cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 5, 2019, placed the
ratings of SGAPPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated January 31, 2020 to May 04, 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 (Updated Information
available from Registrar of Companies)

The revision in the ratings assigned to the bank facilities of Sree
Gouriputra Agro Products Private Limited takes into consideration
decline in profitability margins. The rating continues to be
tempered by relatively small scale of operations, Stretched working
capital cycle and highly fragmented industry with intense
competition from other players. However, the ratings also takes
into account of improved capital structure and debt coverage
indicators. The ratings however underpinned by experienced and
resourceful promoter.

Key Rating Weakness

* Relatively Small scale of operations:  The company has short
track record of business operations as the commercial operations of
the company started in August 2016 resulting to small scale of
operations and stood at INR13.37 crore in FY19 along with moderate
net worth of INR6.10 crore in FY19 as compared to others peers in
the industry.

* Decline in Profitability margins:  The Profitability margins of
the company declined during the review period. The PBILDT margins
of the company declined by 21bps and stood at 9.78% in FY19. The
PAT margin declined from 1.65% in FY18 to 0.68% in FY19.

* Stretched working capital cycle:  The working capital cycle of
the company improved during the review period and stood 171 days in
FY19 as compared to 235 days in FY18 on account of improved
inventory holding from 241 days in FY18 to 118 days inFY19.

Key Rating Strengths

* Improved Capital structure and debt coverage indicators:  The
Overall gearing ratio of the company remained satisfactory during
the review period improved from 1.00x as on March 31, 2018 to 0.50x
as on March 31, 2019 due to repayment of term loans and with
increase in tangible net worth on account of accretion of profits.

The debt coverage indicators of the company remained comfortable
during the review period. Total debt/GCA stood at 5.81x as on March
31, 2019 against 9.48x as on March 31, 2018. The PBILDT interest
coverage ratio and total debt/cash flow from operation stood at
1.70x & 0.60x as on March 31, 2019.

Sree Gouriputra Agro Products Private Limited (SGAPPL) was
incorporated as a Private Limited Company by Mr. Kudapa Chakrapani,
Mrs. Kudapa Subbalakshmi and Mr. Kudapa Hemanth Nag in 2002. The
company is engaged in the processing of rice and trading of paddy.
SGAPPL's rice milling plant is located at Undrajavaram Village,
West Godavari District, and Andhra Pradesh.

SWASTIK GINNING: CARE Lowers Rating on INR7.00cr Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swastik Ginning and Pressing Industries (SGPI), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19,2019, placed the
rating of SGPI under the 'issuer non-cooperating' category as SGPI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SGPI continues to be
non-cooperative despite repeated requests for submission of
information through numerous phone calls and emails dated April 15,
2020, April 27, 2020, May 6, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of SGPI
takes into account non-availability of information due to
non-cooperation by SGPI with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 19, 2019 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operation and moderate profit margins: SGPI
commenced commercial operation in April, 2008.  Despite being in
the business for more than two and a half decade the scale of
operations has remained small with low net worth base. Furthermore,
the profitability of the entity remained low and the margins
remained susceptible to fluctuation in input prices owing to
seasonality associated with availability of cotton.

* Leveraged capital structure and debt coverage indicators: The
capital structure of the entity remained leveraged with high
utilization of cash credit limit to support the operations.
Furthermore, owing to high dependence on debt and low profitability
the debt coverage indicators remained moderate.

* Working capital intensive nature of operations: The operations of
the entity remained working capital intensive owing to seasonality
associated with availability of raw material. Gross current asset
days remained at 91 days during FY17. As the entity has to maintain
higher inventory, the working capital requirements of the entity
are met by the cash credit facility and the average utilization of
the CC limit was on higher side in the peak season.

* Risk associated with seasonality and fragmented nature of
industry: The cotton business is highly seasonal in nature, as the
sowing season is from March to July and the harvesting season is
spread from November to February. Hence, the working capital
utilization is high in the peak season. This results in low
financial flexibility to shield against any adverse situation
during peak period. Furthermore, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As SGPI faces stiff competition from other
players operating in the same industry in the Amravati area, it
results in low bargaining power of SGPI against its customers.

* Partnership nature of constitution: Being partnership nature of
constitution, the firm is exposed to the risk of withdrawal of
capital due to personal exigencies, dissolution of firm due to
retirement or death of promoter and restricted financial
flexibility due to inability to explore cheaper sources of finance
leading to limited growth potential

Key Rating Strengths

* Long track record of the operation with experienced partners:
The entity is managed by Mr. Pankaj Kothari, Mr. Shripal Shantilal
Kothari, Mr. Anup Kantilal Kothari, Mr. Sanjay Koshatwar Mr.
Darshan Koshatwar and Mr. Gajanan Koshatwar having an experience of
a decade, in the cotton ginning All the partners look after day to
day affairs of the business with adequate support from a team of
experienced personnel. With the long standing business experience,
the partners were able to establish strong relations with its
customers and suppliers. Furthermore, SGPI has a track record of
more than a decade in cotton business and has established a good
relationship with its customers and suppliers.

* Locational advantage emanating from proximity to raw material:
The manufacturing facility of SGPI is located in the Vidarbha
region of Maharashtra. Maharashtra produces around 21% of total
cotton production of India. Furthermore, the presence of SGPI in
cotton producing region also fetches a location advantage of lower
logistics expenditure. Moreover, there is robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills in Yawatmal

Yavatmal (Maharashtra) based SGPI was established as a partnership
concern in the year 2008. The entity is engaged in the business of
cotton ginning and pressing at its manufacturing facility located
at Yavatmal, Maharashtra, having an installed capacity to gin and
press 30,000 bales per annum. SGPI procures raw material i.e. raw
cotton from the local farmers based out in Yavatmal district. SGPI
operates for 5-6 months in a year based on the availability of raw
material during the season. The firm supplies the finished products
to spinning mills and oil mills located PAN India.

TECHNO SAT: CARE Keeps D INR14.0cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Techno Sat
Comm (India) Private Limited (TSCIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       14.00      CARE D; Issuer not cooperating;
   Facilities/                     Based on best available  
   Short term Bank                 Information
   Facilities           

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2019, placed the
rating(s) of TSCIPL under the 'issuer non-cooperating' category as
TSCIPL 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. TSCIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 6, 2019 the following were the
rating weaknesses:

Key Rating Weaknesses

On-going delay in debt servicing: As per banker interaction, there
have been ongoing delays in debt servicing and the account has been
classified as NPA.

Techno Sat Comm (India) Private Limited (TSCPL) was incorporated in
year 2008 by Dave Family. The company was formerly known as Techno
Com Inc started in August, 2005 and later incorporated to Private
Limited in January, 2008. Currently Mr. Jay Dave, Mr. Nirav Dave
and Mr. Jagdip Rana are directors of the company. The company is an
ISO 9001:2008 certified for quality management and is engaged in
providing services of RFID solutions, IP based PA systems, WIFI
solutions, CCTV Surveillance, Black Box in trains, Network
Infrastructure, Captive portal and Biometric solutions. TSCPL was
prior engaged in trading of electronic goods. The major revenue
comes from WIFI solutions provided by the company. The company has
reputed clients like Indian Railways, Delhi Metro Rail Corporation,
Reliance Industries, Reliance Infrastructure and Airport Authority
of India. TSCPL has registered office in Mumbai and branches in
Delhi and Kolkata.


THREE BROTHERS: CARE Lowers Rating on INR5.0cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Three Brothers Flour and General Mills (TBGM), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.00      CARE B+; Issuer Not Cooperating;
   Facilities                     Revised from CARE BB-; Issuer
                                  Not cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2019, placed the
rating of TBGM under the 'issuer non-cooperating' category as TBGM
had failed to provide information for monitoring of the rating.
TBGM continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 13, 2020 and May 8, 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).

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by TBGM with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
rating takes in to account volatility in raw material prices
influenced by government policies, fragmented nature of industry
and low entry barriers and constitution of the entity being a
partnership firm. The ratings, however, continue to draw comfort
from experienced promoters.

Detailed description of the key rating drivers

Key Rating Weakness

* Fragmented nature of industry and low entry barriers: The initial
capital expenditure requirement for the agro industry is not very
high and on account of the same the industry is replete with a
number of players both in organized and unorganized sector. The
commodity nature of the product makes the industry highly
fragmented with more than two-third of the total number of players
being unorganized sector with very less product differentiation.
Due to the fragmented nature and low entry barriers in the
industry, the flour mill units have limited flexibility over
pricing their products which also results in low profit margins.

* Constitution of the entity being a partnership firm: TBGM's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the 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 the partners would be the key factors affecting
credit decision for the lenders.

Key Rating Strengths

* Experienced promoters: TBGM was established in 1985 and is a
family managed firm with Mr Ajaib Singh, Mr Balbir Singh, Mr Sohan
Singh, Mr Mohinder Singh and Mr Harbhajan Singh as partners. All
the partners have working experience of more than three decades in
the field of processing of food grains and have been associated
with the firm since its inception in 1985.

Three Brothers Flour and General Mills (TBGM) was established as a
partnership firm in June 1985, by Mr Balbir Singh, Mr Ajaib Singh
along with three other family members as partners. The firm started
its commercial operations in 1987. Currently, the overall
operations of the firm are being managed by Mr Ajaib Singh. TBGM is
engaged in the processing of food grains mainly wheat with
manufacturing of products, viz, wheat flour, maida, sooji, etc.

VAIBHAV COTEX: CARE Keeps B+ on INR10.70cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vaibhav
Cotex Private Limited (VCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.70      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 23,2019, placed the
rating of VCPL under the 'issuer non-cooperating' category as VCPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. VCPL continues to be
non-cooperative despite repeated requests for submission of
information through numerous phone calls and emails dated April 15,
2020, April 27, 2020, May 12, 2020, May 13, 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 January 23, 2019 the following were
the rating strengths and weaknesses. (Updated for the information
available on Registrar of Companies)

Key Rating Weakness

* Thin profitability margins: The profitability margins of VCPL
remained thin owing to limited value addition nature of business
and high competition, as reflected by PBILDT margin and PAT margin
in range of 1.50%-1.75% and 0.20%- 0.50%, respectively for past
three years ended in FY19.

* Moderate capital structure with moderate debt coverage
indicators: The capital structure as reflected by an overall
gearing ratio improved and stood at 1.07x as on March 31, 2019.
With low profitability and moderate gearing levels, the debt
coverage indicators of VCPL continues to remain moderate with
interest coverage of 3.29x during FY19.

* Stretched liquidity position: The operations of VCPL remained
working capital intensive owing to seasonality associated with
availability of raw material input i.e. cotton. The working capital
requirements of the entity are met by the cash credit facility
whose average utilization remained ~90% utilized in the peak season
and ~50% utilized in non peak season.

* Susceptibility to adverse changes in government regulations and
climatic condition: The price of raw cotton is highly volatile in
nature owing to its seasonal nature and the price is regulated
through function of MSP by the government along with export of
cotton. Hence, any adverse change in government policy and climatic
condition may negatively impact the prices of raw cotton in
domestic market and could result in lower realizations and profit
for VCPL.

* Presence in fragmented industry:  Operations of cotton business
is highly seasonal in nature, as the sowing season is from March to
July and the harvesting season is spread from November to February.
Furthermore, the cotton industry is highly fragmented with large
number (approx 80%) of players operating in the unorganized sector.
Hence, SIL faces stiff competition from other players operating in
the same industry, which further result in its low bargaining power
against its customers.

Key Rating Strengths

* Experienced promoters in cotton ginning and pressing industry:
VCPL, incorporated in 2008, is promoted by Bhandari family.  The
directors have an average experience of around one decade in cotton
ginning & pressing along with oil extraction under VCPL. Being in
the industry for so long has helped the promoters to gain adequate
acumen about the business.

* Location advantage: The manufacturing facility of VCPL is located
at Yavatmal in the Vidarbha region in Maharashtra, which lies in
cotton producing belt of Maharashtra. Hence, raw material is
available in adequate quantity. Furthermore, the presence of VCPL
in cotton producing region also fetches a location advantage of
lower logistics expenditure.

* Growing scale of operations of company: The total operating
income of VCPL has increased from INR135.40 crore in FY18 to
INR137.13 crore during FY19 .The increase in operating income was
on account increase in number of orders executed during
the year

Incorporated in 2008, VCPL is engaged in ginning and pressing of
cotton and extraction of oil from cotton seeds. The ginning and
pressing unit and oil extraction unit is located at Yavatmal,
Maharashtra with an installed Capacity of processing 42,000 cotton
bales per annum and to extract 1,40, 000 quintals of oil per annum.

VAIBHAV COTGIN: CARE Keeps B+ INR13.50cr Debt Rating in Not Coop.
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vaibhav
Cotgin Private Limited (VAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       13.50      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 23,2019, placed the
rating of VAPL under the 'issuer non-cooperating' category as VCPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. VCPL continues to be
non-cooperative despite repeated requests for submission of
information through numerous phone calls and emails dated April 15,
2020, April 27, 2020, May 12, 2020, May 13, 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on January 23, 2019 the following were
the rating strengths and weaknesses. (Updated for the information
available on Registrar of Companies)

Key Rating Weakness

* Small Scale of operation with low profitability margins: VCPL
commenced its commercial operation in February-2017. The company
registered revenue of INR144.28 crore during FY19. Further, the net
worth base of the company stood low at INR6.61 crore as on March
31, 2019. The profitability margins of the company remained low
with PBILDT and PAT margin at 2.05% and 0.50% respectively in FY19
owing to limited value addition nature of business and high
competition.

* Moderate solvency position: The capital structure of the company
remained moderate with overall gearing of 1.87x as on March 31,
2019 on account of its high dependence on external borrowings to
support its operations. Moreover, due to high dependence on debt
and low profitability, the debt coverage indicators remained
moderate with interest coverage of 2.88x in FY19.

* Stretched liquidity position: The liquidity of the company is
characterized as stretched owing to seasonality associated with
availability of raw material. The gross current asset days remained
at 46 days during FY19.The working capital requirements of the
company are met by the cash credit facility and the average
utilization of the CC limit was on higher side in the peak
season (October-May).

* Susceptibility of margins to raw material price fluctuation and
government regulations: The price of raw cotton in India is
regulated through function of minimum support price by the
government. Furthermore, the price of raw cotton is highly volatile
in nature and depends upon factors like area under production,
yield for the year, international demand supply scenario, export
quota decided by government and inventory carry forward from
previous year. Hence, any adverse change in government policy that
is higher quota for any particular year, ban on the cotton or
cotton yarn export may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit for VCPL.

* Risk associated with seasonality and fragmented nature of
industry: The cotton business is highly seasonal in nature, as the
sowing season is from March to July and the harvesting season is
spread from November to February. Hence, the working capital
utilization is high in the peak season. This results in low
financial flexibility to shield against any adverse situation
during peak period. Furthermore, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As VCPL faces stiff competition from other
players operating in the same industry in same area, it results in
low bargaining power of VCPL against its customers.

Key Rating Strengths

* Experienced directors: VCPL is promoted by Mr Ashok Bhandari and
Mr Sunil Bhandari. The directors of the company have an average
experience of more than a decade in cotton ginning and pressing
along with oil extraction through its group company “Vaibhav
Cotex Private Limited”. Long experience of the promoters has
supported the business risk profile of the company to a large
extent.

* Location advantage emanating from proximity to raw material: The
manufacturing facility of VCPL is located at Chandrapur (situated
in the eastern part of Vidharbha, Maharashtra) which is in close
proximity to the cotton-growing region of Maharashtra resulting in
easy availability of raw cotton leading to lower logistics and
other related costs. Moreover, there is robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills in the region.

* Integration into cotton seed oil resulting in zero discharge
plant: Apart from ginning and pressing of cotton, VCPL is also
engaged in cotton seed oil extraction with an installed capacity to
extract 1,00,000 lakh litre of oil per annum. Hence, VCPL can be
categorized as zero discharge plant as there is no residue or scrap
left after the manufacturing process.

VCPL was incorporated as a private limited company in May, 2016.
The company is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed. The ginning and pressing unit
and oil extraction unit is located at Chandrapur, Maharashtra. The
company has an installed capacity to gin and press 2, 25,000
quintals of cotton and to extract 1, 00,000 lakh liter of oil per
annum. VCPL procures raw material i.e. raw cotton from the local
farmers and sell its final product i.e. cotton bales and cotton oil
through brokers and agents across Maharashtra and other parts of
India.



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

HYFLUX LTD: Aqua Munda to Make Offer to PnP Holders, Sias Says
--------------------------------------------------------------
Natalie Choy at The Business Times reports that potential Hyflux
investor Aqua Munda is prepared to make an offer to the preference
shares and perpetual securities (PnP) holders of Hyflux, the
Securities Investors Association (Singapore) or Sias has said.

In a statement on June 9, Sias president and chief executive
officer David Gerald said Aqua Munda had reached out to Sias on
June 8; it was seeking to understand the concerns of the PnP
holders, so that the firm can factor these into its plans to make
an offer for Hyflux, BT relates.

While Aqua Munda did not provide any details of its proposed offer
to the PnP holders at the meeting, Mr. Gerald said Sias was assured
that Aqua Munda "will provide, at the appropriate time, details of
its offer and financial capability to meet the acquisition, with
also details of its business plans for Hyflux".

Aqua Munda, a Singapore-registered company that manufactures
water-treatment, waste-treatment and oilfield chemicals, had also
informed Sias that it can secure contracts for Hyflux in South-east
Asia and in the Middle East, to be announced in the near future,
according to BT.

"Their strong interest in Hyflux is due to the established track
record of Hyflux in building the treatment plants, and the
expertise of the company and its management," BT quotes Mr. Gerald
as saying.

At the meeting with Aqua Munda, Sias had reiterated the importance
of taking into consideration the fact that PnP holders -- who are
largely retail investors -- have "suffered enough". It emphasised
that Aqua Munda must be "sincere in making an offer that takes into
consideration their plight", he said.  

That being said, he noted that Sias sees Aqua Munda's effort to
proactively engage with Sias as a positive step, and will continue
to engage with the firm to work towards a favorable outcome for the
PnP holders, BT relays.

BT adds that Sias is urging Aqua Munda to put forward its offer and
all relevant information to the PnP holders as soon as possible, as
Hyflux is under moratorium until July 30.

"Unless a successful outcome is achieved, there is a high chance
that the company may end in liquidation, in which event the PnPs
will not receive anything," Mr. Gerald, as cited by BT, said.

                           About Hyflux

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

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

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

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



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

ASIANA AIRLINES: Creditors Ready to Negotiate Terms of Sale
-----------------------------------------------------------
Yonhap News reports that creditors of Asiana Airlines Inc. said on
June 10 they are ready to meet with HDC Hyundai Development Co. to
renegotiate terms of the airline's takeover by the property
developer.

On June 9, HDC called for a renegotiation with Asiana's creditor
banks -- the state-run Korea Development Bank (KDB) and the
Export-Import Bank of Korea (Eximbank) -- over its planned takeover
of the country's second-biggest carrier, citing the current
coronavirus crisis as "never expected and a very negative factor,"
which will largely affect the acquisition plan, Yonhap relates.

"HDC needs to propose what acquisition terms it wants to be changed
first before related parties begin talks over the acquisition deal.
HDC needs to come to the negotiating table instead of sending a
letter (to creditors) or releasing a press statement," the KDB said
in a statement, Yonhap relays.

Yonhap says the related parties include creditors, Asiana Airlines,
HDC and Kumho Asiana Group.

In December, HDC formed a consortium with major financial group
Mirae Asset Daewoo to sign a deal to acquire a 30.77 percent stake
in Asiana from Kumho Industrial Co., as well as new shares to be
issued and Asiana's six affiliates, for KRW2.5 trillion (US$2.2
billion).

Back then, the HDC-led consortium and Kumho Industrial agreed to
close the deal by June 27, and the acquisition may be delayed until
Dec. 27, depending on foreign regulators' reviews of the takeover,
Yonhap says.

As creditors and related parties are expected to renegotiate the
terms, the closing of the deal looks set to be delayed until the
end of this year, according to Yonhap.

Yonhap notes that the deal initially appeared to go on as planned,
but it has been in peril since the pandemic.

Airlines, hit hard by the COVID-19 pandemic, have suspended most of
their flights on international routes since March and posted hefty
losses in the first quarter.

According to Yonhap, HDC also picked Asiana's snowballing debts as
another reason for the renegotiation that is "damaging the
acquisition value of the carrier."

Asiana's debts have increased by KRW4.5 trillion since July last
year and its debt-to-equity ratio skyrocketed by 16,126 percent on
a parent basis at the end of March from end-July, it said.

HDC's calls for the renegotiation come after Asiana's creditors
sent an ultimatum on June 5 to the HDC to notify it of its intent
to complete the acquisition by June 27.

Asiana's net losses for the January-March quarter deepened to
KRW683.26 billion from KRW89.18 billion a year earlier, Yonhap
discloses.

Yonhap adds that HDC had reiterated its plan to acquire Asiana,
dismissing speculation that it may have difficulties in taking over
the company due to the economic fallout from the coronavirus
outbreak.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.



=================
S R I   L A N K A
=================

SRI LANKA: May Force Economy 'Reset' on Distressed Sovereign Debt
-----------------------------------------------------------------
Bloomberg News reports that a would-be hub of Indo-Pacific commerce
and global tourist gem, Sri Lanka was already struggling to deliver
on grand visions before the coronavirus crisis struck the world
economy. The next few months may determine its ability to avert a
painful debt restructuring, Bloomberg says.

According to Bloomberg, the South Asian nation is locked in talks
with the International Monetary Fund for emergency-financing aid,
after its second longer-term program with the fund in less than a
decade expired on June 2. It's shaping up as a classic battle
between a political program geared toward goosing growth, and
concerns about raising enough money to rein an already-massive debt
load.

A sometime favorite among investors -- Sri Lanka as of late 2019
had the largest overweight among JPMorgan Chase & Co. clients in
Asian frontier bond markets -- the country has faced down tough
times in the past, says Bloomberg. And the central bank said last
month it will again honor all its obligations on time.

That may depend on the policies set following upcoming
parliamentary elections, a date for which may be announced June 8.
Also key: the degree of forbearance from China and India, which
have competed for influence in the strategically located Indian
Ocean nation.

"Sri Lanka could avoid a debt restructuring, but it would need hard
decisions and reset of the economy," Bloomberg quotes Saurav Anand,
economist for South Asia at Standard Chartered Bank in Mumbai, as
saying. "Markets fear that given limited fiscal space, if there is
a delay in resorting to corrective actions," a renegotiation of the
payment schedule will soon become inevitable.

According to Bloomberg, Sri Lanka's obligations are considerable:
external debt makes up more than half of gross domestic product,
and Fitch Ratings calculated some $3.2 billion of payments due
between May and December this year.

Bloomberg relates that the deep and sudden global recession caused
by the coronavirus and moves to contain it has forced extraordinary
measures by countries the world over. In Sri Lanka's case, the
added challenge is the pre-existing conditions of low growth and
enormous debt.

The IMF's 2016 Extended Fund Facility help for Sri Lanka, which
expired this month, was supposed to set help set the nation on a
stronger development track. Instead, its overall debt ratio has
climbed past 90% of GDP, as per a JPMorgan report, and the economy
last year expanded the least since 2001, at just 2.3%, the report
notes.

Bloomberg says visions of an export-oriented Indian Ocean hub
contrasted with what the IMF in 2018 called a "highly protective"
policy regime under which domestic industries were increasingly
shielded. Trade and investment were more restrictive than in peer
emerging nations, and a study showed the tax system to be "complex
and unstable."

Bloomberg relates that President Gotabaya Rajapaksa's announcement
of wide-ranging tax cuts after his November presidential election
victory -- aimed at boosting growth -- sparked renewed concerns
about the country's debt payments.

Sri Lanka's dollar bonds have become the worst-performing among the
sovereign frontier markets in Asia that have been able to raise
offshore debt, Bloomberg says. The notes have lost about 32% this
year, with its spread over U.S. Treasuries climbing more than 2,400
basis points at one point in May, Bloomberg discloses citing
JPMorgan Chase & Co. indexes. Its yield premium was about 1,700 as
of June 5, more than double that offered by its peers in the region
which are rated in the single B-grade category: Papua New Guinea,
Mongolia and Pakistan.

As reported in the Troubled Company Reporter-Asia Pacific on May
22, 2020, S&P Global Ratings on May 20, 2020, lowered its long-term
foreign and local currency sovereign credit ratings on Sri Lanka to
'B-' from 'B'. S&P affirmed its short-term foreign and local
currency credit ratings at 'B'. The transfer and convertibility
assessment is revised to 'B-' from 'B'. The outlook is stable.  The
stable outlook reflects S&P's view that Sri Lanka still has access
to sufficient resources, including from multilateral and bilateral
partners, to meet its debt obligations over the next 12 months.

On April 24, 2020, Fitch Ratings downgraded Sri Lanka's Long-Term
Foreign- and Local-Currency Issuer Default Ratings to 'B-', from
'B'. The Outlook is Negative.

On April 17, 202, Moody's Investors Service placed the Government
of Sri Lanka's long-term foreign currency issuer and senior
unsecured B2 ratings under review for downgrade.




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

[*] AsPac Aviation Sector Forecast to be Worst Hit from Covid-19
----------------------------------------------------------------
John Anthony at Stuff.co.nz reports that the coronavirus pandemic
will hit aviation in the Asia-Pacific region harder than anywhere
else in the world, with losses of US$29 billion (NZ$45 billion)
forecast in 2020, an international transport association said.

Stuff says the global aviation sector has been deeply affected by
the Covid-19 outbreak as governments around the world shut their
borders and ordered strict lockdowns to try to contain the virus.

Many airlines have needed additional government support to help
them through the crisis and many are expected to not make it
through.

According to Stuff, the International Air Transport Association on
June 10 released its financial outlook for the global air transport
industry showing that airlines were expected to lose US$84.3
billion in 2020 for a net profit margin of -20.1 per cent.

Stuff relates that Iata director general and chief executive
Alexandre de Juniac said revenues would fall 50 per cent to US$419
billion from US$838 billion in 2019. In 2021, losses would not be
as severe with revenues rise to US$598 billion, it said.

"Financially, 2020 will go down as the worst year in the history of
aviation," the report quotes Mr. de Juniac as saying.  "On average,
every day of this year will add US$230 million to industry
losses."

Asia-Pacific was the first region to feel the brunt of the Covid-19
crisis and was expected to post the largest absolute losses in
2020, making up nearly a third of total global losses, Stuff
notes.

An overall loss of US$29 billion was expected for the region in
2020.

Based on an estimate of 2.2 billion passengers worldwide this year,
airlines globally would lose US$37.54 per passenger, Mr. de Juniac
said.

"That's why government financial relief was and remains crucial as
airlines burn through cash."

At the start of June Iata said demand for air services was
beginning to recover after hitting bottom in April.

Passenger demand in April (measured in the aviation formula of
revenue passenger kilometres), plunged 94.3 per cent compared to
April 2019, as the Covid-19-related travel restrictions hit
domestic and international air travel, Stuff discloses.

Such a rate of decline had never been seen in the history of Iata's
traffic series, which dates back to 1990, the report states.

On June 10 Air New Zealand said it carried just 15,000 passengers
during April when the country was in lockdown to stop the spread of
Covid-19.

Stuff adds that Iata said passenger numbers would roughly halve in
2020 to 2.25 billion, roughly equal to 2006 levels.

Capacity, however, could not be adjusted quickly enough with a 40
per cent decline expected for the year, the report relays.



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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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