/raid1/www/Hosts/bankrupt/TCRAP_Public/200812.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, August 12, 2020, Vol. 23, No. 161

                           Headlines



A U S T R A L I A

HOUSE SPAGHETTI: Second Creditors' Meeting Set for Aug. 20
IPROSPERITY CAPITAL: Second Creditors' Meeting Set for Aug. 18
LITM71 Pty: Second Creditors' Meeting Set for Aug. 20
TOMI-SASHA HOLDINGS: Second Creditors' Meeting Set for Aug. 18
VILLAGE ROADSHOW: Gets AUD70MM Lifeline From Bank, Queensland

VIRGIN AUSTRALIA: Bain Capital Blasts Bondholders Over Rival Plan
VIRGIN AUSTRALIA: To Cut 400 Roles From Qld Part of Scale-back


C H I N A

CBAK ENERGY: Agrees With Lender to Swap $365,000 Note for Equity
REDCO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B'


I N D I A

AGRASEN COTTON: CARE Lowers Rating on INR8cr LT Loans to C
ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
ASHASHREE FROZEN: CARE Keeps D on INR6.7cr Loans in Not Cooperating
ATHENS LIFE: CARE Keeps D on INR7.84cr Loans in Not Cooperating
ATLAS TEXTILES: CARE Keeps D on INR10.9cr Loans in Not Cooperating

BASUNDHARA GREEN: CARE Lowers Rating on INR10.20cr Loan to C
BUDDHA GLOBAL: CARE Keeps D on INR38cr Loans in Not Cooperating
DIAMOND SOLVEX: CARE Keeps D on INR27cr Loans in Not Cooperating
DIVYARATNA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
DWARKA TEXTILE: CARE Keeps D on INR14.6cr Loans in Not Cooperating

EARTH HOME: CARE Lowers Rating on INR5cr LT Loans to C
ECO POLYMERS: CARE Keeps B- on INR6.7cr Loans in Not Cooperating
FOUNTAIN IMPORTS: CARE Keeps D on INR15cr Loans in Not Cooperating
G M SUGAR: CARE Lowers Rating on INR100cr LT Loans to B-
G P COTTFAB: CARE Keeps D on INR19.87cr Loans in Not Cooperating

HYDERABAD STEELS: CARE Keeps C on INR7.5cr Loans in Not Cooperating
MARUTI FERTOCHEM: CARE Keeps D on INR22.2cr Loans in NonCooperating
MAXIMAA SYSTEM: CARE Keeps D on INR8.33cr Loans in Not Cooperating
P. M. INDUSTRIES: CARE Keeps D on INR10cr Loans in Not Cooperating
PAC BIO FUNGBACT: CARE Rates INR11.00cr LT Loans 'D'

PACIFIC MEDICAL: CARE Reaffirms D Rating on INR87.86cr LT Loans
PADMAVATI GINNING: CARE Keeps D on INR7cr Loans in Not Cooperating
PANKAJ STEEL: CARE Lowers Rating on INR8cr Loans to 'C/A4'
PRAKASH STAINLESS: CARE Keeps D on INR15cr Loans in Not Cooperating
RICOH INDIA: CoC Cannot Approve Illegal Conduct, NCLAT Says

SATHYA LIFESTYLES: CARE Keeps D on INR10cr Loans in Not Cooperating
SHREEJI FIBRE: CARE Keeps D on INR5.85cr Loans in Not Cooperating
SUN AGRIFRESH: CARE Keeps D on INR60cr Loans in Not Cooperating
UTTAM DOORS: CARE Keeps D on INR9.2cr Loans in Not Cooperating
VITTHAL GAJANAN: CARE Keeps  D on INR17.6cr Loans in NonCooperating

YOUTH WELFARE: CARE Keeps D on INR6.79cr Loans in Not Cooperating


M A L A Y S I A

AIRASIA X BHD: Reports Negative Shareholders' Equity in Q1 FY2020

                           - - - - -


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

HOUSE SPAGHETTI: Second Creditors' Meeting Set for Aug. 20
----------------------------------------------------------
A second meeting of creditors in the proceedings of House Spaghetti
Pty Ltd, trading as Spaghettihouse", "The Spaghettihouse", and "The
Spaghetti House Trattoria", has been set for Aug. 20, 2020, at 2:00
p.m. via virtual meeting.

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 Aug. 19, 2020, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of House Spaghetti on
July 15, 2020.


IPROSPERITY CAPITAL: Second Creditors' Meeting Set for Aug. 18
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Iprosperity
Capital Management Pty Ltd has been set for Aug. 18, 2020, at
11:00 a.m. via "digital meeting".

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 Aug. 17, 2020, at 4:00 p.m.

Morgan John Kelly, Phil Quinlan and John Lindholm of KPMG were
appointed as administrators of Iprosperity Capital on July 15,
2020.


LITM71 Pty: Second Creditors' Meeting Set for Aug. 20
-----------------------------------------------------
A second meeting of creditors in the proceedings of LITM71 Pty Ltd
has been set for Aug. 20, 2020, at 11:00 a.m. via electronic
means.

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 Aug. 19, 2020, at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of LITM71 Pty on July 1, 2020.


TOMI-SASHA HOLDINGS: Second Creditors' Meeting Set for Aug. 18
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Tomi-Sasha
Holdings Pty Ltd, Formerly ATF National Property Trust, has been
set for Aug. 18, 2020, at 3:00 p.m. via Zoom meeting.

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 Aug. 17, 2020, at 11:00 p.m.

Paul William Langdon and Ian Graham Grant of Vince & Associates
were appointed as administrators of Tomi-Sasha Holdings on July 14,
2020.


VILLAGE ROADSHOW: Gets AUD70MM Lifeline From Bank, Queensland
-------------------------------------------------------------
Zoe Samios at The Sydney Morning Herald reports that Village
Roadshow has secured a further AUD70 million in funding from its
banks and the Queensland government as coronavirus pandemic-related
restrictions continue to put financial pressure on the family-run
business.

According to the report, the theme park and cinema operator, which
is in exclusive takeover talks with private equity firm BGH
Capital, told the ASX on Aug. 6 that it was still losing money
despite re-opening Sea World and Warner Bros Movie World. It said
that the new funding from the lenders and the Queensland Treasury
Corporation would be used to keep the business operating over the
next 12 months.

SMH relates that the company's theme parks were given the go-ahead
to reopen at 50 per cent capacity after three months in June. The
restrictions, which forced the company to close the parks, wiped
about 80 per cent off the company's value and pushed its shares
down to a near-decade low of 77 cents, the report says.

Village, which had net debt of AUD280 million at the end of the
last financial year, also announced a AUD35 million shareholder
equity raise on Aug. 6 to improve liquidity, SMH adds. The raise
needs to be completed by February next year or, in the event a deal
with BGH does not occur, three months after termination of a
transaction, the report states.

SMH says the company has been in exclusive negotiations with BGH
about a takeover since May when it received a AUD2.40 non-binding
proposal. Talks have been extended four times. But in the event the
talks lead to a transaction, the deal could be blocked by Village's
largest independent shareholder, Mittleman Brothers. The New-York
based fund manager has previously said a sale at a AUD2.40 a share
offer would be "shameful".

Citi downgraded Village from buy to neutral on Aug. 5, warning that
the theme park industry could take longer to recover than
anticipated and that there were risks surrounding the BGH bid,
according to SMH.

SMH relates that an investors note said that an international deal
between cinema chain AMC and Comcast - which will shorten the gap
between a movie's theatre release and its availability for home
viewing to less than three weeks - could have a negative impact on
Village's exhibition business and impact cinema attendance."

"We see increasing structural pressures in the exhibition sector as
potentially detrimental to Village's exhibition valuation," the
note said. Citi also warned that recent Queensland border
restrictions and ride closures would affect recovery, SMH adds.

Headquartered in Melbourne, Australia, Village Roadshow Limited
(ASX:VRL) -- https://villageroadshow.com.au/ -- operations include
cinema exhibition, the distribution of film, DVD's and videos, and
the production of motion pictures. The Company operates tourist
theme parks and resorts along with operating FM radio stations.


VIRGIN AUSTRALIA: Bain Capital Blasts Bondholders Over Rival Plan
-----------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Virgin
Australia's presumptive new owner Bain Capital has blasted two
major bondholders for trying to disrupt the sale with their own
rival proposal, saying it lacked credibility while claiming they
approached Bain about a favorable side deal.

According to SMH, debt investors Broad Peak and Tor are pushing to
have their deal for Virgin, which would see unsecured creditors
swap their debt for shares in the airline, put to a vote at
Virgin's second creditors' meeting in early September.

SMH relates that the Hong Kong and Singapore-based funds, which are
owed about AUD300 million, said their deal will deliver 50 cents to
67 cents in the dollar for Virgin's bondholders willing to
contribute to a recapitalisation. Virgin's bondholders are owed
AUD2 billion and fear they will receive as little as 10 cents in
the dollar under a sale to Bain, the report says.

But Bain, which signed a sale agreement with Virgin's administrator
Deloitte in June, shot back at the two bondholders on Aug. 11 after
they circulated a draft deal to creditors over the weekend in an
attempt to drum up support for their proposal, SMH relays.

"This proposal is conditional, incomplete, indicative and
non-binding," SMH quotes a Bain spokesman as saying in a statement.
"The proposal is not credible, nor capable of progressing.
Stakeholders need certainty and stability, so for the sake of the
airline and its employees, Bain Capital will not be distracted by
it."

Bondholders were trying to "frustrate the administration process by
creating as much noise and interference as possible", he said.

The report relates that the spokesman said Broad Peak and Tor
recently approached Bain about an unspecified "proposal", which
Bain rejected. The spokesman would not provide more details.

"It wouldn't take much to imagine what they are seeking," he said.
"Bain Capital believes that similarly situated creditors should be
treated equally and that there should be no side deals."

Broad Peak and Tor have been contacted for comment, the report
notes. Deloitte and Bain have said the sale agreement they signed
in June for Virgin's assets is binding and that alternative deals
cannot be considered, the report states.

SMH says creditors will nonetheless be asked to vote on a deed of
company arrangement to facilitate the sale of the Virgin corporate
entity to the US private equity giant. If approved, Deloitte said
this will result in a better return for Virgin's creditors, which
are owed a combined AUD6.8 billion.

Virgin's chief executive Paul Scurrah, who Bain has said will
remain in the top job, last week revealed his re-launch plan for
the airline, the report relays. It involves axing a third of its
workforce, or about 3,000 jobs; drastically reducing its fleet,
ending long-haul flying for the medium term, and shutting down its
loss-making budget Tigerair brand.

SMH relates that Bain's spokesman said that while it was working to
create a stronger, profitable and competitive Virgin, Broad Peak
and Tor were "not set up to own or provide stewardship for such a
significant company".

"They have no aviation or direct airline ownership experience
together," he said. "Neither has an office in Australia."

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York.  Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives.  Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.

In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital.  The size of
the bid for the airline has not been revealed.


VIRGIN AUSTRALIA: To Cut 400 Roles From Qld Part of Scale-back
--------------------------------------------------------------
9News reports that Virgin Australia has told staff about 400
Queensland roles will be made redundant as part of the airline's
restructure.

It is not clear how many people will leave the business, with
redeployment and voluntary redundancy discussions underway.

Last week, the company revealed its plans to make about a third of
its workforce redundant with approximately 3,000 jobs expected to
go under new owners Bain Capital, 9News recalls.

It will also scrap budget carrier Tigerair and suspend long haul
international flights until the global travel market recovers.

"Out of the 3,000, 400 roles (are going in Queensland) and you know
- some of them will be the international (staff), they'll be all
sorts of roles within that business," 9News quotes Transport
Workers' Union secretary Peter Biagini as saying.

"But given Queensland has some five major airports from Cairns, to
Coolangatta, Townsville - that's not a real large number spread
among so many airports."

According to 9News, Mr. Biagini said it was yet to be known how
many jobs had actually been cut by the airline and how many people
may be redeployed.

"There's all sorts of scenarios to try and save as many jobs as
possible," 9News quotes Mr. Biagini as saying.  "You might have
some people working half a job part time, you might have some
people willing to take on half a job while they wait for things to
go back to normal.

"So you might have two people doing that one job, or you might have
people taking extended leave while those roles aren't there."

He said the Transport Workers' Union was working closely with the
company to save as many jobs as possible and see "Virgin Mark II up
and running as soon as possible".

The airline, which went into voluntary administration in April with
debts of AUD6.8 billion, was bought out by the US private equity
firm in late June.

Virgin Australia said in a statement it was committed to
re-establishing itself as an "iconic Australian airline" while
focusing on the company's core strengths.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York.  Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives.  Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.

In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital.  The size of
the bid for the airline has not been revealed.




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C H I N A
=========

CBAK ENERGY: Agrees With Lender to Swap $365,000 Note for Equity
----------------------------------------------------------------
CBAK Energy Technology, Inc., entered into an exchange agreement
with Atlas Sciences, LLC on July 29, 2020, pursuant to which the
Company and the Lender agreed to (i) partition a new promissory
note in the original principal amount equal to $365,000 from the
outstanding balance of certain promissory note that the Company
issued to the Lender on July 24, 2019, which has an original
principal amount of $1,395,000, and (ii) exchange the Partitioned
Promissory Note for the issuance of 576,820 shares of the Company's
common stock, par value $0.001 per share to the Lender. According
to the Exchange Agreement, the Shares are required to be delivered
to the Lender on or before Aug. 3, 2020 and the exchange will occur
upon the Lender's surrender of the Partitioned Promissory Note to
the Company on the date when the Shares are eligible for free
trading.

                         About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018. As of March 31, 2020, the Company had
$94.20 million in total assets, $82.70 million in total
liabilities, and $11.50 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019. All these factors raise substantial doubt
about its ability to continue as a going concern.


REDCO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B'
-----------------------------------------------------------
Fitch Ratings has assigned Redco Properties Group Ltd (B/Positive)
proposed US dollar 364-day senior notes a 'B' rating, with a
Recovery Rating of 'RR4'. The proposed notes are rated at the same
level as Redco's senior unsecured rating because they will
constitute its direct and senior unsecured obligations. Redco
intends to use the net proceeds from the issue to refinance
existing debt.

Redco demonstrated consistent growth in attributable contracted
sales, indicated by the 29% increase to CNY14.5 billion in 2019 and
its expectation of CNY18.1 billion in attributable contracted sales
in 2020, helping its sales scale expand to close to that of
higher-rated peers. Redco also continued its geographical
diversification with 89 projects in 25 different cities. Redco's
leverage - measured by net debt/adjusted inventory, including
adjustments to joint ventures and associates - fell to 15% in 2019,
from 29% in 2018, and is better than that of 'B' rated peers.

Fitch believes Redco can maintain a low leverage ratio as the
company continues to build up a sufficient land bank size to
sustain rising contracted sales. Redco has saleable resources for
around four years of development. Profitability remained strong as
Redco delivered higher-margin projects and kept the cost of unsold
gross floor area at only CNY1,978 per sq m.

KEY RATING DRIVERS

Small Scale but Strong Growth: Redco's rating is constrained by its
attributable sales scale of CNY14.5 billion in 2019, which is small
relative to that of peers in the higher 'B+' category, although
Fitch expects Redco's attributable sales to rise to at least CNY18
billion in 2020. Redco has transitioned to a fast-churn model,
which entails swifter sales turnover and faster sales growth.

Total contracted sales, including joint ventures, rose by 25% to
CNY27.4 billion in 2019 and by more than 65% in 2018. Attributable
contracted sales accounted for slightly over 50% of the total in
2019, a similar level to 2018. Redco maintained its sales
efficiency in 2019, with attributable sales/total debt, including
joint-venture debt, at 0.9x and attributable sales/adjusted
inventory at 0.7x.

Leverage Remains Low: Fitch expects Redco to continue to increase
contracted sales to develop a sustainable market presence. This
means the company is likely to acquire land to sustain its rising
contracted sales. Fitch expects this to heighten leverage, but it
should remain at less than 40% - the level below which Fitch would
consider positive rating action - as leverage fell to 15% in 2019,
from 29% in 2018, due to a more conservative land acquisition
strategy.

Land Bank Supports Growth: Fitch estimates Redco's land bank is
sufficient for around four years of attributable sales. Redco would
need to continually secure low-cost land to sustain a healthy
land-bank life if it were to reach its higher contracted sales
target. Redco boosted its land bank to around 14.6 million sq m in
2019, from 10.0 million sq m in 2018 and 4.9 million sq m in 2017,
with the cities of Tianjin, Nanchang, Hefei, Zhejiang and Jinan
accounting for the majority of the GFA.

Healthy Profit Margin: Redco's EBITDA margin narrowed to 25% in
2019, from 27% in 2018, due to higher average land-acquisition
costs of CNY2,641/sq m in 2019, against CNY1,829/sq m in 2018.
Redco acquires land mainly through M&A, allowing it to keep the
average cost of its unsold land bank at around CNY2,000/sq m. Its
sales are concentrated in non-prime locations in second-tier cities
and its product mix is targeted at first-time purchasers,
insulating the company from price-ceiling policies. This helps
Redco maintain healthy margins at a high churn rate.

DERIVATION SUMMARY

Redco's attributable contracted sales of CNY14.5 billion in 2019
were lower than those of 'B' rated peers, such as Modern Land
(China) Co., Limited's (B/Stable) CNY19.5 billion. However, Redco's
leverage was lower than that of Modern Land and it has a longer
land-bank life. Modern Land also has a lower margin than Redco.
Redco's high sales efficiency has made it easier for the company to
transform to a fast-churn business model while controlling
leverage.

Companies rated one notch above Redco, at 'B+', generally have
proven sustainable business models, with attributable sales of over
CNY20 billion. Redco's similarities are a land bank of more than
three years of development and stable leverage of below 45%. Some
'B+' rated homebuilders have a stronger nationwide presence, with
better regional project diversification.

KEY ASSUMPTIONS

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

  - Total contracted sales, including joint ventures, reaching
CNY33 billion in 2020, CNY38 billion in 2021 and CNY42 billion in
2022. Attributable sales at 55% of total.

  - Gross profit margin from property development maintained at
between 30% and 35% during 2020-2023.

  - Land premium accounting for 45%-50% of annual sales receipts in
2020-2023 and average land acquisition cost increasing at 3%
annually from 2021.

  - 6% decrease in contracted sales average selling price in 2020
and no increase in 2021-2023.

  - Construction costs accounting for around 45% of annual sales
receipts in 2020-2023.

Key Recovery Rating Assumptions

The recovery analysis assumes that Redco would be liquidated in a
bankruptcy rather than reorganised as a going-concern because it is
an asset-trading company.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

  - The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
process conducted during a bankruptcy or insolvency proceeding and
distributed to creditors.

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

  - Advance rate of 70% is applied to its adjusted inventory, as
Redco has an EBITDA margin of above 20%.

  - Property, plant and equipment advance rate at 50%.

  - 75% advance rate applied to accounts receivable.

  - Advance rate of 100% applied to restricted cash, which is
mainly guarantee deposits for construction and buyers' mortgages
for pre-sold properties.

Based on its calculation of adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate for the
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:

  - Annual attributable contracted sales sustained above CNY20
billion, while maintaining available-for-sale land bank at 2.5
years of development.

  - Net debt/adjusted inventory sustained below 40%.

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

  - Failure to reach its Positive Outlook guidelines would lead to
the Outlook reverting to Stable.

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

Sufficient Liquidity: Redco's liquidity remains healthy, with total
cash of CNY15 billion (including restricted cash of CNY4.0
billion), compared with short-term debt of CNY12 billion at
end-2019.

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).



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I N D I A
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AGRASEN COTTON: CARE Lowers Rating on INR8cr LT Loans to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Agrasen Cotton Industries (ACI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        8.00      CARE C; Issuer Not Cooperating;

   Facilities                      revised from CARE B; Issuer Not
                                   Cooperating "on the basis of

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
rating(s) of ACI under the 'issuer non-cooperating' category as ACI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ACI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated July 16, 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-availability of
requisite information.

The rating, further, continues to remain constrained on account of
its financial risk profile marked by thin profit margins,
moderately leveraged capital structure and weak debt coverage
indicators, moderate liquidity profile and constitution as a
proprietorship concern. The rating, further, continue to remain
constrained on account of its operating margins susceptible to
cotton price fluctuation and seasonality associated with cotton
industry and presence in the highly fragmented industry with
limited value addition and prices and supply for cotton being
highly regulated by the government.

The rating, however, drives strength from experienced proprietor in
the cotton industry and established track record of operations,
strategically located within cotton producing belt of Madhya
Pradesh and increasing scale of operations.

Detailed description of the key rating drivers

At the time of last rating on July 24, 2019 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

* Financial risk profile marked by thin profit margins, moderately
leveraged capital structure and weak debt coverage indicators:
PBILDT margin remained thin during FY13-FY15. During FY15, the
PBILDT margin increased marginally by 4 bps to 1.46% (FY14: 1.42%)
primarily due to lower cost of raw material. However, PAT margin
decreased to 0.30% in FY15 as against 0.37% in FY14 mainly on
account of increase in interest cost. The capital structure of ACI
remained leveraged on March 31, 2015. Overall gearing ratio
deteriorated to 2.81 times as on March 31, 2015 as against 1.90
times as on March 31, 2014. Total debt to GCA deteriorated to 24.21
times (16.32 times as on March 31, 2014) due to high debt level as
on March 31, 2015. Interest coverage ratio deteriorated to 1.40
times during FY15 (from 1.56 times during FY14) primarily due to
higher interest cost.

* Moderate liquidity position: Current ratio and quick ratio
remained at 1.95 times and 1.08 times as on March 31, 2015 (1.52
times and 0.72 times on March 31, 2014). The operating cycle
remained at 38 days during FY15 (FY14: 40 days). However, its
working capital limits remained fully utilized during season (Oct.
to June) and around 70% utilized (average) during non-peak season
(July- Sep.).  Cash flow from operations stood negative INR1.64
crore in FY15 as against positive INR0.60 crore in FY14.

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

* Constitution as a proprietorship firm and presence in the highly
fragmented industry with limited value addition and prices and
supply for cotton being highly regulated by the government:  ACI is
engaged in the ginning and pressing of cotton which involves very
limited value addition and hence results in thin profitability.
Moreover, on account of large number of units operating in the
cotton ginning business, the competition within the players remains
very high resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining power
against its customer as well as suppliers. The cotton prices in
India are regulated by government through MSP (Minimum Support
Price) fixed by government, though due to huge demand-supply
mismatch the prices have rarely been below the MSP. Moreover,
exports of cotton are also regulated by government through quota
systems to suffice domestic demand for cotton. Hence, any adverse
change in government policy i.e. higher quota for any particular
year, ban on the cotton or cotton yarn export may negatively impact
the prices of raw cotton in the domestic market and could result in
lower realizations and profit. In addition to this, the firm has
restricted avenues of raising external borrowing and inherent risk
of withdrawal of the capital owing to the proprietorship
constitution of firm.

Key Rating Strengths

* Experienced proprietor in cotton industry and established track
record of operations: Mr. Manoj Agrawal (Age: 41 years), Proprietor
has done graduation and has long experience of 26 years in cotton
industry. He looks after the day to day operations of the firm.
Further, ACI has a long operational track record of 17 years into
cotton ginning and pressing.

* Strategically located within cotton producing belt of Madhya
Pradesh: The manufacturing facility of ACI is located at Ratlam
district of Madhya Pradesh. ACI purchases cotton from Madhya
Pradesh which produces around 7% of total national production of
cotton. ACI's presence in the cotton producing belt results in
benefits derived from lower logistic expenditure (both on
transportation and storage), easy availability and procurement of
raw materials at effective prices and consistent demand for
finished goods resulting in a sustainable and clear revenue
visibility.

* Increasing scale of operation: During FY13-FY15, TOI of ACI has
reflected increasing trend marked by its increasing TOI from
INR40.43 crore in FY13 to INR70.84 crore in FY15. During FY15, the
TOI of ACI has increased by 29.79% to INR70.84 crore as against
INR54.58 crore in FY14 primarily due to increase in quantity sold
of cotton bales.

Ratlam (Madhya Pradesh) based, ACI was established in 1998 as a
proprietorship firm by Mr. Manoj Agrawal. ACI is engaged in cotton
ginning and pressing and trading of cotton. ACI operates from its
sole manufacturing facility located in Ratlam and has an installed
capacity of 12410 MTPA for cotton bales and 25185 MTPA for cotton
seed as on March 31, 2015.


ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anupam
Industries (AI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       1.68       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long term Bank       4.95       CARE D; Issuer not cooperating;
   Facilities/Short-               Based on best available
   Term Facilities                 Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 15, 2019, placed the
rating(s) of AI under the 'issuer non-cooperating' category as AI
had failed to provide information for monitoring of the rating. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 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 take into account delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 15, 2019 the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing Delays in debt servicing: As per banker interaction,
there have been ongoing delays in debt servicing and account has
been classified as NPA.

Established in April 2010 as a partnership firm, Anupam Industries
(AI) was formed by Mr. Anil Kumar Arora, Mr. Ravindra Singh Arora
and Mr. Amit Wadhwa. The firm has set up a manufacturing plant in
Daman to manufacture mild steel (MS) ingots which commenced
operations in November 2012 with installed capacity of 21,600 tons
per annum. AI is established under the Spiderman group of companies
engaged in manufacture of MS Ingots with its plants in Daman. The
firm procures its raw materials i.e. iron, steel scrap and sponge
iron along with ferro & silico manganese from domestic market. The
final product (MS Ingots) is supplied to the steel manufactures and
rolling mills in the domestic markets through distributors.


ASHASHREE FROZEN: CARE Keeps D on INR6.7cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashashree
Frozen Foods Private Limited (AFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.70       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AFPL to monitor the rating
vide email communications/letters dated July 7, 2020, July 13, 2020
and July 16, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on AFPL'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

Detailed description of the key rating drivers

At the time of last rating in May 3, 2019, the following were the
rating strengths and weaknesses:

(Updated the information available from Ministry of Corporate
Affairs)

Key Rating Weakness

* On-going delays in debt servicing: There are on-going delays in
the term debt servicing of the company.

Incorporated in December 2014, Ashashree Frozen Foods Private
Limited (AFPL) was promoted by Shri Srikanta Kumar Khuntia and Smt.
Anupama Khuntia for setting up a dairy processing plant in Odisha.
AFPL has already set up the dairy processing unit at Hatibari,
Sambalpur with a processing capacity of 45,000 litre of milk per
day. The commercial operation of the unit has started from January
14, 2018. AFPL procures from locally and sells its milk products
through distributors. The company has not availed moratorium from
its lender that could be availed as per RBI circular.


ATHENS LIFE: CARE Keeps D on INR7.84cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Athens Life
Sciences continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        1.64      CARE D; Issuer not cooperating;
   Facilities-                     Based on best available
   Dropline                        Information
   Overdraft Limit       
                                   
   Long-term Bank        6.20      CARE C; Stable; Issuer not
   Facilities-Cash                 Cooperating; Based on best
   Credit limit                    Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking for No default statements from Athens Life
Sciences to monitor the rating(s) vide email communications dated,
July 30, 2020, July 16, 2020, July 7, 2020, July 3, 2020, July 1,
2020, June 30, 2020, June 15, 2020, June 5, 2020, June 3, 2020,
June 1, 2020, May 29, 2020, May 14, 2020, May 8, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the No default statement for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Athens Life Sciences's bank facilities will
now be denoted as CARE C; Stable/CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Athens Life Sciences
(ALS) continue to be constrained by on-going delay in the repayment
of dropline Overdraft limit. The rating is further constrained by
regulatory risk, partnership nature of constitution and presence in
competitive and low value acute therapeutics which limits the
growth of the firm. The ratings, however, derive strength from
experienced partners.

Key Rating Weaknesses

* Ongoing delay in debt servicing:  There are on-going delays in
repayment of ODIP limit and term loan obligation. The delays are on
account of weak liquidity position as the firm is unable to
generate sufficient funds on timely manner leading to cash flow
mismatches.

* Regulatory risk:  Pharmaceutical industry is a closely monitored
and regulated industry and as such there are inherent risks and
liabilities associated with the products and their manufacturing.
Regular compliance with product and manufacturing quality standards
of regulatory authorities is critical for selling products across
various channels. Furthermore, issues like price control of
essential medicines by the Government of India through the Drug
(Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry.

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

* Presence in competitive and low value acute therapeutics which
limits the growth:  The competitive pressure in the domestic
formulation market has been rising steadily. While on one hand,
this has been prompted by significant increase in investments by
domestic players in marketing efforts through expansion in field
force, on the other hand, Multi-National Companies have also
renewed their focus on India. Hence, increasing competition and
government price control is expected to restrict margins.
Furthermore, the firm is present in low value therapeutics segment
which restricts the profitability. The firm has not availed
moratorium from its bank in light of COVID-19, as per the extant
Reserve Bank of India (RBI) guidelines.

Key Rating Strengths

* Experienced partners:  Both the partners have 17 years of
industry experience each gained through their association with ALS
and group concern, Athens Labs Limited (ALL) which is also engaged
in manufacturing pharmaceutical formulations. Moreover, the
partners have adequate acumen about various aspects of business
which is likely to benefit ALS in the long run.

The entity was established as a partnership firm in September, 2016
under the name of Vinay Packaging. In July, 2017 the name of the
firm was changed to its present name, i.e. Athens Life Sciences
from Vinay Packaging. The firm is currently being managed by Mr.
Anil Sharma and Mr. Gaurav Sardana. The firm is engaged in the
manufacturing and selling of generic drug formulations at its
manufacturing facility in Kala Amb, Himachal Pradesh with total
installed capacity of manufacturing 7,500 lakh tablets, 6,000 lakh
capsules, 450 lakh bottles of syrups, 1,100 lakh of ointments and
300 lakh sachets, respectively per annum. The firm is present
across various therapy areas including anti-diarrheal,
anti-diabetic, anti-infective, anti-fungal, antimalarial,
anti-coagulants, etc. Besides ALS, the partners are also associated
with group concern namely, Athens Labs Limited (ALL), incorporated
in 2001 and is engaged in manufacturing of pharmaceutical
formulations.


ATLAS TEXTILES: CARE Keeps D on INR10.9cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Atlas
Textiles (AT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       1.68       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-Term           9.25       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating(s) of AT under the 'issuer noncooperating' category as AT
had failed to provide information for monitoring of the rating. AT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 22, 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 May 27, 2019, the following were the
rating weaknesses:

Key Rating Weakness

* Ongoing delays in meeting of debt obligations: The firm was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its debt
obligations in time.

Established in 1988 as proprietorship concern and later
reconstituted as partnership concern in July 2011, Atlas Textiles
(AT) is engaged in manufacturing of readymade garments (mainly
knitted and hosiery garments for men, women and kids).  AT has two
manufacturing facilities located in Tirupur with aggregate
installed capacity of 20,000 pieces per day. The entity procures
entire raw materials (mainly Yarn, cloth and accessories) from the
local market. AT is an exports oriented firm and exports 100% of
its sales to clients base in UK, USA, Italy and South Africa.

In FY16, AT reported a PAT of INR0.37 crore on a total operating
income of INR22.30 crore, as against a PAT and TOI of INR0.26 crore
and INR23.38 crore respectively in FY15.


BASUNDHARA GREEN: CARE Lowers Rating on INR10.20cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Basundhara Green Power Limited (BGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.20     CARE C; Stable; Issuer Not
   Facilities                      Cooperating; revised from
                                   CARE B; Stable; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BGPL to monitor the ratings
vide e-mail communications/letters dated July 6, 2020, July 9,
2020, July 13, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on BGPL's
bank facilities will now be denoted as 'CARE C; Stable; ISSUER NOT
COOPERATING'.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by BGPL with CARE'S efforts to undertake a review
of the rating outstanding.

Detailed description of the key rating drivers

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

Key Rating Weaknesses:

* Volatile input prices and input material availability risks due
to exposure to vagaries of nature:  For the fish farming unit, BGPL
sources its input materials (shrimps) from local farmers/agents.
The prices of shrimps are highly volatile as prices of the same are
decided by natural demand supply factor.  Furthermore, shrimp
procurement is seasonal as the harvesting (fishing) season is
normally between June-December, when the shrimps are available in
large quantities in the market and prices are more or less
stagnant. However, during the off season shrimps are available from
aquaculture farmers and accordingly the prices of the same remain
on the higher side. For the proposed poultry unit, the poultry
feeds will be the major raw material for the company, which are
mostly agro based commodities like maize, soybean etc. and
dependent on agro-climatic conditions. In view of the same the
prices are volatile and in turn have a negative bearing on the
profitability.

Key Rating Strengths:

* Experienced promoter:  The main promoters of BGPL are Mr. Ranjan
Kumar Barai, Mr. Gobardhan Mondal and Mrs Suparna Bhattacharya of
West Bengal with Shri Ranjan Kumar Barai being the main promoter.
Mr. Ranjan Kumar Barai has an experience of around two decades in
the fish farming industry; albeit lacking experience in the poultry
sector. He looks after the overall operation of the company with
active support from other co-directors and team of experience
personnel.

BGPL was incorporated in December, 2009 by Shri Ranjan Kumar Barai,
Shri Gobardhan Mondal and Smt. Suparna Bhattacharya of West Bengal.
The company is currently engaged in fish farming & cultivation with
its unit being located at Jalpaiguri, West Bengal. BGL is operating
with a processing capacity of 378 Metric Tonnes Per Annum (MTPA).
Further, BGL has undertaken expansion of its existing fish farming
& cultivation unit by enhancing its capacity by 18 MTPA. The total
cost of the expansion project was INR5.14 crore (excluding margins
for working capital) funded at a debt equity ratio of 1.24:1. The
project was commissioned in February, 2017. BGL is in the process
of setting up a new poultry farming unit for production of broiler
meat with proposed capacity of 5.60 lakh birds. The total cost of
the project is estimated at INR7.93 crore (excluding margins for
working capital) to be funded at a debt equity ratio of 2.14:1.


BUDDHA GLOBAL: CARE Keeps D on INR38cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Buddha
Global Limited (BGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      30.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2019, placed the
ratings of BGPL under the 'issuer noncooperating' category as it
had failed to provide information for monitoring of the rating.
Buddha Global Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated July 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(s).

The ratings continue to be under issuer non-cooperating category
revised on account of non-receipt of requisite information due to
which CARE is not able to conduct a proper credit risk analysis.

Detailed description of the key rating drivers

The rating takes into consideration ongoing delays in the debt
servicing as the company has no transaction with bank since
February 2020, as per the feedback from the banker.

Buddha Global Limited (BGPL) was incorporated on February 12, 2011.
The constitution of the company changed from Private Limited
Company to Limited company in November 2017. Its commercial
operations commenced in November, 2014. The company is being
currently managed by Mr. Tushar Jalan, Mr. Mool Chand Talreja, Mr.
Anil Tekriwal and Mr. Deept Sarup Agarwal belonging to Buddha group
and Kamdhenu group. BGPL is primarily engaged in the trading of
rice, wheat, pulses and other related food products. The company
procures items from millers & wholesalers in Delhi, Uttar Pradesh,
Maharashtra, Chandigarh & Haryana. The company mainly sells its
products in Delhi and its nearby regions to wholesalers. The
company commenced sale of rice during FY16.


DIAMOND SOLVEX: CARE Keeps D on INR27cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Diamond
Solvex Private Limited (DSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       27.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 10, 2019, placed the
rating of DSPL under the 'issuer non-cooperating' category as DSPL
had failed to provide information for monitoring of the rating.
DSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 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).

Detailed description of the key rating drivers

At the time of last rating on May 10, 2019, the following was the
rating weakness:

Key Rating Weakness

* Ongoing delays in debt servicing:
There are ongoing delays in the servicing of the debt obligations
by DSPL. The company has been classified as Non-Performing Asset
(NPA) by the bank.

Diamond Solvex Private Limited (DSPL) was incorporated in the year
1992. The company is a family owned business, promoted by Mr. Atul
Jain and Mr. Raj Kumar Jain. The company is engaged in the
extraction of rice bran and sun flower oil and manufacturing of
de-oiled cakes.


DIVYARATNA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divyaratna
Agrotech Private Limited (DAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       4.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-Term          29.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, placed the
rating(s) of DAPL under the 'issuer non-cooperating' category as
DAPL had failed to provide information for monitoring of the
rating. DAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 10, 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 take into account delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 16, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing:  As per interaction with
banker, there have been ongoing delays in debt servicing and
account is classified as NPA.

Divyaratna Agrotech Private Limited (DAPL), incorporated in the
year 2000 was taken over in 2007 by Mr.Dilip Jindal and Mrs.
Rachana Jindal, directors of Desmo Exports Limited. DAPL is engaged
in the business of trading of industrial chemicals and solvents.
The company trades nearly 25 different varieties of products which
find its application in textile, food, dyes, rubber, paint,
ceramic, fertilizer, soap, printing ink, petroleum, metallurgy,
construction materials, pulp and paper industry, photographic and
adhesive industries. DAPL earns its entire revenue from the
domestic market. The major raw material import consists of Citric
Acid, Paraffin wax & Sodium sulphate from countries such as China,
Korea and Thailand. The warehouse of the company is located in
Bhiwandi, Maharashtra.


DWARKA TEXTILE: CARE Keeps D on INR14.6cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dwarka
Textile Park (DTP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       14.60      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 7, 2019, placed the
ratings of DTP under the 'issuer noncooperating' category as DTP
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. DTP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated June 18,
2020, June 23, 2020, June 25, 2020, July 7, 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 May 7, 2019, the following were the
rating weaknesses

Key Rating Weaknesses

* Delay in servicing of debt obligations:  As per the interaction
with the banker during last review, there are ongoing delays in
repayment of term loans.

DTP was established in the year 2014 and is promoted by Mr. Deepak
Samandariya and Mr. Gokul Marda. The firm is in process of setting
up a terry towel manufacturing unit having four sections for cone
dyeing, fabric dyeing, sizing and printing of the yarn. The
manufacturing facility of the firm is located at Solapur with a
proposed installed capacity of 3,12,000 kg for cone dyeing;
9,36,000 kg for fabric dyeing; 12,48,000 kg for sizing section;
4,68,000 kg for printing section. The total cost of the project is
estimated at INR19.75 crore.


EARTH HOME: CARE Lowers Rating on INR5cr LT Loans to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Earth Home (EH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.00      CARE C; Issuer Not Cooperating;
   Facilities                      Revised from CARE B; Issuer Not
                                   Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, placed the
rating(s) of EH under the 'issuer noncooperating' category as EH
had failed to provide information for monitoring of the rating. EH
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 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 EH,
with 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 July 16, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Moderate project funding and execution risk:  The total cost of
the project is INR25.47 crore and till February 29, 2016, the total
expenditure incurred was INR7.71 crore which was mainly funded
through customer advances and bank funds (to the extent of INR6.71
crore) and balance through promoters infusion amounting to INR1.00
crore. Nevertheless, for the balance project (amounting to INR17.71
crore), the company is primarily dependent on timely receipt of
funds from customer
advances.

* Marketing risk with low booking status:  EH has commenced the
bookings since March 2015 and booked only 126 flats out of the
total 379 flats to be sold; as on March 16, 2016. Furthermore, EH
has received customer advances amounting to INR5.53 crore as on
February 2016 and is expecting to commence the booking of the
balance flats post the completion of the significant part of the
construction of the project (Till February 2019). Furthermore, as
majority of the debt repayment is expected to be done through the
sale of flats, EH's ability to sell the balance units at envisaged
rates will be crucial.

* Cyclical nature of the real estate industry:  The capital
intensive real estate sector is highly cyclical. The demand outlook
that had improved post downturn has again turned negative with
increased interest rates and property prices. Lower sales and
cautious lending at a higher cost is leaving the highly leveraged
players starved for funds. Mumbai did not witness any significant
launches during FY15 (refers to the period April 1 to March 31).
Developers were not encouraged by the proposed development norms as
it will significantly increase the cost of construction and make
the products unviable. The high interest rates and the liquidity
concerns have kept developers away from venturing into any new
projects.

* Partnership constitution:  EH being a partnership firm it exposed
to inherent risk of partners' capital being withdrawn at time of
personal contingency as also it has limited ability to raise
capital and poor succession planning may result in dissolution of
the firm. Due to the partnership constitution, it has restricted
access to external borrowing.

Key rating strengths

* Long track record of operations and experienced promoters in the
real estate industry:  The management of the firm is vested in the
hands of Mr. Ghanshyam Yadav and Mr. Jaydas Gowari. Mr. Ghanshyam
Yadav has around 25 years of experience in the construction and
real estate sector and handles day to day operations of the
company. He is supported by Mr. Jayadas Gowari, having two years of
experience in the construction industry and looking after
day-to-day operations and accounts department of the company.

* Location advantage:  The project is located in Washiwali, Raigad,
being close to Mumbai- Pune Highway and 2 km from Rasyani railway
station. Furthermore, the project is located in close proximity of
airport, banks, schools and hospitals.

Incorporated in 2012, Earth Home (EH) is into developing of real
estate properties. Currently, the company is executing a
residential-cum-commercial project named "Shree Sadguru Complex" at
Kamothe, Navi Mumbai, with total constructed area of 2.35 lakh
square feet (comprising of 2.24 lakh square ft residential and
balance commercial space).  The above project is a township of one
complex comprising of 9 buildings with 15 wings of G+4 floors in a
phased manner. Further it has received Commencement Certificate
(CC) for all the floors. The project was started during March 2015
and is projected to be completed by March 2019. Further it has
commenced the bookings since March 2015.


ECO POLYMERS: CARE Keeps B- on INR6.7cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eco
Polymers (ECP) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.70      CARE B-; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 20, 2019, placed the
rating of ECP under the 'issuer noncooperating' category as Eco
Polymers had failed to provide information for monitoring of the
rating. EP continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 14, 2020, July 13, 2020, July 9, 2020
and July 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 in May 13, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Implementation risk associated with green field project:
Execution risk is associated with green-field project which
involves setting up a manufacturing unit for manufacturing of
Propylene Fabrics (PP Fabrics) and woven sacks. The operations of
the firm are expected to commence from April, 2017. As on August
30, 2016, the firm has incurred an expenditure of INR0.41 crore in
the aforesaid project implementation towards advance for machinery
as against the total project cost of Rs 7.84 crore. The total
project cost was to be funded through bank term loan of INR 4.50
crore and promoters' contribution of INR 3.34 crore.

* Raw material price volatility risk:  The primary raw material
required by ECP is PP granules, the price of which is dependent on
crude oil prices which are highly volatile. Further, the limited
suppliers of these raw materials make it a seller's market with
limited bargaining power for buyers. Any sudden spurt in these raw
material prices might not be passed on to the end customers,
instantly, on account of highly fragmented and competitive nature
of the industry, which could lead to decline in profitability
margins.

* Competitive and fragmented industry with low entry barriers:
Poly woven sacks & fabric industry is highly fragmented with the
presence of a large number of unorganized regional manufacturers
and rising imports. Furthermore, favourable government policies
like interest rate subsidy under TUFS, concession in custom duty,
etc. have led to the entry of many new players in this industry,
intensifying the competition. The intense competition is also
driven by low entry barriers in terms of capital and technology
requirements and limited product differentiation.

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

Key Rating Strengths

* Experienced promoters:  ECP is managed by Mr. Ashok Goyal, Mr.
Vinod Goyal, Mr. Ayush Goyal and Mr. Aman Goyal. Mr. Ashok Goyal
and Mr. Vinod Goyal have a total work experience of around two
decades and one and a half decades in the textile industry
respectively. They have gained this experience through their
association with group concerns namely Shree Bhawani Woolen Mills
and Shri Bhawani Udyog. Both the entities are engaged in
manufacturing of woolen yarn since 1995 and 2000 respectively.
Furthermore, the promoter is supported by well qualified and
experienced professionals having varied experience in the field of
marketing and finance aspects of business.

Eco Polymers (ECP) was established in May, 2016 as a partnership
firm and is currently being managed by Mr. Ashok Goyal, Mr. Vinod
Goyal, Mr. Ayush Goyal and Mr. Aman Goyal as its partners sharing
profit and loss in the ratio of 11%, 33%, 23% and 33% respectively.
ECP is established with an aim to set up a manufacturing unit at
Panipat, Haryana for manufacturing of Propylene (PP) fabrics and
woven sacks. The firm has proposed total installed capacity to
manufacture 16.5 lakh Kg of PP fabric per annum at its plant. The
firm's proposed products are mainly used in packaging of agro
products, heavy chemicals, poultry feed, cement and fertilizers.
ECP will sell its products directly as well as through distributors
to various wholesalers based in Haryana and Delhi. The firm mainly
requires propylene granules, omega and calcium fillers as its raw
materials and the same will be procured from Indian Oil
Corporation, Reliance Industries Limited and other traders based in
Panipat, Haryana.


FOUNTAIN IMPORTS: CARE Keeps D on INR15cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fountain
Imports Private Limited (FIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      10.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-Term           5.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, placed the
rating(s) of FIPL under the 'issuer non-cooperating' category as
FIPL had failed to provide information for monitoring of the
rating. FIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 10, 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 take into account delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 16, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing:  As per interaction with
banker, there have been ongoing delays in debt servicing and
account is classified as NPA.

Incorporated in November 2011, Fountain Imports Private Limited
(FIPL) by Mr. Bhawanji Jeram Mewawala. The company has commenced
operations from October 2012. FIPL is engaged in trading of dry
fruits and agricultural products (viz. coco, sugar and others).
FIPL is part of Fountain Group which was established in 1922 by
late Mr. Bhawanji Jeram Mewawala after whom Mr. Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company
namely, Fountain Dry Fruit Store Limited.


G M SUGAR: CARE Lowers Rating on INR100cr LT Loans to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G M
Sugar and Energy Limited (GMSEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       100.00     CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 2, 2019, placed the
rating of GMSEL under the 'issuer non-cooperating' category as
GMSEL had failed to provide information for monitoring of the
rating. GMSEL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 10, 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 have been revised on account of absence of information
on company's operational & financial performance and other critical
data related to the business profile of the Company post the last
review. Further, CARE is unable to carry out the due diligence
exercise with the lenders & auditors and therefore is unable to
assess the company's ability to service the debt obligations and
hence the revision in rating.

Detailed description of the key rating drivers

At the time of last rating on May 2, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Bankers & FY19 audited annual report available from
MCA)

Key Rating Weaknesses

* Highly leveraged capital structure:  The company's financial risk
profile is marked by highly leveraged capital structure and weak
debt coverage indicators with substantially high levels of debt.
Overall gearing remained high at 3.60x as on Mar'19. Stretched
operating cycle with substantially high inventory levels: GMSEL's
operating cycle remains stretched with significantly high inventory
holding period. The inventory days increased to 429 days in FY19 as
against 323 days in FY18.

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

Key Rating Strengths

* Long track record and experience of promoters in the sugar
industry:  Promoters of GMSEL - Mr. G. M. Lingaraju, Mr. G. M.
Prasannakumar and Mr. G. S. Anithkumar - each command about eight
years of experience in the sugar industry.

* Improved profitability margins albeit decline in operating
income:  Company's operating income declined to INR 95.6 crore in
FY19 as against INR 126.2 crore in FY18. PBDIT margins remained
volatile and improved to 18.6% in FY19 as against 15.42% in FY18
before declining from 20.11% in FY17.

Incorporated in November, 2007 as a Private Ltd. company, GM Sugar
and Energy Ltd. (GMSEL), was later reconstituted as a Public Ltd.
company on February 11, 2010. GMSEL is engaged in production of
sugar & molasses from sugarcane at Sangur, Haveri Dist, Karnataka.


G P COTTFAB: CARE Keeps D on INR19.87cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G P Cottfab
Private Limited (GPCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       19.62      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       0.25      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 2, 2019, placed the
rating(s) of GPCPL under the 'issuer non-cooperating' category as
GPCPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. GPCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 9, 2020, July 10, 2020, July 13, 2020
and July 16, 2020 etc. 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 on August 2, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Irregularities in Debt Servicing: There was delay in Debt
servicing in the past.

G.P. Cottfab Private Limited (GPCPL) was incorporated as a private
limited company in August 2014 by Mr. Yogendra Soni and Mrs Suman
Soni. GPCPL is engaged in the business of manufacturing of grey
Fabrics. The manufacturing unit of the company is located at
Bhilwara (Rajasthan) with installed capacity of 51.25 lakh meters
per annum (LMPA) grey fabrics as on March 31, 2017. The company has
total 69 looms in total as on March 2017. It uses PV and man-made
cotton yarn as raw material which they procure from Gujarat, Madhya
Pradesh and Rajasthan and from Southern India.


HYDERABAD STEELS: CARE Keeps C on INR7.5cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hyderabad
Steels (HS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.00      CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       3.50      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 5, 2019, placed the
rating(s) of HS under the 'issuer noncooperating' category as HS
had failed to provide information for monitoring of the rating.
Hyderabad Steels continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated May 28, 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 June 5, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Non receipt of NDS and CBI probe: Based on recent media reports,
the firm is alleged to be one of the front end firms of Hyderabad
based Sujana Group and is being probed by CBI. Further, there have
been parallel probes by GST anti-evasion wing for involvement in
circular trading. Furthermore, the firm has not furnished No
Default Statement despite reminders.

* Volatility in total operating income: The operating income of the
firm is affected significantly during FY17 due to slow down in the
construction and infrastructure sectors which are the major driver
for steel consumption and cheaper imports from china, which has
resulted in decline in the total operating income from INR 402.30
crore during FY16 to INR 182.66 crore during FY17. However during
FY18, due to recovery in domestic steel industry, the firm's total
operating income has grown by about 29.53% to INR 236.60 crore.

* Thin profit margin: Since the firm is into trading business the
profitability margin is low due to limited value addition. The
PBILDT margin of the firm is very thin and improved from 0.18%
during FY16 to 0.41% during FY17 and deteriorated to 0.25% during
FY18 due to stiff competition. Due to high interest and finance
expense the PAT margin of the firm very low at 0.04% during FY18
(during FY16 & FY 17: 0.03%).

* Weak interest coverage indicators: The PBILDT interest coverage
ratio is weak and stood at 1.14x during FY18 (1.11x during FY17)
due to thin profit margins and increase in interest and finance
expense of the firm.

* Working capital intensive nature of business: HS depends on short
term bank borrowings to fund the working capital requirements of
the firm. The average working capital utilization limit is about
90% during 12 months ending October, 2018.

* Limited geographical presence coupled with high customer
concentration risk: The firm clientele are based in Hyderabad only.
The firm has high customer concentration risk as top five customers
are contributing about 74.31% of total firm's revenue contribution.
Constitution of the entity being a partnership firm Hyderabad Steel
is a partnership firm which has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partner. Moreover, partnerships
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

* Negative Industry Outlook: The key Issues faced by steel industry
currently is significant decline expected in domestic demand during
FY21, pressure on realizations, liquidity stress, logistical
constrains in movement of materials Further, the large integrated
players with higher financial flexibility and product/geographical
diversification are better placed, increased share of exports and
lower raw material prices to partially off-set demand destruction
and decline in realizations respectively. However, CARE expects
recovery in demand post monsoon, led by improvement in
manufacturing and automobile production. Demand from construction
activity is likely to witness a much slower recovery. Therefore,
overall ratings/outlook of CARE rated players will have a negative
bias, amid negative industry outlook for CY20.

Key Rating Strengths

* Experienced partners: The partners Ms. J. Raghavi Reddy and Mr.
M. Pavan Kumar are having about 25 years of experience in iron and
steel trading business and also in merchant trading business. The
partners of the firm have been resourceful and infusing funds as
and when it is required. During FY17 and FY18 the partners have
infused INR 0.14 crore and INR 0.9 crore respectively to support
the operations.

* Moderately leverage capital structure: The capital structure of
the firm remained satisfactory during review period marked by debt
equity ratio of the firm remained zero on account of absence of
long term loans. However, the overall gearing ratio remained
moderate at 1.33x as on March 31, 2018(1.38x as on March 31, 2017)
due to accretion of net profit to the networth of the firm.

* Satisfactory operating cycle: The firm makes the payment to its
creditors based on the realization from its customers. Due to
significant reduction in the scale of operation during FY17, the
average collection period elongated from 46 days during FY16 to 104
days during FY17. However, during FY18 the average collection
period remains at 64 days due to improvement in the scale of
operation. Further, the firm receives credit from its suppliers for
about 2 months and maintains inventory for about 6 to 12 days, thus
leading to satisfactory operating cycle of about 8 days.
Established relationship with suppliers as well as customers The
firm has established relationship with their suppliers ensuring
regular supply of traded goods when it is required and they are
also having strong relationship with their customers resulting in
repeated orders.

Liquidity position

The liquidity position of the firm is weak with current ratio of
1.05 as on March 31, 2018. The cash and bank balances stood at INR
0.02 crore as on March 31, 2018. Further the firm does not have any
term loans; hence there are no specific scheduled debt obligations
to meet going forward.

Hyderabad Steels (HS) was founded in 2008 as a proprietorship and
was later reconstituted as a partnership firm during 2015. The firm
is engaged in the trading of steel and iron products such as Mild
Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap,
Sponge Iron etc. The partners of the firm Ms J. Raghavi Reddy and
Mr. M. Pavan Kumar are having 25 years of experience in iron and
steel trading business. The firm has its warehouse facility at
Nacharam, Hyderabad. HS clientele mostly consist of steel dealers
in Hyderabad.


MARUTI FERTOCHEM: CARE Keeps D on INR22.2cr Loans in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maruti
Fertochem Limited (MFL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       22.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-Term            0.25      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 6, 2019, placed the
rating of MFL under the 'issuer non-cooperating' category as MFL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. MFL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated June 19, 2020,
June 24, 2020 and July 7, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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 May 6, 2019, following were the
rating weaknesses (updated for the information available from
Registrar of Companies)

Key Rating Weaknesses

* Delay in servicing of debt obligations:  As per the interaction
with the banker during last review, there were continuous
overdrawals in cash credit facility and the account has been
classified as NPA.

Incorporated in 1992, MFL is a part of Aurangabad-based R. J. Group
promoted by Mr. Raghavendra S. Joshi. The group has its presence in
poultry farming, fertilizers, bio-technology, infrastructure and
education sectors. MFL commenced operations in 1994 and is engaged
in manufacturing of granular NPK (Nitrogen, Phosphorous and
Potassium) fertilizers. Apart from these products, MFL also offers
organic fertilizers/ soil conditioners and neem based pesticides,
'Maruti- Max', which provides micronutrients to crops during growth
phase.


MAXIMAA SYSTEM: CARE Keeps D on INR8.33cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maximaa
System Limited (MSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.33       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-Term           2.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2019, placed the
rating(s) of MSL under the 'issuer non-cooperating' category as MSL
had failed to provide information for monitoring of the rating. MSL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 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 takes into account the defaults in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019, the following were the
rating weaknesses (updated for the information available from
Bombay stock exchange):

Key Rating Weaknesses

* Delay in Debt Servicing:  MSL's account has been classified as
Non-Performing Asset (NPA) by Bank of India on account of ongoing
delay in debt servicing.

Incorporated in 1990, Maximaa Systems Limited [(MSL) originally
established as a partnership firm in the year 1983] listed on the
Bombay Stock Exchange and is engaged in business of manufacturing
and trading of different types of industrial storage systems [i.e.
lockers, cupboards & steel furniture made of CRC sheets & is in the
form of slotted angles, panels of different specifications and
design for storing inventory] and IT services. Further the company
ventured into manufacturing pharmaceutical formulations making
ayurvedic in combination with probiotics.


P. M. INDUSTRIES: CARE Keeps D on INR10cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M.
Industries (PMI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.64      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       2.36      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2019, placed the
rating of PMI under the 'issuer non-cooperating' category as P. M.
Industries had failed to provide information for monitoring of the
rating. PMI continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a letter/email dated July 14, 2020, July 13, 2020, July 9, 2020
and July 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).

Detailed description of the key rating drivers

At the time of last rating in May 13, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in the servicing of debt obligation:  There are
ongoing delays in servicing the debt obligations. The delays are on
account of weak liquidity position as the firm has incurred net
losses in the past leading to erosion of net worth base.

P.M. Industries (PMI) was established in 2007 by Mr. Mukesh Doomra
as a proprietorship firm. However, on April 1, 2014, the
constitution of PMI was changed into a partnership firm with Mr.
Mukesh Doomra and Mrs Neena Rani as its partners sharing profit and
losses in the ratio of 4:1. The firm is engaged in processing of
paddy at its manufacturing facility in Fazilka, Punjab, with an
installed capacity of processing 120,000 quintal of paddy per day
as on December 31, 2016. PMI sells basmati and non-basmati rice
directly to various rice millers based in Delhi, Chandigarh and
Punjab. The raw material, primarily paddy, is procured from local
grain markets and through commission agents based in Punjab only.
PMI has a group concern, namely, Prithvi Raj Mukesh Kumar (PRM),
which was established in 2008 as a proprietorship firm and is
working as a commission agent for buying and selling paddy.


PAC BIO FUNGBACT: CARE Rates INR11.00cr LT Loans 'D'
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Pac Bio
Fungbact Private Limited (PBFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           11.00      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PBFPL is primarily
constrained due to delays in servicing its debt obligations.

Rating Sensitivities

Positive Factors

* Establishing clear repayment track record for consecutive three
months

Detailed description of key rating drivers

Key rating weaknesses

* Delays in debt servicing:  PBFPL has been irregular in servicing
of its debt obligations due to weak liquidity position of the
company. There were overdrawings in cash credit account for more
than 30 days during the last seven months period ended June, 2020.

Liquidity: Poor

The liquidity position of PBFPL remained poor led by delays in
servicing debt obligations by the company owing to majority of
funds blocked in inventory. There were few instances of overdrawing
in cash credit account during past 7 months (from December, 2019 to
June, 2020). The current ratio remained modest at 1.15 times as on
March 31, 2020 (Prov.), while the operating cycle remained
elongated at 204 days during FY20 (Prov.) in line with the previous
year. The cash and bank balance also remained low at INR0.22 crore,
however the net cash flow from operations remained at INR3.36 crore
during FY20 (Prov.). Gross cash accruals (GCA) level remained
modest at INR0.73 crore during FY20 (Prov.) as against gross loan
repayments of INR0.14 crore towards auto loans arising in FY21.
Further it is to be noted that client has availed moratorium on
cash credit facility from March, 2020 to August, 2020 as granted by
RBI, under COVID-19 relief measures.

Surat-based (Gujarat) "Pac Bio Fungbact Private Limited" (PBFPL)
was incorporated on January 21, 2010; while the manufacturing
operations commenced from May, 2012. PBFPL is promoted by Mr.
Babubhai Chhagandas Patel, Mr. Devendra Babulal Patel, Mrs. Ektaben
Devendra Patel and Mrs. Hemlata Babubhai Patel. PBFPL is mainly
into business of manufacturing of bio fertilizers, micro nutrients,
organic fertilizer, banana plants through tissue culture etc. which
finds application largely in agriculture industry. Further, it also
manufactures enzymes used in detergents. The overall operations are
being managed by Mr. Babubhai Chhagandas Patel and Mr. Devendra
Babulal Patel, who carry an extensive experience in the same line
of business. The raw materials used by PBFPL include mother culture
bacteria, PET bottles, chemical nutrients etc. Manufacturing
facilities of PBFPL is located at Bardoli, Surat (Gujarat) with an
installed capacity of 38,40,000 litres per annum of
Bio-fertilizers, 39,42,000 kg per annum of Bio Pesticides,
36,50,000 litres per annum of Micro nutrients (liquid form),
36,50,000 Kg per annum of Micro nutrients (powdered form),
1,00,00,000 Kg per annum of compost and 22,00,000 no. of plants per
annum of Banana plant through tissue culture.


PACIFIC MEDICAL: CARE Reaffirms D Rating on INR87.86cr LT Loans
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pacific Medical University (PMU), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           87.86      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of the rating assigned to bank facilities of PMU
takes into account continuing delays in servicing of debt
obligations on account of poor liquidity position.

CARE also takes cognizance of the university availing the
moratorium granted by both of its lenders as a Covid relief measure
(as permitted by the Reserve Bank of India) for a period commencing
from March 2020 to August 2020 for its principal repayment and
interest obligations.

Rating Sensitivities

Positive factors

* Improvement in overall liquidity position of the university along
with timely repayment of its debt obligations.

Negative factors - Not applicable

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays in debt servicing:  As informed by the banker,
there are on-going delays in servicing of debt obligations due to
poor liquidity position. Higher outstanding fees receivable has
resulted to liquidity mismatch and delays in debt servicing by the
university.

Liquidity: Poor

The university's liquidity position remained poor marked by delays
in servicing of debt obligations. Further, outstanding fees
receivables from students has remained high over the past two years
and the same stood around INR42.51 crore as on March 31, 2020
against INR54.71 crore as on March 31, 2019. These factors led to
poor liquidity position and delays in servicing of debt
obligations. Further, PMU has tightly matched accruals vis-à-vis
its repayment obligation with thin cash and bank balance of INR0.82
crore as on March 31, 2020.

The university is availing the moratorium granted by both of its
lenders as a Covid relief measure (as permitted by the Reserve Bank
of India) for a period commencing from March 2020 to August 2020
for its principal repayment and interest obligations.

Udaipur (Rajasthan) based PMU is a private university established
in September 2014 through an ordinance issued by state government
of Rajasthan and has been promulgated by the legislative assembly
of state of Rajasthan in March 2014 as "The Pacific Medical
University, Udaipur Bill, 2014". PMU is sponsored by Tirupati
Balaji Education Trust (TBET). Presently, PMU runs a medical
college and hospital under the name 'Pacific Medical College &
Hospital' (PMCH). The hospital was started post completion of
construction in July 2013; while the academic session in medical
college commenced from September 2014 post receipt of approval from
Medical Council of India (MCI). Further, the university over the
years also started courses in dental, nursing, paramedical and
medical sciences.


PADMAVATI GINNING: CARE Keeps D on INR7cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Padmavati
Ginning And Pressing Private Limited (PGPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 8, 2019, placed the
rating(s) of PGPPL under the 'issuer non-cooperating' category as
PGPPL had failed to provide information for monitoring of the
rating. PGPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 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.

The rating takes into account the delays in the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 8, 2019, the following were the
rating strengths and weaknesses:

Key rating Weakness

* Delay in debt servicing:  As per interaction with banker, there
have been on-going delays in repayment of the debt obligation and
the account is classified as NPA on account of weak liquidity
position of the company owing to shortage of working capital
funds.

Key Rating Strengths:

* Experienced promoters:  The promoter i.e. Mr. Shyam Sunder Goyal,
has an experience of more than four decade in the cotton ginning
and pressing industry and looks after the overall management of the
company. Other directors Mr. Shrikant Goyal and Mr. Aditya Goyal,
have an experience of more than a decade in the cotton ginning
industry. The directors are supported by qualified and experienced
management team having experience of around two decades in the
similar industry.

Padmavati Ginning and Pressing Private Limited (PGPPL) was
originally incorporated in 2000 by Mr. O. H. Agrawal, however, the
control of the company was taken over by Mr. Shyam Sunder Goyal in
August 2011. Post the takeover; the company resumed operations in
November 2011. It is engaged in manufacturing of cotton bales
through cotton ginning & pressing. The company earns its entire
revenues from domestic market. The company procures its raw
material directly from Mandis and through commission agents and
distributes its product through brokers in the states of
Maharashtra and Madhya Pradesh. The company operates 4 branches
located in Maharashtra (Ralegaon, Bori, Parbhani and Tamsa) which
does the work on job-work basis. The plant of the company is
located in Dhule, Maharashtra.


PANKAJ STEEL: CARE Lowers Rating on INR8cr Loans to 'C/A4'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pankaj Steel Corporation (PSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/            8.00      CARE C; Stable/CARE A4;
   Short-term                      Issuer Not Cooperating;
   Bank Facilities                 Revised from CARE B+;
                                   Issuer Not Cooperating;
                                   Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, placed the
rating(s) of PSC under the 'issuer non-cooperating' category as PSC
had failed to provide information for monitoring of the rating. PSC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 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 PSC,
with 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 July 16, 2019, the following were the
rating strength and weaknesses:

Key Rating Weaknesses

* Small and fluctuating scale of operations:  Despite about four
decades of existence in the business, the scale of operations of
the entity remained small and fluctuating with total operating
income (TOI) ranging from INR6.12 crore to 9.49 crore during the
period of FY15 to FY17 owing to fluctuating demand from the
customers. Furthermore, tangible networth of the entity stood small
due to low capitalization led by thin profit margins. The small
scale of operations and tangible networth limits the financial
flexibility of the entity. Hence, ability of the entity to increase
the scale of operations and thereby capitalization remained
critical.

* Thin profit margins and debt coverage indicators:  The PBILDT
margin of PSC stood moderate and fluctuating in the range of 7.93%
to 14.16% during FY15-FY17. Furthermore, the profit margins also
depend upon the fluctuations in the raw material prices. Moreover,
owing to higher finance cost and fluctuating PBILDT margin; the PAT
margin remained thin and fluctuating in the range of 0.13% to 1.38%
during FY15-FY17. Nevertheless, the margins continue to remain low
and volatile. Furthermore, led by thin profitability and
comparatively higher reliance on debt, the debt coverage indicators
also stood weak.

* Susceptibility of profit margins to volatility of the raw
material prices with foreign exchange fluctuation risk:  The profit
margins are susceptible to the volatile prices of raw material viz.
steel as metal prices keep on fluctuating. Further, the entity
imports from China and Europe which contribute ~40% of total
purchases. Hence, the foreign exchange risk continues to persist,
since any adverse currency movements would have a bearing on the
purchase of the entity and eventually its profitability.

* Highly working capital intensive nature of operations:  The
operations continue to remain highly working capital intensive in
nature with funds blocked in receivables and inventory as the
entity offers its customers an extended credit period owing to an
established relationship as well as intense competition prevalent
in the industry and has to maintain high level of raw
material inventory to avoid fluctuations in the raw material prices
and also products are slow moving in processing industry. On
account of this, the utilization of the working capital limit
remained high.

* Project execution and stabilization risk associated with plant
expansion project:  PSC is undertaking an expansion project at
Khalapur plant location in order to carry out processing and
warehousing activity. The total cost of the project is estimated at
INR2.00 crore, which is to be funded by way of internal accruals
and unsecured loans.

* Existence in highly competitive and fragmented nature of
operations:  PSC operates in the highly competitive and fragmented
steel industry where it faces intense competition from other
established players from organized and unorganized sectors in the
steel trading industry across domestic and international markets
owing to low entry barriers. This is evidently reflected in the
fluctuating profit margins, since the entity is compelled to offer
its products at competitive rates to its customers.

* Proprietorship nature of its constitution:  Due to PSC being a
proprietorship entity, it has limited ability to raise capital as
it has restricted access to external borrowings where personal
networth and credit worthiness of proprietor affects decision of
prospective lenders. Further, it is susceptible to risks of
withdrawal of proprietor capital at time of personal peril and poor
succession decisions may raise the risk of dissolution of the
entity.

Key rating Strengths

* Long track record of operations with experience management:  PSC
has an established track record of over 40 years of operations in
the trading of iron and steel in which it has established its
presence in the market and connects with various clients. The
operations of PSC are looked after by Mrs. Usha Agarwal who has
rich experience of 45 years in the industry. She is also supported
by the family members who have significant experience in the steel
trading business.

* Established relationship with moderately diversified clientele
and reputed suppliers:  Over the years of operations, PSC has
established long-term relationships with its customers based in
heavy engineering industry. The customer profile remained
moderately diversified and supplier profile of the entity is
reputed and diversified.

* Comfortable capital structure:  The capital structure of PSC
stood comfortable with an overall gearing of 0.89 times as on March
31, 2017 vis-à-vis 1.79 times as on March 31, 2016. The same has
improved on account of lower utilization of the working capital
borrowing as on balance sheet date along with repayment of term
unsecured loans and car loan.

Pankaj Steel Corporation (PSC) was established in the year 1978 as
proprietorship entity by Mrs. Usha Agarwal. The entity is into
trading of iron and steel, mainly of alloy steel having application
in heavy engineering. It also does processing jobs like heat
treatment, bending, etc. or gets it done on job work basis as per
customer requirements. The entity is also involved in demolition
activities of PSU discarded assets, prior it was into ship
breaking. PSC procures steel from China, Europe (imports contribute
~40% of purchases) and domestic market and sells domestically
across Karnataka, Tamil Nadu, Delhi, Haryana, Gujarat and
Maharashtra. PSC has its plant and godown situated at Khalapur and
Navi Mumbai and registered office in Mumbai.


PRAKASH STAINLESS: CARE Keeps D on INR15cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prakash
Stainless Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 8, 2019, placed the
rating(s) of PSPL under the 'issuer non-cooperating' category as
PSPL had failed to provide information for monitoring of the
rating. PSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 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.

The rating takes into account the delays in the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 8, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key rating Weakness

* Ongoing delay in debt servicing:  As per interaction with banker,
there have been ongoing delays in debt servicing and the account
has been classified as NPA on account of weak liquidity position of
the company.

* Weak financial performance:  PSPL's total operating income stood
NIL in FY19 and reported operating loss of INR0.01 crore, however
company has reported net profit of INR0.33 crore on account of cash
adjustment (namely reversal of provision) of INR0.33 crore received
during FY19. Further on account of carried forward losses the
networth base has been eroded to negative and capital structure
remained highly leveraged along with weak debt coverage indicators
in FY19.

Key Rating Strengths:

* Experienced promoters:  PSPL is promoted by the directors, Mr.
Prakash Kanugo and Mr. Surajmal Burad who have an average
experience of over three decade in the steel industry through
various entities.

Incorporated in 2004 by Mr. Prakash Kanugo and Mr.Surajmal Burad,
Prakash Stainless Private Limited (PSPL) is engaged in the trading
of stainless steel sheets, coils and plates which have a wide
application the manufacturing of water boilers, furniture, pipes
and automobiles. PSPL purchases goods primarily from domestic
manufacturers and also imports from China. PSPL is part of the
Prakash Group, promoted by Mr. Prakash Kanugo and engaged in the
manufacturing and trading of steel products since 1982. Its
flagship company Prakash Steelage Limited is engaged in the
manufacturing of stainless steel pipes.


RICOH INDIA: CoC Cannot Approve Illegal Conduct, NCLAT Says
-----------------------------------------------------------
BloomberQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has set aside an order which approved a resolution
plan for Ricoh India Ltd. that was submitted by a consortium led by
Kalpraj Dharamshi and Rekha Jhunjhunwala.

BloomberQuint relates that Kotak Investor Advisors Ltd., the
unsuccessful resolution applicant, had challenged an order passed
by the Mumbai bench of the NCLT in November on the ground that
Ricoh India's resolution professional accepted the plan after
expiry of the deadline for submitting expression of interest.

A three-member bench of the appellate tribunal observed in its
order that Ricoh India's resolution professional committed a "grave
error" in accepting the resolution plan beyond the last date
without notifying an extension in the deadline, the report says.

According to BloomberQuint, the NCLAT has directed Ricoh India's
creditors' committee to take a fresh decision on the resolution
plan within 10 days and communicate it to the dedicated insolvency
tribunal. It has also noted that the NCLT should pass a liquidation
order if the time limit for completing the insolvency process
expires and no decision is communicated to it, the report relays.

Ricoh India's committee of creditors had invited expression of
interest from prospective resolution applicants in July 2018, with
a submission deadline by August. After that, it issued a "process
memorandum" requiring applicants to submit a resolution plan before
Jan. 10, 2019, recalls BloomberQuint.

While Phoenix ARC, an affiliate of Kotak Advisors, submitted a plan
before the deadline, it alleged that Ricoh India's resolution
professional allowed the Kalparaj Dharamshi-led consortium to
submit its plan on Jan. 28, which was after the submission of bids
by other applicants and beyond the prescribed deadline, the report
relates.

According to BloomberQuint, Ramji Srinivasan, senior counsel for
Kotak Investors, argued that:

   * A single-member bench of the NCLT had heard the arguments and

     reserved its order on the resolution plan in July last year.

   * While its application challenging the committee of creditors'

     approval was only heard by a judicial member, a reconstituted

     two-person bench, which also included a technical member,
     passed the order rejecting its objections. This violated the
     principles of natural justice.

   * The consortium was allowed access to Ricoh India's data room
     by the resolution professional beyond the cut-off date
     without obtaining the committee of creditors' approval.

   * NCLT had approved a resolution plan submitted by Ricoh
     India's minority shareholders which provides for significant
     payouts to them, resulting in a conflict of interest.

   * And lastly, the resolution professional committed various
     irregularities during the insolvency process.

BloombergQuint says counsels representing the consortium, committee
of creditors and resolution professional questioned the appeal's
maintainability on the ground that it was filed beyond the
limitation period. The committee of creditors accepted the
consortium's resolution plan with an intent of value maximisation.
And lastly, the process memorandum allowed the committee of
creditors to accept a plan as per its commercial wisdom during any
stage of the resolution process, the report relays.

BloombergQuint relates that the appellate tribunal rejected these
arguments and made the following findings:

   * While the committee of creditors can exercise its commercial
     wisdom in accepting or rejecting resolution plans, it cannot
     approve an illegal or arbitrary conduct during the insolvency

     resolution process, as done in the present case.

   * An 'illegal' exercise of power by the resolution professional

     in conducting the corporate insolvency resolution process
     cannot be considered as an exercise for maximising value
     under commercial wisdom.

   * The resolution professional failed to properly justify its
     reasons for not issuing notices as per procedure.

   * And so, the resolution professional committed a grave error
     in accepting the consortium's resolution plan after the
     expiry of the submission deadline.

The appellate tribunal also noted that the NCLT failed to consider
the irregularities pointed out by Kotak Investors, BloombergQuint
adds.

Ricoh India specializes in office imaging equipment, production
print solutions, document management systems and IT services.
Ricoh India is a subsidiary of Tokyo-based Ricoh Group.

Ricoh India, which owes nearly INR2,519 crore to its financial and
operational creditors, filed a voluntary insolvency application in
January 2018. Grappling with problems due to fraud and
mismanagement, the imaging and printing company's troubles mounted
in September 2015, when its newly appointed auditor - BSR & Co. -
flagged financial discrepancies, according to BloomberQuint.


SATHYA LIFESTYLES: CARE Keeps D on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sathya
Lifestyles Private Limited (SLPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 08, 2019, placed the
rating(s) of SLPL under the 'issuer non-cooperating' category as
SLPL had failed to provide information for monitoring of the
rating. SLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 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.

The rating takes into account the delays in the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 8, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key rating Weakness

* Delay in debt servicing: SLPL has been delaying the repayment of
term loan owing to stressed liquidity position. As per interaction
with banker, there have been on-going delays in repayment of the
debt obligation and the account is classified as NPA on account of
stressed liquidity position.

Key Rating Strengths:

* Experienced promoters in construction industry: Directors of SLPL
are reasonably experienced with more than a decade of experience in
the construction and real estate sector through its group companies
namely Build Strong Private Limited; Kay Cee Infra Private Limited
and Sapphire Space Infracon Private Limited.

Incorporated in 2011, Sathya Lifestyle Private Limited (SLPL) is
into developing of real estate properties. Currently, the company
is executing a residential-cum-commercial project named "Sathya
Lifestyles" at Palghar East, Thane.


SHREEJI FIBRE: CARE Keeps D on INR5.85cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeji
Fibre Private Limited (SFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       5.85       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2019, placed the
rating(s) of SFPL under the 'Issuer non-cooperating' category as
SFPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SFPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated May
25, 2020, May 27, 2020, May 29, 2020 and July 22, 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 done on July 11, 2019, the following
were the rating weaknesses and strengths (updated for details
available from publically available information).

Key Rating Weaknesses

* Modest scale of operations along with low profitability:  During
FY19 (A) TOI of SFPL continued to remain modest at INR14.93 crore
as against INR9.48 crore during FY18 (A). The profitability also
remained low marked by PBILDT margin and PAT Margin of 5.87% and
2.08% respectively during FY19 as against 7.62% and 0.83%
respectively during FY18.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company as marked by overall gearing
ratio remained leveraged led by erosion of tangible networth as on
March 31, 2019. The debt coverage indicators also continued to
remain weak marked by total debt to gross cash accrual (TDGCA) of
16.66 years as on March 31, 2019 as against TDGCA of 16.53 years as
on March 31, 2018, while interest coverage ratio improved to 3.18
times in FY19 from 1.99 times in FY18 owing to decrease in interest
and finance cost.

* Susceptibility of profit margins to cotton price fluctuation and
presence in a fragmented and seasonal cotton industry with limited
value addition along with exposure to government regulations:  The
profitability of SFPL is exposed to fluctuations in raw cotton,
which being an agricultural commodity is subject to the vagaries of
monsoon. SFPL operates in an industry characterized by high
fragmentation and intense competition on account of presence of a
large number of small and medium-scale units due to minimal
technological and financial investment requirement. Furthermore,
due to limited value addition, players present in this segment
operate at a very low bargaining power against its customers as
well as suppliers. Furthermore, the cotton supply and prices in
India are highly regulated by the government through Minimum
Support Price (MSP) and export regulations.

Key Rating Strengths

* Experienced promoters:  Mr. Balkrishna Patel, Mr. Sahjanand Patel
and Mr. Suresh Patel are the executive directors of the company and
have experience of more than one decade in cotton industry.

Liquidity position: Stretched

The liquidity position of SFPL has remained stretched marked by
current ratio of 1.11 times as on March 31, 2019 as against 1.10
times as on March 31, 2018 while the operating cycle of the company
deteriorated to 122 days during FY19 from 184 days during FY18. The
cash and bank balance remained at low INR 0.49 crore as on March
31, 2019 while the net cash flow from operating activities stands
negative at INR 2.50 crore during FY19.

Dabhoi-based (Gujarat), SFPL was incorporated in March 2005 by Mr.
Balkrishna Patel and Mrs. Bhagwati Khatwani. It is engaged in the
business of cotton ginning and trading of cotton. The company
procures raw cotton from local traders and farmers in Dabhoi region
which is put through process of ginning where cotton seeds are
separated from cotton lint. Cotton lint is packed in bales and sold
to spinning mills and traders located in Gujarat. SFPL also have an
oil mill where oil is extracted from cotton seeds which is known as
kapasiya wash while the remaining part is known as kapasiya khod
and is used as cattle food. At present, 8 employees are working
under the company. The installed capacity of ginning machineries is
203,700 quintals per annum or 43,200 bales per annum for cotton
bales as on March 31, 2016.


SUN AGRIFRESH: CARE Keeps D on INR60cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sun
Agrifresh Industries Private Limited (SAIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       57.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long-Term/Short       2.50      CARE D; Issuer not cooperating;
   term Bank                       Based on best available
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2019, placed the
ratings of SAIPL under the 'issuer non-cooperating' category as it
had failed to provide information for monitoring of the rating. Sun
Agrifresh Industries Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated July
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(s).

The ratings continue to be under issuer non-cooperating category
revised on account of non-receipt of requisite information due to
which CARE is not able to conduct a proper credit risk analysis.

Detailed description of the key rating drivers

The rating take into consideration ongoing delays in debt servicing
and as per feedback from the banker, the account has been
classified as NPA.

New Delhi-based, Sun Agrifresh Industries Private Limited (SAIPL)
was incorporated in 2007 and is currently being managed by Mr.
Nilesh Singh and Mr. Ritesh Singh Pundir. SAIPL is engaged in the
agriculture and retail industry which involves agricultural farming
(cultivation and processing of vegetables, fruits, wheat, paddy,
etc.), dairy farming (raw milk) and retailing of fast moving
consumer goods including own products. SAIPL cultivates vegetables,
fruits, wheat, paddy, etc. either at fully owned or partially owned
land holdings in Chhattisgarh, Uttar Pradesh and Maharashtra and
sells the final products to villagers in same region. Wheat and
paddy is processed at processing units located in Delhi and Jhansi
(Madhya Pradesh) and final products like flour, rice, maida, etc.
are subsequently sold through the network of distributors and
retailers in Delhi and NCR. The company maintains animal farm at
Uttar Pradesh with flock of 150 cattle and supplies raw milk to
milk processing units. The company also sells its various processed
products through a dealer base of around 125 dealers and also
through its own four retail stores (Sun Mart). Furthermore, the
company is operating around 15 super bazars (chain of departmental
stores in Delhi managed by Super Bazaar Cooperative Society under
the aegis of government) in Delhi NCR region. SAI procures the raw
material i.e. seeds, wheat, paddy, fertilizers for its various
division from Delhi, Uttar Pradesh, and Rajasthan.


UTTAM DOORS: CARE Keeps D on INR9.2cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uttam Doors
Private Limited (UDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.20       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 22, 2019, placed the
ratings of UDPL under the 'issuer non-cooperating' category as UDPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. UDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated June 18,
2020, June 23, 2020, June 25, 2020 and July 28, 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 May 22, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Delay in servicing of debt obligations: As per the interaction
with the banker during last review, there were delays in repayment
of debt obligations.

Nagpur (Maharashtra) based Uttam Door Private Limited (UDPL) was
incorporated in 2012 by Mr. Gulab Patel. The company is engaged in
manufacturing and trading of plywood door, laminates and block
boards. Majority of the revenue is contributed by trading segment.
The manufacturing facility of the company is located at Nagpur
(Maharashtra). The company procures raw material from local
suppliers based in Nagpur and Uttar Pradesh and sell its products
in Maharashtra through dealers.


VITTHAL GAJANAN: CARE Keeps  D on INR17.6cr Loans in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Gajanan Sugar Private Limited (VGSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       17.60      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 15, 2019, placed the
ratings of VGSPL under the 'issuer non-cooperating' category as
VGSPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. VGSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated June 18,
2020, June 23, 2020, June 25, 2020 and July 28, 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 May 15, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Delay in servicing of debt obligations:  As per the interaction
with the banker during last review, there were ongoing delays in
repayment of term loans.

Satara-based (Maharashtra) VGSPL was incorporated in 2013 by Mr.
Chandrakant Pawar, Mr. Yashwant Mali and Mr. Prasad Jugdar. The
company is in the process of setting up a jaggery manufacturing
unit with an installed capacity of 500 tons crushed per day (TCD)
at Satara, Maharashtra.


YOUTH WELFARE: CARE Keeps D on INR6.79cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Youth
Welfare Association (YWA) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.04      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       0.75      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2019, placed the
rating of YMA under the 'issuer non-cooperating' category as Youth
Welfare Associations had failed to provide information for
monitoring of the rating. YWA continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 14, 2020, July
13, 2020, July 9, 2020 and July 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).

Detailed description of the key rating drivers

At the time of last rating in May 13, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in the servicing of debt obligation:  There are
ongoing delays in servicing the debt obligations. The delays are on
account of weak liquidity position as the firm has incurred net
losses in the past leading to erosion of net worth base.

Youth Welfare Association (YWA) was registered in July, 1985 under
the Society registration Act. The operations of the society,
however, started in the year 2002. The society was established by
Mr. C P Sharma (President), Mrs. Tara Sharma (Treasurer) and Mr.
Chetan Sharma (Secretary) and is running a school and a polytechnic
college by the name of Mt. Littera Zee School and Pt. Gauri Shankar
Memorial Polytechnic College, respectively, at Shimla, Himachal
Pradesh. The various diploma courses being offered at the college
are approved by AICTE (All India Council of Technical Education)
while the school is affiliated to Central Board of Secondary
Education (CBSE) and currently offers classes from 1st standard to
10th standard.




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

AIRASIA X BHD: Reports Negative Shareholders' Equity in Q1 FY2020
-----------------------------------------------------------------
The Edge Malaysia Weekly reports that the liquidity crisis of
AirAsia X Bhd (AAX), the troubled low-cost, long-haul affiliate of
AirAsia Group Bhd (AAGB), has become more urgent than ever after
its latest quarterly results show that the airline is now
technically insolvent.

On Aug. 6, the airline announced its first-quarter 2020 financial
results after a two-month delay, which saw its liabilities
exceeding its assets by MYR864.1 million, The Edge discloses. It
also triggered the Practice Note 17 (PN17) criteria, as its
shareholders' equity on a consolidated basis has fallen to less
than 25% of its share capital.

According to The Edge, AAX saw its net loss widen more than five
times to MYR549.7 million in the three months ended March 31, 2020
(1QFY2020) compared with the previous quarter. The quarterly loss
also exceeded the airline's MYR489.5 million net loss for all of
2019. The latest quarterly loss brings AAX's accumulated losses to
MYR2.04 billion as at March 31, 2020. It had reported a net profit
of MYR43.3 million in the year-ago quarter.

AAX has long been loss-making because its huge financial costs and
depreciations ate into its meagre earnings, the Edge says. The
Covid-19 pandemic exacerbated the situation, as the airline has
grounded most of its planes since April amid global travel
restrictions. AAX started reducing its capacity to China in
February, followed by Australia, Japan, South Korea and India in
March.

With the civil aviation industry having ground to a halt in March,
it is expected that the airline's losses will only worsen in
2QFY2020, the report notes.

Depending on whether a vaccine is found and approved to fight
Covid-19, the short-term outlook for AAX continues to be bleak.

To sustain its operations as a going concern, AAX will doubtless
have to raise funds to keep it afloat, according to the report.

"The airline will definitely need to raise equity now that its
shareholders' equity is in the negative," an analyst who covers
AAX's stock told The Edge.  "Either that or they can merge with
AAGB, as the latter has a stronger balance sheet. It is really
going to be tough for AAX."

AAGB is the second-largest shareholder of AAX with a 13.8% stake,
after Tune Group Sdn Bhd at 17.8%, The Edge notes.

AirAsia X Bhd (AAX), founded in 2007, started as FlyAsianXpress Sdn
Bhd, serving the rural areas of Sarawak and Sabah through turboprop
aircraft. It later evolved into a long-haul, low-cost airline,
becoming the first in Asia to test the business model.

The business model proved, however, to be very hard to crack, the
report states. The economics of long-haul, low-cost air transport
has been difficult to balance, especially during a period of high
oil prices. Passengers expect fares to remain affordable, when the
operating costs of the airline continues to grow as oil prices
increase.

Since it was listed in 2013, AAX has been able to record full-year
net profits only in FY2016 and FY2017. The situation has become
more dire, as AAX resumed recording losses in FY2018 and bigger
losses in FY2019, the report says.

According to The Edge, the Covid-19 pandemic and the Movement
Control Order (MCO) implemented by the Malaysian government on
March 18 meant AAX had had to ground its entire fleet at its main
hub in klia2 since March 28.

In the slide accompanying its 1QFY2020 results, AAX said its focus
this year will be on managing cash flows and cost-saving
initiatives, including the potential outright sale of two Airbus
A330s to raise estimated gross proceeds of US$100 million (RM424
million) at market value, The Edge relates.

The Edge says the group will also be seeking the early return of
aircraft to focus on a fleet of 16. It stated that, so far, it has
managed to return one aircraft early at no termination costs.
Currently, AAX has a fleet of 32.

According to The Edge, AAX will also be rescheduling and
restructuring payments with all business partners and vendors and
renegotiate lease rates across its entire fleet and lease
maintenance reserves. The focus of the renegotiation will be on
power by the hour and pay per use arrangement until travel demand
normalises, it said.

The group will also seek to renegotiate airport charges across all
stations and other contract terms with all business partners and
vendors, The Edge adds.



                           *********


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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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