/raid1/www/Hosts/bankrupt/TCRAP_Public/200826.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 26, 2020, Vol. 23, No. 171

                           Headlines



A U S T R A L I A

AUSTRALIAN WINE: Second Creditors' Meeting Set for Sept. 2
B & T LOGGING: First Creditors' Meeting Set for Sept. 4
BELL GROUP: Liquidation Ends After Nearly Three Decades
CORIO BAY: First Creditors' Meeting Set for Sept. 2
PROJECT.BUILT (HOLDINGS): First Creditors' Meeting Set for Sept. 3

QANTAS AIRWAYS: Plans to Cut 2,500 More Jobs Due to Pandemic
STA TRAVEL: First Creditors' Meeting Set for Sept. 2
VIRGIN AUSTRALIA: Unsec. Creditors to Get 9%-13% Under Bain Deal


C H I N A

[*] Fitch Says New Bond Exchange Rules Ease Resolution of Defaults


I N D I A

AIREN METALS: CARE Lowers Rating on INR274.50cr Loan to D
ALLIED ASSOCIATES: CARE Lowers Rating on INR12cr Loans to C
ARYAVANSH LAND: CARE Keeps B- on INR7.45cr Loans in Not Cooperating
BALASORE ALLOYS: CARE Lowers Rating on INR90cr Loan to D
BALLARPUR INDUSTRIES: Ind-Ra Affirms 'D' LongTerm Issuer Rating

BHUSHAN POWER: Enforcement Directorate Alleges Fraud by IRP
BRMSCO GARMENTS: Ind-Ra Keeps BB Issuer Rating in Not Cooperating
BTL EPC: CARE Lowers Rating on INR95cr LT Loan to D
BULANDSHAHR ROLLER: CARE Lowers Rating on INR8cr Loan to B-
DIGNITY BUILDCON: CARE Withdraws D Rating on Bank Facilities

GENESIS RESORTS: CARE Keeps D Debt Ratings in Not Cooperating
GMR WARORA: CARE Raises Rating on INR2,785cr Loan to C
INDIA: Loan Restructuring Plan Will Help Revive Economy
K K POLYCOLOR: CARE Cuts Rating on INR10.04cr Loan to D
LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating

MEP INFRASTRUCTURE: CARE Lowers Rating on INR19.24cr LT Loan to D
NEWTECH SHELTERS: CARE Keeps D Debt Ratings in Not Cooperating
NIK-SAN ENGINEERING: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
NSL COTTON: CARE Keeps D Debt Ratings in Not Cooperating
OM YARN: CARE Lowers Rating on INR15.01cr LT Loan to D

PNL CONSTRUCTIONS: CARE Lowers Rating on INR12cr Loan to C
PRASAD EDUCATION: CARE Keeps D on INR43cr Loans in Not Cooperating
PRIYA AGRO: CARE Lowers Rating on INR5cr LT Loan to C
PROVOGUE INDIA: CARE Keeps D Debt Ratings in Not Cooperating
PURNA PHARMACEUTICALS: CARE Lowers Rating on INR15cr LT Loan to D

RAJAMAHENDRI HEALTHCARE: CARE Assigns B+ Rating to INR29.97cr Loan
RANBANKA HERITAGE: CARE Lowers Rating on INR6.13cr Loan to B-
S. GURUSIDDAIAH: CARE Lowers Rating on INR6cr LT Loan to C
SUJANA UNIVERSAL: CARE Keeps D Debt Ratings in Not Cooperating
TEKNOVATION ENGINEERS: CARE Keeps D Ratings in Not Cooperating

TIRUPATI BALAJEE AGRO: Ind-Ra Keeps BB LT Rating in Not Cooperating
TIRUPATI BALAJEE FIBC: Ind-Ra Keeps BB LT Rating in Not Cooperating
U R AGROFRESH: Ind-Ra Keeps 'D' LT Issuer Rating in NonCooperating
WHITEFIELDS APPAREL: CARE Lowers Rating on INR9.20cr Loan to D
[*] Homebuyers Cannot Invoke Insolvency to Recover RERA Awards



N E W   Z E A L A N D

PRICEWISE LTD: 16 Stores Could be Saved, Receiver Says

                           - - - - -


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

AUSTRALIAN WINE: Second Creditors' Meeting Set for Sept. 2
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Australian
Wine Consumers' Co-operative Society Limited has been set for Sept.
2, 2020, at 11:00 a.m. at the offices of Woodgate & Co., Level 2,
6-10 O'Connell Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 31, 2020, at 11:00 a.m.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Australian Wine on July 28, 2020.


B & T LOGGING: First Creditors' Meeting Set for Sept. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of B & T
Logging and Freight Services Pty Ltd will be held on Sept. 4, 2020,
at 10:00 a.m. at the offices of Shaw Gidley Port Macquarie, Level
1, 65 Lord Street, in Port Macquarie, NSW.

Benjamin Joshua Ismay of Shaw Gidley was appointed as administrator
of B & T Logging on Aug. 25, 2020.


BELL GROUP: Liquidation Ends After Nearly Three Decades
-------------------------------------------------------
Andrea Mayes at ABC News reports that after almost three decades,
Australia's longest-running legal saga is at an end, after the West
Australian Supreme Court approved the final distribution of funds
to creditors of Alan Bond's Bell Group.

The WA Government and the Australian Tax Office (ATO) are among
those who will share in the spoils, ABC says.

According to ABC, Bell Group - bought by Mr. Bond from another WA
billionaire businessman Robert Holmes a Court - collapsed in 1991,
and the banks who had helped prop it up reaped AUD280 million from
the sale of its assets.

Among them were a host of major Australian banks including Westpac,
NAB and the Commonwealth Bank, as well as overseas financial
institutions, the report says.

But liquidators for the group began what would prove to be marathon
legal proceedings against the banks in 1995, holding them liable on
the grounds they should have known the dire financial situation the
company was in prior to the collapse.

For years the case dragged through the courts, with hearings taking
place over three years, between 2003 and 2006, ABC notes.

The mammoth judgement itself, which found the banks liable, spanned
more than 2,500 pages and was not delivered until 2008.

It was followed by a series of appeals and counter appeals over the
following years until 2013, when the banks finally agreed to
settle, leaving a pool of about AUD1.75 billion to be distributed
among creditors, ABC relates.

These included the WA Government, which held a large stake in Bell
Group through its third party insurance arm SGIC, thanks to a deal
struck by then-premier Brian Burke, according to ABC.

It is set to receive about AUD670 million, the report notes.

Others to receive settlements include the ATO.

Legal fees alone are estimated to have cost the WA Government at
least AUD300 million.

In December last year the court reached the settlement over the
distribution of the funds, which received final approval on Aug. 20
by the Supreme Court, according to ABC.

ABC relates that Justice Jenni Hill told the court the case had
been the subject of "extensive and significant publicity" and
congratulated the parties for "reaching the final resolution of a
matter that has been going on for at least 30 years."

Treasurer Ben Wyatt was among a small group of spectators in the
public gallery of the court for Aug. 20's hearing, the report
notes.

Outside court he said he was reluctant to "assume this is over"
before the Government actually received the money it was owed
"because as we know, this has been an ongoing saga," ABC relays.

"Anything can happen and what the litigation has shown over the
years is that this is something (where) you can never assume a
conclusion, so until that money is paid I'll certainly remain
anxious about that outcome," the report quotes Mr. Wyatt as
saying.

"I'm just pleased that we're hopefully very, very close to seeing
this thing finally complete and the taxpayers of WA no longer
funding what has been a ridiculously long piece of litigation."

The final disbursement is due on September 11, ABC notes.

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian Stock
Exchange on August 21, 1991, because of liquidation.  On July 22,
2003, liquidator Tony Woodings started an action in the WA Supreme
Court against a group of 20 banks -- led by Westpac -- in relation
to their conduct in taking mortgages over Bell Group assets in
January 1990.  It was alleged the banks knew or should have known
that the company could not pay creditors who were owed more than
AUD800 million at the time.


CORIO BAY: First Creditors' Meeting Set for Sept. 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of Corio Bay
Dairy Group Pty. Ltd. will be held on Sept. 2, 2020, at 2:00 p.m.
via electronic means.

David Mutton and Jonathon Colbran of RSM Australia were appointed
as administrators of Corio Bay on Aug. 21, 2020.


PROJECT.BUILT (HOLDINGS): First Creditors' Meeting Set for Sept. 3
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Project.Built (Holdings) Pty Ltd will be held on Sept. 3, 2020, at
10:00 a.m. via Virtual Meeting.

Bruce Gleeson of Jones Partners was appointed as administrator of
Project.Built (Holdings) on Aug. 25, 2020.


QANTAS AIRWAYS: Plans to Cut 2,500 More Jobs Due to Pandemic
------------------------------------------------------------
Angus Whitley at Bloomberg News reports that Qantas Airways Ltd.
plans to cut as many as 2,500 more jobs by offloading ground
operations like baggage handling and aircraft cleaning as the cost
of the coronavirus pandemic mounts.

Bloomberg relates that the reductions follow previously announced
plans to eliminate 6,000 jobs, or 20% of the workforce, the airline
said in a statement on Aug. 23.

"Airlines have to change how they operate to ensure they can
survive long term," Bloomberg quotes Andrew David, head of Qantas's
domestic business, as saying. "This is the unfortunate reality of
what Covid-19 has done to our industry."

According to Bloomberg, the crisis has deepened in recent weeks in
Australia, with Melbourne in lockdown as it fights an infection
flareup and internal state borders set to stay closed for months.
That's left Qantas flying just 20% of its normal domestic schedule,
its main profit engine.

Qantas this month reported an annual loss of AUD1.96 billion
(US$1.4 billion), its first loss in six years, and said
international travel won't resume until mid-2021, Bloomberg
relays.

Bloomberg adds that the carrier and its low-cost business Jetstar
directly employ ground crew at 11 large airports around Australia.
Qantas also plans to outsource its bus services for customers and
employees in and around Sydney Airport.

Qantas Airways Ltd. is Australia's principal airline.  It has three
domestic flying brands: Jetstar (the point-to-point Low Cost
Carrier), QantasLink (a regional carrier) and Qantas mainline,
which predominantly links capital cities.


STA TRAVEL: First Creditors' Meeting Set for Sept. 2
----------------------------------------------------
A first meeting of the creditors in the proceedings of STA Travel
Pty. Ltd., STA Travel Academic Pty Limited, and IEP Pty Limited
will be held on Sept. 2, 2020, at 12:00 p.m. video conference.

Jason Mark Tracy and Timothy Bryce Norman of Deloitte were
appointed as administrators of STA Travel et al. on Aug. 21, 2020.


VIRGIN AUSTRALIA: Unsec. Creditors to Get 9%-13% Under Bain Deal
----------------------------------------------------------------
Reuters reports that Virgin Australia Holdings Ltd's unsecured
creditors will receive an average return of 9-13% of their funds as
part of U.S. private equity group Bain Capital's proposed purchase
of the airline, administrator Deloitte said in a report on Aug.
14.

The unsecured creditors include 6,500 bondholders who are owed AUD2
billion (US$1.43 billion) by the country's second-biggest airline
and will receive a return of 8.9% to 13.3%, less than the 14.4%
return for critical suppliers, Reuters says.

Priority creditors and employees will receive 100% of funds owed,
the report said, Reuters relays.

Reuters notes that the Bain deal will be voted on at a meeting of
creditors on Sept. 5. Creditors were owed around AUD7 billion when
the airline in April entered voluntary administration, Australia's
closest equivalent to the U.S. Chapter 11 bankruptcy regime.

Unsecured bondholders Broad Peak and Tor Investment Management on
Aug. 21 withdrew plans to propose a rival debt-to-equity
recapitalisation deal they had said would provide a higher return,
leaving the Bain deal as the only real option apart from
liquidation, Reuters recalls.

According to Reuters, Deloitte said in a statement that Bain's
total financial commitment was around AUD3.5 billion, which
includes all employee entitlements paid, all customer travel
credits honoured, assumption of a significant portion of secured
debts and aircraft lease liabilities and a return to unsecured
creditors.

Reuters relates that Deloitte said its investigations found no
breach of directors' duties before the airline entered
administration, which it said was driven by a catastrophic
reduction in capacity in response to Australia's travel
restrictions put in place due to the coronavirus pandemic.

Under Bain's business plan, Virgin plans to cut a third of its
workforce as part of an overhaul to focus on being a domestic and
short-haul international Boeing Co 737 operator competing against
Qantas Airways Ltd, Reuters notes.

Virgin's fleet consists of 144 planes, 44 of which are owned and
100 leased or financed, but some of the leased planes will be
returned to lessors, Deloitte said, adds Reuters.

                      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.




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

[*] Fitch Says New Bond Exchange Rules Ease Resolution of Defaults
------------------------------------------------------------------
New regulations issued by China's financial authorities may help to
smooth the resolution of bond defaults and exchanges and to improve
transparency surrounding the bond-exchange process, but the
effectiveness of the changes will ultimately depend on how they are
implemented in practice, says Fitch Ratings.

The Shanghai and Shenzhen stock exchanges, under the supervision of
the China Securities Regulatory Commission (CSRC), released formal
rules on corporate bond exchanges on July 30. These specified that
issuers should make bond-exchange offers to all bondholders and
that exchanges must be conducted on a voluntary and equal basis.
Issuers should disclose details of the offer before the start of
the exchange process and should continue to fulfil their repayment
obligations set out in the original prospectus to bondholders who
reject the offer.

The announcement followed the release in June of a notice by the
People's Bank of China, which sought to lay out overarching
principles for bond defaults and the responsibilities of the
various parties involved. The moves come against the background of
an increase in credit events involving issuers in China's onshore
markets in recent years, as well as an expectation that the lagged
impact of the coronavirus pandemic may increase bond defaults in
the coming months.

The new rules will help to formalise and bring transparency to the
bond-exchange process. Fitch is aware of at least three bond
exchanges that took place in 2020 prior to the establishment of the
new regulations. "We do not rate the companies involved, and do not
have sufficient information to judge whether these would have
qualified as distressed debt exchanges under our ratings criteria.
However, there is some evidence that the companies involved were
experiencing a deterioration in liquidity prior to the exchanges,"
Fitch says.

Other off-exchange bond exchanges may have taken place previously
through private negotiations designed to avoid the announcement of
a de facto debt restructuring. Such deals risk discriminating
against those bondholders not involved in the negotiation process.
From the regulatory announcements, it is unclear whether
off-exchange bond exchanges will be permissible now that the new
rules are in place. If such deals are not banned or penalised by
regulators, it could weaken the regulation's effectiveness.

The changes will provide corporate bond issuers with more tools to
manage their liquidity position and mitigate default risks, as well
as streamline post-default mechanisms to provide more efficient
resolutions for defaulted issuers. However, the effectiveness of
the new rules will depend partly on the willingness of market
participants and regulators to normalise the process of default and
bond exchange. These remain sensitive topics, particularly for
corporate issuers with government connections.

"We expect the practice of bond exchange to become gradually more
common in the onshore market, as the new rules provide investors
with a potentially much quicker path for bond restructuring than
other existing post-default options. The new rules may dampen
headline default rates by helping issuers to avoid outright default
in some cases. Nevertheless, sensitivities around debt default and
restructuring may weaken the otherwise positive effect of the
reforms," Fitch adds.




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

AIREN METALS: CARE Lowers Rating on INR274.50cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Airen Metals Private Limited (AMPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      28.86      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE C; Stable;
                                  Issuer Not Cooperating on the
                                  basis of best available
                                  information

   Short term Bank    274.50      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4; Issuer Not

                                  Cooperating on the basis of best

                                  Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 5, 2020, continued to
classify the ratings of AMPL under the 'issuer non-cooperating'
category as AMPL had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. 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 fair ratings.

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

The revision in the ratings is on account of ongoing delays due to
Letter of Credit (rated by CARE) devolvement and Bank Guarantee
(rated by CARE) invocation on account of the company's stretched
liquidity. The same have remained unsettled for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As confirmed by the banker, there are
ongoing delays due to Letter of Credit devolvement and Bank
Guarantee invocation on account of the company's stretched
liquidity. The same have remained unsettled for more than 30 days.
It may be noted that, the company has not availed the moratorium
granted by the lenders as a COVID relief measure (as permitted by
the Reserve Bank of India) for its debt obligations.

Analytical approach: Standalone.

Incorporated in 1995 by Mr. Sudhir Agarwal at Jaipur, Rajasthan,
AMPL commenced commercial operations in 1998. AMPL is engaged in
the business of manufacturing paper-insulated strips, over-head
contact wires/conductors, bus bars, sheets and tubes from
non-ferrous metals, mainly copper and aluminium. AMPL has its
manufacturing facility situated at Jaipur and Reengus, Rajasthan
with an installed manufacturing capacity of 12,600 Metric Tonne Per
Annum (MTPA) as on December 31, 2019.


ALLIED ASSOCIATES: CARE Lowers Rating on INR12cr Loans to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Agra-based (Uttar Pradesh) Allied Associates (ALA), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Bank Facilities-     7.00      CARE C; Stable; Issuer not
   Fund Based-LT-                 cooperating; Revised from
   Cash Credit                    CARE B; Stable; ISSUER NOT
                                  COOPERATING on the basis of
                                  best available information

   Bank Facilities-     5.00      CARE C; Stable; Issuer not
   Fund Based-LT-                 cooperating; Revised from  
   Proposed                       CARE B; Stable; ISSUER NOT
                                  COOPERATING on the basis of
                                  best available information       


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2019, reaffirmed
the rating(s) of ALA under the 'issuer noncooperating' category as
Allied Associates had failed to provide information for monitoring
of the rating. Allied Associates continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and an email dated July 27, 2020, July 24,
2020, July 20, 2020, July 18, 2020, July 06, 2020, July 03, 2020,
June 29, 2020, June 19, 2020 and June 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. Further, banker could
not be contacted. The rating on the firm'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 rating(s).

The ratings take into account non-availability of requisite
information and no due-diligence conducted due to non-cooperation
by the firm with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The ratings of the Allied
Associates continues to be restricted by its small scale of
operations with low net worth base, weak financial risk profile,
working capital intensive nature and competitive nature of the
industry. The ratings, however, draw comfort from experienced
management.

Detailed description of the key rating drivers

At the time of last rating on July 11, 2019, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with low net worth base: Despite the
growth registered on a y-o-y basis in last 3 financial years
(FY14-FY16 – refers to the period April 1 to March 31), the scale
of operations stood small which limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.

* Weak financial risk profile: The financial risk profile of the
firm stood weak as characterized by low profitability, highly
leveraged capital structure and weak coverage indicators for
FY14-FY16. As marked by Debt equity ratio and interest coverage
ratio of 2.82x and 8.64x, respectively for FY16. Further interest
coverage stood at 1.35 for the FY16.

* Working capital intensive in nature though moderate operating
cycle: The operations of the firm are working capital intensive in
nature; the firm largely meets the working capital requirement
through external borrowings. However the operating cycle of the
firm stood moderate at 56 days in FY16.

* Competitive nature of the industry: The firm is comparative a
small players catering to a restricted market which has limited the
bargaining power of the firm and has exerted pressure on its
margins. As the firm is operating in wholesale trading business so
there are no significant value addition in final product which
further resulting in lower profitability margin. Due to lack
regularization and no significant expertise requirement in business
encourages the new entrant into market.

Key Rating Strengths

* Experienced management:  The operations of ALA are currently
managed by Mr. Gaurav Lamba, Mr. Bhushan Lamba and Mr. Saurabh
Lamba. Mr. Gaurav has an experience of around one and a half
decades in trading of auto parts through his association with this
entity and in his individual capacity. Mr. Bhushan has experience
of more than 4 decades in trading industry through his association
this entity. Prior to this, he was handling other trading business
in his individual capacity. Mr. Saurabh Lamba has an experience of
around 7 years in the trading industry through his association with
this entity.

Agra-based (Uttar Pradesh) Allied Associates (ALA) is a partnership
firm. The firm has succeeded an erstwhile proprietorship firm
established in 2009 and the same was converted into a partnership
firm in 2015. The current partners are Mr. Gaurav Lamba, Mr.
Bhushan Lamba and Mr. Saurabh Lamba sharing profit and losses in
the ratio 40%, 30% and 30% respectively. ALA is an authorized
distributor (appointed in 2011) of motorcycle spare parts for Hero
Moto Corp Limited (HMCL). The firm sells spare parts mainly to
dealers and distributors located in western Uttar Pradesh covering
districts namely Agra, Aligarh, Mathura, Hathras, Etah, Kasganj,
Firozabad & Mainpuri.


ARYAVANSH LAND: CARE Keeps B- on INR7.45cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aryavansh
Land Infratech Private Limited (ALIPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.45       CARE B-; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 4, 2019, placed the
rating of ALIPL under the 'Issuer non-cooperating' category as
ALIPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. ALIPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated June 12, 2020, June 15, 2020 and June 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.

Detailed description of the key rating drivers

At the time of last rating done on July 4, 2019, the following were
the rating weaknesses and strengths (updated for publically
available information):

Key Rating Weaknesses

* Inherent cyclical nature of the hotel industry and intense
competition: The Indian hotel industry is highly fragmented in
nature with presence of large number of organized and unorganized
players spread across various regions. The hospitality industry is
highly sensitive to the untoward events such as slowdown in the
economy coupled with the slew of militant attacks which have had an
adverse impact on the hotel industry. Furthermore, the Hotel
industry is primarily dependent on domestic and Foreign Tourist
Arrivals (FTA) which in turn is dependent on the domestic and
global economy.

* Financial risk profile marked by small scale of operations
coupled with net loss, leveraged capital structure, weak debt
coverage indicators: The scale of operations stood small at INR2.54
crore during FY19 from INR1.83 crore during FY18. Further, the
company has continued to reported net loss during FY19. The capital
structure stood leveraged marked by overall gearing ratio at 4.28
times as on March 31, 2019. The debt coverage indicators also stood
weak marked by total debt to GCA at 13.44 times as on March 31,
2019, while the interest coverage ratio stood at 2.68x during
FY19.

Key Rating Strengths

* Experienced promoters: The entire operation of ALIPL has been
managed by Mr. Laxmi Jaiswal and Mrs Meera Jaiswal. Both the
directors have been working as alcohol contractors for more than 30
years in Chhattisgarh.

* Strategic location of the hotel: HRI is located at the station
road (Raipur) which is a convenient place from the customer's
perspective as the hotel is in the center of the city area from
where all the transportation facilities are easily available.

Raipur (Chhattisgarh) based ALIPL is a Private Limited Company
incorporated in 2012, ALIPL has been promoted by Mr. Lakshmi
Jaiswal, Ms.Meera Jaiswal, Mr. Sumit Jaiswal and Mr. Sandeep
Jaiswal. All the directors have an average experience of more than
three decades in the diversified industries. ALIPL has purchased
the Hotel Raipur Inn (HRI) in July, 2014 from Mr. Anand Sharma and
Mr. Sunil Sharma.


BALASORE ALLOYS: CARE Lowers Rating on INR90cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Balasore Alloys Limited (BAL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      90.00      CARE D Revised from CARE BB;
   Facilities                     Stable

   Short term Bank     95.30      CARE D Revised from CARE A4
   Facilities         

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of BAL
takes into account the delays in debt servicing of the facilities
of the company along with decline in capacity utilization and cash
losses reported in FY20 (refers to the period April 1 to March 31).
The ratings continue to be constrained by absence of captive source
of power and coal, sourcing of chrome ore from open market, delay
in underground mining project, on-going disputes, foreign exchange
fluctuation risk and complete dependence of the Ferro chrome
industry on cyclical steel sector. The ratings continue to draw
comfort from the experience of promoters, presence of captive
chrome ore mine, strong presence in the export market and
comfortable capital structure.

Rating Sensitivities

Positive Factors

* Default free track record of 90 days

* Efficiently manage its liquidity and working capital
requirements

* Resolution of the various pending disputes

* Increase in scale of operations and turnaround in operating
profitability on a sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt serving: As per the interaction with one of the
banks, there is devolvement of LC and the same has been debited to
the company's cash credit account and as a result of which the cash
credit account is overdrawn for more than 30 days.

* Decline in capacity utilization and cash losses reported in FY20:
The capacity utilization declined from 92% in FY19 to 69% in FY20
on account of lower demand of ferro chrome. BAL's total operating
income declined 39% y-o-y to INR767.46 crore in FY20 (Rs.1258.06
crore in FY19). The company reported operating loss in FY20 on
account of increase in power cost and under-absorption of fixed
overheads.  The company has serviced interest expenses out of
advances from customers and infusion of unsecured loans.

* Absence of captive source of power and coal: The production
process of Ferro Alloy is highly power intensive and therefore the
cost of the power is critical to the competitiveness of the
products. BAL does not have any captive power plant and sources its
power requirements mainly from North Eastern Electric Supply
Company of Odisha Ltd. (NESCO). Accordingly, absence of captive
source of power has rendered BAL's operations vulnerable to any
upward revision in electricity tariff rates. Further in Q1FY21, the
electricity supply was disrupted and the plant was operational only
for 20 days. Coal & LAM Coke formed about 15% of the total cost of
sales in FY20 after power cost (33%) and chrome ore (33%). Volatile
nature of coal prices and chrome ore leads to profitability of the
company vulnerable to such changes.

* Presence of captive chrome ore mine albeit sourcing of chrome ore
from open market: Chrome ore is a major raw material for
ferro-chrome (FeCr) production and therefore, sourcing and pricing
of the same remains crucial for FeCr producers in order to sustain
operational profitability. BAL has its own operational captive
chrome ore mine at Sukinda valley (Jajpur), Odisha. With the mines
providing low outputs from open cast mining, BAL started sourcing
Chrome ore from outside market. However the sourcing of chrome ore
from outside market has declined to 13% in FY20 as against 30% in
FY19.

* Delay in underground mining project: BAL is planning to undertake
underground mining at later stage and has incurred about INR255.76
crore in the underground mining project till Mar-2020 which is
funded out of its own sources for conducting the feasibility study
& development of underground mines. The company has reworked its
Underground mining plan and now decided to start decline at +45mRL
which is cost effective and less time consuming. The management is
expecting to extract chrome ore through Underground mechanism
before fully exhausting chrome ore through open cast and boundary
pillar mining method.

* On-going disputes: The Company has on-going disputes with Mining
authorities of Jajpur and State Trading Corporation of India, NESCO
which are pending before various courts & authorities. Foreign
exchange fluctuation risk: The exports are hedged through forward
exchange contracts. On the other hand, BAL is exposed to forex risk
due to import of coal & coke. In FY20, the company reported forex
loss of INR4.50 crore as against forex loss of INR28.49 crore in
FY19.

* Complete dependence of ferro chrome industry on the cyclical
steel sector: The stainless steel industry is the primary consumer
of FeCr and accordingly the fortunes of FeCr manufacturers are
largely dependent on the performance of the stainless steel
industry. The volatile nature of FeCr prices has a significant
impact on the profitability of the companies in the sector.

Key Rating Strengths

* Experienced promoters: Ispat group, promoted by Mr. M. L. Mittal
started trading of steel products in 1981. BAL, a part of Ispat
group, commenced operations in 1987. Accordingly, the promoters of
the company have an experience of about three decades in
operating/managing ferro chrome plants. Currently, the day to day
affairs are managed by Mr. Anil Sureka (the present MD of BAL)
having over three decades of corporate experience.

* Strong presence in the export market: Export constitutes ~79% of
total revenue of BAL in FY20 (~79% in FY19).

* Comfortable capital structure: The capital structure of BAL
slightly deteriorated but remained comfortable marked by overall
gearing ratio at 0.28x as on March 31, 2020 (0.22x as on March 31,
2019).

* Industry Outlook: Steel demand for FY21 is expected to be
significantly lower with June and September quarters to be badly
impacted due to lower demand from the infrastructure and
construction segments. Domestic steel manufacturers will also keep
their production in line with demand and steel demand is expected
to reduce sharply by 15-20% during FY21 (99.2 mt in FY20) on a
y-o-y basis as lockdowns have been more stringent and prolonged in
India.

Liquidity: Poor

The company has generated cash loss of INR67.00 crore in FY20. Cash
and bank balance as on March 31, 2020 stood at INR3.61 crore. The
company has serviced interest mainly pertaining to banks of
INR15.71 crore and debt repayment obligations of INR6.17 crore out
of advances from customers and infusion of unsecured loans.
Further, the company has also availed deferment of interest on cash
credit facility till August 31, 2020 which was pre-approved by the
Bank as per the RBI's Covid Relief Measure.

Balasore Alloys Limited (BAL), incorporated in May, 1984, is a part
of Kolkata-based Ispat group of companies promoted by Mr. M. L.
Mittal. BAL commenced commercial operations in 1987 with production
of ferro-chrome (FeCr). The company has its own captive chrome ore
mine located at Sukinda valley (Jajpur) in Odisha. The
manufacturing facilities of BAL are located in Balasore (Odisha)
with an installed capacity of 1,45,000 tpa and in Sukinda (Odisha)
with an installed capacity of 15,660 MTPA for ferro chrome. BAL has
two chrome ore beneficiation plant, a chrome ore briquetting plant
and a metal recovery plant.


BALLARPUR INDUSTRIES: Ind-Ra Affirms 'D' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ballarpur
Industries Limited's (BILT) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR840.3 mil. Non-convertible debentures (NCDs; Long-term)
     INE294A07125 issued on January 28, 2014 11.75% coupon rate
     due on January 27, 2024 affirmed with IND D rating;

-- INR460 mil. Term loans (Long-term) affirmed with IND D rating;

     and

-- INR2,860.7 bil. Fund-based and non-fund-based working capital
     limits (Long-term/Short-term) affirmed with IND D rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of BILT and its subsidiaries while arriving at the ratings, because
of strong operational and strategic linkages among them.

KEY RATING DRIVERS

The affirmation reflects ongoing defaults in debt servicing by BILT
since FY17, according to the auditor's report and announcements on
BSE Ltd.

Pursuant to an application filed by one of BILT's lenders, Finquest
Financial Solutions Private Limited, before the National Company
Law Tribunal in terms of Section 7 of Insolvency and Bankruptcy
Code, the tribunal, on January 17, 2020, ordered the commencement
of the corporate insolvency resolution process (CIRP) for BILT. The
company is undergoing CIRP and is being managed by a resolution
professional.

BILT's step-down subsidiary BILT Graphic Paper Products Limited
('IND D') is under adjudication for a stay order against CIRP
initiated by one of its lenders, and the matter is sub judice in
the Supreme Court. The next hearing date has not yet been
scheduled.

BILT's Malaysian subsidiary, Sabah Forest Industries Sdn. Bhd, is
under a receivership and the management of Grant Thornton
Consulting Sdn Bhd. On April 4, 2018, the receiver and manager of
Sabah Forest Industries entered into a sale purchase agreement with
Pelangi Prestasi Sdn Bhd (Pelangi) for a total consideration of
USD310 million. However, the Sabah government changed the terms for
the issuance of new timber licenses, and hence decided not to issue
a new timber license to Pelangi. Pelangi has filed a civil suit
against the Sabah government for changing the terms on the issuance
of the new timber licenses and the matter is sub judice. This has
led to further delays in asset monetization, and the consequent
deleveraging process.

BILT had not reported FY20 audited financial statements as of
August 15, 2020. According to the qualified audited financial
statements published by BILT for FY19, the consolidated operating
revenue was INR36.4 billion (FY18: INR25.4 billion), EBITDA was
INR6.75 billion (INR3.26 billion) and net loss was INR10.7 billion
(INR20.3 billion).

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BILT Graphic
Paper Products, while Kamalapuram and Shree Gopal units are under
BILT. The company has total paper capacity of around 1 million
metric tons and pulp capacity of around 0.8 million metric tons
including rayon grade pulp capacity.


BHUSHAN POWER: Enforcement Directorate Alleges Fraud by IRP
-----------------------------------------------------------
BloombergQuint reports that the Enforcement Directorate has alleged
that goods belonging to Bhushan Power & Steel Ltd. were removed in
an unauthorised way, both prior and during the insolvency
proceedings against the company.

The insolvent company's resolution professional Mahender Kumar
Khandelwal was involved in the fraud, the enforcement agency said
in its official twitter handle on Aug. 20, BloombergQuint relays.

According to the report, the probe agency also said it searched
Khandelwal's premises and has seized incriminating documents and
digital records showing huge cash transactions that were made by
him.

This is not the first instance where his conduct has been
questioned, the report notes. India's bankruptcy regulator had
imposed a penalty on Khandelwal in November last year alleging that
he violated the rules for insolvency professionals by not
disclosing existing engagements and displaying a "negligent
approach" and misunderstanding of the insolvency code during the
resolution process of Bhushan Power and Steel, BloombergQuint
recalls.

BloombergQuint says Punjab National Bank had initiated insolvency
proceedings against Bhushan Power after it defaulted on its payment
obligations. The bank's application was admitted by the National
Company Law Tribunal in June 2017 after which the resolution
professional admitted claims exceeding Rs 47,200 crore from
financial creditors.

After lengthy legal proceedings, the dedicated insolvency tribunal
had approved JSW Steel's $2.7-billion bid for Bhushan Power in
September last year. The deal, however, faced challenges when the
NCLT refused to grant immunity to Bhushan Power from ongoing
criminal investigations, BloombergQuint notes. The Central Bureau
of Investigation had filed a first information report against the
company and some of its erstwhile directors. Similarly the ED had
also filed a case of money laundering against the company.

The Supreme Court is yet to decided on whether Bhushan Power can be
granted immunity from past criminal liabilities, BloombergQuint
says.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings. Barring Era Infra
Engineering Ltd, petitions have been admitted in all other cases.


BRMSCO GARMENTS: Ind-Ra Keeps BB Issuer Rating in Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Brmsco Garments
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR60.7 mil. Term loans* due on May 2020 maintained in non-
     cooperating category and withdrawn;

-- INR100.0 mil. Fund-based working capital limit** maintained in

     non-cooperating category and withdrawn;

-- INR50.0 mil. Non-fund-based working capital limit# maintained
     in non-cooperating category and withdrawn;

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.

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

COMPANY PROFILE

Established in 2008, Brmsco Garments is managed by TK Vijayan. It
manufactures polypropylene woven sack/high-density polyethylene and
fabrics at its unit in Kochi, Kerala.


BTL EPC: CARE Lowers Rating on INR95cr LT Loan to D
---------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of BTL
EPC Limited (BTEL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      95.00      CARE D Revised from CARE BBB;
   Facilities                     Negative

   Long Term/Short    150.30      CARE D/CARE D Revised from
   Term Bank                      CARE BBB; Negative/CARE A3
   Facilities         
                                  
   Short Term Bank     62.75      CARE D Revised from CARE A3
   Facilities          

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of BTEL
is on account of an instance of devolvement of Letter of Credit
(LC) in March 2020 which was regularised after more than 30 days.
The operations of the company and collections from debtors were
adversely impacted since end of March 2020 due to the lockdowns
associated with outbreak of Covid-19 and the same has led to
deterioration in liquidity position. The operations restarted from
mid-May 2020 and the company regularised the overdue on account of
LC devolvement in June 2020.

The ratings continue to factor in the diversified client base of
the company and moderate order book position. The ratings also
factor in the decline in operating income by about 24% in FY20
(provisional, refers to the period April 1 to March 31) and decline
in PAT margin.

The ratings remain constrained by the susceptibility of
profitability to volatility in input prices, exposure to foreign
exchange fluctuation risk and high working capital intensity of
operations.

Rating Sensitivities

Positive Factors

* Improvement in the overall liquidity profile and track record of
timely servicing of debt.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: The liquidity of the company has been
adversely impacted due to the lockdowns associated with the
outbreak of covid-19. The plant was not operational till mid of May
2020 and the company also faced delays in collecting dues from its
customers. The company regularised the dues pertaining to
devolvement of an LC after more than 30 days in June 2020. Further,
approval from the lender for any extension in time-line of payment
is not available.

* Deterioration in financial performance: The financial performance
was impacted in the end of FY20 due to outbreak of Covid-19 as
significant amount of sales are booked towards the end of the year.
BTEL achieved operating income of about INR249 crore in FY20
(provisional) as against INR327 crore in FY19. Though the PBILDT
margin improved on account of higher margin contracts executed, the
PAT margin deteriorated due to the high finance cost.

* Working capital intensive nature of operation: The operations of
BTEL have high working capital intensity with funds blocked in
retention money leading to a low operating capital turnover ratio
of 1.85x in FY19. Average collection period (excluding retention)
remained high at 184 days in FY20 (185 days in FY19). However,
majority of BTEL's debtors pertain to established clients where the
credit risk remains low.

* Exposure to volatility in input prices and foreign exchange
fluctuation: Raw material & bought out items are the major cost for
BTEL (about 68% of cost of sales in FY19), the prices of which are
volatile. Though majority of the contracts have an escalation
clause, which partially protects BTEL from risk of price
volatility, some contracts are fixed price contracts (short term in
nature). Thus, BTEL is exposed to input price volatility. The
company sources about 25% of its material requirements through
imports. Since, BTEL operates in the domestic market only, it is
exposed to forex fluctuation risk. However, the company has a
hedging policy in place which mitigates the risk.

Key Rating Strengths

* Reputed and diversified clientele:  BTEL has a diversified client
base catering to various industries like steel, power, oil & gas,
defence equipment, marine, etc. The company is enlisted with the
Ministry of Defence, Govt. of India and Engineers India Limited for
supply of defence products and engineering components. Furthermore,
BTEL also deals with reputed clients in both public and private
sectors.

* Moderate order book position: The order book of the company stood
at INR1067.25 crore (being 4.28x of gross sales in FY20) as on June
30, 2020 indicating satisfactory revenue visibility in the medium
term.

Liquidity: Poor

The fund based limits remain almost fully utilised and non-fund
based limits utilisation is around 91% for six months ended June
2020. The company had low cash balance of around INR2.40 crore as
on June 30, 2020. The company has availed of moratorium from its
lenders under the Covid-19 Regulatory Package announced by the
Reserve Bank of India. It has also been sanctioned additional
limits of INR6.80 crore under the Covid Emergency Credit Line to
aid liquidity out of which a portion has been disbursed. It has
repayment of INR3.28 lakh per month on account of term loan.

BTEL, a part of Kolkata based Shrachi group, is currently engaged
in manufacturing of engineering items like industrial knives,
spares for thermal power plants, material handling system, heavy
fabrication of mild steel, stainless steel, aluminium and various
defense products. BTEL also executes turnkey contracts of material
handling plants, process plants and various equipment and
technological steel structures for infrastructure projects and
involved in assembling of power tillers (agricultural equipment)
and sells it in the open market. From FY16 onwards, the company has
also ventured in power transmission tower, water purification and
supply business.


BULANDSHAHR ROLLER: CARE Lowers Rating on INR8cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bulandshahr Roller Flour Mill Private Limited (BRFM), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Bank Facilities-     8.00      CARE B-; Stable; Issuer not
   Fund Based-LT-                 cooperating; Revised from
   Cash Credit                    CARE B; Stable; ISSUER NOT
                                  COOPERATING on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2019, reaffirmed
the rating(s) of BRFM under the 'issuer non-cooperating' category
as Bulandshahr Roller Flour Mill Private Limited had failed to
provide information for monitoring of the rating. Bulandshahr
Roller Flour Mill Private Limited continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and an email dated July 27, 2020, July 24,
2020, July 20, 2020, July 18, 2020, July 6, 2020, July 3, 2020,
June 29, 2020, June 19, 2020, and June 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. Further, banker could
not be contacted. The rating on the company's bank facilities will
now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING.

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

The ratings take into account non-availability of requisite
information and no due-diligence conducted due to non-cooperation
by the company with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk. The ratings of the
Bulandshahr Roller Flour Mill Private Limited continues to be
restricted by its small scale of operations with weak profitability
margins, vulnerability of profitability to fluctuations in raw
material prices, and highly fragmented nature of industry. The
ratings, however, draw comfort from experienced promoters and
comfortable capital structure with comfortable coverage
indicators.

Detailed description of the key rating drivers

At the time of last rating on July 11, 2019, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with weak profitability margins: During
FY19, the total operating income of the company declined to INR
10.11 cr against INR 18.22 crore in FY18. The PBILDT margin of the
company stood low at 2.21% in FY19 as against 2.39% in FY18. The
PAT margin of the company increased to 0.91% in FY19 as against
0.48% during FY18.

* Vulnerability of profitability to fluctuations in raw material
prices: The main raw material for production of wheat flour is
wheat. Prices of wheat are subject to government intervention since
it is an agricultural produce and staple food. Various restrictions
including minimum support price, control on exports, wheat
procurement policies for maintenance of buffer stocks, etc., are
imposed to regulate the price of wheat in the market. The
price of wheat is also influenced by the supply scenario which is
susceptible to the agro-climatic conditions. Thus, any volatility
in wheat prices can have direct impact on the profitability margins
of the company. The companies in such industries have to store raw
material during harvesting period for future consumption which
leads to high inventory holding period and results into high
holding cost.

* Highly fragmented nature of industry: The commodity nature of the
product makes the industry highly fragmented with more than
two-third of the total number of players being unorganized sector
with very less product differentiation. Due to the fragmented
nature and low entry barriers in the industry, the flour mill units
have limited flexibility over pricing of their products which also
results in low profit margins

Key Rating Strengths

* Experienced promoters:  Mr. Dinesh Goel and Mr. Mohit Goel have
experience of 45 years and 18 years respectively through their
association with group concern i.e. BRFM and Ram Ji Lal Ramesh
Chand (proprietorship) which is being operational from 1972. They
collectively look after the overall operations of the company.

* Comfortable capital structure with comfortable coverage
indicators: The capital structure stood moderate as overall gearing
stood at 0.30x in FY19 as against 0.49x as on March 31, 2018.
Coverage indicators as marked by total debt to GCA and interest
coverage stood comfortable owing to lower finance cost. Total debt
to GCA and interest coverage stood at 9.08x in FY19 (PY: 13.37x)
and 2.88x (PY: 1.54x) respectively for FY19.

Bulandshahr Roller Flour Mill Private Limited (BRFM) was
incorporated on June 23, 1997 by Mr. Dinesh Goel, Mr. Mohit Goel
and Ms Neha Goel. BRFM is engaged in processing and trading of
wheat, maida, suji, wheat flour and cattle feed. The company
commenced commercial operations in June 1999. BRFM has its
manufacturing facility located at Bulandshahr with an installed
capacity of 40,150 MTPA of wheat and 22,550 MTPA of cattle feed as
on March 31, 2016. The main raw material is wheat. BRFM procures
raw material from nearby grain markets, commission agents and also
directly from farmers.


DIGNITY BUILDCON: CARE Withdraws D Rating on Bank Facilities
------------------------------------------------------------
CARE has withdrawn the rating of 'CARE D; Issuer Not Cooperating'
assigned to the Bank facilities of Dignity Buildcon Private Limited
with immediate effect, as the company is undergoing Insolvency
Resolution Process under Hon'ble NCLT. Therefore, it may no longer
be useful or necessary for CARE to maintain a rating on the rated
entity's obligations.

Incorporated in March 2006, Dignity Buildcon Private Limited (DBPL)
is a part of GYS Group. DBPL is a wholly owned subsidiary of Prius
Real Estate Private Limited (PREPL) which is owned by GYS Group.
DBPL is currently developing a commercial project "Prius Vision" in
Sector-62, Gurgaon with total leasable area of 13.00 lakh square
feet (lsf). Mr. Yuvraj Narain Gorwaney and Ms. Shabnam Dhillon are
the promoters of the GYS group.


GENESIS RESORTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Genesis
Resorts Pvt. Ltd. (GRPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     118.91      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank     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 March 23, 2017, December 5,
2017, and May 20, 2019, placed the rating(s) of GRPL under the
'issuer non-cooperating' category as GRPL had failed to provide
information for monitoring of the rating. GRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 9, 2020 and August 5, 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 of Genesis Resorts Pvt Ltd. factors in delay in
servicing of bank loans by the company. On an application filed by
Bank of Baroda (a Financial Creditor to GRPL) under section 7 of
Insolvency & Bankruptcy Code, 2016, against the company, an order
for initiating Corporate Insolvency Resolution Process (CIRP) was
passed by the Mumbai Bench of NCLT on December 11, 2019.

Detailed description of the key rating drivers

At the time of last rating based on complete required information
on April 20, 2016 the following were the rating strengths and
weaknesses:

Key Rating Weaknesses

* Ongoing delay in debt servicing: The company continues to have
ongoing delays in servicing of its term loan facilities. The hotel
is yet to commence operations and with insufficient liquidity, the
company has not been able to service its debt repayment which has
commenced from April 30, 2014.

M/s Genesis Resorts Pvt. Ltd. (GRPL) is a private limited company
founded by the promoters of Gajalee Group, a well known
restaurateur group. GRPL was incorporated on September 10, 2012 to
construct a four star hotel in Vile Parle, Mumbai. The proposed
four-star hotel is in the vicinity of domestic and international
airports, and would comprise of 102 rooms, two specialty
restaurants, one 24 hour coffee shop, and one banquet hall, among
other facilities. The project was initially expected to commence
operation from April 2014 at an estimated cost of INR183.81 crore.
However, there has been a delay in the project completion with the
total cost of the project being revised to INR220.33 funded with a
D:E of 1.59x.


GMR WARORA: CARE Raises Rating on INR2,785cr Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GMR
Warora Energy Limited (GWEL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank    2,785.00     CARE C Revised from CARE D
   Facilities
   (Term Loan)       

   Short term Bank     215.00     CARE A4 Revised from CARE D
   Facilities (BG)     

   Long term/Short     405.00     CARE C/CARE A4 Revised from
   term Bank                      CARE D/CARE D
   Facilities
   (CC/LC)             

   Non-Convertible      75.00     CARE C Revised from CARE D
   Debentures (NCD)     

Detailed Rationale & Key Rating Drivers

The revision in the ratings of GWEL takes into account delay free
track record of more than 3 months in servicing the debt
obligations. CARE takes note of GWEL's payment of interest
obligations with respect into NCDs on March 30, 2020 which was due
on March 25, 2020. As informed by the company and the investor, the
delay was largely on account of difficulties arising in COVID-19
pandemic situation and restricted bank operations. The ratings
continues to be constrained by GWEL's weak financial risk profile
characterized by high overall gearing, increased power off-take
risks for the untied capacity after expiration of power purchase
agreement (PPA) with Dadar and Nagar Haveli (DNH) and relatively
weak credit risk profile of its off-takers.

The ratings continue to derive strength from the experience of its
promoters in operating power projects and Fuel Supply Agreement
(FSA) for coal supply with South Eastern Coalfields Ltd (SECL).

Rating Sensitivities

Positive Factors

* Timely realization of receivables from beneficiaries resulting in
collections period below 60 days on a sustained basis

* Signing of long term PPA agreements for untied capacity at
favorable rates.

Negative Factors

* Further delay in realization of receivables, including envisaged
inflow of funds as per relief package for DISCOMs, resulting in a
stretched liquidity position for the company.

* Inability of the company to enter into long term PPA for the
un-tied capacity.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Increased off-take risk with expiration of PPA with DNH:
Currently, GWEL has long term PPA for only 63% of the total
capacity as the PPA with DNH has expired in June 2020, which
exposes the company to increased power off-take risks. Earlier,
GWEL had long term PPA for the entire capacities with Tamil Nadu
Generation and Distribution Limited (TANGEDCO) for 150 MW,
Maharashtra State Electricity Distribution Company Limited (MSEDCL)
for 200 MW and DNH for 200 MW, while the balance power was for
auxiliary consumption. Nevertheless, all the remaining PPAs
continue to provide tariff recoverable in the form of capacity
charge & energy charges. The un-tied capacity exposes the company
to risk related to merchant sales. Tie up of long term PPA for the
un-tied capacity shall remain monitorable going forward.

* Weak Financial risk profile marked by leveraged capital
structure: GWEL has weak financial risk profile characterized by
high overall gearing and moderate debt coverage indicators. The
overall gearing of the company deteriorated from 5.22x in FY19 to
7.17x in FY20, largely on account of decreased net worth due to net
losses in FY20. The erosion of net worth was on account of loss
reported at the net level of INR 213.82 crore as on March 31, 2020
due to change in taxation policy opted by the company. The interest
coverage ratio slightly moderated from 1.22x
as on March 31, 2019 to 1.17x as on March 31, 2020. The debt levels
remained consistently high at INR 3,155 crore as on March 31,
2020.

* Counterparty credit risks leading to delay in receivables:
GWEL is supplying power to MSEDCL and TANGEDCO. Among the two
utilities, TANGEDCO is having a relatively weak financial profile
as reflected by high AT&C losses, significant subsidy support from
the government, and relatively long payable cycle. The payments
from counterparties had been regular in FY20 from August 2019 after
the implementation of LC guidelines by Ministry of Power. However,
the receivables have again started piling up due to current
situation of COVID-19. The debtors have increased from ~INR636
crore as on March 31, 2020 to ~INR856 crore as on June 30, 2020.
Going forward, GWEL's ability to realize the dues from discoms in a
timely manner would remain important for its liquidity profile.

Key Rating Strengths

* Delay free track record: The ratings of bank facilities of GWEL
have been revised on account of delay free track record of more
than 3 months (December 2019-February 2020) in servicing the debt
obligations with respect to bank facilities of the company.
Further, CARE has revised the ratings for NCDs on account of delay
free track record of more than 3 months (April 2020 – Till
date).

* Experienced promoter group with experience in developing power
projects: GWEL is a part of GMR group which is a major player in
the infrastructure sector through its flagship company GMR
Infrastructure Limited (GIL) and has been developing projects in
India and abroad in areas such as airports, energy, transportation,
etc. Over the years GMR group has successfully implemented various
power projects and has substantial experience in developing and
operating diversified fuel based power projects.

* Fuel Supply Agreement (FSA) in place with SECL: GWEL has FSA with
SECL for feeding both the units of 300 MW each available only for
long term PPAs. Presence of FSA with SECL safeguards GWEL against
any fuel supply risks. In case of any short supply from SECL, GWEL
meets the same through e-auction and imported coal.

Liquidity- Stretched

Liquidity profile of the GWEL remains stretched as characterized by
delay in receipt of receivables (both change in law as well as
normal) and high working capital utilization. GWEL's utilization of
fund based working capital limit is on the high with average
utilization during the last 12 months of ~97% ending April 2020.
The cash balance in TRA account on June 30, 2020 stood at ~INR52
crore. The company has availed the moratorium on their payment
obligations as per RBI package with respect to bank facilities due
in the period March 2020 to August 2020, and the same has been
approved by the lenders.   

GWEL was previously known as EMCO Energy Limited (EEL) - a Special
Purpose Vehicle (SPV) promoted by the EMCO group on August 04, 2005
to set up a 2x135 MW coal based power plant at Maharashtra
Industrial Development Corporation (MIDC), Warora, Maharashtra. The
promoters of EEL sold the entire stake to GMR Energy Limited in
July 2009 making it a 100% subsidiary of GEL. After the
acquisition, scope of the project was enhanced from 2x135 MW to
2x300 MW in view of the demand for power in western India. The Unit
1 and Unit 2 (each having capacity of 300 MW) achieved COD on March
19, 2013 and September 01, 2013 respectively.


INDIA: Loan Restructuring Plan Will Help Revive Economy
-------------------------------------------------------
Bloomberg News reports that new measures to allow Indian lenders to
restructure loans will provide a "durable" resolution for
cash-strapped businesses and help revive the economy, according to
the central bank's chief.

"On one hand health of banks is very important and on the other
hand businesses are under a lot of stress due to covid," Reserve
Bank of India Governor Shaktikanta Das Das said in an interview
with CNBC-Awaaz on Aug. 21, Bloomberg relays.

The plan has replaced a blanket loan moratorium that's due to
expire later this month, he said. Speaking in Hindi, Das said the
moratorium was a "temporary solution" for lockdown and not a
permanent fix, according to Bloomberg.

Indian authorities are looking to support an economy that's been
hit hard by the coronavirus, while ensuring the stability of a
financial sector where bad-debt is set to swell to a two-decade
high, Bloomberg says.  Banks are struggling to accelerate credit
growth to revive the economy, which is set for its first annual
contraction in more than four decades. Lenders are also dealing
with a pile of bad debt that was high even before the pandemic.

"We are trying to ensure that such businesses can get some
regulatory help via banks on the loans that they have taken,"
Bloomberg quotes Das as saying. "That will help the businesses to
revive, jobs will be saved and in turn will help in economic
revival."

Addressing concerns that there could be a spike in bad loans once
the six-month loan repayment freeze ends on Aug. 31, Das said banks
will be able to extend or provide a new moratorium to borrowers
under the new plan, Bloomberg relays.

Details on the eligibility criteria for companies will be announced
by Sept. 6 after an expert panel considers the financial parameters
and banks will be able to internally identify the accounts they
would like to restructure, Das said.

"We will win this war against pandemic," he said. "I don't know how
much time it will take but we will definitely win this war against
Covid," Bloomberg relays.


K K POLYCOLOR: CARE Cuts Rating on INR10.04cr Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K K
Polycolor Asia Limited (KKPA), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.04      CARE D Removed from Issuer Not
   Facilities                     Cooperating and Revised from
                                  CARE B-; Stable

   Short-term Bank      8.00      CARE D Removed from Issuer Not
   Facilities                     Cooperating and Revised from
                                  CARE A4

Detailed Rationale & Key Rating Drivers

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of KKPA
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE B-; Stable/A4;
ISSUER NOT COOPERATING'. However, the entity has now submitted the
requisite information to CARE. CARE has carried out a full review
of the rating and the rating is revised to 'CARE D'. The rating
assigned to the bank facilities of K K Polycolor Asia Ltd. (KKPAL)
is constrained by ongoing delays in debt servicing due to stressed
liquidity position of the entity.

Key Rating Sensitivities

Positive factors

* Default free track record of debt servicing for more than 90
days.

* Sustained improvement in financial risk profile, especially
liquidity.

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
account as observed through various instances of delays in debt
servicing of the company. There is continuous overdrawal for more
than 30 days observed in the cash credit account. This apart, there
are ongoing delays in repayment of term loan.

* Impact on Novel COVID-19: The government of India has allowed the
entities engaged manufacturing commence operations from May 15,
2020 after the lockdown imposed on March 24, 2020 onwards. Hence,
the company started operation gradually from May 15, 2020 onwards.
The entity maintaining proper safety arrangements in its business
premises adhering to government guidelines. Furthermore, the
company also gets advantage of having local labours.

Liquidity analysis: Poor

Poor liquidity marked by lower accruals as compared to repayment
obligations, fully utilized bank limits and modest cash balance.
This could constrain the ability of the company to repay its debt
obligations on a timely basis. Moreover, the entity has requested
the bank for COVID-19 loan under the scheme of Guaranteed Emergency
Credit Line launched by Government of India. The entity has also
applied for moratorium of interest payment on working capital
facilities for the month of March to August which could be availed
under the terms of recent RBI circular. The same has been
sanctioned by the banker.
  
K K Polycolor Asia Limited (KKPA) was incorporated during May 2009
to be engaged in manufacturing of plastic based products like
calcium compounds and color masterbatch. The company set up its
manufacturing unit at Alampur in Howrah district of West Bengal
with an installed capacity of 10,000 Metric Tonnes Per Annum
(MTPA). The manufactured products are used as major raw materials
in plastic products manufacturing units for coloring and
flexibility. The day-to-day affairs of the company are looked after
by Mr. Kishore Kumar Ladha, Managing Director, with adequate
support from the other two directors and a team of experienced
personnel.


LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Enterprises continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     9.14        CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank    5.00        CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information        

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 24, 2019, placed the
rating(s) of Sri Laxmi Enterprises under the 'issuer
non-cooperating' category as Sri Laxmi Enterprises had failed to
provide information for monitoring of the rating as agreed to in
its Rating Agreement. Sri Laxmi Enterprises continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2020 & 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 ratings.

The revision in the ratings assigned to the bank facilities of Sri
Laxmi Enterprises factor in delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating in last Press Release dated June 24,
2019, the following were the rating strengths and weakness (updated
for the information available from Registrar of Companies)

Key Rating Weakness:

* Delays in debt servicing: There are delays in servicing of debt
obligations by Sri Laxmi Enterprises on account of stretched
liquidity position of the firm.

Key Rating Strength:

* Experienced promotoers with long track record: Sri Laxmi
Enterprises (SLE) has been incorporated by Mr. Om Prakash Agarwal
and his family members in the year 2003. The firm is engaged in
cotton ginning and pressing with installed capacity of 750 MT per
annum. The firm primarily sources its raw material, Kapas, from
local farmers in Telangana and sells its finished product in the
states of Telangana, Maharashtra, Madhya Pradesh and Tamil Nadu.

Sri Laxmi Enterprises (SLE) has been incorporated by Mr. Om Prakash
Agarwal and his family members in the year 2003. The firm is
engaged in cotton ginning and pressing with installed capacity of
750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh and
Tamil Nadu.


MEP INFRASTRUCTURE: CARE Lowers Rating on INR19.24cr LT Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MEP
Infrastructure Developers Limited (MEPIDL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     19.24       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB+; Negative
                                  on basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated November 26, 2019 placed the
rating of MEPIDL under the 'Issuer Non-cooperating' category as the
company has failed to provide No Default Statement (NDS) since the
month of August 2019 despite repeated requests and telephonic
conversations. As per the information available in public domain
regarding annual financial results and lenders interaction with
CARE regarding delays in debt servicing, the rating on MEP
Infrastructure Developers Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING. In line with the extant
SEBI guidelines. CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the lenders
interaction with CARE, there are ongoing delays in the debt
servicing.  The company has availed moratorium in both the terms
during Covid-19 period. Further, CARE has not received NDS since
the month of August, 2019.

* Decline in revenues as well as profitability: As per information
available in public domain, the company has reported a decline in
revenue in both the toll collection as well as construction
segments due to which total operating income has declined by more
than 20% from FY19 to FY20 in the consolidated financials. The drop
in revenues has resulted in losses of INR 86 crore for FY20 as
against Profit after Tax of INR 56 crore reported in FY19. CARE
believes the performance under both the segments- toll as well as
construction will continue to remain subdued in FY21 following the
outbreak of Covid-19 pandemic.

Liquidity: Stretched

The company has reported losses at PAT level as compared to
previous year. There has been a substantial decline in both the
toll collection and construction segments. There have been delays
in making debt repayments as per lender interaction. As per the
lender interaction, the company has availed moratorium in both the
terms during Covid-19 period. The current ratio of MEPIDL at
consolidated level is below unity. The Gross Cash Accruals(GCA)
stood lower at INR 351.33 crore for FY2020 as compared to INR570
crore for FY2019 (decline of 38% Y-0-Y).

Analytical approach: Consolidated MEPIDL has given unconditional &
irrevocable corporate guarantee to lenders of SPVs towards timely
debt servicing. The operations of MEPIDL and its subsidiaries are
closely linked and same is underpinned by the centralized
management and common treasury functions among various entities
through which it operates in toll collection business.

MEP Infrastructure Developers Limited (MEPIDL) Incorporated in
2002, MEP Infrastructure Developers Limited (MEPIDL) started out
with road project contracts for toll collection and OMT (Operate,
Maintain & Transfer). However, it has now evolved into an
integrated road infrastructure developer with 17 current ongoing
projects: 3 long term tolling projects, 10 HAM (Hybrid annuity
model) projects, 3 OMT projects and 1 BOT project as on 31st March
2019. The toll collection and OMT projects are for a period of one
year to sixteen years. The company at standalone level executes
toll collection projects with tenure of upto one to three years. In
case of projects beyond one to three years are executed through
Special Purpose Vehicles (SPVs). The financing of these SPVs is
actively managed by MEPIDL, which has substantial exposure in the
form of investments as well as advances. Additionally, the company
is undertaking road BOT project through its subsidiary (Baramati
Tollway Private Limited) in Maharashtra. Also, the group through
its subsidiary MEP Highway Solutions Private Limited does in-house
Engineering Procurement Construction (EPC) towards repair and
maintenance work of roads as a part of some of the contracts
awarded to few SPVs.

* MEPIDL in JV (74: 26 & 60:40) with Sanjose India Infrastructure &
Construction Private Limited (SIIL), Indian subsidiary of Group San
Jose, Spain; won 6 HAM projects in March 2016.

* In March 2018, MEPIDL in JV with (51:49) Long Jian (a Chinese
road infrastructure Company); won 4 HAM projects in Maharashtra
worth INR 4100 crores covering 1084 lane kms.


NEWTECH SHELTERS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Newtech
Shelters Private Limited (NSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-LT–      12.69      CARE D; Issuer not
cooperating;
   Term Loan                      Based on best available
                                  information

   Fund-based-LT–       0.75      CARE D; Issuer not
cooperating;
   Proposed fund                  Based on best available
   Based limits                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 19, 2019, reaffirmed
the rating(s) of NSPL under the 'issuer non-cooperating' category
as Newtech Shelters Private Limited (NSPL) had failed to provide
information for monitoring of the rating. Newtech Shelters Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and an
email dated July 27, 2020, July 24, 2020, July 20, 2020, July 18,
2020, July 06, 2020, July 03, 2020, June 29, 2020, June 19, 2020,
and June 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. Further, banker could not be contacted.

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 reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Newtech Shelters Pvt Ltd with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker feedback is also not available. The
rating on the company's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

Noida-based (Uttar Pradesh) NSPL was incorporated in July, 2010 and
currently being managed by Mr. Mukesh Kumar Roy and Mr. Sanjeev
Kumar Roy. NSPL is engaged in the development of real estate
projects (commercial) mainly in Ghaziabad, Uttar Pradesh. NSPL is
currently executing one project "La- Gracia" a commercial complex
(shopping mall) in Ghaziabad, Uttar Pradesh. The "La-Gracia"
consists of 288 shops/commercial complexes. NSPL is a part of the
Newtech group and has group associates, namely, Ashiyana Promoters
& Developers Private Limited, Newtech La' Palacia Private Limited,
La Residentia Developers Private Limited, Newtech Residentia
Private Limited, HRC Global Limited and Gardiania Newtech
Developers LLP engaged in the real estate business.


NIK-SAN ENGINEERING: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nik-San
Engineering Company Limited's (NSECL) Long-Term Issuer Rating of
'IND BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR82 mil. Fund-based limits# maintained in non-cooperating
     category and withdrawn; and

-- INR280 mil. Non-fund-based limits* maintained in non-
     cooperating category and withdrawn.

#Maintained in 'IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

*Maintained in 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.  

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

COMPANY PROFILE

Incorporated in 2009, NSCEL is engaged in the assembling and
manufacturing of distribution transformers at its manufacturing
unit in Baroda (Gujarat) which has a total manufacturing capacity
of 30,000 units per annum.


NSL COTTON: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of NSL Cotton
Corporation Private Limited (NCCL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      25.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank      0.16      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information        

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 21, 2019, placed the
rating(s) of NCCL under the 'issuer non-cooperating' category as
NCCL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. NCCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2020 & July 30, 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 last Press Release dated June 12,
2019, the following were the rating strengths and weakness (updated
for the information available from Registrar of Companies)

Key Rating weakness

* Closure of operations: As per the latest available information,
the company has not had any operations in FY19.

* Default in debt servicing: The company has defaulted on its debt
obligations and has entered into an OTS agreement with its bankers
and as per latest information available, the company has met its
debt obligations in FY19.

* Leveraged capital structure: Capital structure of the company
further deteriorated and continued to remain highly leveraged with
overall gearing of 11.01x as on March 31, 2019 and 13.03x as on
March 31, 2018 vis-à-vis 6.65x as on March 31, 2017.

Incorporated in 2007, NSL Cotton Corporation Pvt Ltd (NCCL) is in
the trading of cotton bales, business of cotton ginning and
pressing, and trading of cotton seeds & cotton bales. Earlier, NCCL
was a wholly owned subsidiary of Nuziveedu Seeds Ltd (NSL-rated
CARE A+; Stable), the flagship company of NSL Group. Post demerger
of the NSL Group (from April 1, 2010), the shares of NCCL has been
transferred to Mandava Holding Private Ltd., which is the
holding company of NSL Group.

The NSL Group is diversified with business interests in Hybrid
Seeds, Power, IT Parks, Cotton Spinning, Sugar, Ethanol, etc. NCCL
has 11 subsidiary units with an aggregate capacity of 370 gins. Of
the 11 subsidiary companies, nine are 100% subsidiary of NCCL and
remaining two have 60% equity contribution from NCCL and the
balance 40% is contributed by the local promoters. NCCL is
primarily into trading of cotton bales.


OM YARN: CARE Lowers Rating on INR15.01cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Om
Yarn Plus Private Limited (OYP), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      15.01      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer
                                  Not Cooperating on the basis of
                                  best available information

   Short term Bank      1.25      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4; Issuer
                                  not Cooperating; Based on
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 13, 2019, placed the
rating of OYP under the 'issuer non-cooperating' category as Om
Yarn Plus Private Limited had failed to provide information for
monitoring of the rating. OYPPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 13, 2020,
August 10, 2020, August 7, 2020 and August 5, 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 Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of Om
Yarn Plus Private Limited takes into account ongoing delays in the
servicing of debt obligation.

Detailed description of the key rating drivers

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.
Furthermore, the account has been classified as NPA.

OYP was incorporated in the year 2002, by Mr. Sanjiv Garg and Mr.
Sanjay Talwar. The company is engaged in the manufacturing of
fabric for suiting, shirting and readymade garments for kids &
gents at its manufacturing facility located at Ludhiana, Punjab.
The company has an installed capacity of 3.5 million meter of
fabric per annum and 3 lacs pieces of readymade garments per annum.
The company supplies its products (fabrics as well as readymade
garments) mainly to reputed customers such as Westside, Sportking,
Blackberry, Monte Carlo, etc. Besides OYP, the group consists of
Hari Om Yarns Private Limited which is engaged in trading of cotton
yarn.


PNL CONSTRUCTIONS: CARE Lowers Rating on INR12cr Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of PNL
Constructions Private Limited (PCPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      12.00      CARE C; Stable; Revised from
                                  CARE BB-; Stable on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2019, placed the
rating of PCPL under the 'Issuer Non-Cooperating' category as PCPL
had failed to provide information for monitoring of the rating.
PCPL 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).

The ratings have been revised on account of subdued financial
performance during FY19 (FY refers to period April 1 to March 31)
with minimal revenue reported resulting in net loss and cash loss
during the year along with high debt level as on March 31, 2019.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Subdued financial performance during FY19: The company reported a
weak financial performance during FY19 with minimal revenue
reported for the year (as against revenue of INR36.49 crore during
FY18). Given the absence of income, fixed costs and high interest
cost, the company reported net loss and cash loss for FY19.

* Limited track record of operation with moderate order book and
client cum geographical concentration risk: PCPL was incorporated
in 2010 and commenced operations from December 2011. In view of
limited track record, the company has moderate order book position
of INR106.76 crore as on February 28, 2017 pertaining to the
irrigation sector in Madhya Pradesh. Furthermore, as the company
has a single order in hand, it is exposed to geographical
concentration as well as client concentration risk.

* Working capital intensive nature of operations: The company
operates in construction industry which is working capital
intensive in nature. Despite minimal business operation, the
working capital utilization remained almost full as on March 31,
2019.

* Intense competition in civil construction sector: There are
numerous fragmented & unorganized players operating in the segment
which makes the civil construction space highly competitive.
However, the promoters' long industry experience of more than two
decades mitigates this risk to some extent.

Key Rating Strengths

* Experience of promoters and long track record: PNL Constructions
Private Limited (PCPL; erstwhile Mantena Infratech Private Limited)
was promoted by Mr. Mantena Srinivas Raju and his wife Mrs. Mantena
Srujana. Later, in FY12 the company was taken over by Mr. PBSVS
Raju (Chairman & Managing Director). Mr. Raju has been present in
the construction industry for about more than three decades and has
significant experience in working for various infrastructure
projects.

Liquidity Analysis: The Company has been experiencing tight
liquidity with minimal cash balance of INR12.08 lakhs ending March
31, 2019 and weak overall gearing of 1.53x as on same date.

PNL Constructions Private Limited (PCPL; erstwhile Mantena
Infratech Private Limited), incorporated in 2010, was promoted by
Mr. Mantena Srinivas Raju and his wife Mrs. Mantena Srujana. Later
during FY12, management of the company was taken over by Mr. PBSVS
Raju (Managing Director), a family member. PCPL is into business of
civil construction and commenced operation from December 2011. The
company also executes irrigation projects on sub contract basis.


PRASAD EDUCATION: CARE Keeps D on INR43cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad
Education Trust Limited (PET) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      43.82      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 17, 2019 placed the
ratings of PET under the 'issuer non-cooperating' category as
Prasad Education Trust had failed to provide information for
monitoring of the rating. Prasad Education Trust continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 8, 2020, 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. Further banker could not be
contacted.

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

Detailed description of the key rating drivers

At the time of last rating on June 17, 2019 the following were the
rating weakness:

The ratings take into account the on-going delays in the servicing
of interest and principal repayment obligations due to stressed
liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delay in debt servicing: There have been delays in debt
servicing on account of liquidity stress due to cash flow miss
match arising out of nonreceipt of fee from students owing to delay
in permission from Medical Council of India for admissions in its
MBBS course.

Uttar Pradesh based PET was established in 1997 with an objective
to provide education services. The society is managed by Mr. B. P.
Singh (Chairman), Mrs. Anita Yadav (Trustee) and Mr. Palash P Yadav
(Vice Chairman). PET provides undergraduate and post-graduate
courses in various fields of Engineering, Computers Science,
Management and Pharma. The college is affiliated to Uttar Pradesh
Technical University, Dr. Ram Manohar Lohia Avadh University and is
approved by the All India Council for Technical Education (AICTE).
The society also operates a CBSE school in the name of Prasad
International School providing primary and secondary education from
Nursery to class XIIth. The school is affiliated to Central Board
of Secondary Education (CBSE). PET has a total strength of 3720
students in college in the academic session (AS) 2016-17 and Prasad
International School has a total strength of 1179 students for the
academic session 2016-17.


PRIYA AGRO: CARE Lowers Rating on INR5cr LT Loan to C
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Priya Agro Farms (SPAF), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 20, 2019, placed the
rating(s) of SPAF under the 'issuer noncooperating' category as
SPAF had failed to provide information for monitoring of the
rating. SPAF continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated July 17, 2020 to August 04, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
financial statements from last two years

Detailed description of the key rating drivers

At the time of last rating on June 20, 2019, the following were the
rating strengths and weaknesses

Key Rating Weakness

* Small Scale of operations with decreasing PBILDT margin: SPAF was
established in the year 2006. Further, the scale of operations of
the entity remained small marked by Total operating income (TOI)
remained small at INR14.92 crore in FY17. The PBILDT margin of the
firm has been decreasing during the review period from 7.96% in
FY15 to 6.93% in FY17 at the back of fluctuation in scale of
operations and due to increase in employee cost and overheads.

* Fluctuating in total operating income during review period: The
total operating income of the firm has been fluctuating during the
review period due to fluctuations in Egg prices and long gestation
period from the time he starts laying eggs to the period when
chicken becomes cull bird and sold in the market for meat. It takes
two months for the firm to get the birds ready for laying eggs due
to which the revenue would be fluctuating in consecutive years. The
TOI decreased from 15.21 crore in FY15 to 14.03 crore in FY16 and
then increased to INR 14.92 crore in FY17 due to reason mentioned
above. Further, during April-June 18, the firm has achieved total
sales of INR 3.20 Crore.

* Highly fragmented industry with intense competition from large
number of players: SPAF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the company.

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

Key Rating Strengths

* Experience of the partner for more than one decade in Poultry
business: SPAF was established in the year 2006 and promoted by Mr.
Bommareddy Gokulkumar Reddy and along with his spouse, who
has more than two decade of experience in the poultry business. Due
to long term presence in the market, the partners have good
relations with suppliers and customers.

* Increase in PAT margin albeit Decrease in PBILDT margin: The PAT
margin of the firm improved from 0.57% in FY15 to 0.81% in FY17 due
to decrease in Interest cost and depreciation provisions. The
PBILDT margin of the firm has been decreasing during the review
period from 7.96% in FY15 to 6.93% in FY17 at the back of
fluctuation in scale of operations.

* Comfortable capital structure and satisfactory debt coverage
indicators: The firm has comfortable capital structure during
review period. The debt equity ratio of the firm has been improving
yearon-year and remained below unity for the last three balance
sheet date ended March 31, 2017, due to increase in tangible net
worth. Furthermore, the overall gearing ratio also improved from
57.92x in FY15 to 3.35x in FY17 due to aforementioned reasons. The
debt coverage indicators of the firm remained satisfactory marked
by total debt/GCA which improved from 17.87x in FY15 to 13.38x in
FY17 due to decrease in total debt level.

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

Sri Priya Agro Farms (SPAF) was established in the year 2006 and
promoted by Mr.Bommareddy Gokul Kumar Reddy (Managing Partner) and
Mrs.Bommareddy Aruna Kumari (Partner). The firm is engaged in
farming of egg, laying poultry birds (chickens) and trading of
eggs, cull birds and their Manure. The firm sells its products like
eggs and cull birds in West Bengal, Bhopal, Assam, Orissa to
retailers through own sales personnel and through some dealers. The
firm mainly buys chicks (small chickens) and raw materials for
feeding of birds like rice broken, maize, sun flower oilcake, shell
grit, minerals and soya from local traders.


PROVOGUE INDIA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Provogue
India Limited (PIL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     218.68      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank    30.47       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information        

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 27, 2017, December 5,
2017, and May 20, 2019, placed the ratings of PIL under the 'issuer
non-cooperating' category as PIL had failed to provide information
for monitoring of the rating. PIL continues to be non-cooperative
despite requests for submission of information through e-mail dated
August 05, 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 delay in servicing of bank loans by
the company. The company has been admitted under the Corporate
Insolvency Resolution Process as per the Insolvency and Bankruptcy
Code, 2016. On October 14, 2019, the Mumbai bench of NCLT passed
Liquidation Order against the company under section 33 of IBC,
2016.

Detailed description of the key rating drivers

At the time of last rating based on complete required information
on October 30, 2015, the following were the rating strengths and
weaknesses (updated for the information available on stock exchange
and company website):

Key Rating Weaknesses

* Ongoing liquidity stress: There are ongoing delays in servicing
of debt obligations by the company on the back of substantial
deterioration in operational and financial performance of the
company which has impacted the liquidity position of the company.

* Deterioration in revenues albeit with lower losses: The company
continued to report net losses in FY19 at INR63.14 crore
(vis-à-vis loss of INR 155.48 crore in FY18). Further, the total
operating income declined to INR72.82 crore in FY19 against
INR97.59 crore in FY18.

Provogue (India) Limited (PIL), founded in 1997, is engaged in the
manufacture, sale and retail of the fashion apparel products and
accessories for men and women under its well-known brand
'Provogue'. PIL operates in the lifestyle retail segment through
more than 150 stores spread across 80 locations across India.
Furthermore, the company has garment manufacturing plants at two
locations, namely, Daman (Gujarat) and Baddi (Himachal Pradesh).
Also, the company is engaged in the export of fabrics and garments
to African countries.


PURNA PHARMACEUTICALS: CARE Lowers Rating on INR15cr LT Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Purna Pharmaceuticals Private Limited (PPPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      15.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Issuer
                                  Not Cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 15, 2018, placed the
rating(s) of PPPL under the 'issuer non-cooperating' category as
PPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PPPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and email dated August 4, 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 as the company is under liquidation.
(Source: Ministry of Corporate Affairs)

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

* Small size of the company: PPPL is a small player in the
pharmaceuticals industry with net sales of INR77.38 crore in FY16
(refers to the period April 1 to March 31).

* Working capital intensive nature of operations: The operations of
PPPL are working capital intensive in nature as the company allows
50-60 days of credit to its customers. However, the company gets
low credit from its suppliers primarily comprising reputed
pharmaceutical companies. Due to the trading nature of business,
the company is also required to maintain inventory of variety of
products from different pharmaceutical companies which results in
higher inventory period. The average operating cycle of the company
during the period FY14-FY16 remained in the range of 77-87 days.

* Geographical concentration: The company has operations only in
the state of West Bengal.

* Low operating margin due to intense competition: The company
operates in a very competitive environment and the industry is
highly fragmented with a large number of small and medium sized
players. Intense competition coupled with trading nature of
business results in lower operating margins for the company. The
company reported operating margin of about 3% in FY16.

Key Rating Strengths

* Experienced promoters with satisfactory track record of
operations: Mr. Aditya Balasaria, the promoter of PPPL has more
than 20 years of experience in trading of pharmaceuticals.

* Long established relationship with reputed suppliers: The group
has established presence in the pharmaceutical industry. PPPL
supplies generic pharmaceuticals products of reputed pharmaceutical
companies in India. The company has long term contracts with these
companies and it acts as a super stockist for these companies in
West Bengal.

* Growing scale of operations: The company has grown at a brisk
pace with net sales growing at a CAGR of 26.18% during the period
FY14-FY16.

* Moderate financial risk profile: The capital structure of PPPL
mainly comprises working capital borrowings in the form of cash
credit. The company reported overall gearing of 2.08x as on March
31, 2016. Total debt/GCA remained on the higher side due to low
level of cash accruals earned. The interest coverage ratio has also
remained moderate in the last three years ended March
2016.

PPPL was promoted in September 2008 by Mr. Aditya Balasaria. The
company is engaged in trading of pharmaceuticals with major
presence in West Bengal. The company belongs to the Balasaria Group
of Kolkata which has significant experience in the manufacturing
and trading of pharmaceuticals through various companies. On total
operating income of INR77.38 crore, PPPL achieved PAT of INR0.74
crore in FY16.


RAJAMAHENDRI HEALTHCARE: CARE Assigns B+ Rating to INR29.97cr Loan
------------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Rajamahendri Healthcare Private Limited (RHPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          29.97      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RHPL tempered by
short track record and small scale of operations of the company,
operating and net losses incurred with low occupancy levels
incurred in six months of operations, financial risk marked by
leveraged capital structure and weak debt coverage indicators,
highly vulnerability to treatment related risks, retention of
doctors to remain challenge, high geographical concentration risk.
The ratings are however underpinned by experienced and resourceful
promoters with more than two decades in the medical professional
services, diversification across various specialties with modern
infrastructure, major multispecialty hospital in the costal Andhra
with insurance and corporate tie-ups, positive outlook and high
growth potential for the health care sector.

Rating Sensitivities

Positive Rating Factors

  * Increase in occupancy ratio to above 50%.

  * Increase in total operating income by 30% Y-o-Y basis.

  * Turnaround of net losses to profits.

Negative Rating Factors

  * Elongation of debtors by more than 30 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record and small scale operations of the company:
RHPL has short track record of six months. The scale of operations
of the company stood small at INR2.72 crore in FY20 (Prov) with
negative net worth as on 31st March 2020(Prov). Operating losses
incurred with low occupancy levels incurred in six months of
operations. The company has incurred an operating loss and net loss
of INR1.91 crore and INR12.38 crore respectively during FY20
(Prov.)The occupancy ratio of the RHPL stood small at 5% to 15%
based on type of room coupled with under absorption of overheads
and interest cost.

* Financial risk marked by leveraged capital structure and weak
debt coverage indicators: The capital structure of the company
marked by debt equity and overall gearing ratio stood negative as
on 31st March 2020 (Prov.) due to negative net worth as on balance
sheet closing date. The debt profile of the company consists of
term loan (47.04%), unsecured loans (50.28%), and working capital
borrowings (2.67%). The debt coverage indicators marked by Total
debt/GCA and interest coverage ratio stood negative due to
operational and cash losses incurred during FY20 (Provisional).

* Highly vulnerability to treatment related risk: Healthcare is a
highly sensitive sector where any mishandling of a case or
negligence on the part of any doctor and/or staff of the unit can
lead to distrust among the masses. Thus, all the healthcare
providers need to monitor each case diligently and maintain high
operating standard to avoid the occurrence of any unforeseen
incident which can damage the reputation of the hospital to a large
extent.

* Retention of doctors to remain challenge: Retaining the doctors
is likely to remain a challenge for the company, given intense
competition in the healthcare industry.

* High geographical concentration risk: The company is exposed to
high geographical concentration risk by virtue of being a single
location based facilities.

Key Rating Strengths

* Experienced and resourceful promoters with more than two decades
in the medical professional services: RHPL was promoted by Dr .B.
Sreedhar, Dr. R.B.P Chowdary, Dr.B. Srinivas, Dr.B. Sudharani and
among others. Most of the promoters have more than two decades of
experience in health care services. All the promoters are well
qualified doctors with established name in their respective fields.


* Diversification across various specialties with modern
infrastructure:  RHPL provide services across cardiology,
Neurology, Joint replacement, Nephrology, Pulmonology, Oncology,
Laparoscopic, general and spine surgery. The hospital is well
equipped with modern infrastructure and provide diagnostic services
like MRI, CT scan, Ultra sound, Digital X-ray, Neuro and Pulmo
diagnostics.

* Major multispecialty hospital in the costal Andhra with insurance
and corporate tie-ups: RHPL is 220 bedded multispecialty hospital
and providing healthcare services in all major clinical departments
in the region of Costal Andhra with international standards.
Currently, the hospital has insurance tie ups with Medi Assist,
GHPL, ICICI Lombard, Ericson, Bajaj alliance and corporate tie ups
with Glaxo Smith Consumer Healthcare Private Limited, Rajahmundry
Positive outlook and high growth potential for health care sector.
Increasing urbanization, improving demographics, rising purchasing
power necessary to afford quality medical treatments and medicines
are expected to drive increase in per capita health expenditure.
Furthermore, the government's strategy to incentivize participation
of people under the private insurance umbrella and enrolling the
economically deprived under public insurance schemes would provide
fillip to healthcare spending in subsequent years and as per WHO
reports, global spending on health care has risen as a proportion
of GDP. In contrast, spending on health care as a proportion of GDP
in India, which is already low comparatively, has further declined.
Furthermore, in the past few years, state governments have spent
larger proportion of their total expenditure towards healthcare and
related subjects. This similarly results in higher demand in
hospital as well as educational services. Further the government of
Andhra Pradesh is providing various schemes like Arogya Rakhsha.

Liquidity analysis-Stretched

The current ratio of the company stood below unity at 0.57x with
low cash and bank balance of INR0.18 crore as on March 31, 2020
(Prov.). The unutilized portion of the cash credit facility stood
at 10% for the last twelve months ended June 30, 2020. The company
has GCA of INR14.00 against repayment obligation of INR3.23 crore
for the next one year. The company has availed the moratorium for
the period April 2020 to August 2020.

Rajamahendri Healthcare Private Limited (RHPL) was incorporated in
the year 2015 and it runs a hospital under the banner Delta
Hospitals (DH) which has started its commercial operations from
October 2019. The hospital provides treatment for cardiology,
Neurology Oncology, general and spine surgery. DH is situated at
Rajahmundry and promoted by group of eminent doctors who have been
pioneers in their own respective fields with over 25 years of
experience. Currently, the hospital has a bed capacity of 220.


RANBANKA HERITAGE: CARE Lowers Rating on INR6.13cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ranbanka Heritage Resorts Private Limited (RHRPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      6.13       CARE B-; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable;
                                  Issuer Not Cooperating on the
                                  basis of best available
                                  information

   Short term Bank     0.08       CARE A4; Issuer not cooperating;
   Facilities                     Issuer Not Cooperating on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 27, 2019, placed the
rating(s) of RHRPL under the 'issuer non-cooperating' category as
RHRPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. RHRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated 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(s).

The revision in the ratings takes into account non availability of
requisite information.

The ratings, continues to remain constrained on account of modest
scale of operations, weak financial risk profile marked by highly
leveraged capital structure and stressed liquidity position and
cyclical and competitive nature of hotel industry.  The ratings,
however, derives strength from experienced promoters in the hotel
business and healthy PBILDT margin.

Detailed description of the key rating drivers

At the time of last rating on August 27, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available from ROC)

Key Rating Weaknesses

* Modest scale of operations: During FY19, Total Operating Income
(TOI) has improved by 0.63% over FY18 and registered TOI of INR
3.39 crore as against INR 3.37 crore in FY18.

* Weak financial risk profile marked by highly leveraged capital
structure and stressed liquidity position: The capital structure of
the company stood leveraged with an overall gearing of 5.51 times
as on March 31, 2019 as against 6.26 times as on March 31, 2018.
Further, total debt to GCA stood at 12.12 times on March 31, 2019
and interest coverage at 2.18 times in FY19.  Furthermore, the
liquidity position stood stressed marked by below unity level of
current and quick ratio.

* Inherent cyclicality of the hospitality industry: The Indian
hotel industry is highly fragmented and region specific in nature
with presence of large number of organized and unorganized players
spread across all regions. Further, the hospitality industry is
highly sensitive to the untoward events such as slowdown in the
economy. The hotel of the company is located in Bhilwara which is a
largest textile hub in India and hence, hotel industry in Bhilwara
is primarily dependent on Corporate Tourist which in turn is
dependent on the domestic and global economy.

Key Rating Strengths

* Experienced Management in the hotel business: Mr. Rajendra Singh
Rathore is the key promoter of the company and looks after the
overall affairs of the company. He has experience of around a
decade in the hospitability business. He is assisted by Mr.
Digvijay Singh Rathore and Mrs. Prakash Kumari Rathore, directors,
who also have experience of around 5 years in the hotel industry.
Further, the directors are assisted by experienced managerial
personnel who look after day to day affairs in the hotel. Further,
Bhilwara being the largest textile hub of India is advantageous for
RHRPL, as it allows easy access to key leisure and business
addresses in the city to visitors.

* Healthy PBILDT margin: The company has achieved PBILDT margin of
29.10% improved by 81 bps over FY18 and PAT margin of 3.56%
improved by 239 bps over FY18.

Ranbanka Heritage Resorts Private Limited (RHRPL) was incorporated
in 2008 to carry out hospitality business in the textile city of
Bhilwara, Rajasthan. RHRPL operates through 51 room heritage hotel
which includes 28 deluxe rooms, 19 super deluxe rooms and 4 suits
of which two are luxury suites. Additionally, hotel provides other
amenities like 2 Bars of which one is at roof top which it runs
seasonally, 2 Banquet halls for organizing seminars, meetings,
ceremonies and workshop which can accommodate 500 persons at a time
and 1 multi cuisine restaurant. The hotel property is spread over
an area of 7 acres and provides banquet lawn for wedding planners,
family occasions, ceremonies and other parties spread over an area
of 70,000 sq ft and can accommodate 5000 people at a time.


S. GURUSIDDAIAH: CARE Lowers Rating on INR6cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
Gurusiddaiah (SG), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 20, 2019, placed the
rating(s) of SG under the 'issuer noncooperating' category as SG
had failed to provide information for monitoring of the rating. SG
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 17, 2020 to August 4, 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 non-availability of
financial statements for last two years

Detailed description of the key rating drivers

At the time of last rating on June 20, 2019 the following were the
rating strengths and weaknesses

Key Rating Weakness

* Short track record and small scale of operations along with
fluctuating total operating income: The firm has limited track
record of 5 years. SG was established in the year 2013. Further,
the scale of operations of the entity marked by total operating
income (TOI), remained small at INR0.43 crore in FY18 (Prov.)
coupled with low net worth base of INR2.82 crore as on March 31,
2018 (Prov.) as compared to other peers in the industry.

* Weak debt coverage indicators and stretched operating cycle: Debt
coverage indicators of the firm remained weak during review period.
Total debt/GCA of the firm deteriorated from 52.95x
in FY16 to 128.15x in FY17 due to high debt levels at the back of
availing term loan for construction of godowns along with low gross
cash accruals. However, the total debt/GCA has improved to 51.42x
in FY18 (Prov.) at the back of increase in cash accruals. Interest
coverage ratio of the firm deteriorated from 1.45x in FY16 to 0.53x
in FY17 due to significant increase in
interest cost incurred on the additional term loans. However,
interest coverage ratio improved to 1.91x in FY18 (Prov.) at the
back of decrease in interest expenses.  The operating cycle of the
firm remained stretched during review period. As the firm is also
engaged in trading business, the inventory level of the firm stood
on a higher side. Since the firm keeps stock of various customer
goods in order to meet the customer demand on time, the average
inventory days stood at 581 days in FY18 (Prov.) when compared to
83 days in FY16. Further, the firm receives the payment from its
customers well in advance. On suppliers end, the firm avails credit
period of up to 60 days. Due to the above said factor, the
operating cycle remained stretched during review period.

* Geographic concentration risk: The client profile of SG is
limited to the state of Karnataka, exposing the firm to
geographical concentration risk. The three godowns of the firm are
located in Rural Bangalore and concentrated in area surrounding
Sompura Hobli.

* Constitution of the entity as a proprietorship firm with inherent
risk of withdrawal of capital: The firm being a proprietorship firm
is exposed to inherent risk of capital withdrawal by proprietor due
its nature of constitution. Any substantial withdrawals from
capital account would impact the net worth and thereby the gearing
levels. The proprietor of the firm has infused capital amount of
INR1.03 crore from FY16-FY18 (Prov.).

* Highly competitive and fragmented nature of business: The firm is
engaged into the business of providing godown facilities on lease
basis where the profitability margins comparing to other industry
will be low. Apart from that there are numerous organized and
unorganized players entering into the market which makes the
industry competitive nature.

Key Rating Strengths

* Experience of the proprietor for a decade in warehousing
industry: SG was established in the year 2013 promoted by Mr. S
Gurusiddaiah. The day to day operations of the firm are managed by
the proprietor himself. The proprietor of the firm is having an
experience of around a decade in warehouse industry. Through his
vast experience in the warehouse business, the proprietor is able
to establish healthy relationship with customers.

* Satisfactory profitability margins although fluctuating:
Profitability margins of the firm remained satisfactory during the
review period. PBILDT margin and PAT margin of the firm increased
from 20.71% and 4.27% respectively in FY16 to 34.77% and 6.05%
respectively in FY17 due to absorption of overheads expenses.
However, the PBILDT margin has decreased to 25.71% on account of
under absorption of fixed expenses related to the operations of the
third godown. PAT margin stood at 20.63% in FY18 (Prov.) due to
significant decrease in interest cost as shown in the books of
account.

* Satisfactory capital structure during review period: The capital
structure of the firm remained satisfactory during the review
period. The overall gearing ratio of the firm stood satisfactory at
1.61x as on March 31, 2018 (Prov.) though it deteriorated from
1.28x as on March 31, 2016 on account of increase in debt levels
(housing loans and term loans).

Karnataka based, S. Gurusiddaiah (SG) was established as a
proprietorship firm in the year 2013 and promoted by Mr. S.
Gurusiddaiah. The firm is engaged in providing warehouses on lease
rental basis. The rural godowns are used for storage of various
consumer goods such as bricks, cement bags, paint cans, cables,
wires, etc. The property is built on a total land area of 1.57
acres and comprises of 3 godowns, with aggregate storage capacity
of around 65740 MT. Commercial operations for two godowns were
started in 2016 and for third godown, the commercial operations
started from September 2018. Some of the regular customers of the
firm are Bharti Airtel Limited, Alpha Packaging Private Limited,
Sami Labs Limited and Athara Oil Industry, from whom the firm earns
revenue by sale of sites, for the storage of various goods. Apart,
the firm is also engaged in trading of various goods such as
bricks, cement bags etc. to local customers.


SUJANA UNIVERSAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sujana
Universal Industries Limited (SUIL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     475.97      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank    363.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information        

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated July 5, 2019, placed the
rating(s) of SUIL under the 'issuer non-cooperating' category as
SUIL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SUIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2020 and June 2, 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 July 5, 2019 the following were the
rating strengths and weaknesses:

(Updated information taken from Bombay Stock Exchange (BSE) as it's
a listed company)

Key Rating Weaknesses

* Poor liquidity position with ongoing delays in debt servicing:
During FY19, liquidity position of the company continued to remain
stretched on account of slower realization from debtors. Given the
slow realization of debtors has resulted in stretched liquidity
position of the company leading to ongoing delays in meeting debt
obligation.

Sujana Universal Industries Limited (SUIL) was incorporated in
August 1986 and is a part of the Sujana Group. The company is
engaged mainly in trading and processing of steel products and also
derives income from manufacture and sale of steel bearings,
electrical appliances and castings. SUIL is promoted by Mr. Y.S.
Chowdhary who has more than 23 years of experience in manufacturing
and trading of steel products. The group has diversified business
activities with its presence in construction & structural steel,
power transmission & telecom towers and allied services, energy
(generation, distribution, green energy consulting and manufacture
of energy saving LEDs), basic and urban infrastructure development,
precision engineering components, domestic appliances and
international trade.


TEKNOVATION ENGINEERS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Teknovation
Engineers Private Limited (TEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      5.44       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank     1.40       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information        

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TEPL to monitor the rating
vide letters/e-mails communications dated May 6, 2020, August 4,
2020, August 5, 2020 and numerous phone calls. However, despite
CARE's  repeated requests, the entity has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which, however, in CARE's
opinion is not sufficient to arrive at fair rating. Teknovation
Engineers Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are on-going delays in
the debt servicing of the company. The banker has confirmed that
there are ongoing delays in repayment of principal and interest of
the term loan account. The delays were due to stretched liquidity
position owing to lower accruals from the business operations.

Liquidity: Poor

Liquidity position of the entity is poor as marked by lower
accruals compared to repayment obligations. Moreover, the cash
balance stood modest at INR0.86 crore as on March 31, 2019. The
average utilization of working capital limit remained full during
last 12 months ended July, 2020. The banker confirmed that the
client has availed moratorium as per RBI Guidelines. However, the
client has not availed COVID Loan.

Teknovation Engineers Private Limited (TEPL) was incorporated in
January 1988 by Mr. Sheikh Ehasanur Rub, Ms Anawara Begum, and Ms
Renesa Khatun as the directors of the company. The company is
primarily engaged manufacturing machinery for the paper industry as
per specification of customers. Further, it also undertakes
corrosion maintenance for hydel power and thermal power plants. Mr.
Seikh Ehasanur Rub (aged, 61 years), having more than three decades
of experience in similar line of business, looks after the day to
day operations of the company along with other directors and a team
of experienced professionals who have rich experience in the
similar line of business.


TIRUPATI BALAJEE AGRO: Ind-Ra Keeps BB LT Rating in Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Tirupati
Balajee Agro Trading Company Private Limited Long-Term Issuer
Rating of 'IND BB (ISSUER NOT COOPERATING)' and simultaneously
withdrawn it.

The detailed rating actions are:

-- INR50 mil. Term loans* maintained in non-cooperating category
     and withdrawn;

-- INR480 mil. Fund-based limit** maintained in non-cooperating
     category and withdrawn; and

-- INR220 mil. Non-fund-based limit# maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn.

**Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn.

#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency.

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

COMPANY PROFILE

Incorporated in 2000, the company manufactures high-density
polythene sacks, polypropylene woven sacks, laminated and
unlaminated sacks, jumbo bags, fabric sacks, tarpaulins, web belts,
sling bags, narrow woven belts, flat and circular bags as well as
polyethylene lined gunny bags.


TIRUPATI BALAJEE FIBC: Ind-Ra Keeps BB LT Rating in Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Tirupati
Balajee FIBC Pvt. Ltd's Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The detailed rating actions are:

-- INR50 mil. Term loans* maintained in non-cooperating category
     and withdrawn; and

-- INR150 mil. Fund-based limit** maintained in non-cooperating   

     category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency.

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

COMPANY PROFILE

Incorporated in October 2012, Shree Tirupati Balajee FIBC is
located in a special economic zone in Indore (Madhya Pradesh). It
manufactures technical textiles products such as flexible
intermediate bulk containers, bags, jumbo bags, polypropylene woven
laminated and non-laminated sacks, tarpaulin sheets and web belts.
The products find multiple applications in the transportation and
storage of food grains, and storing coal and iron ore. The company
has an installed manufacturing capacity of 3,000 metric tons per
annum. Its overall operations are managed by Mr. Binod Kumar
Agarwal.


U R AGROFRESH: Ind-Ra Keeps 'D' LT Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained U R Agrofresh
Private Limited's Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR64.88 mil. Term loans (long-term)* due on March 2024
     maintained in non-cooperating category and withdrawn; rating

-- INR51.50 mil. Fund-based facilities (long- /short-term)*
     maintained in non-cooperating category and withdrawn.

*Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency, and
has not provided information about the interim financial
performance for FY20, sanctioned bank facilities and utilization,
business plan and projections for next three years, information on
corporate governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders (prior to
June 30, 2020). This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Incorporated in 2009, U R Agrofresh processes gherkins and exports
semi-processed gherkins in barrels to the US and Europe.


WHITEFIELDS APPAREL: CARE Lowers Rating on INR9.20cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Whitefields Apparel (WA), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.20       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable
                                  ISSUER NOT COOPERATING on the
                                  basis of best available
                                  information

   Short-term Bank     3.35       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4; on the
                                  Basis of best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating(s) of WA under the 'issuer noncooperating' category as WA
had failed to provide information for monitoring of the rating. WA
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 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.

The revision in the ratings assigned to the bank facilities of
Whitefields Apparel takes into account of ongoing delays in the
servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays: The firm is unable to generate sufficient cash
flows leading to strained liquidity position resulting in on-going
delays in meetings debt obligations.

Whitefields Apparel (WA) was established in April 2011 as a
proprietorship concern by Mrs. Kalpana Anand, daughter of Mr. K. P.
Ramasamy, the Chairman of K.P.R. Mill Limited. WA is a
Tirupur-based firm engaged in manufacture and export of knitted
garments.


[*] Homebuyers Cannot Invoke Insolvency to Recover RERA Awards
--------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has ruled that homebuyers cannot drag
realty companies through the insolvency process for recovering
monies awarded to them by a real estate regulator.

BusinessLine relates that the NCLAT ruled that a home-buyer cannot
be treated as a financial creditor when the real estate company is
unable to honor a decree awarded by the State-level Real Estate
Regulatory Authority (RERA). Home-buyers need to take recourse to
the civil law to recover the money.

According to BusinessLine, Prashant Thakur, Director & Head -
Research, ANAROCK Property Consultants, said the NCLAT's
observation is in line with the 2019 amendment that only a minimum
of 100 buyers or 10 per cent of all home-buyers in a project
(whichever is lower) can file for bankruptcy.

"While the pros and cons of its impact on home-buyers and
developers are debatable, the caveat of a minimum 100 home-buyers
may prevent developers from being unfairly dragged into insolvency
by just one or two individuals. In some cases, vested interests may
lead to work getting stopped in a project, thus affecting other
home-buyers negatively. In some cases, there has also been misuse
by some home-buyers of the sanctioned rights," Thakur told
BusinessLine.

On the flipside, it may affect genuine home-buyers in projects
where the builder is delaying work. These home-buyers will have to
form a group to file a case against the builder. This process may
be long drawn and tedious, the report states.

BusinessLine says the NCLAT gave the ruling in a case related to
Ansal Properties wherein two house allottees were given a decree
for INR73 lakh by the Uttar Pradesh RERA. The home-buyers then took
recourse to the IBC rules to recover the money. In March, the
National Company Law Tribunal upheld the home-buyers' stand and
even appointed a resolution professional for Ansal Properties. Now,
with the NCLAT's ruling, the company will be handed back to its
earlier management, the report notes.




=====================
N E W   Z E A L A N D
=====================

PRICEWISE LTD: 16 Stores Could be Saved, Receiver Says
------------------------------------------------------
Rob Stock at Stuff.co.nz reports that the Pricewise chain of 16
budget personal care, health and household stores could be saved,
receiver Steven Khov said.

Mr. Khov was called in by a creditor to the retail business, which
has stores in Auckland, Mt Maunganui, Palmerston North, Porirua,
Wellington and Hamilton, Stuff says.

According to Stuff, Mr. Khov said the 100 frontline staff in the
business had been retained in a bid to keep Pricewise trading until
a buyer was found.

"There's definitely an opportunity there for someone to buy it, and
make a go of it, and reshape it, be it an existing retailer wanting
to acquire something additional to add to their existing base, or
someone wanting a ready established retail platform," the report
quotes Mr. Khov as saying.

Stuff relates that Pricewise founders and shareholders Andrew and
Gillian Berryman said they had retained lawyers and were fighting
for a "better position".

Mr. Khov said Pricewise owed a "seven-figure" sum to creditors,
Stuff relays.

Stuff notes that the Auckland stores were currently shuttered,
pending exit from alert level 3, but the stores around the rest of
the country remained trading.

"Staff are going to get paid. They're being paid by us at this
point in time. There's about 100 staff," Mr. Khov, as cited by
Stuff, said.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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