/raid1/www/Hosts/bankrupt/TCRAP_Public/200831.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

          Monday, August 31, 2020, Vol. 23, No. 174

                           Headlines



A U S T R A L I A

COOL BARBERS: Second Creditors' Meeting Set for Sept. 7
MONSTER APPLIANCES: Second Creditors' Meeting Set for Sept. 8
ORGANIC DAIRY: Second Creditors' Meeting Set for Sept. 4
PERTH BUILDERS: Second Creditors' Meeting Set for Sept. 4
ROYALFIELD CORP: First Creditors' Meeting Set for Sept. 7

SELC AUSTRALIA: Second Creditors' Meeting Set for Sept. 8
VIRGIN AUSTRALIA: JobKeeper at Risk if Bain Deal Voted Down


C H I N A

TIANJIN REAL ESTATE: Defaults on US$31-Mil. Due Bondholders


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Cuts Sr. Unsecured Debt Ratings to CCC


I N D I A

7 SEAS: CRISIL Keeps B Debt Ratings in Not Cooperating
AIREN COPPER: CARE Lowers Rating on INR24.75cr ST Loan to D
ALIENS DEVELOPERS: CRISIL Reaffirms D Rating on INR6.3cr Loan
BAJAJ AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating

FUTURE ENTERPRISES: CARE Lowers Rating on INR625cr LT Loan to C
GANGA FOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
HIM ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating Category
HIM STEEL: CARE Keeps D Debt Ratings in Not Cooperating
JALAN TRANSOLUTIONS: CARE Keeps D Debt Ratings in Not Cooperating

M.T. PATIL BUILDERS: Ind-Ra Affirms 'BB+' LT Issuer Rating
MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
NAGAYYA MAKKIMANE: CARE Lowers Rating on INR5cr LT Loan to C
P. LAKSHMI: Ind-Ra Keeps 'BB-' LT Issuer Rating in Non-Cooperating
PRASHANT ENTERPRISES: CARE Lowers Rating on INR59.32cr Loans to D

RADIANT POLYMERS: CARE Lowers Rating on INR75cr Debentures to D
RAMESHWARAM COTTON: CARE Lowers Rating on INR10cr LT Loan to C
RELIANCE COMMUNICATIONS: Insolvency Proceedings v. Ambani Halted
S R COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
SALASAR COTTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SANMAAN AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating
SEKAR CONSTRUCTIONS: CARE Lowers Rating on INR6.78cr LT Loan to C
SENAPATI MOTORS: CRISIL Keeps D on INR5cr Credit in Not Cooperating
SHAKTI INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating

STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating
TARACHAND INT'L: CARE Keeps D on INR50 Bank Loans in NonCooperating
TRADOHUB B2B: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
USHER AGRO: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating

UTTAM SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
WADHAWAN GLOBAL: CARE Reaffirms D Rating on INR55cr LT Term Loan


S I N G A P O R E

EAGLE HOSPITALITY: Auditors Issue Disclaimer of Opinion
KS ENERGY: OCBC Seeks to Place Firm Under Judicial Management
SINGAPORE AIRLINES: Egan-Jones Cuts Senior Unsecured Ratings to BB

                           - - - - -


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

COOL BARBERS: Second Creditors' Meeting Set for Sept. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Cool Barbers
Pty Ltd has been set for Sept. 7, 2020, at 10:30 a.m. via
electronic means.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 4, 2020, at 5:00 p.m.

Stephen John Hundy of Worrells Solvency & Forensic Accountants was
appointed as administrator of Cool Barbers on Aug. 3, 2020.


MONSTER APPLIANCES: Second Creditors' Meeting Set for Sept. 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Monster
Appliances Pty Ltd as Trustee for the P & M Meurs Family Trust
No.5, has been set for Sept. 8, 2020, at 10:00 a.m. via electronic
means only.

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 Sept. 7, 2020, at 12:00 p.m.

Andrew Reginald Yeo and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of Monster Appliances on July 7,
2020.


ORGANIC DAIRY: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Organic Dairy
Farmers of Australia Limited has been set for Sept. 4, 2020, at
1:00 p.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 3, 2020, at 12:00 p.m.

Ivan Glavas and Scott Andersen of Worrells Solvency & Forensic
Accountants were appointed as administrators of Organic Dairy on
May 15, 2020.


PERTH BUILDERS: Second Creditors' Meeting Set for Sept. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Perth Builders
Pty Ltd has been set for Sept. 4, 2020, at 2:00 p.m. via telephone
conference.

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 Sept. 3, 2020, at 4:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Perth Builders on July 31, 2020.


ROYALFIELD CORP: First Creditors' Meeting Set for Sept. 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Royalfield
Corporation Ltd will be held on Sept. 7, 2020, at 10:30 a.m. via
electronic means.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Royalfield Corporation on Aug. 26, 2020.


SELC AUSTRALIA: Second Creditors' Meeting Set for Sept. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of SELC Australia
Pty Ltd, trading as Sydney English Language Centre, has been set
for Sept. 8, 2020, at 11:00 a.m. at the offices of Rodgers Reidy,
Level 12, The University Centre, 210 Clarence Street, in Sydney and
also virtually by way of Zoom Application.

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 Sept. 7, 2020, at 4:00 p.m.

Andrew James Barnden of Rodgers Reidy was appointed as
administrator of SELC Australia on Aug. 4, 2020.


VIRGIN AUSTRALIA: JobKeeper at Risk if Bain Deal Voted Down
-----------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Virgin
Australia's administrator Deloitte has warned thousands of
stood-down workers that their JobKeeper payments might be cut off
if a deal to sell the airline to Bain Capital is voted down at a
creditors' meeting this week.

Creditors owed AUD6.8 billion, including around 9,000 Virgin staff
owed AUD450 million, will vote on a deed of company arrangement
(DOCA) to transfer ownership of the bankrupt company to the US
private equity giant, SMH says.

Even if the DOCA is voted down, Bain will take control of Virgin
through an asset sale agreement signed in June following a fierce
bidding process, which will require Bain to set up a new corporate
entity to operate the airline.

According to SMH, Deloitte's joint administrator Vaughan
Strawbridge said in a video shared with staff on Aug. 28 that an
asset sale could jeopardise access to JobKeeper payments for around
4,600 employees, who have been stood down, while the airline flies
a skeleton domestic network due to COVID-19 border restrictions.

"Under an asset sale . . . the employment of staff will transfer to
a new entity or company, and that new entity may not be eligible
for JobKeeper," SMH quotes Mr. Strawbridge as saying in the video.
"If the Deed of Company Arrangement is approved, we keep access to
JobKeeper going forward. But if it's not, there is the possibility
that we lose that access."

Large companies like Virgin had to show their revenue had fallen by
50 per cent to be illegible for the AUD1500 a fortnight payment,
SMH notes.

Virgin workers make up around 9,000 of the 12,000 creditors,
meaning they will swing the result of the vote by number, SMH
notes.

SMH says some of Virgin's bondholders staged a failed legal revolt
to try and force Deloitte to let creditors vote on their
alternative plan for the company, which would have seen bondholders
swap their AUD2 billion in debts for equity in the company.

Bondholders and other unsecured creditors will get between 9¢ and
13 cents under the DOCA and as little as 4 cents in an asset sale,
Deloitte said two weeks ago, adds SMH.

                       About Virgin Australia

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

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

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

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

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

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




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

TIANJIN REAL ESTATE: Defaults on US$31-Mil. Due Bondholders
-----------------------------------------------------------
Caixin Global reports that first failure to repay public debt deals
fresh blow to two-year survival struggle by Tianjin Real Estate
Group reflecting real estate market distortions.

According to Caixin, the debt woes of Tianjin Real Estate Group, a
developer backed by the government of northeast China's port city
Tianjin, deepened after it defaulted on CNY215.8 million (US$31.3
million) due Aug. 26 to bondholders.

It was the company's first default on public debt amid a
long-running struggle to sort out a restructuring plan. As of the
end of May, the company also defaulted on nearly CNY15 billion of
bank loans.

Tianjin Real Estate Trust Group Co. Ltd., a wholly owned subsidiary
of Tianjin Real Estate, failed to repay bondholders principal of
CNY200 million on which investors sought to exercise options to
sell bonds back to the company plus interest of CNY15.8 million,
the Shanghai Stock Exchange said Aug. 27 in a statement, adds
Caixin.

Tianjin Real Estate Group Co., Ltd. operates as a real estate
developer. The Company offers real estate development, marketing,
property management, and other services. Tianjin Real Estate Group
also operates infrastructure construction, modern logistics, and
other businesses.




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

CATHAY PACIFIC: Egan-Jones Cuts Sr. Unsecured Debt Ratings to CCC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 18, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited to CCC from B-.

Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.




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

7 SEAS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------
CRISIL said the ratings on bank facilities of 7 Seas Unit - II (SU)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        3.50       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Term Loan             2.03       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SU for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SU, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SU is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SU
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2006 as a proprietorship concern by Ms. Kanta Devi
Sharma, Jodhpur-based SU manufactures wooden and steel handcrafted
home and office furniture for export to the USA and Canada. Unit
has installed capacity of 2000 piece per month and operations are
managed by proprietor's son, Mr. Yogesh Sharma.


AIREN COPPER: CARE Lowers Rating on INR24.75cr ST Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Airen Copper Private Limited (ACPL), as:

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

   Short-term Bank      24.75      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 March, 2020, classified the
ratings of ACPL under the 'issuer non-cooperating' category as ACPL
had failed to provide information as well as 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 in debt
servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As confirmed by the banker, there are
ongoing delays in debt servicing as the fund based limits have
remained overdrawn 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.

Jaipur (Rajasthan) based ACPL was incorporated in 2002 by Mr Sudhir
Kumar Agarwal and Mr Suresh Kumar Agarwal. ACPL commenced its
commercial operations from January 2009. The company is mainly
engaged in the manufacturing of paper insulated copper wires/strips
and paper covered insulated bus bars. It has its manufacturing
facility situated at Jaipur with an installed capacity of 3000
Metric Tonnes Per Annum (MTPA) as on March 31, 2018. The promoters
of ACPL have also promoted AMPL which is also engaged in the
similar line of business.


ALIENS DEVELOPERS: CRISIL Reaffirms D Rating on INR6.3cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Aliens Developers Private Limited (ADPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          .8         CRISIL D (Reaffirmed)

   Cash Credit            6.3         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .9         CRISIL D (Reaffirmed)


The ratings continue to reflect a belief that ADPL's business may
continue to be constrained by a significant stretch in liquidity;
also, the unrated facility of non-convertible debenture (NCD)
should remain weak.

The ratings also factor in susceptibility to risks related to the
completion and saleability of ADPL's ongoing residential real
estate project in Hyderabad, and to cyclicality, inherent in the
industry. These weaknesses are partially offset by the extensive
experience of the promoters in the real estate business.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: There have been delays in payment of
coupon and principal on the NCDs (not rated by CRISIL) because of a
weak liquidity, driven by large construction and selling expenses.

* Susceptibility to risks related to the completion and salability
of the ongoing project: ADPL has completed around 50% of the total
construction by March 2020, while booking for over 500 flats is yet
to be received. Moreover, the incremental construction cost is
expected to be largely funded by customer advances. Hence,
incremental bookings and flow of advances will remain key rating
sensitivity factors.

* Cyclicality inherent in the real estate sector: The real estate
sector in India is cyclical, marked by volatile prices, opaque
transactions, and a highly fragmented market structure. Execution
of projects is affected by multiple property laws and
non-standardized government regulations across states. The risk is
compounded by aggressive timelines for completion with shortage of
manpower (project engineers and skilled labor).

Strength

* Extensive experience of the promoters: The promoters' extensive
experience of over a decade should continue to support the
business. In this span they executed around five different
residential projects, totaling to around 2 million square feet
area.

Liquidity Poor
The cash credit facility has been fully utilized during the 12
months through July 2020. Significant stretch in liquidity is also
reflected in default on the coupon and principal payments of NCDs
(not rated by CRISIL), making the default on the rated facility
appear imminent.

Rating Sensitivity Factors

Upward Factors

  * Track record of timely servicing of debt and absence of any
irregularity for at least 90 days

  * Significant improvement in liquidity, supported by a large
equity infusion.

ADPL, incorporated in 2004, is a Hyderabad-based company that
undertakes residential real estate projects across the city and its
adjacent locations. Mr. Hari Challa and Mr. Venkata Prasanna Challa
are the promoters.


BAJAJ AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bajaj Agro
Industries (BAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term Bank        1.21      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAI to monitor the rating
vide e-mail communications/letters dated August 5, 2020, August 10,
2020, August 11, 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 a fair rating. The ratings of BAI's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. Further, the 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.

Detailed description of the key rating drivers

At the time of last rating in June 14, 2019 the following were the
rating strengths and weaknesses:

* Ongoing delays in repayment of bank facilities: As reported by
the banker, there are on-going delays in servicing of term loans
and continuous overdrawal in the cash credit account. The delays
were due to stretched liquidity position owing to lower accruals
from business operations and higher dependence on external
borrowings.

Bajaj Agro Industries (BAI) was established as a proprietorship
firm in 2011 by Mr. Naresh Bajaj for setting up a rice milling
unit. The firm has been engaged in rice milling activities at its
plant located at Dhamtari, Chhattisgarh with aggregate installed
capacity of 14592 MTPA. The firm has started commercial operations
from December, 2011 onwards. Mr. Naresh Bajaj has around 21 years
of experience in rice milling industry and he looks after the day
to day operations of the firm. He is supported by a team of
experienced professionals.


CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Centenary Arcades
Private Limited (CAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Lease Rental          25.55       CRISIL D (ISSUER NOT
   Discounting Loan                  COOPERATING)

CRISIL has been consistently following up with CAPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CAPL
continues to be 'CRISIL D Issuer Not Cooperating'.

CAPL is promoted by Mr. N L Nagendra. It has commercial space in
Mysore which has been occupied by Big Bazaar since 2008; CAPL has
signed a 15-year agreement with Big Bazaar.


FUTURE ENTERPRISES: CARE Lowers Rating on INR625cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Enterprises Limited (FEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-Term      550.00      CARE C Revised from CARE BB
   Loan                            rating removed from credit
                                   watch with developing
                                   implications

   Long-term fund      625.00      CARE C Revised from CARE BB
   based bank                      rating removed from credit
   facilities–CC                   watch with developing
                                   implications
             
   Short-term non-     602.00      CARE A4 Reaffirmed rating
   fund based bank                 removed from credit watch
   facilities–LC/BG                with developing implications

   Non-Convertible     265.00       CARE D Revised from CARE BB   

   Debenture Issue                  rating removed from credit
                                    watch with developing
                                    implications

   Non-Convertible    2,459.00      CARE C Revised from CARE BB
   Debenture Issue                  rating removed from credit
                                    watch with developing
                                    implications

   Fixed Deposit       700.00       CARE C (FD) Revised from
   Programme                        CARE BB (FD) rating removed
                                    from credit watch with
                                    developing implications

Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to the bank facilities and
instruments of FEL is on account of delay in servicing of its
interest due on August 17, 2020 on its Non-convertible Debentures
bearing ISIN INE623B07487 and INE623B07495. The default is
primarily on account of poor liquidity position due to subsequent
lockdowns in the wake of COVID19 outbreak. Consequently, the
ratings for other facilities and instruments have also been revised
and removed from credit watch. The other issues raised by CARE in
its press release dated July 31, 2020, viz. weakened credit profile
of its key customer – Future Retail Limited (FRL), high promoter
pledge and falling market capitalisation significantly impacting
financial flexibility, dependence on group companies for revenue
and high working capital cycle continue to constrain the ratings.
FEL is also in discussion to monetise its investments in insurance
business, to improve its liquidity position. The timeliness of
monetization remains key rating monitorable.

FEL has sought a moratorium on payments from its lenders as part of
the COVID19 - Regulatory Package announced by the RBI on March 27,
2020. CARE has not recognised this instance as a Default as of now,
as the same is permitted by the RBI as part of the relief measures.
FEL had interest payment on NCD (INE623B07685 and INE623B07693) due
on April 17, 2020 which was made April 22, 2020. As per the
communication from the investor the company sought moratorium on
NCD interest payment and the same was approved by the investor. The
company also had a CP (ISIN INE623B14AW6) (Not rated by CARE)
payment aggregating to INR100 crore due on April 27, 2020 but the
same was delayed and made on April 28, 2020. As per the IPA the
company had adequate funds in the account but transaction could not
be executed due to delays in banking operations caused by COVID19.
Non-recognition of default in the above cases is as per the
guidance provided by the SEBI circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/53 dated March 30, 2020.

The company has also sought for an extension in filing their
Q4FY20/FY20 and Q1FY21 results to Aug. 31, 2020 and Sept. 15, 2020
respectively.

Key Rating Sensitivities

Positive Factors

* Improvement in company's liquidity profile resulting from equity
infusion/divestment of investments/improved credit profile of its
key customer, FRL

Negative Factors

* NCDs amounting to INR1,250 crore have accelerated prepayment
clause in case of rating falling below 'AA-'. Exercising the option
to recall bonds may result in severe liquidity issues.

* Delays in divestment of stake in subsidiaries/JVs/Associate
companies and/or higher debt resulting in a leveraged capital
structure over 1.00x (FY21)

* Inability of the company to scale up new verticals of business
leading to deterioration of Total Debt/PBILDT over 3.25x

Detailed description of the key rating drivers (As per PR dated
July 31, 2020)

Key Rating Weaknesses

* Stretched financial flexibility; considerable promoters' stake
pledged: The promoters FEL as of Mar 2018 had pledged 11.64 crore
shares (56.56% of promoter stake). During the past year, the
company's market capitalisation has declined significantly from
INR1,760 crore to INR719 crore as on July 29, 2020. Falling market
capitalisation coupled with rising debt has led to significant
deterioration of debt to market-capitalisation from 3.73x as on
March 31, 2018 to 3.86x as on March 31, 2019 to current level of
~8.55x.  However, in lieu of significant fall in share price, the
promoters had to pledge additional shares taking the total to
87.40% of promoters' stake (as on Jun 30, 2020). Considerable
reduction in market capitalisation and significant proportion of
promoter's stake pledged hampers the company's flexibility to raise
funds.

* Significant dependence on group companies: FEL provides
infrastructure support to group companies, logistical support
through its subsidiary Future Supply Chain Solutions Limited and
also designs, manufactures garments for in-house brands and engages
in trading for various group companies. Sale of goods and services
to its group companies has shown an increasing trend.
FEL is reliant on FRL for a significant portion of its income (Rs.
3,838 crore in FY19). FEL's step-down subsidiary, Future Supply
Chain Solutions Limited also provides warehousing and logistic
requirements to FRL (FY19: INR557.88 crore). Going ahead, with the
proposed acquisition of retail assets from FEL, lease rentals from
FRL are expected to come down by Rs. 550-650 crore. However, apart
from the infrastructure support, FEL will continue to provide other
services to FRL. Furthermore, FEL and FRL have also provided cross
guarantees on behalf of each other for various borrowings to the
tune of Rs. 5750 crore and INR3583 crore respectively as on March
31, 2019. These guarantees between both the companies will
eventually be withdrawn post the sale of assets and subsequent debt
repayment.

* High Working Capital Cycle: FEL has high gross working capital
cycle of 176 days in FY19, which has deteriorated from 157 days in
FY18. The reason for high operating cycle is on account of high
inventory days. The company buys on behalf of group companies and
goods are kept at various retail outlets across the country thereby
leading to high inventory period of 16-18 weeks. The company
receives payment after 6-7 weeks from sale of goods. Increase in
inventory days and growth in operations led to an increase in
company's fund based average working capital utilisation (including
CP) for the past 12 months ending Feb 2020 to 71% as against 63%
during the same period last year.

* Intensifying competition in retail industry: Heightened
competition from both brick and mortar and online players could
impact overall SSSG of FEL's customers. Competition from e-commerce
players, remains a key threat. Also, change in FDI norms can lead
to further competition. Currently, the government has allowed FDI
in food processing sector. Apart from this, the government is also
contemplating liberalising rules relating to multi‐brand retail.
This will open up foreign investments which may pose a threat to
existing retail players.

Key Rating Strengths

* Experienced Promoters & Management: The promoters of FEL have
been closely involved in the management of business and in defining
& monitoring the business strategy for the company. Mr. Kishore
Biyani, the founder and Group CEO of the Future group, is widely
recognised as a pioneer of modern retail in India. Furthermore the
promoters are supported by a strong management team having
significant experience in retail industry.  The company hold stake
in various other future group companies with main being in Future
Supply Chain Solutions Limited and insurance JV with Future
Generali. The company is looking to divest its holdings in various
group companies in order to reduce debt.

* Sale of assets to improve capital structure; albeit reduction in
rental income: Sale of lease assets to FRL at a fair value of
INR3,952 crore and subsequent debt repayment will help the company
to improve its capital structure. The company's debt level has
already come down from INR6,730 crore (excl. acceptances on LC) as
on Dec 31, 2019 to INR5,681 crore as on Feb 29, 2020. However, post
the outbreak of COVID19, the company hasn't prepaid the balance
debt which has led to leverage remaining high. Furthermore, reduced
cash flows and significant dependence on banks for working capital
requirements will keep the capital structure under pressure. The
company has plans to divest stake in its insurance business as well
as logistic business which will lead to further improvement in
capital structure upon materialisation.

Consequently, with the sale of assets to FRL, FEL lease rental
income from FRL is expected to significantly decline by INR550-650
crore p.a. The ability of the company to successfully improve
capital structure remains critical from credit perspective.

* New verticals to drive growth: FEL is almost fully dependant on
group companies to drive its growth. The company received 92% of
total sales from group companies. Post the sale of assets to FRL,
FEL's income is expected to decline by INR550-650 crore and
subsequently PBILDT and PBILDT margins are also expected to shrink.
Going ahead, even as group companies continue to remain depended on
FEL for their designing, manufacturing and trading requirements,
the latter is looking to develop incumbent business and reduce
dependence on group companies. The company is looking leverage on
data collected through its 'Future Pay' app which has over 16mn
members. It will also provide a market place to group companies
such as FRL and Future Lifestyle Fashions. FEL is also looking to
offer financial services & payments solutions through the app. The
ability of the company to scale the businesses and achieve
envisaged results within stipulated timelines remain critical for
company's credit profile.

Industry Outlook

In view of the COVID19 outbreak and lowering of the discretionary
spending by the consumers in these times of economic downturn, the
outlook for the Indian players in retail sector is 'Negative' in
the short to medium term. The impact on demand, which is expected
to remain muted at least for the next three or four quarters, will
be more in case of players with presence in non-essential items and
luxury segments. However, the expected support from the government
in terms of financial stimulus packages and wage support subsidy as
well as rental waivers from the mall-owners which would help the
retailers to bring down their fixed costs, will reduce the impact
on their credit profile to an extent. The retailers with presence
in essential commodities continue to have some cash flows to
support their fixed costs.

After the control of the spread of the coronavirus and post the
lock-down period, the spending as well as shopping patterns of the
consumers are expected to change significantly. The consumers are
likely to curtail their discretionary spending with reduced income
in their hands as well as tendency to preserve cash. Also, more
preference is likely towards online channels in order to avoid
crowded spaces. In such times, the retailers with presence across
the retail segments (grocery, apparel, appliances, accessories) as
well as who have an omni-channel strategy with presence in both
offline and online channels are expected to have a quicker
recovery.

Liquidity Position: Poor

The company's liquidity profile has been severely impacted on
account of lockdown measures and weakened credit profile of its key
customer, FRL. The company has applied to the lenders for
moratorium as per RBI package. The company has also applied to the
bankers for enhancement in working capital limits, release of peak
limits, interchangeability of limits and COVID19 lines, the same
are under different stages of approval. The timely release of
additional working capital limits continue to remain critical for
meeting the short term repayment obligations. The company is also
looking at monetising its investments in insurance and supply chain
business which would improve the liquidity, however, the same has
been delayed.

Erstwhile Future Retail Ltd. has now been renamed as Future
Enterprises Ltd. (FEL) and houses the physical assets (store
formats of erstwhile FRL and Bharti Retail Limited including all
the infrastructure assets situated in the stores) apart from
strategic investments in various companies. The company is also in
the business of manufacturing and trading of men's wear, women's
wear and kid's wear in denim segment. FEL is also the holding
company for future group's various other businesses.


GANGA FOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ganga Four
Wheels Private Limited (SFWPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan              4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SFWPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SFWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SFWPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SFWPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2014, SFWPL has set up an automotive dealership for
light commercial vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+) at Sikar, Rajasthan. The company commenced
operations from September 2015.


HIM ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him Alloys
and Steels Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       56.19      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank       3.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 5, 2019, placed the
rating(s) of Him Alloys and Steels Private Limited under the
'issuer non-cooperating' category as Him Alloys And Steels Private
Limited had failed to provide information for monitoring of the
rating. Him Alloys And Steels Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated 10
August, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Delays in debt servicing: There have been on-going delays by
HASPL in servicing of its debt obligations, resulting from stressed
liquidity

HASPL was incorporated by Mr Ashok Raja and his brother Mr S.S.
Raja on October 27, 2004. The company is engaged in the
manufacturing of TMT bars with an installed capacity of 88,000
Metric Tonnes Per Annum (MTPA). The company sources steel scrap
from Delhi, Gujarat and Punjab whereas it sells its finished
product viz TMT bars under the brand name of "Kamdhenu", a
well-known brand for TMT bars in Northern India owned by Kamdhenu
Ispat Limited.


HIM STEEL: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him Steel
Private Limited continues to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank       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 5, 2019, placed the
rating(s) of Him Steel Private Limited under the 'issuer
noncooperating' category as Him Steel Private Limited had failed to
provide information for monitoring of the rating. Him Steel Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
email dated 10 August, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 5, 2019 the following were the
rating strengths and weaknesses. (Updated for the information
available from lenders discussion)

Key Rating Weaknesses

* Delays in debt servicing: There have been on-going delays by HSPL
in servicing of its debt obligations, resulting from stressed
liquidity

Him Steel Pvt. Ltd. (HSPL) was incorporated by Mr. Ashok Raja and
his brother Mr. S.S. Raja on May 3, 2011 for the purpose of trading
in gold, silver and precious stones etc with the name M/s. Shree
Bullion Pvt Ltd. Thereafter in FY15, the management decided to
carry on the steel business and taken over an automatic steel plant
situated at Bilaspur, Himachal Pradesh, with installed capacity of
1,26,667 Metric Tonnes Per Annum (MTPA).


JALAN TRANSOLUTIONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jalan
Transolutions (India) Ltd (JTIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.00      CARE D; Issuer not cooperating;
   Facilities-                     Based on best available
   Cash Credit                     Information

   Long Term Bank       13.50      CARE D; Issuer not cooperating;
   Facilities-                     Based on best available
   Term Loan                       Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2018, placed
the ratings of JTIL under the 'Issuer not cooperating' category as
Jalan Transolutions (India) Limited had failed to provide
information for monitoring of the rating 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 a
fair rating. The rating of Jalan Transolutions (India) Ltd 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

The ratings take into consideration the delays in debt servicing on
its term liabilities and the stressed liquidity position
of the company.

Jalan Transolutions (India) Limited (JTIL) company formerly
incorporated as Jalan Carriers Private Limited in April, 2003.
Subsequently, the constitution of the company changed to a Public
Limited Company in January 30, 2008. The company provides logistics
services primarily to two wheeler companies. Headquarter of the
company is situated in Delhi with 25 branches located in all major
cities in India. JTIL has developed pan India operations with owned
fleet of over 400 single/multi axle carriers, providing diverse
range of logistic services.


M.T. PATIL BUILDERS: Ind-Ra Affirms 'BB+' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M.T. Patil
Builders and Contractors Private Limited's (Patil) Long-Term Issuer
Rating at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facility (Long-term/Short-term)
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR150 mil. Non-fund-based facility (Short-term) affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Patil's continued small scale of
operations, as indicated by revenue of INR561 million in FY20
(FY19: INR456 million). The revenue increased on account of an
increase in the number of orders received by the company and the
timely execution of orders in hand. During April-July 2020, Patil
achieved revenue of INR129.8 million. As of April 1, 2020, the
company's order book amounted to around INR742 million (1.3x of
FY20 revenue), which is likely to be completed during FY21-FY22, as
per the management. Ind-Ra expects the revenue to decline
marginally in FY21 owing to the impact of the COVID-19-led
lockdown, labor-related issues, and the slowdown in work due to the
rainy season during the first two-quarters of FY21. The figures for
FY20 are provisional in nature.

The ratings continue to reflect Patil's high geographic
concentration risk, as all the orders are to be executed in and
around Nashik. Furthermore, the company also faces moderate
customer concentration risk, with its top three customers
accounting for 53% of its revenue in FY20 (FY19: 48.1%).

The rating factor in the company's modest EBITDA margins owing to
the intense competition in the industry. The EBITDA margin dipped
slightly to 7.7% in FY20 (FY19: 7.8%) on account of a marginal
increase in the operating expenses. The return on capital employed
was 11.7% in FY20 (FY19:  8.9%).  Ind-Ra expects the EBITDA margin
to fall marginally in FY21 due to an increase in competition and a
rise in the operating expenses, resulting from the COVID-19-related
disruptions.

The ratings also factor in Patil's moderate credit metrics due to
the modest EBITDA margins. In FY20, the company's interest coverage
(operating EBITDA/gross interest expense) weakened to 3.9x (FY19:
4.2x) on account of an increase in the interest expenses to INR11
million (FY19: INR8 million). The adjusted net leverage (total
adjusted net debt/operating EBITDAR), however, improved to 0.2x in
FY20 (FY19: 1.3x) because of a reduction in the total debt (due to
lower utilization of the fund-based limits) towards the year-end.
Ind-Ra expects the credit metrics to remain moderate in the near
term on account of continued utilization of the fund-based limits.


Liquidity Indicator- Stretched: The cash and cash equivalent
remained low at INR1.9 million in FY20 (FY19: INR0.9 million). In
FY20, the net cash conversion cycle stretched slightly to 43 days
(FY19: 39 days) on account of an increase in the debtor days to 65
days (FY19: 18 days), resulting from delays in the certification of
work and also government offices being closed towards end-March
2020 due to the lockdown. The average maximum utilization of the
fund-based facilities was 67.2% over the 12 months ended in July
2020. The cash flow from operations in FY20 turned positive at
INR36 million in FY20 (FY19: negative INR40 million) on account of
a favorable change in the working capital. The company has
mandatorily been granted the Reserve Bank of India-prescribed
moratorium by one of its banks (State Bank of India; 'IND
AAA/Stable').  

The ratings, however, continue to be supported by the promoter's
experience of four decades in the civil construction business.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margins, leading to
the net leverage exceeding 4.0x, on a sustained basis, will be
negative for the rating.

Positive: A rise in the revenue and EBITDA margins, leading to an
improvement in the credit metrics, on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Patil was established in 1952 as a proprietorship firm by M.T.
Patil. It was reconstituted as a private limited company in March
1997 under the name M.T. Patil Builders And Contractors Private
Limited. The company undertakes civil construction and
infrastructure projects, including the construction of roads and
highways, public utility buildings, and concrete structures. It is
located at Nashik.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       44.09      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank       3.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information and NDS from Mandeep Industries
(MAI) to monitor the ratings vide e-mail communications/ letters
dated July 20, 2020, July 22, 2020, July 24, 2020, July 27, 2020
and July 29, 2020 along with numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information and NDS for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, MAI has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The ratings on MAI's bank facilities will now
be denoted as 'CARE D; ISSUER NOT COOPERATING/ CARE D; ISSUER NOT
COOPERATING'.

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

The ratings assigned to the bank facilities of MAI take into
account on-going delay in servicing of its debt obligations.

Detailed description of the key rating drivers

At the time of last rating on February 10, 2020, the following was
the rating weakness:

Key Rating Weakness

* On-going delay in servicing of debt obligations: As informed by
the lender, there are on-going delays in debt repayment for MAI's
outstanding term loans and the account continues to be classified
as NPA.

Upleta (Dist. Rajkot), Gujarat based M/s. Mandeep Industries (MAI)
was setup as a partnership firm in 1973 by members of the Talaviya
family. MAI is mainly engaged in groundnut processing which
includes crushing of groundnuts to produce raw oil and oiled cake,
solvent extraction of groundnut oiled cake to produce groundnut oil
& de-oiled cake and refining of groundnut oil. Furthermore, MAI is
also engaged in opportunity based trading of agro-commodity
products including de-oiled rice bran (DORB) poultry feeds.


NAGAYYA MAKKIMANE: CARE Lowers Rating on INR5cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nagayya Makkimane Shetty (NMS), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 14, 2019, placed the
rating(s) of NMS under the 'issuer not cooperating' category as NMS
had failed to provide no default statement for monitoring of the
rating. Nagayya Makkimane Shetty continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and e-mails dated July 9, 2020 to July 31, 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
last three year financials.

Detailed description of the key rating drivers

At the time of last press release dated June 14, 2019, the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations with low net worth base: The firm has a
track record of close to fifteen years however, the total operating
income (TOI), remained small at INR12.34 crore in FY17 with low net
worth base of INR2.23 crore as on March 31, 2017 as compared to
other peers in the industry.

* Moderate capital structure and weak debt coverage indicators: The
capital structure of the firm remained moderate marked by overall
gearing ratio of 1.30x as on March 31, 2017 as against 0.66x as on
March 31, 2015 at the back of increase in debt levels on account of
increase in working capital utilizations to support the increase in
scale of operations. The debt profile of the firm as on March 31,
2017 comprises of vehicle loans (12%), working capital bank
borrowings (69%) and unsecured loans from relatives and other
parties (19%).  The debt coverage indicators of the firm marked by
total debt/GCA has been deteriorating y-o-y from 4.06x in FY15 to
6.05x in FY17 and remained moderate due to increase in working
capital requirements to meet the day to day operations coupled with
low cash accruals. Furthermore, the PBILDT interest coverage ratio
has seen fluctuating during the review period. The PBILDT interest
coverage ratio has increased from 4.42x in FY15 to 5.10x in FY16
due to increase in operating profit resulted in absorption of
financial expense, Moreover, the PBILDT Interest coverage ratio
decreased to 4.72x in FY17 due to increase in financial expenses on
account of increase in working capital utilizations.

* Working capital intensive nature of operations: The operations of
the firm is working capital intensive since the firm is engaged in
civil construction works primarily for various government
departments wherein receipt of payments for works completed takes
around 2-3 months and the firm makes payment to its suppliers
within one month due to low bargaining power. The operating cycle
stood at 64 days during FY17 due to high collection days. The
average utilization of over draft facility was 90% in the last 12
months ended with April 30, 2018.

* Constitution of entity as a proprietorship firm with inherent
risk of withdrawal of capital: With the entity being proprietorship
firm there is an inherent risk of instances of capital withdrawal
by proprietor resulting in lesser of entity's net worth. Further
the proprietorship firms are attributed to limited access to
funding. Furthermore, the proprietor has withdrawn INR0.12 crore
during FY17 for personal use.

* Tender based nature of operations and profitability margins are
susceptible to fluctuation in the prices of materials: The firm
receives most of its work orders from government organizations
which are tender- based. The revenues of the firm are dependent on
the ability of the proprietor to bid successfully for the tenders
and execute the same effectively. However the proprietors' long
experience in the industry for more than three decades mitigates
the risk to some extent. Nevertheless, there are numerous
fragmented & unorganized players operating in the segment which
makes the civil construction space highly competitive. Furthermore,
the profitability margins also come under pressure because
competitive nature of tender based contracts works of the firm. The
profitability margins are susceptible due to fluctuations in the
prices of materials and absence of price variation clause.

* Short term revenue visibility from order book position with high
geographic concentration risk:  The firm has an order book of
around INR15.55 crore as on May 10, 2018 which translates 1.23x of
the total operating income of FY17 and the same is like to be
completed by March 2019. The said order book is related to
construction and improvements of roads and drains. However the
orders in hand provide revenue visibility to the firm for short
term. The firm is providing its services only in Karnataka state
resulted in high geographic concentration risk. Furthermore, the
firm has submitted tenders for around INR54.00 crore for which the
firm is waiting for confirmation from the department.

Key rating strengths

* Established track record and long experience of proprietor in the
construction industry: NMS has a track record of around fifteen
years in the execution of civil construction works. The firm is
actively managed by Mr. Nagayya Makkimane Shetty who is the
proprietor of the firm. He is a qualified graduate in BE (Civil
Engineering). He has more than three decades of experience in
executing works for PWD. Previously, the promoter used to work as
Executive Engineer in PWD Department for more than two decades. The
firm has established good relationship with suppliers and customers
due to presence in the business for a longer period of time.

* Growth in total operating income during the review period: The
total operating income of the firm has been increasing year-on-year
and doubled from INR5.72 crore in FY15 to INR12.34 crore in FY17
due to increase in number of contracts received and executed in
timely manner. Furthermore, the firm has achieved total operating
income of INR25 crore in FY18 (Prov.).

* Satisfactory profitability margins albeit declining during review
period: The profitability margins of the firm have remained
satisfactory albeit declining during the review period. The PBILDT
margin has been declined from 8.07% in FY15 to 6.35% in FY17 due to
increase in the prices of material, labor costs and increase in
sub-contract payments. Furthermore, the PAT margin of the firm also
seen declining from 4.20% in FY15 to 3.26% in FY17 due to increase
in the proportionate of net profit is less than increase in the
proportionate of operating profit in absolute terms due to increase
in interest and depreciation cost.

* Stable outlook for construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development of
the economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revives the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book. The focus of the government
on infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Karnataka based, Nagayya Makkimane Shetty (NMS) was established as
a proprietorship firm in 2005 by Mr. Nagayya Makkimane Shetty. NMS
is engaged in civil construction works like construction and
improvements of roads and drainage works relating to Public Works
Department (PWD), Directorate of Municipal Administration (DMA),
Karnataka Power Corporation Limited (KPCL), City Municipal Council
(CMC), Panchayatiraj Engineering, Department (PRED), Mangaluru City
Corporation (MCC) etc. in the Karnataka state. The firm purchases
materials like cement, steel, metal and Tar from local suppliers
located in and around Karnataka. NMS procures work orders through
online government tender websites.


P. LAKSHMI: Ind-Ra Keeps 'BB-' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained P. Lakshmi's
Long-Term Issuer Rating at 'IND BB- (ISSUER NOT COOPERATING)' in
the non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based Limits* maintained in non-cooperating
     category and withdrawn; and

-- INR60 mil. Non-fund-based Limits** maintained in non-
     cooperating category and 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, and
has not provided information about the sanctioned bank facilities
and utilization, business plans and projections for the 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. 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 1996, Tamil Nadu-based P. Lakshmi is a registered
class I civil contractor with the Public Works Department.


PRASHANT ENTERPRISES: CARE Lowers Rating on INR59.32cr Loans to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prashant Enterprises, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short term Bank      59.32      CARE D Revised from CARE A4;
   Facilities                      Issuer not cooperating and
                                   removed from Issuer not
                                   cooperating

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the short term bank
facilities of Prashant Enterprises factors in instances of delays
in servicing of debt obligations by the company attributable to its
stretched liquidity position. The rating has been constrained due
to working capital intensive nature of operation, small scale of
operations, client concentration risk, highly competitive nature of
the industry, exposure to foreign exchange fluctuation and the
constitution of the firm as a partnership.

Rating Sensitivities

Positive Factors

* Improvement in liquidity position

Negative Factors
NA

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There have been instances of delays in
debt servicing by the company attributable to its stretched
liquidity position on account of delays in collections from export
customers. The firm's operations are highly working capital
intensive as reflected from operating cycle of 410 days as on March
31, 2019 (PY: 369 days) on account of high inventory period. It
maintains high inventory of more than 8 months for smooth running
of production facilities. The firm's inventory days increased to
320 days (PY: 270 days). The average creditors period increased to
48 days as on March 31, 2019 (PY: 37 days) and the average
collection period remained constant at 137 days as on March 31,
2019. The firm's operating cycle further elongated to 415 days as
on March 31, 2020. The collection period also stood elongated at
118 days as on March 31, 2020 and the inventory
period increased to 353 days as on March 31, 2020.

* Small scale of operations: Prashant Enterprises reported a
decline of 18.81% in its total operating income to INR69.09 crore
in FY19 (refers to the period from April 1, 2018 to March 31, 2019)
(PY: INR86.11 cr) on account of decrease in the exports. The firm
earns majority of its sales revenue through export sales. The
PBILDT margins in FY19 stood at 11.55% (PY: 11.42%). During FY20
(Prov) (refers to the period from April 1, 2019 to March 31, 2020),
the company has reported income of INR67.32 cr and marginal
increase in PBILDT margin to 13.70 % owing to the increase in
PBILDT due to the decrease in cost of raw materials consumed.

* Client concentration risk: Prashant Enterprises has high customer
concentration risk with majority of sales to its top 5 customers
exposing the firm to various risks related to changes in
procurement policy of its major customers. The sales to top 5
customers during FY19 stood at 63.17% (PY: 65.60%) of the total
sales. However, the long standing association with its customers
mitigates this risk to an extent as the firm has an experience for
more than 40 years.

* Exposed to foreign exchange fluctuation: The firm earns most of
its revenue from exports whereas it procures its raw materials
locally. With procurement in domestic currency and sales
realizations in foreign currency, the firm is exposed to the
fluctuation in exchange rates. However, the firm manages this risk
partially (upto 50%) by hedging, through forward cover and might
increase the cover on case to case basis. Therefore, it remains
exposed to forex risk for the unhedged portion. During FY19, the
firm reported a profit of INR1.56 cr due to foreign exchange
fluctuation.

* Highly competitive and fragmented nature of industry: Prashant
Enterprises operates in highly fragmented building hardware items
manufacturing industry wherein the presence of large number of
entities in the unorganized sector limits the bargaining power with
customers. Further, the firm is also exposed to competitive
pressures from established players situated in its exports markets.
The demand for brass building hardware is dependent on building
construction industry which is cyclical in nature. At present, the
real estate development has slowed down and hence performance of
the industry has also been impacted. The residential sector has
been gravely hit with the occurrence of pandemic as the imposition
of nationwide lockdown has brought down the sales to almost nil for
most of the developers, while the construction activity has been
halted completely and the collections are limited to the milestones
achieved prior to lockdown. Even, in the event of resumption of
operations post lockdown, fresh sales is expected to remain
marginal with subdued demand on the back of pessimistic sentiments
of buyers and construction activity is expected to remain passive
on account of slower approval processes, disruption in supply chain
and weakening of cash flows in the near term.

* Constitution as partnership: Prashant Enterprise's constitution
as a partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Further, there has been
withdrawal of capital by the partners in the past.

Liquidity: Stretched

The limit utilization remains high and there have been instances of
delays in debt servicing due to delays in collection of bills.
Although the firm has low repayment obligation of INR0.80 Cr as on
March 31, 2020 with GCA of INR4.20 Cr, the actual cash flow
generation remains constrained due to substantially higher working
capital requirements as reflected from operating cycle of 410 days
as on March 31, 2019 (PY: 369 days) on account of high inventory
period.

Set up in 1979 as partnership firm by Singhal family, Prashant
Enterprises is a manufacturer and exporter of building hardware
materials comprising doorknobs, door handle, ceramic glass,
aluminum doors, window hardware fittings, curtains finials & rods,
tiebacks, holdbacks, etc. The manufacturing facility of Prashant
Enterprises is located in Aligarh (Uttar Pradesh) with total
installed capacity of 2,400 tons of building hardware as on March
31, 2019. The firm procures its raw material (brass, aluminum,
zinc, iron/steel) from suppliers located in nearby areas (e.g.
Aligarh, Hathras, Moradabad etc), whereas it earns all its revenue
from exports to retail chains as well as wholesale traders in UK,
Europe, South Africa and USA.


RADIANT POLYMERS: CARE Lowers Rating on INR75cr Debentures to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Radiant Polymers Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      75.00      CARE D Revised from CARE B+;
   Debentures                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Non-Convertible
Debentures of Radiant Polymers Private Limited factors in delay in
servicing of interest obligation for August 2020 by the company
attributable to its stretched liquidity position and business
disruption caused by Covid-19 pandemic and absence of timely
approval of moratorium by the debenture holder. The rating is
further constrained by leveraged capital structure, weak financial
risk profile, elongated working capital cycle and highly
competitive and fragmented nature of industry. The rating however
derives strength from experienced promoters, reputed clientele,
diversified revenue streams in automotive segment & lighting.

Rating Sensitivities

Positive Factors:

* Improved liquidity supported by steady increase in scale of
operations (above INR200 crore) and stable gross cash accruals of
INR2.50 crore on a sustained basis.

* Improvement in the PBILDT interest coverage ratio to more than
1.25x on a sustainable basis.

Detailed description of the key rating drivers

Key rating Weaknesses:

* Stretched liquidity: Disrupted business operations owing to
outbreak of Covid-19 pandemic and stretched receivables has further
aggravated the liquidity woes of the company. The monthly interest
payment on the Non-Convertible Debentures during the period April
2020 to July 2020 was met largely through available Debt Service
Reserve Account (DSRA) in form of fixed deposits marked under lien
by the lender. The company had requested for a moratorium of
interest payment along with re-scheduling semi-annual principal
repayment which are slated to commence from September 2020.
However, in absence of timely approval of moratorium on NCD by the
lender prior to the due date of interest payment has led to the
default. The company reported cash loss of INR1.05 crore in FY19.
The repayment due in FY21 (semi-annual) as per original sanction
are to the tune of INR7.50 crore.

* Moderate scale of operations with low operating profit: The total
operating income of the company stood moderate at INR199.00 cr in
FY19 (refers to the period: April 1 to March 31) (Rs. 200.47 cr. In
FY18) owing to the slowdown in the automobile sector, which is the
major off-taker for the company. The PBILDT margin of the company
has improved in FY19 however stood low at 4.67% (PY: 1.69%) on
account of intense competition and fluctuating price of the major
raw material. Net loss of the company for FY19 stood at INR4.37
crore (PY: net loss of INR5.64 cr). The losses incurred mainly
because of huge interest cost.

* Leveraged capital structure with moderate debt protection
metrics: The capital structure of the company remained leveraged
because of eroded net worth base and stood at negative INR4.92
crore as on March 31, 2019, on account of continuous losses over
the past few years. The company has refinanced all of its working
capital facilities with NCD of INR75.00 crore. However the NCD is
being raised at higher interest rate leading to higher interest
outflow and lower interest coverage. Further, given the lower
profitability and high repayment of INR7.50 crore during FY21 and
INR15.00 crore in FY22 , the long term solvency position appear
weak.

* Elongated working capital cycle: The business of RPPL is marked
by large working capital requirements in view of its elongated
inventory holding of INR24.31 crore as on March 31, 2019 (INR19.42
crore in FY18) as the company has to maintain adequate amount of
inventory in line with the production schedules of the OEMs, also
major part of raw material is imported from abroad and therefore
lead time is also required to be taken in consideration while
placing an order. However, the working capital requirement is
partially backed by credit period availed from its supplier of
about 76 days in FY19 (PY: 69 days).

* Highly competitive and fragmented nature of the industry: The
plastic components industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
moderate size of the company limits the scope for margin
expansion.

Key rating Strengths:

* Experienced promoters with long and satisfactory track record of
operations: RPPL started its operation of manufacturing of plastic
engineering moulded components in 1988. RPPL is jointly managed by
Mr. Nalin Bahl and Mr. Kumud Jayee with both having experience of
over three decades in the industry. Mr. Nitin Bahl an MBA from IIM
Calcutta by qualification currently looks after the routine
operations and holds the position of Chief Executive Officer. The
promoters are well supported by a team of professionals for each
department like procurement, production, marketing, finance and
administration.

* Diversified Revenue Streams in automotive segment and lighting:
RPPL has diversified revenue streams with majority of their revenue
coming from the plastic components manufactured for automotive
segment. RPPL further has an established relationship with leading
4 wheeler and 2 wheeler players from which it has been getting
repeat orders. RPPL has also ventured into lighting segment and is
a supplier to major players such as Havells India Limited (rated
CARE AAA; Stable/ CARE A1+) and Surya Roshni Limited (CARE A+;
Stable/ CARE A1). The lighting segment has contributed 19.52% to
the overall revenue of the company in FY19 (PY: 12.94%).

Radiant Polymers Private Ltd (RPPL) was incorporated on August 5,
1988 by Mr. Nalin Bahl and Ms. Kumud Jayee. Both the promoters have
over three decades of experience in the business of molded plastic
components. RPPL has been engaged in manufacturing of plastic
molded components and draws majority of revenue from automotive
industry. RPPL is also engaged in the production of lighting
components which majorly involves components for LED lamps.  The
major product profiles include: Engine cooling products, automotive
engineering products and gear shifting assemblies, pedals and
engine transmission which is supplied directly to the OEMs. In
addition, some sales are also made to Tier I auto ancillaries that
further supply to other OEMs.

RPPL has five manufacturing facilities: 2 in Ghaziabad (Uttar
Pradesh) and one each in Uttarakhand, Rajasthan and Gujarat. During
FY19, RPPL has generated ~97% of its revenue from the domestic
market and remaining ~3% from overseas. RPPL exports its products
in the countries like Argentina, Dubai, Japan, China, etc.


RAMESHWARAM COTTON: CARE Lowers Rating on INR10cr LT Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rameshwaram Cotton Mills (RCM), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 31, 2019, placed the
rating of RCM under the 'issuer non-cooperating' category as RCM
had failed to provide information for monitoring of the rating as
agreed to in its rating agreement. RCM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
June 3, 2020, June 4, 2020, June 15, 2020 and 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 assigned to the bank facilities of RCM has been revised
due to non-availability of requisite information.

Detailed description of the key rating drivers

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Nascent stage of operations: RCM undertook a green-field project
to set up plant for cotton ginning and processing. It has completed
its project in November 2016 and started commercial production from
November 2016. Till January 18, 2017, firm has achieved a total
operating income (TOI) of INR15 Crore. Further, in initial year of
operations, the overall gearing is expected to remain high due to
debt taken for project funding as well as availment of working
capital bank borrowing for working capital funding.

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

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

Key Rating Strengths

* Experienced partners in the textile and cotton ginning industry
and established relations with customers and suppliers through
group companies: Mr. Ravikumar Rameshwar Garg and Mr. Girdharilal
Rameshwar Garg, partners, looks after overall affairs of the firm
and have around two decades of experience in the processing of
cotton ginning and pressing. Further, RCM will also get assistance
from its group concerns, Venkateshwara Cotton Mills, Suraj Cotex
(Maharashtra), Suraj Industries (Maharashtra) and Balaji Cotgin
Private Limited (Maharashtra) which are engaged in the same line of
business and are present in the industry since long period of
time.

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

Aurangabad (Maharashtra) based Rameshwaram Cotton Mills (RCM) was
incorporated in December 31, 2015 by Mr. Ravikumar Rameshwar Garg
and Mr. Girdharilal Rameshwar Garg with an objective to set up
green field project for cotton ginning and pressing at Melasangem,
Andhra Pradesh. RCM envisaged total project cost of INR4.88 crore
towards the project which was envisaged to be funded through term
loan of INR3.25 crore and remaining of INR1.63 crore through
unsecured loans and share capital.


RELIANCE COMMUNICATIONS: Insolvency Proceedings v. Ambani Halted
----------------------------------------------------------------
Reuters reports that an Indian court on Aug. 27 halted insolvency
proceedings against Reliance Group chairman Anil Ambani, the
younger brother of India's richest man, and barred him from
disposing of any of his assets.

According to Reuters, Anil Ambani, who runs a business group
separate from his billionaire brother Mukesh Ambani, had filed a
plea with the Delhi High Court challenging the appointment of a
resolution professional over a roughly INR12 billion ($163 million)
personal guarantee that he had given to the State Bank of India for
loans to his companies.

His Reliance Communications (RCom), a mobile carrier launched in
2002 with cut-price plans and is currently in insolvency.

Its heavy debt load and a string of losses exacerbated its shutdown
as Mukesh Ambani's Reliance Industries in 2016 launched its Jio
telecoms venture, breaking the Indian telecoms market with cheap
data plans and free voice services, Reuters notes.

Most of Anil Ambani's other companies, in sectors such as defence,
entertainment and infrastructure, have also struggled.

Ambani, the joint heir to Reliance Industries, forced a split in
the conglomerate after his father Dhirubhai Ambani's death in 2002,
Reuters recalls.

In a 2005 deal brokered by their mother, Anil Ambani won control of
the power, financial services and the newly built telecoms
business, while Mukesh Ambani retained the oil and petrochemicals
business, Reuters relates.

But Anil Ambani's fortunes have ebbed since and he narrowly escaped
a jail sentence last year with his elder brother coming to his
rescue, Reuters adds.

                    About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.


S R COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of S R Cotton Private
Limited (SRCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SRCPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SRCPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2014, SRCPL is promoted by Mr. Rajesh C Jambigi and
Dr. Sunil C Jambigi, and is engaged in cotton ginning and pressing
business, with an installed capacity of 40,000 bales per annum at
Ranebennur, Karnataka.


SALASAR COTTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Salasar Cottex -
Hinganghat (SC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan              .55       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Warehouse Financing    .95       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)
    
CRISIL has withdrawn its ratings on INR0.55 Crore Term Loan
Facility and INR4.50 Crore Cash Credit facility of SC on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

CRISIL has been consistently following up with Salasar Cottex -
Hinganghat (SC) for obtaining information through letters and
emails dated November 30, 2019 and December 26, 2019 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SC. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on INR0.55 Crore Term Loan
Facility and INR4.50 Crore Cash Credit facility of SC on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

Incorporated in 2013, SC gins and presses cotton seeds. The company
has been promoted by Mr. Yogesh Hurkat and his family members.


SANMAAN AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sanmaan Agro
Industries (SAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Warehouse Receipts    1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SAI for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SAI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SAI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SAI is a partnership firm set up by Mr. Zora Singh in Jalalabad,
Punjab, in 2000. The firm mills basmati and non-basmati rice.


SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Satsangi Saket
Dham Ram Ashram (SSSDRA) continue to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             2.66       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long          .82       CRISIL C (ISSUER NOT
   Term Bank Loan                   COOPERATING)
   Facility               
                                    
   Rupee Term Loan       6.67       CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSSDRA for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSSDRA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SSSDRA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SSSDRA
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and his
family. It operates KJ College of Pharmacy, KJ Institute of
Management, and KJ Institute of Engineering and Technology,
offering bachelors and masters courses in pharmacy, management, and
engineering.


SEKAR CONSTRUCTIONS: CARE Lowers Rating on INR6.78cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sekar Constructions (SC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.78      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   Of best available information

   Short Term Bank       5.50      CARE A4; Issuer not
   Facilities                      cooperating; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating(s) of SC under the 'Issuer noncooperating' category as SC
had failed to provide information for monitoring of the rating. SC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating has been revised by taking into account of
non-availability of requisite information due to noncooperation by
Sekar Constructions with CARE's efforts to undertake a review of
the outstanding rating as CARE views information availability risk
as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019, the following were the
rating strengths and weaknesses

Key Rating Weakness

* Decline in profit margins: PBILDT margin of entity declined by 47
bps from 10.06% in FY15 to 9.59% in FY16 due to increase in
material cost and power & fuel cost. PAT margin of the firm also
declined marginally by 5 bps from 5.04% in FY15 to 4.99% in FY16 on
back of increase in the interest and depreciation costs.

* Small sized player with concentrated, regional centric order
book: Despite the long operational track record, the firm continues
to be a small player in the highly fragmented and competitive civil
construction space with total operating income/contract receipts of
INR32.58 crore in FY16. The firm has a concentrated client base,
which has however remained with the firm over the years. However,
the firm has not been able to broaden and
diversify its clientele. As a result, it is significantly dependent
on these clients and their capex plans, because of which it has not
been able to grow its operations. Going forward, the firm's ability
to diversify its client base, bag bigger orders and
execute the same will be significant.

Key Rating Strengths

* Significant growth in total income from operations and moderate
order book position:  The total operating income (TOI) of SC grew
by 62.58% from 20.03 crore in FY15 to INR32.57 crore in FY16 due to
increase in the number of projects executed. Out of the total
revenue, 90% is from the government projects while the remaining is
from private contracts. In 10MFY17 (Prov.), the firm has achieved a
total operating income of INR35 crore. The order book position of
the firm stood moderate at INR30 crore as of February 23, 2017
which is expected to be completed in December 2017.

* Improved capital structure and satisfactory debt coverage
indicators: The capital structure of SC stood moderate in FY16
marked by improved debt equity ratio and overall gearing. The
debt-equity ratio and overall gearing ratio stood at 1.69x and
1.89x as on March 31, 2016 compared to 2.13x and 2.13x as on March
31, 2015 respectively due to increase in networth on back of
accretion of profits. The interest coverage improved significantly
to 6.14x in FY16 from 4.38x in FY15 due to increase in PBILDT.
Total debt to GCA also improved and stood comfortable at 2.41x in
FY16 (against 3.15x in FY15) due to increase in the cash accruals.

* Long experience of the promoter and long operational track record
of the firm in the construction industry: The promoter, Mr E. Sekar
completed his education in Diploma in welding in the year 1977 and
started his career as a welding supervisor in the Department of
Atomic Energy. He has around four decades of experience in the
construction industry. SC is registered as an 'AA' class civil
contractor with Department of Atomic Energy. SC also has a track
record of 23 years in the construction industry.

Sekar Constructions (SC) is a partnership firm established in the
year 1994 by Mr. E. Sekar along with his wife, Mrs. S. Sasikala.
The profit sharing ratio is 60% and 40% respectively. The firm is
the "AA" class category of civil contractor engaged in building
constructions including civil, electrical and mechanical works for
Tamil Nadu State Government, Government of India, State
Government/Central Government Undertakings, Educational
Institutions, and other private contracts. Further, SC also
manufactures concrete blocks required for building construction
which are captively consumed. The firm employs around 400 staff
including 150 labourers and balance being skilled and semi-skilled
employees which includes engineers. The projects and the contracts
for Government projects are awarded through tendering & bidding
while for the private parties, the firm enters into contracts. The
registered office of the firm is located in Kanchipuram, Tamil
Nadu.


SENAPATI MOTORS: CRISIL Keeps D on INR5cr Credit in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Senapati Motors (SM)
continue to be 'CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          5.5        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SM for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SM
continues to be 'CRISIL D Issuer Not Cooperating'.

An Orissa-based dealer, SM is involved in the trading of
two-wheelers of TVS Motor Company. The manufacturing facility is in
Jagatsinghpur, Orissa.


SHAKTI INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shakti Industries -
Fazilka (Shakti) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          11.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long          .25       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                   COOPERATING)
   Facility              
                                    
CRISIL has been consistently following up with Shakti for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shakti, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Shakti is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Shakti
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 1996, Shakti, a partnership between Mr. Pawan Bajaj
and Mr. Sudhir Kumar, mills and processes rice. The firm is based
in Jalalabad (Punjab).


STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Star Organic Foods
Inc (SOFI) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           3         CRISIL D (ISSUER NOT
   Discounting                      COOPERATING)

   Letter of Credit       1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.85      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long          0.15      CRISIL D (ISSUER NOT
   Term Bank Loan                   COOPERATING)
   Facility               
                                    
CRISIL has been consistently following up with SOFI for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SOFI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SOFI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SOFI
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Star Organic Foods Inc. (SOFI) is a partnership firm incorporated
in 2011 and engaged in exports of shrimps, providing cold storage
facilities for the group entities and shrimp pre-processing in
addition to sale to local traders for shrimp exports. The entity
was initially involved in trading of organic fruits in addition to
shrimps till April 2011. The firm is located in Nellore, Andhra
Pradesh (AP).


SWASTIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Swastik Enterprises -
New Delhi (SE) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    9.5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SE
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta, is
located in New Delhi. It was reconstituted as a partnership firm in
1991. SE trades in steel scraps and cold-rolled sheets; it sells
steel scraps to thermo-mechanically treated (TMT) steel bar
manufacturers, auto manufacturers, and casting units. The firm's
operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta, and Mr.
Arun Gupta.


TARACHAND INT'L: CARE Keeps D on INR50 Bank Loans in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tarachand
International Private Limited (TIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      50.00      CARE D; Issuer not cooperating;
   Bank Facilities                 Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 29, 2019, placed the
rating(s) of TIPL under the 'issuer non-cooperating' category as
TIPL had failed to provide information for monitoring of the
rating. TIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 13, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating takes into account the delays in debt servicing
obligations and classification of the company's account as
NonPerforming Asset (NPA).

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Delay in debt servicing: As per interaction with the banker,
there have been delays in debt servicing and the account has been
classified as NPA.

Tarachand International Private Limited (TIPL) was set-up in 2011
by Mr Vinod Kariya and Mrs Sunita Kariya. The company is into the
business of steel trading (viz. sheets, plates, channels, angels &
others) and ship breaking. TIPL has its registered office in Mumbai
and carries out the ship breaking activity from the Mumbai port.


TRADOHUB B2B: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tradohub B2B
Limited's (formerly Ingenius E-Commerce Private Limited) Long-Term
Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND
BBB-(ISSUER NOT COOPERATING)'. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency.

The instrument-wise rating actions are:

-- INR52.4 mil. Fund-based working capital facilities downgraded
     with IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR5.0 mil. Non-fund-based working capital facilities
     downgraded with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR62.6 mil. Proposed fund-based working capital facilities*
     downgraded and assigned with IND BB (ISSUER NOT COOPERATING)
     / IND A4+ (ISSUER NOT COOPERATING) rating.

*The provisional rating of the proposed bank facilities has been
converted to final rating as per Indi-Ra's updated policy. This is
because the agency notes that debt seniority and general terms and
conditions of working capital facilities tend to be uniform across
banks, and are not a rating driver.

*The rating is downgraded to Provisional IND BB(ISSUER NOT
COOPERATING)/Provisional IND A4+ (ISSUER NOT COOPERATING) before
being assigned

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

KEY RATING DRIVERS

The downgrade is pursuant to SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer having an investment-grade rating remains
non-cooperative with a rating agency for more than six months
should be downgraded to sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect it's credit strength as the issuer has been
non-cooperative with the agency, therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

COMPANY PROFILE

Incorporated in 2014, Tradohub B2B is an e-distributor of food and
agricultural products, chemicals, pharmaceutical products, polymers
and additives, metal and minerals, and other industrial raw
materials. The company has launched an e-commerce application -
Tradohub.com - for small and medium enterprises.


USHER AGRO: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Usher Agro
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 action is:

-- INR550 mil. Non-convertible debentures (NCDs) (Long-term)
     INE235G08016 ISIN issued on December 23, 2015 11% coupon rate

     due on June 2021 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
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, following the
company's announcement to BSE Ltd  regarding the National Company
Law Tribunal's order for the commencement of liquidation
proceedings under the provisions of the Insolvency and Bankruptcy
Code, 2016. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Usher Agro is primarily engaged in the processing of non-basmati
rice, basmati rice and wheat products.


UTTAM SEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Uttam Seeds - Hisar
(USH) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-        3.5        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with USH for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of USH. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on USH is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of USH
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on INR3.50 Crore Proposed
Fund-Based Bank Limits and INR5 Crore Cash Credit facility of USH
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Set up in 1992 as a proprietorship firm by Mr. Ramesh Kumar Bansal,
USH tests, processes, and grades different seeds; and also trades
in BT cotton seed. The processed seeds are certified by the Haryana
State Seed Certification Agency and are sold under the Uttam Seed
brand. Processing unit is in Hisar, Haryana.


WADHAWAN GLOBAL: CARE Reaffirms D Rating on INR55cr LT Term Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Wadhawan Global Hotels and Resorts Pvt. Ltd. (WGHRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-      55.00     CARE D; ISSUER NOT COOPERATING
   Fund-based LT-                  Rating reaffirmed based on best

   Term loan                       Available information, Issuer
                                   did not cooperate

   Bank Facilities-       7.00     CARE C; Stable; ISSUER NOT
   Non-fund based-                 COOPERATING Rating reaffirmed
   LT-Bank Guarantee               Based on best available
                                   information, Issuer did not
                                   cooperate

   Bank Facilities-       2.50     CARE A4; ISSUER NOT
   Fund-based ST-                  COOPERATING Rating reaffirmed
   Working Capital-OD              Based on best available
                                   information, Issuer did not
                                   cooperate

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from WGHRPL to monitor the
rating(s) vide e-mail communications dated August 3, 2020, August
4, 2020 and August 10, 2020. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on WGHRPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING*/
CARE C; Stable, ISSUER NOT COOPERATING/CARE A4, ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on January 15, 2019, the following were
the rating strengths and weaknesses (updated with best available
information from RoC, NCLT orders, press releases, etc.):

Key rating Weakness

* Delay in interest servicing of the term loan: There have been
recent delays in the interest servicing obligation of the term loan
facility due to deterioration in the liquidity position of the
company. During FY2017-18 (refers to the period April 2017- March
2018), the company has posted cash losses as compared to cash
profit reported in FY2016-17.

* Referred to NCLT by its operational creditors: WGHRPL was
referred to NCLT by its operational creditors (System Tech and
Progility Technologies Pvt. Ltd.) to recover their dues outstanding
to WGHRPL. As per order dated October 1, 2019 (for Progility
Technologies Pvt. Ltd) and December 6, 2019 (for System Tech), the
Court has dismissed petitions of operational creditors after
consent terms were negotiated between parties and filled with the
court.

* Exposed to risk related to optimal occupancy due to nascent stage
of operations of the hotel: Although WGHRPL has received the liquor
license and also has commenced operations for majority of its room
inventory as on January 31, 2018, given the nascent stage of
operation of the hotel the operational stability remain to be
established. Accordingly, the hotel's revenue and profitability
remain exposed to off-take risk.

Key Rating Strengths:

* Management-cum-marketing tie-up with Carlson Hotels Worldwide:
WGHRPL has entered in to comprehensive business agreement WEF
August 16, 2016, by way of long-term contracts (for ten years and
renewable further for a period of another ten years), with one of
the world's leading hotel chain, i.e. the Carlson Hotels Worldwide.
The operation and management of the hotel shall be undertaken by
Country Development & Management Services Pvt. Ltd (CDMS), the
Indian arm of the Carlson Group, under the brand name "Radisson
Blu".

Wadhawan Group has more than three decades of experience with
presence in diversified verticals such as food retail, hospitality,
hotels and resorts, lifestyle retailing, education, financial
services and real estate. WGHRPL was incorporated on December 27,
2006 and currently operates a 5-star deluxe hotel project at
Hinjewadi, Pune.




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

EAGLE HOSPITALITY: Auditors Issue Disclaimer of Opinion
-------------------------------------------------------
Janice Heng at The Business Times reports that independent auditors
KPMG have issued a disclaimer of opinion in respect of the
financial statements of Eagle Hospitality Trust (EHT), which
released the independent auditors' report on Aug. 28, after market
close.

EHT is a stapled group comprising Eagle Hospitality Real Estate
Investment Trust (EH-Reit) and Eagle Hospitality Business Trust
(EH-BT).

BT says the auditors had been tasked to audit the financial
statements of EH-BT, EH-Reit and its subsidiaries, and of EHT. The
audit covered their respective financial positions as at Dec. 31,
2019, and their fund movements from April 11 till that date.

In the report dated Aug. 14, the auditors said that they "have not
been able to obtain sufficient appropriate audit evidence to
provide a basis for an audit opinion on these financial
statements".

"Accordingly, we do not express an opinion on the accompanying
financial statements of EH-BT and consolidated financial statements
of EH-Reit Group and EHT."

According to BT, the auditors noted many key events related to
ongoing disagreements between EHT and its sponsor Urban Commons,
whose units are master lessees of EHT's investment properties.

Given the potential impact of these events, there are "multiple
uncertainties" that would affect the going-concern assumption
underlying the preparation of the financial statements, said the
auditors.

"Accordingly, we are unable to satisfy ourselves on the
appropriateness of the managers' preparation of the financial
statements of EH-BT, the EH-Reit group and EHT on a going-concern
basis, the completeness of related-party transactions identified,
and the completeness of liabilities recorded and/or disclosed by
the EH-Reit group and EHT."

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


KS ENERGY: OCBC Seeks to Place Firm Under Judicial Management
-------------------------------------------------------------
The Business Times reports that OCBC Bank has asked the High Court
to place KS Energy and its principal subsidiary KS Drilling under
judicial management but the troubled offshore and marine group is
suggesting an alternative solution.

BT relates that the move came after the bank sent letters of demand
to KS Energy, KS Drilling and six other subsidiaries for a US$230.7
million (SGD314 million) secured term loan and a
SGD5 million unsecured bridging loan, both owed by KS Drilling.

KS Drilling is an 80.09 per cent-owned subsidiary of KS Energy. The
latter said it gave US$150 million in guarantees for the term loan,
although the other subsidiaries' guarantees are "much less".

According to BT, OCBC is looking to appoint Deloitte & Touche's
Andrew Grimmett and Lim Loo Khoo as the interim judicial managers,
pending the hearing on the JM application, said KS Energy on
Aug. 28.

The court hearing for the interim JM application will take place on
Aug. 31, while the pre-trial conference for the JM application will
be held on Sept. 10, BT discloses.

In response to the bank's court applications, the oilfield supply
and services provider proposed to put in place measures to let OCBC
"fully monitor and supervise" all its business operations, BT
says.

These measures will give the lender "all the transparency, control
and protection it requests without having the adverse effects on
the pledged assets that a JM scheme brings", KS Energy said.

It added that the rigs pledged to OCBC are in "no jeopardy from
other parties", and disputed the need for an interim JM application
as there is no risk of dissipation or deterioration of assets. KS
Drilling's liability under the term loan is secured by securities
including mortgages over some of its jack-up and land rigs in favor
of OCBC, the report relays.

"The proposed judicial managers are not better placed than the
present management to continue the company's business so as to
safeguard its and its creditors' interests," KS Energy, as cited by
BT, said.

It added: "There is no evidence of the company behaving
fraudulently at the expense of the creditors."

According to BT, KS Energy group chairman and chief executive
officer (CEO) Richard Wiluan stated that it is fully committed to
working with OCBC to resolve the bank's concerns in a manner that
will maximise the interest of all creditors and the company.

He noted that the group had been facing unprecedented challenges,
just like its industry peers, after the oil price collapse and
supply chain disruptions caused by the coronavirus pandemic, BT
relays.

In the last two years, KS Energy has taken initiatives, including
cutting costs, to improve its financial position, "resulting in a
72 per cent reduction in loss for the first six months ended June
30, 2020 as compared to the previous corresponding period", he
added.

BT notes that Mr. Richard Wiluan took the helm after his father,
Indonesian tycoon Kris Wiluan, stepped down in mid-August as group
chairman and CEO.

The older Mr. Wiluan faces 112 charges of alleged false trading and
market rigging for share purchases made between 2014 and 2016. KS
Energy has said that those were his personal share purchases and
were separate from the group's current financial problems. In early
August, the company said it was standing by Mr. Kris Wiluan's
suitability to remain chairman and CEO, BT adds.

Trading in shares of mainboard-listed KS Energy has been suspended
since Aug. 12, the report notes.

Headquartered in Singapore, KS Energy Limited operates as an energy
services provider primarily to the oil and gas, marine, and
petrochemical industries in Kurdistan, Egypt, Pakistan, Vietnam,
Indonesia, Malaysia, and internationally. KS Energy Limited is a
subsidiary of Pacific One Energy Limited.


SINGAPORE AIRLINES: Egan-Jones Cuts Senior Unsecured Ratings to BB
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 19, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Singapore Airlines Limited to BB from BBB-.

Headquartered in Singapore, Singapore Airlines Limited provides air
transportation, engineering, pilot training, air charter, and tour
wholesaling services.



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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