/raid1/www/Hosts/bankrupt/TCRAP_Public/201026.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, October 26, 2020, Vol. 23, No. 214

                           Headlines



A U S T R A L I A

BARMINCO HOLDINGS: S&P Withdraws 'BB' LT Issuer Credit Rating
MERCURY COMMUNICATIONS: Second Creditors' Meeting Set for Nov. 2


C H I N A

CHINA PHARMA: Has $13,000 Net Income for the Quarter Ended June 30
POWERLONG REAL: Moody's Assigns B2 Rating on New Sr. Unsec. Notes


I N D I A

AKSHAR COTTON: CARE Reaffirms D Rating on INR10cr LT Loan
ARYAMAN ISPAT: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
BORKAR COLORPACKS: Insolvency Resolution Process Case Summary
DEWAN HOUSING: Oaktree, Piramal, Adani Submit Bids for DHFL
DEWAN: Wadhawan Can't Offer Assets for Settlement, 63 Moons Says

EXCLUSIVE OVERSEAS: CARE Keeps C Debt Ratings in Not Cooperating
FUTURE CONSUMER: CARE Lowers Rating on INR266cr LT Loan to D
GAMMON INFRASTRUCTURE: CARE Assigns D Rating to INR60cr Loans
GARG & COMPANY: CARE Lowers Rating on INR3.70cr LT Loan to C
GLOW MAC: CARE Keeps D Debt Rating in Not Cooperating Category

GMR HYDERABAD: CARE Reaffirms D Rating on INR1,381.20cr Loan
GMR KAMALANGA: CARE Reaffirms D Rating on INR3,919.66cr Loan
HIM TEKNOFORGE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
HINDUSTAN CONSTRUCTION: CARE Reaffirms D Ratings on Bank Facilities
INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating

LANCO BABANDH: CARE Keeps D Debt Ratings in Not Cooperating
LANCO VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
M J ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
MYTRAH AKSHAYA: Ind-Ra Affirms 'BB+' Loan Rating, Outlook Stable
NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating

NEELACHAL ISPAT: CARE Reaffirms D Rating on INR644.64cr Loan
ORIENT SPUN: CARE Lowers Rating on INR4.50cr LT Loan to C
P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
PARANJAPE SCHEMES: CARE Cuts Rating on INR175cr NCD to C
PEC LIMITED: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating

POLYCHEM INDUSTRIES: CARE Lowers Rating on INR8.91cr Loan to D
PONDICHERRY TINDIVANAM: CARE Cuts Rating on INR210.94cr Loan to D
PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
RANGANATHA GOLD: CARE Keeps D Debt Rating in Not Cooperating
RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category

SALASAR ENTERPRISES: Insolvency Resolution Process Case Summary
SONY AIRCON: CARE Lowers Rating on INR10cr LT Loan to C
SUPERIOR FOOD: CARE Reaffirms C Rating on INR40cr LT Loan
UNITED COLD: CARE Reaffirms D Rating on INR6.42cr LT Loan
V S EDUCATION: CARE Keeps C Debt Rating in Not Cooperating

VISEN INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'


J A P A N

ANA HOLDINGS: Japan Prefers Piecemeal Approach to Big Bailout


M A L A Y S I A

AIRASIA GROUP: Secures Loan; Capital Raising Progressing
MALAYSIA AIRLINES: MAB Clarifies Liquidation Notice
MALAYSIA AIRLINES: Offers Early Retirement Scheme to Employees

                           - - - - -


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

BARMINCO HOLDINGS: S&P Withdraws 'BB' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'BB' long-term
issuer credit rating on Australia-based mining services company
Barminco Holdings Pty Ltd. at the issuer's request. The withdrawal
follows the repayment of Barminco's outstanding US$350 million 2022
bonds by the parent company, Perenti Global Ltd. (BB/Stable/--).
The outlook at the time of withdrawal was stable. S&P continues to
assess Barminco as a core subsidiary of Perenti Global.


MERCURY COMMUNICATIONS: Second Creditors' Meeting Set for Nov. 2
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Mercury
Communications Pty. Limited, trading as Kingston Trophies and
Giftwarehas, been set for Nov. 2, 2020, at 11:00 a.m. at the
offices of Hamilton Murphy Advisory Pty Ltd, Level 1, 255 Mary
Street, in Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2020, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Mercury Communications on Aug. 3, 2020.



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

CHINA PHARMA: Has $13,000 Net Income for the Quarter Ended June 30
------------------------------------------------------------------
China Pharma Holdings, Inc. filed its quarterly report on Form
10-Q, disclosing a net income of $13,053 on $3,770,723 of revenue
for the three months ended June 30, 2020, compared to a net loss of
$838,103 on $2,569,408 of revenue for the same period in 2019.

At June 30, 2020, the Company had total assets of $23,165,021,
total liabilities of $14,766,500, and $8,398,521 in total
stockholders' equity.

The Company said, "As of June 30, 2020, the Company had cash and
cash equivalents of $1.8 million and an accumulated deficit of
$26.6 million.  The Company's Chairperson, Chief Executive Officer
and Interim Chief Financial Officer has advanced an aggregate of
$0.8 million at June 30, 2020 to provide working capital and enable
the Company's required payments related to its construction loan
facility.  Although the Company recorded a profit in the three
months ended June 30, 2020, operating losses are anticipated to
continue for the foreseeable future due to, among other things,
costs related to the production of its existing products, debt
service costs and costs of selling and administrative organization.
These conditions raise substantial doubt about its ability to
continue as a going concern within one year after the date that the
financial statements are issued.  To alleviate the conditions that
raise substantial doubt about the Company's ability to continue as
a going concern, management plans to enhance the sales model of
advance payment, and further strengthen its collection of accounts
receivable.  Further, the Company is currently exploring strategic
alternatives to accelerate the launch of nutrition products.  In
addition, management believes that the Company's existing fixed
assets can serve as collateral to support additional bank loans.
In April 2020 the Company obtained a line of credit from a bank for
an aggregate amount of RMB 10,000,000 (approximately $1.4 million),
of which RMB 5,000,000 (approximately $0.7 million) have been
advanced to the Company.  Also, in June 2020 the Company obtained
an additional line of credit and received advances totaling RMB
8,500,000 (approximately $1.2 million).  While the current plans
and additional financing will allow the Company to fund its
operations in the next twelve months, there can be no assurance
that the Company will be able to achieve its future strategic
alternatives raising substantial doubt about its ability to
continue as a going concern."

A copy of the Form 10-Q is available at:

                       https://is.gd/1Hq1NS

China Pharma Holdings, Inc., through its subsidiary, develops and
manufactures pharmaceutical products for human use in a range of
high-incidence and high-mortality diseases and medical conditions.
China Pharma Holdings markets its products to hospitals and private
sellers in the Peoples Republic of China.


POWERLONG REAL: Moody's Assigns B2 Rating on New Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Powerlong
Real Estate Holdings Limited's (B1 positive) proposed senior
unsecured USD notes.

Powerlong plans to use the proceeds from the proposed notes to
refinance its offshore debt.

RATINGS RATIONALE

"Powerlong's B1 corporate family rating (CFR) reflects its (1)
track record of developing and selling commercial and residential
properties; (2) growing recurring revenue, which improves the
stability of its debt servicing; and (3) expansion into cities with
strong economic fundamentals where demand for its properties is
more favorable," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

"However, the company's credit profile is constrained by execution
risk, the high level of capital required for its business strategy,
and its moderate debt leverage," adds Lai.

The proposed issuance will improve Powerlong's liquidity profile
and not materially affect its credit metrics, because the company
will use the proceeds to refinance existing debt.

Moody's expects Powerlong's debt leverage — as measured by
revenue/adjusted debt — will improve to 55%-65% over the next
12-18 months from around 50% for the 12 months ended June 2020
supported by robust revenue growth from good contracted sales.
Similarly, Moody's expects adjusted EBIT/interest will remain
strong at 3.0x-3.4x from about 2.9x over the same period.

Powerlong's rental income will also grow 25% annually to around
RMB2.1 billion over the next 12-18 months from RMB1.9 billion in
2019, underpinned by the scheduled opening of its new retail malls.
The company plans to open 10 retail malls in the second half of
2020 and a further 13 malls in 2021. This will support rental
income growth and strengthen its capability to service interest
payments.

The company's total contracted sales grew 20.4% to RMB54.3 billion
in the first nine months of 2020 compared with last year. Moody's
expects its contracted sales will increase slightly to around RMB70
billion in 2020, supported by good sales execution abilities, and
its focus on the economically strong Yangtze River Delta region,
which can support a more robust housing demand.

The B2 senior unsecured debt rating is one notch lower than
Powerlong's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Powerlong's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the likely recovery rate for claims at the holding
company will be lower.

Powerlong's liquidity is good. Its cash holdings of RMB26.4 billion
as of June 30, 2020 can fully cover its short-term debt of RMB22.9
billion. Moody's expects the company's cash holdings, together with
expected operating cash flow, will be able to cover its committed
land purchases, dividend payments, as well as capital spending and
payables for its previous acquisitions, over the next 12-18
months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholders, Hoi Kin Hong and Hoi Wa Fong, who held a
59% stake in the company as of June 30, 2020.

Moody's has also considered (1) the fact that independent directors
chair Powerlong's audit and remuneration committees; (2) the low
level of related-party transactions and dividend payouts; and (3)
the presence of other internal governance structures and standards
as required by the Hong Kong Stock Exchange, on which the company
is listed.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework, because of the
substantial implications for public health and safety.

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

The positive outlook on Powerlong's CFR reflects Moody's
expectations that Powerlong's credit metrics will improve over the
next 12-18 months, driven by strong revenue recognition and good
profit margins. It also reflects that Powerlong's growing
investment property portfolio will strengthen its recurring rental
income, which in turn will support its cash flow stability and
profitability.

Moody's could upgrade the ratings if Powerlong (1) continues to
grow in scale while maintaining adequate liquidity and sound credit
metrics; and (2) improves its debt leverage to a level that matches
its business model of holding investment properties. Credit metrics
that could trigger an upgrade include: (1) adjusted EBIT/interest
rising above 3.0x; and (2) revenue/adjusted debt in excess of
60%-65%.

A downgrade of the rating is unlikely, given the positive outlook.
However, Moody's could revise Powerlong's outlook to stable if the
company's sales weaken or if it pursues a more aggressive expansion
strategy that weakens its credit metrics. Credit metrics that could
trigger a downgrade include: (1) adjusted EBIT/interest falling
below 2.5x; and (2) revenue/adjusted debt failing to trend toward
55%.

The principal methodology used in this rating was Homebuilding and
Property Development Industry published in January 2018.

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company, which is 59% owned
by the founding Hoi family as of June 30, 2020, listed on the Hong
Kong Exchange in October 2009.

As of June 30, 2020, Powerlong's land bank for development totaled
around 28.6 million square meters in gross floor area under
development and for future development.



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

AKSHAR COTTON: CARE Reaffirms D Rating on INR10cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Akshar Cotton Industries (ACI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities             10       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACI remains
constrained due to irregularity in debt servicing till Mid-July
2020 owing to poor liquidity position.

Rating Sensitivities

Positive Factors
* Establishing clear debt repayment track record for consecutive
three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Irregularities in debt services: As per banker interaction, there
is over utilization of its cash credit limit till mid-July 2020 due
to its poor liquidity.

Liquidity Analysis: Poor Liquidity

Liquidity remained poor as marked by low gross cash accruals of
INR0.27 crore during FY20 (Provisional) as against Nil debt
repayment obligations during FY21. Further, average utilization of
working capital limit remained high at 85% for trailing 12 month
period ending August, 2020. Furthermore, Cash and bank balance
remained low INR0.14 crore as on March 31, 2020 (Provisional) as
against INR0.11 crore as on March 31, 2019, while cash flow from
operating activities remained negative at INR5.53 crore during FY20
(Provisional) as compared to positive INR6.76 crore in FY19 owing
to blockage of funds in receivables. However, Firm has not availed
moratorium for payment of interest on cash credit facility during
Covid-19 pandemic.

Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm was owned by three partners namely Mr.
Ashokbhai Dudhagara, Mr. Hashmukhbhai Pansuriya and Mr.
Narendrabhai Virani. Currently ACI is managed by two partners
namely Mr. Ashokbhai Dudhagara and Mr. Hashmukhbhai Pansuriya. ACI
is engaged in ginning and pressing of raw cotton. ACI's
manufacturing facility is located at Kalavad in Jamnagar District
of Gujarat. ACI has an installed production capacity of 230 cotton
bales per day (24 hours operation) as on March 31, 2019. Angel
Fibers Limited (rated CARE D/D) is associate entity of ACI, which
is engaged into manufacturing of carded, combed and compact cotton
yarn since 2014.

ARYAMAN ISPAT: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aryaman Ispat
Private Limited's (AIPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund–based working capital limit affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR120 mil. Non-fund-based limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects AIPL's continued medium scale of
operations, as indicated by the revenue of INR1,746.05 million in
FY20 (FY19: INR1,960.50 million). The revenue declined in FY20 due
to the nation-wide COVID-19 led lockdown due to which the company
could not book sales in March 2020. The agency, however, expects
the company's revenue to improve in FY21, owing to increased
pent-up demand from the existing customers.

The ratings factor in the company's modest credit metrics. AIPL's
interest coverage (operating EBITDA/gross interest expense)
marginally deteriorated to 1.26x in FY20 (FY19: 1.35x) and the net
leverage (adjusted net debt/operating EBITDA to 10.61x (9.34x) due
to an increase in the total debt to INR407.76 million (INR352.10
million) to meet the working capital requirements of the company.
Ind-Ra expects the company's credit metrics to improve marginally
in FY21 owing to the improved EBITDA.

The ratings continue to be constrained by AIPL's modest EBITDA
margin owing to the company's presence in the highly-competitive
steel industry, which is vulnerable to fluctuations in the price of
raw materials. The company's margin expanded to 2.2% in FY20 (FY19:
1.9%) due to higher product prices, which was a result of a
favorable change in the company's trading policy. The return on
capital employed was 9% in FY20 (FY19: 8.2%). Ind-Ra expects the
company's margin to deteriorate slightly in FY21 due to the
prevalent rising raw material prices.

Liquidity Indicator - Stretched: The ratings also reflect AIPL's
stretched liquidity position, as indicated by its cash and cash
equivalent of INR0.61 million at FYE20 (FYE19: INR4.91 million).
The average maximum fund-based working capital utilization stood at
88.28% for the 12 months ended September 2020. Its cash flow from
operations remained negative at INR89.91 million in FY20 (FY19:
negative INR14.35 million) due to its elongated working capital
cycle, which further elongated to 78 days (52 days) due to higher
outstanding debtors for March 2020 owing to the lockdown. Ind-Ra
expects the company's liquidity position to improve marginally in
FY21 on account of an expected improvement in the working capital
cycle due to better realization from debtors. AIPL availed of the
Reserve Bank of India-prescribed moratorium, which was paid in full
in August 2020.

The ratings, however, are supported by the promoters' over a decade
of experience in the iron and steel trading business. Furthermore,
the company is also an authorized distributor of Tata Steel BSL Ltd
(commercial paper rated at 'IND A1+') hot-rolled and cold-rolled
sheets and coils.

RATING SENSITIVITIES

Negative: A significant decline in the scale of operations, leading
to deterioration in the credit metrics and/or the liquidity
position, could lead to a negative rating action.

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics with interest coverage exceeding
1.5x, and an improvement in the liquidity, on a sustained basis,
could lead to a positive rating action.

COMPANY PROFILE

AIPL was incorporated in January 2006. The company is engaged in
the trading of hot-rolled and cold rolled sheets and coils. The
day-to-day operations are managed by Dinesh Kumar Garg, Parul Garg
and Deepak Garg who are also the directors of the company.


BORKAR COLORPACKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Borkar Colorpacks Private Limited
        Alankar Building
        Martaries Dias Road
        Malbhat Margao
        GA 403601
        IN

Insolvency Commencement Date: August 31, 2020

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: February 27, 2021

Insolvency professional: Ajay Vijay Kumar Agrawal

Interim Resolution
Professional:            Ajay Vijay Kumar Agrawal
                         Nakshatra Insolvency Resolution
                         Professionals Ltd
                         3rd Floor Gandhi Nagar
                         Ambazari Road
                         Nagpur 440011
                         E-mail: ajayamarca@yahoo.com
                                 cirp.borkar@gmail.com

Last date for
submission of claims:    October 28, 2020


DEWAN HOUSING: Oaktree, Piramal, Adani Submit Bids for DHFL
-----------------------------------------------------------
Business Standard reports that the lenders to Dewan Housing Finance
Corporation (DHFL) have received a cash offer of INR12,000 crore
from US-based asset management company Oaktree Capital for the
entire company.

Oaktree has offered to pay an additional INR8,000 crore over the
next few years, with interest to be paid on the balance in the
interim period, Business Standard says.

According to the report, Oaktree's INR20,000 crore is pitted
against the INR15,000-crore offer by Piramal Enterprises for the
retail portfolio and the INR3,000-crore put on the table made by
Adani Group for the construction finance and slum re-development
area projects.

"The banks will have to take a call on whether to accept the offers
of Oaktree or those of Piramal and Adani Groups," Business Standard
quotes a source close to the development as saying.

"Oaktree will offer INR8,000 crore over the next few years, which
is close to the G-Sec and is not attractive to the lenders," the
source said.

The bids were opened by the lenders last week. The offer made by
the fourth bidder, SC Lowy, for the construction finance books was
full of riders and does not look attractive, the source said,
Business Standard relays.

The lenders will start negotiating with the bidders, asking them to
improve their offers, the source, as cited by Business Standard,
said. For Piramal Group, the acquisition of the retail books is
important to balance its wholesale books, which are facing issues
due to the slowdown in the real estate sector.

"DHFL's retail books are giving a steady cash flow and will help
Piramal," the source said.

Adani Group has made conservative bids, keeping in mind the
slowdown in the real estate sector, Business Standard says.

In February this year, the lenders to DHFL had sought offers for
the company, Business Standard recalls. Almost 24 companies had
shown an interest in DHFL. They included Aion Capital, Adani
Capital, Hero Fincorp, KKR Credit Advisors, Oaktree, Morgan
Stanley, Goldman Sachs Group Inc, Deutsche Bank AG, Warburg Pincus,
SSG Capital, Edelweiss, Lone Star, and Blackstone. All backed out
barring the four, the report notes.

Business Standard says the bids for the company were muted also due
to a forensic audit report by Grant Thornton, which revealed a
INR14,500-crore hole in DHFL's books.

The report, which has been submitted to the National Company Law
Tribunal (NCLT), has said there is a INR9,320-crore hole in the
wholesale books, a INR1,707-crore loss on the SRA count, and
another diversion of INR3,000 crore in retail loans, according to
Business Standard.

Recovering these loans is doubtful, the report said. Indian
lenders, mutual funds, and provident fund have an exposure of
INR88,000 crore to the company. Of this, State Bank of India has an
exposure of INR10,000 crore, Business Standard discloses.

                            About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.

DEWAN: Wadhawan Can't Offer Assets for Settlement, 63 Moons Says
----------------------------------------------------------------
BloombergQuint reports that countering DHFL Ltd. promoter Kapil
Wadhawan's settlement offer to an RBI administrator by transferring
his rights in properties worth over INR43,000 crore, 63 Moons
Technologies has served a cease and desist notice against any such
move citing Madras High Court's injunction order barring the NBFC
from selling, alienating or encumbering any asset.

According to BloombergQuint, 63 Moons Technologies Ltd. had filed
civil and criminal cases against DHFL and Wadhawans, accusing them
of fraud and siphoning off money. It had invested INR218 crore in
non-convertible debentures issued by DHFL on an assurance of a high
rate of interest of over 9% per annum, but the troubled firm
allegedly failed to make any payment after 2016-17.

In its plea before the courts, 63 Moons had alleged that DHFL and
Wadhawans "have siphoned off the public money and invested in Shell
companies and tried to default the investors," BloombergQuint
says.

BloombergQuint relates that the jailed promoter of crisis-hit DHFL,
Kapil Wadhawan had offered his personal and family properties,
which he claims are worth INR43,000 crore, for repayment of
outstanding loans of lenders to the company. He wrote to
RBI-appointed administrator R Subramaniakumar on Oct. 17 saying his
offer would ensure maximum value for the assets that have been put
on the block to repay loans.

In a press release issued on Oct. 22, 63 Moons said it has sent a
cease and desist notice to Kapil Wadhawan on Oct. 21 after coming
to know of the "shocking" offer made by him despite a June 24
interim order which has been extended till November 23, the Madras
High Court has said that Wadhwans cannot sell or encumber or deal
with any of their assets, according to BloombergQuint.

Wadhawan's offer is "shocking" because there is an injunction
regarding the same passed by the Madras High Court, the release
said, asking for a probe on the assets in the settlement offer made
to the RBI's administrator.

"The very fact that Kapil Wadhwan has now declared such huge assets
when, in fact, he has never disclosed previously any of this
personal wealth, points to the fact that he has, in all
probability, siphoned off this huge amount from DHFL and laundered
it by projecting it as his or his family's property, 63 Moons
said.

It said every investor, creditor and lender of DHFL has a right to
know if the Wadhawans have moved attached DHFL properties into
their personal names or if they have earlier refrained from
disclosing certain high value assets to the law enforcement
agencies and the judiciary.

It sought attachment of all assets of Kapil and Dheeraj Wadhawan
and their family members and also of entities owned and controlled
by them and their family members.

Citing a report by Grant Thornton which was commissioned by the
resolution professional, which had found siphoning off of INR20,000
crore of lenders' money to promoters of DHFL or entities controlled
by them, it said a custodial interrogation of the Wadhawans is
necessary for understanding the same, BloombergQuint says.

Currently under judicial custody, Wadhawan has proposed to the
transfer of the right, title and interest in various projects which
form part of the real estate portfolio of his family to enable
proper and complete resolution of DHFL and to maximise the value of
the properties.

The valuation of these projects, including Juhu Galli project and
Irla project, is about INR43,879 crore that to at a 15% lesser
market value, the letter dated Oct. 17 said, BloombergQuint adds.

                            About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.

EXCLUSIVE OVERSEAS: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Exclusive
Overseas Private Limited (EOPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      17.71       CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term/Short      8.00       CARE C/CARE A4; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 16, 2019 placed the
rating of EOPL under the 'issuer non-cooperating' category as EOPL
had failed to provide information for monitoring of the rating.
EOPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 9, 2020
September 1, 2020and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Exclusive Overseas Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained
owing by small scale of operations, weak financial risk profile and
significant elongation of operating cycle. The ratings, however,
continue to take comfort from experienced promoters coupled with
established relationship with customers.

Detailed description of the key rating drivers

At the time of last rating on August 16, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: The total operating income of the
company continues to remain small as marked by total operating
income of INR40 crorre for FY17, which inherently limits the
company's financial flexibility in times of stress and deprives it
of scale benefits.

* Weak financial risk profile: The net profitability of the company
stood low and below unity for the past two financial years i.e.
FY16-FY17 (FY refers to the period April 1 to March 31st) mainly on
account of high interest expense. The capital structure of the
company marked by overall gearing stood leveraged at above 2x as on
past two balance sheet dates ending March 31, '16- '17. Further,
owing to high debt levels, the coverage indicators stood weak
marked by interest coverage and total debt to GCA stood at 1.22x
and 45.10x respectively for FY17.

* Significant elongation of operating cycle: The operating cycle
elongated significantly to 190 days for FY17 as against 136 days
for FY16 owing to prolongation of collection period and inventory
holding period to 145 days and 122 days respectively for FY17.

Key Rating Strengths

* Experienced promoters coupled with established relationship with
customers: EOPL has been in operation since 1996 and accordingly
has a track record of around two decades. The company was promoted
by Mr Rajeev Aggarwal, managing director. He is a graduate by
qualification and possess around three decades of experience in the
similar line of business and looks after the day-to-day operation
of the company. Further, the company had established relationships
with its customers for more than 15 years. While long standing
relationship with its clientele strengthens the business profile
resulting assured revenue stream to the company.

EOPL was incorporated in January 1996 by Mr Rajeev Aggarwal and his
family member. The company is engaged in the manufacturing of
quilted fabrics. The company has two manufacturing facilities,
located at New Delhi and Bengaluru, Karnataka.

FUTURE CONSUMER: CARE Lowers Rating on INR266cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Consumer Limited (FCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities
   (Fund-based CC)       266       CARE D Revised from CARE C

   Short-term Bank
   Facilities
   (Fund-based)           70       CARE D Revised from CARE A4

   Short-term Bank
   Facility (Non
   fund-based)            25       CARE D Revised from CARE A4

   Long/Short-term
   Bank Facilities
   (Fund-based)          109       CARE D/CARE D Revised from
                                   CARE C/CARE A4

   Long-term Bank
   Facility (Term
   Loan)                  45.50    CARE D Revised from CARE C

   Non-convertible
   Debentures (NCD)       20       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision of rating of bank facilities of FCL is on account of
delay in debt servicing of bank facilities in some of the banks.
FCL has applied for One Time Restructuring (OTR) with all the
banks. However it was done after the due date of repayment in some
of the banks. The default is primarily on account of poor liquidity
position due to subsequent lockdowns in the wake of corona virus
pandemic (Covid19). The pandemic has led to a general slowdown in
the economy impacting the cash cycle and increased likelihood of
delay of collection of receivables.

The other issues raised by CARE in its press release dated July 27,
2020, i.e. weakened credit profile of its key customer – Future
Retail Limited (FRL), weakening of company's operational
performance, decline in overall market capitalization of Future
Group due to high promoter pledge thereby impacting financial
flexibility, dependence on group companies for revenue and high
working capital cycle continue to constrain the ratings. The
ratings factor in the experienced promoter group of FCL in retail
sector as well as its presence across the fast moving consumer
goods (FMCG) value chain. CARE notes that the Future Group has
entered into an agreement with Reliance Group for asset/stake sale.
An update about the upcoming transaction is provided in our Press
Release (Credit Update) dated September 8, 2020. Early consummation
of the transaction (subject to receipt of regulatory approvals) is
critical towards alleviation of Future Group's current liquidity
issues. The timeliness of consummation of the aforementioned
transaction remains key rating monitorable. Going forward, upon the
proposed transaction being effective, it is understood that FCL as
an entity shall stand dissolved. CARE shall continue to monitor the
developments pertaining to FCL until occurrence of such event.

Key Rating Sensitivities

Positive

* Strong and resilient recovery in operations and cash flows across
the Future Group. Commensurate infusion of equity/monetization of
assets to trim existing debt could also be positive for the
rating.

* Stronger-than-anticipated business performance due to fast
ramp-up of operations and cost optimization measures leading to
improvement of PBILDT margin.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weakening of credit profile and liquidity of key customer: FCL
has significant financial and operational linkages with FRL which
is its largest customer accounting for almost 80% of its sales
annually. Due to the coronavirus pandemic, the retail sector has
been one of the most adversely affected following the lockdown
imposed by the Government and its subsequent extensions. With
relaxations permitted, FRL's sales are expected to improve, however
CARE estimates the recovery to be slower than expected. The monthly
sales of FRL and FCL are yet to reach pre-pandemic levels.

* Loss reported in FY20 on account of provisioning and impairment
loss on investments: On account of challenging business scenario
exacerbated by coronavirus pandemic, FCL has provided for expected
credit loss (ECL) of INR79 crore in receivables for FY20. This
factors those debtors where there is a likelihood of delay although
historically the company has not witnessed any significant
write-offs. These debts are majorly outstanding from its key
customer FRL which is currently facing liquidity issues. FCL has
also booked impairment loss of INR276 crore on certain investments
in its subsidiaries i.e. Aadhaar Wholesale Trading and Distribution
Limited and The Nilgiri Dairy Farm Private Limited, whose business
prospects are also being impacted.

* Intense competition from organised and unorganised sector
players: Indian FMCG market is characterized by a large number of
organised and unorganised players. The domestic organised sector
comprises of some of the world's biggest giants in this business
who enjoy strong brand equity in the market while also commanding
the highest market share. Overall, the FMCG market remains highly
fragmented with widespread use of unbranded and unpacked products.

Liquidity: Poor

The company's liquidity has been severely impacted on account of
lockdown measures. The company has earlier applied to the lenders
for moratorium as per RBI package. The group has applied to the
bankers for enhancement in working capital limits and COVID19
emergency lines to alleviate present liquidity concerns. Further
the company has applied for One Time Restructuring (OTR) with all
the banks.

Key Rating Strengths

* Wide presence across FMCG value chain along with strong
marketing, distribution network and optimized supply chain
management: FCL is focused on developing an integrated strategy
with presence across the FMCG value chain – from sourcing and
processing, to branding and distribution in rural and urban
markets. On a standalone basis, FCL has various business verticals
viz. Private Brands (through contract manufacturing), fruits and
vegetable sourcing, Agri-sourcing and processing.

Analytical approach: Standalone financials of FCL are considered
while factoring in all the support provided to subsidiaries and
JVs.

Entities for which financial support is factored:
Integrated food park Ltd.
Aussee Oats India Limited
MNS Food Private Ltd.
Sublime Food Private Ltd.
The Nilgiri Dairy Farm Private Limited
Hain Future Natural Products Pvt Ltd

Future Consumer Ltd. (FCL, erstwhile known as Future Consumer
Enterprise Ltd.) is a part of the Future Group and operates as a
food company. The company's line of business include branding,
marketing, sourcing, manufacturing, and distribution of basic
foods, ready to eat meals, snacks, beverages, dairy, personal
hygiene and home care products of private label brands of the
Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean
mate, Caremate, Tasty Treat, Fresh & Pure, Voom etc.) and other
brands like Sunkist and Sach, primarily through Future group
formats and outlets in urban and rural areas across India.

GAMMON INFRASTRUCTURE: CARE Assigns D Rating to INR60cr Loans
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gammon
Infrastructure Projects Limited (GIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           25.00      CARE D Assigned

   Short term Bank
   Facilities           35.00      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GIPL takes into
account ongoing delays in the servicing of debt obligations. The
debt servicing capability of the company is stressed on account of
delayed execution and stalled projects and huge debt burden leading
to constrained liquidity position of the company. During FY20, the
company lost control over two of its under-development projects
which are into Toll-Road project (Rajahmundry Godavari Bridge
Limited) and Annuity Project (Patna Highways Private Limited).

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in servicing of debt obligations: As per the
interaction with the lender, there are on-going delays and defaults
in the servicing of debt obligations and overdrawals in fund based
cash credit limits owing to strained liquidity position of the
company. As per FY20 audit report (standalone and consolidated),
there are defaults at standalone level as well as in various SPVs
(Special Purpose Vehicles) where the accounts are classified as
nonperforming accounts (NPA) and some of the SPVs are undergoing
Insolvency Resolution Process (IRP). During FY20, the consolidated
revenue of GIPL declined to INR395 crore as compared to INR526
crore in FY19 mainly on account of subdued performance of Vizag
port, shortage of supply of bagasse during FY20 leading to lower
power generation as well as poor toll collections in the MP road
project and RGBL. Besides, the operations at the SPVs levels are
stressed on account of delayed execution and stalled projects along
with debt burden leading to constrained liquidity position of the
company.

Gammon Infrastructure Projects Limited (GIPL) is an infrastructure
project development company, promoted by Gammon India Limited (GIL)
(CARE D/ INC), one of the largest construction companies in India.
Incorporated in 2001, GIPL undertakes the development of
infrastructure projects on a public-private partnership (PPP) basis
under separate project-specific Special Purpose Vehicles (SPVs),
having presence in project development, project advisory and
sector-specific operations and maintenance. GIPL is publicly listed
entity on both recognized stock exchanges i.e BSE and NSE and its
presence is pan-India with two decade of experience and technical
expertise in the multi-purpose infrastructure segments with diverse
portfolio across Roads, Power and Port sectors. The company is
presently engaged in the development of various infrastructure
projects in sectors like transportation, energy and urban
infrastructure through several special purpose vehicles (SPVs). It
is also engaged in carrying out operation and maintenance (O&M)
activities for the transportation sector projects. The current
portfolio of the Company comprises of four operational assets into
Power, Ports and Road and six projects under different stages of
development with majorly into Road projects. The Company's projects
are spread across seven states in India.

GARG & COMPANY: CARE Lowers Rating on INR3.70cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Garg
& Company (Panipat) (GCO), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.70       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B; ISSUER
                                   NOT COOPERATING on the basis of

                                   best available information

   Short term Bank      6.30       CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 12, 2019 placed
the rating of GCO under the 'issuer non-cooperating' category as
GCO had failed to provide information for monitoring of the rating.
GCO continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 28, 2020,
September 29, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

The ratings has been revised by taking into account
non-availability of requisite information and no due-diligence
conducted due to non-cooperation by Garg & Company_(Panipat) with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to remain
constrained by small scale of operations with low profitability
margins, Leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of operations,
susceptible to fluctuation in raw material prices, presence in a
highly competitive steel industry, weak liquidity position and
constitution as partnership firm. The ratings, however, continue to
take comfort from experienced partners and direct sourcing form
established supplier base.

Detailed description of the key rating drivers

At the time of last rating on September 12, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small scale of operations along with low profitability margins:
The firm's scale of operations has remained small marked by Total
Operating Income (TOI) of INR47.87 crore in FY17 (Provisional;
refers to the period April 01 to March 31). The small scale limits
the firm's financial flexibility in times of stress and deprives it
of scale benefits. Additionally, the profitability margins stood
low marked by PBILDT margin and PAT margin of 6.60% and 0.55%,
respectively, in FY17.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure continued to remain leveraged reflected by
overall gearing ratio of 3.74x as on March 31, 2017, though the
same has improved from 6.04x as on March 31, 2016 owing to infusion
of funds by partners amounting to INR1.32 crore in FY17 along with
gradual repayment of term loans and lower utilization of working
capital limits as on last balance sheet date. Furthermore, the firm
continues to have weak debt coverage indicators marked by low
interest coverage ratio of 1.45x for FY17 (Provisional) and high
Total debt to Gross Cash Accruals (GCA) of 18.28x for FY17
(Provisional).

* Working capital intensive nature of operations: The average
operating cycle of the firm stood elongated at 131 days for FY17
(Provisional) (PY: 90 days). This was mainly on account of higher
collection period as the firm extends a credit period of around 3
months to its customers due to its presence in competitive nature
of industry. However, the collection period increased vis-à-vis
previous year due to delay in realization from some of its debtors.
The working capital requirements were largely met through bank
borrowings which resulted into full utilization of its sanctioned
limits.

* Susceptible to fluctuation in raw material prices: The prices of
steel are driven by international prices, apart from domestic
demand supply factors and therefore remain volatile. Thus, any
adverse change in the prices of the raw material and traded goods
may affect the profitability margins of the firm.

* Presence in a highly competitive steel industry: The spectrum of
the steel industry in which the firm operates is highly fragmented
and competitive marked by the presence of numerous players in
India. GCO faces direct competition from various organized and
unorganized players in the market. There are a number of small and
regional players who are located in India and catering to the same
market.

Weak Liquidity Position

The liquidity position of the firm stood weak as marked by low
current and quick ratio of 0.84x and 0.82x as on March 31,
2015 based on audited results.

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

Key rating strengths

* Experienced partners: GCO was established in 1972 and its
day-to-day operations are looked after by the partners jointly. Mr
Harish Kumar Garg has an industry experience of more than four
decades through his association with GCO. Mr Lokesh Jain and Mr.
Kailash Jain have an industry experience of nearly one decade
through their association with GCO The partners have adequate
acumen about various aspects of business which is likely to benefit
the firm in the long run.

* Direct sourcing form established supplier base: The firm procures
its product directly from the large and reputed manufacturers which
include established steel manufacturing companies like Steel
Authority of India Limited (SAIL), Essar Steel Limited (ESL),
Bhushan Power & Steel Limited (BPSL) and Jindal Steel & Power
Limited (JSPL). The firm also has an MOU with SAIL and ESL which
enables it to enjoy various discount schemes offered by the
manufacturers.

Garg & Company_(Panipat) (GCO) is a proprietorship concern
established in 2011 by Mr. Shashank Garg. The firm is a grade A
contractor which undertakes civil construction contracts primarily
for government of Haryana. The firm receives the orders mainly
through tenders and the tenure of the contracts is up to 24 months.
In the past the firm has executed a number of contracts for
government entities. Firm procures raw materials i.e. grits, stones
etc from private dealers. Additionally the equipment's and machines
are owned by the firm.

GLOW MAC: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Glow Mac
Lighting Private Limited (GMLPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 3, 2019 placed the
rating of GMLPL under the 'issuer non-cooperating' category as
GMLPL had failed to provide information for monitoring of the
rating. GMLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 21, 2020, September 23, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further banker could not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating on September 3, 2019 the following were
the rating weaknesses and strengths (Updated for the information
available from registrar of companies):

Key Rating Weaknesses

* Losses during past financial year: The company has incurred net
losses during the past financial year, FY19, FY18 (refers to period
April 1 to March 31) and FY17 due to small scale of operations and
high interest and depreciation cost.

* Small though growing scale of operations: The scale of operations
continues to remain small marked by a total operating income of
INR14.19 crore in FY19 as against INR10.55 crore in FY18 (refers to
period April 01 to March 31).Furthermore, there was erosion of net
worth base owing to net losses incurred by the company as marked by
net worth of negative INR1.42crore as on March 31, 2019. The small
scale limits the company's financial flexibility in times of stress
and deprives it from scale benefits. Though the risk is partially
mitigated by the fact that the scale of operations has been growing
continuously for the past three years i.e. FY17-FY19.

* Weak financial risk profile: The profitability profile of the
company marked by PBILDT margin stood 6.07% in FY19 as against
5.09% in FY18. Also, the company suffered net losses for the past
three financial years (i.e. FY17-FY19); owing to high interest cost
and depreciation expense. The capital structure of the company
stood highly leveraged mainly on account of erosion of net worth
base due to losses in the recent past. Further, the company had
taken loans for capacity expansion & working capital requirements
are mainly funded through bank borrowings and through unsecured
loans by the promoters. Furthermore, debt coverage indicators stood
low though improved marked by interest coverage ratio and total
debt to GCA of 1.64x and 56.03x in FY19 as against 0.42x and -
25.69x respectively in FY18 on account of high interest expense and
high reliance on external borrowings.

* Elongated operating cycle:  The operating cycle of the company
remained high at 136 days in FY19 as against 160 days in FY18
attributable to high inventory holding period. The company
generally maintains inventory of around 6 months in the form of raw
material for smooth production process and finished goods to meet
the immediate demand of the customers resulting in an average
inventory holding of 140 days in FY19. The company allows a credit
period of around 2-3 months to its customer due to competitive
nature of industry resulting in an average collection period of 71
days in FY19. The company generally receives a credit period of
around 3 months resulting in an average credit period of 76 days in
FY19.

* Exposure to raw material price volatility: The prices of raw
material, especially metals such as aluminium & copper and others,
required for the manufacture of electric appliances are volatile in
nature. With the cost of raw materials accounting major part of the
total production cost in FY18; an upward movement in the raw
material prices will adversely affects the profitability of the
company. Highly competitive nature of industry with competition
from China GMLPL operates in a highly competitive industry wherein
there is presence of a large number of players in the unorganized
and organized sectors. There are number of small and regional
players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. Additionally, the Indian electric components manufacturer
remain faced with stiff competition from low- cost imported
products especially from China.

Key Rating Strengths

* Experienced promoters: The operation of GMLPL is currently being
managed by Mr. Arun Kumar Jain and Mr. Vibhor Jain. Mr. Arun Kumar
Jain is a post graduate by qualification and holds more than five
decades of experience in the manufacturing of electrical components
through his association with GMLPL and other family run business.
Mr. Vibhor Jain is also a post graduate by qualification and holds
more than two decade of experience in electrical industry through
her association with GMLPL and with family run business. Moreover,
GMLPL has a well-qualified and experienced team of projects
mangers, project engineers and dedicated purchase planning and
execution department with good experience.

Liquidity position
The liquidity indicators of the company stood adequate as marked by
current and quick ratios of 2.65x and 1.10x respectively as on
March 31, 2019 as compare to 0.90x and 0.33x respectively as on
March 31, 2018.

Rajasthan based Glow Mac lighting Private Limited (GMLPL),
incorporated in February 18, 2008, and is being managed by Mr. Arun
Kumar Jain and Mr. Vibhor Jain .The company is engaged in the
manufacturing of various electrical items such as LED (Light
Emitting Diode) and Non-LED lights such as Garden Light, Bollard
light, Wall Light, Street Light Pole etc and fittings and fixtures
at its manufacturing facility located in Bhiwadi (Rajasthan). The
main raw material for the company includes various electrical
components such as copper, aluminium conductor, transformers,
raisins, pipes, etc. which the company procures mainly from various
wholesalers available local.

GMR HYDERABAD: CARE Reaffirms D Rating on INR1,381.20cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Hyderabad Vijayawada Expressways Private Limited (GHVEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities
   (Term Loan)        1,381.20     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
GHVEPL takes into account the instances of delays in servicing of
debt obligations by the company as per latest auditor report for
FY20 (refers to the period April 01 to March 31). The delays were
largely on account of stretched liquidity position of the company
due to continued losses on account of lower than envisaged toll
revenues.

Key Rating Sensitivities:

Positive:

* Timely servicing of debt obligations for more than three months
and improvement in the liquidity profile of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delay in the servicing of debt obligations: There
have been delays in the servicing of debt obligations by the
company for the last one year with the latest delay in Feb 2020 as
confirmed with the lenders. The company had sought moratorium on
the interest and principal repayment obligations from the term
lenders for the period of March-August 2020 as per RBI package
which has been approved by the lenders. The company has cleared the
due debt obligations of January and February 2020 in the month of
June-July 2020 with a delay which has been confirmed by the
lenders. The delay in the servicing of debt obligations was mainly
attributed to stretched liquidity position on account of lower than
envisaged toll revenues vis-a-vis debt repayments for the fiscal
FY20.

* On-going arbitration process with NHAI: The company has been
incurring losses since the commencement of commercial operations
since FY13. These losses are primarily due to loss of revenue
arising as a result of drop in commercial traffic due to
bifurcation of state of Andhra Pradesh and ban on sand mining in
the region. The company has claimed compensation from NHAI on
account of change in law to recover losses due to the same and has
also requested for deferral of revenue share (NHAI is entitled to
get 38% of total toll revenue collected as per concession agreement
for FY 21). NHAI has not accepted the claims on account of concerns
regarding claim computation methodology and also rejected the
request for deferral of revenue share. After failing to reach on
any consensus, GHVEPL initiated the arbitration proceedings against
NHAI. During the hearing held on 31.03.2020, tribunal has
pronounced the award. The common conclusion by majority as well as
minority is that Change in Law had occurred and NHAI should have
decided the claim. NHAI also filed its challenge to the arbitration
award on 24.04.2020. On 04.08.2020, the order was pronounced by the
high Court and has upheld the decision of the Arbitral Tribunal
that there was a change in law due to ban on sand mining and State
bifurcation. Further the court has also appointed retired Supreme
Court judge for quantification of claim and has given 6 months to
quantify the claim.

Liquidity profile: Stretched


The company's liquidity is dependent upon toll volume traffic which
has not been achieved as per projections due to ban on sand mining
and State bifurcation. The company had sought moratorium on the
interest and principal repayment obligations from the term lenders
for the period of March-August 2020 as per RBI package and same
have been approved by the lenders. The company has total repayment
obligation of INR71.83 crore due in FY21, the scheduled repayment
is INR35.91 crore in Oct 2020 and Rs 35.91 crore Jan'21. As on
Sept'20 the company has cash and cash equivalents of Rs 56 crore.

GMR Hyderabad Vijayawada Expressways Pvt. Ltd. (GHVEPL) is a
Special Purpose Vehicle (SPV) incorporated on June 11, 2009,
promoted by GMR Highways Limited (49% stake), GMR Infrastructure
Limited (41% stake) and Punj Lloyd Limited (10% stake, rated CARE
D; Issuer Not Cooperating). GHVEPL was formed for construction of
four/six laning of 181.5 km of Hyderabad Vijayawada section of NH-9
starting from km 40 to km 221.5 in the erstwhile State of Andhra
Pradesh, now Telangana on Build Operate and Transfer (BOT) - Toll
basis, awarded through competitive bidding by National Highways
Authority of India (NHAI). The company received 'Provisional
completion certificate' from Independent Engineer 'Intercontinental
Consultants and Technocrats Pvt. Ltd' on December 20, 2012, on
behalf of NHAI and commenced toll operations for four laning from
December 21, 2012. The project road is a part of NH-9 linking
Hyderabad and Vijayawada in the state of Telangana & Andhra Pradesh
respectively. GHVEPL is required to share 38% of its revenue to
NHAI as per Concession Agreement (CA).

GMR KAMALANGA: CARE Reaffirms D Rating on INR3,919.66cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Kamalanga Energy Limited (GKEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities
   (Term Loan)        3,919.66     CARE D Reaffirmed

   Long term Bank
   Facilities
   (Working Capital
   Limits)              200.75     CARE D Reaffirmed

   Short term Bank
   Facilities (LC/BG)   481.70     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings of GKEL takes into account the
instances of delay in servicing of debt obligations by the company
as per the latest auditor report for FY20 (refers to the period
April 1 to March 31). As informed by the company and the bankers,
there were delays in payment of due debt obligations in
January-February 2020 which have been cleared in August 2020. The
delays were largely on account of stretched liquidity position of
the company owing to delay in regulatory receivables from its off
takers. The ratings continue to remain constrained by below average
financial risk profile of GKEL mainly on account of relatively weak
credit profile of its off-takers leading to significant build-up of
receivables. The ratings take note of the experience of its
promoters in operating power projects.

Rating Sensitivities

Positive Factors

* Timely servicing of debt obligations for more than three months
and improvement in liquidity profile of the company

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in debt servicing: There have been instances
of delays in servicing of debt obligations as reported by the
company and also confirmed by the bankers. As per the quarterly
financials for Q1FY21 (Prov) (refers to the period April 01 to June
30) financials, the interest accrued and due stood at INR69.02
crore as against INR74.71 crores as on March 31, 2020. The delays
were largely on account of stretched liquidity position of the
company due to delay in receipt of regulatory receivables from its
counterparty DISCOMs. As confirmed by the management and the
bankers, these dues have been cleared in August 2020.

* Weak financial profile of power off-takers leading to significant
build-up of receivables: The weak financial health of its power
off-takers continues to remain a cause of concern for GKEL. The
higher level of Aggregate Transmission and Commercial (AT&C)
losses, the rising power purchase costs and the absence of cost
reflective tariff regimes have put a strain on the financial
position of its off-takers including Haryana and Bihar DISCOMs. The
company's receivables position elongated from ~Rs. 1,045 crore as
on March 31, 2019 to ~Rs. 1,411 crore as on March 31, 2020. The
level of receivables has further increased to ~Rs. 1,675 crore as
on August 31, 2020. This was mainly on account of delays in
realization of regulatory receivables from the off-takers which has
resulted in stretched working capital cycle for the company. The
regulatory receivables stood at ~Rs. 1103 crores as on August 31,
2020. Correspondingly, the average collection period increased from
119 days in FY19 to 154 days in FY20.

Key Rating Strengths

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

Liquidity: Stretched

Liquidity profile of the GKEL remains stretched as characterized by
delay in receipt of receivables (both regulatory as well as regular
receivables) and high working capital utilization. GKEL's
utilization of fund based working capital limit is on the high with
average utilization during the last 12 months of ~94% ending July
2020. The company has cash and cash equivalents of ~Rs. 29 crore as
on August 31, 2020. The company has availed the moratorium on their
payment obligations as per RBI package with respect to bank
facilities due in the period March 2020 to August 2020, and the
same has been approved by the lenders post which GKEL has repayment
obligations of ~Rs. 132 crore for FY21.

Incorporated in December 2007, GMR Kamalanga Energy Limited (GKEL)
is a Special Purpose Vehicle (SPV) promoted by GMR Energy Limited
(GEL) which is an operating-cum-holding company for all power
projects of the GMR Group. As on March 31, 2020 GEL held 87.42%
stake in GKEL while 10.21% was held by India Infrastructure Fund
(IIF), a fund managed by IDFC Project Equity Company Limited and
2.37% stake by IDFC Limited. GKEL has developed a 1,050 Mega Watt
(MW) (3x 350MW) coalfired power project at Kamalanga Village,
Dhenkanal district, Odisha. The project cost was initially
estimated at INR4,540 crore, subsequently there was a cost overrun
of INR1,979 crore leading to the total project cost to INR6,519
crore. The project was funded through debt of INR4,269 crore and
equity of INR2,250 crore (D:E - 65.4: 34.6). The project consisting
of 3 units of 350 MW each achieved COD on April 2013 for Unit-I,
November 2013 for Unit-II and March 2014 for Unit-III respectively.
GKEL has long term off-take agreements with GRID Corporation of
Odisha (GRIDCO) for 25% of the capacity (262.5 MW), Haryana
distribution companies for 31.94% of capacity (335.4 MW) and Bihar
State Power Holding Company Ltd for 27.4% of capacity (287.7 MW).
The balance untied capacity of 164.4 MW (15.7% of total capacity)
for the time being is being sold on merchant basis or short term
PPA's on bilateral basis. The PLF of the company stood at 63.59% in
FY20 as against 73.01% in FY19.

HIM TEKNOFORGE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn Him
Teknoforge Limited (HTL) Long-Term Issuer Rating of 'IND BB+'. The
Outlook was Stable.

The instrument-wise rating actions are:

-- INR630 mil. Fund-based working capital limit affirmed and
     withdrawn*; and

-- INR165 mil. (reduced from INR350 mil.) Non-fund-based bank
     facilities affirmed and withdrawn**.

* Affirmed at 'IND BB+'/Stable before being withdrawn
** Affirmed at 'IND A4+' before being withdrawn

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

KEY RATING DRIVERS

The affirmation reflects HTL's modest scale of operations with
revenue at INR2,231 million in FY20 (FY19: INR3,238 million). The
decline in revenue in FY20 was on account of a slowdown in the
automotive sector. The EBITDA margin remained modest at 10.94% in
FY20 (FY19: 10.32%). The return on capital employed stood at 6% in
FY20 (FY19:9%). The company earned revenue of INR255.94 million and
EBITDA margin of 9% in 1QFY21.

The ratings also factor in the company's moderate credit metrics.
The interest coverage (operating EBITDA/gross interest expense)
fell to 1.59x in FY20 (FY19 :2.07x) and net leverage (adjusted net
debt/operating EBITDA) increased to 5.3x (3.73x) on account of a
fall in the operating EBITDA to INR244 million (INR334 million).

Liquidity Indicator - Stretched: The average utilization of
fund-based facilities was 96% and that of the non-fund-based
facilities was 63% for the 12 months ended August 2020.The company
had cash and cash equivalents of INR2 million in FY20 (FY19: INR2
million). The net working capital cycle remained long at 383 days
in FY20 (FY19: 241 days) owing to high inventory days. The company
availed the Reserve Bank of India-prescribed debt moratorium from
March to August 2020.

The ratings factor in the promoter's operational track record of
more than three decades in manufacturing auto components.

COMPANY PROFILE

Established by Vijay Aggarwal in 1989, HTL manufactures rough
forgings, finished gears and axles for the automotive industry. It
has six manufacturing units in the following locations: Baddi (two)
and Manpura (one) in Himachal Pradesh , Gujarat (one) and Pithampur
(two) in Madhya Pradesh.


HINDUSTAN CONSTRUCTION: CARE Reaffirms D Ratings on Bank Facilities
-------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hindustan Construction Company Limited (HCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities-Term
   Loan                584.93      CARE D Reaffirmed

   Long term Bank
   Facilities-
   Cash Credit        1101.65      CARE D Reaffirmed

   Long term/Short
   term Bank
   Facilities–Non
   Fund based         6367.37      CARE D Reaffirmed

   Non–Convertible
   Debenture           18.48       CARE D Reaffirmed

   Non–Convertible
   Debenture           68.93       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of the ratings assigned to the bank facilities
and instruments of HCC takes into account the ongoing delays in
servicing the debt obligations. The debt servicing capability of
the company is stressed on account of a high debt burden and
resultant finance costs being incurred along with stressed working
capital cycle on account of delayed receipt of dues and claim
settlement from customers.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in Debt Servicing: There are on-going delays in servicing
of term loans and there are instances of overdrawals and
devolvement in fund-based and non-fund based limits ranging between
30 days to 90 days.  The company has decided to novate the interest
bearing debt (term loan and cash credit) to a New Company (New Co)
along with an award cover of 1.0x and claim cover of 1.2x. The
proposed new entity will be majorly owned by a third party investor
(51% or more) and HCC will hold 49% or less in the proposed entity.
This will eliminate the need to service any debt in HCC for the
next 36 months in addition to addressing the asset liability
mismatch facing the Company. Term Loan and Cash Credit obligations
along with current overdues of INR2,816 crore are proposed to be
novated along with a corresponding assignment 1.x Awards Cover and
1.2x of Claims. The final debt amount proposed to be novated will
also include devolved BGs and interest overdue till cut-off date.
Accordingly, the amount of Awards and Claims may vary to provide a
cover of 2.2x on the debt transferred. The aforementioned
resolution plan is under process.

* Elongated working capital cycle: The working-capital cycle of the
company continues to be elongated owing to delays in recoveries
from customers and high amount of inventory held due to delays in
commencement of projects.

HCC was promoted by the late Mr. Walchand Hirachand in 1926 and is
presently spearheaded by Mr. Ajit Gulabchand, Chairman and Managing
Director. HCC is one of the large construction companies in India,
engaged in construction activities which include roads, bridges,
ports, power stations, water supply and irrigation projects. The
company's construction capabilities include solutions for
construction of projects in various complex industries including
hydel power, water solution systems, nuclear power and process
plants and transportation. HCC group of companies comprises mainly
of HCC Infrastructure Company Limited (HICL), HCC Real Estate
Limited (HREL), Lavasa Corporation Limited (LCL), Steiner AG,
Zurich (SAG), and Highbar Technologies Limited (HTL). HICL is
engaged in construction and management of assets in the areas of
transportation. HREL develops and executes high-value real estate
projects including Integrated Urban Development and Management, IT
Parks and Commercial Offices, Township Development, and Urban
Renewal projects. LCL is India's first planned hill city which
includes integrated development of five towns. SAG specializes in
turnkey development of new buildings and refurbishments, and offers
services in all facets of real estate development and construction.
HTL provides IT solutions to the infrastructure industry.

INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indigo
Collections Private Limited (ICPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        4.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short term Bank       5.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 22, 2019 placed the
rating of ICPL under the 'issuer non-cooperating' category as ICPL
had failed to provide information for monitoring of the rating.
ICPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 21, 2020,
September 23, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating on August 22, 2019 the following were
the rating weaknesses and strengths (Updated for the information
available from registrar of companies):

The ratings take into account the ongoing delays in the servicing
of interest obligations due to stressed liquidity position.

Delhi based, Indigo Collections Private Limited (ICPL) was
incorporated on February 2, 2005; however started its commercial
operations in April, 2008. ICPL is currently being managed by Mrs.
Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder Singh and Mrs.
Seema Ghai with the help of qualified management. The company is a
manufacturer and exporter of readymade garments for ladies and
children such as tops, blouses, pants, shirts etc. The
manufacturing facility is located in Gurgaon, Haryana. ICPL exports
90% of its production to established brands such as ZARA, RNA
Group, CALAO Imports S.L. etc. based in the USA, UK and UAE. The
company procures the raw material such as fabrics and related
accessories like buttons, threads, labels, zippers etc. from
manufactures and traders located in the domestic and overseas
market.


LANCO BABANDH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lanco
Babandh Power Limited (LBPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank     8,344.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term/Short      750.00     CARE D; Issuer not cooperating;
   Term Bank                       Based on best available
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2018; placed
the ratings of LBPL under the 'issuer non-cooperating' category as
LBPL had failed to provide information for monitoring of the
rating. LBPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 3, 2020, September 08, 2020 and September 14, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 29, 2019 the ratings had taken
into account the continuation in delays in servicing of debt by the
company.

Lanco Babandh Power Private Limited was incorporated as a private
limited company on 30th May, 2007. The company was converted into a
limited company and its name was changed to Lanco Babandh Power
Limited (LBPL) on 3rd February, 2010. The company is promoted by
Lanco Group, to construct, operate and maintain a 1320 MW (2 X
660MW) coal based power project in Dhenkanal District, Orissa. The
flagship company of the Lanco Group is Lanco Infratech Ltd. The
project was envisaged at a cost INR10,430 crore to be funded in the
debt of INR8,344 crore and promoters contribution of INR2,086
crore.

LANCO VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lanco
Vidarbha Thermal Power Limited (LVTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank     9,614.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2018; placed
the rating of LVTPL under the 'issuer non-cooperating' category as
LVTPL had failed to provide information for monitoring of the
rating. LVTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 03, 2020, September 08, 2020 and September 14, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 29, 2019 the ratings had taken
into account the continuation in delays in servicing of debt by the
company.

Lanco Vidarbha Thermal Power Limited (LVTPL) is promoted by Lanco
Group and was incorporated on 23rd February 2005. The company was
initially incorporated as a 'Private limited' company and later
converted into a 'Public Limited' company on May 10, 2010. LVTPL is
promoted to develop, construct, own and operate a 1,320 MW (2x660
MW) thermal power plant based on domestic coal. The project is
being implemented on super critical technology by way of a turnkey
Engineering, Procurement & Construction (EPC) contract with an
initial estimated project cost of INR10,433 crore, to be financed
at a debt to equity ratio of 4:1, The debt portion of INR5,549
crore was tied up with the lenders.

M J ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M J
Engineering Works Private Limited (MJEW) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      14.35       CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term/Short      2.70       CARE C/CARE A4; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 9, 2019 placed the
rating of MJEW under the 'issuer non-cooperating' category as MJEW
had failed to provide information for monitoring of the rating.
MJEW continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 9, 2020
September 01, 2020and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by M J Engineering Works Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to remain
constrained owing by small scale of operations, weak financial risk
profile, working capital intensive nature of operations,
susceptibility of margins to volatility in raw material prices and
presence in a fragmented and competitive industry. The ratings,
however, continue to take comfort from experienced promoters.

Detailed description of the key rating drivers

At the time of last rating on August 9, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: The scale of operations as marked by
total operating income and gross cash accrual continues to remain
small and stood at INR13.67 crore and INR0.25 crore for FY17 (FY
refers to period April 1 to March 31). The small scale of
operations limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Weak financial risk profile: The company's profitability margins
as marked by PBILDT and PAT margin continue to remain thin and
stood at 15.65x and 0.85x respectively for FY17. The capital
structure continued to remain highly leveraged as on March 31,
2017, on account of earlier net losses which resulted in erosion of
net worth base coupled with low equity share capital. Furthermore,
the debt coverage indicators marked by total debt to GCA stood weak
owing to low cash accruals during the year.

* Working capital intensive nature of operations: The operating
cycle of the company continued to remain elongated and stood at 491
days for FY17 owing to high inventory level and collection period
in FY17. The company has to offer high credit period to its
customers due to high competition prevailing in the market.

* Susceptibility of margins to volatility in raw material prices:
Steel and zinc prices are highly volatile in nature. Therefore, the
profit margins of the company are exposed to any sudden
spurt in the raw material prices.

* Presence in a fragmented and competitive industry: MJL operates
in a highly fragmented industry marked by the presence of a large
number of players in the unorganized sector. The same limits
bargaining power which exerts pressure on its margins.

Key rating Strength

* Experienced promoters: MJL is currently being managed by Mr
Pradeep Kumar Jain and Mr Nischal Jain. Mr Pradeep Kumar Jain has
nearly three and a half decades of experience in designing and
manufacturing of transmission line towers, power substations &
switchyard structures, etc. Prior to MJL, he was associated with
his proprietorship firm M J Engineering engaged in similar line of
business. Mr Nischal Jain has nearly one and a half decades of
experience through his association with MJL.

MJEW was incorporated in 1991 and is currently being managed by Mr
Pradeep Kumar Jain. The company is engaged in designing and
manufacturing of transmission line towers, microwave towers,
sub-station structures, and cable trays up to 400 Kilovolts along
with hot-dip galvanizing at its manufacturing facility located at
Alwar, Rajasthan.

MYTRAH AKSHAYA: Ind-Ra Affirms 'BB+' Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mytrah Akshaya
Energy Private Limited's (MAEPL) term loan at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR628.6 mil. (INR537.45 mil. outstanding on September 17,
     2020) Term loan due on March 31, 2035 affirmed with IND BB+
     /Stable rating.

KEY RATING DRIVERS

The affirmation reflects MAEPL's operational performance being in
line with Ind-Ra's base case estimates and continued thin coverage
ratios. Based on Ind-Ra's projections, the debt service coverage
ratio (DSCR) for FY22-FY26, is 1.00x-1.05x. The PLF was 21.30% in
FY20, lower than the P90 estimate of 22.2% but better than FY19
level of 18.28%. The PLF stood at 23.73% in 4MFY21 compared to
21.40 % in 4MFY20.

The tariff for MAEPL was revised downwards to INR4.36/kWh instead
of the original PPA tariff of INR5.50/kWh, as confirmed by the
Karnataka Electricity Regulatory Commission orders dated April 12,
2017 and May 29, 2020, which Ind-Ra has considered in its analysis.
The lower tariff was precipitated by the delays in project
commissioning.

Liquidity Indicator – Stretched: The rating is constrained by the
stressed liquidity position caused by an increase in the receivable
days to 191 days at FYE20 (FYE19: 140 days) and the continued
non-creation of the entire mandated debt service reserve (DSR). The
central government has announced a liquidity scheme involving the
disbursement of INR900 billion from Power Finance Corporation
Limited and REC Limited ('IND AAA'/Stable) to discoms for making
payments to central and private utilities engaged in generation and
transmission. Gulbarga Electricity Supply Company Limited (GESCOM),
the power purchase agreement (PPA) counterparty, is likely to be a
beneficiary of the scheme. MAEPL has represented that some revenue
receipts are likely to be witnessed before end-December 2020 from
GESCOM through disbursements under the liquidity scheme. The DSR
requirement is two quarters (INR47 million). MAEPL has placed INR12
million from the project cash flows in the DSR account. The lender
has undisbursed DSR equivalent to one quarter (INR24 million). As
of October 5, 2020, MAEPL had INR19 million in the trust and
retention account (TRA). The management has requested the lender to
use the amounts realized in the TRA to create lien-marked fixed
deposits to satisfy the balance DSR requirement. The creation of
the pending DSR from the project cash flows and maintenance of the
same remains a key rating sensitivity.

Mytrah Energy (India) Private Limited (MEIPL; 'IND BBB-'/RWN), the
sponsor and operator of the project, has supported MAEPL in the
past to meet debt servicing (about INR11.6 million till August
2019). However, the higher leverage and weakened liquidity at the
sponsor level have aggravated concerns related to timely support
for the project going forward.

The rating continues to take comfort from the 25-year fixed-price
power purchase agreement with GESCOM for the entire 15MW.

The rating is also supported by the must-run status awarded to
renewable projects.

RATING SENSITIVITIES

Positive: Forward-looking DSCR higher than 1.1x and a continued
maintenance of three months DSR could lead to an upgrade.

Negative: Lower PLFs than base case assumptions, incremental
increase in receivable days by 75 days to 345 days, significant
deterioration in the credit profile of sponsor affecting project
operations, and debt service coverage ratios below 1.05x could lead
to a rating downgrade.

COMPANY PROFILE

MAEPL is a 15MW solar project, located in Raibagh, Karnataka. MAEPL
is a subsidiary of MEIPL which is a subsidiary of Mytrah Energy
Limited.


NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narmada
Concast Private Limited (NCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        20.79     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information and rating put
                                   under INC

   Long term/Short        4.00     CARE D/CARE D; Issuer not
   term Bank                       cooperating; Based on best
   Facilities                      available information and
                                   rating put under INC

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NCPL to monitor the ratings
vide e-mail communications dated June 17, 2020, July 16, 2020, July
27, 2020, August 10, 2020, September 29, 2020 and numerous phone
calls. However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, NCPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on NCPL's
bank facilities will now be denoted as CARE D / CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 11, 2019, the following were the
rating strengths and weaknesses (updated based on the best
available information).

Key Rating Weaknesses

* Delays in servicing of debt payment obligations: NCPL had delayed
servicing of its debt obligations on its term debt due to its
stressed liquidity.

* Risk associated with volatility in prices of raw material: The
price of scrap metal, the primary raw material for NCPL's
operations, remains volatile in nature and is governed by
international metal prices along with demand for domestic steel
products. Furthermore, the products manufactured by NCPL have
limited value addition and it faces high degree of competition from
other industry players, which restricts its profitability to a
certain extent.

* Erosion of networth due to operational losses incurred in the
past: Post commencement of operations in FY15, the utilization of
NCPL's capacity had remained low and due to adverse market scenario
for steel long products, the company reported subdued financial
performance till FY17, which resulted in erosion in its networth
over the period. From March 2017 onwards, the facility of NCPL was
leased to Kothi Steels Limited (KSL).

During FY18 and FY19, NCPL's total operating income (TOI) declined
as NCPL received only rental income under its lease arrangement
with KSL during these years. However, leasing of facilities
arrested the operational losses faced by the company. Despite this,
owing to relatively higher interest burden on account of bank
facilities availed for the establishment of production unit as well
as for funding of working capital requirements, the company
reported net loss in FY18 also, while reporting a minor cash profit
during the year. During FY19, the company reported a minor net
profit of INR2.42 crore and gross cash accruals (GCA) of INR2.17
crore. Nevertheless, due to sizeable loss incurred in the past, its
networth remained fully eroded as on March 31, 2019.

Liquidity – Poor: NCPL's liquidity remains poor on account of
limited income in the form of lease rentals from KSL, which is
barely adequate to meet its interest and repayment obligations.
Further, as indicated by the lender, NCPL had availed moratorium
from March 2020 to August 2020; the option for which was available
as per RBI's package announced as a covid-19 relief measure.

Key Rating Strengths

* Experienced promoters: Mr. Firdos Kothi, NCPL's key promoter, has
more than two decades of experience in the steel industry. He is
assisted by Mr. Suleman Kothi, promoter and director, who also
possesses experience of over two decades in steel industry. Mr.
Irfan Kothi, family member & promoter, possesses experience of over
five years in steel industry. The promoters infused around INR11
crore in FY19 in NCPL as unsecured loans to support various
requirements of NCPL.

NCPL was initially incorporated as Narmada Concast and Rolling
Mills Private Limited in August 2012, later on its name was changed
to present one in November 2012. The company has set up a plant in
Bhavnagar, Gujarat for manufacturing steel billets and
thermo-mechanical treatment (TMT) bars, with an installed capacity
of 76,160 MT of billets and TMT Bars. Commercial operations for the
plant commenced from April 2014. In September 2018, the promoters
of KSL acquired the entire shareholding of NCPL from its earlier
promoters. Presently, NCPL's plant is utilized by KSL as a leased
manufacturing facility for the production of TMT bars.

NEELACHAL ISPAT: CARE Reaffirms D Rating on INR644.64cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Neelachal Ispat Nigam Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           644.64     CARE D Reaffirmed

   (ii) Short-term
   Bank Facilities      252.05     CARE D Reaffirmed


   (iii) Long-term      646.52     CARE B (CE) (Under credit watch
   Bank Facilities                 With developing implications)
   (Term Loans)                    Revised from CARE BBB+ (CE)
                                   (Under credit watch with
                                   developing implications)

   (iv) Short-term        5.00     CARE A4 (CE) (Under credit
   Bank Facilities                 watch with developing
   (LC/BG)                         implications) Revised form
                                   CARE A3+ (CE) (Under credit
                                   watch with developing
                                   implications)


   (v) Long-term         39.00     CARE C (CE) (Under credit watch
    Bank Facilities                With developing implications)
    (Term Loan)                    Reaffirmed


   (vi) Non-Convertible  100.00    CARE B (CE) (Under credit watch
   Debentures-I                    With developing implications)
                                   Revised from CARE BBB+ (CE)
                                   (Under credit watch with
                                   developing implications)


   (vii) Non-Convertible 200.00    CARE B (CE) (Under credit watch
    Debentures-II #                With developing implications)
                                   Revised from CARE BBB+ (CE)
                                   (Under credit watch with
                                   developing implications)

Detailed Rationale & Key Rating Drivers- CE Ratings

The ratings assigned to the bank facilities (S.no. (iii) & (iv))
and the non-convertible debentures (S.no. (vi) & (vii)) of
Neelachal Ispat Nigam Limited take into account the credit
enhancement in the form of unconditional and irrevocable corporate
guarantee extended by MMTC Limited (rated CARE B/ CARE A4 and also
CARE D for few short term facilities) (under credit watch with
developing implications)) while the rating assigned to bank
facility with S.no. (v) takes into account the credit enhancement
in the form of unconditional and irrevocable partial corporate
guarantee extended by MMTC Limited.

The revision in rating is on account of weakening of credit profile
of MMTC Ltd on account of its stretched liquidity position
resulting in a recent delay in repayment of short-term loans,
increasing exposure towards its associate company Neelachal Ispat
Nigam Limited (NINL) in the form of continuous fund based support
through investments and loans & advances and also continued
corporate guarantees towards NINL's loans and bonds which is
resulting in significantly high debt in the books of MMTC in FY20 &
Q1FY21. The company has also applied for a one-time restructuring
of its loans as per 'Resolution Framework for COVID-19 related
stress' announced by RBI on August 6, 2020. The ratings of MMTC,
however, continue to derive strength from its position as the
largest international trading house in India, predominant ownership
by the Government of India (GoI) as well as long and established
track record of trading in diverse commodities and strong internal
control mechanism. The ratings continue to remain on credit watch
with developing implications on account of the ongoing process of
divestment of equity shareholding in NINL. MMTC holds 49.78% in
NINL as on June 30, 2020. Further, CARE notes that the Cabinet
Committee on Economic Affairs (CCEA) has given 'in-principle'
approval for strategic disinvestment of 100%  equity of NINL in
January 2020. CARE will continue to monitor the developments in
this regard and will take a view on the ratings once the exact
implications of the above on the credit risk profile of the company
are clear.

Detailed Rationale & Key Rating Drivers-Standalone Ratings

The ratings assigned to the bank facilities with S.no. (i) & (ii)
of Neelachal Ispat Nigam Limited continues to factor in delays in
debt servicing by the company due to its subdued operational
performance and stressed liquidity and weak financial risk
profile.

Rating Sensitivities for CE Ratings

Positive Factors

* Successful completion of the divestment of NINL resulting in a
recovery of loans & advances extended by MMTC

* Profitable increase in the scale of operation by more than 20% on
a sustained basis.

Negative Factors

* Any further increase in advances to NINL exerting pressure on
MMTC's liquidity

Detailed description of the key rating drivers (CE Ratings)

Key Rating Strengths

* MMTC's position as the largest international trading house in
India: MMTC is the largest international trading company of
India and the first Public Sector Enterprise to be accorded the
status of "FIVE STAR EXPORT HOUSE" by the GOI for longstanding
contribution to exports. It is the largest non-oil importer of the
nation. MMTC has been awarded the 'Mini Ratna' status and stands as
a leading international trading house in India. It has consistently
won various prestigious awards for export performance. MMTC was
established in 1963 and is one of the major global trading players.
It has six major divisions' viz., Precious metals, Minerals & ores,
Metals and industrial raw materials, Agro products, Fertilizers &
Chemicals and Hydrocarbons.

* Established track record of trading in diverse commodities: MMTC
is involved in diverse trading activities in exports, imports
and domestic trading of goods. It is the largest exporter of
minerals from India, single largest importer/supplier of bullion
and non-ferrous metals viz. copper, aluminum, zinc, lead, tin and
nickel in the country. The company has a wholly-owned international
subsidiary in Singapore to support its international trade. MMTC
has formed Joint Ventures with various entities in order to
diversify and increase its area of operations. The fertilizers
segment was the highest contributor to the overall revenues in
FY20. MMTC imports Urea on behalf of department of fertilizers,
Ministry of Chemicals and Fertilizers. During FY20, the Fertilizer
and Chemicals segment achieved a turnover of INR11100 crore (as
compared to INR10,132 crore during FY19). The precious metals
segment include trading of gold (under export or under open general
license), silver and retail sale. Despite high volatility in prices
of bullion as well as Indian Rupee -US Dollar exchange rates,
precious metals segment contributed a gross turnover of INR8304.82
crore contributing to almost 34% of total turnover achieved by the
company in FY20.

* Internal control and risk management systems: MMTC is engaged in
both imports as well as exports of diverse commodities. The company
manages the price volatility risks by entering into back-to-back
transactions. MMTC manages foreign currency risk, by taking
adequate forward cover. Counterparty risks are mitigated to an
extent as MMTC takes earnest money deposits from its clients in
advance (Bank guarantee of 120% in case of gold imports and EMD of
10-25% in other goods to cover the price fluctuation).
Nevertheless, it remains exposed to any volatile movement in
commodity prices which can escalate counterparty risks as well as
extreme fluctuation in forex rates. In order to streamline the
process, manuals and corporate risk management policy has been put
in place to take care of internal control mechanisms, risk
assessment on the business proposals and systematic SOP for
undertaking various trades. MMTC has constituted a financial
management committee of directors (FMCOD) comprising of 3-4
directors including CMD for approval of all trade transactions
above INR2 crore. The trade on behalf of government accounts for
40% of the total volume while the balance 60% is for the private
players. In case of contract with private players there is always a
back to back contract and each leg of the trade is backed with a
letter of credit to secure the payment.

Key Rating Weaknesses

* Stretched Liquidity: The company has defaulted in repayment of
two Short-term Loans (STL) in the month of September 2020 of INR300
crore and INR160 crore. Further, the company also has requested its
lenders for one-time restructuring of its loans as per 'Resolution
Frame work for COVID-19 related stress' announced by RBI on August
6, 2020. The liquidity position of MMTC is stretched on account of
increase in debt which has primarily been extended as operational
support to NINL.

* High group exposure & increased fund based support to NINL
leading to moderation in the financial & liquidity profile of MMTC:
The company reported a decrease of ~16.64% in revenue from
INR28891.4 cr in FY19 to INR24167.17 cr in FY20. The same is on
account of non-recognition of other trade income (which is
commission from NINL). MMTC provides operational support to NINL by
purchasing coking coal for NINL and selling NINL's products (pig
iron) on commission basis. MMTC earns 3% commission on the sales
made on behalf of NINL which is shown under other trade income in
the books of MMTC. In FY19, total commission earned was INR223.94
crore (PY: INR156.51 crore). Further, the revenue recognized in
first 3 quarters of FY20 was also written off in Q4FY20; resulting
in negative revenue from the 'Metals Segment'. This has also
resulted in negative PBILDT for FY20. The interest cost was partly
funded through internal accruals and partly through working capital
borrowings. The company reported a PAT loss of INR227.11 crore in
FY20 (PY: PAT of INR81.43 crore).  The capital structure of the
company also deteriorated in FY20 due to increased working capital
borrowings and reduction in Net worth due to loss reported in FY20.
Further, for executing of one tender for import of Urea, MMTC
requested Department of Fertilizer (DoF) to arrange for loan from
National Small Savings Fund (NSSF)to avoid any cash-flow mismatch
and thus short term loan from NSSF of INR1310 crore was disbursed.
The funds were released from DoF and the loan was repaid in April
2020. This resulted in significant increase in total debt as on
March 31, 2020. Also, working capital borrowings were higher on
account of operational support extended to NINL. However, the debt
marginally reduced to INR2353.85 crore as on June 2020 with the
repayment of NSSF loan. However the off-balance sheet exposure of
the company continues to remain high which includes corporate
guarantee of INR1345.82 crore in favor of the lenders of NINL as on
March 31, 2020. MMTC being the 'Managing Promoter' for NINL extends
short-term credit facility to NINL upto a limit of INR1425.00 crore
for its day-to-day operational activities on continuing basis and a
trade related financial facility in the form of loans and advances.
MMTC's equity investment in NINL is INR459.11 crore as on June 30,
2020. In addition, the company's total advances recoverable from
NINL as on June 30, 2020 are INR3294.13 crore (Rs. 2594.57 crore as
on March 31, 2019) inclusive of interest accrued not recognized as
income of INR252.21 crore for FY20 and INR72.82 crore for Q1FY21.
MMTC has extended total advances of INR2328 crore to NINL fromFY17
to Q1FY21.  The overall gearing after considering the corporate
guarantee and deducting advances to related parties from net-worth
of MMTC Ltd, turns negative.

* Q1FY21 Results: The company has reported a decrease of ~73% in
total operating income on Y-o-Y basis in Q1FY21 to INR1842.13 crore
vis-à-vis INR6904.18 crore in Q1FY20 primarily due to
non-recognition of income for purchase of coking coal on behalf of
NINL and due to the nationwide lockdown in the country amid the
outbreak of Covid-19. The company has also reported negative PBILDT
and PAT margins in Q1FY21.

* Industry Prospects: MMTC plays a vital role in association with
the government of India in policy formulation to support Gems &
Jewellery industry in India and development of jewellery sector on
Pan-India basis. The government of India launched Gold monetization
scheme with a view to promote circulation of domestic gold within
the domestic economy to curb bullion imports and save forex outgo.
The demand for gold is expected to remain firm owing to its
traditional and religious importance. However, the near term
prospects for the gems and jewellery industry are not too bright
owing to expectations of rising prices of precious metals, economic
slowdown negatively impacting disposable incomes and leading to low
consumer sentiments. However, gradual recovery is expected from
Q3FY21 onwards, which marks the onset of the festival and wedding
season demand for which may not be at pre-covid levels owing to
fall in number of wedding days in this year and gold prices showing
no signs of receding. Long term prospects remain stable owing to
growing consciousness of branded jewellery, increasing purchasing
power in the Tier 2 & 3 cities, growing population of working
females, and increasing preference towards diamond jewelry.

* Fertilizers: As per CARE, the underlying macros for the Indian
fertilizer industry look promising despite the coronavirus pandemic
and macroeconomic uncertainty. With surplus reservoirs levels,
record-high Kharif crop sowing, and plentiful rainfall during the
monsoon season, demand for the procurement of fertilizers is
expected to be promising. Sales increased sharply by 25.10% during
FY21 (from April till August) and going forward with the increase
in the liquidity of farmers, a good prospect for the Rabi season
coupled with the revival of the rural economy, demand for
fertilizers for the rest of FY21 seems optimistic for the industry.
The overall fertilizer production is expected to grow by 4-6% by
the end of FY21.

Liquidity: Stretched

The company has defaulted in repayment of two Short-term Loans
(STL) in September 2020 of INR300 crore and INR160 crore. Further,
the company also has requested its lenders for a one-time
restructuring of its loans as per the 'Resolution Framework for
COVID-19 related stress' announced by RBI on August 6, 2020. The
liquidity position of MMTC is stretched on account of increase in
debt which has primarily been extended as operational support to
NINL. Liquidity position of NINL is stretched resulting in delays
in debt servicing.

Analytical approach for MMTC: Standalone (Factoring in the support
provided to its subsidiaries and associates in the form of
corporate guarantees and loans and advances).

Note: MMTC ltd has an associate company Neelachal Ispat Nigam Ltd
(NINL) with 49.78% shareholding however it is in a completely
different business and hence it has not been consolidated, however,
the impact of its investment has been factored in the analysis.

MMTC, a public sector undertaking, was incorporated on September
26, 1963, to facilitate foreign trade in India and canalize the
export and import of essential minerals and metals. It is under the
administrative control of the Ministry of Commerce & Industry, and
the Government of India (GOI) held an 89.93% stake in the company
as on June 30, 2019. MMTC deals with multiple products and markets.
The business operations of the company span across six major
divisions i.e. minerals, metals, precious metals, agro products,
fertilizers & chemicals, and coal & hydrocarbons. MMTC has also set
up a 15-MW wind energy mill in Karnataka. MMTC is one of the few
agencies, apart from banks, permitted by the GOI for import of
bullion in the country. Neelachal Ispat Nigam Limited (NINL); an
associate company of MMTC was incorporated in 1982 to set-up an
Integrated Steel Plant (ISP) to undertake the manufacture and sale
of pig iron. Originally, the main promoters were Industrial
Promotion & Investment Corporation of Orissa (IPICOL) and Orissa
Sponge Iron Ltd (OSIL). Subsequently, MMTC Limited, a majority
owned undertaking of Govt. of India, was inducted as the main
promoters since FY16 with an equity shareholding of 49.78%.
Further, the Cabinet Committee on Economic Affairs (CCEA) gave
'in-principle' approval for strategic disinvestment of 100% equity
of NINL on January 08, 2020, by selling the government's stake to a
strategic buyer which would be identified through a two-stage
auction procedure.

The ratings have further been placed on credit watch with
developing implications on account of the announcement by the
company to divest its equity holding in NINL. CARE will continue to
monitor the developments in this regard and will take a view on the
ratings once the exact implications of the above on the credit risk
profile of the company are clear.

ORIENT SPUN: CARE Lowers Rating on INR4.50cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Orient Spun Silk and Processing Mills LLP (OSPML), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      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 has been seeking information from OSPML to monitor the rating
vide email communications/letters dated September 16, 2020,
September 18, 2020, September 21, 2020 and numerous phone calls.
However, despite our 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.
Further, Orient Spun Silk and Processing Mills LLP has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on OSPML's bank facilities will now be
denoted as CARE C; Stable; 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 July 24, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Intensely competitive nature of the industry with presence of
many unorganised players: Silk manufacturing and processing
industry is highly fragmented and competitive nature due to
presence of many small and medium players in this sector owing to
its low entry barriers, due to low capital. High competition
restricts the pricing flexibility of the industry participants and
has a negative impact on the profitability.

* Exposure to vagaries of nature: There are different types of
process involved in manufacturing and processing of Eri silk, Muga
silk, Art silk. Eri silk being the most textured silk needs a huge
amount of preservation and care strategy. It has shorter fibers
than the usual cultured Silks. The shorter fibers of Eri silk make
it less durable. Muga silk is the most expensive type of Silk and
is used for making products only for the upper segments of the
market. One of the major highlights of Muga Silk is its longevity.
This involves winding, twisting, doubling. Mulberry silk yarn
process involves soaking, winding, twisting, steaming, doubling,
dying and reeling. Also, silk manufacturing and processing is
highly dependent on availability of raw materials. The major raw
materials which are require producing silk or silk related products
are raw silk, which is available from the cocoons. Hence,
availability of raw materials depends on vagaries of nature.

Key Rating Strengths

* Experienced management: Mr. Pabitra Buragohain (Partner) and Mr.
Lakhi Kanta Gohain (Partner) both have 21 years of experience in
the similar line of business will look after the day to day
operation of the firm. The firm will be further supported by a team
of experienced professionals.

* Locational advantage: Silk manufacturing and processing unit is
located in Guwahati (Assam). Most of the raw materials will be met
from the nearby states. Accordingly the firm will be able to save
simultaneously on transportation cost and silk manufacturing and
processing cost.

Orient Spun Silk and Processing Mills LLP was established in June
2017 with an objective of manufacturing and processing of Mulberry
silk, Muga silk, Eri silk, Art silk and other Cellulosic yarn. The
Mulberry, Muga, Eri, Art yarn will be used in making of Saree,
Mekhala Chaddar, Punjabi Kurta. The major raw materials are
Mulberry silk, Eri spun silk, Muga silk, Art silk and Cellulosic
silk which are available from adjacent states. Mr. Pabitra
Buragohain (Partner) and Mr. Lakhi Kanta Gohain (Partner), both of
whom has 20 years of experience in similar line of business. The
firm is further be supported by a team of experienced
professionals.

P.G. SETTY: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.G. Setty
Construction Technology Private Limited (PGSCT) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      13.57       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short term Bank     15.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 10, 2019, placed
the rating(s) of PGSCT under the 'issuer not cooperating' category
as PGSCT had failed to provide information for monitoring of the
rating. PGSCT continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated June 15, 2020 to September 24, 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 assigned to the bank facilities of P.G. Setty
Construction Technology Private Limited (PGSCT) take into account
on-going delays in debt servicing.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Companies

Key Rating Weakness

* Ongoing delays in debt servicing: Due to stretched liquidity, the
company has delayed in servicing its debt obligation.

P G Setty Construction Technology Private Limited (PGSCT) was
established by Mr. P Gopala Setty as a proprietorship concern under
the name M/s. P G Setty in 1964. During 1970s, the family business
was converted to a partnership firm in the name of M/s. P
Gopalasetty, registered as class I contractor for the Government of
Karnataka. Subsequently in 1999, the firm was incorporated as a
private limited company with its current nomenclature. PGCT is
engaged in the business of civil contractor for execution of low
cost houses and layout construction services.

PARANJAPE SCHEMES: CARE Cuts Rating on INR175cr NCD to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paranjape Schemes (Construction) Limited (PSCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      175.00     CARE C; Issuer not cooperating;
   Debentures                      Revised from CARE B; Negative;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Fixed Deposits        55.00     CARE C (FD); Issuer not
                                   cooperating; Revised from
                                   CARE B (FD); Negative; ISSUER
                                   NOT COOPERATING; Outlook: on
                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PSCL to monitor the ratings
vide email communications dated September 29, 2020 and October 3,
2020 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on PSCL's
instruments will now be denoted as CARE C; ISSUER NOT COOPERATING
and CARE C (FD); ISSUER NOT COOPERATING for non-convertible
debentures and fixed deposits, respectively.

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

The ratings have been revised on account of non-availability of the
latest operational and financial information of the company and
frequent extensions sought by the company for interest payment on
NCDs; initially due on April 30, 2020 and July 31, 2020. The
company has been seeking moratorium on the interest payment on NCDs
from the above mentioned dates and recently the revised due date of
September 24, 2020 was extended to October 8, 2020 after due
approval from the investors. Further, CARE takes into account
adverse impact of COVID-19 on the real estate sector which may lead
to pressure on the cashflow position of PSCL in the short term to
medium term.

Detailed description of the key rating drivers

At the time of last rating on June 6, 2019 the following were the
rating strengths and weaknesses:

Key Rating Strengths

* Experienced promoters with long track record coupled with
geographical diversification: The Paranjape group is in the real
estate business since 1930 and PSCL is in the existence since 1987.
The current directors of the company are Mr. Shrikant Paranjape and
Mr. Shashank Paranjape having an experience of over two decades in
the real estate business.

Key Rating Weakness

* Deterioration in financial risk profile marked by continuing net
losses leading to erosion of net worth, weakening of capital
structure and debt coverage indicators: During H1FY20 (Unaudited),
PSCL registered a Total Operating Income (TOI) of INR80.86 crore
against INR121.24 crore in H1FY19 (Unaudited).However, PSCL
registered a TOI of INR80.86 crore in H2FY19 which rose by 31.95%
as against INR61.28 crore in H2FY19 (Unaudited). PSCL registered
net losses of INR97.11 crore in H1FY20. Further, Net losses widened
by 54% from INR69.78 crore in FY18 to INR107.63 crore in FY19. Net
worth as on March 31, 2019 stood at INR72.54 crore as compared to
INR191.82 crore as on March 31, 2018, leading to wakening of
capital structure. Operating losses have also resulted in weakening
of debt coverage indicators.

* Downturn in real estate sector exacerbated by COVID-19 impact:
While the residential segment was already witnessing downturn since
last few years with the slump in property markets on the back of
piling inventories, lower demand and stalled projects, the outbreak
of COVID-19 has been latest challenge to the sector. The 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. Accordingly,
developers may choose to reschedule their new launches and wait for
the sentiments to improve.

Incorporated in 1987, Paranjape Schemes Construction Limited (PSCL)
is in the business of real estate development, both residential and
commercial. The company has undertaken real estate projects in
Pune, Mumbai, Chiplun, Kolhapur and Bangalore. The group has
completed over 191 projects with total saleable area of 20.9
million square feet (msf) (~85% residential and 15% commercial)
till May 2020. The company has shown reasonable execution
capability; moreover the major funding being advance from customers
indicate company's ability to market the projects during
construction period and maintain high collection efficiency.

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

The instrument-wise rating actions are:

-- INR29.750 bil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with  
   
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR4.570 bil. Non-fund-based working capital facilities
     (Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 23, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1971, PEC is a public sector undertaking under the
Ministry of Commerce and Industry, Department of Commerce, the
government of India. The company's primary business interests are
exports, imports, deemed exports, third-country trading of
agro-commodities, industrial raw materials, and bullion, and
arranging financing, logistics, project exports and management.  


POLYCHEM INDUSTRIES: CARE Lowers Rating on INR8.91cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Polychem Industries (PI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.91      CARE D; Revised from CARE B;
   Facilities                      Stable

   Long Term/Short       7.00      CARE D/CARE D Revised from
   Term bank facilities            CARE B; Stable/CARE A4

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of PI have been revised
on account of on-going overdrawals in its fund based limits
exceeding 30 days due to stressed liquidity and weak financial
profile.

Rating Sensitivities

Positive Factors

* Delay free track record of 90 days in servicing of debt
obligations

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going overdrawals in cash credit account exceeding 30 days and
delays in repayment of Fixed Interest Term Loan installment: As
indicated by PI's lender, the drawing power (DP) of Cash Credit
(CC) limit of client became nil with effect from September 01, 2020
and hence the CC account of firm remained overdrawn for more than
30 days, as on date. Further, the lender also stated that the firm
delayed the repayment of the September 2020 installment of its FITL
(Fixed Interest Term Loan; created for repayment of accumulated
interest of CC account on which moratorium was taken for a period
of six months) by two days.

* Modest scale of operations and thin profitability margin: Post
commencement of operations in 2017, the scale of operations of PI
continued to remain modest at INR29.53 crore during FY20 (P.Y.:
INR27.09 crore). The firm's capacity utilization is very low owing
to limited availability to working capital limits which restricts
the firm from purchasing raw materials on large scale. Further, the
firm continued to report losses during FY20 with a net loss of
INR2.11 crore and cash loss of INR2.82 crore.

* Weak debt coverage indicators: The debt coverage indicators of
the firm remained weak due to cash losses incurred during last 3
years ended March 2020. Interest coverage of the firm also
continued to remain below unity. Overall gearing remained moderate
at 1.08x as on March 31, 2020 which is calculated after considering
Unsecured Loans of INR16.00 crore as quasi equity as the same are
subordinated to bank debt as per the sanction letter.

* Susceptibility of profitability to volatility in raw material
prices: The primary raw materials used in manufacturing of dyes are
crude oil derivatives whose prices are dependent on prevailing
international crude oil prices. Any changes in the international
crude oil prices will have a direct impact on the prices PI's raw
materials and in turn could affect the profitability of the entity,
due to limited pricing flexibility with its customers owing to its
presence in a competitive industry.

* Presence in highly competitive and fragmented industry: The dyes
industry is highly fragmented and is characterized by the presence
of a large number of organized and unorganized players. This
coupled with low entry barriers in the industry translates into
stiff competition for the firm.

* Constitution of entity as a proprietorship firm: The constitution
as a proprietorship firm restricts overall financial flexibility in
terms of limited access to external funds
for any future expansion plans. Further, there is inherent risk of
possibility of withdrawal of capital and dissolution of the
firm in case of death/insolvency of proprietor.

Liquidity – Poor

Liquidity of PI continues to remain poor with cash losses incurred
for last three years ended March 2020. Due to this, the firm
remains dependent upon fund infusion by promoter and its group
entities for meeting debt servicing obligations in a timely manner.
Moreover, the gross working capital cycle of firm stood elongated
at 160 days during FY20 (P.Y.: 125 days) and correspondingly, the
DP limit of PI became nil with effect from September 01, 2020 as
most of its debtors were outstanding for more than six months as on
August 2020. This resulted in overdrawals in CC limit for more than
30 days. Further, as indicated by the lender, the utilization of CC
limits has largely remained full for trailing twelve months ended
September 2020. Moreover, the client has also not submitted No
Default Statement for the month of September 2020. Further, the
firm had availed moratorium facility for six months provided by RBI
as a Covid-19 pandemic relief measure.

Key Rating Strengths

* Experienced promoter and Bhatia group's presence in textile and
chemical business: PI is a part of Bhatia group which has four
decades of presence in chemical and textile industry. The group
houses various entities including - Bhatia Color Company (rated
CARE BB; Negative/ CARE A4, engaged into trading of dyes, chemical
and textile), Polychem Exports (rated CARE B+; Stable/ CARE A4;
engaged into trading of textile, plastic granules and chemicals)
and Vap Fab (engaged into manufacturing and trading of fabrics),
apart from PI. The proprietor of PI, Mr. Dhawal Bhatia, has an
industry experience of over 7 years.

* Locational advantage: The manufacturing facilities of PI are
located at Dahej, which is a Petroleum, Chemical and Petrochemicals
investment region (PCPIR) of Gujarat. This benefits PI in terms of
ready access to raw materials, common effluent treatment facilities
and proximity to ports (in case of exports) along with various
incentives provided by the state government. Also, a majority of
PI's produce is targeted to be used in manufacturing of textile
products and the major markets of Ahmedabad and Surat are located
in proximity to Dahej.

Analytical Approach: Standalone with support from group entities

Due to its loss making operations driven by low capacity
utilization and non-availability of adequate funds, Polychem
Industries depends upon various group entities of the Bhatia group
for meeting its funding requirements for working capital as well as
debt servicing.

Formed in 2015, PI is a Surat Gujarat based proprietorship entity
owned by Mr. Dhawal Bhatia. The firm is a part of Surat based
Bhatia Group engaged mainly in textile and chemical business
through various group entities for over past four decades. Though
established in 2015, the entity commenced operations from September
2017 onwards. PI is engaged into manufacturing of dispersed dyes
with an installed capacity of 3,500 metric tonnes per annum (MTPA)
as on March 31, 2020.


PONDICHERRY TINDIVANAM: CARE Cuts Rating on INR210.94cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pondicherry Tindivanam Tollway Private Limited (PTTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       210.94     CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facility of PTTPL
is on account of stretched liquidity position with low traffic
plying on the project stretch resulting in delays in debt servicing
by the company. The rating sensitivities are as follows:

Positive Factors

* Improvement in the liquidity profile & regularization of debt
servicing

Detailed description of the key rating drivers

Key Rating Weaknesses

* Stretched liquidity position with delays in debt servicing: The
company has been facing low traffic on the project stretch in the
current fiscal due to the slowdown and lockdown on account of
global pandemic COVID 19. In light of same, the toll collection has
been significantly lower as the project stretch encompasses various
tourist spots where the footfall is low. Consequently liquidity is
stretched resulting in delays in debt servicing.

* Presence of alternate route on the stretch: The project road
forms part of a route connecting Pondicherry to Chennai
(combination of NH-45 and project road). A major portion of the
traffic plying on the project road is originating from Pondicherry
or Chennai. However, there is a two lane road, ECR connecting
Pondicherry and Chennai which traverses along with the coast of
Tamil Nadu. The ECR is major competing road for the NH-45 project
road section due the presence of various tourists' spot which has
resulted in diversion of traffic and lower traffic on the project
stretch. While the company had proposed auxiliary toll plaza, the
same has not been approved by National Highway Authority of India
(NHAI) resulting in revenue leakage.

* Operations & Maintenance (O&M) Risk: As per the concession
agreement, PTTPL is responsible for operating and maintaining the
project stretch. The company undertakes regular O&M works on its
own and is therefore exposed to risk of increasing prices. PTTPL
has not entered into fixed priced contract for the operation and
maintenance of project stretch. This apart, the company has not
undertaken any Major maintenance, since commencement of operation,
given low traffic flow on the project stretch and absence of
funding support from sponsors.

Key Rating Strengths

* Experienced promoters: PTTPL was originally promoted by Maytas
Infra Limited (MIL) and NCC Limited (NCC). Later in 2009, Terra
Projects Private Ltd (TPPL), one of the sub-contractors and a group
company of Nagpur-based Jayaswal Neco Industries Ltd. acquired
26.10% stake in PTTPL. Currently, IL&FS, NCC, TPPL and NCC
Infrastructure Holdings limited are the shareholders of PTTPL.

Liquidity -Poor: The company has a poor liquidity profile with low
toll collection due to low traffic on stretch and subsequently
delays in debt servicing. The company has sought moratorium on
account of covid relief and was granted moratorium for the Phase I
(March 2020 to May 2020). While the company applied for the second
moratorium, the same has been rejected by the lenders.

Pondicherry Tindivanam Tollway Private limited (PTTPL) is a Special
Purpose Vehicle (SPV) incorporated on March 27, 2007 to undertake
the construction, operation, maintenance of National Highways in
Tamil Nadu. It is promoted by the consortium of Nagarjuna
Construction Company Limited (NCC) along with its subsidiary NCC
Infrastructure Holdings Ltd, IL & FS Engineering constructions Ltd
(ILFS) and Terra-Projects Limited. The SPV is involved in
strengthening of four-lane road of 37.92 kms stretch on the
Pondicherry-Tindivanam section of NH-66, in the state of Tamil
Nadu.

The Concession Agreement (CA) was executed between PTTPL and
National Highways Authority of India (NHAI) on July 19, 2007 for a
concession period of 30 years from the date of financial closure,
including the construction period of 30 months. The Commercial
Operation Date (COD) or Scheduled Project Completion Date (SPCD) of
the project was July 14, 2010. However, on account of delay by NHAI
in handing over the land, the construction could not be completed
within the scheduled time. The company had managed to receive an
extension of Time (EOT) for COD till April 27, 2011, from NHAI. The
project received Provisional COD and has commenced tolling on
December 12, 2011.

PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pravara
Renewable Energy Ltd. (PREL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities          186.08      CARE D; Issuer not Cooperating;

                                   Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 16, 2018, placed the
rating of PREL under the 'Issuer non-cooperating' category as PREL
had failed to provide information for monitoring of the rating.
PREL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2020, September 8, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The rating has been reaffirmed on account of non-submission of
material information required for our periodic review exercise. The
rating takes into account the ongoing delays in debt servicing by
the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt: There have been on-going delays in debt
servicing

Pravara Renewable Energy Limited (PREL) is a special purpose
vehicle, incorporated as a wholly owned subsidiary of Gammon
Infrastructure Projects Limited (GIPL), to implement the 30 MW
bagasse based co-generation power project adjacent to the sugar
mill of Padmashri Dr. Vithalrao Vikhe Patil, Sahakari Sakhar
Karkhana Limited (Karkhana) at Pravaranagar, District Ahmednagar,
Maharashtra on Build Own Operate and Transfer basis (BOOT). The
total project cost (including cost of modernization of the sugar
plant) is INR250.78 crore (revised from INR239.59 crore), financed
through debt of INR191.67 crore and equity of INR59.11 crore (i.e.
Debt to equity ratio of 3.24). The COD for the project was achieved
in November 2015.

RANGANATHA GOLD: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ranganatha Gold and Silver (RGS) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 29, 2019, placed the
rating(s) of RGS under the 'issuer not cooperating' category as RGS
had failed to provide information for monitoring of the rating. RGS
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
September 02, 2020 to September 08, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last press release dated August 29, 2019 the
following were the rating strengths and weaknesses:

Key Rating Weakness

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

Key Rating Strengths

* Experienced promoters: The managing partner Mr. Rangachari has an
experience of around 25years in the industry of gold and silver,
the other partners Mr. Venkateshachari, Mr. Ramakrishnachari and
Mr. Rathnachari have a cumulative experience of around 70years. The
partners are also part of Board of directors of "Sri Ranganatha
Theater Pvt. Ltd.", a family concern and also partners of
"Ranganatha Gold Palace", additionally they are also involved in
agricultural activities.

Sri Ranganatha Gold and Silver (RGS) is a partnership firm
incorporated on April 5, 2012 by Mr. K. Rangachari, Mr. K.
Venkateshachari, Mr. K. Rathnachari and Mr. K. Ramakrishnachari who
share equal profits. The major operation of the firm is in the
business of wholesale trading and retailing of gold and silver
ornaments. It also has facility of designing and making gold and
silver ornaments as per the customer request. The showroom is
situated at Challakere, Karnataka. Mr. K. Rangachari is the
managing partner and has an experience of around 25years in the
Gold and silver industry. He also has a proprietary concern by name
"Sri Ranganatha Swamy Jewellary" which is also involved in similar
line of business.

RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richa Petro
Products Private Limited (RPPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       12.58      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPPPL to monitor the rating
vide letters/e-mails communications dated September 16, 2020,
September 18, 2020, September 21, 2020 and numerous phone calls.
However, despite our repeated requests, the entity has not provided
the requisite information for monitoring the rating. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which, however, in
CARE's opinion is not sufficient to arrive at fair rating. Further,
Richa Petro Products Limited has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
rating on Richa Petro Products Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING. Further, the banker
could not be contacted.

Detailed description of Key Ratings Driver

During the time of last Rating done on July 11, 2019 following were
rating strength and weakness.

Key Ratings Weakness

The rating takes into account ongoing delay in the servicing of the
bank debt obligations on account of the stretched liquidity
position of the company.

Richa Petro Products Private Limited (RPPPL) was incorporated in
the year 2010 by Mr. Ramesh Chandra Parida of Bhubaneswar, Odisha.
The company has been engaged in manufacturing of pipes, pipe
fittings, furniture, and water tanks of PVC (Polyvinyl Chloride).
The main raw materials used in the production activity are Linear
low-density polyethylene (LDPE), High-density polyethylene (HDPE),
Polypropylene (PP) and PVC resin. The raw materials are procured
mainly from Haldia Petrochemicals Limited and Reliance Industries
Limited. The manufacturing plant of the company is located at
Bhubaneshwar, Odisha and it is well equipped with modern amenities
along with ISO 9001:2008 certification. RPPPL sells its products
under the brand name of "Richa" (unregistered) through its
established dealer network covering the state of Odisha only.

SALASAR ENTERPRISES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Salasar Enterprises Private Limited
        A/607, 6th Floor, Express Zone
        Western Exp Highway
        Near Patel Aluminium
        Malad (E) Mumbai 400097

Insolvency Commencement Date: October 15, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 12, 2021

Insolvency professional: Nishi Jain

Interim Resolution
Professional:            Nishi Jain
                         A-102, Krishna Tower
                         Ashok Nagar
                         Kandivali (East)
                         Mumbai 400101
                         E-mail: csnishijain@gmail.com

                            - and -

                         11, Friends Union Premises
                         227, P D Mello Road
                         Opp. St. George Hospital
                         Next to Hotel Manama
                         Fort, GPO
                         Mumbai 400001
                         E-mail: csnishijain@gmail.com

Last date for
submission of claims:    October 31, 2020


SONY AIRCON: CARE Lowers Rating on INR10cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sony
Aircon, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B-; ISSUER
                                   NOT COOPERATING on the basis of

                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 12, 2019 placed the
rating(s) of Sony Aircon under the 'issuer non-cooperating'
category as Sony Aircon had failed to provide information for
monitoring of the rating. Sony Aircon continues to be
noncooperative despite repeated requests for submission of
information through phone calls and emails dated September 15, 2020
and August 28, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, banker could not be contacted.

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

The rating has been revised on account of non-availability of
information and no due diligence conducted with banker due to
non-cooperation by Sony Aircon with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
non-availability risk as a key factor in its assessment of credit
risk. Further, the rating takes into account modest scale of
operations and low net worth base, working capital intensive nature
of operations, below average financial risk profile, competition
from various organised and unorganised players in Gems & Jewellery
(G&J) industry and highly competitive nature of FMCG industry. The
rating, however, continues to draw comfort from experienced
proprietor and long track record of operations.

Detailed description of the key rating drivers

At the time of last rating on July 12, 2019, the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

* Modest scale of operations and low net worth base: The scale of
operations has remained modest marked by a total operating income
and gross cash accruals. Furthermore, the net worth base of the
firm also remained as on March 31, 2015. The small scale limits the
firm's financial flexibility in times of stress.

* Working capital intensive nature of operations: The total
operating cycle of the firm stood at 96 days during FY15 (refers to
the period April 1 to March 31), primarily on account of high
average inventory period of 92 days owing to requirement for
display and to meet immediate demand of clients. The average
collection period remained around 12 days as the firm mainly deals
in retail segment. Average payable period stood around 9 days
during FY15 as the purchases are mainly on cash basis or at a low
payable period of one week. The working capital utilisation of the
firm remained fully utilised for the 12 month period ending
December 2015.

* Below average financial risk profile: The total operating income
of the firm had grown from INR36.39 crore in FY13 to INR48.56 crore
in FY15 at a compounded annual growth rate (CAGR) of ~32% on
account of increase in the revenue from addition of new clients.
The profitability margin of the firm remained moderate marked by
PBILDT margin and PAT margin of 4.01% and 0.55%, respectively, in
FY15 keeping in perspective trading nature of operations. The
PBILDT margin remained moderate owing to higher margin in jewellery
segment in comparison to air conditioners segment. The same
percolated into moderate PAT margin. The capital structure of the
firm remained leveraged marked by overall gearing ratio of 8.06
times as on March 31, 2015, due to low net worth base and high
dependence on external working capital borrowings. The debt service
coverage indicators marked by interest coverage ratio and total
debt to GCA stood weak at 1.24 times and 32.75 times, respectively,
in FY15 due to higher interest charges leading to low gross cash
accruals and high debt levels.

* Competition from various organised and unorganised players in
Gems & Jewellery (G&J) industry: Sony Aircon operates in Gems &
Jewellery (G&J) industry, which is a fragmented industry with a
high level of competition from both the organised and largely
unorganised sector. It is estimated that there are about 15,000
players across the country in the gold processing industry, 450,000
goldsmiths spread across the country and more than 6,000 players in
the diamondprocessing industry. Furthermore, the industry is also
susceptible to fluctuation in the prices of gold and diamonds.

* Highly competitive nature of the FMCG industry: Sony Aircon
operates in highly fragmented industries, wherein there is presence
of a large number of players in the unorganised and organised
sectors. There are number of small and regional players catering to
the same market which has limited the bargaining power of the firm
and has exerted pressure on its margins.

Key rating Strengths

* Experienced proprietor and long track record of operations: The
firm is currently being managed by Mr Anurag Bansal. He has
experience of around two decades in Gems & Jewellery (G&J) industry
and FMCG industry through his association with the same firm. The
firm has a considerable track record which has resulted in
long-term relationship with suppliers and customers.

Sony Aircon was established in 1997 as a proprietorship firm by Mr
Anurag Bansal. The firm is an authorised dealer of Daikin
Industries, Ltd.'s Air conditioner and Tanishq Jewellery. The firm
is engaged in trading and retail sale of Tanishq branded gold and
diamond jewellery and Daikin branded electronic item like air
conditioner. The firm currently owns one exclusive retail showroom
for each brand located in Agra, Uttar Pradesh. The showroom also
has attached workshop facility for the post sales services of air
conditioners. The firm sells its products in the domestic market in
the regions of Uttar Pradesh and Uttarakhand.

SUPERIOR FOOD: CARE Reaffirms C Rating on INR40cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Superior Food Grains Private Limited (SFGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           40.00      CARE C; Negative Reaffirmed

   Long Term Bank
   Facilities           12.20      CARE D Reaffirmed

   Short Term Bank
   Facilities            2.00      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SFGPL continue to be
constrained by the ongoing delays in servicing of the term debt
obligations by the company. The ratings are further constrained by
the weak financial risk profile, weak liquidity position along with
cyclicality & agro-climatic risk associated with the sugar
industry.

The ratings, however, derive strength from the experienced
promoters and the long-term Power Purchase Agreement (PPA)
with Uttar Pradesh Power Corporation Limited (UPPCL).

Rating Sensitivities

Positive Factors

* Sustainable and significant increase in income while maintaining
PBILDT margins at ~13%

* Significant improvement in the capital structure with overall
gearing ratio improving to less than 5x

* Timely servicing of debt obligations

Negative Factors

* Continued delays in servicing of debt obligations with working
capital limits being overdue for more than 30 days.

Outlook: Negative

The negative outlook is on account of expected continuance of the
weak liquidity position of the company. The outlook may be revised
to 'Stable' if the company is able to generate healthy cash
accruals and improve its liquidity position as well as debt
servicing track record.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in the debt servicing: There are ongoing delays in
the servicing of the repayment obligations for the term loans
availed by the company. There have also been instances of cash
credit limit overutilization in the past which were settled within
30 days. The same has been on account of stretched liquidity
position of the company.

* Weak; albeit, improving financial risk profile: The capital
structure of SFGPL continued to remain leveraged with long term
debt-to-equity ratio and overall gearing ratio of 9.76x and 11.61x,
respectively, as on March 31, 2020 (Provisional) compared to 21.60x
and 25.07x respectively, as on March 31, 2019. The same improved on
account of scheduled repayment of the term loans and accretion of
profits to the net worth. The total debt to GCA ratio also stood
weak at 11.57x, as on March 31, 2020 (Provisional; PY: 23.62x)
while the interest coverage ratio of the company stood moderate in
FY20 (Provisional). The total operating income of the company of
increased substantially by ~68% to INR452.16 cr. in FY20 (Prov.;
refers to the period April 01 to March 31) mainly on account of
higher quantity sold on the back of higher demand from the
customers during the year. However, the PBILDT margins declined to
10.36% in FY20 (Prov.; PY: 13.87%) mainly on account of lower
income from the power generation segment as the per-unit prices for
the electricity supplied by the company were lowered by the
government during the year while higher repair expenses were also
incurred during the year. The PAT margins however, improved and
stood at 2.27% in FY20 (Prov.; PY: 1.02%).

* Cyclicality and agro-climatic risk associated with the sugar
industry: Sugarcane is the key raw material used for the
manufacturing of sugar and sugar-related products. The availability
and yield of sugarcane depends on factors like rainfall,
temperature and soil conditions, demand-supply dynamics, government
policies, etc. The production of sugarcane and hence
sugar is cyclical in nature while the seasonality of the business
has a significant impact on the profitability and sustainability
of sugar mills.

Key Rating Strengths

* Experienced promoters: SFGPL is promoted by Mr. Rana Inder Pratap
Singh, Mr. Rana Karan Pratap Singh and Mr. Rana Preet
Inder Singh. Mr. Rana Inder Pratap Singh and Mr. Rana Karan Pratap
Singh have an experience of around 16 and 11 years, respectively,
in the sugar industry through their association with SFGPL and
other group concerns of the company. Mr. Rana Preet Inder Singh
(director) has an experience of around 9 years in the sugar
industry.

* Long-term power offtake arrangement in the form of Power Purchase
Agreement (PPA): SFGPL is engaged in the manufacturing of sugar as
well as generation of power through a by-product of the sugar
manufacturing process viz. bagasse. The company has a power
generation capacity of 33 MW. The company uses the power generated
for captive consumption and the surplus power is sold to UPPCL
(Uttar Pradesh Power Corporation Limited) under a long-term PPA of
25 years which is valid from Jan-2017 till Jan-2042. In FY20
(Provisional; refers to the period April 01 to March 31), the
income from the power segment constituted ~7% of total operating
income of SFGPL.

Liquidity: Weak

The cash credit limit remained fully utilized in the past 12 months
ended June, 2020. Further, there have also been instances of cash
credit limit overutilization in the past. The same were settled
within 30 days. The current ratio and the quick ratio of SFGPL
stood weak at 0.82x and 0.42x, respectively, as on March 31, 2020
(Prov.). The company has a total debt repayment obligation of
INR34.27 Cr. in FY21 proposed to be funded through its operating
cash flows. The company had availed moratorium as per the extant
RBI guidelines in light of Covid-19 for its debt obligations due
from March-2020 to August-2020 from Union Bank of India. The
company had also availed the moratorium for the repayment
obligations due for the term loan availed from IREDA (Indian
Renewable Energy Development Agency) for the period March, 2020 to
August, 2020. The operating cycle of the company stood comfortable
at ~2 days as on March 31, 2020 (Prov.; PY: -11 Days).

SFGPL was incorporated in January-2007 and is being managed by Mr.
Rana Inder Pratap Singh, Mr. Rana Karan Pratap Singh (brother of
Mr. Rana Inder Pratap Singh) and Mr. Rana Preet Inder Singh (cousin
of Mr. Rana Inder Pratap Singh). The company is engaged in the
manufacturing of sugar since September-2014 with a total installed
crushing capacity of 6,500 tonnes per day (TPD) as on March 31,
2020. The company is also operating a bagasse-based power plant of
33 MW.

UNITED COLD: CARE Reaffirms D Rating on INR6.42cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
United Cold Storage (UCS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          6.42        CARE D Reaffirmed
   
Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of UCS continues to be
constrained by the instances of delays in the servicing of the debt
obligation, declining scale of operations with net loss, weak
overall solvency position and elongated operating cycle. The rating
is further constrained by seasonality of business with
susceptibility of margins to vagaries of nature, highly fragmented
and competitive nature of industry with high level of government
regulation and partnership nature of constitution. The rating,
however, derives strength from experienced promoters.

Positive Factors

* Improvement in the liquidity position

* Increase in scale of operations with total operating income of
more than INR5.00 crore on a sustained basis

* Profit generation at net level as well as at cash level on a
sustained basis

* Improvement of capital structure below 2.00x

* Improvement of debt coverage indicators marked by total debt to
GCA and interest coverage ratio of below 20.00x and above 1.00x,
respectively, on a sustained basis

Negative Factor:

* Decline in scale of operations by more than 20% on sustained
basis.

Key Rating Weaknesses:

* Instances of delays in the servicing of debt obligation: There
have been instances of delays in the interest payment of term debt
obligation.

* Declining scale of operations with net loss: The total operating
income of the firm declined from INR1.78cr in FY19 to INR1.39cr in
FY20(Prov.) due to lower seasonal output. The firm remained in
losses at net level as well as cash level during the period.

* Weak overall solvency position: The capital structure of the firm
remained leveraged marked by overall gearing ratio of 11.36x as on
March 31, 2020 (Prov.). The same has been deteriorated from 5.27x
as on March 31, 2019 on account of erosion of networth due to
losses at net level. Furthermore, the debt coverage indicators also
stood weak marked by TDGCA and interest coverage as on March 31,
2020 (PY: 75.32x and 1.14x respectively).

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

* Seasonality of business with susceptibility of margins to
vagaries of nature: UCS's operations are seasonal in nature as the
firm is in agro-based business which is inherently dependent on the
vagaries of nature. Lower agricultural output may have an adverse
impact on the available raw material and leads to volatility in
prices that may have adverse impact on firm's profitability
margins.

* Highly competitive and fragmented nature of the industry with
high level of government regulation:  The cold storage industry in
a highly fragmented industry wherein there is presence of a large
number of players in the unorganized and organized sectors. There
are number of small and regional players catering to the same
market which has limits the bargaining power of the entity and
exerts pressure on its margins. Also, the government intervenes in
the market to keep a check on the prices to safeguard the interest
of farmers, which in turn limits the bargaining power of the
buyers. However, the Government also provides subsidies to the
companies to encourage demand in the industry.

Key Rating Strengths

* Experienced and resourceful promoters: Mr. Jaideep Singh and Mr.
Navdeep Singh, both have two decades of industry experience through
their association with UCS and others group concerns namely, Kapoor
Group (includes cold storage firms engaged in similar business
operations). The partners have adequate acumen about various
aspects of business which is likely to benefit UCS in the long
run.

Liquidity Position – Poor

The average operating cycle of the firm stood elongated at 219 days
for FY20 Prov. (PY: 90 days). The firm has a total debt repayment
obligation of INR0.25 cr. in FY21, proposed to be met through the
internal accruals. The firm has low level of free cash and bank
balance of INR0.02 crore, as on March 31, 2020.

United Cold Storage (UCS), based in Kapurthala (Punjab), was
established in July 2006 as a partnership firm. However, the
operations started in March, 2016. The firm is currently being
managed by Mr. Jaideep Singh and Navdeep Singh as its partners. The
firm is engaged in providing cold storage facility services of
agricultural products such as potatoes, apples and other vegetables
to the farmers based in Punjab on rent basis. The storage capacity
of the unit is 13150 tonnes as on June, 2020.

V S EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V S
Education Foundation (VEF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.50       CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 22, 2019 placed the
rating of VEF under the 'issuer non-cooperating' category as VEF
had failed to provide information for monitoring of the rating. VEF
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated September 9, 2020,
September 1, 2020 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The rating takes into account non-availability of requisite
information and no due-diligence conducted due to noncooperation by
VEF with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. Further, the ratings
continue to remain constrained owing by short track record with
small scale of operations, weak financial risk profile, intense
competition from established and upcoming educational institutes
and regulatory risk associated with education sector. The ratings,
however, continue to take comfort from experienced members of Trust
with qualified teaching staff.

Detailed description of the key rating drivers

At the time of last rating on August 22, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Short track record with small scale of operations: FY18 was the
first year of operations for the school. The scale of operations of
the trust marked by total operating income stood small at INR0.85
crore and negative gross cash accruals in FY18(FY refers to the
period April 1 to March 31). The small scale limits the financial
flexibility in times of stress and deprives it from scale benefits.
Weak financial risk profile The society, though 'not-for-profit' in
nature reported operational level loss for FY18 (period refers to
April 1st ,2017 to March 31st 2018) owing to high operational
expenses due to initial year of operation.

Further, the capital structure of the society stood leveraged as on
March 31, 2018 on account of debt funded capex undertaken in past
for constructing the school building and acquiring school buses
against low net worth of base of trust. Further, owing to losses
and high debt levels; the debt coverage indicators as marked by
interest coverage ratio and total debt to GCA stood weak for FY18.

* Intense competition from established and upcoming educational
institutes: VEF faces high competition from the existing
established schools. The ability of TET to enroll the projected
number of students at a competitive fee structure depends on its
capability to distinguish itself.

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

Key Rating Strengths

* Experienced members of Trust with qualified teaching staff: Vijay
Kansal is the current president of the society and has around a
decade of experience in running education institution.
He is ably supported by Mrs. Shilpi Kansal who look after financial
matter of trust and Mr. Naveen Gupta (Trustee) look after
day-to-day operations and has experience in field of social work.
Further, VEF has employed experience teaching and administrative
staff to support day to day operations.

Ludhina , Punjab based V S Education Foundation (VEF) Trust was
formed in October 2015. Mr. Vijay Kansal is the Persident of the
trust and the trust was setup with an objective to provide
educational services. VEF was established to provide education
under the brand name of DPS world School. VEF operates a school in
the name of "Delhi World School" in Ludhiana The school provides
primary and secondary education from Nursery to XII standard and is
affiliated with CBSE (Central Board of Secondary Education).

VISEN INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Visen Industries
Limited's (VIL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-' while resolving the Rating Watch Negative (RWN). The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR750 mil. Term loan due on September 2023 downgraded; Off
     RWN; Outlook Stable with IND BB+/Stable rating; and

-- INR4.150 bil. Non-fund-based working capital limits*
     downgraded; Off RWN with IND A4+ rating.

*Includes INR500 million of fund-based limits as sub-limit of the
non-fund-based working capital limit

Analytical Approach: Ind-Ra continues to take a consolidated view
of VIL and its wholly-owned Dubai-based subsidiary, Visen Polymers
FZE (VPF) to arrive at the ratings, due to the strong linkages
between them.

The downgrade and resolution of RWN reflects VIL's continued losses
in FY20 and the potential adverse impact of the COVID-19 pandemic
on the company's FY21 financials, leading to weaker-than-expected
credit metrics and a stretched liquidity position.

KEY RATING DRIVERS

Continued Losses in FY20 despite Improved Capacity Utilization:
VIL's overall capacity utilization increased to 62% in FY20 (FY19:
57%) due to an improvement in the capacity utilization of its
Chennai (Tamil Nadu) and Dubai (United Arab Emirates) plants. VIL's
consolidated revenue declined 6.7% yoy to INR12,016 million in FY20
due to a decline in sales and average realizations. The company
continued making losses in FY20, with a negative profit after tax
of INR177 million (FY19: negative INR341 million) due to higher raw
material prices; lower product realizations, and
lower-than-Ind-Ra-expected sales at various plants such as Chennai
and Jammu (Jammu & Kashmir). FY20 financials are provisional in
nature.

1HFY21 Revenue Adversely Impacted by COVID-19: VIL's total
production declined by about 30% yoy over 1HFY21 due to the
COVID-19 led nationwide lockdown, which led to the shortage of
labor and the unavailability of raw materials from a few sources.
The company's production improved to about 90% of its yoy
production from August 2020, indicating a gradual recovery in
demand from end-user segments, such as paints. In 1HFY21, the
company's EBITDA margin expanded to 10.1% (FY20: 3.3%) on account
of a sharp decline in its crude oil-linked raw material prices,
improved trading margins and profitability at its Dubai plant.

Weak Credit Metrics Likely to Improve in FY21: VIL's credit metrics
improved, yet remained weak, in FY20 due to an improvement in the
absolute EBITDA to INR392 million (FY19: INR288 million) resulting
in an interest coverage (EBITDA/interest expenses) of 1.3x (0.9x)
and a net leverage (net debt/EBITDA) of 5.7x (8.8x). VIL's interest
coverage improved further to 10.1x due to a sharp decline in raw
material prices and improved capacity utilization at its Dubai
plant. Ind-Ra expects the company's credit metrics to improve
further in FY21 on the improved profitability of the Dubai plant
and favorable raw material prices.

Liquidity Indicator - Stretched: VIL's combined average utilization
of its fund-based and non-fund-based working capital limit was 72%
for the 12 months ended August 2020. The company's net working
capital cycle remained negative due to elongated creditor days 145
days in FY20 (FY19: 131 days). As informed by the management, there
were letter of credit devolvements over April-August 2020, on which
the company sought moratorium basis the Reserve Bank of India's
regulatory package due to COVID-19. Ind-Ra believes that the
company's liquidity is stretched considering its elongated creditor
period and letter of credit devolvements.

The management expects the company's liquidity to gradually improve
in 2HFY21 due to the continued margin expansion and higher capacity
utilization at the Dubai plant. Although, the company is evaluating
options to restructure its dues as per the Reserve Bank of India's
resolution framework post COVID-19, it may not opt for the same in
case its liquidity improves. Ind-Ra will continue to monitor
company's liquidity position amid the likely recovery in
utilization levels.

Crude Price Volatility Risk: VIL's main raw materials butyl
acrylate, styrene monomer, vinyl acetate monomer are crude-oil
derivatives, hence, high volatility in crude price will
significantly affect the company's EBITDA margin. Generally, VIL
enters into contracts with customers that stipulate price
escalations based on the previous month's raw material prices.
Thus, VIL has limited ability to pass on the fluctuations in raw
material prices to end customers in case of a sharp increase in raw
material prices. The company's profitability was adversely impacted
in FY20 and FY19 due to the holding of inventory at higher prices
and selling end products at lower prices.

Established Market Presence; Geographical Diversification: VIL has
a track record of over 35 years in the Indian emulsion polymer
industry, along with established ties with its suppliers and
customers. The company has been able to obtain repeat orders from
large customers such as Asian Paints Limited, Berger Paints India
Ltd, Jotun Paints, and Kansai Nerolac Paints Limited.

Standalone Financials: VIL's EBITDA margin declined to 1.4% in FY20
(FY19: 2.1%).  Its interest coverage deteriorated to 0.4x in FY20
(FY19: 0.8x) and net leverage to 6.7x (5.8x).

RATING SENSITIVITIES

Positive: A ramp-up in the operations along with an improvement in
the profitability and improvement in the liquidity position with
the interest coverage exceeding 1.5x, on a sustained basis, could
lead to positive rating action.

Negative: Any further strain on the liquidity position, or a
decline in the EBITDA margin, resulting in a sustained
deterioration in the credit metrics, could lead to negative rating
action.

COMPANY PROFILE

Incorporated in 1985 and promoted by Vijay Nair, VIL manufactures
polymer emulsions and trades industrial chemicals. The company has
plants in Silvassa (Dadra and Nagar Haveli; 60,000 metric tons per
annum (mtpa)), Jammu (50,000mtpa), Tarapur (Maharashtra;
10,000mtpa), Chennai (60,000mtpa) and Dubai (120,000mtpa).




=========
J A P A N
=========

ANA HOLDINGS: Japan Prefers Piecemeal Approach to Big Bailout
-------------------------------------------------------------
Reuters reports that Japan's government is in no mood for a huge
bailout plan for ailing airline ANA Holdings Inc., sources said,
preferring a piecemeal approach to direct capital injections -- a
stark contrast to the bold moves other countries have made to
protect flagship carriers.

Forecast to suffer a net loss of around JPY500 billion ($4.8
billion) in the fiscal year to March, Japan's largest airline is
expected to announce a revival plan this week that will most likely
include pay cuts and reduction in its fleet of aircraft, according
to Reuters.

Reuters relates that the government hopes a waiver on airport
landing fees, a tax-funded domestic tourism campaign and a gradual
reopening of borders will be enough to keep ANA alive, said
government and ruling party officials with direct knowledge of the
matter.

These measures will come on top of JPY400 billion in subordinated
loans to ANA Holdings from state-backed and private lenders.

The loans, cost cuts and capital accumulated during Japan's inbound
tourism boom in the past few years will allow ANA to weather the
hit from COVID-19 at least for now, they said, Reuters relays.

Reuters says though nothing has been officially decided, the
government is ready to offer more relief if a deepening economic
slump worsens the plight of big companies with national impact such
as ANA.

But ideas being floated among government and political circles
center on tax breaks for aircraft and fuel, as well as extensions
of existing programs such as the tourism campaign and subsidies to
companies that retain jobs, the officials, as cited by Reuters,
said.

More radical steps such as those taken by Germany, which injected
direct capital, are off the table for now, they said.

"As long as private banks are healthy enough (to support ANA), it's
probably unnecessary," Reuters quotes a senior ruling party
official as saying of a direct bailout.

"Capital injection is a last resort," said another ruling party
official with close ties with the airline industry. "I don't think
the airlines themselves want this, because it would just show how
dire their business health is."

The Bank of Japan, too, is wary of stepping in, concerned that
rescuing non-financial entities like ANA would fall into the realm
of fiscal policy, said three people familiar with its thinking.

"The BOJ and government each has different roles to play," one of
the people said, ruling out measures such as directly offering
subordinated loans to ANA, Reuters relays.

There is uncertainty, however, on how long this drip-feed approach
can last. Like other carriers, ANA has been burning through cash to
maintain jets that are either grounded or flying with too few
passengers during the coronavirus pandemic.

Most of ANA's international routes are suspended, and a resurgence
of infections in Western countries means a revival of inbound
tourism may be some time off, Reuters says.

If there is a huge wave of infections in Japan, that could also
dash hopes of a rebound in domestic tourism. Once pent-up demand
from the government's campaign peters out, households may hold off
on traveling as job losses and wage cuts hit income, analysts say,
according to Reuters.

Crunch time may come next year. Unless sales pick up, some
companies may struggle to pay back loans, the officials said.

"Companies like ANA probably won't run into cash problems this
year. But things could turn ugly if they cannot emerge from the red
next year," Reuters quotes a government official as saying.

That could force the government to take even more drastic steps.

"If conditions don't improve by around next spring, airlines will
be in a much dire state," a third ruling party official said.
"Nationalizing ANA could become a real possibility."

                         About ANA Holdings

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
17, 2020, Egan-Jones Ratings Company, on August 7, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by ANA Holdings Incorporated to BB- from BBB+.



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

AIRASIA GROUP: Secures Loan; Capital Raising Progressing
--------------------------------------------------------
The Business Times reports that AirAsia Group has secured a loan as
part of its ongoing capital raising plans, an executive said on
Oct. 22.

Riad Asmat, chief executive officer of the group's Malaysian unit,
AirAsia Bhd, said "a loan has been approved and disbursed", in
response to a Reuters query about a report from New Straits Times
that said the airline had secured a MYR300 million (S$98 million)
loan to keep it afloat amid the coronavirus pandemic.

BT relates that the report, citing sources, said the airline took
the loan from Sabah Development Bank Bhd and that it would tide the
airline over for two months, financing local operations.

"We would not be able to disclose the specifics including the
lender(s) and amount involved," BT quotes Mr. Riad as saying.
"This loan is part of the capital raising exercise by AirAsia
Group, which is moving in the right direction and we are pleased
with the progress."

AirAsia has said it is looking to raise as much as MYR2.5 billion
by year-end, MYR1.5 billion of which could be in bank loans, BT
notes.

BT says the group has also been seeking a portion of its loans to
be guaranteed by the government.

Three weeks ago, its long haul arm AirAsia X Bhd proposed a US$15.3
billion debt restructuring and cutting share capital to avoid
liquidation.

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.

MALAYSIA AIRLINES: MAB Clarifies Liquidation Notice
---------------------------------------------------
The New Straits Times reports that Malaysia Airlines Bhd (MAB) on
Oct. 21 refuted any notion that it is being liquidated.

This follows the latest notice to creditors advertised by KPMG that
has gone viral, the report says.

An MAB spokesperson told the New Straits Times that the notice was
related to submission of proof of debts or claims, which was one of
the processes of liquidation undertaken by KPMG for the now defunct
Malaysia Airline System Bhd (MAS).

"The matter is unrelated to MAB and is no way part of its current
restructuring exercise," said MAB spokesperson, the report relays.

In the paper advertisement on Oct. 21, KPMG required all creditors
of MAS which had yet to file their claims, to submit proof of debts
or claims by 5:00 p.m. on November 12.

MAB took over MAS as the national carrier on Sept. 1, 2015 as part
of a recovery plan initiated by parent Khazanah Nasional Bhd, the
report notes.

                      About Malaysia Airlines

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

As reported in the Troubled Company Reporter-Asia Pacific on March
19, 2020, The Malaysian Reserve said that Malaysia Airlines Bhd
(MAB) is at risk of bankruptcy and staff are encouraged to take the
voluntary unpaid leave programme, said the group CFO Boo Hui Yee in
an internal memo addressed to the airline's 13,000 staff.

Khazanah is the sole shareholder of MAB after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat.

From its delisting from Bursa Malaysia from 2015 to 2017, MAB had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs.

According to Reuters, the Malaysian government has been seeking a
strategic partner for its national airline, which has struggled to
recover from two tragedies - the mysterious disappearance of flight
MH370 and the shooting down of flight MH17 over eastern Ukraine.

MALAYSIA AIRLINES: Offers Early Retirement Scheme to Employees
--------------------------------------------------------------
Bernama reports that Malaysia Aviation Group (MAG) has offered an
early retirement scheme for employees while negotiations are
ongoing with creditors and lessors over Malaysia Airlines Bhd's
(MAB) restructuring plans.

The MAG Early Retirement Application form, which was sighted by
Bernama, is aimed at employees across the board including its
subsidiaries MAB, MASwings, MAB Kargo, AeroDarat Services, Firefly,
Hijrah Biru, and the MAB Academy.

Bernama relates that the exercise is targeted at Malaysia-based
employees aged 45 and above who have served the company
continuously for a minimum of 10 years, including years of service
in the Malaysia Airlines group.

Commenting on the move, National Union of Flight Attendants
Malaysia president Ismail Nasaruddin said the decision was
considered "fair" in view of other airlines' extreme decision to
pare down entire operations before offering any separation scheme
or compensation, Bernama relays.

He said the VSS offer had been made and it now depended on the
employee whether or not to take up the offer.

"They (MAG) are not paying much; the VSS offer is only for three
months' salary. If the outcome from this offer doesn't match with
the numbers they are looking at, then more drastic measures may be
implemented such as termination or retrenchment," he told Bernama
based on information gathered from internal sources in MAG.

According to Bernama, Ismail believes a retrenchment compensation
would likely offer less than what had been offered in the VSS, and
about 50 per cent of MAG's employees are eligible for the offer,
including those transferred to the group during the corporate
restructuring previously.

As for MAB, it still has a 12,000-strong workforce despite facing
challenges from the pandemic that caused the airline and the
industry as a whole to suffer from weak demand, the report notes.

                      About Malaysia Airlines

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

As reported in the Troubled Company Reporter-Asia Pacific on March
19, 2020, The Malaysian Reserve said that Malaysia Airlines Bhd
(MAB) is at risk of bankruptcy and staff are encouraged to take the
voluntary unpaid leave programme, said the group CFO Boo Hui Yee in
an internal memo addressed to the airline's 13,000 staff.

Khazanah is the sole shareholder of MAB after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat.

From its delisting from Bursa Malaysia from 2015 to 2017, MAB had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs.

According to Reuters, the Malaysian government has been seeking a
strategic partner for its national airline, which has struggled to
recover from two tragedies - the mysterious disappearance of flight
MH370 and the shooting down of flight MH17 over eastern Ukraine.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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