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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 2, 2020, Vol. 23, No. 219

                           Headlines



A U S T R A L I A

ALTURA MINING: Pilbara Minerals Likely to Acquire Lithium Project
BLACKWOOD BISTRO: Second Creditors' Meeting Set for Nov. 9
BRIGHTE GREEN 2020-1: Moody's Rates AUD1.5MM Class E Notes B1
FLEXI ABS 2020-1: Moody's Rates AUD9.75MM Class E-G Notes Ba1
LIVING ROOM: Shifts Orana's Wine Stock to Melbourne After Shutdown

SAMSON OIL: Second Creditors' Meeting Set for Nov. 6
SKY AND SPACE: Virgin Orbit to Take Stake in Microcap
SPEEDCAST INT'L: Secured Creditors Asks Court to Reject Sale
VOGUE DOMAIN: Second Creditors' Meeting Set for Nov. 9
WIRECARD AUSTRALIA: Second Creditors' Meeting Set for Nov. 6



C H I N A

IDEANOMICS INC: Invests in Calif.-based e-Tractor Company
YOUSHENG EDUCATION: White-knight Investor Drops Rescue Plan


H O N G   K O N G

GREENPRO CAPITAL: Posts $563,000 Net Loss for the June 30 Quarter


I N D I A

ANANDA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating
BALDEV KRISHAN: CARE Keeps D Debt Rating in Not Cooperating
CURE LIFE: CARE Keeps D Debt Rating in Not Cooperating Category
DASHMESH RICE: CARE Keeps D Debt Rating in Not Cooperating

DHURIA RICE: CARE Lowers Rating on INR7.50cr LT Loan to C
GANESH POLY: CARE Keeps D Debt Rating in Not Cooperating
GURU NANAK: CARE Keeps D Debt Rating in Not Cooperating Category
JOTINDRA STEEL: CARE Lowers Rating on INR100cr Loans to D
NEW TUPLES: CARE Lowers Rating on Bank Debts to C

OM SHIV: CARE Keeps D Debt Rating in Not Cooperating Category
PATEL EDUCATION: CARE Lowers Rating on INR5.73cr LT Loan to C
PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating
RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating

RANA MILK: CARE Assigns D Rating to INR25.08cr LT Loan
RAO BHARAT: CARE Lowers Rating on INR11.45cr LT Loan to C
RATNAGIRI GAS: CARE Lowers Rating on INR1,461.05cr Loan to D
SAGAR AUTOTECH: CARE Lowers Rating on INR9.10cr LT Loan to D
SWASTIK OIL: CARE Keeps D Debt Ratings in Not Cooperating

TIRUPATI EXPORT: CARE Lowers Rating on INR9.0cr LT Loan to C
TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating


M A L A Y S I A

AIRASIA GROUP: Unit to Revise $15.3 Billion Debt Reform Plan


N E W   Z E A L A N D

SMITHS CITY: Rebranded, Relaunched Following Receivership

                           - - - - -


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A U S T R A L I A
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ALTURA MINING: Pilbara Minerals Likely to Acquire Lithium Project
-----------------------------------------------------------------
miningweekly.com reports thatPilbara Minerals has moved to
potentially acquire the Altura lithium project, in Western
Australia, for AUD175-million, after ASX-listed Altura Mining went
into voluntary administration earlier last week.

According to miningweekly.com, Altura earlier last week appointed
receivers and managers to conduct an urgent assessment of the
company's financial position, with the intention of transitioning
the lithium operations into care and maintenance in the coming
weeks in order to preserve near-term cashflow.

Ahead of going into administration, Altura noted that operations at
its lithium project had remained steady, with production in the
September quarter expected to reach between 43 000 t and 45 000 t,
in line with previous quarters, the report says. Shipping tonnage
for the September quarter exceeded production, with a total of 51
217 t sold.

miningweekly.com says the company's shareholders at the end of last
week also voted in favor of an offtake agreement executed with
major shareholder Hunan Yongshan Lithium Company, with the
five-year binding offtake agreement expected to start in January
next year with a minimum of 60 000 t/y from January 2022. The
binding offtake agreement includes options to agree to increase the
supply to 120 000 t/y.

miningweekly.com relates that Pilbara Minerals last week announced
it has entered into an implementation deed with the senior secured
loan noteholders of Altura, providing a path to potentially acquire
the Altura lithium project through the purchase of the shares in
Altura Lithium Operations (ALO) for AUD 175-million, subject to
completion of the receivership process.

Under the implementation deed, loan noteholders have agreed to vote
in favor of the Pilbara Minerals sponsored deed of company
arrangement (DOCA), should the acquisition proceed, the report
relays.

According to the report, Pilbara has also procured the right to
match any competing proposal offered for the Altura project, and
has secured payment of a break fee in the event that the receivers
accept a competing proposal, or the loan noteholders failed to vote
in favor of the DOCA.

The ASX-listed company has agreed to pay an upfront cash payment of
AUD155-million and a deferred consideration of up to
AUD20-million for the shares in ALO on the successful completion of
the transaction, miningweekly.com discloses.

miningweekly.com says the company told shareholders that the
upfront cash consideration would be funded through a future equity
capital raising, which is being supported by binding equity funding
commitments for a total of AUD240-million.

According to the report, Pilbara MD Ken Brinsden said that the
potential acquisition presented a logical consolidation of two
neighbouring operations to unite the greater Pilgangoora orebody,
and would unlock tangible synergies in both the short and the long
term.

"If successful, the acquisition will cement Pilbara Minerals'
position as the largest pure-play ASX-listed lithium company by
enterprise value and will provide strong leverage to the expected
recovery in lithium prices, driven by the increasing demand for
electric vehicle and energy storage applications evident across the
world.

"We believe this will help safeguard jobs in the Western Australian
lithium sector and ultimately create some exciting new growth
opportunities that will deliver a range of benefits for the local
economy."

miningweekly.com adds that Mr. Brinsden said that the receivership
process would provide Pilbara Minerals with the time to further
assess the optimal management for the combined lithium mining
operation, including the full extent of potential operational
synergies and savings from the acquisition.

Despite Pilbara Minerals' eagerness to acquire the Altura lithium
project, the company's administrators will continue to conduct a
formal process to market ALO and its asset for sale and
recapitalization opportunities, with the process expected to take
five weeks, the report states.

The administrators and receivers have asked any other interested
parties to express their interest in participating in the sales
process, miningweekly.com adds.

                         About Altura Mining

Altura Mining Limited (ASX:AJM) -- https://alturamining.com/
--operates as a mining company. The Company explores and produces
spodumene concentrate, as well as provides drilling, geophysical,
and project development services. Altura Mining serves customers
worldwide.

Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Altura Mining Limited and Altura
Lithium Operations Pty Ltd on Oct. 26, 2020.

BLACKWOOD BISTRO: Second Creditors' Meeting Set for Nov. 9
----------------------------------------------------------
A second meeting of creditors in the proceedings of Blackwood
Bistro Pty Ltd, trading as Bistro Blackwood, and The Living Room
Bar Pty Ltd, trading as Restaurant Orana, has been set for Nov. 9,
2020, at 11:00 a.m. at  Level 7, 151 Pirie Street, in Adelaide, SA.


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 Nov. 6, 2020, at 4:00 p.m.

David William Kidman and Martin David Lewis of KPMG were appointed
as administrators of Blackwood Bistro on Oct. 5, 2020.

BRIGHTE GREEN 2020-1: Moody's Rates AUD1.5MM Class E Notes B1
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the Brighte Green Trust 2020-1.

Issuer: Brighte Green Trust 2020-1

AUD164.8 million Class A Notes, Assigned Aa2 (sf)

AUD7.0 million Class B Notes, Assigned A2 (sf)

AUD5.0 million Class C Notes, Assigned Baa1 (sf)

AUD6.7 million Class D Notes, Assigned Ba1 (sf)

AUD1.5 million Class E Notes, Assigned B1 (sf)

The AUD2.0 million Class F Notes and AUD3.0 million Class G Notes
are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured green consumer, Buy Now Pay Later (BNPL) receivables
originated by Brighte Capital Pty Ltd (Brighte, unrated). This is
Brighte's first term securitization and the first Australian ABS
transaction fully backed by solar-related receivables.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

  - The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
loans extended to home-owner borrowers. Home owners have
historically displayed lower default rates than non-home owners in
comparable portfolios. In Moody's view, this is a significant
credit strength of the transaction.

  - The limited amount of historical data. Brighte was established
in 2015, with significant origination growth beginning in 2018. The
collateral performance data used in its analysis reflects Brighte's
short origination history — with the period limited to between Q2
2017 and Q4 2019 — and does not cover a full economic cycle.
Additionally, buy-now-pay-later products are still in their
relative infancy in Australia, with limited availability of
performance data from similar products for benchmarking purposes.

  - The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. The notes will be
repaid on a sequential basis until the pro rata paydown conditions
are satisfied, principal will be distributed pro rata among all
Notes. Following the call date or if the pro rata conditions are
otherwise not satisfied, the principal collections will be
distributed sequentially starting with Class A Notes. Initially,
the Class A, Class B, Class C, Class D and Class E Notes benefit
from 13.26%, 9.58%, 6.95%, 3.42% and 2.63% of note subordination,
respectively.

  - The availability of excess spread over the life of the
transaction. The portfolio yield of 12.00% providing significant
excess spread to cure portfolio losses.

  - The liquidity facility in the amount of 3.00% of the rated note
balance.

  - The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

  - The experience of Brighte as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.00%, a
recovery rate of 0.0%, and a Aaa portfolio credit enhancement
("PCE") of 28.0%. The expected defaults and recoveries capture its
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.31%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 28.0% is broadly in line with other Australian Consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
consumer assets from the current weak Australian economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

FLEXI ABS 2020-1: Moody's Rates AUD9.75MM Class E-G Notes Ba1
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the Flexi ABS Trust 2020-1.

Issuer: Flexi ABS Trust 2020-1

AUD141.0 million Class A1 Notes, Assigned Aaa (sf)

AUD40.0 million Class A1-G Notes, Assigned Aaa (sf)

AUD19.6 million Class B-G Notes, Assigned Aa2 (sf)

AUD16.0 million Class C-G Notes, Assigned A2 (sf)

AUD11.15 million Class D-G Notes, Assigned Baa2 (sf)

AUD9.75 million Class E-G Notes, Assigned Ba1 (sf)

The AUD12.5 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, Buy Now Pay Later (BNPL) receivables originated
under the brand 'humm' by Certegy Ezi-Pay Pty Ltd (originator), a
subsidiary of FlexiGroup Limited (flexigroup).

This is flexigroup's eleventh term-securitisation of the
originator's assets.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The definitive ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction, the
liquidity facility in the amount of 1.00% of the rated note balance
(subject to a minimum of AUD 500,000), the interest rate swaps
provided by Commonwealth Bank of Australia ("CBA",
Aa3/P-1/Aa2(cr)/P-1(cr)) and National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)), the experience of Flexirent
Capital Pty Limited as servicer, and the back-up servicing
arrangements with illion Australia Pty Ltd.

Initially, the Class A Notes (which include Class A1 and A1-G),
Class B-G, Class C-G, Class D-G and Class E-G Notes benefit from
27.6%, 19.8%, 13.4%, 8.9% and 5.0% of note subordination,
respectively.

The transaction features a sequential/pro rata paydown structure.
The notes will be repaid on a sequential basis starting with the
Class A Notes until pro rata paydown conditions are satisfied, upon
which principal will be distributed pro rata among all Notes (Class
F Notes will be paid pro-rota when a secondary set of pro ratas
paydown conditions are satisfied). If the pro rata conditions are
not satisfied then the principal collections will be distributed
sequentially starting with Class A Notes.

The evaluation of the underlying receivables and their expected
performance. There is a high proportion (61.0%) of home-owner type
obligors in this pool, of which the majority related to
solar-related products. Obligors characterised as homeowners have
historically displayed lower default rates than non-home owners.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 4.25%, a
recovery rate of 0.0%, and a Aaa portfolio credit enhancement
("PCE") of 32.5%.

Moody's assumed mean default rate is stressed compared to the
historical levels of 3.66%. The expected default captures its
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.

Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

The stress Moody's has applied in determining its mean default rate
reflects the lack of economic stress in Australia during the
historical data period (2014-2019).

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
consumer assets from the current weak Australian economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

LIVING ROOM: Shifts Orana's Wine Stock to Melbourne After Shutdown
------------------------------------------------------------------
Tom Richardson at InDaily reports that controversial celebrity chef
Jock Zonfrillo shifted the wine stock from his shuttered Restaurant
Orana to a Melbourne storage unit after he closed its doors in
March, despite publicly declaring he hoped to re-open the decorated
East End eatery.

Documents lodged with Consumer and Business Services, seen by
InDaily, also show Mr. Zonfrillo's business The Living Room Bar Pty
Ltd applied for a suspension of its liquor licence for its Rundle
St premises on March 30.

Orana had been shut since late March, while its downstairs sister
eatery Bistro Blackwood closed in December last year.

According to InDaily, an administrator's preliminary report showed
the two restaurants made a combined loss of around AUD400,000 in
each of the last two financial years, with Mr. Zonfrillo's
companies The Living Room Bar Pty Ltd (trading as Orana) and
Blackwood Bistro Pty Ltd owing more than AUD 1 million to
creditors, with around AUD865,000 owed to unsecured creditors of
Restaurant Orana.

InDaily relates that administrators David Kidman and Martin Lewis
of KPMG said Mr. Zonfrillo, who was recently contracted to appear
in a new season of TV reality cooking show MasterChef, "has
indicated to us that he is intending to formulate a proposal for
the Companies' creditors' consideration".

However, "as at the date of this report, no further details have
been provided to us in this regard".

If a Deed of Company Arrangement is not forthcoming before the next
creditors meeting early next month, or if it is rejected by
creditors, "then the Companies will most likely go into
liquidation", the administrators said, InDaily relays.

Major creditors include the Australian Taxation Office and National
Australia Bank, as well as landlord the Rundle East Company Ltd,
InDaily discloses.

The amount claimed by the latter is contested by Mr. Zonfrillo.
Rundle Street East is a division of the Maras Group, whose founder
Theo Maras told InDaily: "It's sad to see such a young, talented
entrepreneurial chef, who has developed a national profile, end up
in a situation of having his businesses under administration."

"My concern and my thoughts go to small, unsecured creditors who
may suffer due to these unfortunate circumstances," Maras said.

InDaily has sought a response from Zonfrillo.

InDaily says KPMG revealed The Living Room Bar "has an unpaid
debtor amount of approximately AUD5,000 which relates to the sale
of wine stock to an interstate restaurant in August 2020" -- five
months after its temporary closure, but two months before it
declared this month it would not reopen.

"We will attempt to recover payment of this amount (assuming it
hasn't already been paid)," a report, as cited by InDaily,
submitted to ASIC reads.  "Following the closure of Restaurant
Orana in March 2020, the Living Room Bar wine stock was relocated
to a storage unit in Melbourne, Victoria.

"We are making enquiries with Victorian based wine merchants to
arrange for the remaining stock to be valued and sold."

InDaily asked Mr. Zonfrillo why the wine stock was transferred
interstate if he was intending to reopen the restaurant, but has
not received a response.

As reported by News Corp on Oct. 29, the administrators are also
examining a loan from The Living Room Bar to Mr. Zonfrillo
Consulting to buy a AUD135,000 Audi car, with the report also
revealing several other "related party loans" included loans
totalling AUD1.36 million from Mr. Zonfrillo's wife Lauren and her
company Pulse Consulting, according to InDaily.

InDaily adds that KPMG write that the Living Room Bar employed
seven staff "as at the date of our appointment".

"Given the permanent closure of Restaurant Orana, [those] staff
were made redundant as at the date our appointment [and] the
Director has advised that the majority of employee entitlements
have been paid with approximately AUD1,000 outstanding," the report
reads.  "Our investigations regarding unpaid entitlements is
continuing."

The document reveals Orana incurred losses of AUD262,000 and
AUD234,000 in the past two financial years, while Blackwood made
lost AUD209,000 and AUD169,000 respectively, InDaily discloses.

It lost a further AUD13,000 in the first quarter of the current
financial year, largely related to interest.

InDaily adds that the administrators said they have "commenced
preliminary investigations into the affairs of the Companies
[which] will cover matters such as Insolvent trading, Unfair
preferences and Potential breaches of Director duties".

SAMSON OIL: Second Creditors' Meeting Set for Nov. 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Samson Oil &
Gas Limited has been set for Nov. 6, 2020, at 12:00 p.m. via
teleconference only.

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

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

Adam Nikitins and Samuel Freeman of Ernst & Young were appointed as
administrators of Samson Oil on Sept. 2, 2020.

SKY AND SPACE: Virgin Orbit to Take Stake in Microcap
-----------------------------------------------------
The Market Herald reports that a Virgin Group subsidiary is looking
to invest in microcap Sky and Space Global (SAS).

The Market Herald relates that Virgin Orbit, which specialises in
satellite launch services, wants to own at least 14.7 per cent of
the suspended ASX-lister, which hasn't traded since November last
year. Sky and Space entered voluntary administration in April after
posting a AUD30.3 million loss in 2019.

As long as a suite of conditions is satisfied, Virgin Orbit will
secure its stake for 20 cents a share. But for this to progress,
Sky and Space needs to action its deed of company arrangement
(DOCA) and relist on the ASX, the report says.

As part of the deal, Virgin Orbit will receive seven million SAS
options, exercisable within three years at 40 cents each, The
Market Herald relates. The satellite specialist can also add an
observer to Sky and Space's board.

Along with the investment come two new commercial agreements, said
to be worth AUD 3 million. Under the partnership, both parties will
kickstart a launch services agreement from July 2021. The deal will
bring in AUD 1 million every 12 months over the course of three
years.

In addition, Virgin and SAS will also ink a mutual reseller
agreement, the report notes. Essentially, that means the satellite
specialist will promote the ASX-lister's services to its customers,
while, in return, SAS will resell Virgin's launch services.

Once the investment is finalised and the last documents are signed,
the old AUD 55 million agreement between Virgin and SAS will be
scrapped, the report states.

"We are delighted to have Virgin Orbit as a partner and shareholder
as we progress the recapitalisation of the business and short-term
commercialisation of our nanosatellite communications technology,"
the report quotes SAS Chair Xavier Kris as saying.

Moving forward, SAS wants to hold a shareholder meeting, the report
says. Ultimately, it'll help the company gather investor backing to
action the DOCA, recapitalise, and get back to trading on the ASX.

Sky and Space Global shares remain frozen at 1.6 cents, the report
notes.

                     About Sky and Space Global

Based in Subiaco, West Australia, Sky and Space Global Ltd
(ASX:SAS) -- https://www.skyandspace.global/ -- develops
narrow-band communication network based on nano-satellites.

Sky and Space entered voluntary administration in April after
posting a AUD30.3 million loss in 2019.

Richard Albarran and Cameron Shaw of Hall Chadwick Chartered
Accountants were appointed voluntary administrators of Sky and
Space Global on April 6, 2020.

SPEEDCAST INT'L: Secured Creditors Asks Court to Reject Sale
------------------------------------------------------------
Law360 reports that secured creditors of Australian communications
satellite company Speedcast International Ltd. have asked a Texas
bankruptcy judge to reject the company's Chapter 11 plan, saying
Speedcast is attempting to sell off their collateral without
compensation.

In a filing Sunday, October 19, 2020, Black Diamond Commercial
Finance, representing a lender group, called the company's proposed
Chapter 11 plan "patently unconfirmable," saying it proposes to
sell the company's assets free and clear of their liens without
giving them the opportunity to submit a credit bid.

                   About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services. SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band, and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local upport from more than 40
countries. Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020. At the time of the filing, the
Debtors each had estimated assets of between $500 million and $1
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

Speedcast is advised by Weil, Gotshal & Manges LLP as global legal
counsel and Herbert Smith Freehills as co-counsel. Michael Healy of
FTI Consulting, Inc. is Speedcast's Chief Restructuring Officer,
and FTI Consulting, Inc. is Speedcast's financial and operational
advisor. Moelis Australia Advisory Pty Ltd and Moelis & Company LLC
are Speedcast's investment bankers. KCC is Speedcast's claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases. The committee is
represented by Hogan Lovells US, LLP.

On August 13, 2020, the Debtor received a $395 million equity
commitment from Centerbridge Partners, L.P. and its affiliates, one
of its largest lenders.

VOGUE DOMAIN: Second Creditors' Meeting Set for Nov. 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Vogue Domain
Living Pty Ltd has been set for Nov. 9, 2020, at 2:30 p.m. via
virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 9, 2020, at 2:00 p.m.

Ivan Glavas of Worrells Solvency & Forensic Accountants was
appointed as administrator of Vogue Domain on Oct. 1, 2020.

WIRECARD AUSTRALIA: Second Creditors' Meeting Set for Nov. 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Wirecard
Australia Pty Ltd has been set for
Nov. 6, 2020, at 11:00 a.m. via Microsoft Teams.

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 Nov. 5, 2020, at 6:00 p.m.

Andrew Fielding of BDO was appointed as administrator of Wirecard
Australia on July 13, 2020.



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

IDEANOMICS INC: Invests in Calif.-based e-Tractor Company
---------------------------------------------------------
Ideanomics Inc. has acquired 15% of California-based Solectrac,
Inc. for the consideration of $1.3 million.  Solectrac develops,
assembles and distributes 100% battery-powered electric tractors --
an alternative to diesel tractors -- for agriculture and utility
operations.  With this investment in Solectrac, Ideanomics expands
its global footprint in the electric vehicle (EV) industry,
specifically in the category of specialty commercial vehicles.
This investment marks its first in an existing US-based OEM, and
Ideanomics will assume a seat on Solectrac's Board of Directors.

"We are very impressed with Steve Heckeroth, CEO, his team, and
their deep knowledge of the agricultural sector.  We have been
interested in this industry for some time because we knew EVs could
have an immediate impact without the need for extensive
infrastructure," says Alf Poor, CEO of Ideanomics.  "Solectrac is a
pioneer in the electric tractor market and shares our motivation
and passion for a cleaner tomorrow."

According to Research And Markets, the global agricultural tractor
market is currently valued at $75 billion, with the North American
agricultural tractor market expected to reach $20 billion by 2023.
The largest segment for agricultural tractors is the below-40HP
segment, where Solectrac's initial three models address the broad
needs of the market.  Its tractors are specifically designed to
serve the needs of community-based farms, vineyards, orchards,
equestrian arenas, greenhouses, and hobby farms.

"With our zero-emission electric tractors, tractor operators don't
have to choose between power and environmentally friendly
practices," says Steve Heckeroth, CEO and founder of Solectrac and
visionary in the renewable energy and EV industry.  "My life's work
has been dedicated to creating clean, renewable alternatives to
fossil fuels.  Now -- with Ideanomics and the company's unique
experience and industry perspective -- we are well-positioned to
achieve these goals."

Founded in 2012 to take small, farm-electric tractors into
commercial production, Solectrac was incorporated as a California
Benefit Corp in 2019.  It has received grants from the Indian U.S.
Science and Technology Fund (IUSSTF) and the National Science
Foundation (NSF).  Earlier this year, Solectrac received the World
Alliance Solar Impulse Efficient Solutions label from the Solar
Impulse Foundation.  The label was awarded for being one of the one
thousand most efficient and profitable solutions that can
transition society to being economically viable while being
environmentally sustainable.

                           About Ideanomics

Headquartered in New York, NY, with offices in Beijing and Qingdao,
China, Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products.  Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain. MEG and Ideanomics Capital provide its global customers
and partners with better efficiencies and technologies and greater
access to global markets.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$147.99 million in total assets, $56.12 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.26 million in redeemable non-controlling interest, and
$83.35 million in total equity.

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

YOUSHENG EDUCATION: White-knight Investor Drops Rescue Plan
-----------------------------------------------------------
Ding Jie, Wang Bowen and Han Wei at Caixin Global report that
embattled Chinese private tutoring company Yousheng Education was
dealt a fresh blow after a white-knight investor dropped a takeover
plan to rescue the debt-ridden company, which is struggling to pay
millions of yuan in refunds.

Caixin relates that Shenzhen-listed jewelry maker Jinzhou Cihang
Group Co. Ltd. said it scrapped a plan proposed in May to acquire
Beijing-based Beijing Yousheng Education Technology Co. Ltd. for as
much as CNY500 million ($74.4 million) because of uncertainties in
Yousheng's business outlook.

A week ago, thousands of people descended on Yousheng's
headquarters in Beijing demanding refunds or unpaid salaries amid
rumors the tutoring company was on the verge of bankruptcy, Caixin
says.



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

GREENPRO CAPITAL: Posts $563,000 Net Loss for the June 30 Quarter
-----------------------------------------------------------------
Greenpro Capital Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $563,215 on $401,140 of total revenue for
the three months ended June 30, 2020, compared to a net loss of
$65,228 on $1,701,714 of total revenue for the same period in
2019.

At June 30, 2020, the Company had total assets of $11,526,034,
total liabilities of $5,006,461, and $6,519,573 in total
stockholders' equity.

Greenpro Capital said, "During the six months ended June 30, 2020,
the Company incurred a net loss of $805,730 and used cash in
operations of $871,698 and at June 30, 2020, the Company had a
working capital deficiency of $2,720,009. These factors raise
substantial doubt about the Company's ability to continue as a
going concern within one year of the date that the financial
statements are issued. In addition, the Company's independent
registered public accounting firm, in its report on the Company's
December 31, 2019 financial statements, has expressed substantial
doubt about the Company's ability to continue as a going concern.

"The Company's ability to continue as a going concern is dependent
upon improving its profitability and the continuing financial
support from its shareholders. Management believes the existing
shareholders or external financing will provide the additional cash
to meet the Company's obligations as they become due. Despite the
amount of funds that we have raised in the past, no assurance can
be given that any future financing, if needed, will be available
or, if available, that it will be on terms that are satisfactory to
the Company. Even if the Company is able to obtain additional
financing, if needed, it may contain undue restrictions on its
operations, in the case of debt financing, or cause substantial
dilution for its stockholders, in the case of equity financing."

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

                      https://bit.ly/37TOZuQ

Greenpro Capital Corp., a multinational conglomerate, provides
financial consulting and corporate services to small and
medium-size businesses primarily in Hong Kong, Malaysia, and China.
The Company was formerly known as Greenpro, Inc. and changed its
name to Greenpro Capital Corp. in May 2015. Greenpro Capital Corp.
was founded in 2013 and is headquartered in Hung Hom, Hong Kong.



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

ANANDA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ananda
Exports continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short       7.00      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 September 9, 2019 placed the
rating(s) of Ananda Exports under the 'issuer noncooperating'
category as Ananda Exports had failed to provide information for
monitoring of the rating. Ananda Exports continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated September 30, 2020
and September 29, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. 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 takes into account non-availability of information and
no due diligence conducted due to non-cooperation by Ananda Exports
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information nonavailability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on September 9, 2019, the following were
the rating weaknesses:

Key Rating Weaknesses

* Ongoing delays: There have been ongoing delays in the debt
servicing due to tight liquidity position.

* Stressed liquidity position: The liquidity position remains
stressed marked by a quick ratio of 0.81x, working capital
intensive operations and low profitability in FY18. The company has
operating cycle of 132 days at the end of FY18 and cash profit of
INR0.30cr during FY18 on total operating income of INR23.94cr.

Delhi based, Ananda Exports was established in 2010 as a
partnership firm with the purpose of trading of human hair. The
firm is managed by Mr. Suresh Kumar Nangia and his son Mr. Gaurav
Nangia. Mr. Suresh Kumar Nangia has 48 years of experience in the
trading industry. The firm exports to Tunisia, Italy, China, Honk
Kong, etc. The firm procures the traded products from the South
India and West Bengal from local traders.


ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Athaluri
Sushma Sree (ASS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       5.43       CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 13, 2019, placed the
ratings of ASS under the 'issuer noncooperating' category as firm
had failed to provide information for monitoring of the rating. The
firm continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 2020 to 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.

Detailed description of the key rating drivers

At the time of last rating dated August 9, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weakness

* Stretched liquidity position leading to delays in debt servicing:
There are ongoing delays in debt servicing on account of cash flow
mismatches. FY15 (refers to the period April 1 to March 31) was the
first year of operations for the entity and the firm recorded
income of INR0.64 crore and incurred cash loss. Although the entity
completed construction in April 2013, operations commenced only
from June 2014 on account of delay in inspection from KSWC.
Meanwhile, the repayment of term loan commenced from June 2013
which has led to cash flow mismatch. Furthermore, for FY15, Owing
to low income, the firm was unable to meet its high debt servicing
obligations which has resulted in ongoing delays. The company has
been also been availing unsecured loans from promoters to bridge
the cash flow gap, however there is a time lag with respect to the
same. Furthermore, the capital structure of the firm is highly
leveraged marked by debt equity and overall gearing ratio of 12.16x
and 13.05x, respectively, as on March 31, 2015 (Provisional). The
company took long-term debt to construct the warehouse and
unsecured loan from partners to meet the interest serving.  The
debt coverage indicators (like PBILDT interest coverage, Total
debt/GCA, besides others) of the firm were also weak during FY15
(Provisional).

* Constitution of the entity as a proprietorship concern: ASS,
being a proprietorship concern, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency which will affect its capital structure and firm being
dissolved upon the death/retirement/insolvency of the
promoter.

Key Rating Strengths

* Experienced promoter: ASS is promoted by Mrs Athaluri Sushma
Sree. However, the operations of the firm are looked after by Mr
A.V. Anjaneya Prasad, spouse of the promoter. He is a qualified
graduate having an experience of 20 years in construction industry.
He is one of the directors in SRC Company Infra Private Limited
(SRC). SRC is engaged in the construction of railway bridges and
tracks.

Athaluri Sushma Sree (ASS) was established in the year 2012, as a
proprietorship concern by Mrs. Athaluri Sushma Sree. The firm is
engaged in Godown leasing business. ASS has constructed Godowns in
Koiloor Village, Yadgir District, Karnataka during April 2013 for
lease purpose. The firm started receiving rental income from June
2014. The property is built on total land area of 12 acres
comprising 4Godowns (Sai Radhika Rural Godowns) having storage
capacity of 20,000 MT per Godown. ASS has entered into agreement
with Karnataka State Warehousing Corporation (KSWC) for warehouse
leasing for tenure of 10 years. The firm is undertaking a project
for construction of warehouse at Belgaum on land area of 12 acres
comprising of 5 godowns having storage capacity of 25000 MT per
godown.

BALDEV KRISHAN: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baldev
Krishan Memorial Charitable Society (BKM) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.60      CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating of BKM under the 'issuer non-cooperating' category as BKM
had failed to provide information for monitoring of the rating. BKM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2020, September 15, 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(s).

At the time of last rating in August 8, 2019 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of term debt obligation: There have been
instances of delays in the servicing of term debt obligation. The
account has been classified as NPA in Feb,
2017.

The entity was established by the name of 'ISF College of Pharmacy
Managing Committee' in 1992 by Mr. Baldev Singh. Later on, after
the death of Mr. Baldev Singh, the name was changed to Baldev
Krishan Memorial Charitable Society (BKM) which got registered
under the Society registration Act-1860, in Feb-2010. The society
is currently being managed by Mr. Anoop Garg and his wife Mrs.
Rinkle Garg with an objective to provide higher education in the
field of dentistry. The trust has established BRS Institute of
Medical Sciences in 1992, affiliated to Pt. B.D.S University of
Health Science, Rohtak and offers courses of BDS (Bachelor in
Dental Surgery) and MDS (Master of Dental Surgery) under it. Though
the BDS course started from 1992, the MDS course got commenced from
2007. Furthermore, BKM has established a school by the name
'Sanskaar International School' upto 8th standard (affiliated to
CBSE) at Banga, Punjab. The project got commenced in Dec-12 and got
substantially completed in Mar-15, with commencement of school's
first batch w.e.f April, 2015.

CURE LIFE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cure Life
Care Private Limited (CLCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       17.61      CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019, placed the
ratings of CLCPL under the 'issuer non-cooperating' category as
CLCPL had failed to provide information for monitoring of the
ratings for the rating exercise as agreed to in its Rating
Agreement. CLCPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and an
email dated October 5, 2020, July 9, 2020 and July 6, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

* Delay in debt servicing: The account had become NPA on the back
of on-going delay in its debt servicing due to weak liquidity
position.

Cure Life Care Private limited (CLCPL) was incorporated in 2011 to
manufacture intra-venous (IV) fluid under form-fill-seal (FFS)
technology. The operations commenced from September 2015 onwards,
from its manufacturing unit in Tapi, Gujarat. Initially the company
plans to cater to domestic pharmaceutical players and gradually
expand its overseas reach.

DASHMESH RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dashmesh
Rice Mills (Tarn Taran) (DRM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.00       CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating of DRM under the 'issuer non-cooperating' category as DRM
had failed to provide information for monitoring of the rating. DRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2020, September 15, 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(s).

At the time of last rating in August 8, 2019 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in debt servicing: There were instances of
delays in debt servicing on account of weak liquidity position as
the firm is unable to generate sufficient funds in a time manner.

DRM was established in 2001 as a partnership firm and is currently
being managed by Mr. Prem Singh, Mr. Dalip Singh and Mr. Harjit
Singh. The firm is engaged in the processing of paddy at its
manufacturing facility located at Tarn Taran, Punjab, having an
installed capacity of 7,200 metric ton per annum (MTPA) as on March
31, 2015. DRM procures paddy directly from local grain markets
through commission agents located in Punjab. The firm sells its
products, ie, Basmati and Non-Basmati rice under the brand name
'Dashmesh' in all states of India through a network of commission
agents.

DHURIA RICE: CARE Lowers Rating on INR7.50cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhuria Rice Mills (DRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      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 had, vide its press release dated August 8, 2019, placed the
rating of DRM under the 'issuer non-cooperating' category as DRM
had failed to provide information for monitoring of the rating. DRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 12, 2020, September 11, 2020,
September 10, 2020, and September 9, 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

The rating has been revised on account of Susceptibility to
fluctuation in raw material prices and monsoon dependent
operations, fragmented nature of industry coupled with high level
of government regulation and partnership nature of constitution.
The rating, however, drives strength from experienced partners
along with long track record of operations of the firm and location
advantages.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
The monsoon has a huge bearing on crop availability which
determines the prevailing rice prices. Any sudden spurt in the raw
material prices may not be passed on to customers completely owing
to firm's presence in highly competitive industry.

* Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating
in the unorganized sector with very less product differentiation.
There are several small scale operators which are not into
end-to-end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose-off
semi-processed rice to other big rice millers for further
processing. Furthermore,
the concentration of rice millers around the paddy growing regions
makes the business intensely competitive. Additionally, the raw
material (paddy) prices are regulated by government to safeguard
the interest of farmers, which in turn limits the bargaining power
of the rice millers.

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

Key Rating Strengths

* Experienced partners along with long track record of operations
of the firm: DRM is engaged in processing of paddy since 1978 and
therefore the firm is having established relationship with
customers and suppliers. DRM is currently being managed by Mr.
Ashok Kumar and Mr. Arun Kumar. Mr. Ashok Kumar and Mr. Arun Kumar
have an industry experience of around four decades and one and half
decade respectively through their association with DRM only. The
partners have adequate acumen about various aspects of business
which is likely to benefit DRM in the long run.

* Location advantages: DRM is engaged in milling and processing of
paddy. The main raw material (Paddy) is procured from local grain
markets, located in Punjab. The firm's processing facility is
situated in Fazilka, Punjab which is one of the highest producers
of paddy in India. Its presence in the region gives additional
advantage in terms of easy availability of the raw material as well
as favorable pricing terms. DRM owing to its location is in a
position to save on the freight component of incoming raw
materials.

Dhuria Rice Mills (DRM) was established in 1978 as a partnership
firm and is currently being managed by Mr. Ashok Kumar and Mr. Arun
Kumar sharing profit and losses equally. DRM is engaged in
processing of paddy at its manufacturing unit located at Fazilka,
Punjab with an installed capacity of 540 Tonnes of paddy per annum
(TPA). The firm procures the raw material (paddy) from local grain
markets through commission agents based in Punjab and sells basmati
and non-basmati rice to wholesalers and retailers located in Delhi,
Gujarat, and Maharashtra etc. under the brand name "GAURISH".

GANESH POLY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Poly Plast Private Limited (SGP) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.12       CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2019, placed the
rating of SGP under the 'issuer non-cooperating' category as SGP
had failed to provide information for monitoring of the rating. SGP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2020, September 15, 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(s).

At the time of last rating in August 28, 2019 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

* Instances of delays in debt servicing: There were instances of
delays in servicing of the debt obligation.

Shree Ganesh Poly Plast Private Limited (SGP) was incorporated in
May, 2006 and is currently being managed by Mr. Divender Mehta and
Mr. Ankur Mehta. SGP is engaged in the manufacturing of corrugated
boxes and plastic sheets used for packaging. The company has its
manufacturing facility located at Sirmour, Himachal Pradesh with
total installed capacity of manufacturing 3600 tonne of corrugated
boxes per annum and 300 tonne of plastic sheets per annum as on
March 31, 2015. The company sells its products to manufacturers and
to various wholesalers located in Himachal Pradesh and Uttar
Pradesh. Ruby Koan Manufacturing Company is a group associate and
engaged in manufacturing of corrugated boxes since 2006.

GURU NANAK: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru Nanak
Rice Mills (GRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       15.00      CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating of Guru Nanak Rice Mills under the 'issuer non-cooperating'
category as Guru Nanak Rice Mills had failed to provide information
for monitoring of the rating. GNRM continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated September 8, 2020,
September 7, 2020, September 4, 2020 and September 3, 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 August 8, 2019 the following were the
rating weaknesses:

* Instances of delays in the servicing of debt obligation: There
was instances of delays in debt servicing on account of weak
liquidity position as the firm is unable to generate sufficient
funds in a time manner.

Guru Nanak Rice Mills (GRM) is a Punjab based partnership firm
established in 2001 by Mr. Satpal Sohal, Mr. Raj Kumar Sohal and
Mr. Om Parkash Sohal. GRM is engaged in processing and trading of
paddy at its manufacturing facility located in Nakodar, Punjab
having an installed capacity of 50,000 metric tonnes per annum.
Punjab based partnership firm, Ujagar Mill Satpal (UMS) is an
associate concern of GRM which is engaged in a similar business
(since 1980).

JOTINDRA STEEL: CARE Lowers Rating on INR100cr Loans to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jotindra Steel and Tubes Limited (JSTL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE C; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short term bank      70.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING on the basis of

                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2019, placed
the ratings of JSTL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. Jotindra Steel and Tubes Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated October
5, 2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in ratings assigned to the bank facilities of Jotindra
Steel and Tubes Limited takes into account ongoing delays in
servicing of debt obligations. The company's account with bank has
been classified as NPA.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per the confirmation from the
company's officials, there are ongoing delays in servicing of debt
by the company and its account with bank has been classified as
NPA.

* Weak financial risk profile: The total operating income remains
steady at INR328.03 crore in FY19 (refers to period: April 1 to
March 31) (PY: INR325.75 crore). However, the company made losses
at PBILDT level of INR2.55 cr in FY19 (PY: INR16.17 cr) due to
increase in cost of material consumed. Consequently, JSTL reported
losses at net level of INR9.04 cr (PY: INR4.02 cr) the company has
leveraged capital structure as exhibited by overall gearing ratio
of 3.14x as on March 31, 2019 as against 3.48x as on March 31,
2018.

* Working capital intensive nature of business: The company's
business operations are working capital intensive as reflected by
an elongated operating cycle of 49 days in FY19 (PY: 18 days). The
working capital cycle of the company remains high owing to high
collection period of 131 days as on March 31, 2019 (PY: 104 days).

* Competitive and fragmented nature of industry: Being a very
fragmented industry with many unorganized players, JSTL does not
have much control over the prices as they are driven by the global
trends and are also dominated by the demand supply scenario
prevailing on a particular day. Hence, the firm remains exposed to
the competition and volatility prevalent in the trading industry.

* Cyclicality of steel industry: The steel industry is sensitive to
the shifting business cycles including changes in the general
economy, interest rates and seasonal changes in the demand and
supply conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel projects
along-with the inordinate delays in the completion hinders the
responsiveness of supply side to demand movements.

Liquidity: Poor

During FY19, JSTL reported negative GCA of INR11.12 cr (PY:
positive INR4.82 cr). Also, cash and bank balances as on March 31,
2019 stood low at INR0.01 cr (PY: INR0.42 cr). The current ratio
stood moderate at 1.26x as on March 31, 2019 (PY: 1.40x). The
company is unable to service its debt obligations.

Jotindra Steel & Tubes Ltd. (JSTL) was incorporated on March 16,
1970 by Mr. V.K. Sureka and his family, for the manufacturing of
Electric Resistance Welded (ERW), Galvanised Iron (GI) pipes and
trading of Mild Steel (M.S.) Ingots, M.S. bars, billets and etc.
The company's shares were listed for about 30 years with Delhi
Stock Exchange (DSE). During FY14, JSTL closed down its
manufacturing facility of ERW and GI pipes, and forayed into real
estate and plans to construct group housing project on the land
where the factory was located, consequent to government declaring
the area as residential. Company still continues with trading
operations from one of its facilities in Ghaziabad, U.P.. During
FY15, JSTL made investment in partnership firm- Ozone GSP Infratech
which is executing a residential project comprising 78 flats (3 BHK
located at  sector 31, Faridabad). The company is listed on
Metropolitan Stock Exchange of India Limited.

NEW TUPLES: CARE Lowers Rating on Bank Debts to C
-------------------------------------------------
CARE has revised the ratings to 'CARE C; Stable; Issuer Not
Cooperating' from CARE B; Stable; ISSUER NOT COOPERATING and
withdrawn the outstanding revised ratings to 'CARE C; Stable;
Issuer Not Cooperating' assigned to the bank facilities of New
Tuples Educational Society with immediate effect.

Despite repeated requests, the society 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 above action has
been taken at the request of New Tuples Educational Society and 'No
Objection Certificate' received from the bank(s) that have extended
the facilities rated by CARE.

Meerut, Uttar Pradesh based NTES was established in 1998 with an
objective to provide education services. The society is managed by
Mr. K.D. Sharma (Chairman), Ms Manika Sharma (Vice Chairman) and
Mr. Dharmendra Bhardwaj (Secretary). The society operates nine
colleges and a school. NTES provides undergraduate and
post-graduate courses in various fields of Engineering, Computers
Science, Management and Pharma.

OM SHIV: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Shiv
Lumbers Private Limited (OSLPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       1.50       CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

   Short-term Bank      3.50       CARE D; Issuer not cooperating;

   Facilities                      Based on Best available
                                   information

Detailed Rationale& Key Rating Drivers

CARE had, vide its press release dated August 19, 2019, placed the
ratings of OSLPL under the 'issuer non-cooperating' category as
OSPL had failed to provide information for monitoring of the
ratings for the rating exercise as agreed to in its Rating
Agreement. OSPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and an
email dated October 5, 2020, July 9, 2020 and July 6, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: OSLPL had been irregular in servicing
its debt obligation and classified as NPA due to weak liquidity
position of the company.

Gandhidham-based (Gujarat), OSLPL was incorporated in March 2012 by
Mr. Deepak Khatwani and Mrs. Bhagwati Khatwani. It is engaged in
trading and processing of timber products namely wooden plates,
face veneers, ready pallates, etc. OSLPL also perform job work for
log dimension setting. At present, 27 employees are working under
the company. There are 3 sets of vertical and horizontal sowing
machines with installed capacity of 1500 cubic feet per day. Both
the machineries and factory premises are rented.

PATEL EDUCATION: CARE Lowers Rating on INR5.73cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Patel Education Society (PES), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.73      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2019 placed
the ratings of PES under the 'issuer non-cooperating' category as
PES had failed to provide information for monitoring of the ratings
as agreed to in its Rating Agreement. PES continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 18, 2020,
June 19, 2020 and June 23, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

At the time of last rating done on September 17, 2019 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

* Modest scale of operations and thin profitability: Total
Operating Income (TOI) of the society improved by 22.10% and stood
at INR5.54 crore during FY17 as compared with TOI of INR4.54 crore
during FY16 on account of increase in enrolment of students. During
FY16, total enrollment of student was at 1115 (Enrollment
ratio-94%) which increased to 1135 in FY17 (Enrollment ratio-95%).
SBID stood at INR1.06 crore during FY17 as against operating losses
of INR0.23 crore during FY16. However, the deficit stood at INR0.32
crore during FY17 as against deficit of INR1.58 crore during FY16.
The gross cash accruals stood at INR0.31 crore during FY17.

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of the PES deteriorated and remained leveraged
marked by overall gearing of 15.54 times as on March 31, 2017 as
against 13.36 times as on March 31, 2016. The deterioration was on
account of reduction in net worth base due to accumulated losses.
Total debt as on March 31, 2017 stood at INR13.71 crore which
comprised of term loan of INR4.91 crore, unsecured loan from
friends and relatives of INR8.17 crore and working capital
borrowings of INR0.64 crore. On account of high level of debt
coupled with low level of cash accruals, total debt to Gross Cash
Accruals (GCA) remained weak at 44.09 times as on March 31,
2017.The interest coverage ratio continued to remain modest at 1.42
times during FY17.

* Presence in a highly regulated education industry: PES is
operating in a highly regulated industry. In addition to University
Grants Commission (UGC), AICTE (All India Council for Technical
Education), BCI (Bar Council of India) and NCTE (National Council
for Teachers Education), the educational institutions are regulated
by respective State Governments with respect to number of
management seats, amount of tuition fee charged for government
quota and management quota giving limited flexibility to the
institutions. Further, all courses run by non-Government
organizations are termed self-financed, where fees are governed by
a statutory body. The operating and financial flexibility of the
education sector are limited, as regulations governs almost all
aspects of operations, including fee structure, number of seats,
changes in curriculum and infrastructure requirements. These
factors have significant impact on the revenue and profitability of
the institutions.

* Increasing competition from numerous schools between private
players: Educational sector in India exhibits intense competition
within the sector. In such a competitive scenario to achieve high
occupancy levels with enhanced intake capacity appears to be a
challenging task. Further, it is imperative that in order to
maintain or to increase enrollment ratio any college is required to
have spacious infrastructural as well as other allied facilities as
per UGC & AICTE guidelines and it is quite difficult for private
operating university in comparison to state university as it is not
subsidized from government. All these factors coupled with increase
in number of educational institutions having their own brand image,
make this industry highly susceptible to the steep competition.

Key rating strengths

* Experienced promoters of the society: PES was established during
September 2006 by Mr. Shivnarayan Sharma and Mr. Rakesh Sharma.
Both of them have experience of around one decade into education
industry. PES runs five colleges under its name. PES has an
operational track record of around two decades and hence, it has
been able to build a good reputation in the education field in
Indore. The society has diversified its revenue stream by operating
colleges offering different degree courses.

Indore (Madhya Pradesh)–based PES was established as an
educational society in September, 2006 with an objective to impart
technical education by Mr. Rakesh Kumar Sharma, Mr. Shivnarayan
Sharma, Mrs. Sharda Sharma. PES manages five colleges namely B. M.
College of Technology, B. M. College of Management and Research, B.
M. College of Pharmaceutical Education and Research, Shri Bherulal
Pharmacy Institute and B.M. College of Professional Studies which
offers a range of undergraduate and postgraduate programmes in
Engineering, Pharmacy, Commerce, Computer Application and
Management.

PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Phenil
Sugars Limited (PSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     70.00      CARE D; Issuer not cooperating;
   LT-Term Loan                    Based on best available
                                   information

   Bank Facilities-
   ST-WCDL                2.00     CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2019,
continues to place the ratings of PSL under the 'Issuer Not
Cooperating' category as the company had failed to provide the
requisite information required for monitoring of the ratings as
agreed to in its rating agreement. PSL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated Oct. 9,
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. The ratings on bank facilities of Phenil Sugars Limited are
denoted as 'CARE D; Issuer not cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company except
financials for FY19 which are extracted from ROC. There are ongoing
delays by Phenil Sugars Limited in servicing debt obligation as per
publically available information.

PSL was incorporated in 2003 with its registered office in Mumbai
which was later changed to Delhi in order to bring operational
efficiency and better monitoring. The Company was converted to a
Public Limited Company and its name was changed to Phenil Sugars
Limited from Phenil Sugars Private Limited on amalgamated with PSL
with effect from April 1, 2010. Pursuant to a High Court order
dated April 19, 2011, GNSL merged with PSL and subsequently,
pursuant to a High Court order dated February 20, 2013, BSML April
26, 2013. In October 2004, Phenil acquired two sugar companies,
Govind Nagar Sugar Ltd. (GNSL) and Basti Sugar Mills Company Ltd.
(BSML) from the Narang group. Both, GNSL and BSML have been merged
with PSL with the appointed date being April 1, 2010. PSL has total
sugarcane crushing capacity of 6,000 TCD and power cogeneration
capacity of 13.6 MW. Entire Power generated is used for captive
consumption.

R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.K.
Electrical Industries India Private Limited (RKEIIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        3.00      CARE C; Stable; Issuer Not
   Facilities                      Cooperating, Based on Best
                                   available Information

   Short-term Bank      17.90      CARE A4; Issuer not
   Facilities                      cooperating; Based on Best
                                   available

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating of R.K. Electrical Industries India Private Limited under
the 'issuer non-cooperating' category as R.K. Electrical Industries
India Private Limited had failed to provide information for
monitoring of the rating. RKEIIPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated September 12, 2020,
September 11, 2020, September 10, 2020, and September 9, 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 August 8, 2019 the following were the
rating Strength and Weaknesses:

Key Rating Weaknesses

* Susceptible to volatility in raw material prices: The main raw
materials of the company are copper, aluminium and polymers such as
PVC, HDPE etc. Raw material costs has always been a major
contributor to total operating cost constituting around 85% in past
three years, thereby making profitability sensitive to raw material
prices mainly due to the reason that the two major raw material are
commodity in nature and witness frequent price fluctuations. The
prices of copper are driven by the international prices which had
been volatile in past. Additionally, HDPE/PVC and other polyester
products are crude oil derivative and the price of which are
dependent on crude oil prices which are highly volatile. The orders
executed by the company generally have a mix of both variable as
well as fixed-price contracts, which limit the ability of the
company to entirely pass on any increase in the raw material costs
for the orders under execution. Thus, any adverse change in the
prices of the raw material may affect the profitability margins of
the company.

* Presence in a highly competitive industry: RKEIIPL operates in
highly competitive industry characterized by the presence of large
number of players in the unorganized sector and organized sectors.
There are number of small and regional players and catering to the
same market which has limited the bargaining power of the company
and has exerted pressure on its margins. The company majorly
undertakes government and private projects, which are awarded
through the tenderbased system. The firm is exposed to the risk
associated with the tender-based business, which is characterized
by intense competition. The growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder. Further, any changes in the Government policy or
Government spending on projects are likely to affect the revenues
of the company.

Key Rating Strengths

* Experienced promoters in cable industry business: RKEIIPL has
been operating in this industry for nearly three and half decades,
which aid in establishing a healthy relationship with both
customers and suppliers. The company is promoted by Mr. Sanjeev
Sethi and Mrs. Manju Sethi. Mr. Sanjeev Sethi, is graduate and has
accumulated vast experience of nearly three decades through his
association with this entity. Mrs. Manju Sethi, is graduate and has
experience of more than one decade in this industry through her
association with this entity.

R. K. Electrical Industries India Private Limited (RKIPL) was
incorporated in April 1980 as a private limited company by Mr.
Sanjeev Sethi and Mrs. Manju Sethi. The company is engaged in the
manufacturing of wide varieties of electrical cables and wires such
as power cables (high tension & low tension), control cables,
instrumentation cables, networking cables, aerial bunched cables,
SLP cables, etc. The manufacturing facility of the company is
located at Sonipat, Haryana, with an installed capacity of 2000
meters per day (MPD) as on December 31, 2017. The key raw material
for the company includes copper, aluminum and polymers which are
procured domestically. The company sells its product to various
government and private entities. For government companies, the
company obtains orders through tendering and bidding process. The
products are sold under the brand name "Kalinga".

RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajat Infra
Developers Private Limited (RIDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        3.00      CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

   Short-term Bank       7.00      CARE D; Issuer not cooperating;

   Facilities                      Based on Best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 12, 2019, placed
the ratings of RIDPL under the 'Issuer non-cooperating' category as
RIDPL had failed to provide information for monitoring of the
ratings for the rating exercise as agreed to in its Rating
Agreement. RIDPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated October 7, 2020, June 25, 2020 and June 17, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: RIDPL had been irregular in servicing
its debt obligation due to poor liquidity position of the company.

Vadodara-based (Gujarat) RIDPL was incorporated in March, 2012 by
Mr. Prabhakant Jadav and Chandrashekhar Yadav. The company is
engaged into the Civil Construction of road, civil and other
irrigation canal project.

RANA MILK: CARE Assigns D Rating to INR25.08cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rana
Milk Foods Private Limited (RMFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           25.08      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RMFPL takes into
account instances of delays in servicing of the debt obligation by
the company.

Rating Sensitivities

Positive Factors

* Timely servicing of debt obligation continuously for atleast 3
months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in the debt servicing: There have been
instances of delays in the servicing of the debt obligation for the
term loans availed by the company. Further, there have also been
instances of overdrawal in the cash credit account (settled within
30 days).

* Weak financial risk profile: The operating income of the company
declined significantly on a year-on-year basis in the FY17-FY20
period [from INR187.86 cr. in FY17 to INR38.23 cr. in FY20
(Prov.)]. The PBILDT margins of the company have remained
fluctuating in the past and vulnerable to fluctuations in raw
material prices. The PBILDT margins of the company declined in the
FY17-FY19 period from 3.50% in FY17 to -0.68% in FY19. Though the
same improved to 5.19% in FY20 (Prov.). However, the company
reported a net loss of INR2.58 cr. in FY20 (Prov.). The capital
structure of the company has remained leveraged with debt to equity
and overall gearing ratios of 1.33x and 4.45x, respectively as on
March 31, 2020 (Prov.). The debt coverage indicators have also
remained weak owing to weak profitability profile.

* Seasonal nature of operations and highly competitive nature of
industry: India being a tropical country renders a hot and humid
climate for animals and thus fluctuations and seasonality in the
milk production. The milk processing and milk products
manufacturing companies convert the surplus milk during
November-April (flush season) into ghee, skimmed milk powder,
liquid milk etc. to maintain the continuous supply of milk products
round the year. Further, RMFPL operates in a highly competitive
industry wherein there is presence of a large number of players in
the unorganized and organized sectors.

Key Rating Strengths

* Experienced promoters and established distribution network: Rana
Milk Foods Private Limited (RMFPL) is promoted by Mr. Prem Singh
Rana (Managing Director) having an experience of more than three
decades in the dairy business and Mrs. Veenu Rana (Director; wife
of Mr. Prem Singh Rana). However, the day to day operations of the
company are mainly looked after by Mr. Prem Singh Rana who is
supported by a team of qualified professionals for various domains.
RMFPL has a network of ~150 distributors which is spread over
various cities of Punjab, Rajasthan, and Haryana and also covering
Chandigarh, to sell various milk products of the company.

Liquidity: Poor- The liquidity profile of RMFPL has remained poor
owing to the seasonality in operations, elongated operating cycle
and losses at the net and cash level in FY20 (Prov.). There have
been instances of delays in servicing of the debt obligation by the
company. The operating cycle of the company stood elongated at ~280
days, as on March 31, 2020. The current ratio of the company stood
at 1.19x, and the quick ratio at 0.91x, as on March 31, 2020. For
its debt obligations due in the period March-2020 to August-2020,
the company had availed the moratorium extant RBI guidelines in
light of Covid-19. The company has total term debt repayment
obligation of INR0.18 Cr. in FY21.

Rana Milk Foods Private Limited was incorporated in 2005. RMFPL is
engaged in the production of various milk products like skimmed
milk powder (SMP), whole milk powder, dairy creamer, dairy whitener
and other milk products like desi ghee, white butter, etc. with an
installed capacity of processing 3.5 Lacs liters of raw milk per
day (LLPD) at its unit located at Samrala, Punjab. The company is
engaged in the selling of packed milk and various milk products
under the brand name "Royal". The brand is sold in the markets of
Punjab, Chandigarh, Haryana and Himachal Pradesh. The company also
has set up a sales unit in Jodhpur which is mainly for the sale of
Desi Ghee in Rajasthan and nearby area.

RAO BHARAT: CARE Lowers Rating on INR11.45cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Rao
Bharat Singh Education Society (RBS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.45      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 10, 2019 placed
the rating(s) of RBS under the 'issuer non-cooperating' category as
RBS had failed to provide information for monitoring of the rating.
RBS continues to be non-cooperative despite repeated requests for
submission of information through phone calls and
emails dated September 30, 2020 and September 29, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
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 due to
non-cooperation by Rao Bharat Singh Education Society 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 limited
experience of the members in education society, weak liquidity
position and project stabilisation risk associated with debt-funded
newly setup school. The rating, further, continues to be
constrained by operations concentrated to a single geographical
area with increasing competition from established and upcoming
educational institutes and regulatory risk associated with the
education sector. The rating, however, continues to draw comfort
from well-established infrastructure coupled with qualified
teaching staff and favorable demographic & socioeconomic factors.

Detailed description of the key rating drivers

At the time of last rating on September 10, 2019, the following
were the rating weaknesses and strengths:

Key Rating Weaknesses

* Limited experience of the members in education industry: The
society is being managed by Mr. Dharamvir, Mr. Ashish Kumar and Mr.
Basti Rao, they have limited experience of around a year. However,
the risk is partially mitigated by the fact that the management is
supported by experienced teaching and administrative staff to run
the school in efficient manner.

* Weak liquidity positions: The Current ratio and quick ratio is
appearing to be weak of 0.03x in FY 18.

* Project stabilization risk associated with debt funded newly
setup school: RBS has planned capital expenditure of INR17.96 crore
towards setting up new school. The planned expenditure will be
funded through term loan of INR10.00 crore and balance from the
promoters' contribution in the form of corpus fund and unsecured
loans. RBS started with its operations in April 2017 and has a
relatively short track record of operations as compared with other
established players. Out of the total projected capex, the society
has incurred the capex amounting INR17.00 crore, which was funded
through term loan of INR10.00 crore, corpus fund of 0.87 crore and
remaining through unsecured loan. Furthermore, post project
implementation risk in the form of stabilization of operations of
its processing unit to achieve the envisaged scale of business in
the light of competitive nature of industry remains crucial for
RBS. Furthermore, during the initial phases of operations, the
capital structure of the company is expected to remain leveraged
due to debt funded capex undertaken coupled with unsecured loans
from promoters. The Total Operating Income in FY 19(Projected) is
INR3.32 crore.

* Operations concentrated to a single geographical area with
increasing competition from established and upcoming educational
institutes: RBS has its school within a single campus located in
Gurgaon, Haryana which limits the reach penetration level for the
society to tap opportunities. Further, due to increasing focus on
education in India, a number of schools have been opened up in
close proximity. This exposes the revenue of RBS to competition
from other schools. RBS is expected to face high competition from
the existing established schools like Pranavananda International
School, Bharat Ram Global School, and Saraswati Public School. The
fee structure of the school is very competitive. The ability of RBS
to enroll the projected number of students at a competitive fee
structure depends on its capability to distinguish itself and
leverage on its established brand name in the market.

* Regulatory risk associated with the 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

* Well established infrastructure coupled with qualified teaching
staff: The school has modern infrastructure featured with smart
classrooms, computer laboratories, library, auditoriums, resource
center etc. This helps the school in offering all round development
to the students. Further, RBS has employed experience teaching and
administrative staff to support day to day operations.

* Favorable demographic & socio-economic factors: In terms of
demographic profile, India remains one of the youngest nations in
the world with 37.9% of its population in the 5-24 years age
bracket i.e. the age group comprising the student population. In
addition, other socio- economic factors such as growing personal
disposable income of the Indian households, growing contribution of
the services sector to India's GDP thereby requiring greater number
of qualified youths has further provided an impetus to the growth
of educational institutes in the country.

Rao Bharat Singh Education Society (RBS) was registered as an
educational society in 2015 under Societies Registration Act, 1860
with an objective to provide education services by establishing and
operating an educational institution and started its commercial
operations in April, 2017. The society operates a school under the
name of RBS International School (RBS) with a single campus spread
over at 3.50 acre of land located at Gurgaon, Haryana. RBS located
in Gurgaon, Haryana was established for providing primary and
secondary education from Nursery to standard X. However, currently
they have students up to VIII th standard only. The day to day
management of the trust is carried by Mr. Dharamvir (Managing
Director) and Mr. Ashish Kumar (VicePresident) and well supported
by other trust members. The trust has employed experienced teaching
and administrative staff to run the courses in efficient manner.
The campus of the trust is well equipped with modern classrooms,
auditorium, library, computer centers, and resource Centre etc.

RATNAGIRI GAS: CARE Lowers Rating on INR1,461.05cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ratnagiri Gas and Power Private Ltd (RGPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank facilities–   1,461.05     CARE D Revised from CARE BB-;
   Fund-based–Long                 Stable
   term-Term Loan     

Detailed Rationale & Key Rating Drivers

CARE has revised the ratings of RGPPL to CARE D. Facilities with
this rating are in default or are expected to be in default soon.
The revision in the long term rating of RGPPL factors in the delay
in servicing of its principal obligations by the company which were
due at the end of September 2020.

Key Rating Sensitivities:

Positive:

* Timely servicing of debt obligations for more than three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of debt obligations: RGPPL had not serviced
the principal obligations due at the end of September 2020. The
company is in discussion with its lenders for one time settlement
(OTS) of its outstanding debt of INR1461.05 crore. As per minutes
of the consortium meeting held on September 17, 2020, the company
had proposed its lenders for OTS for which lead lender has given
in-principle approval with cutoff date considered as September 1,
2020. Other lenders are still under process of taking requisite
approvals. The company has only paid interest obligations due for
the month of Sept. 2020 while it has not made the principal payment
due on Sept. 30, 2020 as the process for OTS is underway.

* Lower fuel availability: For running the plant at 85% PLF,
RGPPL's daily gas (having GCV of 9,700 KCal/SCM) requirement at SHR
of 1,822 KCal/unit is 7.54 million metric standard cubic meters per
day (MMSCMD). The company has entered into long term fuel agreement
with GAIL (India) Limited for next 5 years w.e.f. April 1, 2017 for
securing the LNG at competitive rates. However, the availability of
gas in last twelve months has been much lower than the normative
requirement (i.e less than 30%).

* Sub-optimal operating performance: Due to lower gas availability
and ongoing dispute in the MSEDCL, PAF has remained low in FY19 and
FY20. In fact, only one out of the three power blocks of RGPPL is
operational, with the second one acting as a back-up. The PLF of
the plant continues to be low at 25% in FY20 and ~12% in H1FY21.

Key Rating Strengths

* Implementation of demerger scheme and subsequent conversion of
unsustainable portion of debt to CRPS: Pursuant to the scheme of
arrangement the LNG undertaking of RGPPL was demerged and
transferred to Konkal LNG Private Limited (KLPL) on a going concern
basis with effect from January 1, 2016. The aforesaid scheme became
effective from March 26, 2018. As part of the demerger scheme, out
of the total borrowing (as on December 31, 2015) of INR8,906.75
crore, debt of INR3,310.07 crore has been transferred to KLPL. As
per the approved demerger scheme and the business plan effective
January 1, 2016, the remaining debt lying with RGPPL was
restructured into two parts - INR1,900 crore was retained as
sustainable loan and INR3,696.68 crore was deemed as the
unsustainable portion. The company has issued CRPS of INR3,695.12
crore against the unsustainable portion of loan liability on
08.08.2019 in 5 equal series redeemable at Re.1 per series per
lender, with the remaining balance of INR1.56 crore written off.
The company has redeemed INR2,956.10 crore of CRPS till 31.03.2020
and balance of INR739.02 crore is due for redemption on
31.03.2021.

* Experienced promoters and strong execution capabilities in power
projects: NTPC Limited (NTPC, rated CARE AAA; Stable/ CARE A1+) and
GAIL (GAIL, rated CARE AAA; Stable/ CARE A1+) collectively are the
majority shareholders with holding of 25.51% each in Ratnagiri Gas
and Power Private Limited. Both NTPC and GAIL are 'Maharatna'
companies and majority of their shares are held by the GoI. NTPC is
the largest power generation company in India.  NTPC has a long
track record of conceptualizing, developing and running power
plants efficiently in India. NTPC provides technical expertise for
plant operation in RGPPL.  GAIL is the market leader in the
transmission of natural gas in the country with dominant market
share, extensive pipeline network and natural gas handling capacity
of 206.03 MMSCMD. GAIL has been instrumental in arranging fuel for
running the plant.

* Existing power supply arrangement: RGPPL had signed PPA with
Indian Railways for supply of average 500 MW of power for next 5
years with effect from April 1, 2017 at a fixed tariff of INR5.50/
unit. RGPPL also has PPA signed with the states of Daman and Diu
for 43MW, Dadar & Nagar Haveli for 43 MW, and with Goa for 21.5 MW.
The company has started supplying power to the state of Daman and
Diu from January 2019, while the other two states are not
scheduling power from RGPPL.

Liquidity: Adequate

The company's liquidity derives comfort from timely payments from
Railways keeping debtors at manageable levels. The collection
period stood at 14 days in FY20. The unencumbered cash and bank
balance as of Mar 31, 2020 stood at INR9.48 crore along with short
term fixed deposits of INR122.03 crore (PY: INR181.66 crore). The
company had not requested the banker for availing the moratorium as
per RBI circular dated March 27, 2020 and May 23, 2020, companies
can opt for moratorium on their debt obligations for a period of 6
months from March 2020 to August 2020. The company is in discussion
with its lenders for one time settlement (OTS) of its outstanding
debt of INR1461.05 crore.

RGPPL is promoted by NTPC (25.51%), GAIL (25.51%), MSEB Holding
Company Ltd (MSEBHCL) (13.51%) and financial Institutions (IDBI
Bank, SBI, ICICI Bank) (combined shareholding of 31.55%). It was
formed to take over the partially completed assets of Dabhol Power
Project owned by Dabhol Power Company Limited (DPCL). The power
plant has installed capacity of 1,967.08 MW (640 MW, 663.54 MW and
663.54 MW for respective power blocks) Hon'ble NCLAT vide its order
dated February 28, 2018 had approved the demerger plan of the power
block & R-LNG terminal of the Company and scheme was made effective
from March 26, 2018.

SAGAR AUTOTECH: CARE Lowers Rating on INR9.10cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sagar Autotech (Jabalpur) Private Limited (SAJPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.10      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 17, 2020 placed the
ratings of SAJPL under the 'issuer non-cooperating' category as
SAJPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in rating assigned to the bank facilities of SAJPL is
mainly on account of delays in debt servicing.

Detailed description of key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per banker interaction, there are
delays in debt servicing by SAJPL.

Jabalpur (Madhya Pradesh) based Sagar Autotech (Jabalpur) Private
Limited (SAJPL) was incorporated in December, 2016 by Jain family.
SAJPL is an authorized dealer of Skoda Auto India Private Limited
(Skoda) and operates two showrooms at Jabalpur. Further, all the
showrooms of the company are equipped with 3-S facilities i.e.
Sales, service and spare parts.

SWASTIK OIL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik Oil
Refinery Private Limited (SORPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       87.10      CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

   Short-term Bank      17.90      CARE D; Issuer not cooperating;

   Facilities                      Based on Best available
                                   information

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated March 20, 2018 placed the
rating(s) SORPL under the 'issuer non-cooperating' category as
SORPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SORPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
September 4, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing by the company due to stretched liquidity position
arising out of cash loss.

SORPL incorporated in April 1997, is engaged in manufacturing of
various edible oils (refined palm and rice bran) and Vanaspati
ghee. The company is promoted by Kolkata-based Mr. O.P. Agarwal,
his son Mr. Manoj Agarwal and his nephew Mr. Ashok Agarwal. The
company has a total installed capacity of 20,000 tonnes per annum
(TPA) for vanaspati and 70,000 TPA for refined oil at its
manufacturing facilities located in Howrah (West Bengal).

During FY16, SORPL reported loss of INR12.85 crore (INR14.07 crore
in FY15) on total operating income of INR156.64 crore (INR206.96
crore in FY15).

TIRUPATI EXPORT: CARE Lowers Rating on INR9.0cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Export and Import Corporation (TEIC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 26, 2019 placed
the rating(s) of TEIC under the 'issuer non-cooperating' category
as TEIC had failed to provide information for monitoring of the
rating. TEIC continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated September 30, 2020 and September 29, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
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 due to
non-cooperation by Tirupati Export and Import Corporation 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
small and fluctuating scale of operations, weak financial risk
profile, high collection period, weak liquidity position and
presence in a competitive industry. The rating, however, continues
to draw comfort from experienced management and long track record
of operations.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Small and fluctuating scale of operations: The scale of
operations stood small marked by a total operating income and gross
cash accruals of INR32.78 crore and INR0.27 crore, respectively, in
FY17 (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 from scale benefits. Further firm's total operating
income has been fluctuating over the past three years (FY15-FY17).
The total operating income registered a decline on y-o-y basis in
FY16 due to subdued demand and registered a growth in FY17 on
account of higher quantity sold. Further, the firm achieved total
operating income of INR15.00 crore during 8MFY18 (refers to the
period April 01 to November 30).

* Weak Financial Risk Profile: The profitability margins stood low
as marked by PBILDT margin and PAT margin of 2.60% and 0.65%
respectively in FY17 as against 7.26% and 1.10% respectively in
FY16. The decline in the profitability margins was on account of
increase in cost of the traded product from around 91.66% of total
costs in FY16 to around 96.28% of the total cost in FY17. The
capital structure of TEIC stood leveraged as marked by overall
gearing of 5.01x as on March 31, 2017 as against 4.80x as on March
32, 2016. The deterioration was on account of higher utilization of
sanctioned working capital borrowing limits as on balance sheet
date coupled with infusion in the form unsecured loans to support
growing scale of operations. Furthermore, the coverage indicators
of TEIC stood weak as marked by interest coverage ratio and total
debt to gross cash accruals of 1.46x and 46.77x respectively in
FY17.

* High collection period: The operating cycle of TEIC stood
elongated at 91 days in FY17 emanating from a high collection
period. The firm primarily sells to manufacturers of packing
materials and realizes the payment from its customers once the
inventory is sold. Further, being a highly competitive business,
the firm has to give extended credit which resulted into collection
period of 112 days in FY17. The firm maintains inventory of around
2-4 weeks to meet the immediate needs of its customers and receives
a credit period of a month. The high working capital requirements
were met largely through bank borrowings which resulted in almost
full utilization of working capital limits for the past 12 months
period ended November 30, 2017.

* Weak Liquidity Position: The current ratio and quick ratio stood
0.85x and 0.80x in FY17(A) on account of high trade receivables.

* Presence in a competitive industry: The trading industry is a
competitive industry wherein there is a presence of a large number
of players in the unorganized and organized sector. There are a
number of small and regional players catering to the same market
which limits the bargaining power that the firm exerts pressure on
its margins. Smaller companies in general are more vulnerable to
intense competition due to their limited pricing flexibility, which
constrains their profitability as compared to larger companies who
have better efficiencies and pricing power considering their scale
of operations.

Key Rating Strengths

* Experienced management and long track of operations: TEIC was
established in April, 1999 and has a long track record of almost
two decades in the trading of plastic granules. Mr. Balmukund
Jhunjhunwala is the proprietor of TEIC. He is a graduate by
qualification and has experience of almost three decades in the
trading industry though his association with TEIC and other family
businesses. He looks after the overall operations of the firm.

Delhi based Tirupati Export and Import Corporation (TEIC) was
established in April, 1999 as a proprietorship by Mr. Balmukund
Jhunjhunwala. Mr. Balmukund Jhunjhunwala looks after the overall
operations of the firm. TEIC is primarily engaged in the wholesale
trading of plastic granules which find application in the packaging
industry. The firm procures majority of the plastic granules from
Luxembourg and Singapore and sells them to packaging manufacturers
in Noida, Agra and Varanasi.

TREE HOUSE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tree House
Education & Accessories Ltd (TEAL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      102.80      CARE D; Issuer Not Cooperating,
   Facilities                      Based on Best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 18, 2019,
reaffirmed the rating of TEAL under the CARE D 'Issuer
not-cooperating' category as Tree house Education & Accessories Ltd
had failed to provide information for monitoring of the rating.
Tree house Education & Accessories Ltd continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 08, 2020, October 9, 2020
and October 13, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating Tree house Education &
Accessories Ltd will now be denoted as CARE D; ISSUER
NOTCOOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt-servicing obligations: The ratings of Tree house
Education & Accessories Ltd continue to reflect on-going delays in
servicing of debt obligations by the company.

Tree House Education & Accessories Ltd incorporated on July 10,
2006 as a private limited company by Mr. Rajesh Bhatia and his wife
Ms. Geeta Bhatia, is primarily engaged in pre-school education
across various locations in India. As on date there are 524
preschool centers across the country. TEAL also operates in K12
segment with 24 schools under its management.



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

AIRASIA GROUP: Unit to Revise $15.3 Billion Debt Reform Plan
------------------------------------------------------------
Reuters reports that Malaysia's AirAsia X Bhd plans to revise its
$15.3 billion debt restructuring plan to address concerns raised by
a creditor as its cash is running out fast, people with direct
knowledge of the matter said.

According to Reuters, the budget carrier is seeking to reconstitute
the $15.3 billion of unsecured debt into a principal amount of
MYR200 million ($48 million) and have the rest waived.

But creditor Malaysia Airports Holdings Bhd (MAHB) filed a lawsuit
two weeks ago to claim MYR78 million ringgit owed by AirAsia X and
a separate application to be excluded from the restructuring
scheme, arguing that its debts were secured.

A source, who was not authorised to speak publicly about the plans,
told Reuters the legal action against the airline could delay its
debt restructuring plan and bid to stave off liquidation.

Reuters relates that the source said AirAsia X, the long-haul arm
of AirAsia Group Bhd, has less than six months of cash left and has
been looking to convene a meeting of creditors to vote on the
scheme. "It needs to move on and have that meeting as soon as
possible," the person said.

"Fundraising is expected to take a couple of months at least so
it's imperative for the company to complete restructuring by
January or February."

Airport operator MAHB said on Oct. 25 its attempt to recover debt
from AirAsia X would not derail the airline's scheme.

But the legal suit follows similar action taken by another
creditor. Aircraft lessor BOC Aviation Ltd filed a lawsuit against
AirAsia X and its subsidiary in August to claim $23 million in debt
and this month applied to intervene in the airline's court
application for its scheme, Reuters recalls.

According to Reuters, the airline's restructuring proposal needs
approval from creditors holding at least 75% of the total value of
the debt, and the source said that the bulk of the figure is linked
to future aircraft orders and it gives Airbus SE nearly 75% on its
own.

"No creditor will want to make a decision if they don't know what
the outcome with MAHB is," another source said, adding that MAHB
could have the financial stamina for a legal battle but AirAsia X
did not, Reuters relays.

Post restructuring, the airline plans to raise up to 500 million
ringgit to restart the company, it said on Oct. 26.

Shares in AirAsia X have hit all-time lows in the last three weeks,
Reuters notes.

                           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.



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

SMITHS CITY: Rebranded, Relaunched Following Receivership
---------------------------------------------------------
Radio New Zealand reports that a retail phoenix has arisen from the
ashes with appliance and furniture retailer Smiths City relaunching
after Covid-19 forced it into receivership earlier this year.

The company was sold to the investment fund, Polar Capital, for
NZD60 million in May, as the pandemic and subsequent lockdowns
significantly impacted trading, according to RNZ.

As part of the relaunch, the company has undergone a significant
rebrand, opened three new stores, including its flagship store in
Christchurch, and made a commitment to meet the needs of rural
customers, RNZ relates.

"One of the key things when we went through Covid and [Polar
Capital] picked [the company] up, the loss making stores that were
dragging us down . . . they got closed down," RNZ quotes Smiths
City managing director Tony Allison as saying.  "The other thing is
we've come in straight away and invested in new systems, so both in
terms of our enterprise resource planning system and our finance
company system."

Mr. Allison said the company was also working hard to improve the
in-store customer experience, RNZ relays.

"We don't want to be a shouting at people and saying 'come here,
buy this, do that', what we want to do is be a good honest
retailer."

He said the company's rebrand, which included changing its color
scheme, was part of its strategy to be less "shouty".

According to RNZ, Polar Capital's Colin Neal said the recent
acquisition had given Smiths City the chance to re-evaluate what
the company stood for.

"We are de-emphasising the 'city' from the brand in recognition of
everything we are not. We are not big 'city'. Our most successful
stores are not big city, they are regional heartland New Zealand."

"We see ourselves as a valued, trusted partner in the heart of our
communities and that's where we want to be. We just see ourselves
as locals within those cities; knowledgeable and a straight-talking
bunch of Kiwi good buggers."

Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a
retail chain selling furniture and home appliances. Smiths City was
founded in Christchurch in 1918 and was floated on the stock
exchange in 1972.  It has 25 stores throughout New Zealand.


                           *********


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.



                *** End of Transmission ***