TCRAP_Public/190503.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, May 3, 2019, Vol. 22, No. 89

                           Headlines



A U S T R A L I A

CUSTOM CLAD: Second Creditors' Meeting Set for May 10
FARINIA PTY: First Creditors' Meeting Set for May 10
GOSFORD WATERFRONT: First Creditors' Meeting Set for May 10
LA MERANDA: Second Creditors' Meeting Set for May 14
OPORTO SURFERS: First Creditors' Meeting Set for May 13



C H I N A

EVERBRIGHT SECURITIES: Chairman Steps Down on Failed Media Deal
KANGMEI PHARMACEUTICAL: $4.4BB Accounting Error Burns Investors
YANZHOU COAL: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable


I N D I A

AGARWAL COAL: CARE Assigns B+ Rating to INR6.0cr LT Loan
AJIT AGRO: CARE Downgrades Rating on INR7cr LT Loan to B
ANANTHAKRISHNA SHETTY.K: CARE Keeps B+ Rating in Not Cooperating
APEX GREEN: CARE Assigns B+ Rating to INR10cr LT Loan
ARUN POLYMERS: CARE Maintains 'B+' Rating in Not Cooperating

ATHARVA AGRO: CARE Assigns B+ Rating to INR2.5cr LT Loan
EXCEL COMPOSITES: CARE Reaffirms B+ Rating on INR7.42cr Loan
G.E.T. WATER: Insolvency Resolution Process Case Summary
GREEN PETRO: CARE Assigns B+ Rating to INR10.05cr LT Loan
INDIA: 53% of Corporate Insolvency Processes Completed, IBC Says

JAY VENKAY: CARE Maintains D Rating in Not Cooperating Category
KADAMBARI PARBOILED: CARE Hikes Rating on INR6.09cr Loan to B+
KARUR K.C.P.: Insolvency Resolution Process Case Summary
KUNWAR DEVENDRA: CARE Assigns B Rating to INR10.25cr LT Loan
MAA PEETAMBARA: CARE Assigns D Rating to INR13.67cr LT Loan

NEESA LEISURE: Insolvency Resolution Process Case Summary
PRITHVI DEVELOPERS: CARE Lowers Rating on INR3.91cr Loan to D
RUCHI SOYA: Lenders Approve Patanjali's INR4,325 crore Bid
S.N.K.M. AND SONS: Insolvency Resolution Process Case Summary
SOUTHERN PHARMA: CARE Maintains D Rating in Not Cooperating

SREEKANTH PIPES: CARE Lowers Rating on INR10cr Loan to D
SRI SENDRAYAPERUMAL: CARE Cuts INR4.50cr Loan Rating to B, Not Coop
THREE STAR: CARE Maintains B Rating in Not Cooperating Category
UMAK EDUCATIONAL: CARE Maintains D Rating in Not Cooperating
V. R. NACHIMUTHU: CARE Lowers Rating on INR15cr LT Loan to B+

VARSITY INSTRUMENTS: CARE Maintains B+ Rating in Not Cooperating
WARM FORGINGS: CARE Assigns B+ Rating to INR9.50cr LT Loan
YASHODA MUTUALLY: CARE Maintains B+ Rating in Not Cooperating


M A C A U

MGM CHINA: Fitch Rates New $1.25BB Senior Unsec. Notes 'BB'/'RR4'
MGM CHINA: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
WYNN RESORTS: Moody's Affirms Ba3 CFR, Alters Outlook to Positive


N E W   Z E A L A N D

CREDIT UNION: Fitch Withdraws 'BB' LT IDR Following Merger


S I N G A P O R E

AYONDO LIMITED: Posts SGD67.2MM Net Loss in Year Ended Dec. 31


S O U T H   K O R E A

ASIANA AIRLINES: Offers Early Retirement Ahead of Planned Sale

                           - - - - -


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

CUSTOM CLAD: Second Creditors' Meeting Set for May 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Custom Clad
Services Pty Ltd has been set for May 10, 2019, at 9:00 a.m. at the
offices of PCI Partners Pty Ltd, at Level 8, 179 Queen Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 8, 2019, at 5:00 p.m.

Philip Newman of PCI Partners was appointed as administrator of
Custom Clad on April 9, 2019.

FARINIA PTY: First Creditors' Meeting Set for May 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Farinia Pty
Ltd ACN 081 875 032 in its own right and as Trustee for The Paul
Lofitis Family Trust will be held on May 10, 2019, at 12:00 p.m. at
the offices of Lowe Lippmann CA, at Level 7, 616 St Kilda Road, in
Melbourne, Victoria.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann CA
were appointed as administrators of Farinia Pty on May 1, 2019.

GOSFORD WATERFRONT: First Creditors' Meeting Set for May 10
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Gosford
Waterfront Holdings Pty Limited will be held on May 10, 2019, at
12:00 p.m. at the offices of Condon Associates Group, at Level 6,87
Marsden Street, in Parramatta, NSW.

Schon Gregory Condon RFD of Condon Associates Group was appointed
as administrator of Gosford Waterfront on
April 30, 2019.

LA MERANDA: Second Creditors' Meeting Set for May 14
----------------------------------------------------
A second meeting of creditors in the proceedings of La Meranda Pty
Ltd as trustee for La Meranda Unit Trust has been set for May 14,
2019, at 10:00 a.m. at the offices of McLeod & Partners, at Level
9, 300 Adelaide Street, in Brisbane, Queensland.

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 May 13, 2019, at 5:00 p.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of La Meranda on
March 27, 2019.

OPORTO SURFERS: First Creditors' Meeting Set for May 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Oporto
Surfers Paradise Pty Ltd will be held on May 13, 2019, at 10:30
a.m. at the offices of Vibe Hotel Gold Coast, at 42 Ferny Avenue,
in Surfers Paradise, Queensland.

Trent McMillen of MaC Insolvency was appointed as administrator of
Oporto Surfers on April 30, 2019.



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

EVERBRIGHT SECURITIES: Chairman Steps Down on Failed Media Deal
---------------------------------------------------------------
Caixin Global reports that the chairman of Everbright Securities
Co. Ltd. has resigned after a derailed European media deal likely
to saddle the company with huge losses cast a spotlight on the
state-owned brokerage's lax risk controls.

Caixin relates that Xue Feng, 51, resigned as chairman and
executive director of Everbright Securities on April 29 due to
"work arrangements," the company said in a filing with the Hong
Kong stock exchange late on April 29. He will be succeeded by
48-year-old Yan Jun pending regulatory approval, the statement
said. Yan replaced Xue as Everbright Securities' Communist Party
chief, one of the other top roles at big state-owned companies,
several months ago.

According to Caixin, Xue's role at the brokerage began fading long
before the latest resignation. His downfall has its roots in his
company's participation, through a subsidiary, in the purchase of a
65% stake in London-based sports rights distributor MP & Silva
Holding SA (MPS) for CNY5.2 billion ($771.4 million) in 2016.

In October, MPS was declared bankrupt and liquidated after it lost
key contracts and its main dealmakers left for rival companies.
That and suspicious deal-making in the acquisition led two
investing partners to seek CNY3.5 billion from the brokerage in
February as compensation for failure to recoup their investments
with promised returns, Caixin says.

While the brokerage only entered the deal with a minority
investment of CNY60 million, it has had to take CNY1.52 billion in
provisions for contingent liabilities and impairment losses, Caixin
discloses citing its 2018 report published in late March. As a
result, the company's net profit plummeted nearly 97% to CNY103
million last year.

In March, the Shanghai bureau of the China Securities Regulatory
Commission sharply criticized the company for its "poor management
and control of subsidiaries," "flawed internal control," and
failure to "strictly follow the internal decision-making procedures
on major incidents," Caixin recalls. The regulator pointed out that
Xue was responsible for those problems, and summoned him to give
him a reprimand.

A source close to the brokerage told Caixin that Xue would help
manage the MPS cleanup as needed even after his resignation.

Xue's successor Yan was a veteran banker at Industrial and
Commercial Bank of China Ltd., the world's largest lender by
revenue and profit. Yan is now also an executive deputy director of
the reform policymaking office of Everbright Securities' parent
China Everbright Group Ltd., a sprawling state-owned financial
conglomerate.

KANGMEI PHARMACEUTICAL: $4.4BB Accounting Error Burns Investors
---------------------------------------------------------------
Ina Zhou at Bloomberg News reports that one of China's largest
listed drugmakers said it overstated cash holdings by $4.4 billion,
sending its shares and bonds tumbling and heightening concerns
about the quality of accounting in a country that has become a
fast-growing part of global investment portfolios.

Bloomberg relates that Kangmei Pharmaceutical Co., a producer of
traditional Chinese medicines, said in a filing on April 30 that an
accounting "error" led to the overstatement of its 2017 cash
position.  According to the report, the disclosure came about four
months after Kangmei told investors it was being investigated by
regulators. The stock, a constituent of MSCI Inc.'s global indexes,
plunged by the 10 percent daily limit. Kangmei's CNY2.4 billion
($356 million) notes due 2022 fell as much as CNY14 to CNY60,
Bloomberg notes.

According to Bloomberg, the immense size of Kangmei's restatement,
described by one securities lawyer as unprecedented for China, puts
a spotlight on disclosure practices in a country where companies
are defaulting at a record pace and several instances of
questionable accounting have emerged in recent months. The issue
has become increasingly important for global investors and
securities firms as they gain unprecedented access to China's
gargantuan stock and bond markets.

"Investors have to be more careful about Chinese firms' reporting,"
Bloomberg quotes Andrew Lam, a director at BDO, an international
accounting firm, as saying. "They will have to do real homework,
examining closely companies' financial reporting for any potential
irregularities."

The China Securities Regulatory Commission, which in recent years
has been pushing the nation's stock exchanges to delist companies
that provide inaccurate disclosures, didn't immediately reply to a
faxed request for comment, Bloomberg says.

Kangmei, based in China's southern Guangdong province, said it
faces forced delisting if the CSRC classifies its behavior as a
major legal violation, Bloomberg relates citing a company notice on
risks related to its ongoing CSRC investigation. The drugmaker's
upcoming bond maturities include a CNY750 million note due Sept. 3.
Kangmei plans to sell as much as CNY20 billion of bonds to
replenish working capital and repay debt, the firm said in a filing
on April 30, Bloomberg relays.

Other companies that have faced similar scrutiny from regulators
include Kangde Xin Composite Material Group Co., which defaulted on
a bond in January after reporting cash levels just four months
earlier that were enough to pay the debt 15 times over, Bloomberg
discloses. The CSRC began investigating Kangde Xin in October.

"We have seen a number of Chinese companies with high cash balances
still seek funding from investors, and later on the cash just
disappears," Bloomberg quotes Raymond Chia, head of credit research
for Asia excluding Japan at Schroder Investment Management Ltd, as
saying. "We should really question borrowers."

Investors will watch the CSRC for more details on what went wrong
at Kangmei, according to Guo Feng, head of the wealth management
department at Northeast Securities Co., Bloomberg relates. Whatever
the result, the company may struggle to win back investor
confidence, said Shen Chen, a partner at Shanghai Maoliang
Investment Management.

"This scandal could narrow their refinancing channels as investors
flee," Bloomberg quotes Shen as saying.

Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese
medicines in China. It also offers chemical medicines and food
products; and operates hospitals and Chinese medicine pharmacies.

YANZHOU COAL: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------------
On April 30, 2019, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on Yanzhou Coal. S&P also affirmed its 'BB'
long-term issue rating on the US$550 million senior unsecured notes
and the US$335 million senior unsecured notes that the coal
producer guarantees, and its 'BB-' rating on its guaranteed US$500
million senior unsecured perpetual securities.

S&P said, "The stable outlook reflects our view that both Yanzhou
Coal and Yankuang Group can withstand a moderate decline in coal
prices over the next 12 months.

"We affirmed our rating on Yanzhou Coal because we expect the
company to remain a core subsidiary of Yankuang Group Co. Ltd.
(BB/Stable/--). We revised up Yanzhou Coal's SACP by one notch in
consideration of its improved financial leverage and enhanced
rating buffer.

"In our opinion, Yanzhou Coal's financial position has strengthened
significantly after a coal price recovery and volume addition over
the past two to three years, providing more buffer against a coal
price decline. The company's debt-to-EBITDA ratio improved
meaningfully to 2.5x in 2018 from 3.6x in 2017, benefiting from 9%
higher coal price and 18% higher sales volume. We expect coal price
to soften in 2019 and 2020 on the back of slowing demand and
increasing supply, and the company's leverage to edge up.
Nevertheless, we foresee Yanzhou Coal's free operating cash flow
should remain positive on healthy operating cash flow and stable
capital spending and its debt-to-EBITDA ratio to be comfortably
contained at below 4.0x over the next 12-24 months.

"At the same time, we don't expect Yanzhou Coal to engage in any
large-scale acquisitions in the near term. We believe the company
has a reduced expansion appetite given it reached its internal
capacity target after acquiring Coal & Allied Industries Ltd. in
2017.

"Underpinning the rating on Yanzhou Coal is the credit profile of
Yankuang Group, which has similar business strengths but higher
leverage. Yankuang Groups 2018 results were above our expectation,
with the debt-to-EBITDA ratio down to about 6.0x from 8.0x from
2017, mainly because of a coal price recovery and better working
capital management. We expect Yankuang to remain highly leveraged
over the next 12 months and its leverage to move in tandem with
that of Yanzhou Coal's, rising in 2019-2020 as coal price
declines.

"We continue to assess Yankuang Group to have a high likelihood of
receiving extraordinary support from the Shandong government in
case of financial distress. This view is based on the following
company characteristics:

-- Very strong link with the government. The Shandong government
wholly owns Yankuang Group. In S&P's view, the local government has
a strong influence on Yankuang Group's strategy and business plans,
and it has procedures in place to continuously monitor the company.
S&P believes a considerable deterioration in the creditworthiness
of Yankuang Group would significantly affect the Shandong
government's reputation. It would also negatively affect the access
to debt market for other state-owned enterprises (SOEs) controlled
by the Shandong government.

-- Important role to the government. Yankuang Group is one of the
largest coal producers in China and is one of the first coal
companies to have expanded outside China. It plays an important
role in helping the government to secure more coal resources
worldwide. It is identified by the government to be a consolidator
of China's fragmented domestic coal industry. Yankuang Group also
ranks top among Shandong SOEs by revenue and asset size. S&P
therefore views the company's credit standing to be important for
the Shandong government.

S&P expects Yanzhou Coal to receive extraordinary government
support indirectly via Yankuang Group.

S&P said, "The stable outlook reflects our view that Yanzhou Coal
and Yankuang Group can tolerate a moderate decline in coal prices
over the next 12 months if industry conditions deteriorate. We also
expect Yanzhou Coal to remain a core subsidiary of Yankuang Group
and believe the group has a high likelihood of receiving
extraordinary government support in case of need.

"We may lower the rating on Yanzhou Coal if Yankuang Group's
financial leverage is much higher than our expectation for a
sustained period. This could happen due to significant coal price
declines, and hence, lower-than-expected cash flow at Yanzhou Coal
and Yankuang Group. It may also happen due to capital spending
overruns on increasing appetite for organic expansion or
acquisitions.

"We may also lower the rating if there is weakened likelihood of
extraordinary government support for Yankuang Group, which we view
as unlikely in the near term.

"We may upgrade Yanzhou Coal if the company's and Yankuang Group's
financial metrics improve materially due to stronger-than-expected
coal prices or lower capital spending. An indication of such
improvement is Yankuang Group's debt-to-EBITDA ratio approaching
5.0x for an extended period."

Founded in 1997, Yanzhou Coal is one of the largest coal miners in
China. The company also has operations in Australia via its
subsidiary Yancoal Australia Ltd., which is the largest pure coal
miner in the country.

The company is also engaged in trading, producing chemicals, and
equipment manufacturing businesses. However, these segments are
much smaller as compared with its coal business in terms of profit
contribution.

Yanzhou Coal was listed on stock exchanges in Hong Kong, Shanghai,
and New York in 1998. Yankuang Group owns a controlling 51.81%
stake in the company. Yankuang Group is fully owned by the Shandong
provincial government and engages in coal mining and other
businesses similar to that of Yanzhou Coal.

S&P assesses Yanzhou Coal's liquidity as adequate. S&P forecasts
the company's liquidity sources to exceed its uses by more than
1.2x, and its net liquidity sources to remain positive even if its
EBITDA declines by 15%. Yanzhou Coal's SOE status underpins its
solid relationship with domestic banks and strong access to capital
markets.



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I N D I A
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AGARWAL COAL: CARE Assigns B+ Rating to INR6.0cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Agarwal
Coal Suppliers (ACS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACS is primarily
constrained by its small and fluctuating scale of operations with
low proprietor's capital base, low profitability margins, leveraged
capital structure, weak debt coverage indicators, elongated
operating cycle and weal liquidity position. The rating is further
constrained by volatility associated with coal prices and ACS
presence in fragmented and competitive nature of industry. The
rating, however, draws comfort from experienced proprietor and
stable demand of coal.

Going forward; ability of the company to profitably increase its
scale of operations while improving the capital structure and
efficiently managing its working capital requirements, shall be the
key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Small and fluctuating scale of operations with low proprietor's
capital base: The scale of operations of the firm stood small
marked by total operating income and gross cash accrual of INR25.91
crore and INR0.24 crore respectively for FY18 (FY refers to period
April 1 to March 31). The scale of operation remained fluctuating
for the past three financial years, i.e., FY16 – FY18. The TOI
declined from INR25.54 crore in FY16 to INR22.28 crore in FY17 and
then grew to INR25.91 crore in FY18 due to higher quantity sold.
Further, the proprietor's capital base stood low at INR1.23 crore
as on March 31, 2018. The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Further, the company has achieved total operating income
of ~INR17.00 crore for 6MFY19 (refer to period April 1 to September
30, 2018; based on provisional results).

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
have remained on the lower side owing to the trading nature of the
business and intense market competition given the highly fragmented
nature of the industry. PBILDT and PAT margin stood at 2.43% and
0.75% respectively for FY18 as against 2.20% and 0.48% respectively
for FY17. Further, the capital structure of the firm stood
leveraged as on past three balance sheet dates, March 31, '16 - '18
owing to high dependence on external borrowings to meet working
capital requirements. Overall gearing ratio stood at 4.68x as on
March 31, 2018 as against 5.05x as on March 31, 2017 owing to
accretion of profits to reserve. Further, the debt coverage
indicators stood weak as marked by interest coverage and total debt
to gross cash accrual ratio of 1.60x and 24.40x respectively for
FY18.

Elongated collection period with weak liquidity position: The
operating cycle of the firm stood elongated at 62 days for FY18
owing to elongated collection period. The firm provides a credit
period of around two months to its customers owing to highly
competitive nature of industry. The firm maintains adequate
inventory to meet immediate demand of its customers. However, the
firm receives a credit period of around two weeks from its
suppliers. The liquidity indicators stood moderate as marked by
current and quick ratio of 1.18 times and 0.99 times respectively
as on March 31, 2018. The cash flow from operating activities stood
negative at INR0.96 crore and cash and bank balance stood at
INR1.40 crore as on March 31, 2018. The average utilization of
working capital limits remained around 80% for the period of 12
months ending October, 2018.

Volatility associated with coal prices: ACS is engaged in trading
of domestic coal, the prices of which are volatile in nature. The
firm purchases coal primarily through direct auctions. The purchase
quantity of the coal is decided by the management factoring in the
past trend of demand from the clients. Furthermore, ACS procures
excess quantity in case of favourable price scenario. Thus, ACS
operations are susceptible to price fluctuation risk of coal.

Fragmented and competitive nature of industry: The coal trading
industry is fragmented with presence of large number of organized
and unorganized players leading to high competition which further
intensifies due to large gap in demand and supply of domestic coal.
The company procures the coal from domestic markets and dispatches
to the customers as per their orders. Further, ACS generates its
revenue from trading of coal and does not provide any value added
services.

Key rating strengths

Experienced proprietor: The firm is managed by Mr Sudhir Kumar Garg
who is a graduate by qualification and has around three decades of
experience in the industry through his association with ACS.

Stable demand of coal: Domestic coal demand in India is largely
driven by its energy sector, with coal meeting more than half of
the country's primary energy requirements. The development of core
infrastructure sectors like power, steel, and cement are dependent
on coal. The availability of domestic coal is a key concern as Coal
India Limited (CIL) is not able to meet the increasing domestic
demand although the production of coal has increased year on year
basis. There has been ever increasing demand for coal by domestic
industries. Also, with the slowdown in developed countries,
manufacturing base is getting shifted to India which would also
boost the demand for coal. These developments would provide huge
opportunity for the coal trading entities like ACS.

AJIT AGRO: CARE Downgrades Rating on INR7cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ajit Agro Industries (AAI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.00       CARE B; 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 February 5 2018, placed the
rating(s) of AAI under the 'issuer non-cooperating' category as AAI
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. AAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated April
18, 2019. 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 February 8, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Financial risk profile marked by fluctuating TOI and profitability:
TOI of AAI shown a fluctuating trend over the past three financial
years ended FY16 owing to volatility exhibited in the prices of raw
cotton coupled with Government of India's intervention by way of
extensive procurement of cotton directly from farmers in the
regions to support the minimum support prices.

Moderately leveraged capital structure with weak debt coverage
indicators: The capital structure of the firm stood moderately
leveraged although improved marginally from March 31, 2015
attributed to higher net worth base due to accretion of profit to
reserve along with infusion of capital by the partners to support
its business operation. Furthermore, debt service coverage
indicators of the firm stood weak with total debt to GCA of 26.08
times as on March 31, 2016 along with interest coverage at 1.53
times during FY16.

Moderate liquidity position: The liquidity profile of the firm
stood moderate marked by moderate liquidity ratios and elongated
operating cycle. Working capital limit are generally utilized
during the season i.e. from October to March and reduces during
off-season.

Presence in a highly fragmented cotton ginning industry and
constitution as a partnership concern: AAI is primarily engaged in
the business of cotton ginning and pressing industry as well as
extraction of cotton oil. The industry is highly fragmented with
presence of numerous independent small scale enterprises. Its
constitution as a partnership concern with moderate net worth base
restricts its overall financial flexibility in terms of limited
access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of withdrawal
of capital and dissolution of the concern in case of
death/insolvency of partner.

Operating margins are susceptible to cotton price fluctuation,
seasonality associated with the cotton industry and government
regulation: The prices of raw cotton are highly volatile in nature
and depend upon factors like, area under production, yield for the
year, international demand-supply scenario, export quota decided by
the government and inventory carried forward of the last year.
Furthermore, the cotton prices in India are highly regulated by
government; hence, any adverse change in the government policy may
negatively impact the prices resulting in lower realizations and
profit.

Key Rating Strengths

Experienced promoters with long track record of operations: The
partners of the firm are experienced with long track record of
operations in the cotton ginning industry. Furthermore, it is
benefited from established good relations with the customers and
suppliers.

Strategic location of manufacturing units with close proximity to
raw material sources: The manufacturing facility of the firm is
located in cotton producing belt of Khandwa (Madhya Pradesh) which
is one of the largest producer of raw cotton in India. The presence
of AAI in cotton producing region results in benefit derived from
lower logistics expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
price.

Khandwa-based (Madhya Pradesh) AAI was formed in 1997 as a
partnership concern by its key promoter, Mr Ajit SinghUbeja along
with his family members, to primarily undertake the business of
cotton ginning and pressing activity along with extraction of
cotton oil. The firm caters to the domestic market and sells its
products directly all over India. It procures raw cotton, key raw
material, from the local market and nearby areas while procure
cotton seeds mainly from Southern states of India.

ANANTHAKRISHNA SHETTY.K: CARE Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Ananthakrishna Shetty.K continues to remain in the 'Issuer Not
Cooperating' category.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE B+ Stable; Issuer not
   Facilities                      cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 9, 2018, placed the
rating(s) of Ananthakrishna Shetty.K, under the 'issuer
non-cooperating' category as Ananthakrishna Shetty.K had failed to
provide information for monitoring of the rating. Ananthakrishna
Shetty.K continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated April 1, 2019, April 2, 2019, and April 5, 2019.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 09, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Tender based nature of operations: The firm receives 100% work
orders from government organizations. All these are tender-based
and the revenues are dependent on the firm's ability to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the promoter's long industry experience of more than two decade
mitigates this risk to some extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the segment
which makes the civil construction space highly competitive.

High customer and geographic concentration risk: KAKS receives its
100% of the work orders from government of Karnataka. Hence, the
firm have high customer and geographic concentration risk.

Constitution of the entity as proprietary firm with inherent risk
of withdrawal of capital: The sole proprietor typically makes all
the decisions and runs the entire business operation. If he becomes
ill or disabled, there may be nobody else who can step in and keep
the business going. Running a business single-handedly can also
pose a risk due to heavy burden. Constitution as a proprietorship
has the inherent risk of possibility of withdrawal of the capital
at the time of personal contingency which can adversely affect its
capital structure.

Key Rating Strengths

Experience of the proprietor for more than two decade in
construction industry: K.Anantha krishna Shetty (KAKS) was
established in the year 1995. The firm is managed by Mr K.Anantha
krishna Shetty (KAKS) is a qualified graduate and has more than two
decade of experience in the civil construction industry. Due to
long term presence in the market the proprietor has good relation
with customer and suppliers resulted in bagging of new orders.

Karnataka Based, K.Ananthakrishna Shetty (KAKS) was established in
the year 1995 as a sole proprietorship firm. The firm is promoted
by Mr K.Ananthakrishna Shetty. Apart, the firm is qualified class-I
contractor. KAKS is engaged in the civil construction works like
laying of roads, bridges and canal works in the state of Karnataka.
The firm receives the work orders directly from the customers like
Mangaluru City Corporation, Udupi City Municipal Council, and
Karnataka Municipal Corporation through participating in tenders.
The firm purchases the raw materials like gravel, metal from local
traders, Cement from M/s.Bharathi Cement and ready mix from RJC
Concrete Mix Private Limited.

APEX GREEN: CARE Assigns B+ Rating to INR10cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Apex
Green Energy Green Corporation (APEX), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of APEX is constrained
on account of implementation and stabilization risk associated with
its on-going debt-funded capex for setting up manufacturing
facility for Compressed Biogas (Bio CNG) and Bio-Fertilizer. The
rating is further constrained on account of its presence in highly
fragmented fertilizer industry and its partnership nature of
constitution.

The rating, however, derives strength from experienced partners and
stable demand of organic fertilizers APEX's ability to complete the
on-going capex within envisaged time and cost parameters,
stabilization of the operations and generation of envisaged sales
and profitability would remain key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with on-going
debt-funded capex: APEX is implementing a greenfield project for
converting waste material, like Cow dung, Poultry Waste, Press-Mud,
Fruit- Vegetable Waste into bio-fertilizer and BioCNG (purified
biogas) from the organic substrates with an estimated total project
cost of INR15.37 crore, which is envisaged to be funded by
debt/equity mix of 2.99 times. Till March 30, 2019, the firm has
incurred 68% of the envisaged project cost and APEX envisages to
commencing commercial operations from first week of May 2019.
Project implementation risk in terms of timely completion of the
project within envisaged cost parameters persists and remains
crucial, for APEX. Further, post completion of the project, the
stabilization risk in terms of achieving envisaged sales volume and
realization is also critical for the firm.

Presence in the highly competitive and fragmented fertilizer
industry: The fertilizers industry in which the firm operates is
highly fragmented and competitive marked by the presence of
numerous players across India. Hence, the players in the industry
do not have any pricing power and are exposed to competition
induced pressures on profitability.

Partnership nature of constitution: APEX being a partnership firm
is exposed to inherent risk of partner's capital being withdrawn at
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of key promoters.

Key Rating Strengths

Experienced partners: The key partners, Mr. Surendra Choudhary and
Mrs. Anjana Choudhary have more than 25 years of experience in
fertilizers industry, while Mr. Deepak Choudhary has reasonable
experience of more than 6 years in same line of business Bharuch
(Gujarat) based Apex Green Energy Corporation (APEX) was
established in June 04, 2018. Mr. Surendra Choudhary, Mrs. Anjana
Choudhary and Mr. Deepak Choudhary are the key partners of APEX
managing overall operations. APEX will operate from its sole
manufacturing unit located in Bholav (Bharuch) having proposed
installed capacity of Compressed Biogas (Bio CNG): 5600 KG per day
and Bio-Fertilizer: 30000 KG per day. APEX is implementing a
project for converting the waste material like Cow dung, Poultry
Waste, Press-Mud, Fruit-Vegetable Waste into biofertilizer and
BioCNG (purified biogas) from the organic substrates, having total
cost of INR15.37 crore and envisaging commencement of commercial
operations from first week of May, 2019.

Apex Agro Industries is group entity engaged into the same line of
business since 2012.

ARUN POLYMERS: CARE Maintains 'B+' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arun
Polymers (AP) continues to remain in the 'Issuer Not Cooperating'
category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      9.00       CARE B+; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 16, 2018, placed the
rating(s) of AP under the 'issuer noncooperating' category as Arun
Polymers had failed to provide information for monitoring of the
rating. Arun Polymers continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and emails dated March 11, 2019, March 12, 2019 and
March 14, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 16, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Limited experience of the promoter in polypropylene bag
manufacturing industry: The proprietor, Mr. Arun Kumar, has
attended class room training on manufacturing of Polypropylene bags
for 8 months.

Later, he established Arun polymers in 2013 and started commercial
operations from April 2013. The proprietor has a limited experience
of only 3 years in the industry. Fluctuating profit margins due to
volatile raw material pricing The total raw material cost
contributes to about 75% to 85% of the total cost of sales. Major
raw material of the firm is virgin raffia (PP granules) which is a
by-product of petroleum. The price of this material is highly
volatile exposing the PBILDT margins of the firm to variations. The
PBILDT margin decreased by 283 bps from 6.73% in FY14 to 3.9% in
FY16 (Provisional) due to increase in raw material cost from 76.3%
of total operating income in FY14 to 83.34% of total operating
income in FY16 (Provisional). Furthermore, the firm procures the
raw material majorly from Reliance Industries Limited who is a
large player in the industry and hence the firm has limited
bargaining power with the supplier. The firm is not able to pass on
the effect of increase in raw material cost to its customers due to
existing competition in the market.

The PAT margins are weak on account of low PBILDT earned. The PAT
margin was 0.63% in FY16 (Provisional): Leveraged capital structure
and weak debt coverage indicators The firm has leveraged capital
structure with overall gearing at 2.51x as on March 31, 2016
(Provisional). The debt profile of the company comprises of term
loan of INR0.57 crore, cash credit of INR3.54 crore and unsecured
loan of INR0.25 crore as against the networth of INR1.77 crore.
Moreover, the capital structure of the firm is expected to
deteriorate further in FY17 due additional term loan availed for
expansion plans. The debt coverage indicators marked by interest
coverage and Total debt/GCA have remained weak at 1.76x and 14.70x
in FY16 (Provisional) due to low cash accruals and high debt
levels.

Small scale and working capital intensive nature of operation: The
firm's business is working capital intensive in nature as reflected
by high inventory period. The inventory period remained at 68 days
in FY16 (provisional) as the firm maintains adequate level of raw
material inventory for executing the orders in hand and also for
meeting sudden spurt in demand. The firm had a cash credit facility
of INR3.5 crore which was fully utilized for the past 12 months
ending July 2016, an additional limit of INR1 crore has been
sanctioned in February 2016 which the firm has not yet utilized.
The scale of operations of the firm has remained relatively small
with total income of INR19.59 crore in FY16 (Provisional).

Proprietorship nature of business: Proprietorship nature of
business has an inherent risk of withdrawal of capital at the time
of personal contingency. It also has the risk of business being
discontinued upon the death/insolvency of the proprietor. The
ability to raise funds is also very low as proprietorship concerns
have restricted access to external borrowings.

Key Rating Strengths

Favorable outlook for the plastic packaging industry: Polypropylene
bags (PP bags) are considered to be the toughest packaging bags,
widely used to pack materials for grain, milling and sugar industry
to name a few. PP bags are becoming increasingly popular in India &
have caught the eye of many end users for their requirement of
packing materials, on account of their inertness towards chemical,
moisture, excellent resistance towards rotting & fungus attack.
They are nontoxic lighter in weight, much cleaner & have more
advantages than conventional bags. Among the industry's major
strengths is the availability of raw materials in the country.
Thus, the processors do not have to depend on imports.

Steadily increasing total income: The firm started its commercial
operations in FY14 and has shown a steady growth in its total
income since then. The total income has grown at a CAGR of 109.82%
from INR4.45crore in FY14 to INR19.59 crore in FY16 (Provisional),
due to increase in demand for the PP bags and the addition of new
customers' y-o-y.

Arun Polymers is a proprietorship firm, incorporated in 2013 by Mr.
Arun Kumar. It started commercial operations from April 2013. The
firm is engaged in the business of manufacturing polypropylene sack
bags (PP bags). The manufacturing unit is located in Dindigul
district in the state of Tamil Nadu and has around 40 employees.
The major raw material for the unit is virgin raffia (a by-product
of petroleum) granules which are majorly purchased from Reliance
Industries Limited. The firm had an installed capacity of 100 tons
per month as on March 31, 2016, which has been increased to 250
tons per month as on July 31, 2016. The firm has majority of
customers in Tamil Nadu and Telangana region.

ATHARVA AGRO: CARE Assigns B+ Rating to INR2.5cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Atharva
Agro Chemicals Private Limited (AACPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.50       CARE B+; Stable Assigned

   Short-term
   Facilities           4.75       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AACPL are
constrained by its small scale of operation with low profitability
margins, fragmented and competitive nature of industry, regulated
nature of industry, volatility associated with fluctuations in
input prices, high working capital intensity and exposure to
vagaries of nature and moderate financial risk profile marked by
moderate capital structure with satisfactory debt coverage
indicators However, the aforesaid constraints are partially offset
by its experienced management with long track record of operation,
close proximity to raw material sources and stable demand outlook
of rice and diversified nature of business along with established
brand name.  The ability of the entity to grow its scale of
operations and improve its profit margins and ability to manage
working capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the entity remained small marked by total operating
income of INR11.91 crore (INR14.46 crore in FY17) with a PAT of
INR0.23 crore (INR0.25 crore in FY17) in FY18. Furthermore, the
capital base also remained low at INR3.22 crore as on March 31,
2018. The profit margins of AACPL have remained low during last
three years (FY16-FY18) marked by operating margin in the range of
9.67% to 8.45% and PAT margin in the range of 1.70% to 2.48%.
Further, the PAT margin improved in FY18 on account of lower
capital charges during the said period. The gross cash accruals
remained adequate at INR0.65 crore as on FY18. Moreover, the entity
has reported a turnover of INR13.00 crore during 11MFY19.

Fragmented and competitive nature of industry: The commodity nature
of the products manufactured by AACPL 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 into processing of rice from paddy,
and manufacturing of pesticides and seeds.

Regulated nature of industry: The Government of India (GOI) decides
a minimum support price (MSP - to be paid to paddy growers) for
paddy every year limiting the bargaining power of rice millers over
the farmers. The MSP of paddy was increased during the crop year
2018-19 to INR1750/quintal from INR1550/quintal in crop year
2017-18. Given the market determined prices for finished product
vis-à-vis fixed acquisition cost for paddy, the profitability
margins are highly volatile. Such a situation does not augur well
for the entity, especially in times of high paddy cultivation.

Volatility associated with fluctuations in input prices: The
company is primarily engaged in manufacturing of pesticides and
seeds. The primary raw materials required are various types of
chemicals and seeds. The raw materials are procured from Gujrat,
Madhya Pradesh, Uttarakhand. Since the prices of the raw materials
are volatile in nature the profitability of the entity remains
susceptible to the volatility in its raw material costs.

High working capital intensity and exposure to vagaries of nature:
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the next
season as the price and quality of paddy is better during the
harvesting season. Also, paddy cultivation is highly dependent on
monsoons, thus exposing the fate of the entities' operation to
vagaries of nature. Furth more, the company also engaged in
manufacturing of pesticides and seeds, since the end-users being
agricultural industries which expose it to vagaries of nature.
Further, the working capital intensity remains high leading to
higher stress on the financial risk profile of the rice milling
units. Accordingly, the average utilization of working capital
limits was around 90% during last 12 months ended February, 2019.

Moderate financial risk profile marked by moderate capital
structure with satisfactory debt coverage indicators: The capital
structure of the entity remained moderate marked by long term debt
equity ratio and overall gearing ratio of 0.37x and 1.09x,
respectively, as on March 31, 2018. Improvement of gearing ratios
in FY18 over FY17 is mainly on account of scheduled repayment of
term loan and unsecured loan from promoters. Furthermore, the debt
coverage indicators also remained moderate as marked by moderate
total debt to GCA ratio of 5.41x and satisfactory interest coverage
ratio of 2.83x in FY18.

Key Rating Strengths

Experienced management with long track record of operation: Bhilai
(Chhattisgarh) based Atharva Agro Chemicals Private Limited (AACPL)
was incorporated in year 2008 as a private limited company by
Agarwal family hence having a long track record of operation. Mr.
Murari lal Agarwal, Mr. Dinesh Agarwal and Mr. Nitesh Agarwal
manages the day-to-day operations of the business with adequate
support from other director and along with a team of expert
professionals who are having a long experience in the similar line
of business.

Close proximity to raw material sources and stable demand outlook
of rice: AACPL's plants are located in Ravelidih and Jeora
District, Chhattisgarh which is in close proximity to the paddy
growing areas of the state. The entire raw material requirement is
met locally from the farmers helping the entity to save
simultaneously on transportation cost and paddy procurement cost.
Further, rice being a staple food grain with India's position as
one of the largest producer and consumer, demand prospects for the
industry is expected to remain good in near to medium term. Rice,
being one of the primary food articles in India, demand is high
throughout the country and with the change in life style and health
consciousness; by products of the same like rice bran oil etc. are
in huge demand.

Diversified nature of business along with established brand name:
Apart from rice milling the company also engages in manufacturing
of pesticides and seeds used in agricultural purpose. The revenue
from manufacturing of pesticides and seeds constituted around
78.34% of TOI in FY18. This apart, the company is also engaged in
rice milling business constituting around 18.47% of TOI in FY18 and
custom milling constituting around 3.19% of TOI in FY18. The
company sells the seeds and pesticides in and around Chhattisgarh
and other neighboring states like Odisha and Bengal under the brand
name "Atharva".

Bhilai (Chhattisgarh) based Atharva Agro Chemicals Private Limited
(AACPL) was incorporated in year 2008 as a private limited company
by Agarwal family. Since its inception the company is engaged in
manufacturing of seeds and pesticides. The pesticides and seeds
processing plant is located at Ravelidih, Chhattisgarh with an
installed capacity of 1000 MTPA and 3000 MTPA for pesticides and
seeds, respectively. The revenue from manufacturing of pesticides
and seeds constituted around 78.34% of TOI in FY18. The company
sells the seeds and pesticides in and around Chhattisgarh and other
neighboring states like Odisha and West Bengal under the brand name
"Atharva".

Furthermore, the company has diversified into rice milling business
from the year 2014. AACPL has two milling units with combined
installed capacity of 14,400 MTPA which is located at Ravelidih,
Chhattisgarh and at Jeora, Chhattisgarh. AACPL primarily procures
paddy from farmers & local agents located in Chhattisgarh. The
revenue from rice milling constituted 18.47% of TOI in FY18 and
custom milling constituted 3.19 % of TOI in FY18.  Mr. Murari lal
Agarwal, Mr. Dinesh Agarwal and Mr. Nitesh Agarwal manages the
day-to-day operations of the business
with adequate support from other director and along with a team of
expert professionals who are having a long experience in the
similar line of business.

Liquidity
The liquidity position of the company remained moderate marked by
current ratio and quick ratios of 1.38x and 0.87x as on March 31,
2018. The cash and bank balance amounted to INR0.01 crore as on
March 31, 2018. The Gross cash accruals of the company remained
moderate at INR0.65 crore in FY18.

EXCEL COMPOSITES: CARE Reaffirms B+ Rating on INR7.42cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Excel Composites Private Limited (ECPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.42       CARE B+; Stable Reaffirmed

   Long-term Bank
   Facilities           1.10       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of ECPL are constrained
by its small scale of operations with low profitability margins,
client concentration risk albeit reputed clientele, volatility in
raw material prices, fragmented and competitive nature of industry
and working intensive nature of business. However, the aforesaid
constraints are partially offset by its experienced promoters along
with satisfactory track record of operations and moderately
comfortable capital structure and moderate debt coverage
indicators. The ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margins: ECPL
continues to remain small player in the manufacturing of different
types of Railway FRP glass window for passenger coaches and jute
reinforced composite business with revenue and PAT of INR14.74
crore and INR0.10 crore respectively, in FY18. Further, the net
worth base and total capital employed was low at INR2.78 crore and
INR8.62 crore, respectively, as on March 31, 2018. This apart, the
PBILDT and PAT margin is low at 6.75% and 0.69% respectively,
during FY18. The company has achieved total operating income of
INR15.10 crore during FY19. The small size restricts the financial
flexibility of the company in times of stress and it suffers on
account of economies of scale.

Client concentration risk: ECPL works mainly for Indian Railways
and earns all of its revenue from them, thus exposing it to client
concentration risk. However, the company has long standing
relationship with Indian Railways for more than two decades which
offsets the risk to some extent and hence, default risk is
minimal.

Volatility in raw material prices: The major raw materials for
manufacturing of different types of Railway FRP glass window for
passenger coaches and Jute Reinforced composite are polyester
resin, FRP chopped mat, zinc stearate, hessian cloth, formalin,
other mineral chemicals etc., the prices of which are volatile.
Further, the company does not have any long term contracts with the
domestic suppliers for the purchase of raw materials. Hence the
profitability margins of the company could get adversely affected
with any sudden spurt in the raw material prices.

Fragmented and competitive nature of industry: ECPL faces stiff
competition from the organized as well as unorganized players in
the industry. This apart, the company faces tough competition from
various regional and local players and has to price its products
competitively without compromising the quality of the products. In
such a competitive scenario smaller entities like ECPL in general
are more vulnerable on account of its limited pricing flexibility.

Working capital intensive nature of business: ECPL's business,
being manufacturer of different types of Railway FRP glass window
for passenger coaches and Jute Reinforced composite, is working
capital intensive by nature on the back of its strategy to maintain
raw material stock in view of expected rising raw material prices
coupled with the company's strategy to maintain finished stocks as
per demand in the marketplace. The same is reflected by the average
inventory holding period in the range of 155-158 days during
FY16-FY18. This apart, the average collection period also remained
high at 114 days in FY18 as ECPL offers moderately high credit
period to its customers to attract them and retain them on the
backdrop of intense competition. The average utilization for the
same was around 95% during the last 12 months ended March 31,
2019.

Leveraged capital structure and moderate debt coverage indicators:
The capital structure of the company continues to remain leveraged
marked by high overall gearing ratio of 2.10x as on March 31, 2018.
However, the interest coverage ratio remained satisfactory at 1.62x
in FY18. Moreover, total debt to GCA, has also improved to 16.56x
as on March 31, 2018 as against 22.94x as on March 31, 2017 due to
infusion of equity by promoters during the period.

Key Rating Strengths

Experienced promoters along with satisfactory track record of
operations: The promoter of ECPL is Mr. Joy Kumar Gupta, Director,
aged about 59 years, having more than three decades of experience
in the same line of business. He is being duly supported by the
other promoter director Mr. Jit Kumar Gupta (aged, 39 years) and
Mr. Rajendra Kumar Thakur (aged, 53 years). The promoters are
actively involved in the strategic planning and running the day to
day operations of the company along with a team of experienced
personnel. Further, the company is in operation for more than two
decades (since 1996) and has a satisfactory track record of
operation.

Reputed clientele: ECPL has an established relation with the Indian
Railways and focus largely on railway tenders only. Accordingly,
the counter party risk remained minimal for the company.

Incorporated in April 1996, Excel Composites Private Limited (ECPL)
is engaged in manufacturing of different types of Railway FRP glass
window for passenger coaches and jute reinforced composites (i.e.
roof ceiling sheet and flooring mats) which are suitable for
paneling, roofing and for many structural application with its
facilities located at Kolkata, West Bengal. The company's product
is approved by the Research design and standard organization (RDSO)
Lucknow. Mr. Joy Kumar Gupta (aged, 59 years), having more than
three decades of experience in the same line of business, looks
after the day to day operations of the company. He is supported by
other directors Mr. Jit Kumar Gupta (aged, 39 years) and Mr.
Rajendra Kumar Thakur (aged, 53 years) and a team of experienced
professionals.

Liquidity
The liquidity position of the company remained moderate marked by
current ratio of 1.31x and quick ratio of 0.84x as on March 31,
2018. The cash and bank balance amounting to INR1.14 crore remained
outstanding as on March 31, 2018. The Gross cash accruals also
remained moderate at INR0.35 crore as on March 31, 2018.

G.E.T. WATER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. G.E.T. Water Solutions Private Limited
        A13, Thiru Vi Ka Industrial Estate
        Near Bus Stop, Guindy
        Chennai 600032

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 13, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Devadoss Duraiswami Reddy

Interim Resolution
Professional:            Mr. Devadoss Duraiswami Reddy
                         233, Sarada Mill Road
                         Kamala Nagar, Sundarapuram
                         Coimbatore 641024
                         E-mail: devadossd@gmail.com
                         Mobile: 9890291110

Last date for
submission of claims:    May 11, 2019


GREEN PETRO: CARE Assigns B+ Rating to INR10.05cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Green
Petro Fuels LLP (GPF), as:

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-term Bank
   Facilities           10.05       CARE B+; Stable Assigned

   Short-term
   Facilities            6.35       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of GPF are constrained
by its small scale of operation with low profitability margins,
working capital intense nature of business, volatility associated
with fluctuation in input prices and foreign exchange fluctuation
risk, leveraged capital structure with weak debt coverage
indicators and geographical and client concentration risk. However,
the aforesaid constraints are partially offset by its experienced
management with satisfactory record of operations.

The ability of the entity to grow its scale of operations and
improve its profit margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margin: The scale
of operations of the firm remained small marked by total operating
income of INR41.85 crore (INR32.79 crore in FY17) with a PAT of
INR0.05 crore (net profit of INR0.01 crore in FY17) in FY18.
However, the total operating income of the firm witnessed year on
year growth of 27.63% during the period FY17 to FY18 and a CAGR of
71.63% during the period (FY16 to FY18) on account of higher demand
during the period and repetitive orders received from its top
customers. Moreover, the firm has booked a TOI of INR55.38 crore
during 9MFY19. Furthermore, the capital base also remained low at
INR2.12 crore as on March 31, 2018. The profitability margin of the
firm remained low marked by PBILDT margin of 5.16% (FY17: 6.45%)
and PAT margin of 0.13% (FY17: 0.03) in FY18.  The PBILDT margin of
the firm has declined over the period FY16 to FY18 due to higher of
cost of operations. However, the PAT margin has improved marginally
in FY18 over FY17 on account of marginal decrease in deprecation
cost.

Working capital intensive nature of business: The operations of the
entity remained working capital intensive marked by its high
inventory and collection period. The debtors and inventory days
stood at 84 days and 30 days respectively, in FY18, as against 85
days and 56 days in FY17 with total operating cycle standing at 81
days in FY18 against 112 days in FY17. However, the entity receives
credit of around one month from its suppliers owing to its long
presence in the industry which mitigates its working capital
intensity to a certain extent. Accordingly, the average utilization
of fund based limit remained at around 95% during last 12 months
ended January, 2019.

Volatility associated with fluctuations in input prices and foreign
exchange fluctuation risk: The primary raw materials required for
production of light diesel oil are coal tar, creosote oil, rubber
processed oil and other variants. Since the prices of most of the
raw materials are directly linked to crude oil prices, the
profitability of the entity remains susceptible to the volatility
in its raw material costs. Moreover, the firm imports a significant
amount of bitumen from Dubai and UAE, which also exposes it to
risks of foreign exchange fluctuations.

Leveraged capital structure with weak debt coverage indicators:
The capital structure of the firm remained leveraged with overall
gearing ratio of 5.67x (5.78x as on March 31, 2017) as on March 31,
2018. Marginal, improvement in overall gearing ratio was on account
of scheduled repayment of term loan and higher accretion of profits
to reserves in FY18. Moreover, the debt coverage indicators of the
firm remained moderate marked by interest coverage of 1.44x (FY17:
1.44x) and weak total debt to GCA of 18.72x (FY17: 17.40x) in
FY18.

Geographical and client concentration risk: The firm procures
majority of its raw materials from local suppliers and sells its
final product (i.e. ignite oil) in Chhattisgarh and nearby
neighbouring states. Moreover, the entity is exposed to high client
concentration risks with around 80% of the entity's revenues
generated from top-three customers of the firm during FY2018 and 9M
FY2019.

Key Rating Strengths

Experienced management with satisfactory track record of
operations: Green Petro Fuels LLP (GPF) was established in November
2012 in order to set up a light diesel oil manufacturing facility
in Raipur, hence having a satisfactory track record of operations.
The management has extensive experience in the fuel-oil
manufacturing business as Thirubala Chemicals Private Limited
Odisha and Bhagwan Petroleum- Ahmedabad (owned by Mr. Santosh
Dwivedi) is involved in similar business for over a decade. Mr.
Santosh Dwidevi having more than a decade of experience in similar
line of business, looks after the day to day operations of the
entity along with other technical and non-technical professionals
who are having long experience in this industry.

Green Petro Fuels LLP (GPF) was established in May 2014 by
Thirubala Chemicals Private Limited and Mr. Santosh Dwidevi. Since
its inception, the firm has been engaged in manufacturing of light
diesel oils for industrial use with an installed capacity of 60,
000 MTPA. The office of the firm is located at Raipur,
Chhattisgarh. The firm procures majority of its raw materials from
local suppliers and few others raw materials from UAE and Dubai and
sells its final product (i.e. ignite oil) in Chhattisgarh and
nearby neighbouring states. Mr. Santosh Dwidevi having more than a
decade of experience in similar line of business, looks after the
day to day operations of the entity along with other technical and
non-technical professionals who are having long experience in this
industry.

Liquidity
The liquidity position of the firm remained moderate marked by
current ratio of 1.04x and quick ratio of 0.84x as on March 31,
2018. The balance sheet shows cash and bank balance amounting to
INR0.65 crore as on March 31, 2018. The Gross cash accruals also
remained moderate at INR0.64 crore as on March 31, 2018.

INDIA: 53% of Corporate Insolvency Processes Completed, IBC Says
----------------------------------------------------------------
Moneycontrol News reports that about 13 percent of corporate
insolvency resolution processes (CIRPs) until the end of March 2019
were resolved, while 53 percent cases ended in liquidation,
according to data from the Insolvency and Bankruptcy Board of India
(IBBI). Average realisation by financial creditors as a share of
claims was only 43 percent.

In its report, the IBBI said 359 cases had been admitted for
corporate insolvency. Of this, the resolution plan for 14 was
approved while 73 went into liquidation in the January-March
quarter, Moneycontrol relays.

According to Moneycontrol, the Insolvency and Bankruptcy Code (IBC)
was set up to resolve cases of corporate bankruptcy in a timely
manner. However, a third of these cases took more than the
stipulated 270 days. For 1,143 ongoing resolution cases, the
deadline has already been breached.

Moneycontrol says lenders have been forced to sell their stressed
exposure to asset reconstruction companies (ARC) due to these
delays, and their cash flows have been hit badly. Involved
companies, their prospective buyers and creditors want the best
deal out of the process, which gets in the way of a timely
resolution. Another reason for the delays is different standpoints
of the judges of the National Company Law Tribunal (NCLT).

The Essar Steel insolvency case has dragged on for over 650 days
now and the final result is still nowhere in sight. This delay is
reportedly costing the main lender, State Bank of India, INR17
crore per day, according to Moneycontrol.

Moneycontrol notes that the NCLT and other appellate tribunals have
also been given the responsibility of cases linked to the Companies
Act and the Competition Act apart from IBC cases. This crowding may
also a reason the process is time-consuming, according to experts.

About 150 companies found closure through an appeal process or a
review, while close to 91 corporate debtors found closure via
withdrawal under Section 12A of IBC. The data also showed that of
the 1,858 total cases, 738 cases were introduced to the IBC by the
financial creditors and 200 were initiated by corporate debtors,
Moneycontrol adds.

JAY VENKAY: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jay Venkay
Poultry Farms (JVPF) continues to remain in the 'Issuer Not
Cooperating' category.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.74       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 16, 2018 placed the
rating(s) of JVPF, under the 'issuer non-cooperating' category as
JVPF had failed to provide information for monitoring of the
ratings. JVPF continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a email dated April 1, 2019 April 2, 2019 April 5, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 16, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Ongoing delays in servicing debt obligation due to delay in
realizing debtors: The firm has elongated operating cycle due to
high inventory levels. The average inventory days of the firm
during review period lies within the range of 150-180 days. Due to,
the egg production starts from the small chicks takes on an average
of 20 weeks from the date of starting farming of every batch of
chicks, resulted in high inventory levels. The firm receives the
payment from its customers within 60-80 days. However, the firm is
making payment to its creditors within 15-20 days. The said factor
resulted in high dependence on working capital borrowings. The
average utilization of cash credit facility is 100% for the last 12
months ended October 31, 2016. Due to the above said factor the
firm is unable to make the timely payment of debt obiligation.

Decline in PBILDT margin and fluctuating PAT margin during
FY14-FY16: The PBILDT margin of the firm declined from 24.61% in
FY14 to 12.58% in FY16 due to increase in material costs i.e. The
Poultry industry has low profitability margins as material costs
(small chicks & feed) form significant portion of the total
costs. Due to the above said factor along with high interest and
depreciation cost the PAT margin of the firm has also been
fluctuating and remained thin in the range of 0.21%-0.47% during
FY14-FY16.

Leverage capital structure and weak debt coverage indicators: The
capital structure of the firm though improved marked by debt equity
and overall gearing ratio from 2.27x and 3.14 respectively as on
March 31, 2014 to 1.65x and 2.82x respectively as on March 31, 2016
due to increase in tangible net worth along with repayment of term
loan.

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

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, partnership firms have
restricted access to external borrowings as credit worthiness of
the partners would be key factors affecting credit decision for the
lenders.

Key rating strengths

Experience of the partners for one decade in Poultry business:
JVPF was established in the year 2008 and promoted by Mr. K Venkata
Rao and family members. Mr. K Venkata Rao and Ms. T Lakshmi Sujatha
are qualified arts graduates and have one decade of experience in
the poultry industry. Apart, Ms. T Bhavani Reddy is also a
qualified commerce graduate has one decade of experience in the
poultry industry. Due to long term presence in the market, the
partners have good relations with suppliers and customers.

Growth in total operating income during review period: The total
operating income of the company increased from INR6.83 crore in
FY14 to INR11.67 crore in FY16 due to increase in repeat orders
from existing customers and addition of new customers. Further,
during 7MFY17, the firm achieved sales of INR8 crore.

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

Andhra based, Jay Venkay Poultry Farms (JVPF) was established in
the year 2008 and promoted by Mr. K Venkata Rao and family members.
The firm is engaged in farming of egg laying poultry
birds(chickens) and trading of eggs and live birds .The firm sells
its products like eggs and live birds in Andhra Pradesh to
retailers through own sales personnel. The firm buys chicks (small
chickens) from Srinivasa hatcheries private limited, Vijayawada.
The firm purchases raw materials like rice brokens, sun flower cake
from local farmers, and soya from Harikrishna & Co, Suvarnalakshmi
trading company.

KADAMBARI PARBOILED: CARE Hikes Rating on INR6.09cr Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kadambari Parboiled Rice Industries (KPRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.09       CARE B+; Stable Revised from
   Facilities                      CARE B; Stable Removed from
                                   non-cooperation

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KPRI continue to be
tempered by small scale of operations along with working capital
intensive nature of business, partnership nature of constitution,
seasonal availability of paddy, presence in fragmented and
competitive industry due to low entry barriers and government
regulations. The ratings also take into account increase in total
operating income, cash accruals during FY18, improved operating
cycle days, increase in PAT margins albeit decline in PBILDT
margins, improved capital structure and debt coverage indicators.
The ratings continue to derive benefits from moderate track record
and experience of partners in the rice milling industry and healthy
demand outlook of rice.

Going forward, ability of the firm to increase its scale of
operations, improve profitability margins in competitive
environment, improve its capital structure and debt coverage
indicators and to improve working capital cycle would be key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of Operations: Despite of presence of firm in the
industry around seven years, the scale of operations of the firm
remained small at INR12.64 crore along with moderate tangible
networth of INR3.14 crore as compared to other peers in the
industry Increasing PAT margins albeit declining PBILDT margins The
PBILDT margin of the firm declined significantly from 23.74% in
FY17 to 13.08% in FY18 due to increase in raw material consumed,
employee and other manufacturing costs despite increase in scale of
operations. However, the PAT margin of the firm improved from 0.78%
in FY17 to 1.82% in FY18 due to lower of financial expenses and
depreciation provisions.

Improved Capital structure albeit remained leveraged: The debt
equity ratio of the firm has been improved and remained below unity
at 0.19x as on March 31, 2018 due to decrease in total debt as a
result of scheduled repayment of loans and an increase in tangible
net-worth due to accretion of profits in business. Due to the
aforesaid reasons the overall gearing improved from 2.37x as on
March 31, 2017 to 2.14x in as on March 31, 2018, however, remained
leveraged. The debt coverage indicators of the firm improved and
remained moderate marked by total debt/GCA which improved from
8.69x in FY17 to 7.52x in FY18 at the back of increase in GCA
coupled with decrease in debt levels due to scheduled repayment of
term loans. Furthermore, the PBILDT interest coverage ratio also
improved from 1.96x in FY17 to 2.17x in FY18 due to increase in
operating profits coupled with decrease in interest cost.

Seasonal availability of paddy resulting in working capital
intensive nature of operations: Paddy in India is harvested mainly
at the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers have to stock
enough paddies by the end of the each season as the price and
quality of paddy is better during the harvesting season. During
this time, the working capital requirements of the rice millers are
generally on the higher side. Moreover, the paddy is procured from
the farmers generally against cash payments or with an average
credit period of 45-60 days while the millers have to extend credit
to the wholesalers and distributors around 30-40 days resulting in
high working capital utilization reflecting working capital
intensity of business. The average utilization of fund based cash
credit limit of the firm was around 95% during the last 12 months
period ended January 31, 2018.

Constitution of entity as a partnership firm with inherent risk of
withdrawal of capital: With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth. Further, the
partnership firms are attributed to limited access to funding.

Key Rating Strengths

Increase in total operating income, cash accruals during the review
period: The total operating income of the firm increased by ~87%
i.e., from INR6.92 crore in FY17 to INR12.64 crore in FY18 due to
increase in sales of rice, broken rice coupled with increase in
custom milling. Due to aforementioned reason, the cash
accruals of the firm also increased from INR0.80 crore in FY 17 to
INR0.89 crore in FY18.

Improvement in operating cycle: The operations of the firm are
working capital intensive in nature due to seasonal availability of
paddy and the procurement season is between November to January.
The firm holds inventory of paddy to cater to the milling and
processing of rice throughout the year resulting in elongated
operating cycle. However, The operating cycle improved to 101 days
in FY18 against 254 days in FY17 mainly on account of faster
turnaround in raw material inventory holding as the firm realized
relatively better prices. The firm allows a credit period of 30-35
days to its customer and makes the payments to some of its
suppliers in advance and for other within 30-60 days.

Liquidity Analysis
The current ratio of the firm is below unity during FY18 at 0.92x
due to relatively high current liabilities as compared to current
assets on account of high working capital bank borrowings along
with sundry creditors as on closing balance sheet date. The firm
has cash and cash equivalents of INR0.03 crore and on and average
3% of working capital facilities to meet the liquidity
requirements

Telangana based, Kadambi Parboiled Rice Industries (KPRI) was
established in 2011 as partnership firm by Mr. N. Ravi and his
relatives. KPRI is engaged in milling and processing of rice. The
rice milling unit of the firm is located at Nalgonda (Dist),
Telangana. Apart from rice processing, the firm is also engaged in
selling off its by-products such as broken rice, bran and husk. The
main raw material paddy is directly procured from local farmers
located in and around Nalgonda, Telangana and sells its finished
products of rice and other by-products in the open market Telangana
and Tamilnadu. The firm also do job work for Civil Supply
Corporation of Telangana for which it receives the commission.

KARUR K.C.P.: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Karur K.C.P. Packkagings Limited
        No. 1, First Floor, Bhagath Singh Street
        (Behind Standard Ice Factory)
        Bharathipuram
        Puducherry 605011

Insolvency Commencement Date: April 26, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 23, 2019

Insolvency professional: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         R.A. Puram, Mandaiveli
                         Chennai, Tamil Nadu 600028
                         E-mail: aneethaca@gmail.com
                                 karukcprp@gmail.com

Last date for
submission of claims:    May 11, 2019


KUNWAR DEVENDRA: CARE Assigns B Rating to INR10.25cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kunwar
Devendra Singh Cold Storage and Ice Factory Private Limited (KDS),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.25       CARE B; Stable Assigned
   Facilities          

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KDS is constrained by
stabilization risk associated with newly setup debt funded unit,
short track record coupled with small scale of operation and
leveraged capital structure. The rating is further constrained on
account of KDS's presence in a highly Fragmented nature of the
industry along with susceptibility to the vagaries of nature. The
rating, however, draws comfort from experienced management and
positive outlook for the Indian cold chain industry.

Going forward, the ability of the company to increase the scale of
operations while improving its capital structure shall be the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record with small scale of operations and stabilization
risk associated with newly setup debt funded unit:
The firm has incurred expenditure of INR6.34 crore as on date
February 2019 for setting up of unit in and the same has been
funded through term loan of INR6.29 crores, INR0.5 crores through
capital contribution in form of equity share.

Partial operations of the cold storage started in December 2018
with three chambers and full-fledged operations commenced in
January 2019. Being a new unit, the stabilization of the unit
remains to be seen. During the initial phases of operations, the
capital structure of the firm is expected to remain leveraged
characterized by debt funded capex and low net worth base.

Leveraged capital structure: The company's Networth was stood low
at INR0.05 crore as on March 31, 2018. The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits. The capital structure of the company stood
leveraged marked by debt to equity & overall gearing ratio of
25.09x and 25.09x respectively as on March 31, 2018 on account of
debt funded capex undertaken and dependence on external borrowings
to meet working capital requirements.

Business susceptible to the vagaries of nature: Agro-based industry
is characterized by its seasonality, as it is dependent on the
availability of raw materials, which further varies with different
harvesting periods. Being agro commodities, these are perishable in
nature and the price of raw materials is dependent on their
availability, which is further dependent on the vagaries of nature
(agro-climatic conditions). Any adverse impact on the crop
production will adversely affect the profitability as well as
growth prospects for the firm.

Fragmented nature of the industry: KDS's business risk profile is
constrained on account of exposed to competition from other
regional players operating in warehousing industry. KDS is
operating in such an industry which is fragmented in nature and has
limited entry and exit barrier. This leads to limited bargaining
power with customers and restrict to charge additional rent, which
constraints its scale of operations.

Key Rating Strengths

Experienced directors and management: KDS's operations are
currently being managed by its Directors all are family members,
where Mr. Devendra Singh Yadav is post graduate by qualification
and he is also an active politician. As by the age of 67 years he
has vast experience in public dealing. Ms. Tanu Yadav daughter of
Mr. Devendra Singh Yadav is B-tech graduate. Apart from the KDS,
all the directors are already involved in same business in other
partnership firms i.e. Urmila Cold Storage and Ice Factory. He is
well supported by his manager, Mr. Vishal Garg.

Positive outlook for the Indian cold chain industry: The
warehousing and cold chain industry is emerging as a fast-growing
business sector in India, with developments in the food processing
sector, organized retail and government initiatives driving growth.
Furthermore, with rapid growth of organized retail and
manufacturing sector, the need for warehousing is increasing.

The government is taking steps to set up cold chain infrastructure
and has introduced schemes such as capital investment subsidy from
the National Horticulture Board (NHB), the National Horticulture
Mission (NHM) and the Ministry of Food Processing Industries
(MoFPI). Apart from subsides, like credit-linked capital subsidy
scheme for construction of cold
storages and go-downs, the government is also providing consultancy
services to help connecting farmers to market & to
avoid heavy losses & wastes of food products.

Hathras (U.P) based Kunwar Devendra Singh Cold Storage And Ice
Factory Private Limited (KDS) is a Private Limited Company and was
established in July, 2017 and commenced operation from December
2018, and is currently being directed by Kuvanr Devendra Singh
Yadav, Neeraj Yadav, Vashu Yadav, Samarth Yadav and Tanu yadav. KDS
is engaged in renting of its cold storage facility for potatoes to
the local farmers in Kannauj, Uttar Pradesh with multi chambers
(three chambers) having storage capacity of 140020 quintals as on
March 31, 2018. The cold storage will utilize ammonia refrigeration
process system for the preservation of potatoes and Ice is to be
manufacture by putting water in ice plates are kept in very low
temperature.

MAA PEETAMBARA: CARE Assigns D Rating to INR13.67cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Maa
Peetambara Sugar and Power Limited (MPSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          13.67       CARE D Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of MPSPL takes into
account ongoing delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weakness

On-going delay in repayment of term loan and overdrawings in cash
credit limits: There are instances of delay in repayment of term
loan and overdrawing in cash credit account owing to stressed
liquidity position. The reason behind stressed liquidity is
continuous operating and cash losses.

Dabra (Madhya Pradesh) based Maa Peetambra Sugar and Power Limited
(MPSPL) was incorporated in 2013 by Mr. Rajendra Kandele is mainly
engaged in the manufacturing of White Sugar.

NEESA LEISURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Neesa Leisure Limited
        X-22, 23 & 24 GIDC Electronic State
        Sector 25 Gandhinagar
        Gujarat 382025

Insolvency Commencement Date: April 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 22, 2019

Insolvency professional: Ramachandra Dallaram Choudhary

Interim Resolution
Professional:            Ramachandra Dallaram Choudhary
                         9B, Vardan Tower
                         Nr. Vimal House, Lakhudi Circle
                         Navrangpura, Ahmadabad
                         Gujarat 380014
                         E-mail: rdc_rca@yahoo.com
                                 cirp.neesa@gmail.com

Classes of creditors:    Depositors

Insolvency
Professionals
Representative of
Creditors in a class:    Bhupendra Singh Narayan Singh Rajput
                         Tejas Shah
                         Bhavi Shreyans Shah

Last date for
submission of claims:    May 14, 2019


PRITHVI DEVELOPERS: CARE Lowers Rating on INR3.91cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prithvi Developers, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       3.91      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

The revision in the rating assigned to the bank facilities of
Prithvi Developers takes into account the on-going delay in the
debt servicing of the entity.

Going forward, the ability of the entity to regularize the debt
servicing obligations and timely repayment of debt will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in
servicing of term loan installments of the entity.

Jagdalpur (Chhattisgarh) based Prithvi Developers (PD) was
established in 2000 as a partnership firm by Mr. Ashok Kumar Lunkad
and Mrs. Anju Lunkad. Since its inception, the firm has been
engaged in development of real estate projects in the state of
Chhattisgarh. The firm has already developed six residential
projects with total saleable area of 12.6 lakh square feet since
its inception in the state. Currently, the firm is developing its
seventh project 'Ashoka Greens' a residential bungalow complex with
an aggregate project cost of INR23.72 crore with a saleable area of
1.44 lakh square feet. The project is located in the prime location
of Halba Kachora, Jagdalpur in Chhattisgarh. The total project cost
of INR23.72 crore is estimated to be funded by term loan of INR8.00
crore, customer advances of INR10.72 crore and balance from
partners' contribution of INR5.00 crore. The financial closure for
the debt portion of the project has already been tied-up and the
firm has already spent around INR22.17 crore till January 31, 2018.
The said project is estimated to complete by July 2018. Out of
total saleable area of 1.44 lakh square feet, 0.78 lakh square feet
area has already been booked which is around 54% of total saleable
are of the project.

RUCHI SOYA: Lenders Approve Patanjali's INR4,325 crore Bid
----------------------------------------------------------
Livemint.com reports that in its first major acquisition, Yoga guru
Baba Ramdev-led Patanjali Ayurved walked away with Ruchi Soya with
a bid of INR4,325 crore, sources said.

Patanjali acquired Ruchi Soya Industries in an insolvency auction
started by lenders to recover over INR9,300 crore loans.

According to Livemint, homegrown FMCG major almost got a walk over
after rival Adani Wilmar decided to pull out from the race despite
being selected the highest bidder few months back.

According to sources, lenders on April 30 approved Patanjali's
revised bid of INR4,325 crore with around 96% vote in favor,
Livemint relays.

"We are informed about the development. Voting has gone in our
favour," Livemint quotes Patanjali Ayurved spokesperson S K
Tijarawala as saying.  "Tomorrow they would hand over the result to
us and then we would proceed further," he added.

With the acquisition of Ruchi Soya, Patanjali will become a major
player in soyabean oils and other products, Livemint notes.

According to Livemint, Patanjali, the lone player left in
contention after the exit of Adani Wilmar, had last month increased
its bid value by around INR200 crore to INR4,350 crore for the
Ruchi Soya. This excluded capital infusion of INR1,700 crore into
the company.

Ruchi Soya Industries owes around INR9,345 crore to financial
creditors.  Among financial creditors, State Bank of India (SBI)
has the maximum exposure of around INR1,800 crore, followed by
Central Bank of India  INR816 crore, Punjab National Bank  INR743
crore and Standard Chartered Bank - India  INR608 crore, Livemint
discloses.

                           About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution. On December 2, the NCLT bench
admitted the company for insolvency resolution process under the
IBC. The company owes more than INR12,000 crore to various
entities.

S.N.K.M. AND SONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. S.N.K.M. And Sons Timbers Private
        67/2, Kundrathur Road, Porur
        Madras 600116, Tamil Nadu

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 18, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Anil Kumar Khicha

Interim Resolution
Professional:            Mr. Anil Kumar Khicha
                         6 FF, 1st Floor, Golden Enclave
                         184, Poonamallee High Road, Kilapauk
                         Chennai 600010
                         E-mail: knpchennai@gmail.com
                                 snkmibc@gmail.com

Last date for
submission of claims:    May 7, 2019

SOUTHERN PHARMA: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Southern
Pharma India Private Limited (SPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      15.80      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 16, 2018 placed the
rating(s) of SPIPL, under the 'issuer non-cooperating' category as
SPIPL had failed to provide information for monitoring of the
ratings. SPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated April 1, 2019, April 2, 2019 and April 5, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 16, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

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

Southern Pharma India Private Limited (SPIPL), was incorporated on
April 22, 2015 promoted by Mr Venkat Raju and Mr Rakesh. The
company has proposed to set-up a manufacturing unit of API and
intermediaries with a proposed installed capacity of 700 MTPA. The
manufacturing unit of the company is located at Plot No.28, I & H,
APIIC, Denotified Area, Rambilli Mandal, Atchutapuram,
Visakhapatnam. SPIPL planning to manufacture the products like
Atorvastatin Calcium (Ulcer), Esomeprazole Magnesium Trihydrate
(anti vomting) and Rabeprazole Sodium (gastric) among others. The
company is planning to sell its products to Hetero Drugs Limited
and Aurbindo Pharma Limited. SPIPL is planning to import 60% of its
raw material like Methanol and Benzal dehyde from China and
Singapore and remaining 40% of raw material like hyflow, Palladium
Carbon, Aniline among others is likely to procure from domestic
market.

SREEKANTH PIPES: CARE Lowers Rating on INR10cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sreekanth Pipes Private Limited (SPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; ISSUER
                                   NOT COOPERATING

   Short-term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 4, 2018, placed the
rating(s) of SPPL under the 'issuer non-cooperating' category as
SPPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised on account of delays in debt
servicing by the company ascertained by CARE as part of its due
diligence exercise.

Detailed description of the key rating drivers

At the time of last rating on January 4, 2018, the following were
the rating strengths and weaknesses:

Key rating weakness:

Delays in debt servicing: CARE as part of its due diligence
exercise interacts with various stakeholders of the company
including lenders to the company and as part of this exercise has
ascertained that there are delays in debt servicing by the
company.

Small scale of operations coupled with losses reported for FY18:
The scale of operations of SPPL continues to remain small with
Total Operating Income of INR33.47 crore for FY18 on a net worth
base of INR0.35 crore as on March 31, 2018. Further, the company
reported net loss of INR1.28 crore for FY18 as against profit in
the previous year.

Leveraged capital structure: The capital structure of the company
deteriorated significantly as on March 31, 2018 owing to increased
debt levels coupled with erosion of net worth on account of losses
reported in FY18. Overall gearing of the company was at 7.43x as on
March 31, 2018.

Key Rating Strengths:

Experienced Promoters: SPPL belongs to Nandi Group, a South India
based industrial house, promoted by Mr SPY Reddy. He is a Graduate
in Engineering (Mechanical) and worked in M/s Baba Atomic Research
Centre, Mumbai during 1973 to 1977. He is the Chairman of Nandi
Group of Industries and has also been elected as Member of
Parliament (MP) from Nandyal Constituency.

Established marketing channel: SPPL has established goodwill with
the end users and the distributors of the products due to the
established brand name of Nandi group which has presence in
diversified business. The company is operating in fourteen
districts across four states namely - Telangana (10 districts),
Andhra Pradesh (2 districts), Maharashtra (1 district) and
Karnataka (1 district). The company has appointed district wise
distributors in Andhra Pradesh and operates through in rest of the
districts.

Sreekanth Pipes Private Limited (SPPL), incorporated in 2002, is
part of Nandyal (Andhra Pradesh) based Nandi Group of companies.
Promoted by Mr. Sajjala Sreedhar Reddy, SPPL is engaged in the
business of manufacturing of rigid Polyvinyl Chloride (PVC) pipes
and fittings at its facility located at Medak District, Telangana.
The manufacturing facility has an installed capacity of 12,500
metric tonnes per annum (MTPA). The products are widely used in
irrigation, telecommunication, potable water supplies, electrical
industry, construction industry, sewerage and drainage etc.

SRI SENDRAYAPERUMAL: CARE Cuts INR4.50cr Loan Rating to B, Not Coop
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Sendrayaperumal Transports (SST), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.50       CARE B; Stable Issuer Not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2018, placed
the rating(s) of SST under the 'issuer non-cooperating' category as
SST had failed to provide information for monitoring of the rating.
SST continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated April 9, 2019, April 11, 2019 and April 16, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 27, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Modest scale of operation: The firm has a moderate scale of
operations which impacts its negotiation power with the customers.
Furthermore, being a partnership concern, it has an inherent risk
of withdrawal of capital by the partners and restricted access to
funding which could limit its growth opportunities.

Highly leveraged capital structure: The firm has a weak capital
structure marked by high gearing and debt equity ratio. The gearing
ratio deteriorated from 8.4x as on March 31, 2015 to 18x in as on
March 31, 2016 due to increase in term loan and decline in net
worth. The partner's capital in SSL substantially decreased from
INR1.13 crore as on March 31, 2015 to INR0.35 crore as on March 31,
2016. This also deteriorated the debt equity ratio from 6.87x as on
March 31, 2015 to 13.48x as on March 31, 2016. The debt profile of
the firms after combining the financials consisted of term loan of
INR33.14 crore and Working capital limit of INR11.12 crore as on
march 31, 2016 as against net worth of INR2.46 in FY16.

Working capital intensive nature of operations: The firms have
almost nil credit period and inventory period owing its nature of
operation. The collection period increased from 42 days in FY15 to
64 days in FY16. The firms have a combined cash credit facility of
INR10.5 crore which are almost fully utilized.

Fluctuating diesel and unregulated toll charges: The diesel charges
move in tandem with global crude oil prices and with de regulation
of diesel prices on every fortnight the diesel prices are decided
by oil marketing companies in India. The toll charges are fixed by
entity which manage the road; due to same the price paid to toll
differs accordingly across India which squeezes the profit margin
of truck operators. During the first week of October 2015, All
India Motor Transport Congress (AIMTC) staged indefinite strike to
protest against exorbitant toll being collected in the toll plazas
functioning on the national highways in the country.

AIMTC has demanded barrier-free movement of vehicles as well as
one-time collection of taxes. AIMTC suggested to have fixed annual
toll fee of INR 30,000 for a truck on national permit and INR
10,000 for intrastate permit vehicle. AIMTC claims the cumulative
loss to the truckers in five days (from October 1-5, 2015) would be
about INR 7,500 crore while the loss to the government could be
more than INR 50,000 crore. Therefore, any such future incidents
may impact the operations and profit margin of truck operators.

Fragmented industry with presence of many small operators: With low
entry barriers and availability of easy credit, more small scale
transport operators have evolved over the past decade which
intensifies competition in the segment. Due to ease in availability
of credit with hypothecation of vehicle, the borrowing cost is
higher from NBFC which consequently have a bearing on margin. More
than 90% of the trucks in India are bought on credit. However, the
presence of the many small operators increases the competition in
the already fragmented industry which also has an impact on the
profit margins of the fleet operators.

Operations aligned with growth of an economy: The road transport
mode serves as one of the key factors in the developmental process
of any economy. With sluggishness in the operating capacity of
domestic industries on the back of slowdown in demand/consumption
pattern leads to fewer goods to haul and stagnant freight rate.
The impact is most pronounced in the heavy duty trucks that are
deployed for long-distance haulage. Truck freight rates are in turn
governed by demand for transport, the number of freight trips and
capacity utilization. When demand is weak, part of the fleet is
grounded and fewer freight trips are made every month. In such
cases, freight rates fall as operators try to avoid keeping trucks
idle.

Key Rating Strengths

More than a decade long experience of partners in transport
services business: Mr. P. Jayavel, Managing partner and Mr. P.
Maruthavel are brothers with 13 years of experience in the
transport business. The family is engaged in the truck services
business since 2002; earlier operated by both the brothers under
individual names separately. After the constitution of SST in 2011,
the assets of both the brothers were combined and partitioned
between SST and SSL. Before 2002, the promoter family was engaged
into agricultural activities. The promoters also have interest in
finance, petrol bunks and distributor of truck tyres (Bridgestone)
through another group entity Sri Sendraya Perumal Tyres.

Established relationship derived from experience of partners in
transport services with reputed customer base The promoters have
established good relationship with some of the prominent regular
customers across various industry segments. Healthy growth in
turnover with consistent improvement in profitability Based on
combined financials the total operating income of the firms
increased by 13.74% from INR64.77 crore in FY15 to INR73.67 crore
in FY16 due to increase in number of customers.

SST was incorporated in September 2011 with an objective to carry
out Full Truck Load (FTL) services as a partnership firm by Mr. P.
Maruthavel and his brother Mr. P. Jayavel with their family
members. SST currently owns 97 trucks being operated in the state
of Tamil Nadu, Kerala, Haryana, Punjab, Delhi, Uttar Pradesh,
Rajasthan, Jammu and Kashmir catering to industries such as paper,
textile (fabrics & yarn), steel, cashew, spices, household items,
automobile items and any other parcel services. SST also operates
trucks on contract basis to companies with a time period of 3-12
months which are normally renewed after the contract period. SST's
group entity SSPT Logistics (SSL), established in January 2013, is
also managed by the same family and is engaged into the similar
nature of business. Therefore, the financials of both the firm are
combined for the analysis purpose.

THREE STAR: CARE Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Three Star
Marine Exports continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       0.21       CARE B; Stable Issuer Not
   Facilities                      Cooperating; Based on the
                                   best available information

   Short-term Bank      9.50       CARE A4; Issuer Not
   Facilities                      Cooperating; Based on the
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2018 placed the
rating(s) of Three Star Marine Exports, under the 'issuer
non-cooperating' category as TSME had failed to provide information
for monitoring of the ratings. TSME continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and emails dated April 9, 2019, April 11,
2019, & April 15, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 12, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Working capital intensive nature of operations: TSME procures sea
foods like Shrimp/fish etc. from finishing harbours, fish farmers
and through agents. Apart from Kerala, TSME also procures sea foods
from Andhra Pradesh, Karnataka and Tamil Nadu. After inspection,
grading, weighing, cleaning, glazing, freezing and packing, the
finished sea food products are shipped in refrigerated containers
which are pre-cooled at -18 C. The same results in funds being
blocked in inventory leading to working capital intensive nature of
operations marked by average inventory period of 43 days in FY16.
Generally, the sale of sea food products are executed against
letter of credit (usance LC of 60 days to 90 days). In FY16, TSME
reduced the credit period offered which led to marginally improved
operating cycle from 50 days in FY15 to 43 days in FY16.

Key Rating Strengths

Long experience of the promoters in the same line of business:
Mr.Ashraf, 52years, has an overall experience of over 3 decades in
sea food peeling. Mr. Harshad, 28 years, has an overall experience
of 10 years, Mr. Naushad, 44 years, has an overall experience of 20
years and Mr. Nasmudeen, 42 years, has an overall experience of 20
years. All the four partners were partners in TSF prior to
establishment of TSME. Mr.Ashraf, Mr. Harshad and Mr. Naushad
manage the purchases while Mr. Nasmudeen manages the sales and
administration. Mr. P.M.Ahmedkutty, 67 years, is the Managing
Partner of TSME and has overall experience of over 3 decades. He
was engaged in similar business in the name of "P.M.A", a
partnership firm and is presently looking after plant management.
The partners were carrying on business in the name of TSF since
1980.

Growth in total operating income and marginal increase in PAT
margin: In FY16 (A), total operating income (TOI) of the firm grew
by around 15% to INR19.20 crore over FY15 driven by increase in
orders on the back of expansion of client base during FY16. As TSME
is predominantly engaged in export, the profit margins are
susceptible to forex fluctuations. In FY16, PBILDT margin declined
by 129 bps to 4.60% over FY15 due to increase in material cost and
employee cost. However, with the decrease in the interest cost, the
PAT margin improved marginally by 17 bps to 0.49% in FY16 over
FY15. The interest cost decreased on the back of scheduled closure
of term loans. For H1FY17, TSME reported total revenue of INR18
crore. The firm has an orders book of INR7 crore (approx.) as on
October 17, 2016 which is expected to be executed before January
2017.

Moderate capital structure and debt protection metrics: The capital
structure of TSME remained moderate as on March 31, 2016. The debt
equity ratio improved from 0.24 x as on March 31, 2015 to 0.09 x as
on March 31, 2016 on the back of scheduled repayment and closure of
term loans. High working capital utilization as on the account
closing date led to marginal improvement in the overall gearing to
1.04x as on March 31, 2016 from 1.06x as on March 31, 2015. The
interest coverage ratio improved to 1.54x in FY16 compared to 1.39x
in FY15 on the back of decrease in the interest cost, whereas the
total debt/GCA deteriorated marginally to 8.57% in FY16 compared to
8.17% in FY15 due to increase in total debt.

Three Star Marine Exports (TSME) is a partnership firm established
in 2011 by Mr. K. K. Ashraf, Mr. Harshad, Mr. Naushad, Mr.
Suharabi, Mr. Nasmudeen and Mr. P. M. Ahmedkutty. TSME is engaged
in export of processed sea food products with the present installed
capacity of 10 tons per day. The sea food products include Shrimp,
Cuttlefish, Squid, Octopus, Fish, Ribbon fish, Seafood mix etc. The
sea food products are sold under the brand name "TME". Initially,
the firm was operating in the name of "Three Star Fisheries" (TSF)
since 1980 with major focus on domestic sales. Later in 2011, the
name of the firm was changed to TSME and the firm ventured into
export market. From the year 2012, TSME started concentrating only
on export sales. TSME primarily exports sea food products to Italy,
Spain, Thailand, China, and Vietnam and has around 8 regular
customers who contribute around 80% to the total sales.

UMAK EDUCATIONAL: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umak
Educational Trust continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      66.37      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 27, 2017 placed the
rating of Umak Educational Trust under the 'issuer non-cooperating'
category as UET had failed to provide information for monitoring of
the rating. UET continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated February 28, 2019 and February 26, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 27, 2017, the following were
the rating considerations:

The rating has been reaffirmed on account of ongoing delays in debt
servicing as per the banker feedback received.

Umak Educational Trust (UET) was established in 2006 with an
objective to provide education services. The trust operates a
college under the name of Vedatya Institute (VEI) in Gurgaon,
Haryana, offering varied courses. Dr Ramesh Kapur is the chairman
of the trust and has more than three decades of experience through
his association with UET as well as with other group companies.
Furthermore, he is assisted by others members of the trust and
other qualified professional in the relevant experience to carry
out the day-to-day operations the Kapur family is also the
promoters of AB Hotels Limited which manages the overall operations
of the Radisson Hotel, Mahipalpur (Delhi) and Bhadoi Hotels Limited
manages the Radisson Hotel at Varanasi (Uttar Pradesh).

V. R. NACHIMUTHU: CARE Lowers Rating on INR15cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
V. R. Nachimuthu (VRN), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 25, 2018, placed the
rating(s) of VRN under the 'issuer non-cooperating' category as VRN
had failed to provide information for monitoring of the rating. VRN
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated March 11, 2019, March 12, 2019 and March 14, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 25, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Relatively small size of operations with low diversification of
customer base and geographical concentration while VRN is a
relatively small construction player with major focus on property
and flat construction. The firm purchases land in various parts of
the city, develops and constructs apartments and sells the same to
customers. The operations of VRN remain small marked by the total
income of INR2.69 crore (INR21.89 crore in FY15) and networth of
INR8.28 crore as on March 31, 2016 (Provisional). As the company is
in developmental phase during FY16 for Arum lily project, the
revenue has declined during FY16 by 87% due to majority of the
flats was sold in previous year and revenues are recognised on the
basis of miles stone. Furthermore, the decline in total operating
income in FY16 is also because the firm is fully concentrating on
completing its ongoing project of construction of villas and
apartments in Kalapatti, Coimbatore. Furthermore, given operations
concentrated to Tamil Nadu especially Coimbatore, VRN is exposed to
geographical concentration risk. Nevertheless, going forward, its
ability to complete the orders in timely manner shall be critical
from credit perspective.

Implementation risk associated with timely completion of the
projects: As on June 30, 2016, VRN is executing a project by name
Arum-lily with total saleable area of 3.99 lakh square feet. The
firm normally enters into joint venture (JV) agreement with land
owner by paying an upfront minimal percentage of the land value as
refundable security deposit. The execution of the projects through
joint venture (JV) route is advantageous for the firm as it
involves limited cash outflow initially for purchase of land. The
JV partner is compensated by transfer of built up area to the land
owner or by revenue sharing decided on a project to project basis.
Furthermore, this arrangement also reduces the saleability risk for
the project as the firm's responsibility for sales is limited to
its share. The firm's projects are predominantly funded by
promoter's contribution and term debt from financial institutions,
with lesser dependence on customer advances. This enables execution
of the projects with planned timelines. With respect to ongoing
projects with total project cost of INR73.73 crore, the dependence
on customer advance is proposed to be moderate at 30%. Furthermore,
around 60-70% of the customer advances are backed by home loans
from various bank/FI which mitigates payment risk from the
customers. Generally, the project is launched only after the
receipt of requisite approvals which would eventually reduce the
delay in construction. The firm executes all the projects with its
own construction team, without subcontracting the work. Considering
the gestation period of around 3 years for the completion, any
volatility in the raw material prices will impact the cost of the
project. With the selling prices fixed upon booking, the firm is
exposed to volatility in the prices of construction materials and
labour costs (on daily basis). Nevertheless, the project
implementation risk is outweighed by   the long experience of the
promoter in the construction business. The timely completion of the
projects would be critical from the credit perspective of VRN.

Elongated Operating cycle and working capital intensive nature of
operations: Overall operations of the firm have been working
capital intensive with funds being blocked in inventory due to its
nature of the business. The investments in the inventory has been
high as the firm has significant funds held in closing stock which
is primarily the unsold properties and properties for which the
full payments are not received as the collections are on the basis
of milestones. Moreover, certain funds have been blocked in raw
material and store and consumables, purchased to timely completion
the project. Normally the firm's collection period will on lower
side as the firm receives advance from customers for completion of
project. Due to elongated creditors and inventory period, the
operating cycle has been stretched in FY16 (Prov.). The tenor of
execution of all projects may take on an average of 3 years. The
realization from the projects depends on the basis of completion of
milestones. The funding for the projects are normally through 40%
internal accruals and promoter's contribution, 30% by customers
advances and 30% by bank term loan. The unsecured loans are repaid
in lumpsum as and when the flat/villa is sold. The liquidity
position is marked by moderately comfortable current ratio and
quick ratio. While the current ratio was at 4.24x, its quick ratio
stood at 0.44x due to high closing inventory as on Mar 31, 2016
(Provisional). The operations are working capital intensive with
funds being blocked in inventory. The investments in the inventory
has been high as the firm has significant funds held in closing
stock which is primarily the unsold properties and properties for
which the full payments are not received as the collections are on
the basis of milestones. Moreover, certain funds have been blocked
in raw material and store and consumables, purchased to timely
completion the project. There has been significant deterioration in
the operating cycle in FY16, due to higher closing inventory in the
form of properties. The firm manages its working capital through
unsecured loan from sister concerns in the range of INR2.00 crore
to INR5.00 crore and promoter's funds.

Constitution of the entity as a partnership firm: Constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partner's capital at the time of personal contingency which
will affect its capital structure. Moreover, partnership firms have
restricted access to external borrowing which limits their growth
opportunities to some extent.

Key Rating Strengths

Long experience of partners in the construction industry coupled
with long track record of the firm: VRN has been in the civil
construction business for more than five decades and has
satisfactory track record of completion of housing projects, urban
development projects and other civil construction contracts awarded
by government bodies in the state of Tamil Nadu. Mr. V. N.
Subramanian, Managing partner, is a qualified Engineer and have
more than three decades of experience in the civil construction
industry and currently monitors all the projects of VRN. He is
assisted by his sons, Mr. V. S. Saravanan who is also an Engineer
and has more than a decade experience in the same industry. Mr. V.
S. Gokul, a graduate is engaged in the business for about 8 years
and assists his father in monitoring the overall affairs of the
firm. The partners are assisted by qualified and experienced
management team consisting of a technical team of 30 members which
includes 20 engineers with an average experience of more than 10
years.

Established relationship with its suppliers and customers due to
long track record of group: As the firm is in existence since 1962,
VRN is able to gain reputation and as a result bagged more orders
leading to work diversification. On account of the timely
completion of the project, VRN has established good relationships
with various government entities and private companies thus has
received repeat orders from these entities. The firm has
relationship with few suppliers for more than three decades and
offers a credit period of around 90 days.

VRN belongs to the Sakthi Constructions group which was established
in the year 1983 and has more than three decades of existence in
real estate market. Coimbatore-based Sakthi Constructions Group has
built up a portfolio of diverse projects across the entire
residential spectrum right from value-for-money apartments to
ultra-luxury, city center lifestyle to villa projects. The group
has 2 firms and one private limited company under this Group
flagship which are spread across Coimbatore. Over the years, the
group has successfully executed and completed many real estate
projects in Coimbatore and has developed over 22 lakh square feet
area comprising more than 1500 flats approx. Furthermore, the group
has two ongoing projects in Kalapatti in Coimbatore within same
compound.

Comfortable capital structure and debt coverage indicators Overall
capital structure of the firm has been comfortable with overall
gearing at 0.52x as on March 31, 2016 (Prov.) compared to 0.81x as
on March 31, 2015, mainly on account of low reliance on debt to
fund its operations. Moreover, the company majorly has debt in form
of unsecured loans from sister concerns and relatives to support
its operations. Going forward, the company intends to avail
long-term debt of INR20 crore in FY17, to fund its project, thereby
the capital structure is likely to be deteriorated.

The interest coverage of the firm has also been comfortable at
41.98x in FY16 (provisional) compared to 214.67x in FY15 due to
satisfactory operational profit and nominal financial expenses.
However, TD/GCA was moderate at 7.22x in FY16 (Provisional)
compared to 2.17x in FY15 on account of low cash accruals. Going
forward, the ability of the company to efficiently manage its
operating cycle, with minimum reliance on debt, shall be critical
from credit perspective.

Satisfactory profit margins albeit high fluctuation: The
profitability margins are fluctuating due to the nature of the
business and volatility in the market despite growth in total
income from operations in the review period (FY13-FY15). The
operating profitability margins of the company have been
fluctuating in the past few years. During FY15, the PBILDT margins
have improved due to higher realizations earned on the order
executed. Nevertheless, the operating profitability margins are on
the higher side in FY16 at 22.57% as the projects being under
construction phase and the revenue is recognized on the stage-wise
payment with no additional materials costs in FY16 (Prov.)
(material costs constituted only 14.56% in FY16 on total operating
income (66% in FY15)in FY16 (Prov.).

Location advantage of the Arum lily project: The location of the
project gives considerable advantage as it is situated in the
centre of all basic amenities. The location gives easy
accessibility to airport, schools, hotels, college and hospitals.

V. R. Nachimuthu (VRN) is a partnership firm established in the
year 1962 by Mr. V. R. Nachimuthu. After the demise of the latter
in the year 2008, the business was taken over by Mr. V.N.
Subramanian, Son of Mr. V. R. Nachimuthu along with the other
partners. After several reconstitutions in the partnership, the
present partners are Mr. V. N. Subramanian, his wife Mrs. S.
Jayanthi and his sons Mr. V.S. Saravanan, Mr. V.S. Gokul, and Mr.
T.M. Logakumaresan, relative. All the partners share the profit and
loss equally except T.M. Logakumaresan. Mrs. S. Jayanthi and T. M.
Logakumaresan who are dormant partners.

Till 2000, the firm was engaged in undertaking civil construction
projects for both government as well as private sector companies.
The firm has executed state government projects such as urban
development project, construction of overhead tanks and underground
reservoirs, building [Low-Income Groups (LIG), Middle-Income Groups
(MIG) and High- Income Groups (HIG)] in favour of Tamil Nadu
Housing Board, construction of flats to Erode Housing Unit,
Coimbatore housing units, Tamil Nadu Water Supply and Drainage
Board etc. Furthermore, the firm has executed projects such as work
of trenching, laying of HDPE pipes, back filing, PCC & BT work,
copper cable and duct laying and other civil constructions for
private companies like Reliance Engineering Associates Private
Limited, Reliance communications infrastructure Limited, Bharti
Telenet Limited, Raasi Seeds Private Limited etc. Subsequently, the
firm started penetrating into real estate and housing projects. The
entity is presently engaged in business of real estate property
development, housing projects, and other civil constructions such
as laying pipes, Base Transceiver Station (BTS) towers, etc.

VARSITY INSTRUMENTS: CARE Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Varsity
Instruments Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           0.50       CARE B+ Stable; Issuer not
                                   cooperating

   Short-term Bank
   Facilities           9.50       CARE A4; Issuer not cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 23, 2018, placed
the rating(s) of VIPL, under the 'issuer non-cooperating' category
as VIPL had failed to provide information for monitoring of the
ratings. VIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 1, 2019, April 2, 2019, and April 5,
2019. 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

The ratings assigned to the bank facilities of Varsity Instruments
Private Limited continue to be tempered by Small scale of
operations High customer concentration risk with DRDO, Moderate
Capital Structure and weak debt coverage indicators. However, the
rating also takes into account Satisfactory PBILDT margins albeit
high fluctuation, Satisfactory working capital cycle. The rating
continues to derive strength from Longstanding experience of the
promoter and established track record of the company.

Key Rating Weakness

Small scale of operations: The company has a track record of two
decades of business operations. However the total operating income
(TOI), of the firm remained small at INR27.36 crore in FY18 (A)
with net worth base of INR8.81 crore as on March 31, 2018 as
compared to other peers in the industry. The total operating income
of the company has improved to INR27.36 crore in FY18 from INR20.57
crore in FY17 High customer concentration risk with DRDO.

The company has concentrated sources of revenue with single
customer i.e. Defence Research and Development Organization (DRDO)
contributing 75% of its total revenue during the review period and
90% of its total current order book. Furthermore, the company is
mainly into designing and developing of passive components for
missiles. This limits the revenue diversity (Considered at the time
of last rating in September 30, 2016).

Moderate Capital Structure and weak debt coverage indicators: The
capital structure of the company was moderate during review period.
The overall gearing ratio of the company has deteriorated from
1.45x in FY17 to 2.86x in FY17 due to increase in debt levels. The
debt coverage indicators marked by TD/GCA have been weak. TD/GCA
improved from 8.02x in FY17 to 4.58x in FY18 mainly due to increase
in cash accruals. However the interest coverage ratio stood at
5.73x in FY18.

Key Rating Strengths

Longstanding experience of the promoter and established track
record of the company: The company was incorporated in 1993 and
currently promoted by Mr. K Niranjan and Mrs. K Sudha Rani. Mr. K
Niranjan, Managing Director, has an experience of more than two
decades in the same line of business and looks after overall
operations of business. Initially, the company was engaged in
supplying of electrical components to DRDO and also engaged in
trading of electrical components. Later in 1997, the company has
reduced trading activities and started completely concentrating on
DRDO orders for cable assembly along with designing and developing
of electrical components.

Long term relationship with customer and suppliers: The company has
long term relationship with its customer since incorporation. The
customers include DRDO, Bharat Electrical Limited, Bharat Dynamics
Limited, Electronics Corporation of India Limited and Hindustan
Aeronautical Limited etc. The company has medium term agreement
with its major supplier; Tyco Electronics Corporation India Private
Limited since December, 2008 which is renewed every three years and
there is no price escalation clause.

Satisfactory PBILDT margins albeit high fluctuation: The PBILDT
margin of the company has been satisfactory albeit high fluctuation
during review period. The PBILDT margin of the company depends upon
margin associated with a particular project and available work
space for executing cable assembly lines especially in case of DRDO
projects. There are various stages for designing of missiles
carried out by multiple vendors. The fixed cost of the company
remains unabsorbed in case the work space is not available. The
PBILDT margin has improved from 19.35% in FY17 to 27.76% in FY18.
However, the PAT margins were improved from 1.25% in FY 17 to
13.33% in FY18 due to low financial expenses and tax expenses.

Satisfactory working capital cycle: The operating cycle days of the
company has increased to 86 days in FY18 compared to FY17 i.e. 56
days.

Varsity Instruments Private Limited (VIPL) was incorporated in the
year 1993 and currently managed by by Mr. K Niranjan (Managing
Director) and Mrs. K Sudha Rani (Director). The company is engaged
in manufacturing of cable harness (cable assembly) along with
designing and developing of electrical components and passive
components (electronic items) which are used in missiles
manufacturing by defence organizations in India. VIPL's production
activities are mainly focused on defence and aerospace projects.
Recently, the company has got 1 acre of land near DRDO
manufacturing unit at Hyderabad, in which he will perform the
installation activities. The company enjoys strong relationships
with most of its clientele which includes Defence Research and
Development Organization (DRDO), Defence Research and Development
Laboratory (DRDL), Advanced Systems Laboratory (ASL), Air
Navigation Service Provider (ANSP), Bharat Electrical Limited,
Bharat Dynamics Limited, Electronics Corporation of India Limited
(ECIL) and Hindustan Aeronautical Limited. The company has signed
its first contract with DRDO in 1993. Since then, the company is
participating with DRDO in missiles development by providing
passive components, electronic testing & measuring instruments etc.
In FY18, VIPL reported a net profit of INR3.65 crore on a total
operating income of INR27.36crore, as against PAT and TOI of
INR0.26 crore and INR20.57 crore respectively, in FY17.

WARM FORGINGS: CARE Assigns B+ Rating to INR9.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of Warm
Forgings Private Limited (WFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   facilities           9.50       CARE B+; Stable Assigned

   Short term bank
   facilities           4.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of WFPL are primarily
constrained on account of its modest scale of operations with net
loss in FY18 (FY refers to the period from April 1 to March 31),
weak solvency position and stressed liquidity position. The ratings
are, further, constrained on account of its presence in the highly
competitive industry and vulnerability of margins to volatile raw
material prices.  The ratings, however, derive strength from
experienced management with long track record of operations and
renowned clientele base.  The ability of the company to increase
its scale of operations while improving profitability margins in
light of its presence in a highly competitive and fragmented
industry and better management of working capital would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Financial risk profile marked by modest scale of operations along
with net loss and Weak solvency position: The scale of operations
of the company stood modest with Total Operating Income (TOI) and
net loss of INR70.73 crore and INR1.04 crore respectively in FY18.
During FY18, TOI of the company has decreased by 13.35% over FY17
owing to lower quantity sold during the year. The PBILDT margin
stood moderate at 9.12%, however, it has registered continuous net
loss owing to high interest expenses. The capital structure of the
company stood moderate marked by an overall gearing of 1.63 times
as on March 31, 2018, declined from 1.48 times as on March 31,
2017. Further, the debt coverage indicators of the company stood
weak marked by total debt to GCA of 35.69 times as on March 31,
2018, improved significantly from 1104.76 times as on March 31,
2017. Furthermore, the interest coverage stood moderate at 1.77
times in FY18, improved from 1.54 times in FY17.

Stressed Liquidity Position:  The liquidity position of the company
stood stressed marked by full utilization of its fund based limits
and non-fund based limits during the last twelve month ended in
February, 2019. Further, the current ratio and quick ratio of the
company stood below unity level at 0.97 times and 0.87 times
respectively as on March 31, 2018. The cash and bank balance stood
at INR0.22 crore as on March 31, 2018.

Highly competition and vulnerability of margin to volatile raw
material prices: The main raw material for manufacturing of ferrous
and non-ferrous cast parts and machined components as well as
automotive application is iron and steel and other natural stones.
As the prices of these metals are highly volatile in
nature, it may impact on the profitability of the company. Though,
the major variations in raw material prices are passed on to the
customers.

Further, the company's presence in highly fragmented industry in
the foundry castings industry, which has numerous players at the
bottom of the value chain due to low entry barriers, low capital
and technology requirements. Further, the low lead time for setting
up a new plant and the lack of product differentiation reduce the
entry barriers for new entrants resulting in overcapacity in the
industry.

Key Rating Strengths

Experienced management with long track of operations: The company
was incorporated in 1999 and hence has around two decades of
experience in the auto component industry. Mr. Amit Rajput,
Director, looks after the technical functions of the company and
has more than two decades of experience in the industry. Mrs
Anupama Chauhan, Director, has more than a decade of experience and
looks after finance functions of the company. They are assisted by
a staff of 200 qualified and experienced employees for smooth
functioning of the company.

Renowned clientele base with long relationship: Being present in
the industry since 1999, the company has developed long standing
relationship with various reputed customers such as Hero Motocorp
Limited, Yamaha Motors India Private Limited, Denso India Limited,
Kinetic Engineering Limited, Musashi Auto Parts India Private
Limited, Mitsuba Sical India Limited etc. and also the company is
an Original Equipment Manufacturer for the above companies.

Alwar (Rajasthan) based CNC Automotive Private Limited was
incorporated in 1999 by Mr. Amit Rajput along with other family
members. Subsequently in 2003, the promoters changed the name to
Warm Forgings Private Limited (WFPL). The company is mainly engaged
in the business of manufacturing of auto components mainly
different types of gears. The company has installed capacity to
manufacture 600 tonnes per month as on Mrach 31, 2018. WFPL
generates revenue from sale of its products to Yamaha Motor India
Private Limited, Denso India Limited, Hero Motocorp Limited,
Kinetic Engineering Limited, Musashi Auto Parts India Private
Limited. The company procures raw materials as per the
specifications of the clients. The unit of the company has been
certified by ISO 9001:2000.

YASHODA MUTUALLY: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CARE Rating said the rating for the bank facilities of The Yashoda
Mutually Aided Co-Operative Credit Society Limited (Yashoda)
continues to remain in the 'Issuer Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term Bank     6.24      CARE B+; ISSUER NOT COOPERATING;
   Facilities                   Based on best available
                                information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 12, 2017, placed
the rating of Yashoda under the 'issuer non-cooperating' category
as Yashoda had failed to provide information for monitoring of the
rating. Yashoda continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letters/emails dated April 8, 2019, April 9, 2019, April 12,
2019. 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 December 2017 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Relatively small scale of operation: Yashoda being incorporated in
2002 has long term presence of 14 years in the money lending
business. Despite the long existence, the society remains
relatively small in size with an outstanding loan portfolio of
INR5.53 crore as on March 31, 2016.

High geographic concentration of business: Yashoda has single
branch operating only in Visakhapatnam, Andhra Pradesh leading to
high geographic concentration. Concentrated portfolio mix with
majority of exposure in group loan and mortgage loans: The product
profile of Yashoda is diversified into mortgage loans, gold loans,
and individual loans for educational and other purposes but majorly
concentrated to loans to group of society members involved in small
scale businesses. The group loan concentration has been around
41%-48% of the total loan portfolio during FY13-FY16.

High dependence on external debt for funding the loan portfolio:
The major source of external funding for Yashoda has been term
loans and deposits from members and employees. The total term loan
accounted for 52% of the total debt as on March 31, 2016.

High delinquency (in the 90-180 days bracket): Yashoda had high
delinquency of 44.70% as on June 30, 2016 and 51.8% as on March 31,
2015.

Key Rating Strengths

Experienced promoter & management team: The Yashoda Mutually Aided
Co-Operative Credit Society Limited (Yashoda) has been promoted by
Mrs. Ravala Jhansi Lakshmi who is a post graduate from the Andhra
University and served several senior positions in and out of the
Andhra Pradesh as Regional Employment Officer, Director for S. C.
Corporation to name a few. She is also supported by other qualified
and professional management team in day to day business
activities.

Minimum regulatory restriction leading to ease of business
expansion: Yashoda is registered under Mutually Aided Cooperative
Society Act of Andhra Pradesh, 1995 where the each society is
governed by its own set of by-laws and there is minimal
intervention from government regulatory bodies.

Satisfactory net interest margin and capital adequacy ratio: During
FY16, the company registered total income of INR1.20 crore compared
to INR1.16 crore in FY15. However, the revenue grew at a CAGR of
24.37% during FY13-FY15 due increase in the loan portfolio.
Furthermore, the profitability parameters viz. PAT margin, ROTA
witnessed moderate growth trend in last two years ended on March
31, 2016. As on March 31, 2016, the society has reported NIL number
of NPA accounts.

The Yashoda Mutually Aided Co-operative Credit Society limited
(Yashoda) was founded by Mrs. Ravala Jhansi Lakshmi, in April 2002,
with the objective to help the weaker section of the society.
Yashoda is registered under section 5 of the AP Mutually Aided
Co-operative Societies Act, 1995 (the Act). It is engaged in
lending money to its registered members from the corpus formed by
taking deposits from its members and term loans from banks. The
society runs by its own by-laws which are framed conforming the
principles laid down in the Act and it is governed by the
co-operative registrar. The loan portfolio of Yashoda comprises
individual loans, mortgage loan, gold loan, educational loan,
housing loan and vehicles loan.



=========
M A C A U
=========

MGM CHINA: Fitch Rates New $1.25BB Senior Unsec. Notes 'BB'/'RR4'
-----------------------------------------------------------------
Fitch Ratings has assigned 'BB'/'RR4' ratings to MGM China Holdings
Limited's proposed $1.25 billion senior unsecured notes issuance.
The proceeds will be used to repay amounts outstanding on MGM
China's credit facility and for general corporate purposes. In
addition, Fitch has affirmed MGM China's, MGM Growth Paradise
S.A.'s and MGM Resorts International's Long-Term IDRs at 'BB' as
well as their respective issue ratings. The Rating Outlook is
Stable.

Fitch links MGM and MGM China's IDRs as MGM China, which is 56%
owned by MGM, is viewed as strategically important to MGM. Fitch
also views MGM China's debt covenant ring fencing vis-a-vis
restricted payment covenants as not very restrictive. Linkage is
currently not a material consideration in determining the IDRs as
MGM China's stand-alone and MGM's consolidated credit profiles are
both consistent with a 'BB' category IDR.

KEY RATING DRIVERS

Credit Profile Improving: Fitch forecasts MGM Resorts International
to delever below 5.0x on a gross basis by YE 2020. De-levering will
come primarily from EBITDA growth, as MGM Cotai and Springfield
ramp up, Empire City casino is acquired (January 2019) and returns
on the Park MGM investment are realized. MGM seeks to achieve net
leverage of 3x-4x by YE 2020 (Fitch's calculation of net leverage
is roughly 0.7x higher due to its subtraction of minority
distributions from EBITDA). MGM's FCF profile is also improving and
set to exceed $1.0 billion annually by 2020, although
shareholder-friendly activity is also ramping up. Upward credit
momentum may be slowed by a new large-scale project or a pullback
in U.S. economic growth.

Favorable Asset Mix: Since 2016, MGM improved its overall
geographic diversification and expanded its M Life Rewards program.
This was achieved through acquisitions, like Atlantic City's
Borgata (2016), New York's Empire City Casino (2019) and Ohio's
Northfield Park (2018), and new developments in Maryland and
Massachusetts. MGM's portfolio of Las Vegas Strip assets are mostly
high quality and its regional assets are typically market leaders.
The regional portfolio's diversification partially offsets the more
cyclical nature of Las Vegas Strip properties.

MGM Growth Properties: MGP (BB+/Stable) is roughly 70% owned, pro
forma for recent acquisitions and MGP's redemption of OP units from
MGM for the Northfield transaction, and effectively controlled by
MGM. Therefore, Fitch analyzes MGM largely on a consolidated basis.
MGM wants to reduce its ownership stake in MGP to under 50%. Its
ownership of the sole MGP Class B share and controlling voting
power (intact until ownership falls below 30%) will support a
consolidated analysis with adjustments for the minority stake in
MGP.

Positive on Las Vegas: Fitch is positive on the Las Vegas Strip,
which represents about 45% of MGM's consolidated revenues (pro
forma for recent transactions). The Strip should benefit from
continued strength in the convention business and limited new
lodging supply. However, Fitch expects low single-digit gaming
revenue and RevPar growth as the recovery is entering its 10th year
and a number of indicators have reached or surpassed prior-cycle
peaks.

Macau on Solid Footing: Fitch expects flat to low single-digit
growth in Macau gross gaming revenues for 2019. MGM will gain
market share as MGM Cotai continues to ramp up, following the
introduction of VIP operations in late 2018. Fitch forecasts MGM
Cotai will generate over $200 million in incremental EBITDA once
fully ramped up. Fitch's favorable long-term view on Macau is
supported by an expanding middle class in China and infrastructure
development in and around Macau. Fitch feels upcoming concessions
renewals in 2022 will be a pragmatic process as the government
values stability in the marketplace. (MGM China extended its
concession from 2020 to 2022.)

DERIVATION SUMMARY

MGM's current 'BB' IDR considers the issuer's gross debt/EBITDA
slightly over 5.0x (pro forma for annualized results of new
openings, acquired assets, and debt issuances), improving FCF
profile following the completion of its development pipeline, and
its geographically diverse, high quality assets. There is headroom
for funding of another large scale project or a moderate operating
downturn at the current 'BB' rating level given MGM's liquidity
profile and moderate leverage. MGM's liquidity is solid with $850
million in excess cash on hand as of March 31, 2019 (net of
estimated cage cash) and an improving FCF profile.

Fitch links MGM China's IDR to MGM's. Fitch analyzes MGM on a
consolidated basis after adjusting for distributions to minority
interests and distributions from unconsolidated entities. If all of
the proceeds are used to repay MGM China's credit facility amounts
outstanding, the notes issuance is leverage neutral.

KEY ASSUMPTIONS

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

  -- Same-store domestic revenues grow about 1%-2% per year on
average, with higher assumed growth at properties on the Las Vegas
Strip and still ramping regional properties (National Harbor,
Springfield).

  -- EBITDA margins from wholly owned subsidiaries remain near
30%.

  -- MGM China generating about $700 million of aggregate EBITDA in
2019, which factors in over $200 million EBITDA at MGM Cotai.

  -- Roughly $250 million of incremental EBITDA in 2019 from MGM
Springfield, Empire City, and Northfield Park;

  -- 5% annual growth for the parent level dividend and a majority
of cash flow from operations less capex at MGM China and MGM Growth
Properties is distributed.

  -- $1 billion of total capex in 2019, which includes close out
costs for MGM Springfield and MGM Cotai. Maintenance capex
thereafter around $600 million per year.

  -- $750 million in annual share repurchases.

  -- $4.6 billion in note maturities from 2019-2022 are refinanced.
MGM China amortization is $360 million per year.

  -- Fitch's base case forecast does not include any additional
developments in new jurisdictions (e.g. Japan).

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- MGM's IDR could be upgraded to 'BB+' as its adjusted
debt/EBITDAR after adjusting for distributions to minority holders
and from unconsolidated subsidiaries approaches 4.5x on gross basis
and 4.0x net basis, respectively. Fitch will consider the
continuation of the stable or positive trends in Las Vegas and
Macau, the renewal of the Macau concession, and MGM's commitment to
its balance sheet when contemplating positive rating actions.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Fitch would consider a Negative Outlook or downgrade if
adjusted gross debt/EBITDAR remains above 6.0x for an extended
period of time, due to potentially weaker-than-expected operating
performance, debt funding a new large-scale project or acquisition
or taking a more aggressive posture with respect to financial
policy.

LIQUIDITY

MGM's liquidity is solid and is set to improve further as annual
discretionary FCF grows in excess of $1.0 billion by 2020. Per
Fitch's base case, the primary use of the FCF will be to support
continued ramp up in shareholder returns. MGM repurchased $1.3
billion in shares during 2018 and also pays roughly $260 million in
annual parent dividends. Other uses of cash include $350 million of
close out costs in 2019 for MGM Cotai, Springfield, and Park MGM
(per company guidance). As of March 31, 2019, additional sources of
liquidity include $850 million in consolidated excess cash (net of
estimated cage cash) and $3.8 billion in consolidated revolver
availability. Liquidity is hampered by MGM's maturity schedule,
which remains heavy for a non-investment grade company. This is
largely a by-product of MGM's unsecured notes not having call
options, which is unique among its gaming peers.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating:

MGM China Holdings Ltd

  -- Senior Unsecured Notes 'BB'/'RR4'.

Fitch affirms the following MGM ratings:

MGM Resorts International

  -- Long-Term IDR at 'BB'; Outlook Stable;

  -- Senior secured credit facility at 'BBB-'/'RR1';

  -- Senior unsecured notes at 'BB'/'RR3'.

MGM China Holdings, Ltd (and MGM Grand Paradise, S.A. as
co-borrower)

  -- Long-Term IDR at 'BB'; Outlook Stable;

  -- Senior secured credit facility at 'BBB-'/'RR1'.'

MGM CHINA: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to MGM
China Holdings Ltd. (MGM China), a Macau-based subsidiary of MGM
Resorts International. S&P also assigned its 'BB-' issue-level
rating to MGM China's proposed aggregate $1.25 billion unsecured
notes due 2024 and 2026.

S&P said, "The rating actions on MGM and MGM China reflect our view
that although the refinancing transaction will increase MGM China's
financial flexibility by improving its maturity profile and
broadening its capital markets access, it will not materially alter
our forecast for credit measures over the next few years given it
is primarily a debt-for-debt refinancing. We expect MGM's leverage
will be in the high-4x area in 2019, and improve to the low-4x area
in 2020, which provides ample cushion compared to our 5.5x adjusted
leverage downgrade threshold.

"The stable rating outlook reflects our expectation that MGM's
leverage will improve to the mid- to high-4x area through 2019 as a
result of recently completed acquisitions and ongoing investments
in the business. Although share repurchases could slow the pace of
leverage improvement, we expect MGM's leverage will improve over
the next year and the company will have good cushion relative to
our 5.5x downgrade threshold."

WYNN RESORTS: Moody's Affirms Ba3 CFR, Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service revised the outlook for Wynn Resorts,
Limited to positive from negative in response to the report by the
Massachusetts Gaming Commission that the company's license to own
and operate the Encore Boston Harbor, which is scheduled to open in
approximately 2 months, has been maintained.

WYNN's Ba3 Corporate Family Rating, Ba3-PD Probability of Default
Rating, Ba3 backed senior secured bank credit facility were
affirmed. In addition, Wynn America, LLC's senior secured bank
credit facility was affirmed at Ba2, Wynn Las Vegas, LLC's senior
unsecured rating was affirmed at B1, and Wynn Macau, Limited's
senior unsecured B1. The Speculative Grade Liquidity Rating remains
unchanged at SGL-1.

"The outlook revision to positive reflects the MGC's decision to
maintain WYNN's gaming license in the State thereby alleviating
Moody's concern regarding WYNN's ability to own and operate Encore
Boston Harbor," stated Keith Foley, a Senior Vice President at
Moody's. "The MGC's decision, combined with Moody's expectation
that Boston Encore Harbor will ramp up quickly and perform well
over the long term strongly suggests that WYNN's credit profile
will improve," added Foley.

Although the MGC did not find substantial evidence that the company
willfully provided false or misleading information, they did find
certain violations and failures of policies and procedures to
investigate allegations of wrongdoing, and as a result, the MGC did
impose certain penalties. Moody's view is that these penalties,
albeit it concerning to some degree, were not material enough to
affect Moody's decision to revise the outlook to positive from
negative.

The penalties instituted by the MGC included: (1) a $35 million
fine to the company; (2) a $500,000 fine to the current CEO and
requirement of training and executive coaching on certain
management issues; (3) the employment of an independent monitor to
conduct a full review and evaluation of internal policies; and (4)
a requirement that WYNN maintain the separation of Chair and CEO
for the duration of its 15 year gaming license.

The positive outlook also considers Moody's continued favorable
long-term revenue and earnings prospects for the company's Macau,
China, and Las Vegas Strip, Nevada casino resort properties.

Outlook Actions:

Issuer: Wynn Resorts, Limited

Outlook, Changed To Positive From Negative

Affirmations:

Issuer: Wynn America, LLC

Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2)

Issuer: Wynn Las Vegas, LLC

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5)

Issuer: Wynn Macau, Limited

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5)

Issuer: Wynn Resorts, Limited

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD4)

RATINGS RATIONALE

WYNN's Ba3 Corporate Family Rating is supported by the quality,
popularity, and favorable reputation of the company's resort
properties--a factor that continues to distinguish it from most
other gaming operators--along with the company's well-established
and very successful track record of building large, high quality
destination resorts. WYNN's very good liquidity profile and
relatively low cost of debt capital also support the ratings.

Key credit concerns include WYNN's limited diversification despite
the fact that it is one of the largest U.S. gaming operators in
terms of revenue. WYNN's revenue and cash flow will remain heavily
concentrated in the Macau gaming market, even after Encore Boston
Harbor opens. Moody's also expects that WYNN will be presented with
and pursue other large, high profile, integrated resort development
opportunities around the world. As a result there will likely be
periods where the company's leverage experiences periods of
increases due to partially debt-financed, future development
projects.

An upgrade would require that the initial ramp-up of Encore Boston
Harbor supports WYNN's ability to maintain net debt/EBITDA on a
Moody's adjusted basis below 5.0 times. Net debt/EBITDA was about
4.7 times for the fiscal year-ended Dec. 31, 2018 applying about
50% of the company's cash to the net debt calculation. Ratings
could be downgraded if adjusted net debt/ EBITDA rises above 6.0
times for any reason and/or the any future material issues arise
that could affect the company's operations or ability to maintain
its license.

Wynn Resorts, Limited, is a developer, owner and operator of
integrated casino resorts. In the Macau Special Administrative
Region of the People's Republic of China, the company owns
approximately 72% of Wynn Macau, Limited, which includes the
operations of the Wynn Macau and Wynn Palace resorts. In Las Vegas,
Nevada, the company operates and, with the exception of certain
retail space, owns 100% of Wynn Las Vegas. Consolidated net revenue
for the fiscal year-ended Dec. 31, 2018 was $6.7 billion.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.



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

CREDIT UNION: Fitch Withdraws 'BB' LT IDR Following Merger
----------------------------------------------------------
Fitch Ratings has withdrawn the ratings of Credit Union South
following its merger with Credit Union Baywide (BB/Stable/bb).

KEY RATING DRIVERS

Fitch is withdrawing the ratings of Credit Union South as Credit
Union South no longer exists. Accordingly, Fitch will no longer
provide ratings or analytical coverage for Credit Union South.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

Fitch has withdrawn the following ratings:

Credit Union South

  - Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB';
Outlook Stable

  - Short-Term Foreign-Currency IDR of 'B'

  - Long-Term Local-Currency IDR of 'BB'; Outlook Stable

  - Short-Term Local-Currency IDR of 'B'

  - Viability Rating of 'bb'

  - Support Rating of '5'

  - Support Rating Floor of 'NF'



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

AYONDO LIMITED: Posts SGD67.2MM Net Loss in Year Ended Dec. 31
--------------------------------------------------------------
The Straits Times reports that Catalist-listed fintech group Ayondo
Limited incurred a net loss of CHF50.2 million (SGD67.2 million)
for the financial year ended Dec. 31, 2018, widening more than five
times from a loss of CHF9.8 million a year earlier, it said on May
2.

According to the Straits Times, Ayondo had issued a profit warning
on April 23, flagging a bigger net loss for FY2018 due to the
impairment of certain intangible assets arising from poor financial
performance.

In the earnings statement, it said the continued losses were due to
poor business performance mainly as a result of unfavorable trading
conditions arising from low volatility in financial markets and the
tightening measures in contract for difference (CFD) markets from
European and UK regulators in 2018, the report relays. Lower
marketing expenditure also meant that the Group could not replace
trading clients following large drawdowns, it added.

Loss per share was CHF0.01 for FY2018, compared to CHF0.016 in the
previous year.

Trading revenue edged up to CHF20.80 million from CHF20.76 million
a year ago.  This slight increase in revenue was despite an 8 per
cent decrease in the total number of active clients to 47,298 from
51,606 in FY2017, the report says.

Average revenue per active client rose by 9 per cent to CHF440 for
the full year, with increases in all segments.

Ayondo's current liabilities exceeded its current assets by CHF8.26
million as at Dec. 31, 2018, and it was in a net liability position
of CHF8.28 million as at end-2018, the Straits Times discloses.

The report relates that Ayondo said that its unaudited results
announcement for FY18 were prepared on the assumption that the
group is able to continue as a going concern to the best of
knowledge and belief of the directors.

The management said it is confident of successfully completing the
proposed disposal of Ayondo's 99.91 per cent-owned UK subsidiary
Ayondo Markets Limited (AML) to BUX Holdings, thus significantly
reducing the group's liabilities, the report adds.

On April 16, Singapore Exchange's regulation unit instructed Ayondo
to put on hold its plan to dispose of AML, pending clarity over the
group's financial situation as well as AML's compliance with a UK
authority, according to the Straits Times.

The report relates that Ayondo said on May 2 that it is also
exploring other opportunities that could satisfy the going concern
and business viability issues and will make an announcement when
necessary. It cautioned shareholders against placing undue reliance
on its unaudited results forFY2018.

The goodwill, capitalised software development costs and the
investment in app developer MyHero were fully impaired in FY2018
due to the uncertainty surrounding the current future of Ayondo.
Total impairment of asset amounted to CHF37.1 million, the report
says.

The group faced working capital deficiency due to continued losses,
which were a result of poor business performance, adds the Straits
Times.

                         About Ayondo Ltd

Ayondo Ltd. provides trading services. The Company operates an
online platform for a range of assets including currencies, shares,
commodities, indices, and stocks. Ayondo serves customers
worldwide.



=====================
S O U T H   K O R E A
=====================

ASIANA AIRLINES: Offers Early Retirement Ahead of Planned Sale
--------------------------------------------------------------
Yonhap News Agency reports that Asiana Airlines Inc. said on May 2
it has offered a voluntary retirement program in an effort to make
itself more attractive ahead of its planned sale.

The early retirement offer covers Asiana employees with 15 years or
more of continuous service at South Korea's No. 2 airline, the
report says.

According to Yonhap, Asiana will receive applications from
volunteers till the middle of this month. Voluntary retirees will
leave on June 30.

Early retirees will receive a lump-sum compensation equivalent to
two years of salary, plus financial support for their children's
tuition, Yonhap relates.

"Asiana has decided to conduct the program to induce employees to
join self-rescue efforts to pull (the airline) out of the current
liquidity crisis," the report quotes a company official as saying.

Yonhap says the move comes after Asiana said on April 30 it will
carry out an unpaid leave program for all employees, except for
pilots, flight attendants and repair crew.

Employees subject to the program will be allowed to take leave for
between 15 days and three years. In February, Asiana initiated an
unpaid leave scheme for section chiefs and higher-level officials.

In early April, Kumho Asiana Group, Asiana's parent, submitted a
fresh self-rescue plan to creditors in return for financial
support, vowing to immediately start the process of selling Asiana,
Yonhap notes.

According to Yonhap, Asiana has been under pressure to strengthen
its financial health. The carrier owes financial institutions
KRW3.2 trillion (US$2.75 billion) in short-term debt, with KRW1.2
trillion of loans maturing this year.

Last year, Asiana swung to a net loss of KRW10.4 billion from a net
profit of KRW248 billion the previous year due to currency-related
losses and increased jet fuel costs, Yonhap discloses.

In March, Park Sam-koo stepped down as chief executive of Asiana
after the company failed to win auditors' approval for its 2018
financial report amid a cash crunch, adds Yonhap.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.


                           *********


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 2019.  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
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