TCRAP_Public/190823.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, August 23, 2019, Vol. 22, No. 169

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Lenders Extend Standstill Over AUD40MM Default
AXSESSTODAY LIMITED: Second Creditors' Meeting Set for Aug. 30
ELAN-POLO AUSTRALIA: First Creditors' Meeting Set for Sept. 3
OVENELLIS PTY: Second Creditors' Meeting Set for Sept. 2
STEWARTS CATERING: Second Creditors' Meeting Set for Aug. 29

V MARKETING: First Creditors' Meeting Set for Sept. 2


C H I N A

21VIANET GROUP: Fitch Affirms B+ LT IDRs, Outlook Stable
BOHAI STEEL: Tianjin Orders Restructuring Start by September
GUANGXI LIUZHOU: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
YANLORD LAND: Moody's Rates Proposed USD Unsecured Notes 'Ba3'
YANLORD LAND: S&P Assigns 'BB-' Rating on New USD Unsecured Notes

YESTAR HEALTHCARE: Moody's Affirms Ba3 CFR & Alters Outlook to Neg.


I N D I A

ACME BUILDERS: CRISIL Lowers Rating on INR50cr Term Loan to D
ANDHRA PRADESH: CRISIL Lowers Rating on INR432.20cr Loan to B+
ARUNA INDUSTRIAL: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ATIBIR HI-TECH: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
BHAGWAN MAHAVEER: Ind-Ra Affirms 'BB' Bank Loan Rating

BHUMIJA ISPAT: CRISIL Assigns 'B+' Ratings to INR15cr Loans
BIR STEELS: Ind-Ra Maintains 'BB' Issuer Rating in Non-Cooperating
CAPTAB BIOTEC II: CARE Assigns 'C' Rating to INR6.50cr LT Loan
DASCON SOURAV: Insolvency Resolution Process Case Summary
DCM LIMITED: CRISIL Lowers Rating on INR190cr Cash Loan to D

EDAYAR ZINC: CARE Keeps D Debt Ratings in Not Cooperating Category
EMAAR DIAMONDS: CRISIL Hikes Ratings on INR13.5cr Loans to B+
ESSAR STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
F. ROBIN POLYMERS: CRISIL Lowers Rating on INR11cr LT Loan to 'D'
G3 MOTORS: CRISIL Lowers Rating on INR18cr New Loan to D

GSN FERRO: Ind-Ra Affirms 'D' Long Term Issuer Rating
IL&FS: Seeks NCLT Nod to Sell Seven Wind Power Units to Orix
JAYA INDUSTRIES: CRISIL Lowers Rating on INR1cr Cash Loan to B
K K WELDING: CRISIL Lowers Rating on INR27.5cr Loan to 'D'
KANCHAN INT'L: CRISIL Cuts Rating on INR8cr Loan to D

KPC MEDICAL: CARE Keeps 'D' on INR99.3cr Loans in Non-Cooperating
LAXMI NARASIMHA: CARE Keeps D on INR6cr Loans in Non-Cooperating
MBL INFRASTRUCTURE: NCLAT Rejects Plea vs. Resolution Plan Approval
MEDHATIYA CONSTRUCTION: CRISIL Cuts Ratings on INR6.85cr Loan to D
MYCON CONSTRUCTION: CRISIL Hikes Rating on INR10cr Loan to B-

PARAYIL FOOD: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
PRAGATHI HATCHERIES: CRISIL Lowers Rating on INR13cr Loans to D
RAMRATI JAGDISH: CRISIL Lowers Rating on INR7cr Loan to D
REPIPE CONNECTION: First Creditors' Meeting Set for Aug. 29
SEMLER RESEARCH: CARE Keeps 'B' Issuer Rating in Not Cooperating

SHREE SWASTIC: Insolvency Resolution Process Case Summary
SHYMA MA: CRISIL Withdraws B+ Ratings on INR22cr Loans
SIDDAPUR DISTILLERIES: Ind-Ra Moves BB+ Rating to Non-Cooperating
SINTEX PREFAB: CARE Maintains C Ratings in Not Cooperating Category
SUNRISE MARKETING: CRISIL Migrates B- Rating From Not Cooperating

TEBMA SHIPYARD: CARE Keeps D Debt Ratings in Non-Cooperating
TERRENE PHARMA: Insolvency Resolution Process Case Summary
TRIDENT AUTO: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
[*] INDIA: Gov't. Plans Debt Waiver for Small Distressed Borrowers


I N D O N E S I A

MODERNLAND REALTY: S&P Alters Outlook to Negative & Affirms 'B' ICR


J A P A N

MITSUI E&S: Egan-Jones Raises Senior Unsecured Ratings to B-


M A L A Y S I A

UTUSAN MELAYU: Business as Usual; Price of Paper to Rise by 50 Sen


N E W   Z E A L A N D

REFINING NEW ZEALAND: H1 Net Loss Widens to NZ$3.5 Million
RESOURCE ENTERPRISES: Northland Council Writes Off NZ$800,000

                           - - - - -


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

ALITA RESOURCES: Lenders Extend Standstill Over AUD40MM Default
---------------------------------------------------------------
Vivienne Tay at The Business Times reports that Alita Resources
said that the standstill period with a consortium of lenders led by
Tribeca Investment Partners has been extended by a few days to Aug.
23 at 7:00 p.m.

According to the report, the company and the lenders had previously
entered a standstill agreement until Aug. 20 regarding asserted
events of default relating to a AUD40 million (SGD37.5 million)
loan facility.

BT relates that the extension will allow more time for negotiations
with lenders and other parties on the loan facility refinancing
options and  recapitalisation proposals.

The asserted events of default relate to non-acceptance by lenders
of an updated life of mine plan; and an alleged failure to comply
with physical parameters of the preciously approved life of mine
plan, BT says. A life of mine plan is a formally approved long-term
plan for a mine.

Another asserted event of default is Alita Resources "suffering a
material adverse effect" to its business and financial performance
as a result of lithium spot price deterioration and weakened market
demand for spodumene concentrate, according to BT.

Alita Resources announced on Aug. 18 that its mining contractor on
Aug. 16 commenced scaling back operations at the mine, pending
outcome of those negotiations. Although delivering an immediate
reduction in mining costs, the change also resulted in an event of
default relating to mining parameters being triggered under the
loan facility, BT states.

This event of default is covered by the standstill agreement, the
company, as cited by BT, said.

BT adds that on Aug. 20, Alita Resources said it had completed a
shipment to buyer Jiangxi Bao Jiang Lithium Industrial Limited for
around 10,500 dry metric tonnes (dmt) of lithium concentrate at a
price below the previously announced floor of US$680 per dmt. This
was in order to continue monetising its product stockpile amid
challenging market conditions for spodumene, said the firm.

Alita Resources shares have been suspended since Aug 14. Prior to
the suspension, the counter last traded at 8.2 Singapore cents on
Aug. 12, the report notes.

Alita Resources Limited operates as a mineral exploration and
excavation company. The Company explores and produces lithium and
tantalum concentrates. Alita Resources offers its services in
Australia.


AXSESSTODAY LIMITED: Second Creditors' Meeting Set for Aug. 30
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Axsesstoday Limited
   -- A.C.N. 603 303 126 Pty Ltd
   -- Axsesstoday Operations Pty Ltd
   -- Axsesstoday Retail Pty Ltd

has been set for Aug. 30, 2019, at 11:00 a.m. at CQ Functions
Level 2, Room 201, at 113 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 Aug. 29, 2019, at 4:00 p.m.

Vaughan Neil Strawbridge, Salvatore Algeri and Glen Kanevsky of
Deloitte were appointed as administrators of Axsesstoday Limited on
April 7, 2019.


ELAN-POLO AUSTRALIA: First Creditors' Meeting Set for Sept. 3
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Elan-Polo
Australia Pty Limited will be held on Sept. 3, 2019, at 11:00 a.m.
at the offices of Jamieson Louttit & Associates, Penfold House,
Suite 72, Level 15, at 88 Pitt Street, in Sydney, NSW.

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Elan-Polo Australia on Aug. 22, 2019.


OVENELLIS PTY: Second Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Ovenellis Pty
Ltd, trading as "Sydney's Upper Crust" and "Sydney Upper Crust
Bakery", has been set for Sept. 2, 2019, at 11:00 a.m. at the
offices of BRI Ferrier, Level 30, at Australia Square, 264 George
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 30, 2019, at 4:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Ovenellis Pty on
July 29, 2019.


STEWARTS CATERING: Second Creditors' Meeting Set for Aug. 29
------------------------------------------------------------
A second meeting of creditors in the proceedings of Stewarts
Catering NSW Pty Ltd has been set for Aug. 29, 2019, at 12:30 p.m.
at the offices of Worrells Solvency & Forensic Accountants,
Level 1, Suite 1, at 151 Tongarra Road, in Albion Park, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 28, 2019, at 5:00 p.m.

Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells Solvency
were appointed as administrators of Stewarts Catering on July 24,
2019.


V MARKETING: First Creditors' Meeting Set for Sept. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of V Marketing
Australia Pty Ltd, formerly traded as Your Choice Solar, will be
held on Sept. 2, 2019, at 2:30 p.m. at Gold Coast Business Hub,
Level 2, at 35-39 Scarborough Street, in Southport, Queensland.  

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of V Marketing on Aug. 20, 2019.




=========
C H I N A
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21VIANET GROUP: Fitch Affirms B+ LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed China-based 21Vianet Group, Inc.'s
Long-Term Foreign- and Local-Currency Issuer Default Rating at
'B+'. The Outlook is Stable. The agency has also affirmed the
rating on 21Vianet's USD300 million 7.875% senior unsecured notes
due 2021 at 'B+' with a Recovery Rating of 'RR4'.

The affirmation reflects 21Vianet's market position as a leading
domestic carrier-neutral internet data centre service provider with
a focus on core hosting and related services. However, its scale is
significantly smaller than that of China's telecom incumbents,
large cloud-computing providers and global data-centre peers, which
are better capitalised. Fitch believes the company's business risk
profile will benefit from its expansion into the wholesale
business, which generates stable profitability and cash flow.
However, FFO adjusted net leverage is likely to increase in light
of 21Vianet's debt-funded expansion plans for 2019-2021. Fitch
expects FFO adjusted net leverage to improve after the ambitious
expansion stage, driven by the company's strong operating cash
generation.

KEY RATING DRIVERS

IDR Based on Standalone Credit Profile: Fitch rates 21Vianet based
on its Standalone Credit Profile, as its cash flow is largely
ring-fenced within the group by the restrictive dividend covenants
in the unsecured bond documents. This limits its ability to pay
significant cash to its parent, Tus-Holdings Co., Ltd. (THCL).
Fitch assesses the relationship between THCL and 21Vianet as one of
'Weak Parent, Stronger Subsidiary' and legal and operational
linkages as 'Weak', in line with its Parent and Subsidiary Rating
Linkage criteria.

THCL owns a 21% equity stake in 21Vianet but has 51% of the voting
rights. Related-party transactions worth more than CNY15 million
require board review and approval; the board comprises eight
directors, the majority of which are independent. However, Fitch
may downgrade the ratings upon evidence of a stronger parental
influence over 21Vianet that leads us assessing 'Moderate' or
'Strong' parent-subsidiary linkage.

Small Scale; Limited Geographic Diversification: 21Vianet's rating
reflects its small size, limited exposure to the attractive
wholesale market and its China-centric operations. Incumbents,
including China Telecom Corporation Limited and China Unicom, have
substantial scale, with IDC-related revenue being eight and four
times, respectively, that of 21Vianet at end-2018. Carrier-neutral
data centre providers have limited market share relative to larger
incumbents. Fitch estimates 21Vianet's revenue market share to be
in the low single digits at end-2018.

Ongoing Wholesale Expansion: Fitch believes 21Vianet's wholesale
expansion in the next two years will improve its business-risk
profile, as wholesale contracts provide higher cash flow
visibility; the contracts are usually for five to eight years,
although margins are thinner than for retail contracts. 21Vianet's
plan to add 6,000-8,000 cabinets in 2019 and 15,000 in both 2020
and 2021 in first-tier cities will allow it to target wholesale
customers, who generally prefer to partner with vendors that own
large data centres.

Diversified Customers, Robust Demand: Fitch expects 21Vianet to
generate 10%-12% revenue growth and an operating EBITDA margin of
around 26%-27% in 2019, driven by planned cabinet additions. Cash
flow visibility is high, given that more than 90% of revenue is
recurring due to high customer switching costs. Customer
concentration is manageable, with the top-20 customers accounting
for only 32% of revenue in 2Q19 and Xiaomi accounting for about 12%
of 4Q18 revenue. Fitch believes customer demand will remain robust,
despite China's economic slowdown, due to rising internet adoption,
smartphone usage, IT outsourcing and migration from on-premises
data centres.

High Capex to Increase Leverage: Fitch expects FFO adjusted net
leverage to increase to around 3.3x in 2020 (2018: 2.5x), driven by
the ambitious three-year capex plan. However, FFO adjusted net
leverage should improve over the medium term, as the investment
improves cash generation. 21Vianet plans to add new cabinets in
first-tier cities, where available land and power quotas for data
centres are scarce. Around 32% of new cabinets will be located in
Beijing and adjacent cities, which are the central hub for China's
internet economy. Fitch expects 21Vianet to utilise its
connectivity ability, customised value-added services and solid
government relationship to attract internet, finance and wholesale
customers.

Variable Interest Equity Structure: The ratings reflect its
expectation of continued healthy relationship with the Chinese
government and regulatory authorities. However, any change could
affect its credit strength, taking into consideration the absence
of equity control over 21Vianet's onshore operating companies.
These include Beijing Yiyun Network Technology Co., Ltd., Beijing
iJoy Information Technology Co., Ltd., WiFire Network Technology
(Beijing) Co., Ltd. and other consolidated affiliated Chinese
entities with which 21Vianet has only contractual relationships due
to government restrictions on foreign ownership in China's
value-added telecom businesses.

DERIVATION SUMMARY

21Vianet's IDR is comparable with that of Rackspace Hosting, Inc.
(Rackspace, B+/Stable), as 21Vianet's better financial risk profile
offsets its smaller revenue scale, with Fitch forecasting 2019
revenue at only one-fifth of Rackspace's forecast revenue.
Rackspace's managed-services business has short-term contracts of
one to three years, and that include 'pay-as-you-go' models versus
a traditional data centre provider, which has contracts ranging
from three to more than 10 years. Data centre operators, such as
21Vianet, own properties and function more as landlords leasing
space and power. Rackspace's Fitch-forecasted 2019 FFO adjusted net
leverage of 6.4x is significantly higher than 21Vianet's 2.9x.

21Vianet has a similar business risk profile with TierPoint, LLC
(TierPoint, B/Negative), given that the latter provides retail
colocation and managed services targeting SMEs in 20 markets.
Tierpoint is more diversified geographically, although it derives a
significant portion of its revenue from managed services, which
have shorter contract terms and hence weaker cash flow and margin
visibility. 21Vianet has a better financial risk profile, with
Fitch forecasting 2019 FFO adjusted net leverage of 2.9x, compared
with TierPoint's 7.8x. TierPoint's IDR was placed on a Negative
Outlook due to its financial underperformance as a result of weak
execution.

21Vianet warrants a one-notch lower rating than PT Tower Bersama
Infrastructure Tbk (TBI, BB-/Stable), as TBI has a significantly
higher EBITDA margin, which is supported by long-term tower-lease
contracts with quality tenants. This helps offset its weaker
financial-risk profile, with Fitch forecasting FFO adjusted net
leverage of 5.5x-6.0x for 2019, compared with 21Vianet's 2.9x. TBI,
as Indonesia's second-largest independent tower company, locks in
long-term lease agreements with Indonesian telecommunication
companies. This provides cash flow visibility and stability. Its
average remaining contract life was about 5.3 years, with low
non-renewal risk.

KEY ASSUMPTIONS

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

  - Steady pricing environment in hosting and colocation services
in China

  - Annual net addition of self-built cabinets of around 7,000 in
2019 and 14,000 in 2020

  - Average monthly cabinet utilisation ratio of 65%-66% in
2019-2020

  - Adjusted EBITDA margin at around 26%-27% in 2019-2020

  - Capex/revenue ratio at around 40% in 2019 and 39% in 2020

  - No cash dividend in 2019-2022

Recovery Rating Assumptions

  - The recovery analysis assumes that 21Vianet would be considered
a going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Fitch assumes 21Vianet's going-concern EBITDA to be around
CNY662 million. It reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level, upon which Fitch based the
valuation of the company.

  - An enterprise value/EBITDA multiple of 4x is used to calculate
the post-reorganisation valuation. Its multiple assumption
represents a 33% discount to the average multiple of 6x used in
Rackspace's recovery analyses.

  - Fitch treats all debt - excluding capital leases - domiciled at
21Vianet's variable-interest entities and undrawn committed lines
at end-2018 as prior-ranking.

  - The recovery waterfall results in a recovery rate estimate
corresponding to a 'RR3' Recovery Rating for the USD449 million
senior unsecured notes. Nevertheless, Fitch has rated the senior
notes at 'B+' with a Recovery Rating of 'RR4' because, under
Fitch's Country-Specific Treatment of Recovery Ratings criteria,
China falls into 'Group D' of creditor friendliness. Instrument
ratings of issuers with assets in this group are subject to a soft
cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - An upgrade is not probably without meaningful increase in
market position and greater geographical diversification

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

  - Evidence of parental influence from THCL that would lead to an
assessment of 'Moderate' to 'Strong' parent-subsidiary linkage
between THCL and 21Vianet

  - M&A that affects 21Vianet's business profile

  - Operating EBITDA margin below 15% for a sustained period

  - FFO adjusted net leverage above 4.0x for a sustained period

LIQUIDITY

Adequate Liquidity: 21Vianet had readily available cash of CNY2.6
billion and an undrawn credit line of CNY21 million at end-2018,
sufficient to cover short-term debt of CNY345 million. Fitch
believes foreign-exchange risk is moderate, as offshore cash and
debt positions were largely matched at end-2018, despite lack of
foreign-exposure hedges. Around CNY590 million and CNY549 million
of cash was resided at the parent and variable interest entities
(VIEs) level, respectively, at end-2018. 21Vianet has de facto
control over its VIEs and can extract cash to service debt.


BOHAI STEEL: Tianjin Orders Restructuring Start by September
------------------------------------------------------------
Reuters reports that the government of the Chinese city of Tianjin,
the only shareholder of bankrupt Bohai Steel Group Ltd, is
demanding that Bohai's creditors and strategic investor implement a
bankruptcy restructuring plan by the end of September, two creditor
sources with direct knowledge of the matter said.

Bohai Steel, a former Fortune Global 500 company that was founded
by the Tianjin municipal government in 2010 by merging four local
steelmakers, collapsed in 2016 with more than CNY200 billion
(US$28.4 billion) in unpaid debt, the biggest bankruptcy
restructuring in China's history, Reuters recalls.

Reuters relates that the company's demise followed years of
over-expansion fueled by easy credit that left it heavily leveraged
when steel prices plunged to record lows in 2015.

According to Reuters, the implementation of Bohai's bankruptcy
restructuring plan, which was approved by a local court in January,
has been delayed over a power struggle between the Tianjin
government, creditors and investors, as well as the local
government's fears of losing state-owned assets and jobs, the
sources said.

However, financial pressures from local banks and concerns about
the city's own debt burden have created a new sense of urgency for
the Tianjin government to start the Bohai Steel restructuring as
soon as possible, they said, Reuters relays.

The Tianjin government is keen to take action before the 70th
anniversary of the founding of the People's Republic of China on
Oct. 1, both sources said, a major event for China's ruling
Communist Party. As a result, a timely reorganization is now
considered a "political task," they said, according to Reuters.

"The government is pushing hard . . . after Bohai, there are even
more complex cases to deal with," Reuters quotes one of its sources
as saying.

Neither the Tianjin government nor the management of Bohai Steel
immediately responded to requests for comment sent by fax from
Reuters.

In Tianjin, some financial institutions have turned their backs on
any local companies due to multiple large-scale corporate defaults
and the local government's inability to resolve debt crises
involving state firms, bankers have told Reuters.

The Tianjin government's debt burden is the highest among China's
provincial-level megacities and provinces, according to S&P Global
Ratings, due to a regional economic slowdown as well as curbs on
pollution and local government shadow financing.

Reuters notes that under the restructuring plan, Bohai Steel will
be broken into two parts, steel and non-steel. Delong Steel Group
(DELO.SI), a mid-sized private steel maker with annual capacity of
3 million tonnes, will buy Bohai's steel-related assets, said the
sources.

Delong will pay CNY20 billion for the transaction, equivalent to
about 10% of Bohai's total unpaid debt, said the first of the two
sources, another case of a smaller private steelmaker acquiring a
floundering state company amid sector-wide consolidation, Reuters
discloses.

The former Bohai assets of Tianjin Iron and Steel, Tianjin
Metallurgy Group and Tianjin Tiantie Metallurgy will be combined
and renamed New Tianjin Steel and hold production capacity of 14
million tonnes, said the first source, Reuters relays.

Reuters adds that the steel unit's remaining bank debt will likely
be converted into equity, said the second source, calling the deal
a "total bargain" for Delong.

"Creditors will make a huge loss in this case. But we've got no
other choices," said the first source.

Since debt-to-equity swaps were re-launched by China in 2016 as a
way to reduce corporate financial leverage, they have become a
popular tool for banks to deal with state firms' debt burdens in
government-organized bailouts, Reuters states.

While the steel sector used to be dominated by state players with
strong government support, private firms that survived Beijing's
campaign to eliminate polluting and inefficient steel capacity are
expanding quickly.

The Bohai deal will make Delong the 10th largest steel producer by
annual production capacity in China, the world's largest steel
producing country, adds Reuters.

                         About Bohai Steel

Bohai Steel Group Co Ltd is a steelmaker based in northeast China.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
29, 2018, China Money Network said Bohai Steel Group, a
debt-stricken state-owned enterprise, has entered bankruptcy
proceedings as Tianjin Higher People's Court accepted its creditor
Tianjin Seri Machinery Equipment Corp., Ltd.'s application to
reorganize Bohai Steel Group on August 24.


GUANGXI LIUZHOU: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings, on Aug. 20, 2019, affirmed its 'BB' long-term
issuer credit rating on Guangxi Liuzhou Dongcheng Investment &
Development Group Co. Ltd. (LZDC).

S&P affirmed the rating because it believes the likelihood of
extraordinary government support to LZDC from the Liuzhou municipal
government will remain extremely high over the next 12 months.

S&P's view of an extremely high likelihood of extraordinary
government support is based on the following factors:

-- Very important role to the government. LZDC continues to be
responsible for primary land development, resettlement housing, and
infrastructure project construction in Liudong New District (the
District), while rapidly growing revenue over the past two years.
The company also provides essential public services, such as supply
of city gas. S&P believes the unique role and strategic position of
LZDC cannot be easily replaced by the private sector or other
state-owned enterprises (SOEs).

-- Integral link with the government. LZDC continues to be 100%
owned by Liuzhou State-owned Assets Supervision and Administration
Commission (SASAC) and the municipal government remains in full
control over its management appointments and business strategies.
The company receives support from the government through capital
injection, financial subsidies, and mandates of infrastructure
projects.

S&P said, "In our view, LZDC's high leverage together with its
sluggish cash flow generation constrains the stand-alone credit
profile (SACP). The company's funds from operations (FFO) are
likely to remain negative due to its high interest expenses. Its
adjusted interest expenses of Chinese renminbi (RMB) 3.4 billion in
2018 were higher than its EBITDA of RMB1.3 billion. LZDC's
substantial interest expenses together with its overall weak cash
flow constrain its cash flow adequacy. Therefore, the company is
exposed to significant refinancing risks. LZDC's ability to access
banking facilities and capital market are essential for it to
service debt.

"We expect LZDC's profit margin to remain compressed over the
coming two years. The primary land development business that
generates most of its operating cash flow adopted a new cost-plus
business model under the government mandate in 2018. LZDC earns
15%-25% gross margin on its land development costs, after the land
sale by the government. The downturn in the auto-manufacturing
industry over the past few years is likely to affect the land sale
schedule or land price in the District, in our view. The industry
is one of several tax-contributing sectors to Liuzhou city. The
city's industrial production output of auto-making dropped by 12.8%
in 2018, and recovery remains slow entering 2019. LZDC's service
area is the base of Liuzhou's auto-manufacturing industry.

"We expect LZDC's leasing and franchised businesses to generate
growing, albeit small, cash flows over the next two years. As of
the end of 2018, the company has around 1.5 million square meters
of total leasable area mainly from industrial and educational
properties in the District. These properties generated nearly
RMB200 million of rental income during the year, with high margin.
City gas supply and gas station income grew significantly to about
RMB223 million in 2018, from RMB154 million in 2017. Interest
income of RMB231 from entrusted lending business is also
increasing. But we see significant counterparty risks in this
segment.

"We expect LZDC's average funding cost to be higher than most of
the peer local government financing vehicles (LGFVs) we rate. We
believe the company's financing capability and credit standing are
somewhat constrained by the Liuzhou government's fiscal strength
and the relatively early stage of the District's development.
LZDC's average funding cost increased to 5.94% in 2018, from 5.75%
2017.

"The stable outlook on LZDC reflects our view that Liuzhou's
economy and budgetary revenues will continue to grow at a strong
pace, ensuring that its after-capital-account deficit will average
less than 10% of total revenues. The outlook also reflects our
expectation that the pace of borrowing of both the government and
its LGFVs will remain moderate over the next 12 months. We also
expect the Liuzhou government to maintain its exceptional liquidity
profile over the period.

"The stable outlook incorporates our expectation that LZDC will
continue to have an extremely high likelihood of receiving
extraordinary support from the municipal government if needed over
the next 12 months. In our view, the company can sustain its
liquidity during this period. We also expect LZDC's leverage to
remain high owing to its capital expenditures and investments in
multiple government projects, together with its weak cash flow
generation abilities."

S&P could lower the rating on LZDC if:

-- The credit profile of the Liuzhou government weakens. This
could happen if: (1) Liuzhou's revenue growth is weaker than S&P
expects and management fails to adjust spending, leading to an
operating surplus below 5% and the deficit after capital accounts
exceeding 10% of adjusted total revenues; or (2) the government and
its LGFVs increase their pace of borrowing more rapidly than S&P
expects.

-- The likelihood of extraordinary government support is lower
than S&P currently assesses. This could happen if: (1) the local
government reduces its shareholding in the company; (2) S&P
assesses that there is no clear and robust process that enables
effective governance, monitoring, and control over the company; or
(3) the government's strategies and priorities change. Weakened
management control from the government, or the company engaging in
more businesses on a commercial basis could indicate declining
government support and commitment. Another indicator could be the
opening up of the company's core businesses under the government
procurement agreement to other state-owned or private companies.

-- The company's liquidity further weakens. This could happen if:
(1) LZDC face challenges in refinancing its short-term debts; or
(2) its borrowing costs continue to increase due to deterioration
in its banking relationship or capital market access.

S&P said, "We believe the rating upside is limited for the next 12
months. However, in a remote scenario, we could raise the rating on
LZDC if the credit profile of the Liuzhou government improves
significantly. This could happen if Liuzhou's tax-supported debt
ratio falls significantly, reflective of operating revenue growth
significantly outstripping the pace of borrowing, or if the
government and its LGFVs begin to actively pay down their debt."


YANLORD LAND: Moody's Rates Proposed USD Unsecured Notes 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 backed senior
unsecured debt rating to the proposed USD senior notes to be issued
by Yanlord Land (HK) Co., Limited and irrevocably and
unconditionally guaranteed by Yanlord Land Group Limited (Yanlord,
Ba2 stable).

Yanlord plans to use the proceeds of the new USD notes for project
development and acquisition, and general corporate purposes.

RATINGS RATIONALE

"The proposed bond will have a limited impact on Yanlord's credit
metrics," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

The proposed issuance will not substantially change Moody's
expectations of Yanlord's financial metrics over the next 12-18
months, as the total bond issuance will likely be within Moody's
forecast of new debt raised by the company in 2019 for capital
expenditure and general corporate funding.

Moody's expects that Yanlord's adjusted EBIT/interest will trend
towards 4.5x-5.0x over the next 12-18 months from 3.8x in the
twelve months to end June 2019, and its debt leverage — as
measured by revenue/adjusted debt — gradually towards 60% from
33% over the same period.

Moreover, Moody's expects Yanlord will grow its total pre-sale by
50%-60% year-on-year to RMB39-RMB42 billion in 2019, supported by
its established market position in its core Yangtze River Delta
market. Yanlord's accumulated contracted pre-sales and subscription
sales reached RMB20.7 billion in the first half of 2019, up 78%
year-on-year.

Yanlord's Ba2 corporate family rating reflects the company's
established brand name and high-quality products, which provide it
with strong pricing power and support its above-peer-average gross
margin. In addition, the company's sales execution strategy, aimed
at catering to a broader spectrum of market demand, helps reduce
the negative impact from regulatory measures that constrain
property demand.

The rating also takes into consideration Yanlord's strong liquidity
profile, and ability to access onshore and offshore funding.

Meanwhile, the rating is constrained by the company's (1)
geographic concentration, (2) higher leverage, because of its
large-scale land acquisitions, and (3) exposure to tightening
regulatory measures.

The company's Ba3 senior unsecured debt rating is one notch lower
than the corporate family rating, due to structural subordination
risk. This risk reflects the fact that the majority of claims are
at the operating subsidiaries and have priority over Yanlord's
senior unsecured claims in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

The stable rating outlook reflects Moody's expectation that over
the next 12 months, Yanlord will maintain a disciplined approach to
land acquisitions, moderate growth in scale, stable financial
metrics and a strong liquidity position.

Yanlord's liquidity position is good. Moody's expects that the
company's cash holdings and cash flow from operating activities
will be sufficient to cover its maturing debt and committed land
payments over the next 12 months. At June 30, 2019, Yanlord held a
cash balance of RMB17.7 billion, which covered about 141% of its
short-term debt of RMB12.5 billion as of the same date.

Upward rating pressure could develop if Yanlord increases its
scale, while maintaining (1) a strong liquidity position; and (2)
sound credit metrics, with adjusted revenue/debt above 100% and
EBIT/interest coverage above 4.5x-5.0x on a sustained basis.

However, downgrade rating pressure could emerge if Yanlord's
contracted sales fall and credit metrics weaken, with EBIT/interest
coverage falling below 3.5x or adjusted revenue/debt falling below
70%-75% on a sustained basis.

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

Yanlord Land Group Limited is a major property developer in China.
The company operates in the major Chinese cities of Shanghai,
Nanjing, Suzhou, Hangzhou, Nantong, Shenzhen, Tianjin, Zhuhai,
Chengdu, Tangshan, Jinan, Zhongshan, Haikou, Sanya and Wuhan.

Yanlord Land Group Limited listed on the Singapore Stock Exchange
in 2006. The company had a total land bank of 8.54 million square
meters by gross floor area at June 30, 2019.



YANLORD LAND: S&P Assigns 'BB-' Rating on New USD Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes proposed by Yanlord
Land (HK) Co. Ltd. Yanlord Land Group Ltd. (Yanlord; BB/Stable/--)
unconditionally and irrevocably guarantees the notes. The
China-based developer intends to use the proceeds for project
development and acquisition as well as general corporate purposes.
The issue rating is subject to S&P's review of the final issuance
documentation.

S&P said, "We rate Yanlord's senior unsecured notes one notch lower
than the issuer credit rating on Yanlord to reflect subordination
risks because the proposed notes will rank below a material amount
of priority debt in the company's capital structure. As of June 30,
2019, Yanlord's capital structure consists of Chinese renminbi
(RMB) 20.9 billion of secured debt and RMB18.3 billion of unsecured
debt issued or guaranteed by Yanlord's operating subsidiaries. As
such, the company's priority debt ratio is about 53%, which is
above our notching-down threshold of 50%.

"In our view, the potential issuance will slightly increase
Yanlord's debt leverage position (measured as see-through
debt-to-EBITDA ratio) to 3.9x-4.0x in 2019, from 3.8x in 2018.
Despite a drop in the company's revenue for the first half of 2019
from the same period last year, we believe revenue will likely pick
up in the second half of the year. This is supported by unbooked
revenue of RMB13.5 billion as of June 2019, while new batches of
existing project launching in the second half of 2019 are likely to
be recognized in this year. We also anticipate the company's booked
gross margin to be slightly over 40% in 2019.

"Although we expect Yanlord's debt leverage to remain elevated in
2019, we believe it will gradually improve when the company's
projects in Chengdu, Suzhou, and Shenzhen launch for presale in
2019-2020. At the same time, we believe Yanlord will continue to
curtail its land acquisitions.

"That said, we expect Yanlord's financial headroom to continue to
be tight over the next 12 months, given that we believe its debt
leverage position will be close to our downside trigger of 4x in
2019. Any slippage in project launch and delivery as well as
further increase in debt-funded expansion beyond our forecast could
weaken its see-through debt-to-EBITDA ratio beyond our downgrade
trigger."


YESTAR HEALTHCARE: Moody's Affirms Ba3 CFR & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
and senior unsecured rating of Yestar Healthcare Holdings Company
Limited.

At the same time, Moody's has changed the outlook on the ratings to
negative from stable.

RATINGS RATIONALE

"The negative outlook reflects our expectation that Yestar's
liquidity will tighten on the back of rising working capital to
fund business growth, and that it will likely use short-term debt
to fund payments associated with previous acquisitions," says
Gerwin Ho, a Moody's Vice President and Senior Credit Officer.

"This narrowed liquidity headroom amid a tightened funding
environment could reduce the company's buffer against working
capital needs and potential business volatility," adds Ho who is
also Moody's Lead Analyst for Yestar.

Moody's expects Yestar's working capital needs will rise as its In
Vitro Diagnostic distribution and service provision business grows,
given the longer payment terms associated with this business. The
company's medical business, which includes its higher margin IVD
business, grew 19% year-on-year to RMB2.1 billion in 1H 2019,
accounting for 90% of total revenue. As a result of its growing IVD
business, the company's accounts receivable days increased to 102
in 2018 from 73 in 2016.

The risk associated with longer receivable days is partially
mitigated by its exercise of strong credit controls, the high
exposure of its medical business to hospitals and clinics in
economically developed first-tier cities and provinces, and the
increasing geographic diversity of its customer base. The ratio of
impaired accounts receivable has been low and averaged around 0.7%
during 2016 to 2018. Moody's expects Yestar's annual operating
cashflow to remain solid at about RMB220 million over the next 12
months.

Moody's expects Yestar's level of short-term debt to rise to fund
the company's payments associated with its previous acquisitions.
As of June 30, 2019, Yestar's current liabilities included amounts
payable to non-controlling shareholders of subsidiaries acquired by
Yestar, who have the option to sell their remaining interests to
Yestar, which option is valued at RMB1.5 billion.

Yestar announced on August 15, that no definitive legally binding
agreement or contract detailing the terms and conditions of the
proposed acquisition for the remaining interests has been entered
into, and that the proposed acquisition is subject to further
negotiation.

Moody's expects Yestar will start paying down the amounts due to
non-controlling shareholders of the company's acquired subsidiaries
over the next 12 to 18 months, using internal resources and
short-term bank borrowings.

Yestar's liquidity is adequate. Its restricted and unrestricted
cash of RMB716 million as of June 30, 2019 and operating cashflow
of about RMB220 million over the next 12 months will be sufficient
to cover its short-term debt, estimated payments associated with
its acquisitions and investment needs over the next 12 months.

However, Moody's expects liquidity headroom will narrow for Yestar
on the back of greater working capital needs and rising short-term
debt. Specifically, Moody's expects cash to short-term debt,
including restricted cash, will decline to about 180% over the next
12 months from 565% at the end of 2016.

Nonetheless, the company has demonstrated a track record of access
to diversified funding channels, including USD bonds and public
equity financing, as evidenced by its issuance of new shares to
FUJIFILM Holdings Corporation (A1 stable) in December 2018, and
also evidence of repayment flexibility in its acquisition-related
payments.

Moody's also expects that the company will be able to roll over its
debt with domestic banks and refinance its USD bond due in
September 2021, given its profitable operations and solid market
position.

Nevertheless, any further weakening in its liquidity position will
pressure its rating.

Yestar's Ba3 corporate family rating reflects the company's solid
position in the distribution of medical consumable products in
China and strong and sustainable partnership with leading global
companies including Roche Holding AG (Aa3 stable) and FUJIFILM
Holdings Corporation (A1 stable).

Although Yestar's partnership with Roche only began in 2014, the
company has demonstrated its ability to cultivate strategic
long-term supplier relationships, such as its relationship with
FUJIFILM since 2001. FUJIFIM held a 9.6% shareholding in Yestar at
the end of 2018.

Yestar's revenue grew 12% year on year to RMB2.2 billion in 1H
2019, driven by growth in its medical business, which was supported
by an increase in market share in lower tier hospitals in its
existing network and an expansion in geographical coverage.

At the end of June 2019, Yestar had a medical consumable
distribution network covering four first-tier cities and eight
provinces in China, up from four first-tier cities and seven
provinces at the end of 2018.

Moody's expects Yestar's revenue to grow about 9% over the next
12-18 months, supported by growing demand for medical consumable
products and continued expansion in hospital coverage.

Yestar's leverage, as measured by adjusted debt/EBITDA, was stable
at about 2.0x in the 12 months ending June 2019 compared with 2.1x
in 2018, as EBITDA rose in line with adjusted debt, which reached
about RMB1.9 billion at the end of June 2019.

Moody's expects Yestar's leverage will remain around 2.2x in the
next 12-18 months, as cash flow generation from earnings growth
should offset a rise in debt to fund business growth and payments
associated with acquisitions.

At the same time, Yestar's rating is constrained by its (1) modest
size and high supplier concentration, (2) relatively short
operating history in distributing IVD products, and (3) sizeable
funding needs associated with acquisitions.

Yestar's ratings also consider the following governance aspect of
the environmental, social and governance (ESG) factor.

Yestar's ownership is concentrated in a small number of
shareholders, including its chairman and CEO who has also pledged a
portion of his shares. This situation is partially mitigated by
Yestar's status as a listed and regulated entity and track record
of maintaining sound corporate governance.

Yestar's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because creditors at the holding company benefit from cash flow
generation across a number of operating subsidiaries, mitigating
structural subordination risk.

The ratings outlook could return to stable if Yestar improves its
liquidity over the next 12-18 months, if it stabilizes its working
capital cycle as it pursues business growth, and if it uses
long-term -- rather than short-term -- funding to address its
financing needs.

Financial metrics that Moody's would consider for a change in the
outlook to stable include cash to short-term debt above 2.0x over
the next 12-18 months.

Downward ratings pressure could emerge if Yestar's operating
performance or liquidity deteriorates because of (1) a weakening in
key supplier relationships, (2) a decline in the company's
competitiveness, or a significant change in the competitive
landscape of the film or IVD product market, (3) the pursuit of a
more aggressive financial management policy, or (4) a failure to
maintain sound corporate governance.

Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA above 3.0x-3.5x or cash to short-term debt
below 1x on a sustained basis

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is one of the largest distributors of Roche Holding AG's
(Aa3 stable) diagnostics products in China and is also a leading
distributor of FUJIFILM Holdings Corporation's (A1 stable) film
products in the country.




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

ACME BUILDERS: CRISIL Lowers Rating on INR50cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Acme
Builders Private Limited (ABPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' as have
been recent delays in term loan repayment and interest servicing in
the past three months.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             50       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ABPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' rating
category or lower'.

Based on the best available information, CRISIL has downgraded its
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating' as have been recent delays in term loan
repayment and interest servicing in the past three months.

ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr.
Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal and
Mr. Sukhwant Singh. The company has two ongoing residential
projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar),
Punjab.


ANDHRA PRADESH: CRISIL Lowers Rating on INR432.20cr Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on bonds issued by Andhra Pradesh
State Financial Corporation (APSFC), and guaranteed by the
erstwhile unified Government of Andhra Pradesh to 'CRISIL B+' from
'CRISIL BB (SO)'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
    Bond LT           432.20      CRISIL B+ (Downgraded from
                                  'CRISIL BB (SO)'; Continues
                                  on 'Rating Watch with Negative
                                  Implications')

The rating is downgraded on account of continued delays in
servicing the bank loan payments over the past few months. This is
on account of tightening of liquidity in APSFC due to curtailed
borrowings over the past one year, as per management discretion.

APSFC has been internally bifurcated into Andhra Pradesh and
Telangana divisions with each of them managing their respective
share of assets and liabilities. APSFC's board is jointly
represented by AP and Telangana. Since the beginning of fiscal
2020, APSFC has been delaying on principal repayment on few of its
bank loans (not-guaranteed and not rated), on account of cash flow
mismatch between collections and advances across its divisions.
However, the company has adhered to the T-structure and serviced
the rated bonds within due date, as confirmed by the trustee.

The ratings continue to remain on 'Rating Watch with Negative
Implications', owing to uncertainties related to any potential
dispute between AP and Telangana with respect to sharing of
liabilities of the rated debt and the consequent impact on debt
servicing.

As per Section 70 of the AP Reorganisation Act, 2014, status quo
would be maintained with respect to APSFC until completion of the
reorganisation process as per directions stipulated in the Act. A
separate state finance corporation (SFC) for Telangana has been
created but is not operational yet and APSFC services debt from its
own resources.

Since the bifurcation of Andhra Pradesh and Telangana, CRISIL has
been in discussion with both the states, with regard to sharing of
liabilities. While the bifurcation of APSFC is in progress, the
states are sharing the liabilities as per their representation in
APSFC's loans and advances since 2015. It has internally also been
maintaining separate loan departments and bank credit lines
pertaining to each state - AP and Telangana.

The rating also factors in the company's own credit risk profile,
which is supported by an adequate capital position, but constrained
on account of weak asset quality, tightening liquidity on account
of curtailed borrowings and limited diversity in exposure.

Analytical Approach

The ratings are based on a standalone assessment of APSFC, and have
been arrived at, after combining the business and financial risk
profiles of APSFC. While there exists an unconditional and
irrevocable guarantee from the erstwhile unified GoAP, guaranteeing
full principal repayment and payment of interest with a
trustee-administered payment structure, this has not been factored
into the rating, given the continued uncertainty over division of
liabilities between states.

Key Rating Drivers & Detailed Description

Strengths

* Adequate capital position: APSFC's capital position continues to
remain adequate, supported by healthy internal accrual. Networth
and tier-I capital adequacy ratio stood at INR724 crore and 28.5%,
respectively, as on March 31, 2019, (Rs 636 crore and 24.2%,
respectively, a year ago). Further, networth coverage of net NPA
also improved to 6.7 times on March 31, 2019, from 5.6 times on the
corresponding date of the previous fiscal. Further, gearing was
also comfortable at 1.9 times as on same date. Capitalisation is
expected to remain adequate, supported by healthy internal accrual
over the near to medium term.

Weaknesses
* Modest asset quality: Asset quality remains modest, with stable
gross NPA of 9.3% and net NPA of 5.4% on March 31, 2019. Further,
the corporation had restructured assets of INR125 crore as on March
31, 2019. Weakening of asset quality can be accredited to the
company's exposure to the MSME sector, which was severely impacted
by the downturn. Further, APSFC's exposure to borrowers with a
relatively weaker credit profile, makes asset quality more
vulnerable.

* Moderate, albeit improving, earnings profile: Profitability has
improved but remained moderate, particularly on account of high
credit cost over the last few fiscals and contracting loan book
since 2014. Profit of INR89 crore and RoA of 3.3% were reported for
fiscal 2019, vis-a-vis INR59 crore and 2.1%, respectively, for
fiscal 2018. Credit cost remains elevated at 3.9% for fiscal 2019,
compared to 4.2% for fiscal 2017.

* Curtailed borrowings partly mitigated by diverse resource
profile: APSFC's borrowings are declining each year since 2014 to
INR1,399 crore as on March 31, 2019 (vs INR1,648 crore as on March
31, 2018) with nil refinancing or fresh borrowings in fiscal 2019.
However, the resource profile is diversified, with 49.2% as non-SLR
bonds (guaranteed by state government), 37.8% as debt from banks,
and 13% as refinance from SIDBI. After SIDBI's policy to limit its
exposure to SFCs, proportion of bank debt in the company's resource
base has increased. Also, the company has not issued any capital
instruments since 2014 owing to the pending completion of all the
formalities pertaining to division of the state.

* Expectation of dispute with respect to sharing of liabilities in
the state: The watch Negative reflects expectation of dispute
between SFCs of AP and Telangana, with respect to sharing of
liabilities of the rated debt, and the consequent debt servicing.
Final bifurcation of liabilities between the SFCs is a key
monitorable.

Liquidity
APSFC's liquidity has weakened over the past six months to INR25
crore of cash as on July 31, 2019. APSFC has an overdraft facility
from Andhra bank of INR70 crores and INR25 crore with Syndicate
Bank of which around INR35 crores have been utilized. Total
repayments in fiscal 2020 of around INR301 crores and interest
payment of INR40 crore will be met from collections, existing cash
balance and other income.

APSFC is a term-lending institution, set up in 1956, for promoting
small and mid-sized scale industries in AP, under provisions of the
State Financial Corporation Act, 1951. In fiscal 2019, profit after
tax (PAT) was INR89 crore on total income of INR457 crore, against
INR59 crore and INR439 crore, respectively, in the previous
fiscal.


ARUNA INDUSTRIAL: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aruna Industrial
Products Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The rating will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR50.0 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR163.0 mil. Term loan due on October 2025 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR67.0 mil. Proposed term loan* migrated to non-cooperating
     category with Provisional IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 18, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in April 2017, Aruna Industrial Products is setting up
a 54,300-per-annum valve manufacturing unit in Madurai.


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

The instrument-wise rating actions are:

-- INR91 mil. Fund-based limit maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
27, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Atibir Hi-Tech manufactures mild steel wires, mild steel nails,
galvanized wires, barbed wires, and other products.


BHAGWAN MAHAVEER: Ind-Ra Affirms 'BB' Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhagwan Mahaveer
Memorial Jain Trust's (BMMJT) bank facilities as follows:

-- INR402.40 mil. (reduced from INR572.63 mil.) Bank loans
     affirmed with IND BB/Stable rating;

-- INR137.70 mil. (reduced from INR138.28 mil.) Fund-based
     working capital facilities affirmed with IND BB/Stable
     rating; and

-- INR5.00 mil. Non-fund-based working capital facilities
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BMMJT's weak credit metrics, despite
marginal improvement in debt burden and coverage ratios. As per
FY19 provisional financials, the trust's debt/CBBID declined to
7.30x (FY18: 11.24x) owing to an increase in CBBID to INR131.20
million (INR86.72 million); although it remained high. Debt/income
was 68.69% in FY19 (FY18: 78.08%). The interest coverage ratio
improved to 1.14x in FY19 (FY18: 0.72x) on account of the
improvement in CBBID. However, the debt service coverage ratio
remained weak at 0.53x in FY19 (FY18: 0.39x). BMMJT serviced its
debt during FY17-FY19 through unsecured loans and donations
provided by the trustees.

The ratings remain constrained by BMMJT's tight liquidity position
in FY19. The available fund (cash and unrestricted investment)
cover to meet the trust's total debt was 1.48% in FY19 (FY18:
1.13%) and operating expenditure was 1.12% (0.94%) in FY19,
respectively. The available funds marginally increased to INR14.18
million in FY19 (FY18: INR10.98 million). The trust availed cash
credit limit of INR47.80 million and the average utilization was
85.24% during the 12 months ended July 2019.

However, the ratings benefit from sustained growth in BMMJT's total
income by 11.62% YoY to INR1,393.55 million in FY19. The hospital
income continued to dominate the revenue profile with 76.98%
contribution to the total income in FY19, followed by the sale of
medicine (19.65%). The hospital income increased 11.59% YoY to
INR1,072.69 million and revenue from the sale of medicine increased
13.48% YoY to INR273.90 million in FY19.   

Consequently, BMMJT's operating margins improved to 6.82% in FY19
(FY18: 4.28%) in FY18, partially offset by an 8.66% YoY rise in
staff cost and other operating expenditure to INR1,262.35 million.
Despite the weak financial metrics, the operating profitability is
likely to improve as the trust does not foresee any significant
increase in the staff cost in the near term. Moreover, Ind-Ra
expects revenue to grow on account of a likely increase in
occupancy rate in both the hospitals.

The ratings are further supported by BMMJT's three decades of
operating experience and strong financial support from the trustees
in the form of unsecured loans (FY19: INR382.46 million, FY18:
INR244.91 million) and donations (FY14-FY19: INR501.40 million).
Ind-Ra expects the support from the trustees to continue if
required.

RATING SENSITIVITIES

Positive: Events that may collectively lead to a positive rating
action are a) an increase in operating margins above 10% in
FY20-FY21, b) a reduction in leverage below 4x, and c) an
improvement in liquidity ratio above 10%.

Negative: Events that may collectively lead to a negative rating
action are a) a 20% fall in total income, b) operating margin
reducing below 3%, and c) leverage sustaining above 7.00x.

COMPANY PROFILE

Established in 1975 as a public charitable trust in Bengaluru,
Karnataka, BMMJT operates a super specialty hospital in Vasanth
Nagar, Bengaluru. The hospital offers a wide range of specialty
services which include pulmonology, nephrology, gastroenterology,
cardiology, neurology, oncology, vascular surgery, and pediatrics,
among others. In 2016, the trust constructed a second hospital with
100-bed capacity in Giri Nagar, Bengaluru.


BHUMIJA ISPAT: CRISIL Assigns 'B+' Ratings to INR15cr Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
facilities of Bhumija Ispat LLP (BILLP).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          10        CRISIL B+/Stable (Assigned)
   Term Loan             5        CRISIL B+/Stable (Assigned)

The rating reflects nascent stage of operations, average financial
risk profile and vulnerability to cyclicality in the end user
industry. These weakness are partially offset by extensive industry
experience of the partners and their funding support.

Analytical Approach

Unsecured loans (outstanding at INR11.39 crore as on 31st March,
2019) have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations: The firm has setup a manufacturing
unit with a capacity of 59000 MTPA which commenced commercial
operations recently. Timely stabilization of operations, ramp up in
scale and increase in operating margins will remain key rating
sensitivity factor.

* Vulnerability to cyclicality in the end user sectors:
Profitability is linked to the fortunes of the inherently cyclical
steel industry, which has strong correlation with overall growth in
gross domestic product. Operating performance will remain
susceptible to volatility in raw material prices, and offtake by
key user sectors.

* Average Financial Risk Profile: BILLP is expected to have an
average financial risk profile with expected gearing of more than
2.5 times over medium term. The debt contracted for the project and
working capital requirement shall constrain the capital structure.

Strengths

* Extensive industry experience of the partners: The partners have
an experience of over two decades in manufacturing of TMT steel
bars through group concerns. This has given them an understanding
of the dynamics of the market, and enabled them to establish
relationships with suppliers and customers. Business is further
supported by funding support of the partners in form of capital
infusion and unsecured loans.

Liquidity

Liquidity profile of the company is average. The cash accrual are
expected to be over INR1.2 crore which are sufficient against term
debt obligation of INR0.71 crore over the medium term. Bank limit
utilization is moderate at around 51 percent for the past 5 months
ended June 30, 2019. However, the bank limit utilization is
expected to increase over the medium term with expected increasing
scale of operations.

Outlook: Stable

CRISIL believes that BILLP will benefit over the medium term from
its partners extensive industry experience. The outlook may be
revised to 'Positive' if BILLP is able to ramp up in revenue while
maintain its profitability leading to improvement in financial risk
profile. Conversely, the outlook may be revised to Negative' if
BILLP generates lower cash accruals during its initial phase of
operations, or witnesses an increase in its working capital
requirements thus weakening its liquidity & financial profile.

BILLP was set up in May, 2018. It is engaged in manufacturing of
TMT bars and started its commercial operations in March 2019 in
Mandla, Madhya Pradesh with installed capacity of 59000 MTPA. It is
owned and managed by Mr. Manoj Bansal and Mr. Mukesh Bansal.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limit maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based limit maintained in non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
27, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Bir Steels manufactures mild steel wires, mild steel nails,
galvanized wires, barbed wires, and others, and sells these
products to hardware stores across India. The products are marketed
under the brand TRISHUL.


CAPTAB BIOTEC II: CARE Assigns 'C' Rating to INR6.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Captab
Biotec Unit II (CPB), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities-
   (Fund Based)         6.50      CARE C; Stable Assigned

   Short-term Bank
   Facilities-
   (Non-Fund Based)     3.50      CARE A4; Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of CPB is constrained by
on-going delays in servicing of the term debt obligation, small
scale of operations with low PAT margin and working capital
intensive nature of operations. The ratings are further constrained
by partnership nature of constitution, exposure to regulatory risk,
raw material price volatility, presence in competitive and low
value acute therapeutics which limits the growth. The ratings,
however, derive support from the experienced promoters, comfortable
overall solvency position and health growth prospects. Going
forward, the ability of the firm to repay its debt obligation in a
timely manner would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing of the term debt obligation: There are
ongoing delays in the servicing of the term debt obligation. The
delays are on account of weak liquidity position as the firm is
unable to generate sufficient funds in a timely manner leading to
cash flow mismatches.

Small scale of operations with low PAT margin: The scale of
operations of the firm remained small marked by total operating
income (TOI) of INR34.72 crore in FY19 (Prov.). The small scale
limits the financial flexibility of the firm in times of stress and
deprives it of scale benefits. Further, the TOI of the firm
witnessed a fluctuating trend in FY17-19 as the TOI of the firm
increased from INR29.44 crore in FY17 to INR36.68 crore in FY18 due
to higher quantities sold, the same decreased to INR34.72 crore in
FY19 due to decline in orders received from customers.
Further, the PBILDT margin of the firm stood moderate at 11.85% in
FY19. The same deteriorated from 14.24% in FY18 due to increase in
employee costs and other administrative costs which could not be
passed on to customers. However, the PAT margin stood low at 2.06%
in FY19. It improved marginally from 1.96% in FY18 due to decline
in interest expenses in FY19.

Exposure to regulatory risk and raw material price volatility:
Pharmaceutical industry is a closely monitored and regulated
industry and as such there are inherent risks and liabilities
associated with the products and their manufacturing. Regular
compliance with product and manufacturing quality standards of
regulatory authorities is critical for selling products across
various geographies. Furthermore, issues like price control of
essential medicines by the Government of India through the Drug
(Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry. Furthermore, the key raw material required
for the manufacturing primarily includes API (Active
Pharmaceuticals Ingredients) that constitutes major portion of cost
of sales, hence the company remains susceptible to commodity price
variation risks.

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

Presence in competitive and low value acute therapeutics which
limits the growth: The competitive pressure in the domestic
formulation market has been rising steadily. While on one hand,
this has been prompted by significant increase in investments by
domestic players in marketing efforts through expansion in field
force on the other hand, Multi-National Companies have also renewed
their focus on India. Hence, increasing competition and
government price control is expected to restrict margins.
Furthermore, the firm is present in low value therapeutics
segment which restricts the profitability.

Key Rating Strengths

Experienced promoters: The firm commenced operations in 2014 and is
currently being managed by Mr. Shubham Goel and Mr. Kapish Goel as
partners. The partners have a total work experience of four years
and five years respectively which they have gained
through their association with CPB only. Additionally, the partners
are supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.

Comfortable overall solvency position: The capital structure of the
firm stood comfortable marked by overall gearing ratio of 0.70x as
on March 31, 2019. It improved from 0.86x as on March 31, 2018 due
to mainly due to repayment of unsecured loans in FY19.
The debt coverage indicators of the firm stood moderate marked by
interest coverage ratio of 3.66x in FY19 and total debt to GCA
ratio of 3.24x for FY19. The interest coverage ratio deteriorated
from 4.17x in FY18 due to decrease in PBILDT in absolute terms in
FY19. The total debt to GCA ratio deteriorated from 2.95x for FY18
to 3.24x for FY19 due to decline in gross cash accruals of the firm
in FY19.

Healthy growth prospects: The Indian Pharma industry (IPI) would
continue to experience strong growth, the generic opportunities in
USA and yet to be saturated emerging markets will drive the growth.
With domestic formulation, market is expected to grow on the back
of huge generic opportunities in regulated market, expansion of
healthcare spending (government and private investment), rising
incidence of chronic diseases and healthcare penetration to the
extended urban and rural regions. Besides, yet to be saturated
emerging economies or semi/non-regulated markets like Africa
(Franco Africa), West Asia, Latin America etc. provide an
alternative to the formulation companies with growth
opportunities.

Stretched liquidity position: The average operating cycle of the
firm stood elongated at 97 days for FY19 (PY: 81 days). The working
capital limits remained fully utilized for the past 12 months
period ended July 2019. The current ratio stood weak at 1.02x as on
March 31, 2019. However, quick ratio stood moderate at 0.80x as on
March 31, 2019. The firm had free cash and bank balance of INR0.06
crore as on March 31, 2019.

Captab Biotech Unit – II (CPB) was established in 2014 as a
partnership firm. It is currently being managed by Mr. Kapish Goel
and Mr. Shubham Goel as partners. The firm is engaged in the
manufacturing of pharmaceutical formulations which are available in
the form of tablets, capsules, Eye Drops, Eye Ointments, Infusions
and Dry Syrups with a total installed capacity of manufacturing 15
crore tablets, 12 crore dry powder injections, 12 crore liquid
injections, 10.80 crore eye drops, 1.80 crore eye ointments, and
1.80 crore 100ml infusions per annum as on June 30, 2019.


DASCON SOURAV: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dascon Sourav Commercial Private Limited
        Twin Tower
        289, Swamiji Sarani
        Block-B, 2nd Floor
        Kalindi, Kolkata
        WB 700048

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 14, 2020

Insolvency professional: Sanjit Kumar Nayak

Interim Resolution
Professional:            Sanjit Kumar Nayak
                         30 E, Haramohan Ghosh Lane
                         Suryadeep, Flat-2B, Beliaghata
                         Kolkata 700085
                         E-mail: sknayak31@gmail.com

Last date for
submission of claims:    September 1, 2019


DCM LIMITED: CRISIL Lowers Rating on INR190cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
DCM Limited (DCM) to 'CRISIL D/CRISIL D' from 'CRISIL BB+/CRISIL
A4+/Watch Negative'. The downgrade reflects delays by DCM in
repaying the interest and principal obligation on the term loan.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bill Discounting      15       CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Cash Credit          190       CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Letter of credit      13.25    CRISIL D (Downgraded from
   & Bank Guarantee               'CRISIL A4+/Watch Negative')

   Long Term Loan       100.51    CRISIL D (Downgraded from
                                  'CRISIL BB+/Watch Negative')

   Overdraft              9       CRISIL D (Downgraded from
                                  'CRISIL A4+/Watch Negative')

   Proposed Long Term    48.12    CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB+/Watch Negative')

The ratings continue to reflect the moderate debt protection
metrics, stretched working capital cycle, and susceptibility to
volatile cotton yarn prices and continues off take from the
automobile sector. These weaknesses are partially offset by
extensive experience of the promoters and DCM's moderate financial
risk profile.

Key Rating Drivers & Detailed Description

* Delays in debt repayment: Stretch in receivables have constrained
cash flow, resulting in delays by DCM in servicing the interest and
principal payment on the term loan.

Weaknesses
* Moderate debt protection metrics: Debt protection metrics are
moderate, with interest coverage and net cash accrual to total debt
ratios at 2.4 and 0.17 times, respectively, for fiscal 2019.

* Working capital-intensive operations: Gross current assets stood
at 123 days as on March 31, 2019, due to large inventory of 74 days
and receivables of 33 days. Working capital management was however,
aided by payables of 48 days extended by suppliers.

* Vulnerability to fluctuations in cotton yarn prices, and
continuity in sales to the automobile sector: Susceptibility to
fluctuations in raw material prices and to continuity in sales to
the automobile sector continue to constrain operations margin. The
margin has fluctuated between 2.3 and 7.2% in the five fiscals
through March 2019 (combining the business and financial risk
profiles of DCM and DCM Engineering Ltd [DCME] for fiscals before
2016).

Strengths
* Extensive experience of the promoters: The present management
comprises the fourth generation of the promoter family. Over the
years, the group has diversified into real estate, engineering, and
information technology segments, and forged healthy relationships
with customers and suppliers.

* Moderate financial risk profile: The financial risk profile is
marked by a healthy adjusted networth of INR194.2 crore and total
outside liabilities to adjusted networth ratio of 2 times as on
March 31, 2019. Financial risk profile is expected to remain
moderate in FY 20.

Liquidity
Liquidity is stretched, marked by delay in debt repayment.

Set up by the late Mr Lala Shriram in 1889, DCM (formerly, Delhi
Cloth and General Mills Company Ltd) is currently headed by Dr
Vinay Bharat Ram. It is listed on the Bombay Stock Exchange and the
National Stock Exchange. It provides services such as system
administration, storage management, backup recovery, disaster
management, and databases in the IT infrastructure services
segment. DCM also has presence in real estate.

The engineering products division was set up in 1974, in Ropar
(Punjab), as a division of DCM. The division was hived off into
DCME in 2004, following the restructuring of DCM's debt. DCME was
merged with DCM in fiscal 2016. The engineering division is one of
India's large independent manufacturers of grey iron castings,
supplied to automotive players (cars, multi-utility vehicles,
tractors, light commercial vehicles, heavy commercial vehicles, and
earth-moving equipment). DCM also specialises in cylinder heads,
cylinder blocks, and housing.


EDAYAR ZINC: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Edayar Zinc
Limited (EZL) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term Bank     247.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EZL to monitor the rating
vide e-mail communications/ letters dated June 7, 2019, June 13,
2019, June 20, 2019 and July 29, 2019. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE's rating on debt instruments of EZL will now be
denoted as CARE D; ISSUER NOT COOPERATING Based on best available
information.

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

Delays in Debt Servicing: There have been continuing delays in
servicing of debt obligations to the lenders and the account has
become NPA. Bankers have taken symbolic possession of the assets
mortgaged with them and have issued a notice for auction of the
Property, land, building, Plant & Machinery.

Edayar Zinc Limited (EZL), a subsidiary of Binani Industries
Limited (BIL), has been in operations since 1967. The company is
engaged in the manufacture of zinc with an installed capacity of
38,000 Tonne Per Annum (TPA) at its plant located at Binanipuram in
Kerala. The company also produces sulphuric acid and cadmium which
are generated as byproducts.


EMAAR DIAMONDS: CRISIL Hikes Ratings on INR13.5cr Loans to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Emaar
Diamonds Private Limited (EDPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           9        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility    4.5      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile on
back of healthy revenue growth, improved profitability and thereby
higher net cash accruals and better working capital management.
Consequently, financial risk profile of the firm has also improved,
supported by improved capital structure and debt protection
metrics.

The revenues of the company increased from INR7.83 crores in Fiscal
2018 to around INR27.98 crores in Fiscal 2019. The revenue is
expected to be sustained in fiscal 2020, despite overall subdued
demand scenario for the diamond industry. Net cash accruals
accordingly, were at INR40 crores in fiscal 2019 as against INR- 62
crores in fiscal 2018. Further, the working capital cycle moderated
to around 225 days at the end of fiscal 2019 as against 864 days in
fiscal 2018, with improvement in inventory days from 828 days in
fiscal 2018 to around 128 days in fiscal 2019. The working capital
cycle is maintained in current fiscal as well.

Capital structure, has improved with TOLANW (Total outside
liabilities to adjusted networth) at 1.33 times as on March 31,
2019 as against 1.64 times as on March 31, 2019 on back of lower
creditors, reduction in debt levels and accretion to reserves.
Further, interest coverage for the company has also improved from
0.16 times in fiscal 2018 to 1.45 times in fiscal 2018
respectively. CRISIL expects capital structure to exhibit further
improvement over the medium term in absence of any major debt
funded capital expenditure plans coupled with accretion of profits
to reserves and sustained working capital cycle.

The ratings continue to reflect the EDPL's established market
presence backed by experience of partners along with moderate
financial risk profile. These rating strengths are partially offset
by large working capital requirements along with susceptibility to
volatile diamond prices amidst intense competition and lackluster
demand scenario leading to moderate operating profit margins.

Key Rating Drivers & Detailed Description

Strengths:

* Established market presence backed by experience of partners
Supported by extensive experience of the partners, the EDPL has
established its position in domestic rough diamond markets for more
than three decades. The partners have maintained longstanding
relations with customers while successfully navigating through
several business cycles over the years.

* Moderate financial risk profile
Networth has been adequate at INR8.65 crore as on March 31, 2019,
with comfortable total outside liabilities to adjusted net worth
ratio of 1.33 times. Also, interest coverage and net cash accrual
to adjusted debt ratios were 1.45 times and 0.04 time,
respectively, in fiscal 2019. Financial risk profile should remain
moderate over the medium term.

Weakness:
* Large working capital requirement
EDPL has large working capital requirements as exhibited by high
gross current assets, receivables, and inventory of around 225
days, 106 days and 126 days in March 2019. Working capital levels
are expected improve over the medium term.

* Susceptibility to volatile diamond prices amidst intense
competition and lackluster demand scenario, resulting in moderate
operating profit margins
The diamond industry is highly fragmented because of low entry
barriers on account of relatively low capital and technology
requirements, attracting numerous un-organised players across the
country. EDPL is also exposed to risks related to volatility in
diamond prices. The firm maintains inventory of polished diamonds
which makes the firm vulnerable to fluctuation in diamond prices
and with relatively limited value addition operating profitability
has been moderate at around 4% to 7.0% over the last four fiscals
through 2019.

Liquidity
EDPL has adequate liquidity driven by expected cash accruals of
more than INR0.30 crore per annum in fiscal 2020 and fiscal 2021
and unencumbered cash and cash equivalents of Rs.0.02 crore as on
March 31, 2019. The firm also has access to bank limits of Rs.9
crore, utilized to the tune of around 95% over the 12 months
trailing June, 2019. The company neither has any major long term
repayment obligation and nor any planned capex over the medium
term. CRISIL believes EDPL has sufficient accruals along with cash
and cash equivalents to finance its incremental working capital
needs and capex plans over the medium term.

Outlook: Stable

CRISIL believes that EDPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is a significant improvement in
working capital cycle marked by reduction in the firm's debtor
levels coupled with sustained improvement in the firm's scale of
operations and profitability levels. The outlook may be revised to
'Negative' if there is lower-than-expected reduction in the firm's
debtor levels, substantial decline in profit margins or if there is
a significant deterioration in its capital structure, caused most
likely by a stretch in its working capital cycle or any significant
capital withdrawals.

Mumbai-based EDPL, managed by Mr Anoop Mehta was set up in 1986 as
a wholly-owned subsidiary of Mohit Diamonds Pvt Ltd (MDPL). EDPL
trades in rough diamonds while MDPL trades in cut and polished
diamonds and also has a jewellery division for manufacturing and
exports of diamond studded gold jewellery.


ESSAR STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar Steel
India Limited (ESIL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank    30,000.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term Bank      100.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   Information

   Long-Term/Short   12,000.00     CARE D; ISSUER NOT COOPERATING;
   term Bank                       based on best available
   Facilities                      information

   Non-Convertible      262.50     CARE D; ISSUER NOT COOPERATING;
   Debenture Issue                 based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ESIL to monitor the rating
vide e-mail communications/ letters dated June 7, 2019, June 13,
2019, June 20, 2019 and July 29, 2019. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE's rating on debt instruments of ESIL will now be
denoted as CARE D; ISSUER NOT COOPERATING Based on best available
information.

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

Delays in Debt Servicing: There have been continuing delays in
servicing of debt obligations to the lenders and the account has
become NPA. The resolution of debt under NCLT is currently under
process.

Incorporated in 1976, Essar Steel India Ltd. (ESIL) is a part of
the Essar Group and a vertically integrated producer of flat steel
products with presence across the entire value chain of steel
manufacturing. ESIL has steel manufacturing capacity of 10 Million
Tonnes Per Annum (MTPA) at Hazira, Gujarat. The Company also has 20
MTPA of pelletization capacity at Paradeep (12 mtpa) and Vizag (8
MTPA with 6 MPTA under implementation).


F. ROBIN POLYMERS: CRISIL Lowers Rating on INR11cr LT Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
F. Robin Polymers Private Limited (FRPPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            4       CRISIL D (Downgraded from
                                  'CRISIL A4')

   Long Term Loan        11       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Proposed Short Term    5       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL A4')

The downgrade reflects instances of delays in the repayment of
interest and instalment on the term loan on account of small scale
and working capital intensive nature of operations, arising from
high receivables.

The ratings also reflect the company's modest scale of operations
and expected average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the polypropylene woven bags industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Operating income is expected to
remain small in fiscal 2019 because of initial phase of operation
commercial operations started in June 2018. Although revenue is
expected to increase significantly with full commercialization, the
topline is expected to remain modest in the first year,
constraining the business risk profile.

* Expected average financial risk profile: The financial risk
profile is expected to remain average because of modest networth
and high gearing, due to the nascent stages of operation.

Strength

* Extensive experience of the promoters: Experience of around a
decade though other firms engaged in similar businesses will help
the promoters gauge market potential, calibrate purchase and
stocking decisions, and build healthy relationships with suppliers
and customers.

Liquidity

The liquidity is weak as reflected in delays in the repayment of
the term loans on account of small scale and working capital
intensive nature of operations. The fund based working capital
limits have been utilised extensively, on account of the same.
FRPPL's liquidity is expected to remain weak on account of the
same.

Based in Dindigul (Tamil Nadu), FRPPL was established in 2016 and
has set up a facility to manufacture polypropylene woven bags,
which started commercial operation in June 2018.


G3 MOTORS: CRISIL Lowers Rating on INR18cr New Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of G3
Motors Limited (G3) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'. The downgrade reflects overdrawing in the
cash credit facility for more than 30 days caused by weak
liquidity.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           12       CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

   Letter of Credit      20       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Proposed Working      18       CRISIL D (Downgraded from
   Capital Facility               'CRISIL BB/Stable')

The ratings continue to reflect G3's promoters' extensive industry
experience. These rating strengths are partially offset by low
profitability and overutilization in bank lines.

Key Rating Drivers & Detailed Description

Weaknesses:

* Overutilization in bank lines: The bank lines were overdrawn and
were not regularized for more than 30 days for the month of May
2019.

* Low operating profitability: G3 is engaged in automobile
dealership business and hence the value addition is minimal.
Consequently the company has reported operating margin of around
2.1 - 2.5 per cent over the past three years ended FY18.

Strengths:

* Promoters' extensive industry experience and established
relationship with M&M: The promoters of G3, Mr. Sumit Gupta and his
family have been an authorised dealer for M&M vehicles since 2007.
This has enabled them to forge a healthy relationship with the
principal, M&M. This has enabled the company to enhance its revenue
segments.

Liquidity

Bank limit has been over utilized for more than 30 days. The
liquidity is weak as reflected extensive utilization of fund based
working limits, with over utilization of over 30 days. The
company's liquidity is expected to remain weak over the medium
term.
G3, incorporated in 2007 by Mumbai based Gupta family, is an
authorized dealer of Mahindra and Mahindra Ltd (M&M) for sale of
its entire range of personal vehicles and commercial vehicles in
Navi Mumbai. The company has total 3 show rooms and 5 workshops.


GSN FERRO: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GSN Ferro Alloys
Private Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR668.7 mil. Term loan (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR222.5 mil. Fund-based facilities (long term/short term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR57.5 mil. Non-fund based facilities (short term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation continues to reflect GSN Ferro Alloy's
classification as a non-performing asset by the lenders.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in August 2005, GSN Ferro Alloys Private Limited
manufactures ferroalloys such as silicomanganese at its facility in
Medak district, Telangana.  


IL&FS: Seeks NCLT Nod to Sell Seven Wind Power Units to Orix
------------------------------------------------------------
BloombergQuint reports that the IL&FS Board sought authorization
from the National Company Law Tribunal to sell seven wind assets to
Japan's Orix Corporation for INR4,800 crore. This will help reduce
IL&FS' debt burden of INR94,000 crore.

Orix Corporation of Japan is already an equity partner in the group
and owns 49 percent stake in each of these seven operating wind
power plants, the report says.

The seven wind power special purpose vehicles are Lalpur Wind
Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind
Urja Indiae, Tadas Wind Energy and Kaze Energy, BloombergQuint
discloses.

NCLT directed the IL&FS counsel to file a written submission by
Aug. 20, in this regard and reserved the matter.

According to BloombergQuint, the proceeds from the sale of these
seven assets will be kept in an escrow account as recommended by DK
Jain, retired judge of the Supreme Court.

Earlier this month, IL&FS in a statement had said it had decided to
completely sell wind energy business, held under IL&FS Wind Energy
to Orix, with NCLT for final approval, BloombergQuint recalls.

BloombergQuint relates that the proposal was filed before the
tribunal after completing a binding share purchase agreement with
Orix and obtaining an in-principle approval from all lenders,
subject to NCLT approval.

In the statement, IL&FS had said it had already received approval
for sale of its wind energy business from Jain, appointed by the
NCLAT to supervise the resolution process of IL&FS group, earlier
last month, BloombergQuint relates.

BloombergQuint says Jain had approved sale on conditions that the
proposal will be placed before the NCLT for its approval and the
bid amount realised from the sale be kept in an escrow account.

This amount in escrow account will only to be disbursed in
accordance with the directions from NCLT/NCLAT, as applicable.

Orix owns 49 percent stake in each of seven operating wind power
plants of the IL&FS group, and had expressed its intent to buy out
the remaining 51 percent stake held by IL&FS Wind Energy,
BloombergQuint discloses.

This intent to buy 51 percent stake was in exercise of Orix's right
under the terms of an existing MoU wherein Orix can match the price
offered by the highest bidder for purchasing these assets.

According to BloombergQuint, Orix decided to match the offer of the
highest bidder, of about INR4,800 crore for 100 percent of
enterprise value, contemplating no haircut to the debt of the SPVs
aggregating to around INR3,700 crore.

Some of the major lenders in the SPVs include Power Finance
Corporation, Bank of Baroda (working capital), and India Infra Debt
with totaling about INR3,700 crore, excluding interest, the report
notes.

The IL&FS board has already approved the sale of these entities to
Orix on June 28, adds BloombergQuint.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.


JAYA INDUSTRIES: CRISIL Lowers Rating on INR1cr Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facility of Jaya Industries (JI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and reaffirmed the short term rating at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        6        CRISIL A4 (Reaffirmed)

   Cash Credit           1        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects declining revenue trend and volatile
operating margins, high debtor and creditor days.

The ratings reflect the small scale of operations, volatile
operating margin and large working capital requirement. These
weaknesses are offset by the extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation and volatility in operating margin:
Revenue has declined to INR6.84 crore in fiscal 2019, from INR8.97
crore in fiscal 2018, mainly constrained by the tender-based nature
of operations. Given the various types of machines manufactured,
operating margin has fluctuated sharply between 2% and 7.4% over
fiscals 2017 to 2019. Despite improvement expected in the scale of
operations in the medium term, it may remain largely modest, while
the operating margin continues to be volatile.

* Working capital-intensive nature of operations: Gross current
assets were high at 604 days as on March 31, 2019 (up from 504
days, a year before), largely due to a stretched receivables of 348
days and inventory of 42 days (325 days and 46 days, respectively,
as on March 31, 2018).

Strength
* Extensive experience of the promoter: The promoter, Mr Sukhendu
Barui has been engaged in the equipment manufacturing business for
nearly 15 years, and has built healthy relationships with customers
and suppliers. This has ensured a regular flow of repeat orders,
and negotiable credit period from supplier.

Liquidity
Cash accrual of over INR0.45 crore could be used to meet the
incremental working capital expenses, in the absence of any major
term debt in the medium term. Unsecured loans extended by the
promoters, will support liquidity.

Outlook: Stable

CRISIL believes JI will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company reports a substantial and sustained
growth in revenue and cash accrual, while maintaining its working
capital cycle and capital structure. The outlook may be revised to
'Negative' if lower-than-expected revenue, decline in
profitability, considerable capital withdrawal, any large,
debt-funded capital expenditure, or stretched working capital
cycle, weakens the financial risk profile, particularly liquidity.

JI, which was formed as a partnership firm in 1969, manufactures
capital equipment such as homogenisers, pasteurizers, paneer, bulk
milk coolers, pressure vessels, and undertakes turnkey projects for
ice cream plants the dairy, ice cream, food and beverages
industries. The ISO 9001: 2008-certified firm has three
manufacturing facilities at Kolkata.


K K WELDING: CRISIL Lowers Rating on INR27.5cr Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
K K Welding Limited (KKWL) to 'CRISIL D/CRISIL D Issuer not
cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer not
cooperating' on as the company has been classified as
non-performing asset (NPA) by the banker.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          17.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from    
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Letter of Credit      5.0      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Overdraft            27.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from    
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Working      2.0      CRISIL D (ISSUER NOT
   Capital Facility               COOPERATING; Downgraded from    
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with KKWL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KKWL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for Rashmi
Steels is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower.

KKWL was incorporated in Mumbai in 2001, by Mr. M.S. Mehta and his
family members. The company is engaged in trading of Welding
Electrodes, Welding Rods, Welding Cables, Safety Equipments,
Grinding Wheels and welding accessories. KKWL is an authorized
distributor for various companies.


KANCHAN INT'L: CRISIL Cuts Rating on INR8cr Loan to D
-----------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Kanchan International (KI; part of the Kanchan group) to 'CRISIL D'
from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Export Packing        8        CRISIL D (Downgraded from
   Credit                         'CRISIL B+/Stable')

The downgrade reflects continuous overdues beyond 30 days from due
date in export packing credit facility and foreign bill purchase
facility owing to delay in receipt of payment from few overseas
customers.

The rating also reflects the group's working capital-intensive
operations and a weak financial risk profile of the Kanchan group.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry, a
moderate scale of operations, and established customer
relationship.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KI and Ramrati Jagdish Pvt Ltd (RJPL).
This is because the two entities, together referred to as the
Kanchan group, are in the same business, and have business
synergies and common promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularity in export packing credit facility and foreign bill
purchase facility: There have been continuous overdues beyond 30
days from due date in export packing credit facility and foreign
bill purchase facility.  The facilities have remained unpaid for
more than 30 days from the due date owing to delay in receipt of
payment from few overseas customers.

* Working capital-intensive operations: Gross current assets were
255 days as on March 31, 2018, mainly because of stretched
receivables of 228 days; inventory was modest at 21 days. Working
capital requirement is partly supported by credit from suppliers
(reflected in payables of 164 days as on March 31, 2018) and partly
by bank lines, reflected in average bank limit utilization of 98%
over the 12 months through April 2019.

* Weak financial risk profile: Gearing was high and networth modest
at 4.76 times and INR9.3 crore, respectively, as on March 31, 2018.
Debt protection metrics were subdued, with interest coverage and
the net cash accrual to total debt ratios of 1.4 times and 0.02
time, respectively, in fiscal 2018.

Strengths

* Extensive experience of promoter: Presence of around four decades
in the ready-made garments industry has enabled the promoter and
family to establish strong relationship with customers and
suppliers.

* Moderate scale of operations and healthy customer relationship:
The group's turnover was INR166.84 crore in fiscal 2018. However,
it declined from INR218.09 crore in fiscal 2017 owing to sluggish
export demand.

Liquidity

Liquidity is weak reflected in average bank limit utilization of
98% over the 12 months through April 2019. There have been delays
in receipt of payment from few overseas customers, which has
resulted in continuous overdues beyond 30 days from due date in
export packing credit facility and foreign bill purchase facility.

Established as a proprietorship firm in 1980 by Mr. Suresh Chand
Singhal, KI manufactures and exports ready-made garments for men,
women, and children. In 2012, he established RJPL.


KPC MEDICAL: CARE Keeps 'D' on INR99.3cr Loans in Non-Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPC Medical
College & Hospital continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      89.39       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term Bank     10.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KPC Medical College &
Hospital to monitor the ratings vide e-mail communications dated
July 2, 2019, and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, KPC Medical
College & Hospital has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
KPC Medical College & Hospital's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings. The ratings have been revised on account of ongoing
delays in servicing of its debt obligations.

Detailed description of the key rating drivers

At the time of last rating on March 28, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from banker's feedback):

Key Rating Weaknesses

Delays in debt servicing: There are ongoing delays in servicing of
its debt obligations.

Capital intensive nature of business: KPC Medical College, has been
incurring capex regularly to maintain its existing facility and to
add facilities for the newly introduced courses. During FY16 &
FY15, aggregate capex incurred was INR19 crore (approx.) and INR22
crore (approx.). Such capex were funded in a mix of both debt and
equity and were mainly on account of setting up of additional
facilities for the newly introduced post graduate courses.

High vulnerability to treatment-related and operating risks:
Healthcare sector is highly sensitive to patient/case mishandling
or doctor's/staff's negligence which can affect the brand image and
lead to distrust among the masses. Hence, careful & diligent
monitoring of each case and maintenance of high operating standard
to avoid the occurrence of any unforeseen incident which can damage
the reputation of the hospital is very important.

Regulatory Risks
In India, Medical Colleges are closely governed by Medical Council
of India (MCI). The overall organisational set up as well as the
operations has to be strictly in line with the guidelines issued by
MCI from time to time failing which there exists a risk of
non-renewal of license which in turn can obstruct the operations of
an entity. Furthermore, on the revenue side, since fees for
students in medical colleges are strictly controlled by the
respective State Governments, the mechanism of shifting the cost
burden on the customers is limited.

Key Rating Strengths

Experienced Founder and regular fund infusion: Dr. K. P Chaudhuri
is a Bachelor of Medicine, Bachelor of Surgery (MBBS) & Doctor of
Medicine (MD) from the National Medical College in Kolkata and has
practiced in various countries like India, Malayasia, USA, Canada &
UK. Dr. Chaudhuri has over 30 years of experience and is a renowned
orthopedic surgeon. He has been consistent in infusing funds into
the society by the way of unsecured loans for meeting capex
requirements, repayment of debt and other supporting
operations.

High student enrolment ratio for medical college & moderate
occupancy rate for hospital: Student enrolment ratio of the
institute remained high at 100% due to sufficient demand for
medical college in West Bengal. Occupancy rate for hospital
improved from 60% in FY15 to around 70% in FY16.

Moderate financial-risk profile with improving performance: The
financial-risk profile of the society which is on an improving
trend stood moderate. In FY16, the entity bagged an approval for
five new post graduate courses followed by additional two in
9MFY17; this, coupled with increase in the occupancy rate of the
hospital from 60% in FY15 to 70% in FY16 led to an increase in
revenue by around 14.90% vis-à-vis the revenue registered in FY15.
PBILDT margin which stood at 39.20% reduced to 31.19% in FY16 due
to increase in salaries of staff followed by introduction of
specialized post-graduation courses during the year. Overall
gearing ratio which stood at 2.97x as on 31st March 2015 improved
to 2.38x as on 31st March 2016. Total term debt which stood at
INR110.89 crore as on 31st March 2015 reduced to INR92.57 crore as
on 31st March 2016.

Established in August, 2003 under the West Bengal Societies
Registration Act, 1961, KPC was formed by Dr. K.P. Chaudhuri to
promote and run a medical college in Jadavpur area of Kolkata. As a
prerequisite for medical college, KPC is also having an 820-bedded
hospital which commenced operations in FY08. The college is also
permitted by Medical Council of India (MCI) to conduct several post
graduate courses. Besides the hospital and the medical college, KPC
also has a B.Sc Nursing college and General Nursing & Midwifery
(GNM) Nursing school in the same campus with batch size of 160
students.


LAXMI NARASIMHA: CARE Keeps D on INR6cr Loans in Non-Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Narasimha Rice Industry (SLN) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 14, 2019, placed the
ratings of SLN under the ‘issuer non-cooperating' category as SLN
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. SLN continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 12, 2019 and
July 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 January 9, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Delay in debt servicing obligations: There were ongoing delays in
debt servicing of the client due to stretched liquidity position
and hence, the account of the SLN is categorized into
Non-performing Asset (NPA) with the bank.

Sri Laxmi Narasimha Rice Industry (SLN) is a partnership firm
established in April 2015. The firm started with its commercial
operations from April 2016 onwards. The partners of the firm are
Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha Reddy
and Mr. S. Ramesh. The mill is located in Sriguppa in Bellary
district of Karnataka.


MBL INFRASTRUCTURE: NCLAT Rejects Plea vs. Resolution Plan Approval
-------------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed petitions filed by four dissenting
banks against an order of the Kolkata bench of the NCLT approving
the resolution plan for MBL Infrastructures Ltd. submitted by its
promoter.

A two-member NCLAT bench headed by Chairperson Justice SJ
Mukhopadhaya declined the appeals filed by IDBI Bank, Bank of
Baroda, Bank of India and State Bank of India, saying the Committee
of Creditors of MBL Infrastructures Ltd. had approved the
resolution plan by the firm's Chairman and Managing Director
Anjanee Kumar Lakhotia with 78.5 percent votes favoring it,
according to BloombergQuint.

Regarding the banks' plea that the resolution plan was not viable,
the appellate tribunal said the CoC has approved the plan only
after considering a techno-economic report relating its viability
and feasibility for the company, BloombergQuint relates.

"We find no merit in these appeals," the NCLAT said. "They are
accordingly dismissed," BloombergQuint relays.

"As the CoC by majority voting share of 78.5 percent, has approved
the plan after taking into consideration the techno economic report
relating to viability and feasibility of the resolution plan and
viability of MBL Infrastructures, this Appellate Tribunal cannot
sit in appeal in absence of any discrimination or unequal treatment
of similarly situated Financial Creditors or Operational
Creditors," it also observed.

BloombergQuint relates that the dissenting financial creditors had
also alleged that Lakhotia was ineligible to submit a resolution
plan under Section 29 A of the Insolvency and Bankruptcy Code,
which bars promoters from bidding for companies in case of a
default.

"We find that the appellants earlier raised the question of
ineligibility of the resolution applicant (Lakhotia) which was not
accepted by this appellate tribunal and the appeals preferred by
the two Appellant Banks were dismissed as withdrawn without any
liberty to raise such issue again before this appellate tribunal,"
it said.

Section 29 A of IBC deals with persons not eligible to be
resolution applicants for a company undergoing the resolution
process, the report notes.

BloombergQuint recalls that the Kolkata bench of the National
Company Law Tribunal had ordered to initiate insolvency proceedings
against MBL Infrastructures in March 2017 over a plea filed by RBL
Bank.

Later, the NCLT had on April 18, 2018, approved the resolution plan
by Lakhotia and this was challenged by the four banks before
NCLAT.

According to the revised resolution plan submitted by Lakhotia, he
offered to pay INR1,890 crore to lenders.

BloombergQuint says the company's financial creditors have a claim
of INR1,480.17 crore, while operational creditors have outstanding
dues of INR157.91 crore.

The company had a liquidation value of INR269.90 crore,
BloombergQuint discloses. After implementation of the resolution
plan, the equity shareholding of the promoters would increase from
21.73 percent to 80.88 percent.

MBL Infrastructures Limited is engaged in execution of civil
engineering projects with specialisation in roads & highways.


MEDHATIYA CONSTRUCTION: CRISIL Cuts Ratings on INR6.85cr Loan to D
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Medhatiya Construction Company Private Limited (MCCPL) to
'CRISIL D' from 'CRISIL B+/Stable'.  The downgrade reflects delay
by the company in servicing its debt obligations due to stretched
liquidity.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan              4       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Working Capital        2.85    CRISIL D (Downgraded from
   Demand Loan                    'CRISIL B+/Stable')

The rating reflects the significant salability risks associated
with the company's ongoing project and susceptibility to
cyclicality in the real estate sector and stretched liquidity.
These weaknesses are offset by the extensive experience of MCCPL's
promoters in the real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Risks associated with ongoing project: MCCPL is developing a
residential complex in Patna, Bihar at an estimated cost of INR10.5
crore. Thus, the company's operating performance will remain
susceptible to timely completion of the project and flow of
advances from customers.

* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and affected
by volatile prices, opaque transactions, and a highly fragmented
market structure. Hence, business will remain susceptible to risks
arising from any industry slowdown and delay in flow of advances.

* Stretched liquidity: Liquidity is constrained by insufficient
cash accrual against debt obligation.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade and the company's successful
project implementation track record should support the business.

Liquidity

Liquidity is constrained by insufficient cash accrual against debt
obligation leading to delays in term loan repayment. The firm's
liquidity is expected to remain weak over the medium term.

Incorporated in 2006, MCCPL is engaged in residential real estate
development.


MYCON CONSTRUCTION: CRISIL Hikes Rating on INR10cr Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Mycon
Construction Limited (MCL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         58      CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Overdraft              10      CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Proposed Long Term      2      CRISIL B-/Stable (Upgraded from
   Bank Loan Facility             'CRISIL D')


The upgrade reflects the regularisation of the working capital
account since January 2019. The company had previously overdrawn
the limit for more than 30 days.

The ratings reflect weak liquidity mainly on account of a stretched
working capital cycle, a below-average financial risk profile, and
geographical concentration in revenue. These rating weaknesses are
partially offset by the track record of the promoters in the
construction business and a moderate order book.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets were
high at 540 as at March 31, 2019, mainly driven by substantial
work-in-progress at different project sites and large receivables
as most customers are public sector units. Receivables as at March
31, 2019, stood at 113 days. Operations are likely to remain
working capital intensive over the medium term.

* Below-average financial risk profile: The debt protection metrics
are weak and the leverage high, though the networth is healthy. The
net cash accrual to total debt ratio was 0.02 time and the interest
coverage ratio 1.34 times for fiscal 2019. The total outside
liabilities to tangible networth ratio was high at 4.24 times, on a
networth of INR24.98 crore, as on March 31, 2019.

* Geographical concentration in revenue: The company undertakes
civil construction contracts mostly for the Government of
Karnataka. This makes the company a regional player, vulnerable to
changes in state government policies. The construction industry is
highly fragmented and competitive with a large number of players
executing small projects. Revenue is likely to remain
geographically concentrated, while vulnerability to state
government policies should persist, over the medium term.

Strengths:
* Established track record in the construction business and
moderate order book: The company has a track record of over five
decades in the construction industry, backed by experienced
promoters. Operations are predominantly in Karnataka. The company
has been able to maintain long-term relationships with key
customers. The company has an unexecuted order book of around
INR100 crores.

Liquidity

Liquidity is expected to remain weak over the medium term. Expected
cash accrual of INR1.5-2.5 crore would be barely sufficient to meet
repayment obligation of around INR2 crore, per fiscal over the
medium term. Any shortfall should be met through unsecured loans
from the promoters. The working capital limit of INR10 crore has
been highly utilised at an average of over 90% during the 12 months
through June 2019.

Outlook: Stable

CRISIL believes MCL will continue to benefit from the extensive
industry experience of the promoters. The outlook may be revised to
'Positive' in case of a substantial and sustained increase in
revenue while profitability is maintained and the working capital
cycle improved. The outlook may be revised to 'Negative' if
profitability declines steeply, or the capital structure weakens
significantly most likely due to a stretch in the working capital
cycle.

MCL was set up as a partnership firm in 1946 by Mr P C Malpani in
Bengaluru. It was reconstituted as a closely held public limited
company in 1989. The company undertakes civil and structural
construction for public and private sector entities in Karnataka,
Tamil Nadu, and Odisha.


PARAYIL FOOD: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Parayil Food
Products Private Limited's (PFPPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.93 mil. (reduced from INR10 mil.) Term loan due on March
     2021 upgraded with IND BB+/Stable rating;

-- INR120 mil. Fund-based working capital limit Long-term
     upgraded, Short-term affirmed with IND BB+/Stable/IND A4+
     rating; and

-- INR10 mil. (increased from INR5 mil.) Non-fund-based working
     capital limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects significant and sustained growth in PFPPL's
revenue, leading to an improvement in its credit metrics. According
to the provisional financials of FY19, revenue grew 34% YoY to
INR450 million (FY18: INR335 million, FY17: INR283 million) due to
an increase in orders and the addition of new products. However,
the company's scale of operations remains small. Interest coverage
(operating EBITDA/gross interest expense) improved to 5.94x in FY19
(FY18: 3.19x) and net leverage (adjusted net debt/operating EBITDA)
to 3.19x (6.85x). Absolute EBITDA rose to INR35 million in FY19
(FY18: INR21 million).

The company's EBITDA margin remained modest even after improving to
7.87% in FY19 (FY18: 6.39%), owing to volatility in raw material
costs. Return on capital employed was 11% in FY19 (FY18: 6%).

The cash flow from operations turned positive to INR40 million in
FY19 on account of an improvement in the working capital cycle to
128 days in FY19 (FY18: 252 days) on a shorter inventory period of
65 days (177 days).

The ratings remain constrained by PFPPL's tight liquidity position,
indicated by a maximum fund-based limit utilization of 96% for the
12 months ended July 2019. In FY19, the cash & cash equivalents
were INR14 million (FY18: INR3 million, FY17: INR7 million).

Moreover, the company has a geographically diversified customer
base and benefits from its strong relationships with customers.

The ratings also continue to draw comfort from more than two
decades of experience of the promoters in the processed food
exporting industry.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue, leading to an
improvement in the credit metrics, while maintaining and/or
improving the EBITDA margin, and/or leverage below 2.50x on a
sustained basis could lead to positive rating action.

Negative: Any material decline in the revenue, leading to
deterioration in the liquidity, and/or leverage above 3.50x, on a
sustained basis, could lead to negative rating action.

COMPANY PROFILE

Kerala-based PFPPL processes and exports marine and agro foods such
as frozen fish, vegetables, rice, and flour items. It largely
exports to the UK and the US.


PRAGATHI HATCHERIES: CRISIL Lowers Rating on INR13cr Loans to D
---------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Pragathi
Hatcheries (PH) to 'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Term Loan             5.5      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade reflects overdrawing in the cash credit facility for
more than 30 days and instances of delays in the term loan
repayment caused by weak liquidity.

The ratings reflect on the modest scale of operations and below
average financial risk profile because of excessive gearing, small
networth, and average debt protection metrics. These weaknesses are
partially offset by the extensive experience of PH's promoters in
the industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Overutilization in bank lines: The bank lines were overdrawn and
were not regularized for more than 30 days for the month of June
2019 and there are instances of delays in the term loan repayment.

* Modest scale of operations: PH's business risk profile is
constrained by its modest scale of operations in a fragmented
industry, and revenue concentration risks. While the scale has
increased to be estimated at INR15 cr in fiscal 2019 from INR5.3 cr
in fiscal 16, its still continues to remain modest.

* Below average financial risk profile: The company's financial
risk profile is below average reflected by a gearing of 15 times
and a small net worth of INR62 lacs as on March 31, 2018. The debt
protection metrics are average with interest coverage and net cash
accruals to total debt at 1.8 times and 7 percent as on March 31
2018 respectively. Due to moderate accretion to reserves and high
reliance one external bank debt, CRISIL believes that the financial
risk profile of the firm is expected to remain average.

* Exposure to inherent risks in the poultry industry: The industry
is vulnerable to outbreak of diseases, which lowers sales volume
and reduces selling price. Further, the industry is affected by
seasonal demand, leading to volatility in end product prices.

Strength:

* Promoters' extensive experience: PH benefits from its promoters'
extensive industry experience. Mr. Srinivas has experience of close
to two decades in the industry established relationship with key
customers.

Liquidity

The liquidity is weak as reflected extensive utilization of fund
based working limits, with over utilization of over 30 days and
delays in term loan repayment. The firm's liquidity is expected to
remain weak over the medium term.

PH, a proprietorship firm, was set- up in the year 2002 by Mr.
Srinivas. The firm is engaged in the business of hatchery of
broiler poultry. The firm has an in-house facility for brooder
sheds, grower sheds, layer sheds, incubator, processing plant and
rendering plant. The firm is based out in Ganthiganahalli,
Doddaballapur Taluk and Bangalore.


RAMRATI JAGDISH: CRISIL Lowers Rating on INR7cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ramrati Jagdish Private Limited (RJPL; part of the Kanchan group)
to 'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Foreign Bill          7        CRISIL D (Downgraded from
   Purchase                       'CRISIL B+/Stable')

The downgrade reflects continuous overdues beyond 30 days from due
date in export packing credit facility and foreign bill purchase
facility owing to delay in receipt of payment from few overseas
customers.

The rating also reflects the group's working capital-intensive
operations and a weak financial risk profile of the Kanchan group.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry, a
moderate scale of operations, and established customer
relationship.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RJPL and Kanchan International (KI).
This is because the two entities, together referred to as the
Kanchan group, are in the same business, and have business
synergies and common promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularity in export packing credit facility and foreign bill
purchase facility: There have been continuous overdues beyond 30
days from due date in export packing credit facility and foreign
bill purchase facility.  The facilities have remained unpaid for
more than 30 days from the due date owing to delay in receipt of
payment from few overseas customers.

* Working capital-intensive operations: Gross current assets were
255 days as on March 31, 2018, mainly because of stretched
receivables of 228 days; inventory was modest at 21 days. Working
capital requirement is partly supported by credit from suppliers
(reflected in payables of 164 days as on March 31, 2018) and partly
by bank lines, reflected in average bank limit utilization of 98%
over the 12 months through April 2019.

* Weak financial risk profile: Gearing was high and networth modest
at 4.76 times and INR9.3 crore, respectively, as on March 31, 2018.
Debt protection metrics were subdued, with interest coverage and
the net cash accrual to total debt ratios of 1.4 times and 0.02
time, respectively, in fiscal 2018.

Strengths

* Extensive experience of promoter: Presence of around four decades
in the ready-made garments industry has enabled the promoter and
family to establish strong relationship with customers and
suppliers.

* Moderate scale of operations and healthy customer relationship:
The group's turnover was INR166.84 crore in fiscal 2018. However,
it declined from INR218.09 crore in fiscal 2017 owing to sluggish
export demand.

Liquidity

Liquidity is weak reflected in average bank limit utilization of
98% over the 12 months through April 2019. There have been delays
in receipt of payment from few overseas customers, which has
resulted in continuous overdues beyond 30 days from due date in
export packing credit facility and foreign bill purchase facility.

Established as a proprietorship firm in 1980 by Mr Suresh Chand
Singhal, KI manufactures and exports ready-made garments for men,
women, and children. In 2012, he established RJPL.


REPIPE CONNECTION: First Creditors' Meeting Set for Aug. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Repipe
Connection Pty Limited will be held on Aug. 29, 2019, at 10:00 a.m.
at Level 27, at 259 George Street, in Sydney, NSW.

Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Repipe Connection on Aug. 20, 2019.


SEMLER RESEARCH: CARE Keeps 'B' Issuer Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the CARE B (Is) issuer rating assigned to Semler
Research Centre Private Limited (SRC) continues to remain in the
'Issuer Not Cooperating' category.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating(s) of SRC under the ‘issuer non-cooperating' category as
SRC had failed to provide information for monitoring of the rating.
SRC continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated June 14, 2019, June 21, 2019, June 25, 2019, July 1, 2019 and
July 4, 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 Semler Research
Centre Private Limited (SRC) are continues to be constrained by
elongated creditor days, exposure to high reputation risk and
heightened regulatory risk and exposure to sponsor risk. However,
the rating also takes into account decline in in total operating
income and continues net losses. However the rating continues to
draw strength from experienced management and well equipped
research facilities.

Going forward, the company's ability to increase its scale of
operations along with profit margins and turnaround from losses to
profits and maintain its capital structure and debt coverage
indicators while improving its working capital requirements
effectively would be the key rating sensitivities.

Key Rating Weakness

Elongated creditor days: The working capital cycle of the company
is working capital intensive nature of operations stood negative at
438 days in FY18 due to high creditor days in FY18 at 825 days.

Decline in total operating income: The total operating income of
the company has seen declined and stood at INR2.12 crore in FY18.

Exposure to high reputation risk and heightened regulatory risk:
Being a CRO, SRC is subject to reputation risk associated with
safety of subjects. Any adverse impact on the subject's health due
to the tests carried out by the CRO would result in loss of
reputation, which may also lead to enquiries and subsequent action
from the regulatory authorities. In India, contract research
activity requires necessary licenses, approvals and inspection by
Drug Controller General of India (DCGI), the regulatory authority.
Newly developed drugs cannot be administered to human subjects
without permission from DCGI. To obtain this permission, a clinical
trial application (CTA) must be submitted, approval of which needs
to be obtained. Clinical trials are conducted in accordance with
the planned protocol stated in CTA. Any delay or failure in getting
approval could adversely affect the business prospects of the
company.

Exposure to sponsor risk and dependence on outsourcing activities
from pharmaceutical majors: The growth in outsourcing of clinical
trials will be closely paralleled with the growth in R&D spending
by pharmaceutical companies in regulated markets. While India
offers the benefits of low cost and a large patient pool, SRC is
dependent on sponsors for the award of contracts. Revenues would be
adversely impacted by slowdown in investments in new molecule
research, contract cancellation and lower contract research orders
from smaller innovator R&D and biotech companies that face funding
constraints as risk aversion to fund new projects has increased in
the current recessionary markets.

Liquidity analysis: The current ratio of the company stood stressed
at 0.12x as on March 31, 2018 as against 0.29x as on
March 31, 2017 due to relatively high accounts payable as compared
to accounts receivables.

Key Rating Strengths

Experienced management team: SRC is managed by professionally
qualified directors with extensive experience and technical
expertise in the pharmaceutical and medical industry. Dr. K
Bopanna, CEO, a PhD holder in Pharma, has around two decades of
pharmaceutical experience and has served leading positions in rival
healthcare companies. Dr. Guru Betageri, Director, holds a PhD in
Pharma and has over 20years experience in drug formulation.

Well-equipped research facilities: SRC has fully equipped
facilities with capacities of 106 beds at Hebbal, Bangalore (spread
across 20, 000 sqft) and one R&D Centre in JP Nagar, Bangalore,
(with a bio analytical lab of 8,000 sqft). Currently, SRC also has
arrangements with various hospitals for carrying out the Phase II
to IV clinical trials (all these types of clinical studies can be
carried out only in hospitals). At present, SRC has its own
in-house pathological lab in Hebbal, Bangalore and also in
collaboration with Medstar Speciality Hospital. SRC has more than
200 validated methods in all major therapeutic areas and around 50
different molecules.

SRC incorporated in 2006, is a contract research organization,
engaged in clinical trials (pre-clinical and Phase I-IV),
bioavailability &bioequivalence studies (BA/BE), formulation
development and consulting. SRC is subsidiary of US based Arnold A
Semler Inc, a privately held company with diversified business
interests in real estate, vineyards, transportation and defense
equipment, primarily in the US market. However, in India, its sole
interest is in SRC. In 2006, the company set up a research lab in
JP Nagar, Bangalore, engaged in BA/BE studies and formulation
development. In 2009, under the direction of a new management team,
SRC further expanded into clinical trials, consulting and product
development. SRC has a R&D Center in JP Nagar, Bangalore, clinical
facilities in Hebbal, Bangalore and Salem, Tamil Nadu and an
overseas marketing office in California, USA. All the offices and
facilities are in leased premises.

In FY18, SRC had a net loss of INR1.17 crore on a total operating
income of INR2.12 crore as against net loss of INR20.64 crore and
total operating income of INR7.66 crore in FY17 respectively.


SHREE SWASTIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Swastic Sales Corporation Pvt Ltd
        Registered address:
        4261/3 1st Floor Ansari Road
        Darya Ganj New Delhi
        Central Delhi DL 110002
        IN

Insolvency Commencement Date: August 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 11, 2020

Insolvency professional: Rakesh Takyar

Interim Resolution
Professional:            Rakesh Takyar
                         301, Citizen's Rajesh Sadan
                         1/28, Tilak Nagar
                         New Delhi 110018
                         E-mail: rtakyar.rt@gmail.com

                            - and -

                         C/o Yogakshem Insolvency Professionals
                             LLP
                         1/15 Tilak Nagar, Near PNB Bank
                         New Delhi 110018
                         Tel.: 9868503531
                         E-mail: cirp.shreeswastic@gmail.com

Last date for
submission of claims:    August 29, 2019


SHYMA MA: CRISIL Withdraws B+ Ratings on INR22cr Loans
------------------------------------------------------
CRISIL has withdrawn its rating on bank facilities of Shyma Ma
Enterprise (SME) at the company's request, and on receipt of a
no-objection certificate from the bank. The rating action is in
line with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           15       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Cash          7       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SME for obtaining
information through letters and emails dated June 10, 2019 and June
14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SME, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SME is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of SGAPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

SME was set up in 2016 as a partnership firm by Mr Sutana
Chakraborty and Ms Sarbani Chakraborty. SME has entered into a
franchisee agreement with Senco Gold Ltd for retailing of gold and
diamond-studded jewellery. The firm started operations in February
2016.


SIDDAPUR DISTILLERIES: Ind-Ra Moves BB+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Siddapur
Distilleries Limited's (SDL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR44.4 mil. Term loan due on May 2019 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR100.6 mil. Fund-based working capital facilities migrated
     to non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Siddapur Distilleries is a public limited company that was
incorporated in 2003 and is involved in production and sale of
rectified spirit, ethanol and neutral spirit, as well as
by-products such as biogas and organic manure. Mr. Jagadeesh S
Gudaganti is the chairman/managing director of the company.


SINTEX PREFAB: CARE Maintains C Ratings in Not Cooperating Category
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sintex
Prefab and Infra Limited (Sintex-Prefab) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      50.00       CARE C; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Non-Convertible     32.50       CARE C; ISSUER NOT COOPERATING;
   Debentures- I                   based on best available
   (ISIN-INE972T07019)             information

   Non-Convertible     86.50       CARE C; ISSUER NOT COOPERATING;
   Debentures- II                  based on best available
   (ISIN-INE972T07043)             information

   Non-Convertible     250.00      CARE D; ISSUER NOT COOPERATING;
   Debentures- III                 based on best available
   (ISIN-INE972T07035)             information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sintex-Prefab to monitor the
rating(s) vide email communications/letters dated June 18, 2019,
June 20, 2019, June 24, 2019, June 28, 2019, July 18, 2019 apart
from numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, Sintex-Prefab has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on SintexPrefab's bank facilities and
instruments will now be denoted as CARE C; ISSUER NOT COOPERATING*/
CARE D; ISSUERNOT COOPERATING.

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

The rating of the bank facilities and instruments of Sintex-Prefab
continue to constrain on account of stress in its liquidity
position arising from subdued performance which has resulted in
ongoing delays in servicing of certain bank facilities (which are
however not rated by CARE). The rating also remain constrained due
to significant decline in scale of operation and sharp fall in its
profitability and weaken debt coverage indicators during FY19 (FY
refers to period April 1 to March 31), high debt repayment
obligation which are expected to be disproportionate to the
envisaged cash accruals and vulnerability of its profitability to
volatility in crude-based raw material prices.

Ability of Sintex-Prefab to establish its debt servicing track
record along with significant increase in its scale of operations
and improvement in its profitability and debt coverage indicators
would be the key rating sensitivities. Further, timely support from
parent for uninterrupted operations of Sintex-Prefab would also be
a key credit monitorable.

Detailed description of the key rating drivers

At the time of last rating on April 9, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange i.e. financial results for period
ended March 31, 2019):

Key Rating Weaknesses

Delay in servicing of debt obligations: Sintex-Prefab has delayed
in the payment of its interest on above-rated NCD-III. For NCD-III
(ISIN: INE972T07035) the interest which was due on April 8, 2019
has been paid on April 9, 2019 as per the company's submission on
the Stock Exchange. Further, for the other bank obligation (not
rated by CARE), there are ongoing delays as per due diligence with
the banker. Further, for NCD-I (ISIN: INE972T07019), NCD-II (ISIN:
INE972T07043) and for other bank facilities rated by CARE the debt
servicing is regular as per declaration of the company and
confirmation from the concerned lender and by the debenture
trustee.

Significant decline in scale of operation and sharp fall in
profitability resulting into weak debt coverage indicators: After
witnessing subdued financial performance during FY18, it continued
to weaken further during FY19 marked by significant decline in
scale of operation and sharp fall in profitability. As per the
financial results published on stock exchange, the total operating
income of Sintex-Prefab declined by 55% and operating profitability
(PBILDT) declined by 56% during FY19 over FY18. This together along
with continued high interest and depreciation charge resulted into
net loss at PBT level by INR32 crore during FY19 as against profit
of INR33 crore. As a consequence, its debt coverage indicators
marked by PBILDT interest coverage and Total Debt/GCA deteriorated
sharply and remained weak at 1.19 times and 49.56 times
respectively in FY19.

Further, as per the shareholding pattern of Sintex Plastic
Technology Limited (SPTL), parent of Sintex-Prefab, as on June 30,
2019 published on stock exchange, the proportion of pledge of
promoters' shareholding as a percentage of their total shareholding
in SPTL stood high at 70.59% (i.e. effective un-pledged promoters
holding is 9.92%), which continues to restrict the financial
flexibility of the promoters for supporting the operations of the
company and its subsidiaries.

Vulnerability of profitability to volatility in raw material
prices: Plastic resins, granules and powder are the key raw
materials of Sintex-Prefab. Since most of the raw materials
required by Sintex-Prefab are crude oil derivatives, their prices
are also subject to volatility in line with those of global crude
oil prices.

Liquidity Analysis
The liquidity of the company appears to be weak as reflected by
delays in debt servicing of certain bank facilities (not rated by
CARE). Further, high debt repayment obligation are expected to be
disproportionate to the envisaged cash accruals which may also put
pressure on liquidity. CARE had sought latest updates on liquidity
available with Sintex-Prefab to gauge its forthcoming debt
servicing capability considering large upcoming scheduled debt
repayments. However, despite numerous requests, the company has not
shared requisite information in this regard. CARE has reviewed the
rating on the basis of the best available information, including
instance of ongoing delays in debt servicing on certain bank
facilities.

Analytical Approach: Standalone

Sintex-Prefab is a wholly owned subsidiary of SPTL and generates
its revenue and cash flows from its prefabricated business,
monolithic construction and execution of infrastructure projects.
None of the debt raised by Sintex-Prefab is with recourse to SPTL
and hence, a standalone approach has been considered for analysis.

Incorporated in November 2009, as Sintex Infra Projects Limited
(SIPL), the name of the company was changed to SintexPrefab in
March 2017. Sintex-Prefab was initially promoted by Sintex
Industries Limited [SIL; rated: CARE D; Issuer not cooperating],
however, under the composite scheme of arrangement, SIL has
divested its holdings in Sintex-Prefab to SPTL with effect from
April 1, 2016. Sintex-Prefab is engaged in the execution of
infrastructure projects such as affordable housing with monolithic
construction, various centre and state sponsored infrastructure
projects and power projects. Moreover, under the de-merger scheme
of arrangement within the Sintex group, SIL has transferred its
monolithic construction business and prefabricated business to
Sintex-Prefab. However, Sintex-Prefab decided to discontinue its
monolithic construction business from FY18 except the completion of
on-going orders. As on March 31, 2018, SintexPrefab has an
installed capacity of 76,800 Metric Tonnes (MT) per annum of
prefabricated structure manufacturing located at Kalol near
Ahmedabad, Bhachau (Kutch) and Daman.


SUNRISE MARKETING: CRISIL Migrates B- Rating From Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its ratings on the
bank facilities of Sunrise Marketing Agents (SMA) to 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'. However, the firm's
management has subsequently started sharing requisite information
necessary for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating its ratings from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B-/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            1       CRISIL B-/Stable (Migrated from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

   Letter of Credit       3.5     CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Overdraft              3       CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Term Loan              1.2     CRISIL B-/Stable (Migrated from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

The ratings continue to reflect SMA's below-average financial risk
profile, modest scale of operations, and low profitability due to
trading nature of business. These weaknesses are partially offset
by promoters' extensive experience in trading in polyvinyl chloride
(PVC) resin and PVC plumbing fittings, and established relationship
with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is negative due to
losses incurred in fiscal 2019. Hence, debt protection metrics also
deteriorated, with negative net cash accrual to total debt ratio
and a weak interest coverage ratio.

* Modest scale of operations and low profitability: With revenue of
INR22.27 crore for fiscal 2019, scale remained small. Also, trading
nature of business results in limited value addition and
consequently, a low operating margin.

Strength
* Extensive experience of promoters: Industry presence of more than
a decade has enabled the promoters to establish a strong
relationship of around 10 years with major suppliers, which include
Finolex Industries Ltd (Finolex; rated 'CRISIL AA/Stable/CRISIL
A1+'), Astral, and Suparna Plastics.

Liquidity
* High bank limit utilization: Liquidity is stretched. Bank limit
of Rs.1.00 crore of cash credit was utilised at 93% during the 12
months ended June 2019. Overdraft limit of Rs.3 crore was also
highly utilised at an average of over 90% for the past 12 months
till June 2019. Cash accrual is expected to be in the range of
INR0.2-0.3 crore per annum against term debt obligation of INR0.15
crore per annum, over the medium term.

Outlook: Stable

CRISIL believes SMA will continue to benefit from the extensive
experience of its promoters and established relationship with
suppliers. The outlook may be revised to 'Positive' if increase in
revenue or profitability leads to sizeable cash accrual, or
considerable infusion of long-term funds improves financial risk
profile. The outlook may be revised to 'Negative' if financial risk
profile weakens because of stretched working capital cycle or
decline in topline or profitability.

Set up in 1999 as a partnership firm by Mr K Dinesh Kamath and his
son, Mr K Rajendra Kamath, SMA trades in PVC plumbing fittings and
PVC resin. It is an exclusive distributor for the range of plumbing
fittings manufactured by Finolex, Astral Pipes, and Suparna
Plastics in Uttara Kannada, Udupi, and Dakshina Kannada (all in
Karnataka). It is the sole authorised distributor for PVC resin of
Finolex in the state.


TEBMA SHIPYARD: CARE Keeps D Debt Ratings in Non-Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tebma
Shipyard Limited (TSL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      164.68      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term Bank     480.47      CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2018, placed the
rating(s) of Tebma Shipyard Limited (TSL) under the ‘issuer
non-cooperating' category as TSL had failed to provide information
for monitoring of the rating. TSL continues to be noncooperative
despite repeated requests for submission of information through
e-mails, and a letter dated May 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).

As given in the company's website, the company is in the resolution
process under Insolvency and Bankruptcy Code (IBC),
2016 as per NCLT order. The rating continues to take into account
ongoing delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on March 28, 2018, the following were
the rating strengths and weaknesses.

Moderate financial performance during FY16 and 9MFY17 and instance
of delays in debt servicing: During FY16, the company reported
total operating income of INR93 crore as against INR155 crore in
FY15. Decline in income was primarily on account of poor order
flow. After receiving orders for 2 off shore support vessels in
March 2013 valued at around INR275 crore, there were no new orders
in FY14 & FY15. Later, in FY16 the company received orders for two
tug vessels of INR58 crore and one Ro Ro vessel of INR13 crore.
Total outstanding order value aggregated to INR183 crore as on
December 31, 2016. With slow progress on execution of existing
orders and no fresh orders coupled with higher fixed overheads, the
company continued to incur losses in FY16 and 9MFY17. Continuous
losses in the past few years, elongated collection period has
resulted in tight liquidity position of the company with instances
of delay in debt servicing.

TSL, incorporated on July 9, 1984, as Tebma Engineering Private
Limited, was converted into a public limited company in 1998. TSL
is into ship building and over the years, TSL has upgraded itself
to build tugs, dredgers and sophisticated off shore support
vessels. In FY11 (refers to the period April 01 to March 31),
Bharati Shipyard Limited (BSL) through its wholly-owned subsidiary
acquired 53.78% equity stake in TSL. During FY08-FY10, TSL incurred
significant losses due to global slowdown in the shipping industry
and approached the CDR cell for re-structuring of debt. The CDR
package was implemented in March 2011.


TERRENE PHARMA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Terrene Pharma Private Limited
        Plot No. E 19-21
        EPIP Zone Manjusar GIDC
        Ta: Savli Vadodara
        GJ 391770

Insolvency Commencement Date: August 14, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 10, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Bhupendra Singh Narayan Singh Rajput

Interim Resolution
Professional:            Mr. Bhupendra Singh Narayan Singh Rajput
                         A-309, ATMA House
                         Opp. Old RBI, Ashram Road
                         Ahmedabad 380009
                         E-mail: cabsrajput309@gmail.com

Last date for
submission of claims:    September 3, 2019


TRIDENT AUTO: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Trident Auto
Components Private Limited (TACPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limit assigned with IND BB+/Stable/IND
     A4+ rating;

-- INR25 mil. Non-fund-based limits assigned with IND A4+ rating;

     and

-- INR20 mil. Term loan due on April 2023 assigned with IND
     BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect TACPL's medium scale of operations as indicated
by revenue of INR824.45 million in FY19 (FY18: INR604.26 million),
due to an increase in production capacity. The company opened a new
factory in Kanpur in FY19, which enabled it to take up new tenders
with higher quotes. As of June 2019, the company had an order book
of INR1,415.16 million, to be executed by March 2020.

The ratings also factor in TACPL's modest credit metrics as
reflected by interest coverage (operating EBITDA/gross interest
expense) of 3.20x in FY19 and net financial leverage (total
adjusted net debt/operating EBITDAR) of 4.68x. The company reported
an EBITDA profit of INR80.57 million in FY19 as against a loss of
INR-50.38 million in FY18, owing to the increase in tenders and a
decline in raw materials cost. The improvement in EBITDA more than
offset the increase in external borrowings and associated interest
obligations.

The ratings also reflect the company's modest liquidity position as
indicated by 86.72% average maximum use of its fund-based working
capital limits for the 12 months ended June 2019. Cash flow from
operations turned positive to INR33.87 million in FY19 from
negative INR34.49 million in FY18 on the back of an improvement in
networking capital cycle to 87 days from 112 days due to an
increase in creditor days. Cash and cash equivalents stood INR1.47
million at FYE19 (FYE18: INR7.98 million).

However, the ratings are supported by TACPL's healthy EBITDA margin
of 9.77% in FY19 with a return on capital employed of 15.35%.

The ratings also benefit from the promoters' a decade-long
experience in the railway component business.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue, driven by a
strong order book position, improvement in liquidity position and
net leverage reducing below 3.75x in the near term, will be
positive for the ratings.

Negative: A significant decline in EBITDA margin leading to
deterioration in the credit metrics and/or a further stretch in the
liquidity position will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, TACPL is engaged in fabrication of steel and
assembly of steel structure, material handling equipment,
industrial process equipment, and heavy and precise machine
components and assemblies. The company caters mainly to railways.


[*] INDIA: Gov't. Plans Debt Waiver for Small Distressed Borrowers
------------------------------------------------------------------
Times Now reports that the government plans to give debt waiver for
"small distressed borrowers" under the insolvency law framework,
according to a senior official. The proposed waiver would be
offered as part of 'Fresh Start' provisions under the Insolvency
and Bankruptcy Code (IBC).

Times Now relates that Corporate Affairs Secretary Injeti Srinivas
said discussions have been held with the microfinance industry
regarding criteria for the proposed waiver for small distressed
borrowers from the economically weaker section (EWS).

He emphasised that the waiver -- as part of individual insolvency
-- would be for the most distressed within the EWS. "If you have
once availed the fresh start, then you cannot avail it again for
five years. We have worked out all safeguards to the satisfaction
of the microfinance industry," the report quotes Srinivas as
saying.

"It will like taking haircuts. At a national level, over a three to
four years period, it will be not more than INR 10,000 crore,"
Srinivas told PTI in an interview.

As per the IBC, there are various thresholds for 'Fresh Start',
including that the gross annual income of the debtor does not
exceed INR 60,000. The aggregate value of the debtor's assets
should not be more than INR 20,000 and that the aggregate value of
the qualifying debts does not exceed INR 35,000, the report states.
Among others, such a person should not be having an own dwelling
unit, irrespective of whether it is encumbered or not, according to
the IBC.

"We had discussions with the microfinance industry and their
concerns are being duly factored in. The idea is not to destroy the
microfinance industry.

"The idea is to give a waiver for small distressed borrowers from
debt obligations based on criteria. The criteria has been discussed
at length with the microfinance industry," the secretary, as cited
by the Times Now, said.

Further, he said that the IBC provisions pertaining to the personal
guarantor to the corporate debtor would be coming into effect
immediately, followed by those related to partnership and
proprietorship, the report relays. "Then we will look to bring
fresh start provision," he added. The IBC provides the framework to
deal with distressed assets through a market-driven and time-bound
process, the report notes.




=================
I N D O N E S I A
=================

MODERNLAND REALTY: S&P Alters Outlook to Negative & Affirms 'B' ICR
-------------------------------------------------------------------
S&P Global Ratings, on Aug. 22, 2019, revised its outlook on PT
Modernland Realty Tbk. to negative from stable. At the same time,
S&P affirmed its 'B' long-term issuer credit rating on Modernland
and its 'B' long-term issue rating on the company's guaranteed
notes.

The revised outlook reflects the prospects of compressed
interest-servicing capacity and reduced cash balance over the next
12 months, barring a substantial pickup in land sales and operating
performance. That follows a substantial shortfall in operating cash
flows in the first half of 2019.

PT Modernland Realty Tbk.'s operating cash flows were negative
Indonesian rupiah (IDR) 288 billion for the six months ended June
30, 2019. That compares with our projections of positive IDR390
billion for full-year 2019. This resulted in the company's cash
balance declining to IDR313 billion as of June 30, 2019, compared
with IDR555 billion as of Dec. 31, 2018. The shortfall of the cash
collection is mainly due to uncollected cash balance of land sales
to its joint venture, PT Waskita Modern Realty. The land sales was
transacted in early 2018 and Modernland still has about IDR680
billion to collect. A longer-than-expected approval of land title
transfer due to administrative changes caused delays. S&P does not
have the visibility on timeline as a replacement regulatory officer
is needed to clear the land title transfer.

S&P believes there is elevated risk for Modernland to meet its
projection of IDR390 billion in operating cash flows through the
end of 2019, barring a few lumpy and sizable land sales. The
company's EBITDA coverage ratio--which was about 1.9x for the six
months ended June 30, 2019--could stay below our downgrade trigger
of 2.0x over the next 12 months if the land sales are not executed
in a timely manner.

S&P estimates that Modernland will need to collect at least another
IDR2 trillion from sales by the end of 2019 for its liquidity and
interest-servicing capacity to stabilize. Modernland is actively
negotiating with various parties and is in various stages of
discussionrelated to land sales prospects. However, any event
risk--such as delays in signing the sales and purchase agreement,
in the land title transfer, or in obtaining a construction
permit--could prolong the cash collection cycle over the next 12
months.

Cash collection is critical for the company to maintain its
operating performance and liquidity. This would be important over
the next 12 months to support the company's refinancing of its
US$150 million bond maturing in August 2021.

The 'B' rating on Modernland reflects its limited operating scale,
reliance on land sales, thin interest-servicing capability, and
declining cash balance. The rating is also underpinned by its
established brand name in east Jakarta through projects such as
Kota Modern, Modern Hill, and Jakarta Garden City. Modernland has a
sizable low-cost land bank of 1,255 hectares, which should be
sufficient for development for at least 10 years.

The negative outlook reflects Modernland's compressed prospective
interest-servicing capacity and reduced cash balance over the next
12 months, absent a material pickup in land sales.

S&P said, "We may lower the rating if Modernland's cash flow
performance remains soft and liquidity weakens. This could
materialize if the company fails to collect another IDR2.0 trillion
cash in the second half of 2019, leading to EBITDA interest
coverage falling substantially below 2.0x. We could also lower the
rating if the company does not refinance its 2021 maturities over
the next six to 12 months.

"We would revise the outlook to stable if cash flow performance
improves substantially and its EBITDA interest coverage remains
above 2.0x. The outlook revision would also be contingent upon
Modernland demonstrating prudent spending, a sound liquidity
buffer, and no major debt maturities over a two-year period."

Modernland is an Indonesia-based property developer. The company
primarily engages in residential and industrial township
development in the suburbs of Jakarta. Its major projects include
Jakarta Garden City, Modern Cikande, and Modern Bekasi.




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

MITSUI E&S: Egan-Jones Raises Senior Unsecured Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company, on August 13, 2019, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui E&S Holdings Co., Ltd. to B- from B.

Mitsui E&S Holdings Co., Ltd. provides investment holdings in
engineering, construction, and shipbuilding services. The company
was founded on November 14, 1917, and is headquartered in Tokyo,
Japan.




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

UTUSAN MELAYU: Business as Usual; Price of Paper to Rise by 50 Sen
------------------------------------------------------------------
The Sun Daily reports that it is business as usual for Utusan
Melayu (Malaysia) Bhd, contrary to market talk that the group would
cease to exist after this week.

In a filing to Bursa Malaysia, the board announced that the company
would continue to operate and publish its newspapers, namely Utusan
Malaysia and Kosmo!, Sun Daily relates.

"As such, the Board denies rumours that Utusan will cease its
printing and operation, which has been widespread in other
newspapers and social media," it said.

Sun Daily relates that the company also announced officially that
its Malay-language newspaper publications would cost 50 sen more
this week.

"The company has decided to increase the price of Utusan Malaysia
from MYR1.50 per copy to MYR2.00 per copy, while Kosmo! from
MYR1.00 to MYR1.50 per copy, effective Aug 23 and Aug 25
respectively," it added, Sun Daily relays.

The oldest surviving Malay daily was established in 1939 as Utusan
Melayu, with its first publication in Jawi and has been operating
for 80 years.

According to Sun Daily, the group recently announced that it would
not be able to meet Bursa Malaysia's requirement to uplift the
Practice Note 17 (PN17) status from Aug. 20, 2018, hence risking a
possible de-listing from the local exchange.

                        About Utusan Melayu

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines and
books, and also indoor and outdoor advertising; Printing, which is
engaged in printing of magazines and books; Information technology
and multimedia, and Investment holding, management services and
others. It publishes newspapers, which include Utusan Malaysia,
Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its magazines include
Mastika, Saji, Infiniti and Wanita. The Company, through its
subsidiary, publishes educational books that cover all levels of
education, from pre-school to university. It also publishes
children's books and other general titles covering subjects, such
as religion and women's titles. Its other services include
transportation, audio video production and series, and archive and
research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, 2018, as
it had failed to provide a solvency declaration to Bursa Malaysia
after defaulting on its principal and profit payment to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective financiers.

The company said it is in the midst of formulating a regularization
plan to address its PN17 status.




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

REFINING NEW ZEALAND: H1 Net Loss Widens to NZ$3.5 Million
----------------------------------------------------------
Radio New Zealand reports that Refining New Zealand, itself
part-owned by the major fuel companies BP, Mobil and Z Energy,
reported a net loss for the first half of the year of NZ$3.5
million, a 24 percent greater loss than the previous year.

RNZ relates that the company's chief executive Mike Fuge said its
processing units were running reliably during the period, but a
combination of factors meant the refinery could not make the most
of the good operational performance.

"Our performance was negatively impacted by high electricity prices
in the market, weakness of refining margins since the beginning of
the year driven by low gasoline prices, and reduced access to
natural gas because of on-going maintenance on the Pohukura gas
field," RNZ quotes Mr. Fuge as saying.

Revenue climbed 16 percent with income from its processing fee
higher compared to the previous year, RNZ says.

Gross refinery margins were down slightly on the same period in
2018 on the back of higher than forecast gasoline exports from
China into the Asia Pacific region.

RNZ adds Mr. Fuge said the outlook for margins was more positive.

"With the strengthening of refining margins in July there are
encouraging signs for the second half of the year and, with an
improving exchange rate in our favor, we expect our performance to
track in line with the 2019 profit matrix, despite the impact of
higher electricity prices on our business."

The company was pleased to see an improved safety performance, with
no injuries recorded, RNZ relays.

It had noted the Commerce Commission's findings on its market study
of the fuel sector on Aug. 20, and indicated it would be making a
submission on the draft report.

Shareholders would be paid an interim dividend of 2 cents per
share, adds RNZ.


RESOURCE ENTERPRISES: Northland Council Writes Off NZ$800,000
-------------------------------------------------------------
Radio New Zealand reports that the Northland Regional Council is
facing a loss of NZ$800,000 dollars after investing in a high-tech
timber mill at Marsden Point.

RNZ relates that the council lent the money to Resource Enterprises
Limited, or REL, in 2014, from its investment funds.

REL ceased trading in 2017 and has not paid its last two quarterly
interest payments, the report says.

According to RNZ, council chief executive Malcolm Nicholson said
the council had invested in REL in the hope of stimulating
Northland's economy after the Global Financial Crisis.

"The decision to invest was not made lightly; investigation and due
diligence was done including advice from a reputable forestry
consultancy," the report quotes Mr. Nicholson as saying.

Northland was still emerging from a recession at the time and the
council had been keen to support initiatives to create employment
and add value to Northland logs being sent overseas for processing,
he said, RNZ relays.

RNZ relates that another council source said REL was set up with
state-of-the-art equipment that squared-off the logs, making them
cheaper to transport, and the company had markets for both the
slabs and flitches in Saudi Arabia and India.  But as log prices
soared, the company's hopes of profits had faded.

"Local log prices rose about 40 percent from 2014, drastically
reducing REL's ability to secure the logs it needed at a
competitive price," the report quotes Mr. Nicholson as saying.

The NZ$800,000 loss to the council was regrettable and
disappointing, but would not hit Northland ratepayers directly in
the pocket, he said, according to RNZ.

"The money was lent from the Investment and Growth Reserve, which
is funded from the council's existing commercial investments and is
set aside to support economic development."

Mr. Nicholson said the council puts about NZ$1.7 million into the
fund annually, and while the loss would mean there was less in the
fund to invest, it would not impact on the council's day-to-day
activities, RNZ relays.

The five-year-loan does not fall due until March next year, but
councillors this week voted to record the NZ$820,000 as an
'impairment loss', a move Mr. Nicholson described as a prudent and
accounting and risk-management measure, the report says.

The loan to REL was the only one of its type made by the NRC before
it changed its policy on lending to private businesses, he said.

The council had since refocused its investment reserve on grant
funding for projects that provided community benefit.

This had resulted in almost NZ$6 million in grants allocated to
Northland-wide ventures such as the Twin Coast cycleway, and the
E350 Farming Extension programme, the council, as cited by RNZ,
said.



                           *********


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

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

Copyright 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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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***