TCRAP_Public/190826.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, August 26, 2019, Vol. 22, No. 170

                           Headlines



A U S T R A L I A

AUSTRALIA RUSH: Put in Liquidation After Failing to Pay Damages
BRIDGMOND PROJECTS: First Creditors' Meeting Set for Aug. 30
COOLAH HOME: First Creditors' Meeting Set for Sept. 2
EC & M LIMITED: First Creditors' Meeting Set for Sept. 2
GRAINPRO PTY: Fire Destroys Hay Storage at Gumly Gumly Site

GRAINPRO PTY: Second Creditors' Meeting Set for Aug. 30
IKAS INTERNATIONAL: Second Creditors' Meeting Set for Aug. 30
SFC WHOLESALE: Second Creditors' Meeting Set for Sept. 2
SKM GROUP: Cleanaway Appoints Korda Mentha as Receivers
SUPERIOR FORMWORK: Second Creditors' Meeting Set for Aug. 30



B A N G L A D E S H

[*] BANGLADESH: Delinquencies Up After Central Bank Move Backfires


C H I N A

QINGHAI PROVINCIAL: Misses Coupon Payment on 2020 Dollar Bond


F I J I

FIJI: S&P Raises Sovereign Credit Ratings to 'BB-', Outlook Stable


I N D I A

AASHIRWAD INDUSTRIES: CARE Keeps D Debt Rating in Non-Cooperating
ABHINAV STEELS: CARE Keeps 'D' Rating in Not Cooperating
ATHALURI SUSHMA: CARE Keeps D on INR5.7cr Debt in Not Cooperating
BALLARPUR INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
DQ ENTERTAINMENT: CARE Keeps D on INR155cr Debt in Not Cooperating

EASTERN COPPER: CARE Reaffirms 'B' Rating on INR3.88cr LT Loan
ELITE INFRA: CARE Maintains 'D' Ratings in Not Cooperating
ELLENABAD STEEL: CARE Keeps D on INR9.5cr Loans in Non-Cooperating
GEHLOT ENTERPRISE: CARE Lowers Rating on INR9cr LT Loan to D
GOVERDHAN TRANSFORMER: CARE Lowers Rating on INR4.50cr Loan to D

H M INDUSTRIAL: Ind-Ra Affirms 'D' Longterm Issuer Rating
HAIGREEVA INFRATECH: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
HAYATH FOODS: CARE Lowers Rating on INR10.41cr LT Loan to B-
HYQUIP TECHNOLOGIES: CARE Keeps 'D' Ratings in Not Cooperating
JAYMALA SPINTEX: CARE Keeps D on INR34.3cr Loans in Non-Cooperating

MADHURI P: CARE Lowers Rating on INR9.97cr LT Loan to 'D'
MANDAKINI PACHIMATLA: CARE Lowers Rating on INR9.25cr LT Loan to D
METTU CHINNA: CARE Lowers Ratings on INR7.5cr Loans to D
NAYAAB JEWELS: CARE Keeps D on INR17cr Loans in Non-Cooperating
NEELACHAL ISPAT: CARE Cuts Rating on INR543.01cr LT Loan to D

OZONE INFRA: CARE Keeps 'D' on INR6cr Loans in Non-Cooperating
POWERWIND LIMITED: Ind-Ra Affirms 'D' Longterm Issuer Rating
SHAMBHU MAHADEV: CARE Lowers Rating on INR28.43cr LT Loan to D
SWADESHI ALUMINIUM: CARE Lowers Rating on INR18cr LT Loan to D
TATWA TECHNOLOGIES: Ind-Ra Lowers Longterm Issuer Rating to 'B+'

WHITEFIELD SPINTEX: CARE Keeps 'D' Debt Ratings in Not Cooperating


I N D O N E S I A

BAYAN RESOURCES: Fitch Affirms BB- LongTerm IDR, Outlook Stable
DELTA MERLIN: S&P Cuts ICR to 'CC' on Proposed Loan Modification


M A L A Y S I A

UTUSAN MELAYU: Valued at Only MYR8 Million in Market Cap


S I N G A P O R E

MARBLE II PTE: Fitch Affirms BB LongTerm IDRs, Outlook Stable
PACIFIC RADIANCE: In "Advanced Discussions" for Debt Funding

                           - - - - -


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

AUSTRALIA RUSH: Put in Liquidation After Failing to Pay Damages
---------------------------------------------------------------
Bension Siebert at InDaily reports that Australia Rush Rich Winery,
a Norwood-based wine company that used near-identical labelling to
Penfolds on more than 1 million bottles of wine exported to China
and failed to pay damages, has been forced into liquidation.

Australia Rush Rich Winery was forced into liquidation by an order
of the Victorian Supreme Court last week, InDaily relates citing an
insolvency notice published by corporate regulator ASIC.

Earlier this year, the Federal Court found that Rush Rich had used
"substantially identical" or "deceptively similar" Penfolds
labelling on 1,098,990 bottles of wine -- valued at over AUD3
million -- which it exported to China, InDaily recalls.

The labels feature branding that is very similar to the word
"Penfolds" in Mandarin and Cantonese, the judgment said.

According to InDaily, the Norwood company, or one of its
affiliates, had also arranged for a brochure to be published
featuring the Rush Rich logo with words "the most well-known and
largest vineyard in Australia", and established a website
juxtaposing the Rush Rich logo with a photograph of Penfolds winery
Magill Estate.

In May, the Federal Court ordered Rush Rich to pay Penfolds owner
Treasury Wine Estates (TWE) all of the profits it earned selling
the copycat wine -- more than AUD350,000 in damages, InDaily says.

But Rush Rich failed to pay, and TWE has been pursuing the company
through a subsidiary since then.

The Victorian Supreme Court ordered Australia Rush Rich Winery into
liquidation on Aug. 14, the report notes.

Liquidator Dominic Cantone of Worrells Solvency and Forensic
Accountants -- Dominic.Cantone@worrells.net.au -- told InDaily he
was in the early stages of investigating the company.

The director of Rush Rich is Stonyfell man Vincent Zhao, the report
discloses. He is registered as a shareholder in the company, along
with two other shareholders, Xianming Zeng and Hui Li, who all live
at the same residence.


BRIDGMOND PROJECTS: First Creditors' Meeting Set for Aug. 30
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bridgmond
Projects Pty Ltd will be held on Aug. 30, 2019, at 11:00 a.m. at
the offices of SM Solvency Accountants, at 10/144 Edward Street, in
Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Bridgmond Projects on Aug. 21, 2019.


COOLAH HOME: First Creditors' Meeting Set for Sept. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Coolah Home
Base Pty Ltd will be held on Sept. 2, 2019, at 10:00 a.m. at the
offices of DW Advisory, Level 2, at 32 Martin Place, in Sydney,
NSW.  

Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of Coolah Home on Aug. 21, 2019.


EC & M LIMITED: First Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of EC & M
Limited will be held on Sept. 2, 2019, at 11:00 a.m. at Parmelia
Hilton Hotel, at 14 Mill Street, in Perth, WA.

Martin Bruce Jones and Clint Peter Joseph of KPMG were appointed as
administrators of EC & M Limited on Aug. 22, 2019.


GRAINPRO PTY: Fire Destroys Hay Storage at Gumly Gumly Site
-----------------------------------------------------------
Gregor Heard at North Queensland Register reports that embattled
grain business GrainPro Pty Limited has suffered another blow, with
reports of a fire destroying hay stored at its Gumly Gumly site on
the outskirts of Wagga Wagga.

The extent of the damage from the blaze or how it started is
unknown, the report notes.

The Company is in both the grain and hay trades. It is not known
how much hay was burnt in the fire or whether it was insured, the
report cites.

GrainPro was placed in administration late last month, with total
debts to creditors tallying around AUD5.8 million.  The company has
remained trading since the appointment of an administator, The
Register notes.  The creditors has to decide on a deed of company
arrangement (DOCA) at a creditors' meeting in the future, which
decide the business's ongoing future.

According to the report, Victorian Farmers Federation (VFF) grains
group president Ashley Fraser said his organisation was continuing
to work with members who have been impacted by the GrainPro
collapse.

It has been reported that creditors may receive payment of up to
90pc of what they are owed based on analysis of the company's
financial position, the Register notes.

Based in Dubbo, New South Wales, Grainpro Pty Limited is a grain
marketing company. Adam Shepard of Setter Shepard was appointed
administrator of Grainpro Pty Ltd on July 27, 2019.


GRAINPRO PTY: Second Creditors' Meeting Set for Aug. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of Grainpro Pty
Limited has been set for Aug. 30, 2019, at 10:00 a.m. at Ambassador
Room, Mantra Pavilion Hotel, at 22-30 Kincaid Street, in Wagga
Wagga, 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. 29, 2019, at 5:00 p.m.

Adam Shepard of Setter Shepard was appointed as administrator of
Grainpro Pty on July 27, 2019.


IKAS INTERNATIONAL: Second Creditors' Meeting Set for Aug. 30
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Ikas
International (Australia Pty) Ltd has been set for Aug. 30, 2019,
at 11:00 a.m. at the offices of PKF, Level 8, at 1 O'Connell
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. 28, 2019, at 4:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of Ikas
International on July 26, 2019.


SFC WHOLESALE: Second Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of SFC Wholesale
Australia Pty Ltd has been set for Sept. 2, 2019, at 4:00 p.m. at
the offices of Courtney Jones & Associates, Level 1, Suite 5, at
443 Little Collins 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. 30, 2019, at 4:00 p.m.

Mathew Gollant of Courtney Jones & Associates was appointed as
administrator of SFC Wholesale on July 29, 2019.


SKM GROUP: Cleanaway Appoints Korda Mentha as Receivers
-------------------------------------------------------
Tim Boyd at The Australian Financial Review reports that Cleanaway
has appointed Korda Mentha's Mark Korda and Bryan Webster as
receivers of collapsed recycling business SKM Group, which owes an
estimated AUD100 million to creditors and employees.

AFR relates that Cleanaway, Australia's largest waste manager,
became SKM's secured creditor after it acquired AUD60 million of
SKM's debt from the Commonwealth Bank of Australia on Aug. 21.

The debt is secured against all of SKM's assets except its glass
recovery services business. SKM employs about 170 permanent staff.

According to the report, Mr. Korda said with the assistance of the
financial support and knowledge of Cleanaway, the receivers would
immediately begin to implement a three-point plan.

First, they planned to "place the operations on care and
maintenance during an immediate assessment of the business,
including the backlog of recyclable materials stored at each site,"
AFR relates.

They would then "determine the appropriate rescue and restructure
package required for the business" and finally "execute an
appropriate path forward, which may include a sale process."

"We will be aiming to get the business back to capacity to help
ease Victoria's waste crisis," AFR quotes Mr. Korda as saying.
"This must be done within our statutory obligations to get the best
value from the business while repaying the secured creditor. We
will also begin working immediately with the Victorian government
and regulators to prepare for a path forward."

Cleanaway chief executive Vik Bansal initially flagged that his
company would take a close look at SKM's assets once a formal sale
process begun, with a view to acquiring them, AFR recalls. Mr.
Bansal reiterated this position on Aug. 21, the report notes.

SKM Corporate was placed in liquidation at the beginning of August,
after the Victorian Supreme Court agreed to an application made by
creditors to wind up the company, the report notes.

SKM accepted and processed recyclables from over 30 councils and
municipalities in Victoria, South Australia and Tasmania. The
company ceased accepting recyclables at most of its sites more than
four weeks ago, the report discloses.


SUPERIOR FORMWORK: Second Creditors' Meeting Set for Aug. 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of Superior
Formwork Constructions Pty Ltd has been set for Aug. 30, 2019, at
11:00 a.m. at Boardroom of Ground Floor, 3 Clunies Ross Court, in
Eight Mile Plains, Queensland.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 29, 2019, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Superior Formwork on July 25, 2019.




===================
B A N G L A D E S H
===================

[*] BANGLADESH: Delinquencies Up After Central Bank Move Backfires
------------------------------------------------------------------
Arun Devnath at Bloomberg News reports that Bangladeshi banks are
facing another jump in already-crippling levels of bad debt as a
move by the central bank to ease the situation backfires.

In an effort to revive credit growth, Bangladesh Bank in May
introduced an amnesty program that allowed delinquent borrowers to
clean up their books by making a small upfront payment and then
clearing the rest of their debt over 10 years at favorable interest
rates, Bloomberg relates. But it also triggered a rush by healthy
companies to reschedule debt on the same terms, which now threatens
to overwhelm the banks.

"I'm traumatized by non-performing loans," Bloomberg quotes Anis A.
Khan, managing director of Dhaka-based Mutual Trust Bank Ltd, as
saying. Borrowers have been using every excuse they can find --
from a death in the family to political uncertainty -- to try to
get onto the central bank program, Khan added in a recent
interview, Bloomberg relays.

The initiative, which is available to borrowers until Sept. 7,
created a "perverse incentive" to default, Bloomberg discloses
citing researcher Fitch Solutions Inc. Non-performing loans may
rise "significantly" from 11.9% in March as a result of the
program, according to Yawer Sayeed, managing director of AIMS of
Bangladesh Ltd., which manages BDT5 billion ($59 million) of
assets, Bloomberg relays.

According to Bloomberg, the upfront payment under the Bangladesh
Bank program was lowered to 2% from 10% for first-time defaulters.
The maximum interest payment over the following 10 years was set at
9%, even if the borrowers were paying as high as 15% previously.

The initiative has created a sense among Bangladeshi companies that
"one can get away by not paying back loans," said Zahid Hussain, a
former World Bank economist in Dhaka, Bloomberg relays. That poses
a threat to the wider economy and to a banking system "whose shock
absorbing capacity is already sapped by willful defaults," he
said.

Bloomberg relates that the central bank said the policy will help
revive lending growth in an economy that's dependent on attracting
investment to sustain growth. Asian Development Bank forecasts the
economy will expand 8%, the fastest pace in the region, over the
next two years.

"It was necessary to take some remedial measures to bail out the
defaulters," Bloomberg quotes Shitangshu Kumar Sur Chowdhury,
banking reforms adviser at Bangladesh Bank, as saying. "It's not
flawless, just like any other policy, but it has more merits than
demerits."

Mr. Chowdhury, a former deputy central bank governor, acknowledged
that the new policy creates moral hazard for borrowers. "That's why
we kept it open only for a short period to minimize it," he said.

At Mutual Trust Bank, gross bad loans climbed to more than 6% in
June from 4.3% two years ago and may rise further, Bloomberg
states. Managing Director Khan recalls getting a visit from a
businessman from Chittagong asking for a reduction in interest rate
to 5% citing losses in his steel businesses.

The customer, who Khan declined to identify, paid 25% of his 2
billion taka loan. Mutual Trust is yet to rule on his request to
pay 5% interest on the balance amount.

"One of our concerns in Bangladesh over the last five years has
been poor transparency in the banking sector," the report quotes
Mattias Martinsson, chief investment officer at Stockholm-based
Tundra Fonder AB, as saying. "The changes will obviously not
stimulate further investments."




=========
C H I N A
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QINGHAI PROVINCIAL: Misses Coupon Payment on 2020 Dollar Bond
-------------------------------------------------------------
Bloomberg News reports that Qinghai Provincial Investment Group Co.
has again missed a coupon payment on a dollar bond, a sign that a
local government-led debt restructuring has yet to ease finances at
the Chinese state-backed aluminum producer.

The company has yet to wire funds to pay a coupon that came due on
Aug. 22 on a $300 million 2020 note, according to a person familiar
with the matter, Bloomberg relates. It is in talks with financial
institutions for funds to make a delayed payment, said the person
who is not authorized to speak publicly and asked not to be
identified, according to Bloomberg.

Qinghai Provincial missed a semi-annual coupon payment on the same
bond in February, citing insufficient cash, only to repay a few
days later, Bloomberg recounts. Most recently, the company repaid a
coupon on a separate dollar bond but S&P Global Ratings said
earlier this year, the firm remains dependent on government support
for its debt repayments, the report cites.

According to Bloomberg, the financial struggles at Qinghai
Provincial, considered by some as a local government financing
vehicle, are being closely monitored by the market for clues of
government support for those borrowing units. There's no grace
period for missed coupon on Qinghai Provincial's 2020 note,
Bloomberg discloses citing bond prospectus.

"Missing the dollar bond coupon payment reflects its worsening
financial pressure," Bloomberg quotes Li Yunfei, a credit analyst
with Pacific Securities Co, as saying. "In the short term, the
company can only count on a government-led debt restructuring to
solve its liquidity problems. Yet it is still uncertain at the
moment whether and how the government will support the company."

Prices on the 2020 note dropped 1.2 cents on the dollar to 63.2
cents at 11:10 a.m. in Hong Kong, according to Bloomberg-compiled
prices.

China's local government debts kept off their balance sheets could
be as high as CNY40 trillion and LGFVs set up in the wake of the
global financial crisis have accumulated much of this hidden debt,
according to S&P Global Ratings in a note in October, Bloomberg
recalls.

The company's creditors committee, led by China Development Bank
and China Construction Bank Corp., met in late June, China Business
Journal reported citing unidentified people, Bloomberg relays. The
company was in talks with China Development Bank to replace some
its onshore debt with lower-cost funding, people familiar with the
matter had said in March.

Bloomberg adds that CSCI Pengyuan Credit Rating said last month the
company faced "massive pressure" to repay its debt despite the
provincial government's backing. Qinghai Provincial faces
uncertainty in sustaining its business operations on weak cash
flow, while currency exchange losses from a dollar bond repayment
have further undermined its profitability, it said.




=======
F I J I
=======

FIJI: S&P Raises Sovereign Credit Ratings to 'BB-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings, on Aug. 22, 2019, raised its long-term local-
and foreign-currency sovereign credit ratings on the Republic of
Fiji to 'BB-' from 'B+'. The outlook on the long-term ratings is
stable. At the same time, S&P affirmed its short-term sovereign
credit ratings at 'B'. S&P also revised its transfer and
convertibility (T&C) assessment to 'BB-' from 'B+'.

Outlook

S&P said, "The stable outlook reflects our expectation that Fiji's
economy will continue to grow during the next 12 months, and that
the government's medium-term fiscal consolidation plan will result
in a stabilizing debt burden. We also expect the country's external
position and foreign-exchange reserves to remain sound.

"We could lower our ratings within the next 12 months if we observe
a reversal of recent improvements in political stability, resulting
in a decline in investor confidence or the withdrawal of donor and
multilateral support. We might also lower the ratings if the
government's fiscal position were to weaken, leading to a
substantial rise in interest expenses and net debt.

"We could raise our ratings within the next 12 months if Fiji's
institutional settings continue to improve, which would help to
support policy stability and economic growth. We might also raise
the ratings if the government loosens its foreign-exchange
restrictions while maintaining a healthy level of reserves or if
fiscal consolidation progresses faster than we currently expect,
resulting in a declining debt burden."

Rationale

S&P said, "We have greater confidence in policy continuity in Fiji
following the elections of November 2018. The Fijian economy is
entering its 10th consecutive year of growth, despite the severe
damage inflicted by Tropical Cyclone Winston in 2016. While the
government had sought to influence monetary policy in the past, we
believe the Reserve Bank of Fiji has generally demonstrated
improving operational independence during the past decade. We
expect net government debt to be roughly stable as the government
begins to consolidate its fiscal position.

"Our ratings on Fiji remain constrained by its middle-income
economy, with per capita GDP of around US$6,000, a polarized
political landscape, and limited monetary policy flexibility. These
weaknesses are partly mitigated by the government's stable interest
expenses, which should fall further as it accesses more
low-interest lending, as well as its sound external position."

Institutional and economic profile: Policy continuity supports
creditworthiness; economic growth still solid

-- After the 2018 general election, policy continuity should
    continue to support growth and investment.

-- Economic prospects remain solid, despite damage inflicted
    by Tropical Cyclone Winston.

-- The economic base is somewhat narrow and reliant on the
    tourism sector.

Political stability in Fiji is cemented by the return of the
incumbent FijiFirst party for another four-year term, albeit with a
reduced parliamentary majority. External observers viewed the
election as credible and transparent. It was the second democratic
election held since 2006. The government has promoted sustainable
public finances, generally pro-growth economic reforms, and
investment in infrastructure and education. The last few years have
also seen increased engagement with multilateral institutions, such
as the Asian Development Bank (ADB) and World Bank, which should
help the government in implementing policy and regulatory reforms.

Fiji's political and social settings historically have been marked
by tensions between its indigenous Fijian and minority Indo-Fijian
communities, resulting in several (nonviolent) military coups
during the past 20 years. Following eight years of military rule,
the Fijian government held an election in September 2014 under a
new constitution promulgated in 2013, and a second election in
2018. Press freedom in Fiji is improving, as is the quality of
official economic and financial data. In September 2018, Fiji
implemented the International Monetary Fund's Enhanced General Data
Dissemination System.

S&P said, "We expect Fiji's economic expansion -- now in its 10th
year -- to continue at about 3% per annum in real terms over the
next few years. Per capita GDP is also growing, at about 2%-3% per
annum. We estimate GDP per capita in 2019 at US$6,000 -- up by 15%
during the past five years." Growth rebounded in 2017 and 2018
after Tropical Cyclone Winston -- the most intense cyclone ever
recorded in the southern hemisphere -- inflicted severe damage in
February 2016. Fiji's economic base is somewhat narrow and relies
heavily on the tourism sector. Fiji also has a large subsistence
agricultural sector, and its other industries include garment
manufacturing, gold mining, fishing, and timber production."

The effectiveness of policymaking remains mixed, with limited
checks and balances. Procedures for starting and registering a new
business and paying taxes are cumbersome. Fiji ranked 101st in the
World Bank's "Doing Business" survey for 2019, down from 86th in
2015. The decline over several years is largely attributable to the
closure of Fiji's single credit bureau in 2016; the country's rank
could improve now that a new credit bureau is being established.

Long-term demographics are favourable, thanks to a median age of
about 28 years. However, Fiji is vulnerable to natural disasters
and, in addition to Winston in 2016, was hit by the smaller
Tropical Cyclones Josie and Keni in 2018. In the long run, Pacific
islands may be threatened by the impacts of climate change and
rising sea levels, though S&P does not assess these risks to be
material to our current credit ratings on Fiji.

Flexibility and performance profile: Fiscal consolidation plans
mean debt should stabilize; central bank is demonstrating improving
independence

-- The fiscal deficit should narrow and debt should
    stabilize as the government reins in expenditure.

-- A strong tourism industry underpins external finances,
    though the economies of trading partners are slowing.

-- The Reserve Bank of Fiji operates without political
    interference, though its flexibility is limited by
    a pegged exchange rate.

S&P forecasts Fiji's fiscal deficit to narrow to below 3% of GDP
during the next few years as the government reins in expenditure
growth, after it widened to 4.6% in fiscal year 2018 (the year
ended July 31, 2018). Recurrent and capital expenditures should
normalize as post-cyclone reconstruction winds down, while revenues
will grow as businesses resume normal activity. As a result, annual
growth in net general government debt should slow to less than 3%
of GDP. S&P forecasts that the stock of net general government debt
will stabilize at around 43%-44% of GDP through fiscal 2022. Net
debt had been on a downward trajectory until 2017, when it began
rising again. A lower debt burden would help to create fiscal space
for Fiji to respond to future natural disasters or other exogenous
shocks.

In S&P's view, shortcomings in infrastructure and basic services
continue to constrain the government's budgetary flexibility.
However, Fiji receives financial and technical support from
multilateral organisations for essential transport and water
infrastructure projects.

While the government's interest burden is relatively high, at close
to 10% of government revenues, S&P expects that interest costs will
fall further as Fiji accesses a growing pool of lower-cost lending
from the ADB, World Bank, and bilateral partners such as the
governments of Australia, Japan, and New Zealand. In its recent
country partnership strategy, the ADB proposed a program of US$600
million for 2019-2023, subject to financing availability and
project readiness. The World Bank is similarly preparing its
country partnership framework for 2020-2024, and Fiji has also
become eligible for at least US$21 million per annum of additional
concessional funding through the International Development
Association, an arm of the World Bank. It is likely that some of
these resources will be used to substitute for more expensive
borrowing from the capital markets. Fiji's sole foreign-currency
bond, a US$200 million bond issued in 2015, is due to mature in
October 2020.

Fiji's external metrics are supportive of the ratings. Gross
external financing needs and narrow net external debt, by S&P's
measures, remain moderate. Tourism earnings grew 4.5% in calendar
2018, and Fiji is expanding its capacity for meetings and
conventions, successfully hosting more than 2,000 delegates at the
ADB annual meeting in May 2019. The tourism industry is Fiji's
largest foreign-exchange earner, though growth may decline on the
back of an economic slowdown in major source markets. Personal
remittances are also rising and are likely to benefit from the
introduction of Australia's Pacific Labour Scheme. The current
account deficit widened in 2018, partly due to falling world sugar
prices and higher fuel import costs. Weighing on the external
position is Fiji's reliance on foreign financing, which may render
it susceptible to sudden shifts in investor sentiment.

Official reserves remain comfortable at more than US$900 million as
of June 2019. The country's reliance on imports, especially oil,
makes its current account vulnerable to any increases in the prices
of foreign goods. The recent 2019-2020 fiscal budget raised import
duties on most types of motor vehicle, which should help to contain
imports. In 2016, the damage caused by Tropical Cyclone Winston
drove higher imports for reconstruction and weakened production of
key exports, such as sugar and timber.

In S&P's view, the Reserve Bank of Fiji (RBF) acts without
political interference and its operational independence has
improved during the past decade. The Fijian dollar is pegged to a
weighted basket of currencies belonging to Fiji's major trading
partners, the U.S., Australia, New Zealand, Japan, and the
Eurozone. This currency arrangement means that the RBF must focus
on exchange-rate stability, potentially at the expense of domestic
inflation or economic growth objectives. The last devaluation
occurred in 2009. The RBF also supervises Fiji's six commercial
banks, the Fiji National Provident Fund, and other financial
institutions.

Extensive restrictions on foreign exchange can be a hindrance to
investment, though these have gradually eased in recent years as
Fiji rebuilt its official reserves and appear now to be less of a
concern to investors and corporates.

Ratings List
Upgraded, Ratings Affirmed

Fiji
                                       To               From
  Sovereign Credit Rating         BB-/Stable/B       B+/Stable/B  
  Senior Unsecured                BB-                B+

  Transfer & Convertibility Assessment
  Local Currency                  BB-                B+




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I N D I A
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AASHIRWAD INDUSTRIES: CARE Keeps D Debt Rating in Non-Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aashirwad
Industries Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      13.80       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating AIPL under the 'issuer non-cooperating' category as AIPL had
failed to provide information for monitoring of the rating. AIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a email
dated July 3, 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.

At the time of last rating on March 1, 2018 the following were the
rating strengths and weaknesses

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker during last review, the bank facilities of AIPL had been
classified as SMA1 on account of overdrawals in cash credit
facility and delay in repayment of interest and principal repayment
of term loan.

AIPL is a Nagpur-based company, incorporated in June 2012 and is
engaged in the manufacturing of Asbestos Cement (AC) roofing sheets
and accessories. Located in Butibori Industrial area of Nagpur, the
unit has an installed capacity of manufacturing of 54,000 Metric
Tonne Per Annum (MTPA) of asbestos cement.


ABHINAV STEELS: CARE Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Abhinav
Steels & Power Ltd. (ASPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      379.41      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      28.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 22, 2018, placed the
rating(s) of ASPL under the 'issuer non-cooperating' category as
ASPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. ASPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated August
6, 2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings of the bank facilities of ASPL takes into account
ongoing delays in debt servicing by the company.

ASPL was initially promoted as Abhinav Steels Private Limited in
1987 by Mr. Phoolchand Yadav of the Yadav family along with Mr.
Girdhari Lal Yadav (first cousin of Mr. Phoolchand Yadav) for
manufacturing of rolled steel products at Jaunpur (U.P). The
company is engaged in the manufacturing of long steel products such
as angles, channels and TMT bars and caters to the construction and
infrastructure industry. ASPL has its manufacturing facilities
located in Jaunpur (U.P.) with a capacity of 75,600 Metric Tonne
Per Annum (TPA) for ingots and 81,000 (MTPA) for rolled products as
on March 31, 2015. Further, ASPL also has 40 MW coal based captive
power plant.


ATHALURI SUSHMA: CARE Keeps D on INR5.7cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Athaluri
Sushma Sree (ASS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank        5.73      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Details of instruments/facilities

CARE had, vide its press release dated June 11, 2018, placed the
rating of ASS under the 'issuer non-cooperating' category as firm
had failed to provide information for monitoring of the rating. ASS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 19, 2019, July 22, 2019, July 23, 2019, July 24 2019 and
July 26 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 4, 2018, the following were the
rating strengths and weakness

Key Rating Weakness

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

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

Key Rating Strengths

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

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


BALLARPUR INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ballarpur
Industries Limited's (BILT) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR840.3 Non-convertible debentures (NCDs) (Long-term)* due on

     January 27, 2024, ISIN INE294A07125 issued on January 28, 2014

     coupon rate 11.75% affirmed with IND D rating;

-- INR460 mil. Term loans (Long-term) affirmed with IND D rating;

     and

-- INR2,860.7 bil. Fund-based and non-fund-based working capital
     limits (Long term / Short-term) affirmed with IND D rating.

*INR659.7 million converted to equity; INR840.3 million is
outstanding.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Ballarpur Industries Limited (BILT) and its subsidiaries while
arriving at the ratings. BILT Graphic Paper Products Limited
(BGPPL) has strong operational and strategic linkages with its
ultimate parent, BILT, due to their similar business profiles,
common treasury, and management team.

KEY RATING DRIVERS

The affirmation reflects BILT's continued inability to timely
service its debt obligations, owing to unsustainable debt levels
and stressed liquidity position, leading to sub-optimal capacity
utilization. The company has consistently reported poor operating
cash flows due to the closure of one of its two units (Kamalapuram)
for a few years.

BILT's Malaysian subsidiary, Sabah Forest Industries, is under
receivership and the management of Grant Thornton Consulting Sdn
Bhd. On April 4, 2018, the receiver and manager of Sabah Forest
Industries Sdn. Bhd (SFI) entered into a sale purchase agreement
with Pelangi Prestasi Sdn Bhd (Pelangi) for a total consideration
of USD310 million. However, the current Sabah government changed
the terms for the issuance of the new timber licenses and hence
decided against the issuance of the new timber license to Pelangi.
Pelangi has filed a civil suit against the current Sabah government
for changing the terms on the issuance of the new timber licenses
and the matter is sub judice. This has led to further delays in
asset monetization, and hence the deleveraging process.

RATING SENSITIVITIES

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

COMPANY PROFILE

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BGPPL, while
Kamalapuram and Shree Gopal units are under BILT. The company has a
total paper capacity of around 1 million metric tons and pulp
capacity of around 0.8 million metric tons (including rayon grade
pulp capacity).


DQ ENTERTAINMENT: CARE Keeps D on INR155cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DQ
Entertainment (International) Limited (DQE) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     155.58       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2018, placed the
rating(s) of DQE under the 'issuer non-cooperating' category as DQE
had failed to provide information for monitoring of the rating. DQE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and mail
dated May 30, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 13, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange filings from National Stock Exchange
(NSE) :

Key Rating Weaknesses

Delays in debt servicing: There are continuing delays in debt
servicing owing to liquidity issues and cash flow mismatches.
The same has been confirmed by lenders.

Key Rating Strengths

Experienced promoters with long track record of operations in
business: The promoters Mr. Tapaas Chakravarti has more than a
decade of experience in the animation and gaming industry. Mr.
Tapaas has held senior positions in Sales and Projects at Coats of
India, (a British multinational). He was Head of Special Projects
for Sriram Group where he developed countrywide contract
manufacturing activities. DQE is one of the largest independent
children's media company with a comprehensive portfolio of existing
and developed franchise properties.

Improvement in income; albeit continuing losses: The total
operating income of the company witnessed improvement during FY18
with 15% increase against decline of around 51% during FY17. The
company reported net loss of INR6.64 crore for FY18 vis-à-vis loss
of INR47.90 crore for FY17. The company reported cash profit of
INR15.78 crore for FY18 as against cash loss of INR13.59 crore for
FY17.


EASTERN COPPER: CARE Reaffirms 'B' Rating on INR3.88cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Eastern Copper Manufacturing Company Private Limited (ECMC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.88       CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities          12.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating for the bank facilities of ECMC continues to remain
constrained by its small scale of operation with low profitability
margin, weak financial risk profile marked by leveraged capital
structure and weak liquidity position, volatility in raw material
prices with highly competitive and fragmented industry and working
capital intensive nature of operation. The ratings, however, derive
strength from its experienced promoters with long track record and
reputed clientele.

Going forward, the ability of the company to increase the scale of
operations and profitability margins and ability to manage working
capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margin: ECMC is a
relatively small player in copper products manufacturing business
with revenue of INR48.68 crore and PAT of INR0.39 crore during FY19
(prov.). The same has increased during FY19 on the back of increase
in demand for copper from its user industries. Furthermore, the
capital employed was also low at INR12.64 crore as on March 31,
2019. The company has earned around INR16.00 crore during 4MFY20.
The small scale restricts the financial flexibility of the company
in times of stress. This apart, the profitability margin of the
company has been low over the years and the PBILDT margin and PAT
margin was 5.56% and 0.80% respectively during FY19 (prov.).

Weak financial risk profile marked by leveraged capital structure
and weak liquidity position: The capital structure of the company,
remained leveraged with overall gearing ratio marginally
deteriorating to 1.76x as on March 31, 2019, due to increase in
working capital borrowings to fund the augmented scale of
operation. However, interest coverage ratio has improved and
remained adequate at 1.62x during FY19. Liquidity position of the
company remains relatively weak and the current ratio was below
unity as on March 31, 2019 due to high current portion of long
term debt.

Volatility in raw material prices with highly competitive and
fragmented industry: ECMC does not have any backward integration
for its basic raw material (copper ore or billets) for producing
copper products and the same is required to be purchased from open
market. The finished goods as well as raw material prices of copper
products are volatile in nature. Even though raw material prices
moved in tandem with finished goods prices, it does so with a time
lag. Since, raw material is the major cost driver, any southward
movement of finished goods price with no decline in raw material
price result in adverse performance of the company. The spectrum of
the copper industry in which the company operates is highly
fragmented and competitive marked by the presence of numerous
players in India. Hence the players in the industry do not have
pricing power and are exposed to competition induced pressures on
profitability. This apart, ECMC's products being copper related, it
is subjected to the risks associated with the industry like
cyclicality and price volatility.

Working capital intensive nature of operation: As on March 31,
2019, net working capital as a percentage Total capital employed
was 16.77%. However, ECMC's business, being manufacturing of copper
products, is working capital intensive. The utilization of bank
borrowing is at around 95% during the last 12 months ended July
2019.

Key Rating Strengths

Experienced promoters with long track record: ECMC is currently
managed by Mr. Ravi Choudhary, Director, having about three decades
of experience in similar line of business. These apart, all other
two directors are also having around three decades of experience in
similar industry. The company started operation from March 1996,
thus having long track record of operation.

Reputed clientele: The company sells its products to the clients
like TATA International Ltd, Bharat Sanchar Nigam Ltd and
Chittaranjan Locomotive Works. It has long standing relationship
with clients marked by repeated orders from the said clients.

Liquidity
The liquidity position of the company was weak as on March 31,
2019. Cash and Bank Balance was INR0.95 crore and current ratio of
the company was below unity at 0.77x as on March 31, 2019. This
apart, quick ratio was at 0.33x as on March 31, 2019. During FY19,
GCA was INR1.04 crore.

Eastern Copper Manufacturing Company Private Limited (ECMC) was
incorporated during March 1996 to initiate copper products
manufacturing business at Kolkata. The company has set up its
manufacturing unit at Baniara Industrial Estate in Howrah with an
installed capacity of 3,600 MTPA. The company manufactures products
like Copper bar, rods, wires, plates etc. and sells to the company
like TATA International Ltd, Bharat Sanchar Nigam Ltd and
Chittaranjan Locomotive Works etc. The day-to-day affairs of the
company are looked after by Mr Ravi Choudhary, with adequate
support from the other two directors and a team of experienced
personnel.


ELITE INFRA: CARE Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Elite Infra
Private Limited (EIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       9.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-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 June 1, 2018, placed the
rating(s) of EIPL under the 'issuer non-cooperating' category as
EIPL had failed to provide information for monitoring of the
rating. EIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated July 19, 2019, July 22, 2019, July 24, 2019, July
30, 2019 and July 31, 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.

The ratings have been revised on account of ongoing delays in
meeting its debt obligation.

Detailed description of the key rating drivers

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

Key Rating Weakness

Delay in debt servicing: The company has delays in servicing of
debt obligations owing to the stretched liquidity position of the
company Short track record of the company.

EIPPL was incorporated in January 2009 and executed around eight
contracts completely till February 2014, amounting to around
INR165.62 crores. The works executed majorly include road works,
irrigation works and other civil construction works. Furthermore,
its scale of operations are small as compared with other industry
peers marked by total operating income of INR49.15 crore during
FY13 and low net-worth base of INR6.98 crore as on March 31, 2013.

Moderate capital structure with elongated working capital cycle:
EIPPL has a moderate capital structure marked by moderately high
overall gearing of 1.75 times as on March 31, 2013, on account of
high working capital borrowings and increased term loans during
FY12 and FY13 for the purchase of additional equipment. The total
debt/GCA also stood moderately high at 5.87 times in FY13 on
account of high level of debt of the company and moderate cash
accruals. The company's working capital cycle stood high and
increased from 77 days in FY12 to 120 days in FY13 due to the
increased level of inventory holding days from 33 days in FY12 to
around 60 days in FY13 coupled with higher collection days of 88
days in FY13; the increased inventory level was due to the higher
amount of work in progress as on year ending date.

Key Rating Strengths

Qualified and experienced promoters of the company: The company is
promoted and managed by Mr B Narsimha Reddy and Mr B Nagi Reddy,
who are the directors of the company. Mr B Nagi Reddy a graduate
and Mr B Narsimha Reddy an MBA graduate has around thirteen years
of experience in handling the company's activities. Over the years,
the promoters of the company have been able to establish strong
relationship with its customers.

Significant growth in total operating income during the last three
years ended FY13: The total operating income of the company has
registered a Compounded Annual Growth Rate (CAGR) of 90.10% during
the periods FY11-FY13 (from INR13.60 crore in FY11 to INR49.15
crore in FY13), backed by increased order book and execution of
contracts in hand. Furthermore, the company has achieved a total
operating income of INR60.30 crore during 11MFY14.

Healthy albeit concentrated order book position: EIPPL has a
healthy order book position with orders in hand aggregating
INR172.46 crore as on March 15, 2014, to be executed majorly before
March 2016, thus providing long term revenue visibility to the
company. However, EIPPL is exposed to client concentration risk as
the current order book is from three customers, namely, Odisha
Construction Corporation Limited, Concast Infratech Limited and
Back Bone Construction Pvt Ltd. Also, around 68% of the order book
is from a single customer, Back Bone Construction Pvt Ltd. Such
concentrated order book would impact the company's business
turnover/cash flow position significantly in case of any slowdown
in the project execution or weakening of credit profile of the
contractors.

EIPPL was incorporated in the year 2009 by Mr B Narsimha Reddy and
Mr B Nagi Reddy. The company is engaged in the execution of civil
construction works such as laying of roads, canal irrigation works
and other civil works for both government and private
organisations. EIPPL mainly undertakes projects for government and
private organizations.


ELLENABAD STEEL: CARE Keeps D on INR9.5cr Loans in Non-Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ellenabad
Steel Private Limited (ESPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       9.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed description of the key rating drivers

CARE had, vide its press release dated March 12, 2018, placed the
rating ESPL under the 'issuer non-cooperating' category as ESPL had
failed to provide information for monitoring of the rating. ESPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 2, 2019, and
numerous phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

At the time of last rating on March 12, 2018 the following were the
rating strengths and weaknesses (updated for financials
available from Ministry of Corporate Affairs)

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker during the last review dated March 5, 2018, bank
facilities of ESPL was classified as NPA. Further, as per latest
discussion with the banker dated August 1, 2019, the bank facility
of ESPL has been restructured. However, sufficient information
regarding the current classification of account is not available
with CARE Ratings.

ESPL an ISO 9001:2008 certified company was incorporated on July
27, 1994 by Mr ShravanGarg and MrLalitJalan. The company is engaged
in manufacturing of Thermo Mechanical Treatment (TMT) bars, Mild
Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars and
such other steel rolled products and markets under the brand name
of 'Om Durga'.


GEHLOT ENTERPRISE: CARE Lowers Rating on INR9cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gehlot Enterprise (GHE), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer not
                                  cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2019, placed
the rating(s) of GHE under the 'issuer non-cooperating' category as
GHE had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. GHE
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
August 13, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the rating assigned to the bank facilities of GHE
is primarily due to irregularity in servicing its debt obligations
due to its stretched liquidity.

Key Rating Weaknesses

Ongoing delay in debt servicing: There are ongoing delays in
serving of debt obligation due to stretched liquidity position.

Liquidity Analysis:
Liquidity remained stretched owing to cash flow mismatch from
operation.

Surat (Gujarat) based, GHE was established as a proprietorship firm
on August, 2015. GHE is currently executing a residential
project named 'Shree Umang Laxmi Residency (The firm has applied
for RERA Registration) with 287 units (72 flats and 215
row houses) at Ankleshwar consisting total area under development
of 24,382 square meters.

The implementation of Shree Umang Laxmi Residency commenced since
August 2015 and till December 01,2017, GHE has incurred the total
cost of INR12.29 crore (65% of total project cost) out of the total
cost of INR18.73 crore and rest will be incurred by end of June
2018. Till December 20, 2017, out of total units 15 Row houses have
been booked and 1 row house has been sold and 14 flats have been
booked and 8 flats have been sold.


GOVERDHAN TRANSFORMER: CARE Lowers Rating on INR4.50cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goverdhan Transformer Udyog Private Limited (GTPL), as:

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

   Short Term Bank      1.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4

Detailed Rationale and key rating drivers

The revision to the ratings assigned to the bank facilities of GTPL
takes into account the overdrawal in CC account for more than 30
days.

Detailed description of the key rating drivers

Key rating weakness

Overdues in repayment of debt obligations: As per the banker
feedback, there has been continuous overdrawal in CC account for
more than 30 days due to the delay in collection of receivables
from the government departments.

Uttar Pradesh based Goverdhan Transformer Udyog Private limited
(GTPL) is a private limited company which was incorporated in
January, 1985 and is currently being managed by Mr. Rajesh Kapoor;
Ms. Seema Kapoor and Mr. Naman Kapoor. The company is engaged in
manufacturing of transformers for state owned electricity boards
and other government departments at its manufacturing facility
located at Shikohabad (Uttar Pradesh), having an installed capacity
of 6,000 units per annum as on March 31, 2019, The main
raw-material for GTPL is copper & aluminum wires, transformer oil
and CRGO (Lamination) which are procured domestically from traders
and manufacturers across India.


H M INDUSTRIAL: Ind-Ra Affirms 'D' Longterm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed H M Industrial
Private Limited's (HM) 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 rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR398.5 mil. Term loan (Long-term) due on January 2024
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR590 mil. Fund-based facilities (Long-term/Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR190 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
the best available information

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by HM,
the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

HM was founded by Shri HM Patel in 1991 as H M Industrials and was
reconstituted as a private limited company in 2016. HM has been
engaged in the processing of cottonseed oil, castor seed and castor
de-oil cake since 1991. It has a 45,000 metric tons per annum plant
located in Kapadwanj, Gujarat.


HAIGREEVA INFRATECH: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Haigreeva
Infratech Projects Limited's (HIPL) Long-Term Issuer rating of 'IND
BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

                       Rated
                       Limits
Instrument Type      (million)          Rating
---------------      ---------          ------  
Issuer Rating         
LongTerm                  -       Withdrawn from IND BB+
                                   (Issuer Not Cooperating)
                                   /Stable
Fund-based Facilities
Long term/Short term   INR850     Withdrawn from IND BB+
                                   (Issuer Not Cooperating)
                                   /Stable /IND A4+
                                   (Issuer Not Cooperating)

Non Fund-based Facilities
Short term             INR2,017   Withdrawn from IND A4+
                                   (Issuer Not Cooperating)

Term Loan
Long term              INR33      Withdrawn from IND BB+
                                   (Issuer Not Cooperating)

KEY RATING DRIVERS

HIPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings, as the agency has received a no objection
certificate from the rated facilities' lenders.

COMPANY PROFILE

Incorporated in 2001, HIPL executes road, building and irrigation
projects.


HAYATH FOODS: CARE Lowers Rating on INR10.41cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hayath Foods (HF), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.41      CARE B-; Issuer not cooperating;
   Facilities                     Revised from CARE B; Issuer not
                                  cooperating on the basis of
                                  best available information

   Short Term Bank     24.00      CARE A4; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 11, 2018, placed the
ratings of HF under the 'issuer noncooperating' category as HF
failed to provide information for monitoring of the rating. HF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 19, 2019, July 22, 2019, July 23, 2019, July 24, 2019
and July 26, 2019 In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 11, 2018 the following were key
rating weaknesses and strengths.

Key Rating Weakness

Presence in the highly fragmented industry characterized by intense
competition: The company is engaged in processing of fruit pulps
which involves moderate value addition. Moreover, on account of
number of units operating in similar business along with presence
of large sized renowned entities, the competition among the players
remains very high resulting in high fragmentation and restricts the
profitability to an extent.

Seasonal availability of raw material (Mango) resulting into
working capital-intensive nature of business: Prices of mango are
highly volatile in nature and depend upon factors like, area under
production, yield for the year (4-5 months). The firm has to
procure significantly higher volume of mango to avail bulk discount
from suppliers. Furthermore, mango being seasonal crop, it is
available mainly from April-July, which results in a higher
inventory holding period for the business. The firm receives the
payment from its customers within 60-120 days and makes the payment
to its suppliers within 30-40 days which further resulted in
working capital intensive nature of business. The average
fund-based working capital limits were utilized at 95% during the
past 12 months period ended March 31, 2015 Constitution of the
entity as a partnership firm. HYF, being a partnership firm, is
exposed to inherent risk of the partners' capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
business has restricted avenues to raise capital which could prove
a hindrance to its growth. Furthermore, there is instances of
capital withdrawal INR0.74 crore during FY14. Susceptibility of
margin to fluctuation in exchange rates HYF is exporting processed
products which constituted 25% to total sales. Due to export there
is possibility of susceptible to fluctuation in currency and
which in turn also affects the profitability margins and the firm
does not have any hedging mechanism to safeguard the same.

Key Rating Strengths

Experienced promoter for more than four decades in the industry:
The promoters have been engaged in the food processing industry for
more than four decades. Mr Syed Mateen Aga (Managing Partner), has
more than four decades of experience in this industry through other
associate companies and is actively involved in the day-to-day
operations of the firm. Mr Syed Tanzeem Aga, Mr Syed Taheem Aga and
Mr Syed Tanzil Aga, other three partners has more than 10 years of
experience in the same line of business, and looks after production
and other operational activities. All of them belong to the same
family. HYF established in 2007 and has gained reasonable track
record of the firm in term of business operations.

Location advantage with presence in major mango cultivation area
(Chittor) resulting in easy procurement of mangoes: HYF is well
connected to prominent mango growing belts. The firm enjoys
proximity to the mango growing areas of Chittoor. Hence, it derives
benefits from lower logistics expenditure (both on transportation
and storage), easy availability of labour and procurement of
mangoes at competitive prices, and consistent demand for finished
goods resulting in sustained revenue visibility.

Liquidity Analysis: The current ratio of the firm stood moderate at
1.23 as on 31st March 2015(Prov) due to higher current assets
compared to current liabilities as on balance sheet closing date.

HYF established in 2007 as a partnership firm and plant located at
Tirupathi By-pass road, Cherlapalli village post, Chitoor, Andhra
Pradesh. HYF was promoted by Mr Syed Mateen Aga, Mr Syed Tanzeem
Aga, Mr Syed Taheem Aga and Mr Syed Tanzil Aga. The firm is engaged
in the processing of various Mango pulp (totapuri & alphonso) and
tomato pulp, and papaya pulp. HYF is an ISO 9001:2000 certified
firm. HYF procures its entire raw material (fruits and vegetables)
from the local market, ie, from local farmers and dealers. HYF
sells its products in the domestic market across India like Andhra
Pradesh, Maharashtra, Tamil Nadu, Kerala, Uttar Pradesh, Gujarat
and Karnataka which constituted to about 75% of the revenue during
FY15 (Provisional) and rest of 25% is exported to UAE, Saudi Arabia
and Yemen Arab Republic. About 90% of the revenue was generated
through mango pulp during FY15.


HYQUIP TECHNOLOGIES: CARE Keeps 'D' Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hyquip
Technologies Limited (HTL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       2.14       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      1.30       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2018, placed the
rating(s) of HTL under the 'issuer non-cooperating' category as HTL
had failed to provide information for monitoring of the rating. HTL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated June 24, 2019, June 27, 2019, June 28, 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

At the time of last rating on June 26, 2018 the following were the
key rating strengths and weaknesses.

Key Rating Weakness

Ongoing delays: Hyquip Technologies Limited has been facing
liquidity. Hence couldn't able to meet its debt obligations.

Key Rating Strengths

Experience of the promoter and management: The founder promoter of
the group has about three decades of entrepreneurial experience in
the field of engineering and manufacturing of equipment and systems
for coal handling, bulk handling, automation plants, municipal
solid waste management plants, etc.

The Managing Director of the company, Mr. M. P. Fernando, has more
than two decades of experience with the Hyquip group and more than
one and half decade of experience working for various
multi-national engineering companies prior to joining Hyquip
group.

The company was incorporated in the year 2003 under the name Hyquip
Exports Limited as a part of the Hyquip group, primarily
established for exporting municipal solid waste management
processing equipments manufactured by the associate concerns. Later
in 2006, the company changed the name of the company to Hyquip
Technologies Limited (HTL). HTL developed clean and green
technologies for recycling of Municipal Solid Waste (MSW),
conversion of MSW into compost, Refused Derived Fuel Facility
(RDF), power from waste and also generation of power from biomass.


JAYMALA SPINTEX: CARE Keeps D on INR34.3cr Loans in Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaymala
Spintex Limited (JSL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      31.94       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      2.40       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 6, 2018, placed the
ratings of JSL under the 'issuer non-cooperating' category as JSL
had failed to provide information for monitoring of the ratings for
the rating exercise as agreed to in its Rating Agreement. JSL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
July 2, 2019 and July 22, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on December 06, 2018, the following was
the rating weakness:

Key Rating Weaknesses

Delay in debt servicing: JSL had been irregular in servicing its
debt obligation due to weak liquidity position of the company.

Idar-based (Gujarat), JSL was incorporated in May 2006 as Saraswati
Cotspin Pvt. Ltd. by Mr. Niranjan Patel, Mr. Bharat
Patel and Mr. Ishwar Patel. Subsequently, during March 2013, JSL
was converted into public limited company. JSL manufactures cotton
combed yarn of finer quality with 30s count and operates from its
sole manufacturing facility located at Idar. JSL has commenced
commercial production from February 2014. The products manufactured
by the entity find its application in manufacturing of suiting,
shirting, and hosiery products. The major raw material for
manufacturing cotton yarn is ginned cotton which will be procured
from the local market of Idar.

The promoters are also partners in Paras Seeds Corporation which is
engaged in seeds processing, cotton ginning and pressing business
and Bhoomi Bio Seeds Limited which is engaged in the packaging,
trading, research and production of seeds and other ancillary
services.


MADHURI P: CARE Lowers Rating on INR9.97cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Madhuri P Rural Godowns (PPRG), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.97       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer not
                                  cooperating on the basis of
                                  best available information

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of PPRG
is on account of ongoing delays in the servicing of interest and
principal amount of term loan facility.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligations: The firm has ongoing
delays in term loan installment repayments along with servicing of
interest obligations due to stressed liquidity position.

Small Scale of operations: The scale of operations of the entity
marked by total operating income (TOI), remained small at INR0.52
crore in FY19 (C. A. Certified Prov.) with low net worth base of
INR4.36 crore as on March 31, 2019 (C. A. Certified Prov.) as
compared to other peers in the industry.

Declining Profitability Margins: Profitability margins of the firm
remained comfortable during the review period. PBILDT margin
declined from 94.95% in FY17 to 91.39% in FY18 due to increase in
maintenance costs and improved to 91.42 in FY19 (C. A. Certified
Prov.) due to increase in scale of operations. PAT margin of the
firm deteriorated from 20.94% in FY17 to 8.05% in FY18 due to
increase in interest cost. Further, the PAT margin of the firm has
increased and stood at 11.33% in FY19 (C. A. Certified Prov.) on
account of decrease in interest expenses.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged. The debt
equity ratio of the firm deteriorated from 2.78x as on March 31,
2017 to 3.68x as on March 31, 2018 due to availment of loan for
construction of the godown and improved to 2.59x as on March 31,
2019 (C. A. Certified Prov.), due to repayment of the term loan. As
a result overall gearing ratio also deteriorated from 2.78x as on
March 31, 2016 to 3.68x as on March 2017 and improved to 2.59x as
on March 31, 2019 (C. A. Certified Prov.).
The firm's debt coverage indicators stood weak during review
period. However, the Total debt/GCA of the firm improved
from 64.33x in FY18 to 57.80x in FY19 (C. A. Certified Prov.) at
the back of accretion of profits in FY9 (C. A. Certified Prov.).
Further, the interest coverage ratio also improved from 1.74x in
FY18 to 1.87x in FY19 (C. A. Certified Prov.) due to
increase in PBILDT in absolute terms.

Proprietorship nature of constitution with risk of withdrawal of
capital: The firm being a proprietorship firm is exposed to
inherent risk of capital withdrawal by proprietor due its nature of
constitution. Any substantial withdrawals from capital account
would impact the net worth and thereby the gearing levels.

Highly competitive and fragmented nature of business: The firm is
engaged into the business of providing godown facilities on lease
basis to the farmers where the profitability margins comparing to
other industry will be low. Apart from that there are numerous
organized and unorganized players entering into the market which
makes the industry competitive nature.

Key Rating Strengths

Experience of Partners for more than a decade in agricultural
industry: Madhuri P. Rural Godowns was established in the year 2013
promoted by Ms. Madhuri Pachimatla. The day to day operations of
the firm are managed by Mr. Shiv Raju Pachimatla (Father of Ms.
Madhuri Pachimatla. The proprietor of the firm is having around 5
years of experience in agricultural and warehouse industry.

Growth in operating income: The total operating income of the MRG
increased from INR0.50 crore in FY18 to INR0.52 crore in FY19 (C.
A. Certified Prov.) due to increase in rental income.

Andhra Pradesh based, Madhuri P Padma Rural Godowns (MRG) was
established as a proprietorship firm in the year 2013 and promoted
by Ms. Madhuri Pachimatla. The firm is engaged in providing ware
house on lease rental to Telangana State Civil Supplies Corporation
Limited (TSCSCL), Food Corporation of India (FCI) and Cotton
Corporation of India (CCI). The property is built on a total land
area of 10 acres and comprises of 4 godowns, with aggregate storage
capacity of around 23000 MT, for food crops like rice, wheat,
cotton etc respectively. Commercial operations for two godowns were
started in November 2014 and for other two commercial operations
started from July 2018.


MANDAKINI PACHIMATLA: CARE Lowers Rating on INR9.25cr LT Loan to D
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mandakini Pachimatla (MP), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.25       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer not
                                  cooperating on the basis of
                                  best available information

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of MP
is on account of ongoing delays in the servicing of interest and
principal amount of term loan facility due to stressed liquidity
position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligations: The firm has ongoing
delays in term loan installment repayments along with servicing of
interest obligations due to stressed liquidity position.

Small Scale of operations: The scale of operations of the entity
marked by total operating income (TOI), remained small at INR0.54
crore in FY19 (C. A. Certified Prov.) with low net worth base of
INR3.97 crore as on March 31, 2019 (C. A. Certified Prov.) as
compared to other peers in the industry.

Declining Profitability Margins: Profitability margins of the firm
remained comfortable during the review period. PBILDT margin
declined from 98.64% in FY17 to 91.42% in FY19 (C. A. Certified
Prov.) due to increase in maintenance costs. PAT margin of the firm
improved from 17.63% in FY17 to 22.21% in FY18 due to decrease in
interest cost. Further, the PAT margin of the firm has decreased
and stood at 16.90% in FY19 (C. A. Certified Prov.) on account of
increase in interest.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm remained leveraged. The debt equity
ratio of the firm deteriorated from 1.38x as on March 31, 2017 to
3.98x as on March 31, 2018 due to availment of loan for
construction of the railway sliding and improved to 2.19x as on
March 31, 2019 (C. A. Certified Prov.), due to repayment of the
term loan. As a result overall gearing ratio also deteriorated from
2.78x as on March 31, 2016 to 4.31x as on March 2017 and improved
to 2.43x as on March 31, 2019 (C. A. Certified Prov.). The firm's
debt coverage indicators stood weak during review period. However,
the Total debt/GCA of the firm deteriorated from 45.66x in FY18 to
49.55x in FY19 (C. A. Certified Prov.) due to low net worth in FY9
(C. A. Certified Prov.). However, the interest coverage ratio
deteriorated from 2.13x in FY18 to 1.87x in FY19 (C. A. Certified
Prov.) due to increase in interest.

Proprietorship nature of constitution with risk of withdrawal of
capital: The firm being a proprietorship firm is exposed to
inherent risk of capital withdrawal by proprietor due its nature of
constitution. Any substantial withdrawals from capital account
would impact the net worth and thereby the gearing levels.

Highly competitive and fragmented nature of business: The firm is
engaged into the business of providing godown facilities on lease
basis to the farmers where the profitability margins comparing to
other industry will be low. Apart from that there are numerous
organized and unorganized players entering into the market which
makes the industry competitive nature.

Key Rating Strengths

Experience of Partners for more than a decade in agricultural
industry: Mandakini Pachimatla was established in the year 2016
promoted by Ms. Mandakini. The day to day operations of the
firm are managed byMr. Shiv Raju Pachimatla (Father of Ms
Mandakini. The proprietor of the firm is having more than 8
years of experience in agricultural and warehouse industry

Andhra Pradesh based, Mandakini Pachimatla was established as a
proprietorship firm in the year 2016 and promoted by Ms. Mandakini
Pachimatla. The firm is engaged in providing ware house on lease
rental to Telangana State Civil Supplies Corporation Limited
(TSCSCL), Food Corporation of India (FCI) and Cotton Corporation of
India (CCI). The property is built on a total land area of 1.70
acres and comprises of 4 godowns, with aggregate storage capacity
of around 11000 MT, for food crops like rice, wheat, cotton etc
respectively. Commercial operations for two godowns were started
from August 2018.


METTU CHINNA: CARE Lowers Ratings on INR7.5cr Loans to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mettu Chinna Mallareddy Godowns (MCMG), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.27      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B; Issuer not
                                  cooperating on the basis of
                                  best available information

   Short Term Bank      0.23      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4; Issuer
                                  not cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 17, 2019, placed the
ratings of MCMG under the 'issuer non-cooperating' category as MCMG
had failed to provide information for monitoring of the rating.
MCMG continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 19, 2019, July 22, 2019, July 24, 2019, July 26, 2019
and July 29, 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 revision in the rating assigned to the bank facilities of Mettu
Chinna Mallareddy Godowns on account of ongoing delays in
meeting of debt obligations.

Key Rating Weakness

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

Andhra Pradesh based, Mettu Chinna Mallareddy Godowns(MCMG) was
established as a partnership firm in the year 2011 and promoted by
Mr. Ch. Venkata Krishna Rao and Mrs. Ch. Lakshmi. The firm is
engaged in providing ware house for lease rental purpose to Andhra
Pradesh State Warehousing Corporation. The property is built on
total land area of 18 acres comprising of nine godowns having
storage capacity for food crops like paddy around 45000 MT and each
godown having storage capacity of 5000MT.


NAYAAB JEWELS: CARE Keeps D on INR17cr Loans in Non-Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nayaab
Jewels (NJ) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      17.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      0.27       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated March 12, 2018, placed the
rating of NJ under the 'issuer noncooperating' category as NJ had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. NJ continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 5, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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 March 12, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing obligations: As per interaction with the
banker dated March 3, 2018, the account has been classified as NPA
on account of continuous delays in servicing of interest of cash
credit and installment repayment of term loans.

Established in the year, 2003, NJ is engaged in the manufacturing
and designing of gems, diamonds, precious and semiprecious stone
studded jewelry in gold, silver and platinum. The firm is promoted
by Mr Upendra Bothra and Mrs Manali Bothra.


NEELACHAL ISPAT: CARE Cuts Rating on INR543.01cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Neelachal Ispat Nigam Limited (NINL), as:

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   (i) Long-term Bank       543.01      CARE D Revised from
   Facilities (Term                     CARE B+; Stable  
   Loans)                   

   (ii) Long-term Bank      160.00      CARE D Revised from
   Facilities (Fund                     CARE B+; Stable
   Based- Cash Credit)      
                                        
   (iii) Short-term Bank    252.05      CARE D Revised from
   Facilities (Non-fund                 CARE A4
   Based-LC/BG)             

   (iv) Long-term Bank      993.05      CARE A (CE); Outlook
   Facilities (Term                     Stable Reaffirmed
   Loans)#                  
                                        
   (v) Short-term Bank        5.00      CARE A1(CE); Outlook
   Facilities (LC/BG)#                  Stable Reaffirmed

   (vi) Non-Convertible     150.00      CARE A (CE); Outlook
   Debentures-I#                        Stable Reaffirmed

   (vii) Non-Convertible    200.00      CARE A (CE); Outlook
   Debentures-II#                       Stable Reaffirmed

Note- As per SEBI Circular SEBI/ HO/ MIRSD/ DOS3/ CIR/ P/ 2019/ 70
dated June 13, 2019, CARE now assigns CE (Credit Enhancement)
suffix for the ratings backed by explicit credit enhancements from
third party/parent/group company. Previously, CARE had assigned SO
(Structured Obligation) suffix for ratings backed by such credit
enhancements.

#the said facilities/ instruments are backed by unconditional and
irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE
A; Stable / CARE A1 reaffirmed in January 2019).

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities (S.no.
(i), (ii),& (iii)) of Neelachal Ispat Nigam Limited factors in
stretched liquidity position of the company and resultant delays in
debt servicing.  The ratings assigned to the bank facilities (S.no.
(iv) & (v)) and non-convertible debentures (S.no. (vi) & (vii)) of
Neelachal Ispat Nigam Limited take into account the credit
enhancement in the form of unconditional and irrevocable corporate
guarantee extended by MMTC Limited (MMTC, rated CARE A; Stable/
CARE A1). The ratings continue to take into account MMTC's position
as the largest international trading house in India, predominant
ownership by the Government of India (GoI) as well as long and
established track record of trading in diverse commodities. The
rating further takes into account comfortable capital structure,
debt coverage indicators and strong internal control mechanism. The
ratings, however, continue to be constrained by MMTC's low
profitability margins and weak financial profile and stretched
liquidity position of MMTC's associate, Neelachal Ispat Nigam
Limited (NINL) leading to increased fund based support during FY18
(refers to the period from April 1 to March 31).

Going ahead, the ability of MMTC to improve profitability while
efficiently managing its working capital requirements and the
extent of support provided to NINL and other subsidiary/associates,
its impact on MMTC's financial risk profile and timely recovery of
advances shall be the key rating sensitivities.

Detailed description of the key rating drivers (Guarantor- MMTC)

Key Rating Strengths

Established track record with predominant government ownership:
MMTC is the largest international trading company of India and the
first Public Sector Enterprise to be accorded the status of "FIVE
STAR EXPORT HOUSE" by the GOI for long-standing contribution to
exports. It is the largest non-oil importer of the nation. MMTC has
been awarded the 'Mini Ratna' status and stands as a leading
international trading house in India. It has consistently won
various prestigious awards for export performance.

MMTC was established in 1963 and is one of the major global trading
players. It has six major divisions' viz., Precious metals,
Minerals & ores, Metals and industrial raw materials, Agro
products, Fertilizers & Chemicals and Hydrocarbons Trading in
diversified commodities: MMTC is involved in diverse trading
activities in exports, imports and domestic trading of goods. It is
the largest exporter of minerals from India, single largest
importer/supplier of bullion and non-ferrous metals viz. copper,
aluminum, zinc, lead, tin and nickel in the country. MMTC also
sells imported minor metals like magnesium, antimony, silicon and
mercury, industrial raw materials like asbestos and steel and its
products, along with other steel products including pig iron, slag,
and billets. The company has a wholly-owned international
subsidiary in Singapore to support its international trade. MMTC
has formed Joint Ventures with various entities in order to
diversify and increase its area of operations.

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

Key Rating Weaknesses

Low profitability: The operating income of the company witnessed
growth of around 40% on the back of healthy growth in precious
metals and PBILDT margin also improved from 0.12% in FY17 to 0.50%
in FY18 due to increased contribution from high profit yielding
metals and minerals segment. The profitability has however remained
range bound owing to trading nature of the business. The PAT margin
declined from 0.49% in FY17 to 0.30% in FY18 as there was
extra-ordinary income (Rs.104.43 crore) in form of interest on
delayed payments included in PAT for FY17 due to which the PAT for
FY18 is relatively low.

Increased fund based support to associate Neelachal Ispat Nigam
Limited (NINL): NINL incorporated in 1982, is engaged in
manufacturing and sale of pig iron. MMTC is the largest shareholder
in the company having 49.78% stake and the balance is held by
Industrial Promotion & Investment Corporation of Orissa (IPICOL),
NMDC Ltd, Orissa Mining Corporation Ltd and MECON Ltd. MMTC
provides operational support to NINL by purchasing coking coal for
NINL and selling NINL's products (pig iron) on commission basis.
MMTC has been extending, short term credit facility (cash credit)
to NINL from time to time, upto a limit of INR1425.00 crore for its
day to day operational activities on a continuing basis. In
addition, a trade related financial facility to the extent of
INR550.00 crore has also been extended. The advances to NINL has
increased to INR1786.70 crore as on March 31, 2018 in comparison
with INR966.50 crore as on March 31, 2017. Further MMTC has also
extended corporate guarantee to the tune of INR1,410.56 crore in
favour of lenders of NINL. However, during H1FY19, NINL has
reported improved operational performance. The improvement is
attributable to higher utilization of hot metal production capacity
on account of completion of capital repair of blast furnace coupled
with improving demand scenario in the industry leading to better
realization of its products. Going forward,  continued improvement
and profitable operations of NINL and recovery of advances in a
timely manner shall be a critical for overall financial risk
profile of MMTC.

Analytical approach: Credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by MMTC
Limited for term loans, LC/BG.

                       About Neelachal Ispat

Neelachal Ispat Nigam Limited (NINL) was incorporated in 1982 to
set-up an Integrated Steel Plant (ISP) to undertake the manufacture
and sale of pig iron. Originally, the main promoters were
Industrial Promotion & Investment Corporation of Orissa (IPICOL)
and Orissa Sponge Iron Ltd (OSIL). Subsequently MMTC Limited, a
majority owned undertaking of Govt. of India, was inducted as the
main promoters since FY16 with equity share holding of 49.78%.
NINL's manufacturing unit is located at Kalinga Nagar Industrial
complex, Dubri, Orissa having 1.1 Million Tonnes Per Annum (MTPA)
capacity blast furnace and supporting infrastructure like sinter
plant (1.7 MTPA), coke oven plant (0.88 MTPA), power plant (steam
and flue gas) (62.5MW) and billet manufacturing of 0.89 MTPA.


OZONE INFRA: CARE Keeps 'D' on INR6cr Loans in Non-Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone Infra
Projects (OIP) 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 10, 2019, placed the
rating(s) of OIP under the 'issuer non-cooperating' category as OIP
had failed to provide information for monitoring of the rating. OIP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 29, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 10, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from bank):

Key Rating Weaknesses

Default in debt servicing: As per the interaction with the banker,
the cash credit facility of OIP has been continuously overdrawn by
INR0.16 crore since March 31, 2018 owing to liquidity crunch. In
view of this, the account has been classified as NPA by the bank
with effect from September 30, 2018.

Established as a partnership firm in April 2008 by Mr. B.T. Mishra,
Mr. Ghanshyam Dubey, Mr. Keshrinath Vartak, Mrs. Manisha Patil, and
Rohit Infra Projects Private Limited, Ozone Infra Projects (OIP) is
engaged in infrastructure construction activities on an EPC
(Engineering Procurement Construction) basis. The aforementioned
partners were retired in January 2015, whereas the new partners
viz. Mr. Santosh Pote, Mr. Changdeo Kadam and Mr. Shashikant Shinde
were admitted during the same month (however, the overall
operations of the firm were managed by the current partners since
2008 as managers, whereas the earlier partners acted as only
stakeholders in the firm). OIP acts as a sub-contractor for
carrying out various infrastructure construction activities viz.
laying pipes & SWD (Storm Water Drainage) works, earth work & other
foundation work for laying railway lines, construction of roads,
construction of dams & canals (dams & canals comprised 100% of the
net sales in FY17), etc. across Maharashtra and Andhra Pradesh.


POWERWIND LIMITED: Ind-Ra Affirms 'D' Longterm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Powerwind
Limited's (PWL) 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 based on 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:

-- INR414.9 mil. Long-term loan (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR580 mil. Fund-based working capital facilities (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating; and

-- INR1.40 bil. Non-fund-based working capital facilities (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by PWL; the
details of the same are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

PWL manufactures windmill blades and assembles wind turbine
generators, at its facility in Bawal, Haryana.   


SHAMBHU MAHADEV: CARE Lowers Rating on INR28.43cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shambhu Mahadev Sugar & Allied Industries Limited (SMSAIL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      28.43      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Issuer not
                                  cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 9, 2017 placed the
rating(s) of SMSAIL under the 'issuer non-cooperating' category as
SMSAIL had failed to provide information for monitoring of the
rating. SMSAIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails and phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in the ratings is on account of delays in debt
servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As per the feedback received from the
bankers of SMSAIL, there are delays in debt servicing.

Shambhu Mahadev Sugar & Allied Industries Ltd. (SMSAIL) was
incorporated by Mr. Dilip Shankarrao Apet, Chairman and Managing
Director (CMD) in the year 2000 to undertake sugar and sugar
related production at village Havargaon, Taluka Kallam in Osmanabad
District, Maharashtra. The factory was established in 2002 with a
sugarcane crushing capacity of 2,500 Tonnes of cane crushed per day
(TCD). Mr. Apet has an overall experience of over 25 years in the
sugar business and is ably supported by his brother Mr. Umakant
Shankarrao Apet, Director. SMSAIL has set up a molasses based
distillery plant in FY12 (refers to the period from April 1 to
March 31) with an installed capacity of 30 Kilo liters per day
(KLPD), however the same is not operational due to some pending
regulatory approvals (pending environmental clearance certificate),
as indicated by management. The company plans to commence the
commercial operations of the distillery unit from FY17 onwards post
expected receipt of environmental clearance certificate.


SWADESHI ALUMINIUM: CARE Lowers Rating on INR18cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swadeshi Aluminium Company Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      18.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; Issuer not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Swadeshi Aluminium to
monitor the ratings vide e-mail communications/ letters dated
August 9, 2019, August 7, 2019, August 7, 2019. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Swadeshi Aluminium Company Private Limited'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 rating has been revised on account of ongoing delays in
servicing its debt obligations in timely manner.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in servicing debt obligation: There are ongoing
delays in servicing of its debt obligations in timely manner on
account of stretched liquidity position.

Swadeshi Aluminium Company Private Limited is primarily engaged in
the manufacturing of aluminum alloy ingots and sections which find
application in automobile industry. The company procures raw
material i.e. aluminium scrap from domestic and overseas players
that includes Middle East and European countries. The import
constituted around 15% of total purchase in FY14. It sells its
products in mainly in Northern India.


TATWA TECHNOLOGIES: Ind-Ra Lowers Longterm Issuer Rating to 'B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tatwa
Technologies Limited's (TTL) Long-Term Issuer Rating to 'IND B+'
from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. (reduced from INR70 mil.) Fund-based working
     capital limit downgraded with IND B+/Stable rating;

-- INR20 mil. (increased from INR5 mil.) Non-fund-based working
     capital limit downgraded with IND A4 rating; and

-- INR85.76 mil. Term loan due on March 2026 withdrawn (paid in
     full) and the rating.

KEY RATING DRIVERS

The downgrade reflects the deterioration in TTL's credit metrics to
weak levels in FY19. The net financial leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 9.5x (FY18: 9.2x), as
external borrowings (including the corporate guarantee given to the
bank) increased to INR479.72 million (INR433.56 million). However,
the interest coverage (operating EBITDA/gross interest expense) saw
a slight improvement to 1.7x in FY19 (FY18: 1.4x), as the absolute
EBITDA increased to INR48.65 million in FY19 (FY18: INR38.07
million) because of a decline in the cost of operations. The
figures for FY19 are provisional.

Furthermore, the EBITDA margin remained modest due to the
low-margin nature of the existing orders, though it increased to
16.3% in FY19 (FY18: 13.8%). The company's return on capital
employed was 5% in FY19 (FY18: 6%).

The ratings reflect TTL's small scale of operations, as indicated
by revenue of INR298.32 million in FY19 (FY18: INR275.14 million).
The revenue increased due to a rise in income from the retail
business.

The ratings also take into consideration the company's tight
liquidity position. The cash flow from operations remained negative
at INR36.75 million in FY19 (FY18: INR6.77 million) due to the
higher working capital requirements. However, the use of the
working capital limits was comfortable at 83% during the 12 months
ended in July 2019. The entity cash and cash equivalents stood at
INR19.26 million at FYE19 (FYE18: INR82.56 million).

However, the ratings are supported by the promoters' experience of
two decades in the business process outsourcing industry, which has
led to established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics and liquidity
position, on a sustained basis, will be negative for the ratings.

Positive: A substantial improvement in the revenue along with an
improvement in the credit metrics, on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in January 2006 in Bhubaneswar, Orissa, TTL provides
voice-based business process outsourcing services such as
inbound/outbound call center services, software design, and
development services, and packaged technology solutions. It hires
trains and recruits young professionals and acquires expertise from
different sectors to run its process.  


WHITEFIELD SPINTEX: CARE Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Whitefield
Spintex (India) Private Limited (WSPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      26.68       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      1.35       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 30, 2019, placed the
ratings of WSPL under the 'issuer non-cooperating' category as WSPL
had failed to provide information for monitoring of the ratings for
the rating exercise as agreed to in its Rating Agreement. WSPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
July 2, 2019, July 12, 2019 and July 22, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on January 30, 2019, the following
was the rating weakness:

Key Rating Weaknesses

Delay in debt servicing: WSPL had been irregular in servicing debt
obligations due to weak liquidity position of the company. There
had been overdues in term loan account towards interest and
principal repayments and overdrawals in cash credit account for
more than 30 days.

Rajkot-based (Gujarat), WSPL was incorporated in September 2013 as
a private limited company primarily by Mr. Minesh Jagani, Mr.
Alvish Jagani, Mr. Deep Kalaria. WSPL is engaged in the
manufacturing of cotton yarn (having 20 to 30 counts) from cotton
bales, with an installed capacity of 7 tonnes of double yarn per
day from 12,960 spindles and 3.2 tonnes of twisted yarn per day
from 1,728 drums. The cotton bales and single cotton yarn will be
purchased locally, while the cotton yarn manufactured by WSPL will
be sold in various states of India as well as exported primarily to
China, Vietnam and Bangladesh. The associate concerns of WSPL; i.e.
ORB Ceramic Private Limited is engaged in ceramic industry, while
SRV Global Freight Private Limited is engaged in logistic
industry.




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

BAYAN RESOURCES: Fitch Affirms BB- LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
PT Bayan Resources Tbk at 'BB-'. The Outlook is Stable.

The affirmation reflects the low-cost position of Bayan's key coal
mine, adequate reserves, diversified customer base and a strong
financial profile. This is partially offset by mine concentration,
regulatory risk and the cyclical nature of the coal industry.

KEY RATING DRIVERS

Low Cost Position: Bayan benefits from the low-cost structure at
its key mine, Bara Tabang, which contributes from the company's
Tabang concessions. According to the company, Tabang's cash cost is
among the lowest in the first-quartile of the global seaborne coal
supply curve on an energy-adjusted basis, with average life-of-mine
strip ratios of around 2.75x-3.00x (2018: 2.60x). The
well-connected infrastructure and logistics of Bayan's mines also
contributes to its low-cost structure. Bayan owns and operates
Balikpapan coal terminal, one of Indonesia's largest, along with
floating transfer stations.

Its expectation of higher production volume of above 30 million
tonnes (mt) from the Tabang concessions in 2019 (2018: 23mt) should
further support Bayan's robust operating cash flow in the medium
term despite lower coal price assumptions compared to 2018. The
rising production together with strong coal prices supported
improvement in Bayan's average EDITDA/ ton to USD25 in 2018, from
around USD13 in 2016. Bayan's other mines, which have stable
production levels, have higher cost structures and are more
vulnerable to lower coal prices.

Operational Issues at Tabang: Bayan implemented a month-long force
majeure in March 2019 on shipping coal from Bara Tabang due to low
river water levels. It was able to ship the stockpiled coal in the
following months, limiting the effect on overall sales volume, but
Fitch believes frequent or prolonged recurrence of such events
could hurt Bayan's reputation as a reliable supplier and its
ability to renew or sign new contracts in the long term. This could
affect the company's plan to increase sales volume to over 40mt by
2021.

Bayan plans to build a 100km road from the Tabang concession to the
Mahakam River in the medium-term to provide an alternative route to
ship its coal. It expects the road to be ready by 2022-2023,
subject to timely receipt of permits.

Customer Diversification: Fitch expects Bayan's diversified
customer base to support stable demand for its coal over the medium
term. With none of the countries taking more than 20% of their
total production voilume, Bayan's customer base is geographically
more diversified than those of most peers. Bayan exports are mainly
to India (19%), Philippines (16%), South Korea (15%), Malaysia
(11%) and China (11%). It also has a diverse product offering, as
its coal ranges from Tabang's 4000-4300kcal low-sulphur and ash
content coal to high calorific value (over 6000kcal) coal from its
other mines.

Increasing Production Scale: Fitch expects production to increase
to 35mt in 2019 (2018: 29mt), primarily driven by production from
Tabang. The company targets 44mt of annual production over the
medium term, supported by further ramp-up at Tabang and
contribution from North Pakar (scheduled to start production in
2022-23), which is an extension of the Tabang concession and
currently under exploration and development. Bayan's infrastructure
can support sales of about 45mt; capacity will expand to 50my by
the end of the year when capacity at Balikpapan will increase to
25mt, from 20mt.

Adequate Reserves: Bayan's 2P reserves rose to about 900mt, from
764mt at end-2018 (2018 proved (1P) reserves: 385 mt), after the
company completed a feasibility study in the North Pakar region.
Bayan's acquisition of the remaining stake in Kangaroo Resources
Limited in 2018 also increased its reserve life. Fitch estimates
Bayan's reserve life to be at around 20 years, up from its previous
estimate of 15 years (based on 2P reserves), with a planned
increase in production to about 40mt over the medium term.

Limited Mine Diversity: Tabang (including North Pakar) accounts for
more than three quarters of Bayan's 2P reserves and total
production. Fitch expects Tabang's contribution to remain high, as
most of the production ramp-up is likely to come from existing
operational mines at Tabang and the North Pakar concession. That
said, Fitch believes risks related to Bayan's coal mining
operations itself are minimised by its contracts with PT Petrosea
Tbk and PT Bukit Makmur Mandiri Utama (BB-/Stable), two of
Indonesia's largest coal mining contractors.

Strong Financial Profile: Fitch expects Bayan's financial profile
to continue to remain strong based on its coal price assumptions.
Bayan's financial profile should remain supported by its rising
production volume and low-cost position. Bayan's financial profile
improved substantially after it prepaid all its restructured debt
in 2017 and improved its profitability post commencement of its
Tabang operation and from higher coal prices. Bayan paid a dividend
of USD 300mn in 2H2019 which in its view would have changed their
net cash position to net debt; however Fitch expects the company to
return to net cash position by over the next 6-12 months absent any
further large payouts/ investments. Fitch expects Bayan to maintain
a strong financial profile over the medium term given its dividend
assumptions and limited capex.

Cyclicality of Coal Industry: Bayan remains vulnerable to the
commodity cycle, as its earnings and cash flow are linked to the
thermal coal industry. However, these risks are mitigated by the
low-cost position of its key mine.

DERIVATION SUMMARY

Bayan's closest peer is PT Indika Energy Tbk (BB-/Stable). The two
companies have comparable business profiles; Indika's larger
production scale, longer operating record of its key coal asset -
Kideco Jaya Agung - and integrated operation are offset by Bayan's
better cost position and stronger financial profile. With adequate
cash flow, Fitch expects both companies to maintain a healthy cash
balance over the medium term, which would also give Indika the
flexibility to address its lumpy debt maturities.

PT Golden Energy Mines Tbk (GEMS; B+/Positive) has higher reserves
and reserve life than Bayan, but this is balanced by Bayan's larger
and increasing production scale and better cost structure. Both
companies have strong financial profiles. The Positive Outlook on
GEMS reflects Fitch's expectation that the company will likely
continue its production ramp-up to a level commensurate with a
'BB-' rating.

KEY ASSUMPTIONS

  - Coal price assumptions in line with Fitch's mid-cycle at
Newcastle 6000kcal price assumptions, adjusted for the difference
in calorific value; coal price for 2020 at USD78/mt, 2021 at
USD76/mt and 2022 at USD75/mt

  - Coal production to increase to 35.0mt in 2019, 40.2mt in 2020
and 42.5mt thereafter. Fitch expects the Tabang concession to be
the key driver of production growth.

  - Dividend payout to remain high at around 60%.

  - Total capex of around USD375 million until 2022.

RATING SENSITIVITIES

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

  - Increase in scale to about 40mt a year, with an average
remaining reserve life at around 15-20 years, while maintaining a
low-cost position and stable financial profile, with FFO adjusted
net leverage below 1.5x (2018: -0.2x)

  - Material progress towards infrastructure enhancement to ensure
continuity of operations, limiting the company's exposure to
weather related issues.

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

  - Weaker cash-flow generation than Fitch expects due to adverse
industry conditions, higher capex or larger-than-expected cash
outflow leading to a deterioration of credit metrics for a
sustained period

  - FFO adjusted net leverage above 3.0x (2018: -0.2x)

  - FFO fixed-charge coverage falling below 4.0x (2018: 111x)

LIQUIDITY AND DEBT STRUCTURE

High Liquidity: Bayan had no outstanding long-term debt and a cash
balance of USD405 million as of end-June 2019. It only had a
short-term working-capital facility of about USD209 million. Bayan
paid a dividend of USD300 million in July 2019, which temporarily
led to a net debt position. However, with modest capex and positive
free cash flow generation, Bayan should be able to maintain high
liquidity over the next two to three years. Furthermore, Bayan had
USD46 million in undrawn committed working-capital facilities as of
end-June 2019, which could be tapped if the need arises.


DELTA MERLIN: S&P Cuts ICR to 'CC' on Proposed Loan Modification
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on PT
Delta Merlin Dunia Textile (DMDT) to 'CC' from 'CCC-'. S&P also
lowered the long-term issue rating on DMDT's US$300 million senior
unsecured notes to 'CC' from 'CCC-'.

S&P downgraded DMDT as the proposed restructuring of the syndicated
loan will constitute a distressed exchange, in its opinion. This is
because the principal payment will be delayed and lenders will
receive less than the promised value of the loan, given that the
yield may be lower than the original promise.

The company has asked the lenders of its syndicated loan for an
extension on payment of the amortized principal due in September
2019 and December 2019. Repayment is proposed to commence from June
2020. DMDT has also requested for a lower interest rate on the
loan.

S&P said, "In our opinion, finalization of the distressed exchange
will depend on the lenders accepting DMDT's loan modification
offer. We will review the company's credit profile when the offer
is completed.

"Even if the lenders accept the offer, we note that DMDT's default
risk remains high over the next six to 12 months.

"At the same time, we lowered the issue rating on DMDT's US$300
million senior unsecured notes to 'CC' from 'CCC-'. In our view,
DMDT will not have sufficient funds to replenish the interest
reserve account in September 2019. Consequently, the company may
not be able to honor the bond interest payments due in March 2020,
given its weakened operating conditions.

"We believe the company has about US$20 million for debt servicing
due in September 2019. Of this, the bond interest is about US$13
million, which will be paid from the funds in the interest reserve
account. In addition, we believe the company will pay interest of
US$1.5 million-US$2.0 million on the term loan in September 2019,
as per their public statement.

"The negative outlook reflects the likelihood that we will lower
the rating on DMDT to 'SD' when the distressed exchange offer is
completed i.e., the lenders accept DMDT's proposal to extend the
amortized principal payment.

"Following the conclusion of the offer, we will review DMDT's
financial and liquidity position to assess the company's ability to
service its debt obligations in March 2020.

"If the lenders reject DMDT's offer, we will reassess the company's
ability to meet its debt servicing in September 2019 as well as the
subsequent six to nine months."




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

UTUSAN MELAYU: Valued at Only MYR8 Million in Market Cap
--------------------------------------------------------
Chong Jin Hun at theedgemarkets.com reports that Utusan Melayu (M)
Bhd's share price fell as much as four sen or 36.36% to seven sen
on Aug. 20, valuing the company at barely MYR8 million, after a
newspaper publisher announced a net loss for the Company's second
quarter ended June 30, 2019 (2QFY19) and offered a bleak outlook on
its business as revenue dropped.

According to theedgemarkets.com, Utusan said it will not be able to
meet Bursa Malaysia's requirements to uplift the media company's
Practice Note 17 (PN17) status for financially stressed entities.

theedgemarkets.com relates that Utusan said in separate Bursa
filings on Aug. 19 that net loss stood at MYR3.89 million in 2QFY19
versus a net profit of MYR18.85 million a year earlier. First half
net loss stood at MYR12.09 million compared to a net profit of
MYR13.01 million a year earlier, the report relays.

"The group registered a lower revenue of MYR25.91 million for the
current quarter under review as compared with MYR63.87 million for
the same quarter last year. The decrease was attributed to the
reduction in publishing, distribution and advertising [revenue] by
MYR37.96 million. Hence, the group registered a loss before tax of
MYR3.89 million as compared with profit before tax of MYR18.85
million for the corresponding period last year.

"After taking into consideration of the losses incurred in the
first two quarters of 2019 and cash flow constraints, the board is
of the view that the group will not be able to meet Bursa's
requirements to uplift the PN17 status. The group is also not able
to find any potential investor to participate in order to revive
the group, mainly due to its huge liabilities," Utusan, as cited by
theedgemarkets.com, said.

                       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.




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

MARBLE II PTE: Fitch Affirms BB LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Marble II Pte. Ltd.'s Long-Term Foreign-
and Local-Currency Issuer Default Ratings at 'BB'. The Outlook is
Stable. Simultaneously, the agency has affirmed the 'BB' rating on
Marble II's USD500 million 5.3% senior secured notes due 2022,
which are secured by Marble I Pte. Ltd.'s 100% equity stake in
Marble II and the interest reserve account.

The affirmation reflects its view that Marble II's operating
subsidiary, Mphasis Limited, will continue its solid operating
performance and generate enough cash to offset high leverage at
Marble II compared with similarly rated peers. Strong relationships
with key customers, robust deal wins with DXC Technology Company
(BBB+/Stable) and HP Inc. (BBB+/Stable) as well as the portfolio
companies of its parent, Blackstone, support Marble II's operation
over the medium term.

KEY RATING DRIVERS

Consistent Deal Wins: Fitch expects revenue to increase by around
10%-12% a year over the next three years based on Mphasis' solid
relationships with strategic clients, opportunities from Blackstone
portfolio companies, momentum in digital services and deal wins.
Total contract wins increased by 11.8% yoy in the financial year
ending-March 2019 (FY19) to USD616 million (FY18: USD551 million);
this excludes the Hewlett Packard group-related companies, of which
81% are related to digital-service projects.

Stable Profitability: The operating EBITDAR margin should stay
stable at around 16%-17% (FYE18: 18%), supported by a rising
portion of fixed-price projects, improving operating efficiency and
the adoption of automation. Fixed-price projects were maintained at
around 24% of all projects as at FYE19. This helps the company
manage its cost structure and margin. In addition, the billing rate
increased to around USD85-86 an hour for onsite application
services billing during FY19, while offsite billing remained stable
at around USD23 an hour.

Moderate Market Position: Marble II's ratings reflect its mid-tier
position in the global IT services industry and modest cost and
technology advantages over peers. The ratings are supported by
solid long-term relationships with key customers due to moderate to
high switching costs, strong domain expertise in the banking,
financial services and insurance sectors and stable revenue, which
is buoyed by minimum revenue guarantees from Hewlett Packard
group-related clients, including DXC, HP and Micro Focus
International Plc (BB/Stable), although the guarantee will expire
in 2021.

Customer Concentration Risk: Client concentration at Mphasis is
rising; the revenue contribution from its top-10 clients, including
DXC and HP channel customers, rose to 60% in FY19, from 56% in the
previous financial year. Pressure on DXC's operating performance
due to a decline in traditional IT outsourcing and restructuring
highlights client-concentration risk at Mphasis, as DXC is one of
Mphasis' largest accounts, contributing more than 20% of its
revenue.

This is partly offset by revenue guarantees from Hewlett Packard
group-related customers of USD990 million over the five-year master
service agreement, which was established in 2016. The company also
has a strong record of retaining solid key customers, with an
average tenor of 14-15 years, providing some operating stability.

Strong Free Cash Flow at Mphasis: Fitch expects Mphasis to continue
generating positive free cash flow, with a stable mid-single-digit
margin, low capital intensity of 1.0%-1.5%, modest working capital
requirements and rising revenue. Mphasis is likely to maintain a
healthy balance sheet with minimal debt, similar to most Indian IT
services companies. Mphasis only had USD78 million (INR5.4 billion)
in working capital loans against cash and cash equivalents of
USD244 million (INR17 billion), including mutual-fund investments,
as of FYE19.

Proportionate Consolidation, High Leverage: Marble II's debt
service ability depends on dividends up-streamed from Mphasis.
Fitch analyses Marble group by proportionally consolidating Mphasis
due to the substantial level of minorities. Larger shareholder
returns than Fitch expects are a risk to the company's deleveraging
if owners steadily extracted cash in the form of dividends or share
buybacks. Marble II paid USD301 million to its parent, Blackstone,
using proceeds from stake disposals and share buybacks. Barring
significant cash outflow, solid operating cash flow and free cash
flow at Mphasis should enable leverage to fall below 3.0x by FYE22.
However, Fitch believes the owners will want to maintain the
current ratings, with a bullet maturity to be refinanced in 2022.

DERIVATION SUMMARY

Marble II is a holding company that was established to acquire
Mphasis, the operating company. Marble II is the issuing entity and
has no other assets or liabilities bar its investment in Mphasis
and its bond. Therefore, Fitch bases Marble II's business profile
solely on Mphasis and proportionately consolidate 52% of Mphasis'
financial numbers to Marble II's Standalone Credit Profile, as per
its Corporate Rating Criteria, given the significant level of
minorities.

The rating on Marble II is supported by its market position as a
mid-tier Indian IT services provider, which Fitch believes is
stronger than that of HT Global IT Solutions Holdings Limited
(BB-/Stable) in terms of operating scale, domain expertise,
especially in the banking, financial services and insurance
sectors, and higher utilisation rate. In addition, Marble II's
master service agreement with Hewlett Packard group, which has a
total tenor of 11 years, and its strengthened relationship as a
strategic partner provides some stability of revenue generation.
Marble II also has a lower leverage ratio, as HT Global's balance
sheet was weakened by a large acquisition in 2019.

KEY ASSUMPTIONS

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

  - Revenue growth of 12% in FY20 reflecting strong new contract
    wins (FY19: 18%)

  - Operating EBITDAR margin to remain flat at around 16%-17%

  - Capex/revenue to increase to around 1.5% in FY20 along with
    increasing contract wins

  - Dividend payment from Mphasis to increase to around USD73
    million, which is sufficient for Marble II to meet its
    interest payments (FY19: USD 35million)

  - No share buybacks in the short term

RATING SENSITIVITIES

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

  - Improved proportionally consolidated FFO adjusted net
    leverage to below 3.0x on a sustained basis (FY19: 4.1x)

  - Improved market position, demonstrated by higher profitability
    and lower customer concentration. Fitch is unlikely to
    consider an upgrade until Fitch can confidently forecasts free
    cash flow at Mphasis of over USD125 million (FY18: USD59
    million) in light of the company's small size

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

  - Higher shareholder returns than Fitch expects, greater
    competition or loss of key customers leading to a
    deterioration in proportionally consolidated FFO adjusted
    net leverage to above 5.0x

LIQUIDITY

Adequate Liquidity: Mphasis' liquidity was adequate as of FYE19,
with cash and cash equivalents of USD91.7 million (INR6.4 billion),
comfortably covering total debt of USD78 million (INR5.4 billion),
which was all short-term obligations. In addition, the company has
substantial investments in open-ended liquid mutual funds of around
USD153 million (INR10.7 billion), most of which Fitch treated as
readily available cash. Marble II (standalone) had cash and cash
equivalents of USD28 million at FYE19, of which USD13 million was
restricted, against USD7 million of notes payable within a year.


PACIFIC RADIANCE: In "Advanced Discussions" for Debt Funding
------------------------------------------------------------
Vivienne Tay at The Business Times reports that Pacific Radiance on
Aug. 22 said it is in "advanced discussions" with debt funders for
at least US$180 million of debt funding or higher.

As part of repayment, the group will issue new company shares
and/or warrants to the financier, who will own up to 15 per cent of
the company's enlarged share capital, according to the report.

BT relates that Pacific Radiance is also planning to raise
additional equity through a share placement with equity investors,
with the plans for debt funding and equity subscription forming a
part of the company's debt restructuring plan, it added.

The new debt and new equity will be used to finance the group's
proposed US$180 million acquisition of Allianz Marine and Logistics
Services Holding (AMLS) and its subsidiaries and associated
companies, the report relays.

AMLS is an Abu Dhabi-headquartered holding company incorporated in
the United Arab Emirates (UAE) of some 22 subsidiaries and
associated companies, BT discloses. It is in the business of
integrated offshore logistics solutions and supply-based operations
to the offshore oil and gas and construction sectors, with
operations covering the Gulf Cooperation Council region, India and
Egypt.

According to the report, the vendors selling their stakes in AMLS
include Ahmed Tarek Khalil Ali (ATK), a businessman in UAE who owns
a 74.44 per cent stake, and AMLS founder Murali Krishna Krishna
Kumar, who owns a 22.06 per cent stake.

Other vendors include Friedrich Portner, a general manager at AMLS
operating subsidiary Allianz Gulf Oil Fields Services who owns 1.5
per cent, and AMLS employees Ramy Mohamed Rashad, a key account
director who owns 0.5 per cent, John Garbutt, a logistics director
who owns 1 per cent, and Karim Hasabelnabi Mohamed, an operations
manager who owns 0.5 per cent.

Under the agreement, Mr. ATK, existing controlling shareholders as
a group, and the financier will be entitled to nominate and appoint
the same number of directors to Pacific Radiance's board, BT
notes.

As Mr. ATK will hold more than 30 per cent of the enlarged voting
share capital of Pacific Radiance upon the acquisition's
completion, he will be required to make a general offer for shares
not already owned.

BT says the equity subscription will be subject to a whitewash
resolution having been passed by the company's shareholders who are
independent of Mr. ATK and his concert parties at an extraordinary
general meeting and shareholder approval for the share issue.

It is also conditional to the Singapore Exchange (SGX) issuing an
approval-in-principle regarding the listing and quotation of the
new shares, the report states.

Pacific Radiance added that an independent financial adviser has
been appointed to advise on whether or not the whitewash resolution
is fair and reasonable, and not prejudicial to the interests of
independent shareholders, the report says.

According to the report, the company said that its board believes
the proposed acquisition would "create meaningful synergies"
between the group and AMLS, and enhance shareholder value due to
the provision of complementary services.

This will apply to their combined customer base, and allow sharing
of global marketing and sales channels, technologies and management
expertise. This comes along aims to expand the group's business and
strengthen its foothold globally as it plans to combine its
business with that of AMLS.

An independent valuer will also be appointed to conduct and furnish
a valuation report on AMLS, the report adds.

In addition, the new debt and new equity will also help repay
existing debts, including its notes restructuring, and general
corporate and working purposes.

BT reports that the debt restructuring plan, meanwhile, will
involve the full settlement of Pacific Radiance's bank debt via a
cash payment of about US$175.6 million. It will be implemented by
way of scheme of arrangement to be proposed between the relevant
group entities and their creditors.

Due to the new developments, the Singapore High Court has granted
an extension of the existing moratoria to Sept. 5, says BT. The
group plans to seek further extension of said moratoria and seek
approval in a consent solicitation exercise to extend the final
maturity date of its SGD100 million 4.3 per cent notes due 2019.

Trading of the company's shares has been voluntarily suspended
since Feb. 28, 2018, the report notes.

                       About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.



                           *********


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
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Information contained herein is obtained from sources believed
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