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

                     A S I A   P A C I F I C

          Thursday, August 29, 2019, Vol. 22, No. 173

                           Headlines



A U S T R A L I A

CONQUEST TRUST 2019-2: S&P Assigns Prelim. BB Rating on Cl. E Notes
DAVENNE HOLDINGS: Second Creditors' Meeting Set for Sept. 4
EVERMORE MONEY: First Creditors' Meeting Set for Sept. 4
FIRSTMAC MORTGAGE 1-2018: S&P Affirms BB Rating on Cl. E Notes
FLINKINA PTY: Second Creditors' Meeting Set for Sept. 5

JOHN SADLER: First Creditors' Meeting Set for Sept. 5
MARYDEN PTY: Second Creditors' Meeting Set for Sept. 4
NOW TRUST 2019-1: Moody's Gives (P)B2 Rating on AUD4.6MM F Notes
RYLEHO GROUP: First Creditors' Meeting Set for Sept. 6
SPEEDCAST INTERNATIONAL: Auditors Cast Going Concern Doubt

TRITON TRUST 2018-1: S&P Affirms BB+ Rating on Class E Bonds
VIRGIN AUSTRALIA: To Cut 750 Jobs After Posting AUD349MM Loss


C H I N A

FUGUINIAO CO: Fujian Court Declares Manufacturer Bankrupt
GUANGXI LIUZHOU: Fitch Affirms BB LongTerm IDRs, Outlook Stable


I N D I A

AERCOMFORT PRIVATE: CARE Keeps B+ on INR3cr Loan in NonCooperating
AHINSHA BUILDERS: CARE Keeps B on INR37cr Loans in Not Cooperating
AMRIT HUMIFRESH: CARE Lowers Rating on INR15cr Loan to B+
CALYPSO AGRO: CARE Lowers Rating on INR10cr Loan to B-
CARE OFFICE: CARE Keeps D on INR80cr Loans in Not Cooperating

CEE DEE: Ind-Ra Migrates 'BB+' LT Issuer Rating to Non-Cooperating
CG POWER: Ind-Ra Lowers LT Issuer Rating to 'B', Outlook Negative
DHANRAJ DIAMOND: CARE Lowers Rating on INR11cr LT Loan to D
DINESH OILS: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
EXCLUSIVE OVERSEAS: CARE Lowers Rating on INR17.71cr Loan to C

GALAXY CONSTRUCTIONS: CARE Keeps B on INR32cr Debt in NonCooperatin
GOYUM SCREW: CARE Assigns B+ Rating to INR3cr LT Loan
IDBI BANK: S&P Puts BB/B ICRs on Watch Neg. After Capital Breach
IRIS BUSINESS: Ind-Ra Lowers Issuer Rating to 'B', Outlook Stable
JAIN IRRIGATION: Ind-Ra Lowers Long Term Issuer Rating to 'BB'

JOSEPH LESLIE: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
KERALA INFRASTRUCTURE: S&P Affirms 'BB/B' ICRs, Outlook Stable
KERALA: S&P Affirms 'BB/B' Issuer Credit Ratings, Outlook Stable
LAXMI OIL: CARE Lowers Rating on INR50cr LT Loan to D
MAYA SAHA: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating

MGI INFRA: CARE Lowers Rating on INR8.7cr Loans to B+
NRI EDUCATIONAL: Ind-Ra Withdraws 'BB' Ratings on INR58cr Loans
NUZIVEEDU SWATHI: CARE Keeps D on INR56cr Loans in Not Cooperating
RAVI TEJA: CARE Keeps D on INR4.8cr Loans in Not Cooperating
RISHABH WINPRO: CARE Keeps B on INR4.97cr Loan in Non-Cooperating

SHIV GANESH: CARE Keeps B on INR5.5cr Loans in Non-Cooperating
SHREE RAM: CARE Keeps B+ on INR6cr Loans in Non-Cooperating
SHRIVALLABH PITTIE: CARE Cuts Ratings on INR331.79cr Loans to B
SIMPLEX CASTINGS: Ind-Ra Lowers Long Term Issuer Rating to 'B'
SIMPLEX ENGINEERS: CARE Lowers Rating on INR0.50cr Loan to C

SPECIFIC ALLOYS: CARE Maintains B+ Ratings in Not Cooperating
SU SOLARTECH: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SUSHEEL ENGINEERS: CARE Cuts Rating on INR9.5cr Loan to 'B'
TODAY HOMES: NCLT Starts Insolvency Proceedings vs Company
TRANS METALITE: CARE Keeps B- Rating in Not Cooperating

UP KORAUN URJA: Ind-Ra Lowers INR1.6BB Loan Rating to 'B-'
UP MEHRAUNI II: Ind-Ra Lowers INR1.7BB Term Loan Rating to 'B-'
UP SARILA URJA: Ind-Ra Lowers Rating on INR2BB Loan to B-
V S EDUCATION: Ind-Ra Keeps B on INR75MM Loan on Not Cooperating
VINOD KUMAR: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

VISHVAS POWER: Ind-Ra Lowers Term Loan Rating to D, Outlook Stable
WHITE GOLD: CARE Assigns 'B' Rating to INR7.36cr LT Loan


I N D O N E S I A

BUMI SERPONG: Fitch Assigns BB-(EXP) to New USD Sr. Unsec. Notes
BUMI SERPONG: Moody's Assigns Ba3 to Proposed Sr. Unsec. Notes
SAWIT SUMBERMAS: Moody's Lowers CFR to B2, Outlook Negative


N E W   Z E A L A N D

HALIFAX NZ: Liquidators Seek Court Ruling on NZ-Aus Cooperation


S I N G A P O R E

LIBRA GROUP: Cannot Continue as Going Concern Due to Claims
SINGAPORE: Faces Tide of Bad Debt With Record Bonds Maturing


X X X X X X X X

PEC LIMITED: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating

                           - - - - -


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

CONQUEST TRUST 2019-2: S&P Assigns Prelim. BB Rating on Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee of ConQuest
2019-2 Trust. ConQuest 2019-2 Trust is a securitization of prime
residential mortgages originated by MyState Bank Ltd.

The preliminary ratings reflect:

  -- S&P's view of the credit risk of the underlying collateral
     portfolio, including the fact that this is a closed
     portfolio, which means no further loans will be assigned   
     to the trust after the closing date.

  -- S&P's view that the credit support is sufficient to
     withstand the stresses it applies. This credit support
     comprises note subordination for all rated notes, excess
     spread, and mortgage insurance covering 12.9% of the
     loans in the portfolio.

  -- S&P's expectation that the various mechanisms to support
     liquidity within the transaction, including an excess
     revenue reserve, principal draws mechanism, and an
     amortizing liquidity facility equal to 1.00% of the
     invested amount of all notes are sufficient under its
     stress assumptions to ensure timely payment of interest.

  -- The extraordinary expense reserve of A$150,000, funded
     from day one by MyState Bank Ltd., available to meet
     extraordinary expenses. The reserve will be topped up
     via excess spread if drawn.

  -- The benefit of a standby fixed- to floating-rate
     interest-rate swap provided by National Australia Bank
     Ltd. to hedge the mismatch between receipts from any
     fixed-rate mortgage loans and the variable-rate RMBS.

  PRELIMINARY RATINGS ASSIGNED

  ConQuest 2019-2 Trust

  Class      Rating        Amount (mil. A$)
  A1         AAA (sf)      368.0
  A2         AAA (sf)        8.0
  AB         AAA (sf)        8.0
  B          AA (sf)         6.4
  C          A (sf)          4.2
  D          BBB (sf)        1.8
  E          BB (sf)         1.6
  F          NR              2.0

  NR--Not rated.


DAVENNE HOLDINGS: Second Creditors' Meeting Set for Sept. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Davenne
Holdings Pty Ltd, trading as "Bergie's" & "Bergmeier Earthmoving",
has been set for Sept. 4, 2019, at 10:30 a.m. at the offices of BRI
Ferrier Western Australia, Unit 3, at 99-101 Francis Street, in
Northbridge, WA.

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 Sept. 3, 2019, at 4:00 p.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia were
appointed as administrators of Davenne Holdings on July 31, 2019.



EVERMORE MONEY: First Creditors' Meeting Set for Sept. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Evermore
Money Management Pty Ltd will be held on Sept. 4, 2019, at 10:30
a.m. at the offices of Apso, Exchange Tower Melbourne, Level 1, at
530 Collins Street, in Melbourne, Victoria.

Laurence Fitzgerald and Michael Humphris of William Buck were
appointed as administrators of Evermore Money on Aug. 23, 2019.


FIRSTMAC MORTGAGE 1-2018: S&P Affirms BB Rating on Cl. E Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on various classes of
residential mortgage-backed securities (RMBS) from Firstmac
Mortgage Funding Trust No.4 Series 1-2018 and Firstmac Mortgage
Funding Trust No.4 Series 3-2018. At the same time, S&P removed the
"under criteria observation" (UCO) identifiers from the ratings.

The rating affirmations include the Firstmac Mortgage Funding Trust
No.4 Series 3-2018 class B notes, which remain on CreditWatch with
negative implications, where they were placed on July 30, 2019.

S&P said, "We placed our ratings on the notes under criteria
observation following the release of our "Counterparty Risk
Framework: Methodology And Assumptions" criteria on March 8, 2019.
We removed the UCO identifier following a change to the swap
documentation via amending deeds. The amendments bring the swap
documentation in line with our revised counterparty criteria, with
a documented collateral framework of 'strong'."

  RATINGS AFFIRMED AND REMOVED FROM UCO

  Firstmac Mortgage Funding Trust No. 4 Series 1-2018

  Class     Rating
  A1-U      AAA (sf)
  A1-A      AAA (sf)
  A1-B      AAA (sf)
  A2        AAA (sf)
  B         AA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 3-2018

  Class     Rating
  A-1       AAA (sf)
  A-2       AAA (sf)
  AB        AAA (sf)
  B         AA- (sf)/Watch Neg
  C         A (sf)


FLINKINA PTY: Second Creditors' Meeting Set for Sept. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Flinkina Pty
Ltd, trading as Regional Roof Restorations, has been set for Sept.
5, 2019, at 11:00 a.m. at Crown Lounge, National Hotel Complex, at
182-186 High Street, in Bendigo, 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 Sept. 4, 2019, at 5:00 p.m.

Nathan Deppeler and Scott Andersen of Worrells Solvency were
appointed as administrators of Flinkina Pty on Aug. 1, 2019.


JOHN SADLER: First Creditors' Meeting Set for Sept. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of John Sadler
Training Services Pty Ltd will be held on Sept. 5, 2019, at 10:30
a.m. at the offices of Chartered Accountants Australia and New
Zealand, Level 18, Bourke Place, at 600 Bourke Street, in
Melbourne, Victoria.

Mathew Gollant of Courtney Jones & Associates was appointed as
administrator of John Sadler on Aug. 26, 2019.


MARYDEN PTY: Second Creditors' Meeting Set for Sept. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Maryden Pty Ltd
and Montessori Australia Foundation Limited has been set for Sept.
4, 2019, at 10:30 a.m. at the offices of Grant Thornton Australia
Limited, Level 17, at 383 Kent 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 Sept. 3, 2019, at 4:00 p.m.

Said Jahani and John McInerney of Grant Thornton Australia Limited
were appointed as administrators of Maryden Pty on July 31, 2019.


NOW TRUST 2019-1: Moody's Gives (P)B2 Rating on AUD4.6MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited, as trustee
of NOW Trust 2019-1.

Issuer: NOW Trust 2019-1

AUD143.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD16.6 million Class B Notes, Assigned (P)Aa2 (sf)

AUD12.8 million Class C Notes, Assigned (P)A2 (sf)

AUD5.2 million Class D Notes, Assigned (P)Baa2 (sf)

AUD13.8 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.6 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.0 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by
Wingate Consumer Finance Pty Ltd (unrated). This is WCF's first
personal loan ABS transaction.

WCF is an Australian non-bank lender in the personal loan market.
WCF began originating personal loans in 2013 and settled in excess
of AUD470 million of new loans to approximately 22,500 customers.

NOW Trust 2019-1 is WCF's first personal loan ABS transaction.
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes will benefit from 28.5%, 20.2%, 13.8%, 11.2%, 4.3%
and 2.0% of note subordination, respectively. The notes will be
repaid on a sequential basis until the credit enhancement of the
Class A Notes is at least 38.5%, and as long as cumulative gross
principal losses remain below 7.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes, unreimbursed principal
draws, if 60+ day arrears exceed 4.0%, or if the first call option
date has passed. At all other times, the structure will follow a
pro-rata repayment profile (assuming pro-rata conditions are
satisfied).

Moody's analysis also accounts for the risk of the transaction
being over or under-hedged. This risk arises because the notional
amount in the swap agreement is based on the repayment profile of
the pool, assuming a certain level of prepayments. If prepayments
deviate from this assumption, the transaction is exposed to the
risk of being over or under-hedged. To account for this risk,
Moody's ran a number of faster and slower prepayment scenarios in
combination with associated upward and downward movements in bank
bill swap rates.

As of the June 30, 2019 cut-off date, the securitised pool
consisted of 10,596 personal loans. The total outstanding balance
of the receivables was AUD199,992,784 comprising 81.2% unsecured
and 18.8% secured loans. The average account balance was AUD18,874
with a weighted average interest rate of 14.7% and a weighted
average seasoning of 15.4 months.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - The limited amount of historical data. WCF was established in
    2013, with significant origination growth beginning in 2017.
    The static loss data used for Moody's extrapolation analysis
    reflects WCF's short origination history, was limited to the
    origination vintages between Q4 2013 and Q3 2018, and does
    not cover the full life cycle for any one vintage.

  - The high degree of dependency on WCF. WCF acts as the
    sponsor, originator, servicer and trust manager. This
    dependency is mitigated by the inclusion of AMAL Asset
    Management Limited (AMAL, unrated) as a backup servicer,
    as well as by various replacement and notification triggers.
    AMAL is an experienced third-party servicer in the Australian
    Market.

  - The interest rate swap provided by National Australia Bank
    Limited (Aa3/P-1/Aa2(cr)/P-1(cr)) and the fact that the
    notional balance of the swap is based on a schedule.

  - The minimum credit enhancement levels set for each class
    of notes.

  - The availability of a significant amount of excess spread
    over the life of the transaction.

  - The liquidity facility in the amount of 1.5% of the note
    balance subject to a floor of AUD500,000.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 8.0%,
coefficient of variation (CoV) of 41.5%, a recovery rate of 7.5%
and a portfolio credit enhancement of 38.0%. Moody's assumed
default rate, CoV and recovery rate are stressed compared to the
historical levels of 5.7%, 28.0% and 13.4% respectively.

The difference between the actual and assumed default rate, CoV and
recovery rate is in part explained by the addition of several
stressed curves (for example, average default rate multiplied by
three) to address the lack of a stressed economic environment in
recent years.

To address the limited historical loss data on WCF's portfolio,
Moody's has overlaid additional stresses into its default and CoV
assumptions.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in March
2019.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.


RYLEHO GROUP: First Creditors' Meeting Set for Sept. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ryleho Group
Pty Ltd will be held on Sept. 6, 2019, at 10:00 a.m. at Equinox
Building 4, Level 2, at 70 Kent Street, in Deakin, ACT.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of Ryleho Group on Aug. 27, 2019.


SPEEDCAST INTERNATIONAL: Auditors Cast Going Concern Doubt
----------------------------------------------------------
Colin Kruger at Sydney Morning Herald reports that the auditors
PricewaterhouseCoopers mentioned a material uncertainty over
SpeedCast International's ability to continue as a going concern in
the half-year accounts, due to the $180.3 million loss, the $6.8
million cash outflows, and $654.6 million debt load.

"The Group's ability to continue as a going concern is dependent on
the group having a continued appropriate level of funding from its
existing lenders and creditors and/or other sources for at least
the next 12 months from the date of this report," the auditors
wrote.

Based in Australia, Speedcast International Limited (SDA.AX) --
https://www.speedcast.com/ -- provide satellite services. The
Company offers a range of products and services, such as network
service, value added services, equipment sales and wholesale Voice
over Internet Protocol (VoIP).


TRITON TRUST 2018-1: S&P Affirms BB+ Rating on Class E Bonds
------------------------------------------------------------
S&P Global Ratings affirmed its ratings assigned to the prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Trust No. 7 Bond Series
2016-1, Triton Trust No.8 Bond Series 2018-1, and Triton Trust No.
8 Bond Series 2019-1. At the same time, S&P removed the under
criteria observation (UCO) identifier from the ratings.

S&P had placed the ratings under criteria observation after
publishing its revised "Counterparty Risk Framework: Methodology
And Assumptions" criteria on March 8, 2019.

S&P has affirmed the rating and removed the UCO identifier
following a change to the transaction documents via amendment
deeds. The amendments bring the swap documentation in line with our
revised counterparty criteria, with a documented collateral
framework of 'strong'.

  RATINGS AFFIRMED AND REMOVED FROM UCO

  Triton Trust No. 7 Bond Series 2016-1

  Class      Rating
  A1-b       AAA (sf)
  A2         AAA (sf)
  AB         AAA (sf)
  B          AA+ (sf)
  C          AA- (sf)
  D          BBB (sf)
  E          NR

  NR--Not rated.

  Triton Trust No. 8 Bond Series 2018-1

  Class      Rating
  A1-US      AAA (sf)
  A1-AU      AAA (sf)
  A1-5Y      AAA (sf)
  A2         AAA (sf)
  A3         AAA (sf)
  AB         AAA (sf)
  B          AA (sf)
  C          A+ (sf)
  D          BBB+ (sf)
  E          BB+ (sf)
  F          NR

  NR--Not rated.

  Triton Trust No. 8 Bond Series 2019-1

  Class      Rating
  A1-AU      AAA (sf)
  A1-3Y      AAA (sf)
  AB         AAA (sf)
  B          AA (sf)
  C          A (sf)
  D          BBB (sf)
  E          BB (sf)
  F          NR

  NR--Not rated.


VIRGIN AUSTRALIA: To Cut 750 Jobs After Posting AUD349MM Loss
-------------------------------------------------------------
Michael Mehr at The Canberra Times reports that Virgin Australia
said it will cut 750 corporate and head office positions as part of
a restructure after posting a "disappointing" full-year loss of
AUD349.1 million.

Revenue for the 12 months to June 30 rose 7.5 per cent to AUD5.83
billion despite a "challenging trading environment" in the second
half of the financial year, the report discloses.

The Canberra Times relates that the airline, which recorded its
seventh consecutive annual loss on Aug. 28, said the job cuts were
aimed at saving AUD75 million in costs by the end of the 2020
financial year.

According to the report, the company said it would more closely
integrate the functions of Virgin Australia Airlines, Virgin
Australia Regional Airlines and Tigerair Australia.

"There is no doubt that we are operating in a tough economic
climate with high fuel, a low Australian dollar and subdued trading
conditions," the report quotes Virgin Australia chief executive
Paul Scurrah as saying.  "Decisions which have a direct impact on
people's livelihoods are never made lightly and I regret the need
to reduce the size of our workforce so quickly," he said.

"However, today's financial results tell us loud and clear that we
need to reduce costs."

The company on Aug. 28 also announced the appointment of Keith
Neate as its new chief financial officer, starting on September 2,
the report adds.

Virgin, which did not declare a final dividend, noted that there
had been a "continuation of softer conditions" at the start of
July, the report says.

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.




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

FUGUINIAO CO: Fujian Court Declares Manufacturer Bankrupt
---------------------------------------------------------
Liu Jiefei at Caixin Global reports that a court in the eastern
province of Fujian declared Chinese footwear and clothing
manufacturer Fuguiniao Co. Ltd. bankrupt.

Caixin says Fuguiniao Co. first asked for its shares in Hong Kong
to be suspended in September 2016 after it failed to produce
preliminary half-yearly earnings results.  Now, three years later,
that suspension has been rendered permanent after a court in the
eastern province of Fujian declared the company bankrupt, and it
was delisted from the Hong Kong Stock Exchange on Aug. 26.

Fuguiniao never released the earnings report under Hong Kong's
generally accepted accounting principles, or any since, the report
notes.

The Quanzhou City Intermediate People's Court declared the company
bankrupt on Aug. 23 after rejecting its plans to reorganize, citing
a lack of support from creditors, Caixin discloses citing a filing
by the company to Hong Kong Exchanges and Clearing Ltd.

According to the filing, the company had proposed two
reorganization plans that were voted on by creditors in recent
months, but failed to win enough support. The company then took the
matter to court, asking for an order that a reorganization be
implemented, Caixin relates.

China's corporate bankruptcy law holds that a reorganization can
only be approved at a meeting of the same voting group of
creditors, where more than half of those present agree to
reorganize, and where those who vote yes hold at least two thirds
of the voting group's total credit amount, Caixin states.

Those plans didn't wash with the Quanzhou city court, which found
those who voted for the reorganization did not own enough of the
company's bonds.

Caixin adds that another company filing to the Hong Kong Stock
Exchange showed that Fuguiniao was booted from the bourse on Aug.
26.

Fuguiniao's fall will surprise few given the company has been
dogged by financial strife, the report says. Last year, it was
accused of cheating investors by illegally transferring funds
raised through bond sales to related companies, which contributed
to its failure to make repayments on CNY2.1 billion ($290 million)
in bonds for the year, Caixin recalls.

Founded in 1995, Fuguiniao went public in Hong Kong in December
2013. It hasn't published any earnings reports under Hong Kong's
generally accepted accounting principles since 2015 when the
company reported a 12.5% year-on-year decline in revenue and a
13.1% decline in profit attributable to shareholders, Caixin
notes.


GUANGXI LIUZHOU: Fitch Affirms BB LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Guangxi Liuzhou Dongcheng Investment
Development Group Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings at 'BB'. The Outlook is Stable.

Fitch has also affirmed the 'BB(EXP)' expected rating on LDID's
proposed US dollar senior unsecured notes . The offshore notes will
be directly issued by LDID and will constitute its direct,
unconditional, unsubordinated and unsecured obligations. The notes
will at all times rank pari passu among themselves and at least
equally with all of LDID's other present and future unsecured and
unsubordinated obligations. Proceeds from the proposed notes will
be used for general corporate purposes.

The final rating on the proposed US dollar notes is contingent upon
the receipt of final documents conforming to information already
received.

LDID's ratings are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria, reflecting its ownership by the
Liuzhou municipality in China. It also reflects the municipality's
control and support of LDID, as well as the socio-political and
financial impact on the government if LDID defaults.

LDID is the sole urban developer for Liudong New District, which
occupies most of the eastern part of Liuzhou and is the
manufacturing hub of the city. LDID is mainly responsible for
primary land development, urban infrastructure development,
investment and management and other ancillary services for the area
as well as state-owned asset operation and management.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: LDID is 100% owned by
the municipality and is registered as a limited liability company
under China's Company Law. The Liuzhou government appoints most of
the board members and senior management of LDID as well as the
monitoring committee, and closely monitors the company's financing
plan and debt levels. All major decisions and projects require the
government's approval. The company is required to report its
operational and financial results to the government regularly. The
government sets the audit criteria and assesses the company's
performance annually. According to the Liuzhou State-owned Assets
Supervision and Administration Commission (Liuzhou SASAC), the
government has no plan to dilute its shareholding in LDID as of
July 2019.

'Strong' Support Track Record and Expectations: The municipal
government has provided LDID with capital injections, project funds
and subsidies, income return on state-owned asset operation,
low-cost funding as well as debt repayment assistance. The fiscal
support aims to partly fund LDID's capital expenditure and debt
servicing. Transfers and grants received in 2018 increased more
than five-fold compared with 2017 to CNY316 million, which was
equivalent to 41% of LDID's total profit. In addition, the
government helped LDID in debt repayment for the third consecutive
year by swapping the CNY1.15 billion of the company's debt for
government debt in 2018. Fitch considers LDID a core functional GRE
in Liuzhou and Fitch expects legitimate support offered to LDID to
continue in the medium term.

'Moderate' Socio-Political Implications of Default: LDID is the
sole urban developer for the Liudong New District. LDID plays a
crucial role in the city's development and urbanisation as well as
implementing the blueprint of the municipal government. LDID is the
biggest urban developer in the city, but there are smaller GREs in
the city that are able to take its place in some of the public
welfare duties it performs. A default by LDID would have a
'Moderate' socio-political impact on the government.

'Very Strong' Financial Implications of Default: LDID carries out
urban development projects and raises funding in Liuzhou for the
government. The company's total assets in 2018 accounted for 35% of
the city's gross regional product. A failure by the government to
provide timely support to LDID, leading to a default by the
company, could imply the government is in financial difficulty,
which would limit its financing options and hurt its credibility.

'b' Standalone Profile: Fitch assessed LDID's revenue defensibility
at 'Midrange' under its Rating Criteria for Public-Sector,
Revenue-Support Debt because the company has a fairly diversified
business profile with somewhat limited pricing ability. Fitch
considers the operating risk as 'Midrange' based on its relatively
predictable cost structure. It has a 'Weaker' financial profile due
to its high leverage.

LDID's financial profile is characterised by large capex, high
leverage and poor debt servicing ability from cash flow. Debt
repayment and project expenses depleted LDID's cash level by 65% in
2018 and Fitch-calculated EBITDA weakened. As a result, LDID's
leverage, measured by net debt/Fitch calculated EBITDA, climbed to
more than 40x in 2018. Fitch's rating case forecasts leverage to
remain above 40x in the foreseeable future due to the company's
large capex plan. Debt service coverage, measured by the ratio of
cash flow from operations to debt repayment and interest payable,
continued to be below 1x despite improved cash flow from operation
compared with 2017. Fitch believes LDID will continue to have large
capex, high leverage and poor debt and interest servicing ability
in the medium term, driven by the infrastructure investments in the
area. Nevertheless, its stable contractual framework and the local
government's consistent financial support will mitigate the risks.

DERIVATION SUMMARY

LDID's ratings are assessed under Fitch's GRE criteria. Fitch
believes the local government has a strong incentive to provide
extraordinary support to the company, if needed. Fitch has also
factored in the Liuzhou municipal government's control and support,
LDID's public-service functions such as infrastructure development
and urban operation as well as the impact of a default on the
government.

RATING SENSITIVITIES

The ratings on LDID could change if Fitch revises its perception of
Liuzhou municipality's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations.

An increase in the incentive for the municipality to provide
support to LDID, including stronger socio-political and financial
implications of a default by LDID and a stronger track record of
support, may trigger positive rating action on LDID. An improvement
of the standalone credit profile or the liquidity position of LDID
would also affect the ratings.

In contrast, the rating may be downgraded if there is a significant
weakening in the socio-political and financial implications of a
default by LDID, a weaker track record of support by the
municipality, or a dilution of the government's shareholding.

Rating action on LDID would lead to similar action on the proposed
US dollar notes.




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

AERCOMFORT PRIVATE: CARE Keeps B+ on INR3cr Loan in NonCooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aercomfort
Private Limited (APL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       3.75       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Short term Bank      5.25       CARE A4; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2019, placed the
ratings of APL under the 'issuer non-cooperating' category as
Aercomfort Private Limited had failed to provide information for
monitoring of the rating. Aercomfort Private Limited continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and an email dated August 12, 2019,
August 9, 2019 In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 3, 2019 the following were
the rating weakness and strengths (Updated for the information
available from the Registrar of companies):

Key Rating Weakness

Small scale of operations with low net worth base: The scale of
operations has remained small marked by a total operating income
and gross cash accruals of INR23.66 crore and INR0.70 crore
respectively for FY18 (FY refers to the period April 1 to
March 31). Further, the company's net worth base was relatively low
at INR7.40 crore as on March 31, 2018. The small scale of
operations and net worth base in a competitive industry limits the
bidding capability and pricing power. Further, the small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Weak Coverage indicators: The coverage indicators of the company
stood weak marked by interest coverage ratio and total debt to
gross cash accruals stood weak of 1.78x and 12.22x for FY18 owning
to high dependence on external funds in form of bank borrowings and
unsecured borrowings and lower level of gross cash accruals.

Highly competitive industry and risks associated with tender-based
orders: APL faces direct competition from various organized and
unorganized players in the market. There are number of small and
regional players catering to the same market which has limited the
bargaining power of the company and therefore has a bearing on its
margins. Furthermore, the company majorly undertakes government
projects, which are awarded through the tender-based system. The
growth of the business depends on its ability to successfully bid
for the tenders and emerge as the lowest bidder. This apart, any
changes in the government policy or government spending on projects
are likely to affect the revenues and profits of the company.

Key Rating Strengths

Established presence with extensive experience of the promoter in
the industry: Mr. Vijay Kumar Gupta in 1968 has nearly 4 decades of
experience in service industry. Mr. Mayank Gupta; another director
is an engineer by qualification. He has more than a decade of
experience in the industry through his association with the
company. Both the directors collectively look after the overall
operations of the company. APL has been operational for
around half a decade and has been able to establish relationship
with its suppliers and customers.

Moderate profitability margins and comfortable capital structure:
The company majorly undertakes government projects, which are
awarded through the tender-based system. Therefore, the margins
largely depend on nature of contract executed. The profitability of
the company stood at moderate levels marked by PBILDT and PAT
margins at around 9.24% and 2.92% respectively for the last 3 years
i.e. FY16-FY18 (FY refers to April 1 to March 31). As on March 31,
2018, the capital structure of the company stood moderate marked by
debt equity ratio and overall gearing ratio of 0.52x and 1.15x.

Moderate operating cycle: The company's customers are companies
like government bodies / departments which have longer payment
periods attributable to varying inspection and approval timelines.
The company raises bill on percent completion basis and receives
nearly 80%-90% of the payment within 60-90 days and remaining is
kept as retention money which is normally released after the
project completion. The company has to keep inventory at different
sites for smooth execution of contracts which results in average
inventory days of around 59 days. The moderate working capital
cycle is emanates from collection and inventory holding period of
77 days and 59 days, respectively, and adequate average payable
period of 58 days in FY18.

Delhi based Aercomfort Private Limited (APL) was incorporated in
September, 1998. The company has succeeded an erstwhile proprietary
concern established in 1968. The company provides turnkey solutions
for heating, ventilation, and air conditioning (HVAC) projects for
Central public works department, Airport authority of India etc.


AHINSHA BUILDERS: CARE Keeps B on INR37cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ahinsha
Builders Private Limited (ABPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       37.00      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2018, placed the
ratings of ABPL under the 'issuer non-cooperating' category as
Ahinsha Builders Private Limited had failed to provide information
for monitoring of the rating. Ahinsha Builders Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
August 9, 2019 July 18, 2019, July 19, 2019 In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 18, 2018 the following were the
rating weakness and strengths (Updated for the information
available from the Registrar of companies):

Key Rating Weakness

Low collection status of the project: ABPL's low collection status
is evidenced from unsold area of around 90 per cent as on January
31, 2016, thus the company remains susceptible to risk related to
marketing of project. Marketing of the project within envisaged
timelines yet to be seen and shall remain a key rating
sensitivity.

Project execution risk and marketability risk: The Company has
incurred around 21.23 per cent of the total project cost as on
March 2015, significant cost is yet to be incurred. The company
remains susceptible to risk related to completion of the project in
envisaged timelines. However, management has successfully completed
one residential project in past but the ABPL's, ability to complete
comparatively big project is yet to be seen.

Cyclical and seasonality associated with real estate industry and
exposure to local demand-supply dynamics: The Company is exposed to
the cyclicality associated with real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. This exposes these companies to the vagaries of
real estate markets.

Leveraged capital structure: The capital structure of the company
marked by overall gearing ratio remained leverage at 2.78x as on
March 31, 2018 as against 3.36x as on March 31, 2017, the
improvement in capital structure was on account of retention of
profit and repayment of debt on March 31st 2018, as compared to
previous balance sheet date.

Key Rating Strengths

Experienced promoters and professional consultancy for the ongoing
project: ABPL is promoted by Mr. Ghasitumal Jain and Mr. Vipin
Jain. Both the promoters have nearly 2 decades of experience in the
real estate industry through association with other group companies
and they have other business interests as well like
(manufacturing of wheels of tractors and jeep). Promoters have
successfully executed one residential project (Ahinsha Vatika) in
this company.

Ahinsha Builders Private Limited (ABPL) was incorporated in April
2004. The company is promoted by Mr. Ghasitumal Jain and Mr. Vipin
Jain. The company is engaged in the business of real estate
development which involves development of residential projects. The
company is operating mainly in Delhi NCR. ABPL has executed
residential project 'AhinshaVatika' at Shahdara, Ghaziabad. The
residential block was constructed with two residential towers with
216 (including 56 flats for economically weaker section; EWS)
residential flats in total. The project was commissioned in August
2011 and possession was given from August 2014, onwards. ABPL is
setting up a residential project under the name 'AhinshaNaturez
Park' at Faridabad, Haryana (near Surajkund). The residential block
will be constructed with three residential towers.


AMRIT HUMIFRESH: CARE Lowers Rating on INR15cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Amrit Humifresh Preservation Private Limited (AHPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 2, 2018, placed the
ratings of AHPL under the 'issuer non-cooperating' category as
Amrit Humifresh Preservation Private Limited had failed to provide
information for monitoring of the rating. Amrit Humifresh
Preservation Private Limited continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 12, 2019
August 7, 2019, 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.

The rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by Amrit Humifresh
Preservation Private Limited with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
The rating is constrained on account of small scale of operations
and highly competitive nature of industry. The rating, however,
derives strength from experienced promoters and long track record
of operations and moderate profitability margins, moderate capital
structure and coverage indicators.

Detailed description of the key rating drivers

At the time of last rating on August 2, 2018, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations:  The scale of operations of the company
continues to remain small at INR9.41 crore in FY18 (FY refer to the
April 1st to March 31st) against of INR8.92 crore in FY17. Small
scale limits the company's financial flexibility in times of stress
and deprives it from scale benefits.

Highly competitive nature of the industry:  AHPL operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized and organized sectors. There
are number of small and regional players catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

Key Rating Strengths

Experienced promoters and long track record of operations:  The
company is being managed by Mr Bal Krishan Gupta, Mrs Geeta
Aggarwal, Mr Deepak Aggarwal, Mr Manish Aggarwal and Ms Amita
Aggarwal. They have considerable experience of around a decade
through their association with AHPL.

Moderate profitability margins, moderate capital structure and
coverage indicators:  The profitability margins stood moderate
marked by PBILDT and PAT margin of 48.33% and 54.64% respectively
in FY18 against of 54.64% and 9.39%, respectively in FY17. The
capital structure marked by overall gearing stood at 0.57x as on
March 31, 2018. The debt service coverage indicators marked by
interest coverage ratio and total debt to GCA stood moderate at
4.52 times and 2.20 times in FY18.

Amrit Humifresh Preservation Private Limited (AHPL) was set-up in
2000 and became operational in 2003. AHPL is currently being
managed by Mr. Bal Krishan Gupta, Mrs. Geeta Aggarwal , Mr. Deepak
Aggarwal, Mr. Manish Aggarwal and Miss Amita Aggarwal. The company
is engaged in the business of providing space on rental basis in
the cold storage for storage of fruits, vegetables, dry fruits and
spices. Along with this the company also provides maintenance of
storage facilities like refrigerators, cold rooms and freezers. The
storage location of AHPL is located in Sonipat, Haryana with
storage capacity of 8,000 metric ton per annum (MTPA) as on March
31, 2015. The company has signed long term memorandum of
understanding (MOU) for 16 years with Radha Krisha Foodland Pvt.
Ltd. and ColdEx for the storage facility. Further, these two
companies cater to various multi- national companies like Unilever,
KFC etc. The company earns rental income from this unit.


CALYPSO AGRO: CARE Lowers Rating on INR10cr Loan to B-
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Calypso Agro Industries Private Limited (CAIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       10.00      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   Of 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 CAIPL under the 'issuer non-cooperating' category as
CAIPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. CAIPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated April 30, 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.

The revision in the ratings assigned to the bank facilities of
Calypso Agro Industries Private Limited takes into account the
decline in total operating income, profitability margins and
solvency indicators of the company in FY18 (refers to a period
from April 1 to March 31). Further, the liquidity positions of the
company remained stressed during the said period.

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 (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Modest scale of operations along with losses registered: The scale
of operations of the company declined by 43.51% in FY18 to INR28.66
crore. Further, the company has registered operating loss and cash
loss in FY18, leading to complete erosion of net worth.

Presence in highly fragmented industry: The Indian trading industry
is highly unorganized & fragmented in nature. Due to
low entry barriers, the trading Industry in the country is flooded
with many unorganized players. This has led to high level of
competition in the industry and players work on wafer-thin
margins.

Seasonality associated with trading product being an agro based
commodity: The Company is engaged in the business of trading of
rice and pulses, which is an agro-based commodity. Agro-based
industry is characterized by its seasonality, as it is dependent on
the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and lead
to volatility in raw material prices.

Key Rating Strengths

Experienced promoters: The directors of CAIPL, have wide experience
of more than one decade in the agro based processing
industry. The company belongs to the Bolla group of Nagpur which
manages seven entities engaged in trading of agro commodities.
CAIPL is likely to be benefited from the established presence of
the group and experience of promoters in the industry.

Incorporated in the year 2012, Calypso Agro Industries Private
Limited (CAIPL) was promoted by Mr Vekanta Ramanrao, Mr Prakash
Kharat, Mr Anil Pohekar, Mr Abhijeet Pohekar, Mr Amitabh Pohekar
and Mr Arvind Deshmukh. CAIPL is engaged in the trading of grains.
The major products of the company include pulses, rice and paddy.


CARE OFFICE: CARE Keeps D on INR80cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Care Office
Equipment Limited (COEL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      65.00       CARE D; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Long-term/Short-    15.00       CARE D/CARE D; Issuer Not
   Term Bank                       Cooperating; Based on best
   Facilities                      Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2018, placed the
ratings of COEL under the 'issuer non-cooperating' category as COEL
had failed to provide information for monitoring of the rating.
COEL continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated August 9, 2019 and August 12, 2019. Further,
COEL has not provided 'No Default Statements (NDS)' statements for
past more than 12 months. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating of July 18, 2018, the following was the
key rating weakness.

Key Rating Weakness

Overdrawing in working capital limits for more than 30 consecutive
days COEL had forfeited distributorship of Dell's IT products which
contributed a sizeable portion of its Total Operating Income (TOI).
This led to increased stress on liquidity resulting in overdrawals
in its working capital limits for more than 30 consecutive days.

Incorporated in 1998, COEL is a dealer/ distributor of IT hardware
products and consumer electrical/ electronic products and it
operates multi-brand retail outlets for IT hardware and consumer
durable products in Gujarat.


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

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR200 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR49.70 mil. Term loans due on March 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1988, Pune-based Cee Dee Vacuum Equipment is
engaged in the design, development, manufacture, installation, and
commissioning of electrical equipment such as transformer oil
filtration machines, vacuum pressure impregnation plants and oil
dehydration equipment.


CG POWER: Ind-Ra Lowers LT Issuer Rating to 'B', Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CG Power and
Industrial Solutions Limited's (CG Power) Long-Term Issuer Rating
to 'IND B' from 'IND BBB+' while resolving the Rating Watch
Negative (RWN). The Outlook is Negative.

The instrument-wise rating actions are:

-- INR11.8 mil. Fund-based working capital limits downgraded; Off

     RWN; Outlook Negative with IND B/Negative rating;

-- INR19.27 mil. Non-fund-based working capital limits
     downgraded; Off RWN with IND A4 rating;

-- INR1.95 mil. Proposed fund-based working capital limits#
     downgraded; Off RWN; Outlook Negative with Provisional IND
     B/Negative rating;

-- INR5.73 mil. Proposed non-fund-based working capital limits#
     downgraded; Off RWN with Provisional IND A4 rating;

-- INR0.66 mil. Derivative limits downgraded; Off RWN; with IND
     A4 rating; and

-- INR11.32 mil. Term loans due on FY22 downgraded; Off RWN;
     Outlook Negative with IND B/Negative rating.

# The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by CG Power to the satisfaction of Ind-Ra.

Analytical Approach: Ind-Ra continues to take a consolidated view
of CG Power and its subsidiaries while arriving at the ratings, due
to the strong legal, operating and strategic linkages among them.
CG Power has guaranteed the borrowings of its overseas
subsidiaries. In the past, the company has also supported its
subsidiaries through equity infusions and unsecured loans.

The Negative Outlook reflects the heightened debt repayment risk in
the near term, given the company's weak liquidity position. The
downgrade reflects weak corporate governance reflected by the
financial irregularities reported by the company in 4QFY19 results
announcement and weakened financial profile.

KEY RATING DRIVERS

Weak Corporate Governance; Financial Irregularities: As per FY19
unaudited financials, CG Power had reported suspicious,
unauthorized and undisclosed transactions and entries in its
earlier financial statements. The consolidated financial statements
for FY17 and FY18 had been restated, while FY19 financials
disclosed by the management were interim and subject to
audit/limited review. Further, one of CG Power's joint auditors
SRBC & CO LLP has sought information and explanations from the
company regarding certain other transactions as part of the notice
issued to the company under Section 143(12) of the Companies Act,
2013. Section 143(12) pertains to cases where the auditor believes
an offense involving fraud is being or has been committed by the
officers or employees of the company.

As per FY19 unaudited results, CG Power's total liabilities were
potentially understated by INR16.1 billion and INR4.0 billion in
FY18 and FY17, respectively. Further, advances given to related
parties were also understated by INR28.1 billion and INR13.3
billion in FY18 and FY19, respectively. Also, certain assets of the
company were provided as collateral without due authority and the
company was made co-borrower/guarantor to enable related third
parties to obtain loans without due authorization.

In addition to the above, the company has taken debt from various
banks, which was in turn given as advances to related parties.
However, the debt was inappropriately set off against advances,
resulting in under-reporting of debt. Also, interest payment on
this debt was disguised as professional fees, exchange losses and
supplier advances, some of which were subsequently written off to
profit and loss account of the company. At FYE18, cheques amounting
to INR4.0 billion received from the promoter company were included
as part of bank balances but were not presented for payment.

CG Power has given corporate guarantees as well as comfort letter
to various related parties which were not disclosed earlier. Under
a comfort letter provided by the company to the lenders of Avantha
Holdings Limited (AHL), it had given post-dated cheques of INR2.1
billion to the lenders on 15 January 2019. The same was presented
by the bank on 11 April 2019 and was returned as dishonored due to
insufficient funds. The bank issued a notice under section 138 of
Negotiable Instruments Act, 1881 dated April 30, 2019, to CG Power
on account of such default.

As a result of the above financial irregularities, its gross debt
was understated while the cash balance was overstated. This has, in
turn, resulted in higher net leverage and lower gross interest
coverage for the company. Further, CG Power's liquidity position
deteriorated significantly with the cash balance of INR2.4 billion
at FYE19 against debt servicing requirements of more than INR6.0
billion in FY20.

CG Power has stopped the accrual of the royalty of 1% of the total
consolidated revenue to AHL since October 2018, which is likely to
support EBITDA in the future. As per the management, the company
also aims to complete the sale of its land parcel in Kanjurmarg by
end-January 2020 while the sale of CG House likely to be completed
by 1HFY21. The proceeds from the sale are likely to be used towards
part repayment of its debt and meet its working capital
requirements.

RATING SENSITIVITIES

Positive: Future developments that could collectively lead to a
Stable Outlook include:

- a significant improvement in profitability

- timely refinancing of the upcoming repayments
   and an improvement in the liquidity position.

Negative: Continued stretched liquidity position and/or delays in
debt refinancing could result in a further rating downgrade.

COMPANY PROFILE

CG Power, part of the Avantha Group, has two segments namely power
systems and industrial systems. The power systems segment
manufactures electrical products such as transformers, switchgear
and circuit breakers, which find application in power transmission.
The industrial systems segment manufactures high and low tension
rotating machines (motors and alternators), stampings, as well as
railway transportation and signaling products.


DHANRAJ DIAMOND: CARE Lowers Rating on INR11cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhanraj Diamonds (DD), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       11.00      CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to bank facilities of DD has been revised on
account of ongoing delays in debt servicing i.e. continuous
overdraws in its fund-based limits, for more than 30 days on
account of a stretched liquidity position. The rating however
continues to, derives strength from long track record of operation
and experienced promoters in the industry. The ability of DD to
timely service its debt obligation and grow its scale of
operations, improve debt coverage indicators, improve liquidity
position with efficient management of working capital cycle are the
key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Ongoing delays in debt servicing: There have been ongoing delays in
debt servicing i.e. continuous overdraws in its fundbased limits,
for more than 30 days on account of a stretched liquidity
position.

Stressed liquidity position: The investment in net working capital
as a percentage of total capital employed stood at 96.30% as on
March 31, 2019, whereas the net cash flow from operating activity
stood negative during FY19 (prov.), the unencumbered cash & bank
balance was around INR0.86 crore as on March 31, 2019. Further
owing to higher inventory the current ratio remained at comfortable
at 3.37x times in FY19 (prov.) {vis-à-vis 2.23x times in FY18 (A)}
, however quick ratio remains at weak at 0.71x times in FY19
(prov.) {vis-à-vis 0.21x time in FY18 (A)}.

Key rating Strengths

Experienced promoters and long track record of operations: The
promoters of Dhanraj Diamonds hold an average experience of more
than two decade in trading of diamond studded jewellery. On account
of long track record of operations and experience of the promoters,
the firm has gained a reputation and has established good
relationships with its customers & suppliers.

Dhanraj Diamonds (DD) was established in 1965 as a proprietorship
firm in the name of Mr. Ramesh D. Murpana. Later in 2015, it was
converted into partnership firm with Mr. Ramesh D. Murpana and Mr.
Sumeet D. Murpana as the partners of the firm. The firm is
primarily engaged in retail trading of diamond studded jewellery
ranging from 0.01 cent to 3 carat. The firm has its showroom
located at Bandra (W), Mumbai. The firm buys readymade jewellery
from wholesalers and manufacturers in Mumbai.


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

The instrument-wise rating actions are:

-- INR600 mil. Fund-based limit (Long-term/Short-term) maintained

     in a non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR1.082 bil. Non-fund-based limit (Long-term/Short-term)
     maintained in the non-cooperating category with IND D (ISSUER
NOT
     COOPERATING) rating; and

-- INR10 mil. Long-term loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 8, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1986, Dinesh Oils primarily manufactures refined
edible oils (mainly refined palm olein oil and refined palm oil)
and vanaspati.


EXCLUSIVE OVERSEAS: CARE Lowers Rating on INR17.71cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Exclusive Overseas Private Limited (EOPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term            17.71      CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   Of best available information

   Long term             8.00      CARE C/CARE A4; Stable; Issuer
   Facilities                      Not Cooperating; Revised from
                                   CARE B/CARE A4; Stable on the
                                   Basis Of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 27, 2018, placed the
ratings of EOPL under the 'issuer non-cooperating' category as
Exclusive Overseas Private Limited had failed to provide
information for monitoring of the rating. Exclusive Overseas
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated August 9, 2019, July 18, 2019, and July
19, 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 rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by Exclusive Overseas Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating is constrained
on account of small scale of operations and significant elongation
of operating cycle. The rating is further constrained on account of
Low PAT margin, leveraged capital structure and weak debt service
coverage indicators. The rating, however, derives strength from
experienced promoters coupled with established relationship with
customers.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

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

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

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

Key Rating Strengths

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

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


GALAXY CONSTRUCTIONS: CARE Keeps B on INR32cr Debt in NonCooperatin
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Galaxy
Constructions and Contractors Private Limited (GCCPL) continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       32.00      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Short term Bank       2.00      CARE A4; Stable; Issuer Not
   Facilities                      Cooperating; 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 13, 2018, placed the
rating of GCCPL under the 'issuer non-cooperating' category as
GCCPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. GCCPL continues to be
non-cooperative despite repeated requests for submission of
information through email letter 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 ratings.

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

Key Rating Weakness

Exposed to geographical concentration risk of order book: The
company in past has generated revenue through projects executed in
Maharashtra region. Furthermore, out of its total order book
position, all the projects are within the region of Maharashtra,
thereby making the entity susceptible to geographical concentration
risk.

Exposed to fluctuations in raw material prices: The total raw
material cost accounts for about 74.58% of the total operating
income and have fluctuating market prices. Furthermore, the
company do not have a built in price escalation clause for every
contract leading to price fluctuation risk.

Intense competition faced by the entity along with tender based
nature of operations: Tender driven nature and lengthy bidding
process can impact the revenue growth of the entity while timely
completion of orders and translation of the same into revenues is
essential.

Working capital intensive nature of business: Operations continue
to be working-capital-intensive in nature due to greater time lag
between receipts and payments. Delays in collecting proceeds from
its government contracts and funds blocked accentuate the need for
working capital which remained utilized at high level.

Key Rating Strengths

Long experience of the promoters and established track record of
operations: The promoters Mr Deepak Gugale and Mr Amit Thepade are
well qualified and have a long experience of more than one and half
decades in the construction industry.

Steady growth of revenue with moderate order book position
providing revenue visibility over the medium-term: The total
operating income of the company has reported a CAGR of about 31%
over the last three years period ending FY16. Increase in the order
book position along with repeat work orders from its existing
clientele has led to a stable growth in the revenue
over the years.

Healthy profitability margins: The Profitability margins remained
healthy in the range of 14%-15% during last three years ended FY16.
However, the same have been fluctuating owing to fluctuation in
input material cost and other manufacturing expenses.

Incorporated in the year 2001, GCCPL is promoted by Mr. Deepak
Gugale and Mr. Amit Thepade. The company is engaged in the civil
construction of commercial and residential projects and undertakes
project on contract basis for various customers including
government, semi-government and private entities.


GOYUM SCREW: CARE Assigns B+ Rating to INR3cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Goyum
Screw Press (GSP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           8.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GSP are constrained
by small scale of operations and leveraged capital structure. The
ratings are further constrained by susceptibility of margins to
fluctuations in raw material prices, foreign exchange fluctuation
risk, highly fragmented and competitive nature of industry and
proprietorship nature of constitution. The ratings, however, take
comfort from the experienced proprietor and long track record of
operations, diversified product portfolio, moderate profitability
margins and debt coverage indicators and moderate operating cycle.


Going forward, the ability of GSP to increase its scale of
operations while improving its overall solvency position and
efficient management of working capital requirements would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small & fluctuating scale of operations: The total operating income
(TOI) of the firm witnessed a fluctuating trend during FY16-FY18
period. However, the TOI decreased from INR70.49 crore in FY17 to
INR48.68 crore in FY18 owing to low orders received. The small
scale of operations limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. Furthermore,
the firm has reported total operating income of INR52.00 crore in
11MFY19 (Provisional).

Leveraged capital structure: The capital structure of the firm is
leveraged marked by overall gearing ratio of 1.80x as on March 31,
2018. The same improved from 4.40x as on March 31, 2017 mainly due
to repayment of term loans and unsecured loans coupled with lower
utilization of working capital limit as on last balance sheet as
compared to previous year.

Foreign exchange fluctuation risk: The firm exports 75% of its
products to countries like Saudi Arabia, Africa and United States,
while the raw materials are procured indigenously. Since major sale
proceeds are received in foreign currency, GSP is exposed to
exchange rate fluctuation risk. The foreign exchange fluctuation
risk is largely unhedged exposing the firm to sharp appreciation of
rupee against foreign currency which may impact its cash accruals.
However, GSP earned foreign exchange currency gain of INR0.46 core
in FY18 (PY: 0.84 crore).
Susceptibility of margins to fluctuations in raw material prices:
The main raw materials used by the firm are mild steel channels,
mild steel plates, mild steel rounds, electrical items like motors
etc. Raw material cost is a major contributor to total operating
cost, thereby making profitability sensitive to raw material prices
mainly due to the reason that the major raw material is commodity
in nature and witnesses frequent price fluctuations. Moreover, the
prices of steel are driven by international prices, apart from
domestic demand supply factors and therefore remain volatile. Thus
any adverse change in the prices of the raw material may affect the
profitability margins of the firm.

Highly fragmented and competitive nature of industry: The spectrum
of the iron and steel industry in which the firm operates is highly
fragmented and competitive marked by the presence of numerous large
and small players in India. Hence, the players in the industry do
not have any pricing power and are exposed to competition induced
pressures on profitability. This apart, its products are subjected
to the risks associated with the industry like cyclicality and
price volatility.
Constitution of the entity being a proprietorship firm: GSP
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the
time of personal contingency and firm being dissolved upon the
death/retirement, insolvency of the proprietor. Moreover,
proprietorship firms have restricted access to external borrowings
as the credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders. Moreover, the proprietor
has withdrawn funds amounting to INR3.82 crore in the form of
unsecured loans and capital during the FY16-FY18 period.

Key rating strengths

Experienced proprietor and long track record of operations: GSP was
established in 2005 and its day to day operations are looked after
by the proprietor himself. Mr. Vinod Jain has work experience of 22
years gained through his association with GSP and Simplex Expeller
Works (SEW, from 1997- 2005), engaged in similar business
operations. Besides GSP, the proprietor is also associated with two
group concerns, namely Goyum Technical Holdings Pvt. Ltd. (GTH) and
White Gold Agro (WGA), engaged in manufacturing of oil expeller &
oil filter machinery and processing of raw cashews, respectively.
The proprietor has adequate acumen about various aspects of
business which is likely to benefit GSP in the long run. Long track
record of operations has aided the firm to develop strong
relationships with the suppliers as well as customers over the
years.

Diversified product portfolio: The company is engaged in
manufacturing of oil mill machinery, solvent and refinery plant
machinery, biodiesel and biofuel machinery etc. and has a diverse
portfolio of over 15 products. Diversity of revenue profile limits
the risk of adverse impact of downturn in any particular product
Moderate profitability margins and debt coverage indicators The
profitability margins marked by the PBILDT margin and PAT margin
stood moderate at 7.80% and 4.64%, respectively in FY18. The PBILDT
margin of the firm improved from 4.46% in FY17 due to better sales
realisation. Consequently, the PAT margin also improved from 2.70%
in FY17 to 4.64% in FY18. The debt coverage indicators of the firm
stood moderate marked by interest coverage ratio of 4.21x in FY18
and total debt to GCA of 2.48x for FY18. The interest coverage
ratio deteriorated from 4.52x in FY17 due to increase of interest
expenses of the firm. However, the total debt to GCA ratio improved
from 4.21x for FY17 to 2.48x for FY18 due to decrease in debt
levels of the firm coupled with increase in gross cash accruals of
the firm in FY18.

Adequate liquidity position: The operating cycle of the firm stood
moderate at 17 days for FY18. The average utilization of working
capital limit stood at 75% for the past 12 month period ended
February, 2019. The liquidity position of the firm stood moderate
marked by current ratio of 1.21x and quick ratio of 0.85x as on
March 31, 2018. The firm had free cash and bank balance of INR0.39
crore as on March 31, 2018.

Goyum Screw Press (GSP) was established in April, 2005 as a
proprietorship concern and is currently being managed by Mr. Vinod
Jain. The firm is engaged in the manufacturing of oil mill
machinery, solvent and refinery plant machinery, biodiesel and
biofuel machinery like screw oil press, oil extraction machines,
filter press machines, steam boiler, industrial shredder etc. at
its manufacturing unit in Ludhiana, Punjab with various products
having varying installed capacity.


IDBI BANK: S&P Puts BB/B ICRs on Watch Neg. After Capital Breach
----------------------------------------------------------------
S&P Global Ratings said that it had placed its 'BB' long-term and
'B' short-term foreign currency issuer credit ratings on
India-based IDBI Bank Ltd. on CreditWatch with negative
implications. S&P also placed its issue ratings on the bank's
senior unsecured debt on CreditWatch with negative implications.

S&P said, "We placed the ratings on CreditWatch to reflect the
uncertainty regarding IDBI's ability to meet its regulatory capital
requirement over the next few months. The bank expects to raise
capital from its majority shareholders -- Life insurance Corp. of
India (LIC; 51%) and the government of India (46%)--before Sept.
30, 2019, to meet the shortfall, but the quantum and timing of the
capital infusion is uncertain, in our view."

A net loss in the first quarter of fiscal 2020 (year ending March
31, 2020) due to high provisioning costs eroded IDBI's capital to
below the regulatory minimum for a banking license. This is second
instance over the past two years that the bank has breached the
regulatory minimum, and it was not in line with S&P's expectation.
Excluding the capital conservation buffer (CCB), Indian banks are
required to hold a minimum 7% Tier-1 capital ratio and a 9% ratio
of total capital to risk-weighted assets (CRAR). IDBI's Tier-1
capital ratio is 6.14% and CRAR is 8.14% as of June 30, 2019.

S&P said, "We believe the breach could be temporary because IDBI is
in the process of raising capital from its majority shareholders.
The bank would require participation from other shareholders
because LIC's stake cannot extend 51% according to local
regulations. In our view, raising capital from the market will be
particularly challenging, given IDBI's weak valuations. We believe
the bank is dependent on the Indian government and LIC for such
capital to correct the breach."

The government has announced a Indian rupee (INR) 700 billion
recapitalization into public sector banks in its budget for fiscal
2020, and last week said the capital may be infused very soon. S&P
said, "We believe that part of the capital required by IDBI to
clean up its balance sheet and replenish its capitalization will
likely come from the government. By our estimates, IDBI will need
INR55 billion at the very minimum to plug the regulatory breach and
take care of provisioning costs for the next quarter."

IDBI has a weak stand-alone credit profile (SACP) of 'b-' and has
been subject to the central bank's "prompt corrective action" since
May 2017. Due to a string of losses brought about by substantial
problem loans and associated high provisioning costs, the bank's
financial performance has weakened in the past few years. Its ratio
of nonperforming loans to total outstanding loans as of June 30,
2019, is 29%, the highest among Indian banks we rate. IDBI reported
a loss (consolidated) of about INR81 billion in fiscal 2018 (year
ended March 31, 2018) and a loss of INR150 billion in fiscal 2019.

IDBI has provided for a significant part of its problem loans, as
reflected in its high coverage ratio of 88% as of June 30, 2019.
Coverage for large accounts undergoing insolvency proceedings under
National Company Law Tribunal (NCLT) is higher, at 97%. The bank's
net NPLs have reduced drastically to 8% as of June 2019 from 18.8%
a year ago.

S&P said, "While we believe IDBI has reasonably provided for its
existing NPLs, incremental slippages will keep provisioning costs
elevated for the next few quarters. Our view is based on recent
corporate defaults in India and the lingering stress in non-bank
finance companies and real estate developers. We expect IDBI's
earnings to gradually improve with recovery of existing NPLs.

"We believe the government remains committed to support IDBI. Our
issuer credit rating on IDBI is four notches higher than its SACP,
reflecting a very high likelihood of government support. We do not
believe the bank would default in the next 12 months, given ongoing
capital support from the government and the high confidence of the
public in government-owned Indian banks. Our view is based on the
government's public commitment to support public sector banks and
not let any government-owned bank to fail. Public confidence is
demonstrated in IDBI's stable funding profile and ability to
attract deposits. In fact, its daily average balance of current and
savings deposits continued to rise in the past year,
notwithstanding the weak performance.

"We aim to resolve the CreditWatch in the next three months once we
have clarity on the bank's plan and timeline for shoring up its
capital base, such that it maintains a sufficient buffer above the
regulatory minimum.

"We could lower our ratings on IDBI if the capital infusion by
shareholders is delayed beyond a month or it is insufficient to
ensure that the bank meets its regulatory minimum requirements with
a sufficient buffer over the next few quarters.

"A downgrade could also happen if we believe IDBI is likely to
incur more losses, especially due to provisioning costs for its
legacy NPLs or challenging operating conditions, which would erode
its capital position or lead to another capital breach, in the
absence of any capital infusion. In such a scenario, the rating
will go down by at least two notches.

"We could affirm our ratings if we believe that the capital
infusion is sufficient to meet the regulatory capital requirements
and if S&P Global Ratings' expected risk-adjusted capital ratio is
likely to sustain above 5% over the next 12-18 months. This has to
be accompanied by improvements in operating performance of the bank
and addressing of legacy asset quality issues."


IRIS BUSINESS: Ind-Ra Lowers Issuer Rating to 'B', Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Iris Business
Services Limited's (IRIS) Long-Term Issuer Rating to 'IND B' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits downgraded with
     IND B/Stable/IND A4 rating;

-- INR30 mil. Non-fund-based working capital limits downgraded
     with IND A4 rating;

-- INR60 mil. (reduced from INR85.87 mil.) Long-term loan due on
     March 2022 downgraded with IND B/Stable rating; and

-- INR20 mil. Forward contract limits downgraded with IND A4
     rating.

Analytical Approach: Ind-Ra has taken a consolidated view of Iris
Business Services Limited (holding company) and its subsidiaries  -
IRIS Business Services, LLC (USA) (100% holding), IRIS Business
Services (Asia) Pte. Ltd. (98.36% holding), and Atanou S.r.l. Italy
(100% holding) - in view of the operational and strategic linkages
between the entities.

KEY RATING DRIVERS

The downgrade reflects the EBITDA loss of INR8 million reported by
IRIS at the consolidated level in FY19 (FY18: profit of INR2
million) against Ind-Ra's expectation of an improvement in the
same. The EBITDA deteriorated mainly on account of an increase in
operating expenses. The RoCE of the company remained negative in
FY19. At a standalone level, the company recorded an EBITDA of
INR0.48 million in FY19 (FY18: INR8.08 million). The standalone
EBITDA margin stood at 0.12% in FY19 (FY18: 2.31%).

Additionally, despite the reduction in debt to INR128.21 million in
FY19 (FY18: INR159.15 million), the consolidated credit metrics
deteriorated due to the incurring of loss at the EBITDA level
(FY18: interest coverage of 0.11x; net leverage of 48.37x). On a
standalone basis, the credit metrics remained weak in FY19 on
account of the thin EBITDA margin. The interest coverage (operating
EBITDA/gross interest expense) was 0.03x in FY19 (FY18: 0.41x) and
net leverage (total adjusted net debt/operating EBITDAR) was 218x
(FY18: 13.22x).  Ind Ra believes that a significant improvement in
the EBITDA would be a key monitorable for the company. According to
the management, IRIS does not have any CAPEX plans in the near
term.

The rating continues to factor in IRIS small scale of operations,
as indicated by the consolidated revenue of INR399 million in FY19
(FY18: INR349 million). The revenue grew on the back of increased
income from the company's create (FY19: INR168.4 million; FY18:
INR108 million) and consumer segments (FY19: INR24.8 million; FY18:
INR22.3 million). As per the management, the company's order book
was worth INR584 million as of March 2019 (March 2018: INR442
million). IRIS's standalone revenue was INR399 million in FY19
(FY18: INR349 million).

The rating also reflects IRIS's modest liquidity, with the peak
utilization of fund-based limits standing at 93.8% for the 12
months ended June 2019. At the consolidated level, the cash flow
from operations remained negative at INR1 million in FY19 (FY18:
negative INR52 million) on account of the EBITDA loss.

However, the ratings are supported by IRIS's experience of more
than 10 years in the extensible Business Reporting Language (XBRL)
space.

RATING SENSITIVITIES

Positive: A positive rating action could result from a significant
improvement in the scale of operations and operating margins, along
with an improvement in the overall credit metrics, with the
interest coverage improving to 1.25x, all on a sustained basis.

Negative: A decline in the revenue and operating profit, along with
continued net losses, leading to deterioration in the credit
metrics, all on a sustained basis, could result in a negative
rating action.

COMPANY PROFILE

Incorporated in 2000, IBSL is among India's leading XBRL companies,
with a comprehensive suite of XBRL-related software solutions and
services. It provides an integrated chain of activities starting
from the creation of documents in the XBRL format, collection of
XBRL data with the regulators and data analysis.


JAIN IRRIGATION: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jain Irrigation
Systems Limited's (JISL) Long-Term Issuer Rating to 'IND BB' from
'IND BBB'; while maintaining it on Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR15.5 mil. Fund-based working capital limits downgraded;
     maintained on RWN with IND BB/RWN/IND A4+/RWN rating;

-- INR17.35 mil. Non-fund-based working capital limits
     downgraded; Maintained on RWN with IND BB/RWN/IND A4+/RWN
     rating;

-- INR3.46 mil. Term loan due on November 1, 2024, downgraded;
     maintained on RWN with IND BB/RWN rating; and

-- INR1.5 mil. Proposed term loan^ downgraded; maintained on RWN
     with Provisional IND BB/RWN rating.

^The rating is provisional and shall be confirmed upon the sanction
and execution of loan/transaction documents for the above
instrument to the satisfaction of Ind-Ra.

Analytical Approach: Ind-Ra continues to take a consolidated view
of JISL and its subsidiaries while arriving at the ratings, due to
the similar nature of operations and moderate strategic linkages
among them.

KEY RATING DRIVERS

The downgrade reflects JISL's weak operating performance in 1QFY20
on account of lower sales from the company's micro-irrigation
systems (MIS) and plastic pipes segments, resulting in worsening of
its credit metrics. The company's revenue declined 8.1% YoY to
INR18.9 billion in 1QFY20, while its EBITDA margin declined to
10.6% (1QFY19: 11.6%) on the back of adverse movements in raw
material prices. Consequently, the company's interest cover
declined to 1.4x in 1QFY20 (FY19: 2.4x, FY18: 2.2x, 1QFY19: 1.8x).

The RWN reflects the risk of delay in the company's deleveraging
plans, further delays in realizing its receivables resulting in
continued high working capital requirements and worsening of its
liquidity position. The company's liquidity position remained
stretched as reflected in irregularities in the utilization of the
working capital facilities during 1QFY20. The stretched liquidity
is due to a delay in receipt of receivables from JISL's MIS segment
of around INR5 billion. Although these receivables were likely to
be realized by the company in 1QFY20, the same is yet to be
realized resulting in continued high working capital requirements.

The company has also signed an inter-creditor agreement with its
lenders. JISL's short-term debt increased to INR22.7 billion at
end-1QFY20 (end-FY19: INR19.2 billion, FYE18: INR15.0 billion). The
company is in the process of enhancing its working capital limits
by INR3.5 billion from a consortium of banks to alleviate liquidity
concerns. Furthermore, the management intends to reduce debt by
INR20 billion over the medium term through corporate actions of
demerger, divestment and equity infusion which, if successful, is
also likely to boost JISL's liquidity. At end-June 2019, the
company had INR500 million in cash & cash equivalents.

About 60% of JISL's consolidated debt is in foreign currency as at
end-June 2019 and less than 5% of its foreign currency debt
exposure is hedged. This exposes the company to mark-to-market risk
with cash flow impact during redemption. This is contained
partially as JISL earns 35%-40% of EBITDA in foreign currency,
which acts as a natural hedge.

JISL is also exposed to raw material price volatility (polymer
linked to crude). However, the increase in polymer prices is not
linear to that of crude oil prices due to its own demand-supply
dynamics. Further, the company has the ability to pass on the price
risk to its end-customers partially due to its strong market
position.

However, the ratings benefit from JISL's dominant position in its
MIS business (50% of 1QFY20 revenue). It is also a sizeable player
in the plastics business (polyvinyl chloride (PVC) and polyethylene
(PE) pipes and sheets) and the food processing business, which
constitute 24% and 25% of its revenue, respectively. JISL earns
40%-50% of the overall revenue from its overseas operations, which
helps the company in diversifying its revenue base.  JISL had an
order book of INR46.4 billion at end-June 2019, to be executed over
a period of 12-18 months.

RATING SENSITIVITIES

The RWN indicates that the ratings would either be downgraded or
affirmed. The agency would resolve the RWN once clarity emerges on
the progress of JISL's receivables collections and/or on the
various deleveraging initiatives being undertaken by the company,
resulting in a significant improvement in its liquidity profile.

COMPANY PROFILE

JISL is one of India's leading agri-business companies, operating
in diverse segments of the agribusiness value chain. It also has
presence in MIS, PVC pipes, PE pipes, PVC sheets, dehydrated
onions, and fruit processing segments, tissue culture plants and
solar water heaters and solar water pumps.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 30, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Joseph Leslie Dynamics Manufacturing was incorporated in 1987 as
Joseph Leslie Drager Manufacturing Pvt Ltd by Mumbai-based Leslie
family and Dragerwerks, AG (Germany). The company trades and
manufactures equipment used in gas detection, fire safety, and
disaster management. Its manufacturing unit is located in Vasai,
Maharashtra.


KERALA INFRASTRUCTURE: S&P Affirms 'BB/B' ICRs, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term and 'B' short-term
issuer credit ratings on Kerala Infrastructure Investment Fund
Board (KIIFB). The outlook on the long-term rating is stable. S&P
also affirmed the 'BB' issue rating on the company's outstanding
debt.

At the same time, S&P removed the ratings from under criteria
observation (UCO).

S&P said, "The stable outlook takes into account our expectation
that KIIFB's strategic role as a policy instrument of the
government of Kerala to promote infrastructure financing will
prevail in the medium term." The stable outlook on KIIFB reflects
the outlook on the government of Kerala. The ratings and outlook on
KIIFB will move in tandem with the rating on the government of
Kerala.

Any sign of a change in KIIFB's policy role, a reduction in
government support, or a move to significantly reduce the
government's stake in KIIFB could erode the obligation or incentive
for the government to support the entity, and thus, would affect
the ratings.

S&P said, "We may also lower the ratings on KIIFB if the government
modifies or discontinues the guarantee facility or even the broader
Kerala Infrastructure Investment Fund (KIIF) Act itself.

"We may raise the rating on KIIFB if we raise the rating on the
government of Kerala and the company continues to perform the same
level of service to the government.

"Our 'BB' rating reflects our expectation that the likelihood of
support to KIIFB from the government of Kerala (BB/Stable/B) is
almost certain, based on KIIFB's critical role and integral link to
the state. The ratings on KIIFB mirror the credit ratings on the
Indian state of Kerala. We do not assess the entity's stand-alone
credit profile because that is not a rating driver, given the
almost certain likelihood of extraordinary support from the state.
In addition, we do not believe government support is subject to
transition risk." KIIFB executes strategic governmental policies
and is a non-severable arm of the Kerala state government.

The ratings on KIIFB are supported by the company's position as the
sole agency for the state to promote long-term financing of its
strategic infrastructure projects. The ratings benefit from the
support the company receives from the government in several forms,
including guarantees, capital injections, tax revenue streams for
funding, and escrow mechanism.

KIIFB was set up in 1999 as an agency to mobilize funds for capital
expenditure on behalf of the Kerala government. After being dormant
for more than a decade, the KIIF act was amended in 2016 to
strengthen the oversight, guarantee structure, and new controls,
with the state intending to use the vehicle in a major way for its
infrastructure plans.

S&P views KIIFB's role as critical given that it is the nodal
infrastructure funding agency of the Kerala government focused on
strategic infrastructure projects crucial for the economy. The
government created KIIFB in anticipation of the need to invest in
physical infrastructure. KIIFB's policy role and terms under which
it operates are clearly spelt out in the KIIF Act. The state is
planning for KIIFB to finance infrastructure projects worth Indian
rupees (INR) 500 billion (US$7.3 billion) over five years in
Kerala.

The government envisions using KIIFB to secure funding for
infrastructure to back new growth sectors in the economy. This is
critical given the heavy reliance of Kerala's current economic
growth on consumption. KIIFB's operations support the government
efforts to charter a new course in economic development. We
therefore believe that KIIFB has a crucial public policy objective
to fulfill.

There is no clear written line of separation for infrastructure
projects between the government of Kerala and KIIFB. The state has
made public its intentions to place all of its strategic and
large-scale projects with KIIFB. The process starts with elected
representatives discussing with their constituency officials and
residents about their infrastructure requirements. The elected
representatives then present the wish list of projects to the
legislative assembly for debate. The state may fund small projects
from its own budget if possible. For the rest of the projects,
KIIFB is the final approver. As a part of delivering its mandate,
KIIFB scrutinizes, approves, and funds selected projects from the
proposed list.

In S&P's view, KIIFB is integrally linked to the state through the
government's tight supervisory control and support in the shape of
statutory guarantee on KIIFB's debt obligations. KIIFB benefits
from having all its debt obligations guaranteed by the state under
the KIIF Act. The support reflects the government's commitment to
expanding the entity's scale and scope of operations.

S&P believes KIIFB's board structure reflects the highest level of
commitment and tight link with the state government. The government
appoints KIIFB's chief executive officer and most of the board of
directors. KIIFB is the only state government-related entity (GRE)
that has its chief minister, finance minister, budget secretary,
finance secretary, and chief secretary of the state present on the
board. The chief minister is the chairman of the board while the
minister of finance heads the executive committee. The presence of
top government officials heightens the reputational risk for the
government if KIIFB were to fail in meeting its debt obligations.

The government has in place an escrow mechanism to ensure tax
revenue due to KIIFB from the government is received in a timely
manner. This is on top of ongoing support mainly through regular
capital infusions and loan guarantees.

The Kerala government has clear processes and procedures to enable
effective governance, monitoring, and control over the GRE. In
S&P's experience, the safeguards and support mechanisms deployed by
Kerala for KIIFB are more than what it has generally observed in
state GREs in India. The government has the administrative capacity
and mechanism for responding to KIIFB's financial distress in a
timely manner. The Fund Trustee and Advisory Commission (FTAC) is
an additional oversight mechanism the Kerala government created
under the legislative framework of KIIF. S&P believes this
additional feature, besides the usual oversight by the Bureau of
Public Enterprises, will help ensure that investments of the fund
are ring-fenced, in line with intent of the Act and that there is
no diversion of funds. Notably, the three-man FTAC is headed by
eminent central officials--former comptroller and auditor-general
of India, former deputy governor of the RBI, and a retired
executive director of RBI.

S&P said, "We believe the strength of government support for KIIFB
at this stage offsets uncertainties relating to the company's
financial position. In our view, KIIFB's importance to the
government of Kerala, at least in the next few years, will
translate into timely funding support should the entity encounter
difficulty in servicing its debt obligations."


KERALA: S&P Affirms 'BB/B' Issuer Credit Ratings, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings, on Aug. 27, 2019, affirmed its 'BB' long-term
and 'B' short-term issuer credit ratings on the Indian state of
Kerala. The outlook on the long-term rating is stable.

At the same time, S&P removed the "under criteria observation"
(UCO) identifier from the ratings.

Outlook

S&P said, "The stable outlook reflects our view that Kerala will
continue to benefit from strong economic growth leading to a solid
increase in revenue. We believe this growth will stabilize the
state's debt burden and help improve its operating balances over
the medium term. We expect Kerala to retain access to capital
markets. We also anticipate that the central government will
provide credit-stability support to Kerala under a stress
scenario."

Downside scenario

S&P said, "We may lower the ratings on Kerala if the state's budget
deficit widens and leads to a materially higher debt burden, with
tax-supported debt heading toward 200% of operating revenues. This
may result from a combination of: (1) slower economic growth than
we expect, leading to much lower revenues; and (2) the state
government's failure to stick to fiscal and capital plans, leading
to significantly larger after-capital-account deficits.

"Downward pressure would also occur if we view the central
government to be less likely to provide a credit-stability
mechanism under a financial stress scenario."

Upside scenario

S&P could raise the ratings if the Kerala government strengthens
its budgetary performance, leading to structural operating
surpluses and much lower deficits after capital account. This could
result from a combination of stronger revenue stream under the new
goods and services tax (GST) regime and higher efficiency of
operating expenditures.

Rationale

The rating on Kerala is constrained by the state's structural
budgetary deficits resulting from considerable spending on
socio-economic matters. As a result, S&P expects the state's debt
burden to remain heavy. Kerala's traditionally strong focus on
social welfare programs has boosted its development, as reflected
in the state's high placing on the Human Development Index relative
to many other Indian states.

Kerala's satisfactory financial management tempers these
weaknesses. The state's long-term planning and level of
transparency and disclosure compare favorably with that of domestic
peers. The ratings also benefit from Kerala's strong access to
domestic capital markets via the bond auction window of the Reserve
Bank of India. This strong external access mitigates the state's
low level of internal cash holdings to cover debt servicing. The
ratings also benefit from our expectations of state-specific
support from the central government in the event of financial
emergency.

Weak economic profile and unbalanced intergovernmental system are
tempered by strengths in financial management

The institutional framework of Indian states is characterized by
their mature intergovernmental structure and adequate transparency
and accountability. The system is founded on strong democratic
institutions, and a free press yields policy stability and
predictability. The pace of intergovernmental reforms is slow, as
seen in the case of GST implementation, which took years due to the
protracted and widespread consultation between central and state
governments. Nevertheless, there is no history of significant
policy flip-flops. On the downside, a feature of the Indian
intergovernmental system is a chronic mismatch in revenue and
expenditure, weak policy implementation, and very high local and
regional government debt levels.

The poor, albeit improving, productivity of the local economic base
constrains Kerala's creditworthiness. S&P said, "We expect India's
GDP per capita will reach US$2,194 in 2019. Kerala's economy is
stronger with per capita GDP of about US$3000. Kerala's more
educated workforce has raised its per capita productivity to more
than that of other states. Moreover, we expect Kerala's economy to
grow in line with the national average, contributing to higher
fiscal revenues." This stems from continued strong growth in the
tourism sector, steady remittances from the state's large force of
overseas workers, and improving productive capacity. The move
toward diversifying economic growth via capital investment is
likely to anchor stronger growth in the future.

S&P said, "We assess Kerala's financial management as satisfactory.
Policymakers are generally in accord on key development issues.
There is a consistent focus by successive governments on key policy
priorities. Kerala sets and adheres to the targets set in its
five-year plan with focus on infrastructure development, and
improving healthcare and educational standards. This supports our
view of Kerala's long-term capital and financial planning, which we
view as more advanced than that of some domestic peers." Like other
Indian states, Kerala has no liquidity management policy and the
state relies on strong liquidity support from the Reserve Bank of
India (RBI). Kerala's debt management is weaker than international
peers' but better than that of most domestic peers. The bulk of
Kerala's debt is also on-balance-sheet, with limited off-budget
exposure.

Very high committed expenditure causes structural deficits and a
heavy debt burden

S&P said, "In our view, Kerala's underdeveloped infrastructure and
high demand for public services constrain the government's ability
to substantially improve its budgetary performance. Nevertheless,
brisk economic growth fuels the increase in the state's tax
revenues.

"Given Kerala's pressing spending needs, we project its operating
deficits to average about 4.8% of adjusted operating revenues over
fiscals 2017-2021 (years ending March 31). The state's capacity to
self-finance is limited, and it has opted to increase debt in the
short term to deliver on basic services. This aggravates Kerala's
interest burden and increases its operating expenditure. We expect
the state's interest expense as a percentage of adjusted operating
revenues to average 15.1% over fiscals 2018-2020, significantly
higher than that of international peers. We forecast the
after-capital-account deficit to average about 21.4% of total
adjusted revenues over fiscals 2017-2021.

"Despite recurring high deficits, Kerala's debt has stabilized
(albeit at a high level) due to steady revenue growth. We project
the state's tax-supported debt as a percentage of consolidated
operating revenues to hover around 144% over the forecast period.
Although Kerala's direct debt will continue to increase as it funds
essential upgrades and new infrastructure, we do not anticipate its
debt ratios to materially worsen. We assess government-related
entities of Kerala as mostly non-self-supporting, given that half
of them are loss-making. That said, the indebtedness of the sector
is low.

"We estimate that Kerala has cash in hand, liquid assets, and
committed credit lines covering less than 40% of its debt servicing
needs for the next 12 months. The state's debt maturity profile
will remain stable, with 4%-5% of its debt maturing annually over
the next two years. It is unlikely the state will be able to
accumulate cash reserves to improve its internal liquidity.

"We assess the liquidity position of Kerala as adequate. India's
developing domestic credit market is the state's main avenue for
refinancing. The RBI enhances external liquidity access for Indian
states by conducting bond auctions regularly on behalf of state
governments. States are not allowed to directly access capital
markets themselves. Bond issuances are done on a pooled basis
through the RBI, thus enhancing states' access to external
liquidity. Furthermore, the RBI concludes settlement from its own
reserves on behalf of states in case a state does not have
sufficient funds to make payments on the due date. This is a very
strong liquidity support, in our view."

Kerala can rely on the RBI for short-term committed liquidity
facilities in the shape of ways and means of advances, overdraft,
and special drawing facilities.

Indian states, including Kerala, have benefitted from timely and
rules-based debt relief mechanisms from the central government via
the Finance Commission. About 5% of Kerala's direct debt is from
the central government.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.


LAXMI OIL: CARE Lowers Rating on INR50cr LT Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Laxmi Oil & Vanaspati Pvt Ltd (LOVPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      50.00       CARE D; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB; Stable on the basis
                                   Of best available information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
LOVPL factors in stretched liquidity position of the company and
resultant delays in debt servicing.

Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April
2003 as a private limited company. The company is engaged in
business of manufacturing of refined oil with an installed capacity
of 200 tons per day (TPD) as on March 31, 2018. The company also
has a packaging unit for the packaging the oil into pouch, tin, jar
and bottle for supply to distributors. The company primarily caters
to the wholesalers and suppliers of packaged refined oil. It holds
the FSSAI compliance certificates and recently has launched its own
brand of refined and blended oil under the brand name of 'Parv'
which will be sold by a distribution network in the rural markets
of eastern Uttar Pradesh, Madhya Pradesh and Bihar.


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

The instrument-wise rating actions are:

-- INR85 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 22, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Maya Saha is engaged in the distribution of
FMCG and personal care products, cigarettes, mobile handsets, and
pet food in West Bengal.

MGI INFRA: CARE Lowers Rating on INR8.7cr Loans to B+
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MGI Infra Private Limited (MGI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term            4.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   Of best available information

   Short-Term           4.70       CARE A4; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 3, 2018, placed the
ratings of MGI under the 'issuer non-cooperating' category as MGI
had failed to provide information for monitoring of the rating. MGI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 5, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by MGI Infra Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. The rating is constrained on account of
small scale of operations; working capital intensive nature of
operations, elongated operating cycle coupled with raw material
price volatility risk. The rating, however, derives strength from
experienced promoters with established track record of operations.

Detailed description of the key rating drivers

At the time of last rating on July 3, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations: MGI is a small regional player in
business of design and erection of pre-engineered steel buildings.
The small scale of operations in a fragmented industry limits the
pricing power and benefits of economies of scale.

Raw material price volatility risk & high bargaining power of
suppliers: Pre-coated coil and structural steel are the key raw
materials for MGI. The steel prices are volatile in nature. Steel
prices are driven by the global prices and are also dominated by
the prevailing demand supply scenario. Hence, profitability of the
company can be impacted with adverse movement in raw material
prices which it may not be able to pass on entirely to its clients
owing to competition pressure and lack of escalation clause in its
contracts with clients. Furthermore, the company did not had any
long-term contracts for purchase of material (HR Sheets, gypsum
board, fibre cement board, etc) and sources the same primarily from
Tata Blue Scope Ltd., Arcellor Mittal Distributors Solutions India
Pvt. Ltd, Everest Industries Ltd, Kirby Building System India Ltd,
etc, which restricted its bargaining power.

Working capital intensive nature of business operations and
elongation of operating cycle Operating cycle of MGI increased due
to elongated collection period and higher inventory holding period.
The collection period of the company stood 76 days
for FY18 as against 88 days for FY17. The company maintains
inventory of around one month for smooth execution as it has to
execute orders at different sites. Moreover, the nature of business
of MGI is service-cum–manufacturing-cum-project; hence, the
requirement of working capital is relatively higher as compared
with standalone manufacturing or construction/project-based payment
system.

Demand linked to industrial development and competitive industry
scenario: Major demand for PEB comes from the industrial sector
followed by infrastructure sector. Demand from other sectors like
residential and commercial space is negligible. Hence, the demand
is linked to the economic development and investment scenario. PEB
industry has reported growth in demand due to its low penetration
in India and advantages compared with the conventional
construction. However, MGI faces intense competition from other
organized & established players in the industry. MGI's business is
tender-based which is characterized by intense competition
resulting into moderate operating margins for the company. Although
it is a government approved civil contractor in Delhi, there are
also a number of other approved vendors for the same. The growth of
business depends entirely upon the company's ability to
successfully bid for tenders and emerge as the lowest bidder.

Key Rating Strengths

Experienced promoters: MGI is promoted by Mr Hitesh Jaju & Mr
Arvind Rana of New Delhi and Mr Vijay Bhatt of Haryana. Mr Hitesh
Jaju has an experience of more than a decade in civil construction
through his associate concern JBJ Infrastructure Ltd, manages the
overall operations of the company. While Mr Arvind Rana has
experience of a decade in engineering & construction industries,
leads the HR and Administrative functions in the company. Mr Vijay
Bhatt has an experience of more than a decade in engineering &
construction industry and is extensively involved in bidding,
design and project management & execution. They are assisted by a
team of experienced personnel.

New-Delhi-based MGI was incorporated in October 2011 by Mr Hitesh
Jaju & Mr Arvind Rana. The company is engaged in the business of
design and erection of pre-engineered steel buildings (PEB) such as
residential & commercial buildings and Light Gauge Steel Frame
(LGSF) Structure and dry wall. The client profile comprises
government as well as private sector entities. The orders executed
for the government entities comprise those obtained through direct
bidding as well as those subcontracted by the primary contractor.
MGI obtains the orders directly from the private sector entities.
Besides, the company also outsources the orders that it receives as
the primary contractor to other parties. The major raw materials
for the company are pre-coated coil and structural steel which the
company generally procures from Tata Blue Scope Ltd., Arcellor
Mittal Distributors Solutions India Pvt. Ltd, Everest Industries
Ltd, Kirby Building System India Ltd, etc.


NRI EDUCATIONAL: Ind-Ra Withdraws 'BB' Ratings on INR58cr Loans
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained NRI Educational
Society's bank facility ratings in the non-cooperating category and
simultaneously withdrawn it.

The detailed rating actions are:

-- The IND BB rating on the INR10.00 mil. Term loan due on
     February 26, 2019, withdrawn (paid in full) and the rating is

     withdrawn; and

-- The IND BB rating on the INR48.85 mil. Overdraft facility*
     maintained in a non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The rating has been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

NRI Educational Society, in collaboration with G. D. Goenka Private
Limited, operates G. D. Goenka Public School in Kanpur, Uttar
Pradesh.


NUZIVEEDU SWATHI: CARE Keeps D on INR56cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nuziveedu
Swathi Coastal Consortium (NSC) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       51.00      CARE D; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Short term Bank       5.00      CARE D; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of NSC under the 'issuer non-cooperating' category as NSC
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. NSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2019 & July 15, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings take into account the delays in servicing of debt
obligations of Nuziveedu Swathi Coastal Consortium on account of
slow progress of the project and stretched liquidity position.

Detailed description of the key rating drivers:

At the time of last rating on March 26, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Stretched liquidity position resulting in delay in debt servicing:
The firm has been facing stretched liquidity position due to the
slow progress of the project and significant additional cost
incurred due to increase input cost. This apart, the payment from
the Government Departments of A.P. has also been delaying which has
resulted in stretched liquidity and consequently delays in debt
servicing.

Key Rating Strengths

Experienced partners: The managing partners of NSCC comprises the
promoter of the NSL group, Coastal Projects Limited and Siva Swathi
Constructions Private Limited The partner companies have long
established experience in the construction segment in Hyderabad.

Improved revenue and profitability during FY17: The total operating
income of the firm increased by 51.78% during FY17 from INR47.26
crore in FY16 to INR71.74 crore on account of increase in the pace
of execution of the project. Consequently, the PBILDT margin also
increased from 17.34% in FY16 to 19.56% in FY17. On account of
decrease in the depreciation expenses along with significant
increase in the PBILDT level in FY17 and the firm reported a PAT
margin of 8.39% in FY17.

Nuziveedu Swathi Coastal Consortium (NSCC) is a partnership firm
engaged in construction of a tunnel [Tunnel I, using Tunnel Boring
Machine (TBM)] as a part of the Veligonda Irrigation Project
(Rs.612.80 crore) in the Prakasam district of Andhra Pradesh. NSCC
is formed by a consortium comprising Splendid Minerals Private
Limited (SMPL, subsidiary of Mandava Holdings Private Limited of
NSL group of Hyderabad, holding 50% share), Coastal Projects
Limited (CPL, holding 25% share) and Siva Swathi Constructions
Private Limited (SSCPL, holding 25% share), all belonging to
Hyderabad. The Partners have formed NSCC primarily for execution of
the Veligonda Irrigation Project.


RAVI TEJA: CARE Keeps D on INR4.8cr Loans in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ravi Teja
Textiles (RTT) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.82       CARE D; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 17, 2018, placed the
rating(s) of RTT under the 'issuer non-cooperating' category as RTT
had failed to provide information for monitoring of the rating. RTT
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 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

At the time of last rating on October 17, 2018 the following were
key rating weaknesses and strengths.

Key Rating Weakness

Delay in debt servicing: The firm has delays in servicing of debt
obligations owing to the stretched liquidity position of the firm.

Stressed financial risk profile: The overall gearing of the firm,
although improved from 5.02x as on March 31, 2014 to 4.56x as on
March 31, 2015 on account of accretion of profits to reserves,
remained stressed.  High dependency on leveraged capital and
deterioration in cash accrual levels has led to deterioration of
already stressed debt coverage indicators, total debt to GCA and
interest coverage.  Total debt to GCA has deteriorated from 11.34x
during FY14 to 13.96 during FY15 while interest coverage ratio
declined from 2.09x during FY14 to 1.71x during FY15. The working
capital cycle of the firm has been stressed during the review
period on account of high inventory period. The firm being a cloth
and textile showroom, it has to maintain specific level of
inventory at any given point of time during the year resulting in
stressed inventory period. Also, the additional showroom added in
Piduguralla has increased the inventory further from 148 days
during FY14 to 178 days during FY15. The collection period pertain
to credit sales made to known customers and relatives.

Relatively small scale of operations: RTT was established in 1990
and has track record of more than two decades. However, the scale
of operations remains relatively small with total operating income
at INR12.60 crore during FY15. Furthermore, the low net worth base
of Rs 0.80 crore as on March 31, 2015 restricts the firm's
flexibility in the time of distress.

Fragmented nature of Industry and intense competition among
numerous unorganized players: Retail cloth and textile industry is
predominantly unorganized with the presence of many small
participants. The industry is characterized by low entry barriers
due to minimal capital requirements resulting in proliferation of
large number of small players, spread across the country. Need to
extend discounts to counter the competitors have put downward
pressure on already stressed margins of the firms operating in the
industry which derive their revenue through trading activity.

Constitution of the entity as a proprietorship firm: Constitution
as a proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietors' capital at the time of personal
contingency which can adversely affect its capital structure. This
was reflected in the balance sheet as on March 31, 2015 when the
capital to the tune of INR0.03 crore was withdrawn to meet personal
contingency. Further, proprietorship firms have restricted access
to external borrowings as credit worthiness of the partners would
be key factors affecting credit decision for the lenders.

Key Rating Strengths

Experienced proprietor with established track record of the firm:
RTT was established in 1990 by Mr. D. Sarveswara Rao who has more
than four decades of experience in retail cloth trading industry.
The firm has established track of more than two decades in the
industry and over the course of business, the proprietor has
established healthy relationship with key suppliers and customers
facilitating the smooth functioning of business.

Healthy growth in total operating income albeit declining
profitability margins: The total operating income of the firm has
increased from INR8.46 crore during FY14 to INR12.60 crore during
FY15 registering Y-o-Y growth of 49% on account of increased
spending of people on clothes. The profitability margins of the
firm have been fluctuating and remained low during the review
period (FY13-FY15) on account of trading nature of operations.
Furthermore, the fortunes of the firm are tied up to level of
disposable income with public. The PBILDT margin of the firm
deteriorated from 7.37% during FY14 to 5.64% during FY15 on account
of increase in the employee cost at the back of additional showroom
in Piduguralla, A.P. Furthermore, PAT margin also deteriorated from
1.49% during FY14 to 1.06% during FY15 on account of lower PBILDT
margin coupled with increased interest cost. The firm has achieved
the sales of about INR15.00 crore with PAT of about INR0.17 crore
during FY16 (Provisional).

Ravi Teja Textiles (RTT) was established as a proprietorship
concern by Mr. D. Sarveswara Rao in the year 1990. The firm is
engaged in the trading of sarees and ladies dress materials. The
firm has two showrooms, one located in Ongole while the other
located in Piduguralla, Andhra Pradesh. While the showroom in
Ongole has been operating since 1990, the new showroom in
Piduguralla was started during the end of FY14. In FY15, RTT had a
surplus of INR0.13 crore on a total operating income of INR12.60
crore, as against PAT and TOI of INR0.12 crore and INR8.46 crore,
respectively, in FY14.


RISHABH WINPRO: CARE Keeps B on INR4.97cr Loan in Non-Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Rishabh
Winpro Private Limited (RWPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.97       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Short Term Bank      7.00       CARE A4: Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 27, 2018, placed the
ratings of RWPL under the 'issuer non-cooperating' category as The
Rishabh Winpro Private Limited had failed to provide information
for monitoring of the rating. The Rishabh Winpro Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
August 9, 2019, July 19, 2019, July 18, 2019 In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 27, 2018 the following were the
rating weakness and strengths (Updated for the information
available from the Registrar of companies):

Key Rating Weakness

Small scale of operations: The scale of operations of the company
continues to remain small which limits the company's financial
flexibility in times of stress and deprives it from scale benefits.
Weak Financial risk profile: The PAT margin stood weak for the past
3 years (FY16-FY18) (refers to the period April 1 to March 31)
owing to high financial expenses and depreciation charges. The
capital structure of the company stood leveraged as marked by
ovearall gearing ratio of 4.44x during FY18 against of 5.23 for
FY17, the same is stood leveraged on account of high dependence on
external borrowings to meet working capital requirements coupled
with low net worth base. Furthermore, due to low profitability
margin as marked by PBILDT and PAT of 6.72% and
0.70%, respectively. Coverage iindicators also stood weak as marked
by interest coverage ratio and total debt to GCA of 1.86x
and 10.81x, respectively.

Key Rating Strengths

Experienced promoters: The Rishabh Winpro Private Limited (RWPL)
was incorporated by Mr Nikhil Jain, Mr Rishabh Jain and Mr Umesh
Chand Jain in January, 2013. Mr Nikhil Jain has an experience of
around a decade in the manufacturing of aluminum doors and windows
through its group concern API. Mr Nikhil looks after the marketing
function of the company. Mr Rishabh Jain also has an experience of
around a decade in the construction, real estate and textiles
through their group concern, API and Vardhman Developers and looks
after the operations and administration function of the company. Mr
Umesh Chand has an experience of more than three decades in the
manufacturing industry and looks after the overall management of
the company.

RWPL was incorporated in January 2013, by Mr Rishabh Jain, Mr
Nikhil Jain and Mr Umesh Chand Jain to set up a unit for
manufacturing of Unplasticized Polyvinyl Chloride (UPVC) doors and
windows in Haridwar, Uttaranchal, with an installed capacity of
73,000 pieces per annum as on March 31, 2015. The company commenced
its commercial operations from November, 2013. RWPL is a part of
the "Velveleen Group" which has interests in the textile, real
estate, manufacturing of aluminum based products, manufacturing of
concrete bricks.


SHIV GANESH: CARE Keeps B on INR5.5cr Loans in Non-Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Ganesh
Industries (SGI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.50       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2018, placed the
rating of SGI under the 'issuer non-cooperating' category as SGI
had failed to provide information for monitoring of the rating. SGI
continues to be noncooperative 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 ratings.

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.

Key Rating Weaknesses

Small scale of operation with thin profit margins: SGI commenced
commercial production from April, 2015. Owing to its short track
record of about one and a half years the scale of operations has
remained small with low net worth base. The small scale restricts
the financial flexibility of the entity in times of stress and
deprives it from scale benefits. Furthermore, the profitability of
the entity remained thin owing to limited value addition nature of
business and high competition.

Moderate capital structure and debt coverage indicators: The
capital structure of the entity remained moderate with low
dependence on external debt. Further, owing to thin profitability
and moderate gearing levels, debt coverage indicators
remained moderately weak.

Working capital intensive nature of business: Tur is a kharif crop
in India and arrivals start from October and extend till January.
During other months, availability of tur is relatively low. Hence,
the firm is required to carry high level of raw material inventory
to ensure uninterrupted production till the next season, resulting
in high inventory holding period and storage costs which makes the
operations working capital intensive.

Constitution as a partnership firm limiting financial flexibility:
SGI, being a partnership concern, is exposed to inherent risk of
partner's capital being withdrawn at times of personal contingency
and limited ability to raise capital.

Presence in highly competitive and fragmented industry: The
agro-product processing industry is highly competitive and
fragmented due to low entry barriers and presence of a large number
of players in the organised and unorganised sector translating in
thin profitability margins.

Vulnerability to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent on
the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and lead
to volatility in raw material prices.

Locational advantage: SGI's unit has close proximity to local grain
markets of Nagpur, major raw material procurement destinations for
the entity. Furthermore, the plant has easy accessibility to
transportation facilities and other requirements
like good supply of power, water etc.

Shiv Ganesh Industries (SGI) based out of Nagpur, Maharashtra is a
partnership concern promoted by Mr Harish Motwani and Mrs Kavita
Motwani (Spouse of Mr Harish Motwani) was established in April,
2015. The entity is engaged in the business of processing of pulses
(Tur dal and Chana Dal) with its processing facility located at
Nagpur, Maharashtra.


SHREE RAM: CARE Keeps B+ on INR6cr Loans in Non-Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree Ram
Brinechem Private Limited (SRBPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SRBPL to monitor the ratings
vide e-mail communications/letters dated April 29, 2019, June 18,
2019, July 31, 2019, August 1, 2019, August 2, 2019 and August 5,
2019 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI guidelines
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings of SRBPL's bank facilities
will now be denoted as CARE B+; Stable; 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 rating.

The rating takes into account low profit margins, leveraged capital
structure and weak debt coverage indicators in FY18
(refers to the period April 1 to March 31). The ratings are further
constrained on account of Susceptibility of business
operations to adverse weather conditions and instance of any
natural calamities along with presence in highly
fragmented and competitive salt trading industry.

The rating, however, continue to derive strength from moderate
scale of operations. The rating further derives strength
from experienced promoter and established presence of the group
along with location advantage.

Detailed description of the key rating drivers
At the time of last rating done on June 18, 2018, the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Thin profitability margins: PBILDT margin of SRBPL remained at
1.49% during FY18 as against 0.43% during FY17. Further, net
profits remained low at INR0.02 crore (0.04%) during FY18.

Leveraged capital structure and weak debt coverage indicators:
SRBPL's capital structure though improved continued to remain
leveraged marked by an overall gearing ratio of 3.55 times as on
March 31, 2018 as against 19.47 times as on March 31, 2017, owing
to an increase in the tangible net worth as on balance sheet date.
Debt coverage indicators continued as marked by total debt to GCA
to remain weak as on March 31, 2018 which further deteriorated from
March 31, 2017). Further, the interest coverage ratio remained
modest at 1.08 times during FY18 (2.18 times during FY17).

Susceptibility of business operations to adverse weather conditions
and instance of any natural calamities along with
presence in highly fragmented and competitive salt trading
industry: The business of SRBPL is seasonal and highly dependent on
weather conditions, while it is exposed to natural calamities
as well. The company operates in the trading of salt which is
highly fragmented industry with presence of numerous independent
small-scale enterprises. The industry is characterized by low entry
barriers due to minimal capital requirement, no inherent resource
requirement constraints and easy access to customers and suppliers.

Key Rating Strengths

Moderate scale of operations: Total operating Income (TOI) of SRBPL
has exhibited an increasing trend and has remained in the range of
INR1.28 crore INR54.97 crore for the period FY16-FY18. The TOI
increased significantly and remained at INR54.97 crore during FY18
as against INR15.49 crore during FY17.

Experienced promoter and established presence of the group: Mr.
Hiren Jakhabhai Humbal has more than a decade of experience into
manufacturing and trading of salt industry. He is also associated
with various other companies. Shree Ram group has developed various
companies for salt manufacturing and trading purposes. SRBPL has
established its own network based on the past experience of
promoters.

Location Advantage: India is the third largest salt producing
country in the world after China and USA. Gujarat provides land on
lease to the individual/companies for manufacture of salt and salt
based chemicals. In the state salt is produced in Kutch,
Surendranagar, Bhavnagar, Rajkot, Jamnagar, Junagadh, Porbandar
etc.

Liquidity Position: Moderate Liquidity

The current ratio continued to remain moderate at 1.05 times as on
March 31, 2018 (1.00 times as on March 31, 2017). However,
operating cycle stood comfortable at 22 days during FY18 as against
2 days in FY17, while the average utilization of its working
capital facilities remained around 90% during past 12 months period
ended April, 2018. Net cash flow from operating activities remained
negative at INR6.07 crore, while the cash and bank balance remained
negligible as on March 31, 2018.

Incorporated in February, 2010, SRBPL is part of Gandhidham based
Shree Ram group and is engaged into trading of salt. The Shree Ram
group has presence in salt trading and manufacturing through
various entities. The overall operations of SRBPL are managed by
Mr. Hiren Jakhabhai Humbal.

SHRIVALLABH PITTIE: CARE Cuts Ratings on INR331.79cr Loans to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
ShriVallabh Pittie Industries Limited (SVPIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      130.55      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
   Term Loan                       CARE C; Stable on the basis
                                   Of best available information

   LT/ST Bank          140.00      CARE B; Stable; Issuer Not
   Facilities–                     Cooperating; Revised from
   CC/LC/BG                        CARE C; Stable on the basis
                                   Of best available information

   LT Bank              61.24      CARE B; Stable; Revised from
   Facilities–                     CARE D; Issuer not
cooperating
   Term loan            

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of
ShriVallabh Pittie Industries Limited (SVPIL) factors in the delay
free track record of debt servicing for past 6 months. The ratings
take into account the experience of the promoters and groups'
established presence in the spinning sector along with the various
fiscal incentives available from the Government and hedge against
foreign exchange fluctuation risk. The ratings continues to be
constraint by moderate capital structure, high working capital
utilization, customer and supplier concentration risks,
susceptibility to cotton prices and the fragmented nature of the
industry.  The ability of the company to increase sales, improve
margins and liquidity remains key rating sensitivity

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters and group's established presence in spinning
sector: ShriVallabh Pittie group is presently headed by Mr Chirag
Pittie, who has been a part of this sector for more than a decade
and is closely involved in the management of business and in
defining & monitoring the business strategy for the company. The
group has a long presence in textile sector though its flagship
company Platinum Textile Ltd. Shrivallabh Pittie Industries Limited
(SVPIL) is professionally managed with the members of the Board
comprising of eminent professionals having wide experience and
business acumen and well supported by the key management personnel
having good experience in the industry.

Hedge against foreign exchange fluctuation risk: The company has
availed PCFC as a sublimit of its bank borrowings to support its
ongoing operations. Presently, about 20% of the company's revenues
are generated by way of exports to countries like China, Pakistan,
Bangladesh, Germany etc. whilst the company does not have any
imports as its entire raw material requirement is procured
indigenously, due to the close proximity of its facility to the
major cotton growing states like Rajasthan & Madhya Pradesh. Thus,
SVPIL does not have any exposure towards any foreign currency
fluctuations.

Fiscal incentives offered by Government: Apart from the 2% interest
subsidy under the TUF scheme from the central
government, the company also receives interest subsidy from the
State Government to the extent of 9% for its term debt, on
account of setting up its project at a backward location. As a
result the effective interest cost on its term debt stands in the
range of 1-2%. Also, the company receives 100% electricity duty
rebate and MAT credit, which boosts profitability margins.

Key Rating Weaknesses

Customer and supplier concentration risk: The company supplies to
various reputed players in the industry like Welspun India,
Maharaja DB Mills etc. In FY19, The top 10 customers contributes
56% to the total revenue, while top 10 suppliers contribute 80% to
total purchases thus leading to significant customer and supplier
concentration risk.
Moderate Capital Structure and high working capital utilisation:
Overall capital structure remained comfortable with DER of 1.1x as
on March 31, 2019. Overall gearing improved marginally from 1.76x
as on March 31, 2018 to 1.67x as on March 31, 2019. PBILDT interest
coverage decreased to 1.97x in FY19. On account of increase in
operating cycle, the average working capital utilization remained
high at 96% for past 12 months.

Decline in sales and profitability margins: Total revenue fell by
41% to INR360 crore company against INR612 crore in FY18. SVPIL is
dealing with Yarn Manufacturing from last 3 years & SVPIL had
established own brand also in Yarn market. As per the management,
the company has exited trading business and even in manufacturing
has started concentrating on high count yarns which will result in
improvement in margins. With 97% capacity utilization, SVPIL has
improved operating margin from 19% in FY18 to 25% in FY19. However,
PAT margin declined at 1.3% in FY19 as against 5.63% in FY18.

Fragmented & Competitive Nature of Industry: The yarn manufacturing
industry in India is highly fragmented and dominated
by a large number of small scale units leading to high competition
in the industry. Due to the fragmented nature of the industry, the
ability to pass on the increase in raw material prices to the end
customers is limited and is usually accompanied by a time lag.

Profitability margins exposed to volatility in prices of key raw
material: The major raw materials consumed are cotton. Cotton
prices are volatile in nature driven by various factors like, area
under cultivation, yield for the year, government regulation and
pricing, etc. As a result the company remains exposed to raw
material movement and may have to absorb any adverse fluctuation in
raw material prices.

Liquidity Position

Liquidity position of SVPIL is weak with company's operating cycle
at 228 days in FY19 against 104 days in FY18. Working capital
utilization is high with average utilization at 96% of sanctioned
limit. However, the group has cash and bank balances amounting to
INR8.90 crore as on March 31, 2019.

SVPIL is a Special Purpose Vehicle (SPV) formed by ShriVallabh
Pittie Group for setting up a 100,000 spindle yarn manufacturing
unit at Jhalawar, Rajasthan. The project got commissioned on July
22, 2016. The Group is presently spearheaded by Mr Chirag Pittie.
ShriVallabh Pittie Group has a presence in the industry with
manufacturing capacity of 101,000 spindles in sister concern
Platinum Textiles is engaged in the business of manufacturing of
cotton, polyester and polyester & cotton blended yarn. Besides, PTL
also uses another 112,000 spindles on job-work/lease basis mainly
in the state of Tamil Nadu. Also, Helios Mercantile Pvt Ltd,
another group entity which was engaged in low margin trading
activities, has discontinued the operations in Q1FY20.


SIMPLEX CASTINGS: Ind-Ra Lowers Long Term Issuer Rating to 'B'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Simplex Castings
Ltd's (SCL) Long-Term Issuer Rating to 'IND B (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of the best available information. The rating will now appear
as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based limits downgraded with IND B (ISSUER
     NOT COOPERATING) rating;

-- INR550 mil. Non-fund-based limits downgraded with IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR146.4 mil. Term loan due on February 2020-April 2021
     downgraded with IND B (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects deterioration in SCL's revenue, which fell
to INR85 million during 1QFY20 (4QFY19: INR270.14 million; 1QFY19:
INR227.44 million) owing to the sale of its manufacturing unit. SCL
sold its steel foundry in Urla to Texmaco Rail and Engineering
Limited (IND AA-/Negative), as published in its quarterly results.
Owing to this, Ind-Ra expects the scale of operations to continue
being low.

The downgrade also factors in SCL's sustained weak credit profile.
The company continued to post EBITDA losses in two successive
quarters of 4QFY19 and 1QFY20.

The downgrade also takes into consideration the company's tight
liquidity, as cash flow from operations were negative in FY19.

The ratings have been maintained in the non-cooperating category as
bank utilization, no-dues certificates and other information are
pending despite continuous requests and follow-ups.

RATING SENSITIVITIES

Negative: Sustained deterioration in the credit metrics or
liquidity profile will be negative for the ratings.

COMPANY PROFILE

SCL was established in 1970 and was reconstituted as a private
limited company in 1980. In 1993, SCL became a public limited
company and was listed on the Bombay Stock Exchange. The company
manufactures iron and steel casting products, which are used in
various industries such as railways, steel, and defense, at its two
manufacturing units, one each in Bhilai and Tedsara.


SIMPLEX ENGINEERS: CARE Lowers Rating on INR0.50cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Simplex Engineers & Traders (SET), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       0.50       CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   Of best available information

   Short term Bank     14.50       CARE A4; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 3, 2018, placed the
ratings of SET under the 'issuer noncooperating' category as
Simplex Engineers & Traders had failed to provide information for
monitoring of the rating. Simplex Engineers & Traders continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
August 9, 2019, 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.

The rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by Simplex Engineers
& Traders with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk. The rating is
constrained on account of small scale of operations and below
average financial risk profile. Rating is further constrained on
account of foreign exchange fluctuation risk and intense
competition in the industry due to low entry barriers. The rating,
however, derives strength from experienced partners.

Detailed description of the key rating drivers

At the time of last rating on July 3, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations: The scale of operations has remained low
marked by a total operating income of INR5.91 crore during FY15
(refers to the period April 1 to March 31). Furthermore, the firm's
net worth base was small at INR1.53 crore as on March 31, 2015.
Besides, the firm has achieved sales of INR2.70 crore in 9MFY16
(refers to the period April 01 to December 31) (as per
unaudited results).

Below average financial risk profile: The profitability margins
have been highly fluctuating over the last 3 years (FY13- FY15) on
account of customized products sold with varied profit margins. The
PBILDT margin has declined in FY15 on account of products sold with
lower profit margins. The PAT margin has improved in FY15 due to
higher absolute PBILDT coupled with lower interest cost. The
capital structure marked by overall gearing stood moderate as on
March 31, 2015. The average utilization of working capital
borrowings of the firm remained around 50% for past 12 months ended
January, 2016. Coverage indicator of the firm marked
by interest coverage improved in FY15 and stood at 3.96x as against
1.81x for FY14 on account of higher PBILDT coupled with
lower interest cost.

Foreign exchange fluctuation risk: The business operations of SET
involve both imports and exports resulting in sales realization and
cash outflow in foreign currency. SET exports its product to Kenya,
Uganda and Vietnam, etc, and export contribution to total sales
stood at around 65% for FY15. Furthermore, its import procurement
to raw material cost stood at around 26.22% for FY15, thereby
exposing SET to volatility in foreign exchange rates. The firm does
not have any policy to hedge its foreign currency risk. However,
being importer and exporter, the foreign currency risk is partially
mitigated through a natural hedge.

Intense competition in the industry due to low entry barriers:
SET operates in a highly fragmented industry marked by the presence
of a large number of players in the unorganized sector.
The industry is characterized by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. This further leads to high
competition among the various players and low bargaining power
with suppliers.

Key Rating Strengths

Experienced partners: Mr Nischint Mehra partner in SET has an
experience of around two and half decade through his association
with this entity. Mr K. M. Mehra and Mr Vijay Mehra, other partners
of SET have an experience of around five decades in the
manufacturing of machinery components through their association
with SET. All the partners collectively look after the overall
operations of the firm

SET was established as a proprietorship firm in 1965 by Mr K.M.
Mehra. The firm is currently being managed by Mr K.M. Mehra, Mr
Vijay Mehra and Mr Nischint Mehra sharing profit and losses in the
ratio 40%, 40% and 20%, respectively. The firm is engaged in the
manufacturing of machinery parts such as vacuum filters and
clarifiers which are primarily used in sugar mills. The firm sells
the machinery parts to customers located domestically as well as
overseas. The major raw material being steel (stainless steel to
carbon steel) is mainly procured from domestic manufacturers and
traders. Moreover, the firm will start merchant trading of agro
commodities which include cashew nuts by the end of current
financial year, ie, FY16 (refers to the period April 1 to
March 31). The traded products will be procured from Dubai and the
same will be sold in overseas countries like Singapore, Vietnam,
etc.


SPECIFIC ALLOYS: CARE Maintains B+ Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Specific
Alloys Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.50       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Long/Short term      2.50       CARE B+/CARE A4; Stable; Issuer

   Bank Facilities                 Not Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

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

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

Detailed description of the key rating drivers

At the time of last rating on March 12, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Moderate scale of operations: Despite, being operational for over
17 years the size of operations of the company continues to remain
small as marked by a total operating income of INR84.67 crore in
FY18 and a tangible net-worth of INR6.54 crore as on March 31,
2018. The small size restricts financial flexibility and deprives
the company of benefits of economies of scale.

Customer concentration risk: In FY16, the company has generated
almost 57% of the operating income from the top 3 customers. Thus,
maintaining relationships with these customers will be a critical
factor and might impact sale if demand from any of these customers
decreases.

Volatility in raw material and finished goods prices: The major raw
materials used for the manufacturing is aluminium scrap which the
company procures through indigenous sources and imports. The prices
of these raw materials have been fluctuating and any abrupt change
in the input prices might have an adverse effect on the
profitability of the company.

Low profit margins: The PBILDT margin stood in the range of 5%-7%
in the last three financial years ended FY18 (refers to the period
April 1 to March 31). Furthermore, the PAT margin of the company is
also low at 1.07% in FY18.

Weak capital structure and debt coverage indicators: The capital
structure continues to remain leveraged as indicated by an overall
gearing of 3.51x as on March 31, 2018. The total debt/GCA improved
to 18.14x as at the end of FY18 from 21.26x, as at the end of FY17,
led by increased cash accruals from INR1.01 crore to INR1.27
crore.

Moderate liquidity position with working capital intensive nature
of operations: The operations remained working capital intensive in
nature owing to high amount of money stuck in debtors and inventory
and low credit period received from its suppliers. This leads to
high utilization of working capital limits.

Key Rating Strengths

Experienced promoters: The promoters of the company have more than
three decades of experience in the manufacturing of alloys, through
various group entities.

Proximity to key raw material sources: SAPL's facilities is located
at Khed, Pune, which has presence of suppliers of aluminium. Hence,
the company benefits from the low logistic expenses and easy
availability of raw material.

Reputed customers and suppliers: The Company deals with reputed
customers and suppliers.

Incorporated in 2002, SAPL is engaged in the manufacturing of
aluminium alloys, aluminium cylinder head, aluminium alloys ingot,
industrial alloy aluminium ingot, aluminium ingots, aluminium
alloys powder amongst others. SAPL has its manufacturing facility
located at Khed, Pune in Maharashtra.


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

The instrument-wise rating actions are:

-- INR15 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUERNOT COOPERATING) rating;

-- INR45 mil. Non-fund-based working capital facility migrated to

     non-cooperating category with IND A4+ (ISSUERNOT COOPERATING)

     rating;

-- INR10 mil. Proposed fund-based working capital facility*
     migrated to non-cooperating category with Provisional IND BB-

     (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR35 mil. Proposed non-fund based facility* migrated to non-
     cooperating category with Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Su Solartech Systems is engaged in the
manufacturing of solar products such as solar photovoltaic lighting
systems, solar thermal water heating systems and small photovoltaic
wind hybrid power generation systems, among others.


SUSHEEL ENGINEERS: CARE Cuts Rating on INR9.5cr Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Susheel Engineers (SE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.50       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   Of best available information

   Short-Term Bank      2.50       CARE A4; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19, 2018, placed the
rating of SE under the 'issuer noncooperating' category as SE had
failed to provide information for monitoring of the rating. SE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a email
dated July 2, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised by taking into account no
due-diligence conducted and non-availability of information due to
non-cooperation by SE with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk.

Detailed description of the key rating drivers
At the time of last rating on March 19, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations of entity: The scale of operations of
the entity remained modest with declining TOI, fluctuating
cash accruals and low net worth base, thereby depriving it from
scale benefits and limiting its competitive ability in a highly
competitive scenario.

Leveraged capital structure: The capital structure of SE stood weak
on account of high reliance on debt,against low networth
base ,so as to support its business operations.

Weak debt coverage indicators: The debt protection indicators of SE
remained weak, on account of low profitability and high
gearing levels.

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature with funds
being blocked in inventory and debtors. The working capital
borrowing limit of entity hence remained fully utilized.

Presence in highly competitive industry: SE operates in a highly
competitive capital goods industry, characterized by high
technicality, owing to specialized nature of industry thereby
resulting in entry barriers arising due to high technological
inputs and reduced availability of standardized machinery for the
production.

Susceptibility of profitability margins to fluctuation in raw
material price: The price of raw materials mainly stainless steel
required by SE is volatile and the profit margins of the entity are
exposed to any sudden spurt in the raw material prices.

Proprietorship nature of constitution: SE is exposed to the risk of
withdrawal of capital by proprietor due to personal exigencies,
dissolution of firm due to death of proprietor and restricted
financial flexibility due to inability to explore cheaper
sources of finance leading to limited growth potential, owing to
proprietorship nature of its constitution.

Key Rating Strengths

Long track record of operations of entity along with experienced
promoter: SE was established in the year 1994 by Mr. Sidram. G.
Sidrure, who has an experience of around two and half decades in
manufacturing of heavy fabricated assembly components and
equipments. The promoter of SE is further assisted by a team of
experienced management personnel. The vast experience of promoter
aids in smooth operations of the entity.

Moderate profitability: The profit margins of the entity remained
at moderate level in the range of 10%-15% owing to customized
nature of project manufactured thus fetching high realization.
Further owing to low fixed cost, net profit margins also remained
above 2% during last three years ending FY17 (Provisional).

Wide product portfolio of entity: SE is engaged in manufacturing
and servicing of boiler components, steel casing, industrial
chimney, collector columns, industrial duct and others. The entity
has a wide and diversified product portfolio, which results in risk
diversification emanating from subdued demand of any single
product.

Reputed supplier base: SE procures raw materials as steel and pipes
from renowned suppliers as Thermax Limited., N. Ajit Steel
Corporation, P M Steels and T B & W Energy Solution Private Limited
and sells its finished goods throughout India. Association of
entity with reputed suppliers helps it to gain market presence and
bag orders, thereby leading to eased revenue visibility.

SE was established in 1994 by Mr. Sidram. G. Sidrure and is engaged
in manufacturing and servicing of boiler components, steel casing,
industrial chimney, collector columns, industrial duct etc. The
manufacturing facility of SE is located at Bhosari, Pune
(Maharashtra).


TODAY HOMES: NCLT Starts Insolvency Proceedings vs Company
----------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has initiated insolvency proceedings against NCR-based real
estate firm Today Homes Noida Ltd on a petition filed by a group of
homebuyers. A two-member NCLT bench, headed by President Justice M
M Kumar, has appointed an interim resolution professional (IRP) to
take over the management of the company, the report says.

According to the report, the tribunal rejected the submission of
the real estate firm that it has got four-year extension from UP
Real Estate Regulation Authority (RERA) to complete the project,
saying that Insolvency and Bankruptcy Code (IBC) overrides
provisions under the realty law.

Today Homes Noida had contended that UP-RERA has extended its
timeline until June 2021 to complete the Ridge Residency housing
project in sector 135, Noida, the report relates.

The NCLT has directed Today Homes Noida's promoters, directors and
employees to "provide every assistance and cooperation" to the IRP
in managing the affairs of the company, according to the report.
The NCLT also granted  the Company protection from lenders by
prohibiting them to recover the amount for a certain period.

The tribunal order came over a batch of petitions filed by home
buyers of the real estate firms, who are now a financial creditor
of the company following amendments in the IBC, the report cites.

ET says the petitioners had entered into home buying agreements
with the firm on March 29, 2012 and had paid almost 90 per cent of
their amount for flat in the Ridge Residency Housing Project,
sector 135, Noida.  As per the agreement, flats were to be
delivered latest by 2016 but neither the possession of premises was
delivered nor was money refunded, the report cites.

ET notes that the petitioners had claimed Rs4.18 crore along with
24 per cent interest and submitted that more than 60 months has
passed but possession was not granted.


TRANS METALITE: CARE Keeps B- Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Trans
Metalite (India) Limited (TML) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.09       CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Short term Bank      1.50       CARE A4; Stable; Issuer
   Facilities                      Not Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
ratings of TML under the 'issuer non-cooperating' category as TML
had failed to provide information for monitoring of the rating. TML
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 5, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Small Scale of operations: The company is a small regional player
involved in executing road and civil construction contracts for
PWD. The ability of the company to scale up to larger-sized
contracts having better operating margins is constrained by its
comparatively low capital base of total operating. The small scale
of operations in a fragmented industry limits the pricing power and
benefits of economies of scale.

Elongated working capital cycle: The operations of the company
elongated and stood at 680 days in FY18 owing to high collection
and inventory holding during FY18. In addition to the construction
material, the inventory of the company comprises of work in process
and the portion of the contract work on the balance sheet date for
which certificate of completion has not been received and bill has
not been raised/ approved. Further the collection period elongated
and stood at 209 days.

Leveraged capital structure and weak coverage indicators: The
capital structure of the company stood highly leveraged owing to
high dependence on external borrowings to meet the capex and
working capital requirements coupled with low net worth base.
Furthermore, the debt coverage indicators of the company continue
to remain weak mainly on account of higher debt levels.

Dependence on construction and infrastructure sector: The business
of TML is highly dependent on construction and infrastructure
industry. Liquidity related concerns and execution challenges
continue to impact the sector in the country. Delays in obtaining
statutory clearances and increasing working capital needs have put
pressure on the financial profile of the companies in this sector.
This has been compounded by the inability to pass on input cost
increases which has resulted in a fall in their margins.

Highly fragmented and competitive industry: TML operates in a
highly fragmented industry marked by the presence of a large number
of players in the unorganized sector. Furthermore, with presence of
various players, the same limits bargaining power which exerts
pressure on its margins.

Key Rating Strengths

Experienced promoters and qualified management team: TML is
currently being managed by Mr Vikas Jalan, Ms Roopali Jalan and Ms
Asavari Jalan. Mr Vikas Jalan and Ms Roopali Jalan have an
experience of half a decade in road and civil construction business
through his association with TMIL. They have been into authorized
dealership business of solar road studs since inception. Ms Asavari
Jalan, has an experience of around two years through her
association with this company. Moreover, TMIL has a well-qualified
and experienced team of 3 projects managers, 2 project engineers
and dedicated purchase planning and execution department.

Moderate profitability margins: The profitability margins of the
company continue to remain moderate marked by PBDILT margin of the
company stood at 55.88% and PAT margin at 2.49% in FY18.

New Delhi-based Trans Metalite (India) Limited (TMIL), a closely
held public limited company was incorporated in 1993 by Mr Vikas
Jalan and Ms Roopali Jalan. The company is an authorized
distributor of solar road studs for TATA Power Solar System Limited
since inception. In 2009 the company ventured into road and civil
construction business which includes repairing of potholes for
various government entities such as Public Works Department of
Delhi (PWD), Municipal Corporation of Delhi (MCD), New Delhi
Municipal Corporation (NDMC), Jaipur Development Authority), in
Delhi-NCR region and Rajasthan.. The company gets contracts through
tendering and bidding process. The tenure of the contracts ranges
from 36 months to 48 months.


UP KORAUN URJA: Ind-Ra Lowers INR1.6BB Loan Rating to 'B-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded UP Koraun Urja
Private Limited's (UPKUPL) rupee term loan rating to 'IND B-(ISSUER
NOT COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)' while
resolving the Rating Watch Negative (RWN). The Outlook is Negative.
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 B-(ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1.690 bil. Rupee term loan due on December 31, 2035
     downgraded; Off RWN with IND B- (ISSUER NOT COOPERATING) /
     Negative rating.

Note: Issuer did not cooperate; Based on the best available
information

KEY RATING DRIVERS

The downgrade reflects continued uncertainty over UPKUPL's debt
servicing capability and a reduction in the financial flexibility
of the Essel Group. The Negative Outlook reflects Ind-Ra's
expectation of continued financial stress on the project owing to
the uncertainty regarding the final applicable tariff.

The delay of about a year in project commissioning has resulted in
the project's weighted average applicable tariff being reduced to
INR3.2875/kWh, which is substantially lower than the power purchase
agreement (PPA) tariff of INR4.43/kWh as per the commercial
operations date certificate. As per the PPA signed with Solar
Energy Corporation of India (SECI), the delay in project
commissioning beyond three months resulted in tariff reduction of
half a paisa per day. The resultant tariff will significantly
reduce cash flow generation and push debt service coverage ratios
sustainably below 1.0x. This places the project reliant on external
sources of funds to meet its debt obligations. UPKUPL's management
believes that it will be awarded an extension of scheduled
commercial operation date and, hence, the reduction in tariff would
not be significant. However, uncertainty overextension of the
scheduled commercial operation date and the impact on tariff still
persists.

The project generated power from September 2018 to July 2019 at a
net average plant load factor of 7.92%, significantly lower than
the P90 estimates of 19.2%.

The downgrade also factors in the reduction in the financial
flexibility of UPKUPL's sponsor Essel Infraprojects Limited and
promoter Essel Green Energy Private Limited (EGEPL), which are both
parts of the Essel Group. The sub-1.0x coverage ratio necessitates
support from Essel Infraprojects, which is currently facing
liquidity issues on account of an increase in support of many
group-level projects. Ind-Ra is unable to ascertain the current
status of the debt service reserve account, and the current
liquidity position of the projects and the promoters/sponsors.

Also, UPKUPL has signed a five-year operations and maintenance
contract with EGEPL. The weakening credit profile of EGEPL renders
the project vulnerable to operations and maintenance risks, which
can impede future generation levels. The absence of clarity on the
operational track record to demonstrate plant performance, grid
availability and receivable days constrain the rating.

Ind-Ra will continue to closely monitor the developments at the
Essel Group and the consequent impact on EGEPL and the solar
projects held by EGEPL, if any, and will undertake an appropriate
rating action on achieving clarity on the final applicable tariff
of the project.

Ind-Ra has maintained the rating in the non-cooperating category as
the management has not shared FY19 financials, payment receipt
details from SECI, liquidity status and no default statement for
the month of July 2019. The absence of this data restricts Ind-Ra's
ability to take a forward-looking rating view on the project.

RATING SENSITIVITIES

Positive: Clarity on tariff payable along with receipt of payments
from the off-taker on a sustained basis, DSCR above 1x on a
consistent basis and improvement in the credit profile of the
operator-cum-sponsor, could lead to positive rating action.

Negative: Continued absence of clarity of tariff, non-creation of
DSRA and further weakening of the operator's credit profile, could
lead to negative rating action.

COMPANY PROFILE

UPKUPL was formed by EGEPL for the development of a 40MW AC solar
power project in Koraon Tehsil, Prayagraj District, Uttar Pradesh.
EGEPL has been awarded a cumulative capacity of 160MW in Uttar
Pradesh for the development of solar power projects under Phase
–II Batch-III of the Jawaharlal Nehru National Solar Mission
through the viability gap funding mode.


UP MEHRAUNI II: Ind-Ra Lowers INR1.7BB Term Loan Rating to 'B-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded UP Mehrauni II
Urja Private Limited's (UPMUPL) rupee term loan rating to 'IND
B-(ISSUER NOT COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'
while resolving the Rating Watch Negative (RWN). The Outlook is
Negative. 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
B-(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1.790 bil. Term loan due on December 31, 2035, downgraded;
     Off RWN with IND B- (ISSUER NOT COOPERATING) / Negative
     rating.

Note: Issuer did not cooperate; Based on the best available
information

KEY RATING DRIVERS

The downgrade reflects continued uncertainty over UPMUPL's debt
servicing capability and a reduction in the financial flexibility
of the Essel Group. The Negative Outlook reflects Ind-Ra's
expectation of continued financial stress on the project owing to
the uncertainty regarding the final applicable tariff.

The delay of about a year in project commissioning has resulted in
the project's weighted average applicable tariff being reduced to
INR3.3725/kWh, which is substantially lower than the power purchase
agreement (PPA) tariff of INR4.43/kWh, as per the commercial
operations date certificate. As per the PPA signed with Solar
Energy Corporation of India (SECI), the delay in project
commissioning beyond three months resulted in tariff reduction of
half a paisa per day. The resultant tariff will significantly
reduce cash flow generation and push debt service coverage ratios
sustainably below 1.0x. This places the project reliant on external
sources of funds to meet its debt obligations. UPMUPL's management
believes that it will be awarded an extension of scheduled
commercial operation date and, hence, the reduction in tariff would
not be significant. However, uncertainty overextension of the
scheduled commercial operation date and the impact on tariff still
persists.

The project generated power from August 2018 to July 2019 at a net
average plant load factor of 8.83%, significantly lower than the
P90 estimates of 20.3%.

The downgrade also factors in the reduction in the financial
flexibility of UPMUPL's sponsor Essel Infraprojects Limited and
promoter Essel Green Energy Private Limited (EGEPL), which are both
parts of the Essel Group. The sub-1.0x coverage ratio necessitates
support from Essel Infraprojects, which is currently facing
liquidity issues on account of an increase in support of many
group-level projects. Ind-Ra is unable to ascertain the current
status of the debt service reserve account, and the current
liquidity position of the projects and the promoters/sponsors.

Also, UPMUPL has signed a five-year operations and maintenance
contract with EGEPL. The weakening credit profile of EGEPL renders
the project vulnerable to operations and maintenance risks, which
can impede future generation levels. The absence of clarity on the
operational track record to demonstrate plant performance, grid
availability and receivable days constrain the rating.

Ind-Ra will continue to closely monitor the developments at the
Essel Group and the consequent impact on EGEPL and the solar
projects held by EGEPL, if any, and will undertake an appropriate
rating action on achieving clarity on the final applicable tariff
of the project.

Ind-Ra has maintained the rating in the non-cooperating category as
the management has not shared FY19 financials, payment receipt
details from SECI, liquidity status and no default statement for
the month of July 2019. The absence of this data restricts Ind-Ra's
ability to take a forward-looking rating view on the project.

RATING SENSITIVITIES

Positive: Clarity on tariff payable along with receipt of payments
from the off-taker on a sustained basis, DSCR above 1x on a
consistent basis and improvement in the credit profile of the
operator-cum-sponsor, could lead to positive rating action.

Negative: Continued absence of clarity of tariff, non-creation of
DSRA and further weakening of the operator's credit profile, could
lead to negative rating action.

COMPANY PROFILE

UPMUPL was formed by EGEPL for the development of a 40MW
alternating current grid-connected solar power project in the
Prayagraj district, Uttar Pradesh. EGEPL has been awarded a
cumulative capacity of 160MW in Uttar Pradesh for the development
of solar power projects under Phase -II Batch-III of the Jawaharlal
Nehru National Solar Mission through the viability gap funding
mode.


UP SARILA URJA: Ind-Ra Lowers Rating on INR2BB Loan to B-
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded UP Sarila Urja
Private Limited's (UPSUPL) rupee term loan rating to 'IND B-(ISSUER
NOT COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)' while
resolving the Rating Watch Negative (RWN). The Outlook is Negative.
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 B-(ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR2.0 bil. Project term loan due on December 31, 2035
     downgraded; Off RWN with IND B- (ISSUER NOT
     COOPERATING)/Negative rating.

Note: Issuer did not cooperate; Based on the best available
information

KEY RATING DRIVERS

The downgrade reflects continued uncertainty over UPSUPL's debt
servicing capability and a reduction in the financial flexibility
of the Essel Group. The Negative Outlook reflects Ind-Ra's
expectation of continued financial stress on the project owing to
the uncertainty regarding the final applicable tariff.

The delay of about a year in project commissioning has resulted in
the project's applicable tariff being reduced to INR3.465/kWh,
which is substantially lower than the power purchase agreement
(PPA) tariff of INR4.43/kWh, as per the commercial operations date
certificate. As per the PPA signed with Solar Energy Corporation of
India (SECI), the delay in project commissioning beyond three
months resulted in tariff reduction of half a paisa per day. The
resultant tariff will significantly reduce cash flow generation and
push debt service coverage ratios sustainably below 1.0x. This
places the project reliant on external sources of funds to meet its
debt obligations. UPSUPL's management believes that it will be
awarded an extension of scheduled commercial operation date and,
hence, the reduction in tariff would not be significant. However,
uncertainty over extension of the scheduled commercial operation
date and the impact on tariff still persists.

The project generated power during August 2018 to July 2019 at a
net average plant load factor of 11.95%, significantly lower than
the P90 estimates of 23%.

The downgrade also factors in the reduction in the financial
flexibility of UPSUPL's sponsor Essel Infraprojects Limited and
promoter Essel Green Energy Private Limited (EGEPL), which are both
parts of the Essel Group. The sub-1.0x coverage ratio necessitates
support from Essel Infraprojects, which is currently facing
liquidity issues on account of an increase in support of many
group-level projects. Ind-Ra is unable to ascertain the current
status of the debt service reserve account, and the current
liquidity position of the projects and the promoters/sponsors.

Also, UPSUPL has signed a five-year operations and maintenance
contract with EGEPL. The weakening credit profile of EGEPL renders
the project vulnerable to operations and maintenance risks, which
can impede future generation levels. The absence of clarity on the
operational track record to demonstrate plant performance, grid
availability and receivable days constrain the rating.

Ind-Ra will continue to closely monitor the developments at the
Essel Group and the consequent impact on EGEPL and the solar
projects held by EGEPL, if any, and will undertake an appropriate
rating action on achieving clarity on the final applicable tariff
of the project.

Ind-Ra has maintained the rating in the non-cooperating category as
the management has not shared FY19 financials, payment receipt
details from SECI, liquidity status and no default statement for
the month of July 2019. The absence of this data restricts Ind-Ra's
ability to take a forward-looking rating view on the project.

RATING SENSITIVITIES

Positive: Clarity on tariff payable along with receipt of payments
from the off-taker on a sustained basis, DSCR above 1x on a
consistent basis and improvement in the credit profile of the
operator-cum-sponsor, could lead to positive rating action.

Negative: Continued absence of clarity of tariff, non-creation of
DSRA and further weakening of the operator's credit profile, could
lead to negative rating action.

COMPANY PROFILE

UPSUPL was formed by EGEPL for the development of a 40MW AC solar
power project in the Rijola village, Usawan Tehsil, Budaun District
of Uttar Pradesh. EGEPL has been awarded a cumulative capacity of
160MW in Uttar Pradesh for the development of solar power projects
under Phase – II Batch-III of the Jawaharlal Nehru National Solar
Mission through the viability gap funding mode.


V S EDUCATION: Ind-Ra Keeps B on INR75MM Loan on Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained V S Education
Foundation's term loan in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND B (ISSUER NOT
COOPERATING)' on the agency website.

The instrument-wise rating action is:

-- INR75 mil. Term loan due on March 2024 maintained in non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

V S Education Foundation established by Mr. Vishal Kansal, operates
Delhi Public World School in Ludhiana, Punjab, in collaboration
with DPS World Foundation.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Raipur-based Vinod Kumar Pandey is registered as a Class-A
contractor with the government of Chhattisgarh.


VISHVAS POWER: Ind-Ra Lowers Term Loan Rating to D, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vishvas Power
Engineering Services Private Limited's (VPESPL) Long-Term Issuer
Rating to 'IND D' from 'IND B'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR28.89 mil. Term loan (long-term) due on March 2026
     downgraded with IND D rating;

-- INR85 mil. Fund-based facilities (long-term/short-term)  
     downgraded with IND D rating; and

-- INR130 mil. Non-fund-based facilities (short-term) downgraded
     with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects VPESPL's continuous delays in debt servicing
during the six months ended July 2019, due to a stressed liquidity
position, on account of delays in receipt of payment from its
customers.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, Nagpur-based VPESPL is engaged in the
manufacturing, repair, remanufacturing, refurbishment and servicing
of power transformers up to 220kV at its factory. Moreover, it is
engaged in the complete overhauling, testing-commissioning, and
erection-commissioning of power transformers up to 765kV at the
customer site.


WHITE GOLD: CARE Assigns 'B' Rating to INR7.36cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of White
Gold Agro Industries (WGA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.36       CARE B; Stable Assigned

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of WGA are constrained
by its short track record of operations along with small scale of
operations and low PAT margin, leveraged capital structure, and
elongated operating cycle. The rating is further constrained by
partnership nature of constitution and firm's presence in a highly
fragmented and competitive nature of the industry. The rating,
however, derives strength from experienced partners.

Going forward, the ability of the firm to profitably scale up the
operations while improving its overall solvency position would
remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Weaknesses

Short track record of operations along with small scale of
operations along with low PAT margin: The firm commenced its
commercial operations in December, 2017and the total operating
income stood small at INR1.89 crore in FY18 (4 months of
operations). Additionally, the firm has reported total operating
income of INR11.00 crore in 11MFY19 (Provisional). The PBILDT
margin of the firm stood comfortable at 19.11% in FY18. However,
PAT margin stood low at 0.17% in FY18.

Leveraged capital structure: The capital structure of the firm
stood leveraged marked by overall gearing ratio of 1.25x as on
March 31, 2018 due to low networth base.

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

Highly fragmented and competitive nature of the industry: WGA is
exposed to high fragmentation in the agro processing industry,
which has numerous players at the bottom of the value chain due to
low capital and technology requirements. Furthermore, the low lead
time for setting up a new plant and the lack of product
differentiation reduce the entry barriers for new entrants
resulting in overcapacity in the industry.

Key Rating Strengths

Experienced partners: The operations of the firm are being managed
by all the partners collectively. Mr. Vinod Jain and Mr. Rajiv Garg
have total work experience of more than two decades while, Mr.
Rishabh Goyal has an experience of more than a decade which they
have gained through their association with WGA, group concerns
namely Goyum Screw Press (GSP), Goyum Technical Holdings Private
Limited (GTH) and other regional entities engaged in the processing
industry. The partners have adequate acumen about various aspects
of business which is likely to benefit the firm in the long run.

Stretched liquidity position: The operating cycle of WGA stood
elongated at 73 days for FY18. The liquidity position of the firm
stood weak marked by current ratio and quick ratio stood at 2.56x
and 0.57x respectively as on March 31, 2018. The firm had free cash
and bank balance of INR0.10 crore as on March 31, 2018.

White Gold Agro Industries (WGA) based in Ludhiana, Punjab was
established in August, 2016 as a partnership firm and is currently
being managed by Mr. Vinod Jain, Mr. Rajiv Garg and Mr. Rishabh
Goyal as its partners sharing profit and losses in the ratio of
9:9:2. WGA is engaged in processing of raw cashews at its facility
located in Ludhiana, Punjab with an installed capacity of 1818 ton
of raw cashew processing per annum as on December 31, 2018. The
firm sells its finished goods under the brand name 'Golden Nuts'
directly to wholesalers and traders based in Rajasthan, Delhi,
Punjab, Haryana etc. Besides WGA, the partners are also associated
with group concern namely, Goyum Technical Holdings Pvt. Ltd.
(GTH), established in 2005 as a partnership firm and was later
reconstituted in 2010 as a private limited company which is engaged
in manufacturing of oil expeller & oil filter machinery and Goyum
Screw Press (GSP) was established in April, 2005 as a
proprietorship concern of Mr. Vinod Jain and the firm is engaged in
the manufacturing of oil mill machinery, solvent and refinery plant
machinery, biodiesel and biofuel machinery like screw oil press,
oil extraction machines, filter press machines, steam boiler,
industrial shredder etc.




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

BUMI SERPONG: Fitch Assigns BB-(EXP) to New USD Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based property developer PT
Bumi Serpong Damai Tbk's (BSD; BB-/Stable) proposed US dollar
senior unsecured notes an expected rating of 'BB-(EXP)'. The notes
will be issued by BSD's wholly owned subsidiary, Global Prime
Capital Pte. Ltd, and guaranteed by BSD and certain subsidiaries.

The net proceeds will be used to refinance its USD300 million notes
due 2021 and other debt, and for working capital and other general
corporate purposes.

The notes are rated at the same level as BSD's senior unsecured
rating as they represent unconditional, unsecured and
unsubordinated obligations of the company. The final rating on the
notes is contingent upon the receipt of final documents conforming
to information already received.

KEY RATING DRIVERS

Launches to Resume in 2H19: Fitch expects BSD to be able to
accelerate pre-sales in 2H19 to meet its full-year expectation of
IDR4.9 trillion from relatively low pre-sales of IDR2 trillion
(excluding sales at its joint ventures (JV) and land sales to JVs)
in 1H19. Fitch expects the increase to be supported by planned new
launches primarily targeting the mid-upper residential market to
cater to pent-up demand created by the lack of new project launches
in 2018 on the back of heightened macroeconomic volatility and the
presidential elections in 1H19.

Weak purchasing sentiment during 1H19 led BSD to defer new launches
to 2H19, and this contributed to lower pre-sales from the landed
residential segment from a year earlier. BSD also reported
commercial plot sales fell to IDR260 billion from IDR888 billion in
1H18 as prospective buyers delayed land-plot purchases until after
the presidential election in April 2019.

Large, Low-Cost Land Bank: BSD's rating is supported by a large and
low-cost land bank in its flagship BSD City township, which
contributes to its positive operating cash flows and low leverage.
BSD had enough land for at least 20 years of pre-sales at BSD City
as of end-2018. Fitch also believes that BSD's ability to cater to
a wide spectrum of product demand and price points through multiple
projects within BSD City, and its ability to switch between
products to match demand, mitigate the company's concentration risk
from the township, which accounted for around 80% of its
consolidated pre-sales.

Toll-Road Investment Increases Capex: BSD raised its ownership of
PT Trans Bumi Serbaraja (TBS) to 100% from 50%. TBS is the
concession owner of the toll road connecting Serpong in Tangerang
to Merak, a key port linking Java to Sumatra. The company expects
the first phase of the toll-road project, totalling about 10km, to
be completed in the next three years and cost around IDR5 trillion.
BSD will fund 70% of the project through debt, while the balance in
equity will be contributed in the form of land.

Fitch expects the higher capex from BSD's toll-road investment to
be manageable because the outflow will be spread over three years.
The company also made a gain of IDR2 trillion from the partial
disposal and restructuring of its investment in 40% of listed
property company PT Plaza Indonesia Tbk into a domestic REIT in
1H19. BSD also expects the toll road, once operational in early
2021, to add to the company's non-development income, and improve
BSD City's appeal as it will be the second toll-road connected to
the township.

Rising Non-Development Income: BSD is on track to open a mall at
its South Gate project in TB Simatupang in mid-2020. It has
received a 100% lease commitment from Japanese supermarket operator
Aeon. Occupancy at the Sinarmas MSIG Tower office building, which
was acquired in 2017, has also increased to 50% from 31% last year.
Fitch expects these two projects and BSD's existing investment
properties to generate around IDR2 trillion in recurring gross
profit by end-2021, up from around IDR1 trillion in 2018, and
maintain recurring gross profit coverage of around 2x despite
higher borrowing costs and the possible risk of rupiah
depreciation.

Weak Linkage With Parent: Fitch assesses BSD's linkage with its
parent company, Sinar Mas Land Limited (SML), as weak, and
therefore continues to rate BSD on a standalone basis. The weak
linkage is reflected in the moderate ring-fencing at BSD under its
US dollar bond documentation as well as Indonesian stock-exchange
regulations, which limit related-party transactions and prevent BSD
from carrying out related-party transactions if they are considered
loss-making. BSD's acquisition of Sinarmas MSIG Tower in 2017 from
an affiliated company was not classified as a conflict of interest
based on local regulations as it was related to the company's core
business. BSD and SML also maintain separate operations and have no
intercompany transactions.

Limited Currency Risks: BSD does not contractually hedge its
exposure to currency fluctuations arising from its US dollar bonds
and domestically derived cash flows. However, the impact on the
company from depreciation in the rupiah in the short term is
mitigated by BSD's policy of maintaining a US dollar cash balance
of at least six months of its monthly requirements, although in
practice cash and equivalents denominated in US dollar have been
much higher (end-June 2019: USD58 million in cash and USD128
million in mutual-fund investments). Fitch believes BSD's large US
dollar cash balance and its high profit margins from property sales
mitigate foreign-currency risks over the medium term.

DERIVATION SUMMARY

BSD's overall credit profile is similar to that of PT Ciputra
Development Tbk (CTRA, BB-/Negative), and therefore both are rated
at the same level. BSD has a larger land bank than CTRA, but this
is counterbalanced by CTRA's better geographic diversification.
Both companies also maintain similar leverage of around 20%, and
generate sufficient non-development income coverage of around 2x.
However, CTRA's persistently weak pre-sales of less than IDR5
trillion, stemming from its predominantly low-end development
projects, may reflect a weaker business profile, which is reflected
in CTRA's Negative Outlook.

BSD is rated one notch lower than PT Pakuwon Jati Tbk (BB/Stable).
Pakuwon has a larger recurring cash-flow base than BSD that stems
from its high quality assets in Jakarta and Surabaya, which,
together with its stronger financial profile, more than offsets
Pakuwon's smaller and riskier property-development business that
that of BSD.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   - Consolidated pre-sales to decline to IDR4.9 trillion in 2019,
     but recover to around IDR7 trillion in 2020

   - Investment-property and property, plant and equipment capex
     of IDR1.3 trillion in 2019 and IDR2 trillion in 2020. Capex
     for 2020 includes construction capex for the toll road
     project totalling IDR1 trillion. BSD pushed back the TB
     Simatupang hotel project to 2021 from 2019, and found a
     partner to co-develop a mall project in Kota Wisata Cibubur.
     However, Fitch has not factored in the construction cost of
     the mall in its forecasts because the start date remains
     uncertain

   - Land acquisitions of around IDR1 trillion per year in the
     next three years

RATING SENSITIVITIES

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

   - Recurring EBITDA less dividends to minorities/net interest
     expense at more than 2.5x (2019 forecast: 1.8x)

   - Recurring EBITDA less dividends to minorities of more than
     USD120 million with top five assets contributing less than
     50% to recurring revenue (2019 forecast: USD88 million;
     54% contribution)

   - Annual attributable pre-sales of more than IDR10 trillion
     with BSD City contributing less than 50% (2019 forecast:
     IDR4.5 trillion, BSD City: 65%)

   - Leverage, measured as net debt/net inventory, at less
     than 30% (2019 forecast: 23%)

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

   - Recurring EBITDA less dividends to minorities/net interest
     at less than 1.75x

   - Net debt/adjusted inventory at more than 40%

LIQUIDITY

Comfortable Liquidity: BSD's liquidity is supported by its ability
to generate positive cash flow from operations and an ample cash
balance. BSD reported a cash balance of IDR6.9 trillion as of
end-June 2019, which is sufficient to fund debt maturities in the
next 12 months of IDR770 billion, and if required, the USD300
million notes due 2021. BSD also has the flexibility to scale back
land acquisitions in the near term to conserve cash, if necessary,
as the company owns a significant land bank at BSD City, which is
sufficient for at least another 20 years of pre-sales. BSD's
liquidity is also supported by its record of accessing domestic and
offshore capital and credit markets, underpinned by its strong
business profile and low leverage.


BUMI SERPONG: Moody's Assigns Ba3 to Proposed Sr. Unsec. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a backed senior unsecured rating
of Ba3 to the proposed senior unsecured notes to be issued by
Global Prime Capital Pte. Ltd. The proposed notes are guaranteed by
Bumi Serpong Damai TBK (P.T.) (BSD, Ba3 stable) and some of its
subsidiaries, and rank pari passu with the 2021 notes and 2023
notes.

The rating outlook is stable.

BSD will use the net proceeds from the proposed issuance to fund
the purchase of its 7.25% senior notes due 2021 via a tender offer
and the remaining for working capital and other general corporate
purposes.

RATINGS RATIONALE

"The proposed notes are not exposed to either legal or structural
subordination risk, and the rating is therefore aligned with BSD's
Ba3 corporate family rating," says Jacintha Poh, a Moody's Vice
President and Senior Credit Officer.

At June 30, 2019, around 60% of BSD's total debt was unsecured. In
addition, the majority of BSD's earnings and borrowings are held at
the holding company, which is a guarantor to the notes.

"We view the BSD's proactive capital management -- including its
use of the majority of the net proceeds of the proposed notes to
refinance its 2021 notes -- as credit positive, as the new issuance
will extend its weighted average debt maturity," adds Poh, who is
also Moody's Lead Analyst for BSD.

Moody's expects BSD's credit metrics will remain within the
thresholds for its Ba3 rating over the next 12-18 months, with
adjusted debt/homebuilding EBITDA at around 3.5x and homebuilding
EBIT/interest expense at around 3.1x.

BSD's Ba3 rating reflects its established position as one of the
largest property developers in Indonesia, with diversification
across multiple projects and property segments. BSD's scale and
diversification also provide the company with the flexibility to
alter its product offerings and cater to changing market demand.

The rating incorporates BSD's focus on the sale of land lots and
the development of low-rise commercial and residential properties,
which entail lower development risks and support its strong gross
margins.

BSD's rating is constrained by the company's (1) small scale when
compared with its global peers, (2) complex corporate structure,
and (3) concentration in the Greater Jakarta region. The company is
also exposed to the volatile property sector and the evolving
regulatory environment in Indonesia.

The stable rating outlook reflects Moody's expectation that BSD
will achieve at least IDR5 trillion of marketing sales each year
and maintain financial discipline as it pursues growth.

An upgrade of BSD's rating is unlikely over the next 12-18 months,
but upward momentum could emerge if the company successfully
executes its business plans while maintaining healthy credit
metrics and good liquidity.

Credit metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 2.5x, and adjusted homebuilding
EBIT/interest expense above 5.0x. An upgrade will also require that
the recurring cash flows to cover at least 1.0x of interest
expense.

Moody's could downgrade BSD's ratings if (1) the company fails to
implement its business plans; (2) there is a deterioration in the
property market, leading to protracted weakness in the company's
operations and credit quality; or (3) there is evidence of cash
leaking from BSD to fund affiliated companies, for example through
inter-company loans, aggressive cash dividends or investments in
affiliates.

Metrics indicative of a potential downgrade include (1) adjusted
debt/homebuilding EBITDA above 4.0x; and (2) adjusted homebuilding
EBIT/interest expense below 3.0x on a sustained basis.

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

Established in 1984, Bumi Serpong Damai TBK (P.T.) is the largest
developer listed on the Indonesia Stock Exchange by market
capitalization. The company and its subsidiaries are engaged in the
development, management and operation of residential townships,
condominium towers, office buildings, retail malls and hotel
properties. The company is sponsored by Sinarmas Land Limited,
which held an approximate 60% stake in BSD at June 30, 2019.


SAWIT SUMBERMAS: Moody's Lowers CFR to B2, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Sawit Sumbermas Sarana Tbk to B2 from B1. At the same
time, Moody's has downgraded the senior unsecured rating on the
$300 million notes issued by its wholly owned subsidiary, SSMS
Plantation Holdings Pte. Ltd., to B2 from B1.

The outlook is maintained at negative.

RATINGS RATIONALE

"The downgrade reflects our expectation that SSMS' credit metrics
will remain materially weaker than previous expectations, driven
primarily by continued soft earnings at the group's downstream
operations," says Maisam Hasnain, a Moody's Assistant Vice
President and Analyst.

SSMS' CFR reflects the credit quality of its parent, Citra Borneo
Indah (P.T.) (CBI), which consolidates SSMS. CBI's credit metrics
have weakened in recent years, in part due to elevated capital
spending to construct its downstream operations, consisting of a
palm oil refinery and industrial park.

CBI's adjusted leverage, as measured by adjusted debt/EBITDA,
increased to 7.4x in 2018 from 3.8x in 2017 on higher borrowings
and lower earnings due to weaker low palm oil prices and startup
losses at the refinery.

The downstream refinery has faced challenges since commencing
operations in mid-2018 primarily driven by insufficient tankage
capacity to store its feedstock and finished product, resulting in
production bottlenecks and higher per unit costs.

"While CBI is building additional tankage capacity this year, we do
not expect the refinery to experience a material earnings increase
in the near term. As a result, we estimate its adjusted leverage
will remain elevated at 6.5x-7.5x over the next 12-18 months, which
is considerably higher than our previous expectation of around 4.5x
and inconsistent with the previous B1 ratings," adds Hasnain, also
Moody's Lead Analyst for SSMS.

CBI's strong liquidity, with a large cash balance of around IDR2.1
trillion at March 31, 2019, provides a level of cushion against
volatile CPO prices and a degree of financial flexibility in the
event the company seeks to make earnings-accretive acquisitions of
palm oil plantations. However, any acquisition will take time and
is likely to entail execution risk as the company integrates the
new businesses into its operations.

Nonetheless, SSMS' B2 CFR continues to reflect its efficient and
profitable operations at its upstream palm oil plantations, which
will benefit from favorable long-term demand for palm oil.

The rating also considers SSMS' exposure to the following
environmental, social and governance (ESG) risks.

First, the company is exposed to moderate environmental and social
risks associated with the palm oil sector. Following negative
publicity and allegations in recent years, the company has
strengthened its sustainability practices, including around
environmental management and stakeholder engagement. The company
also aims to have all its plantations and mills certified with the
Roundtable for Sustainable Palm Oil (RSPO) by 2020. The RSPO is an
association of palm oil industry stakeholders that promotes the
sustainable growth and use of palm oil products.

Second, Moody's has also considered the governance risks related to
the company's concentrated ownership, with Pak Abdul Rasyid and his
family owning around 70% of SSMS and 98% of CBI. In addition, while
SSMS is a publicly listed company which makes regular filings with
the Indonesian Stock Exchange, CBI, which consolidates the group's
downstream operations, is a private company with limited public
disclosures.

The rating outlook is negative, reflecting Moody's expectation
that, on a consolidated basis, CBI's credit metrics will remain
weak for its current ratings, in light of elevated debt levels, and
in the absence of a material increase in earnings over the next
6-12 months.

Upward ratings pressure is unlikely, given the negative outlook.
Nevertheless, the outlook could return to stable if CBI shows
improved earnings or reduced debt, while maintaining prudent
financial policies.

Credit metrics indicative of a change in the ratings outlook to
stable include adjusted debt/EBITDA below 5.5x and adjusted
EBITA/interest above 1.75x, both on a sustained basis.

Alternatively, the ratings could be downgraded if (1) CBI fails to
implement its business plan, in particular for its downstream
business, such that its earnings do not improve; (2) the company
undertakes large debt-funded acquisitions that materially weaken
its credit profile; or (3) there is evidence of cash leakage
outside of CBI.

Credit metrics indicative of ratings downgrade include adjusted
debt/EBITDA above 5.5x and adjusted EBITA/interest expense below
1.75x, both on a sustained forward looking basis.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Listed on the Indonesian Stock Exchange since December 2013, Sawit
Sumbermas Sarana Tbk is a palm oil producer with a market
capitalization of around IDR8.7 trillion ($609 million) at August
22, 2019.




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

HALIFAX NZ: Liquidators Seek Court Ruling on NZ-Aus Cooperation
---------------------------------------------------------------
Radio New Zealand reports that Halifax liquidators are seeking a
ruling from Australia's Federal Court ruling allowing it to
collaborate with the New Zealand High Court so investors on both
sides of the Tasman can have money refunded.

About 12,000 investors in New Zealand and Australia are owed NZ$220
million, RNZ notes.  

RNZ says online accounts holding their funds were frozen late last
year when Halifax collapsed.

There is a shortfall of about NZ$20 million after investors' funds
were mingled and used to keep the business afloat, to liquidators
KPMG Australia.

According to RNZ, KPMG's Morgan Kelly said it needed the courts to
decide how to distribute the remaining funds to investors fairly
and the ruling had to be the same in both jurisdictions - Australia
and New Zealand.

A Federal Court judgement delivered last week said Halifax was a
classic case for cross-border cooperation between courts, the
report relays.

Mr. Kelly said it would start proceedings in a New Zealand court
within the two weeks, RNZ relates.

Meanwhile, the liquidators have received court approval to spend
AUD12.8 million to cover the cost of maintaining Halifax's online
investor platforms, and other trading expenses, RNZ adds.

              About Halifax New Zealand

Halifax is a New Zealand-based Forex brokerage company.  

Halifax New Zealand was placed into voluntary administration on
Nov. 27, 2018.  Morgan Kelly, Stewart McCallum and Phil Quinlan of
Ferrier Hodgson were named administrators of the Company.  They
were also appointed administrators of Halifax Investment Services
in Sydney on November 23, 2018.




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

LIBRA GROUP: Cannot Continue as Going Concern Due to Claims
-----------------------------------------------------------
Michelle Quah at The Business Times reports that Catalist-listed
Libra Group on Aug. 28 said it will not be able to continue as a
going concern, as stipulated by Catalist rules, due to various
claims having been filed against two subsidiaries of the company.

According to the report, the company said various writs of summons
have been filed against its wholly owned subsidiary, Cyber Builders
Pte Ltd, over claims for workplace injuries, rental of equipment
and provision of services as well as goods sold and delivered to
Cyber Builders.

BT relates that Cyber Builders has also received demand letters,
payment reminders, and other notices from trade and other
creditors, as well as a letter from Maybank Singapore recalling a
loan extended to the company after it defaulted on the loan.

Cyber Builders, along with another subsidiary, Libra Building
Construction Pte Ltd, have also been served with various claims
filed in the Small Claims Tribunal against them, and various other
payment reminders and demand letters, the report says.

Libra Group's board said it is assessing the impact of these
matters on the group and will consult with legal advisers on its
legal position and strategy for the relevant legal proceedings, BT
relays.

It added that, in light of the above, Libra Group has not been able
to demonstrate that it is able to continue as a going concern in
accordance with Catalist Rules. "The board has, following
discussions with the company's sponsor, recommended that the
trading of the shares of the company be suspended with immediate
effect," Cyber Builders, as cited by BT, said.

Libra Group Limited (SGX:5TR) is engaged in the business of
providing integrated M&E services as a sub-contractor. The
Company's services include the contracting and installation of ACMV
systems, fire alarms and fire protection systems, electrical
systems as well as sanitary and plumbing services. Libra also
manufactures and sells ACMV related products.


SINGAPORE: Faces Tide of Bad Debt With Record Bonds Maturing
------------------------------------------------------------
Bloomberg News reports that Singapore firms are likely to see more
soured debt as the trade-reliant economy takes a hit from
U.S.-China tensions.  That's the view of debt restructuring
experts, for whom more bad debt could mean increased business,
Bloomberg says.

Singapore's government cut its forecast for economic growth this
year to almost zero, and weak export data have stoked fears of a
recession. The nation has already been rocked by the high-profile
collapse of water treatment firm Hyflux Ltd, according to
Bloomberg.

"We could see a tide of distressed debt in Singapore," Bloomberg
qoutes Shaun Langhorne, a restructuring lawyer and partner in
Singapore at Hogan Lovells Lee & Lee, as saying. "A number of
companies have significant amounts of debt."

An increase in soured debt is likely to spell more pain for lenders
and bond investors. Excluding banks, borrowers in the Singapore
dollar bond market face a record SGD12 billion ($8.6 billion) of
bonds maturing next year, according to Bloomberg-compiled data.
Repayment may be a challenge for some companies at a time when
Singapore's manufacturing sector contracted 3.1% in the second
quarter from the previous year, while the wholesale and retail
trade sector shrank 3.2%, Bloomberg notes.

Singapore's prime minister said this month that there is no need
yet for economic stimulus, but the government will "promptly
respond" if the situation worsens, Bloomberg recalls. To be sure,
some economic indicators recently have been brighter. The
contraction in Singapore's electronics production eased
dramatically in July, for example.

Stress is likely to emerge in sectors such as logistics, in
addition to others that have already been struggling, such as oil
and gas and construction, according to Angela Ee, a Singapore-based
partner at EY with over two decades of restructuring experience,
Bloomberg relays. Given the weakness of the economy, "more
defaults" in the local currency bond market are likely, she said.

Bloomberg reports that KrisEnergy Ltd., a Singapore-listed oil and
gas explorer that's partly held by Keppel Corp. and had sought to
restructure its debt in 2016, said last week that it will
"temporarily cease repayment" on some of its financial obligations.
This includes interest payable under its S$200 million bond due
2023. Singapore hard-drive component maker MMI International Ltd.
last month missed repayments on a $580 million loan.

More lenders and investors are "getting increasingly aggressive" in
preparing for defaults and enforcing, according to Danny Ong, a
partner at Rajah & Tann Singapore LLP, one of the largest law firms
in the city, Bloomberg relays.

KrisEnergy last week said it received a letter from HSBC Holdings
Plc for "acceleration" of their term facility agreement, the report
recalls. Meanwhile, Singapore-listed Triyards Holdings Ltd. said in
July that its subsidiary was ordered by Singapore's high court to
be wound up, the report says.




===============
X X X X X X X X
===============

PEC LIMITED: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed PEC Limited's
Long-Term Issuer Rating at 'IND D' and simultaneously migrated the
rating to the non-cooperating category. 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
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

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

-- INR4.570 bil. Non-fund-based working capital facilities
     (Short-term) affirmed and migrated to non-cooperating
     category 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 continuous delays in debt servicing by PEC
and its classification as a non-performing asset by the lenders
since March 31, 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

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



                           *********


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

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

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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