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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

          Wednesday, October 16, 2019, Vol. 22, No. 207

                           Headlines



A U S T R A L I A

ADELAIDE FENCE: Members Opt to Liquidate Company
APPIN HALL: Second Creditors' Meeting Set for Oct. 23
BAKERY CANBERRA: Second Creditors' Meeting Set for Oct. 23
CBH EARTHMOVING: Second Creditors' Meeting Set for Oct. 22
FREEZE EXPRESS: Second Creditors' Meeting Set for Oct. 23

HAVENDALE NOMINEES: First Creditors' Meeting Set for Oct. 23
INSELEC PTY: First Creditors' Meeting Set for Oct. 23
PEPPER I-PRIME 2018-2: S&P Affirms B (sf) Rating to Class F Notes
PEPPER MARKETING: Second Creditors' Meeting Set for Oct. 22
PREMIER WINDOWS: Second Creditors' Meeting Set for Oct. 25

RESIMAC 2019-1NC: S&P Assigns Prelim. B (sf) Rating to Cl. F Notes


C H I N A

IDEANOMICS INC: Receives $2.5 Million Investment from ID Venturas
MEINIAN ONEHEALTH: Moody's Lowers CFR to Ba3, Outlook Negative
YANCHENG ORIENTAL: Fitch Rates $360MM Sr. Unsec. Bonds Final 'BB-'


I N D I A

ADYA OILS: Insolvency Resolution Process Case Summary
AIKYA INFRASTRUCTURE: Insolvency Resolution Process Case Summary
AMITEX AGRO: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
APG SHIMLA: CARE Maintains D Rating in Not Cooperating
B E BILLIMORIA: Insolvency Resolution Process Case Summary

B.B MINERALS: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
BEEHIVE ALCOVEB: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
BHASKAR SHRACHI: Insolvency Resolution Process Case Summary
BMSS STEEL: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
CABS INDIA: CARE Assigns B+ Rating to INR4.76cr LT Loan

DHANEE INTERNATIONAL: CARE Keeps D Rating in Not Cooperating
HI-TEC METALS: CARE Assigns 'B+' Rating to INR9.0cr LT Loan
INDIABULLS HOUSING: Moody's Lowers CFR to B2, Outlook Negative
INNOVATIVE IDEALS: CARE Assigns B- Rating to INR5.75cr Loan
JAIN IRRIGATION: Ind-Ra Lowers Long Term Issuer Rating to 'D'

K K MILK FRESH: Insolvency Resolution Process Case Summary
KAIVAL POLYPLAST: CARE Reaffirms B+ Rating on INR17.5cr Loan
KRYSTAL STONE: Insolvency Resolution Process Case Summary
KYRA HOSPITALITY: CARE Assigns 'B' Rating to INR2cr LT Loan
MELSTAR INFORMATION: Insolvency Resolution Process Case Summary

MUKESH RANJAN: CARE Cuts INR2cr LT Loan Rating to B, Not Coop.
MUTHOOT FINANCE: Fitch Rates $2BB Medium-Term Note Programme 'BB+'
MY CAR: Ind-Ra Affirms 'D' LT Issuer Rating, Not Cooperating
NAVYUG (INDIA): CARE Maintains B Rating in Not Cooperating
NIKHIL PULSES: CARE Reaffirms B+ Rating on INR7cr LT Loan

OLIVE TREE: Insolvency Resolution Process Case Summary
POPULAR MOTOR: CARE Assign B+ Rating to INR0.50cr LT Loan
PRUTHI HOSPITAL: CARE Maintains B+ Rating in Not Cooperating
RADHESHYAM AGRO: Insolvency Resolution Process Case Summary
RAJASTHAN DRUGS: Insolvency Resolution Process Case Summary

REVERSE LOGISTICS: Insolvency Resolution Process Case Summary
ROCKEIRA ENGINEERING: Ind-Ra Affirms 'BB+' LT Issuer Rating
RSG FOODS: CARE Cuts INR23cr LT Loan Rating to B, Not Cooperating
SAI MAATARINI: CARE Reaffirms D Rating on INR1,397.35cr Loan
SANJAY DANCHAND: Ind-Ra Assigns 'BB+' Rating to INR579.6MM Loan

SARITA SYNTHETICS: Insolvency Resolution Process Case Summary
SHANKAR AGRO: CARE Maintains 'B' Rating in Not Cooperating
SHIV SHAKTI: CARE Maintains B+ Rating in Not Cooperating
SHREE JEE: CARE Reaffirms 'B+' Rating on INR6.13cr LT Loan
SHREE KRISHNA: CARE Reaffirms D Rating on INR3.61cr LT Loan

SHREE VISHNU: Insolvency Resolution Process Case Summary
SHRI RAM: CARE Hikes Rating on INR6.44CR LT Loan to 'B'
SHRINET AND SHANDILYA: CARE Cuts Rating on INR3cr LT Loan to B-
SRITHIK ISPAT: Insolvency Resolution Process Case Summary
STARCONN MOBILITY: Insolvency Resolution Process Case Summary

SUPREME COATED: Insolvency Resolution Process Case Summary
SUPREME INFRASTRUCTURE: Insolvency Resolution Case Summary
TAJSHREE AUTOWHEELS: CARE Cuts Rating on INR8.75cr Loan to B
TRIVANDRUM SPINNING: Insolvency Resolution Process Case Summary
VASAVI SOLAR: CARE Reaffirms 'D' Rating on INR17.87cr Loan

VRAJ & VAJ: CARE Reaffirms B+ Rating on INR6.0cr LT Loan
YCD INDUSTRIES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating


N E W   Z E A L A N D

1ABOVE: Jetlag Drink Company Goes Into Liquidation
EDEN LIMITED: Goes Into Receivership
NOVA BARCLAYS: Welnix Left Out of Pocket by Sponsorship Deal


S I N G A P O R E

ASL MARINE: Independent Auditor Flags Going Concern Doubts
ASL MARINE: To be Placed on SGX's Watch List Amid Losses
DEBAO PROPERTY: Independent Auditor Issues Disclaimer of Opinion

                           - - - - -


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A U S T R A L I A
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ADELAIDE FENCE: Members Opt to Liquidate Company
------------------------------------------------
Bension Siebert at InDaily reports that members of Adelaide Fence
Co, which completed government, residential and commercial projects
across the state and sponsored the Football Federation of South
Australia, met on Oct. 14 and decided to appoint liquidators to
wind it up.

InDaily, citing a company brochure, says Adelaide Fence Co boasted
customers such as SA Power Networks, ElectraNet, lendlease, Badge
and Sarah Constructions, was a leading supplier an installer of
fencing, gates, retaining walls, security mesh and hand rails, and
worked on major projects including the Royal Adelaide Hospital and
Adelaide Oval.

"We have installed some of the biggest and most iconic projects in
South Australia," the document reads.  "Projects such as Royal
Adelaide Hospital, Women's Prison, numerous substations, Adelaide
Oval and various council works."

Newcastle-based liquidator Bradd Morelli of Jirsch Sutherland has
been appointed to wind the company up, the report notes.

According to ASIC records, the company had fended off an
application to wind it up in early 2018, but creditors decided to
wind it up on Oct. 14.

APPIN HALL: Second Creditors' Meeting Set for Oct. 23
-----------------------------------------------------
A second meeting of creditors in the proceedings of Appin Hall
Children's Foundation has been set for Oct. 23, 2019, at 10:30 a.m.
at 105 Macquarie St, in Hobart.

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 Oct. 22, 2019, at 4:00 p.m.

Johnathan Robert Murrell and Paul John Cook of Paul Cook &
Associates were appointed as administrators of Appin Hall on Sept.
18, 2019.

BAKERY CANBERRA: Second Creditors' Meeting Set for Oct. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Bakery
Canberra Pty Ltd, trading as Bread Nerds, has been set for Oct. 23,
2019, at 10:00 a.m. at the offices of Vincents, Level 2, at 14
Moore Street, in Canberra, ACT.

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 Oct. 22, 2019, at 4:00 p.m.

Anthony Graeme Lane of Vincents was appointed as administrator of
Bakery Canberra on Sept. 17, 2019.

CBH EARTHMOVING: Second Creditors' Meeting Set for Oct. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of CBH Earthmoving
Pty Limited has been set for Oct. 22, 2019, at 10:00 a.m. at the
offices of O'Brien Palmer, Level 9, at 66 Clarence 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 Oct. 21, 2019, at 4:00 p.m.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of CBH Earthmoving on Sept. 25, 2019.

FREEZE EXPRESS: Second Creditors' Meeting Set for Oct. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Freeze Express
Pty Ltd has been set for Oct. 23, 2019, at 9:00 a.m. at Level 2,
187 - 189 William Street, in Darlinghurst, 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 Oct. 22, 2019, at 4:00 p.m.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrators of Freeze Express on Oct. 1, 2019.

HAVENDALE NOMINEES: First Creditors' Meeting Set for Oct. 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Havendale
Nominees Pty Ltd ATF Llewelyn Family Trust will be held on Oct. 23,
2019, at 11:00 a.m. at the offices of BCR Advisory, Level 5, at 63
Pirie Street, in Adelaide, SA.

Stephen Glen James of BCR Advisory was appointed as administrator
of Havendale Nominees on Oct. 11, 2019.


INSELEC PTY: First Creditors' Meeting Set for Oct. 23
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Inselec Pty
Ltd will be held on Oct. 23, 2019, at 10:30 a.m. at the offices of
Hall Chadwick, Level 4, at 240 Queen Street, in Brisbane,
Queensland.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Inselec Pty on Oct. 14, 2019.

PEPPER I-PRIME 2018-2: S&P Affirms B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its rating to the class A1-u2 prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2018-2 Trust. At the
same time, S&P affirmed its ratings on eight classes of notes and
withdrew its rating on the A1-u1 notes. Pepper I-Prime 2018-2 Trust
is a securitization of prime residential mortgages originated by
Pepper Homeloans Pty Ltd. (Pepper).

The class A1-u2 note proceeds, together with the balance of the
redemption fund, will be applied to redeem the class A1-u1 notes on
their final legal maturity date. The class A1-u2 notes are
floating-rate hard-bullet notes with a legal final maturity of one
year from the A1-u2 issue date.

The 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 have been assigned to the trust after
the closing date. As of Aug. 31, 2019, the weighted-average
loan-to-value ratio of the portfolio was approximately 72.4% and
weighted-average seasoning was 15 months.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note and excess spread to the
extent available. Subordination to the class A1 notes is 24.5% as
of the note payment date in October 2019.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which are all funded by
excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$250,000, which was
funded by Pepper at closing, is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.2% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider as well as National Australia Bank Ltd. (NAB)
as liquidity facility provider, redemption facility provider, and
redemption fund account provider. A cross-currency swap will also
be provided by Commonwealth Bank of Australia to hedge the
Australian-dollar receipts on the underlying assets and the U.S.
dollar payments on the class A1-u2 notes. The transaction documents
for the swaps and facilities include downgrade language consistent
with S&P Global Ratings' counterparty criteria.

  RATING ASSIGNED

  Pepper I-Prime 2018-2 Trust

  Class          Rating        Amount (mil. US$)
  A1-u2          A-1+ (sf)     181.00

  RATINGS AFFIRMED

  Pepper I-Prime 2018-2 Trust

  Class          Rating
  AR-u           AAA (sf)
  A1-a           AAA (sf)
  A2             AAA (sf)
  B              AA (sf)
  C              A (sf)
  D              BBB (sf)
  E              BB (sf)
  F              B (sf)

  RATING WITHDRAWN

  Pepper I-Prime 2018-2 Trust

  Class          Rating To       Rating From
  A1-u1          NR              A-1+ (sf)

  NR--Not rated.


PEPPER MARKETING: Second Creditors' Meeting Set for Oct. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Pepper
Marketing Qld Pty Ltd (Admin App) has been set for Oct. 22, 2019,
at 10:00 a.m. at the offices of Morgan Conley, L6, at 239 George
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2019, at 4:00 p.m.

Daniel Moore of BCR Advisory was appointed as administrator of
Pepper Marketing on Sept. 30, 2019.

PREMIER WINDOWS: Second Creditors' Meeting Set for Oct. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Premier Windows
Pty Ltd has been set for Oct. 25, 2019, at 3:00 p.m. at the offices
of Chifley Advisory, Suite 19.03, Level 19, at 31 Market 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 Oct. 24, 2019, at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Premier Windows on Sept. 20, 2019.

RESIMAC 2019-1NC: S&P Assigns Prelim. B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - RESIMAC Series 2019-1NC. RESIMAC Bastille Trust -
RESIMAC Series 2019-1NC is a securitization of nonconforming and
prime residential mortgages originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including 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 the rated notes and lenders' mortgage insurance
to 4.0% of the portfolio. Lenders' mortgage insurance covers 100%
of the principal balance on the insured loans, plus accrued
interest, and reasonable costs of enforcement. In addition, the
transaction includes various mechanisms to utilize excess spread to
provide additional credit support.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.5% of the aggregate invested amount of the
notes on closing, and principal draws, are sufficient under our
stress assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$250,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread to extent
available, if drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1 notes to be provided
by National Australia Bank Ltd.

  PRELIMINARY RATINGS ASSIGNED

  RESIMAC Bastille Trust - RESIMAC Series 2019-1NC

  Class      Rating       Amount (mil.)
  A1         AAA (sf)     US$250.00
  A2         AAA (sf)      A$419.70
  AB         AAA (sf)      A$105.00
  B          AA (sf)        A$32.00
  C          A (sf)         A$28.00
  D          BBB (sf)       A$19.00
  E          BB (sf)        A$12.00
  F          B (sf)          A$8.00
  G          NR              A$6.00
  Z          NR              A$0.00

  NR--Not rated

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.




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IDEANOMICS INC: Receives $2.5 Million Investment from ID Venturas
-----------------------------------------------------------------
Ideanomics, Inc., on Sept. 27, 2019, entered into a Convertible
Note Purchase Agreement with ID Venturas 7, LLC, an exempted
company incorporated and existing under the laws of the Delaware,
pursuant to which ID Venturas invested $2,500,000 and received (i)
a promissory note in the amount of $2,500,000 which is senior
secured and convertible at $1.84 per share of Company common stock,
subject to anti-dilution adjustments, (ii) 1,000,000 shares of
common stock of the Company and (iii) a warrant exercisable for
150% of the number of shares of common stock which the Note is
convertible into. The Convertible Note is convertible into common
stock, par value $0.001 per share, at a conversion price of $1.84,
subject to anti-dilution adjustments. The Convertible Note matures
on March 27, 2020, and accrues at a 10% interest rate. Pursuant to
the terms of the Convertible Note, ID Venturas has anti-dilution
rights which adjust the $1.84 conversion price in connection with
issuances below $1.84. As a post-closing covenant the Company and
ID Venturas also agreed that the related legal opinions could be
delivered within five trading days post-closing and if not
delivered the Company (i) would be in default under the Note and
(ii) deliver 1,000,000 shares of common stock. ID Venturas 7, LLC
retains an option to fund up to an additional $2,500,000 within the
next 60 days on the same terms as this investment.

In connection with the above transaction, the Company also entered
into a registration rights agreement with ID Venturas which grants
ID Venturas demand registration rights and a Subsidiary Guarantee
from certain of the Company's subsidiaries.

                         About Ideanomics

Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a
global fintech advisory and Platform-as-a-Service company.
Ideanomics combines deal origination and enablement with the
application of blockchain and artificial intelligence technologies
as part of the next-generation of financial services. The company
is headquartered in New York, NY, and has offices in Beijing,
China. It also has a planned global center for technology and
innovation in West Hartford, CT, named Fintech Village.

Ideanomics reported a net loss of $28.42 million for the year ended
Dec. 31, 2018, compared to a net loss of $10.86 million for the
year ended Dec. 31, 2017. As of June 30, 2019, the Company had
$149.39 million in total assets, $61.17 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $86.95 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.

MEINIAN ONEHEALTH: Moody's Lowers CFR to Ba3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Meinian Onehealth Healthcare Holdings Co., Ltd. to Ba3 from Ba2. In
addition, Moody's has downgraded the senior unsecured rating on the
bonds issued by Mei Nian Investment Limited and guaranteed by
Meinian Onehealth to Ba3 from Ba2.

Moody's has also changed the rating outlook for both Meinian
Onehealth and Mei Nian Investment Limited to negative from review
for downgrade.

The rating actions conclude the review for downgrade initiated on
July 12, 2019.

RATINGS RATIONALE

"The ratings downgrade reflects our view that Meinian Onehealth's
leverage will remain elevated over the next 12-18 months, amid
slower revenue growth and lower margins than we had previously
expected," says Shawn Xiong, a Moody's Assistant Vice President and
Analyst.

Moody's expects that Meinian Onehealth's revenue will grow between
15%-18% over the next 12-18 months, which is significantly lower
than the 30% growth rate that Moody's had previously projected over
the same period. The lower-than-expected revenue growth is driven
by a decline in Meinan Onehealth's medical center utilization,
following the introduction of a new appointment service system that
limits the number of customer visits per medical center, which was
introduced to improve the overall customer experience.

The lower growth trajectory, combined with larger-than-expected
investments to improve its service quality and customer experience,
as well as higher expenses related to training and compensation of
medical staff, will likely lead to a lower-than-expected margin
over the next 12-18 months.

However, Moody's expects the company's margin could improve over
the medium term if it succeeds in increasing average revenue per
customer by improving its service quality and customer experience.

As a result of these weakening trends, Moody's expects that the
company's adjusted debt/EBITDA will increase to 4.0x-4.5x over the
next 12-18 months. This level of leverage positions the company at
the low Ba rating level.

The negative ratings outlook reflects Meinian Onehealth's tight
liquidity position and the time that it will likely take to
stabilize its revenue growth and margins.

Meinian Onehealth had around RMB3.8 billion of short-term debt and
a cash balance of around RMB2.0 billion at June 30, 2019. Moody's
expects that the company's operating cash flow generation, combined
with its cash balance, will be insufficient to cover its short-term
debt and capital expenditure needs.

However, the company's liquidity position could strengthen if it
successfully completes the A share private placement it announced
on September 11, 2019, which Moody's would view as credit
positive.

In addition, the company has access to diversified funding sources,
including bank borrowings, equity markets, and onshore and offshore
bond markets.

Meinian Onehealth's ratings also consider the following
environmental, social and governance (ESG) factors.

Firstly, Meinian Onehealth operates in the highly regulated
healthcare services industry. A failure to comply with relevant
regulations, or changes in government policies or regulations,
could have an adverse impact on its operations.

Secondly, Meinian Onehealth's ownership is concentrated in a small
number of shareholders, who have pledged a high ratio of their
shares. This situation is partially mitigated by Meinian
Onehealth's status as a listed and regulated entity.

Moody's could change the ratings outlook back to stable if (1)
Meinian Onehealth adequately improves its liquidity position over
the next 6-12 months, and (2) it demonstrates a sustained recovery
in its growth trajectory and margins over the next 6-12 months.

Metrics indicative of such improvements include Meinian Onehealth's
adjusted debt/EBITDA falling below 4.0x and its cash/short-term
debt remaining above 100% on a sustained basis.

Moody's could downgrade the ratings if (1) Meinian Onehealth's
liquidity position fails to improve; (2) its sales growth, market
position and profitability continue to weaken; (3) its adjusted
debt/EBITDA exceeds 4.5x on a sustained basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Shanghai, Meinian Onehealth Healthcare Holdings
Co., Ltd. is a leading Chinese preventive healthcare solutions
provider offering medical examinations and various other services.
At December 31, 2018, it operated 256 consolidated medical centers.
The company was listed on the Shenzhen Stock Exchange in 2015.

YANCHENG ORIENTAL: Fitch Rates $360MM Sr. Unsec. Bonds Final 'BB-'
-------------------------------------------------------------------
Fitch Ratings assigned a final 'BB-' rating to Yancheng Oriental
Investment & Development Group Co., Ltd's (BB-/Stable) USD360
million 7% senior unsecured bonds due 2022. The assignment of the
final rating follows the receipt of documents conforming to
information received and is in line with the expected rating
assigned on September 17, 2019.

KEY RATING DRIVERS

The bonds are issued by Oriental Capital Company Limited, a wholly
owned subsidiary of Yancheng Oriental. Yancheng Oriental provided
an unconditional and irrevocable guarantee to the bond. Net
proceeds will be used for refinancing and general corporate
purposes.

The bonds are rated at the same level as Yancheng Oriental's Issuer
Default Rating as they rank at least pari passu with Yancheng
Oriental's all other present and future unsecured and
unsubordinated obligations.

RATING SENSITIVITIES

Any change in Yancheng Oriental's IDR will result in a similar
change in the rating of the bonds.



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ADYA OILS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Adya Oils & Chemicals Limited

        Registered office:
        2001, 2nd floor, Sai Sadan
        37th Road Bandra (West)
        Mumbai 400050

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 14, 2020
                               (180 days from commencement)

Insolvency professional: Rekha Kantilal Shah

Interim Resolution
Professional:            Rekha Kantilal Shah
                         201, Leela Apatment
                         J K Paradise & Rajanand Complex
                         Off Eksar Road, Borivali (West)
                         Mumbai 400092
                         E-mail: rekhashah3@hotmail.com
                                 ip.adyaoils@gmail.com

Last date for
submission of claims:    October 12, 2019


AIKYA INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Aikya Infrastructure Private Limited

        Registered office:
        H.No. 8-3-677/19
        Plot No. 19, 1st Floor
        Sri Krishna Devarayanagar
        Yellareddyguda
        Hyderabad 500073
        Telangana, India

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Krishna Komaravolu

Interim Resolution
Professional:            Krishna Komaravolu
                         House No. 7-1-214, Flat No. 409
                         Vamsikrishna Apartments
                         Dharam Karan Road, Ameerpet
                         Hyderabad 500016
                         E-mail: kkvolu@gmail.com
                                 irp.aikya@gmail.com

Last date for
submission of claims:    October 14, 2019

AMITEX AGRO: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amitex Agro
Product Private Limited's (AAPPL) 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. Term loan due on July 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR110 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 9, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

AAPPL manufactures soya ingredients at its unit in Julwani, Madhya
Pradesh. The company started its operations in October 2016.

APG SHIMLA: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of APG Shimla
University (APG) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      46.81       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 4, 2018, placed the
rating of APG under the 'issuer non-cooperating' category as APG
Shimla University had failed to provide information for monitoring
of the rating. APG Shimla University continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated August 26,
2019, August 22, 2019, August 21, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of rating in July 4, 2018, following were the rating
strengths and weaknesses:

Key rating Weaknesses

On-going delays in debt servicing
There are ongoing delays in servicing the debt obligations. The
delays are on account of weak liquidity as the firm is unable to
generate sufficient funds on timely manner.

High regulation in educational sector coupled with increasing
competition
In addition to AICTE, the educational institutes are regulated by
respective state governments with respect to the number of
management seats, amount of the tuition fees charged for the
government quota and management quota. The factors have a
significant impact on the revenue and profitability of the
institution. Due to increasing focus on technical education in
India, a number of colleges have been opened up in the adjoining
area like Jaypee University of Information Technology, Maharaja
Agrasen University, Shoolini University and Manav Bharti University
etc. This exposes the revenue of APG to competition from other
colleges.

Liquidity position
The liquidity position of the company stood weak marked by current
ratio of 0.52x and quick ratio of 0.52x as on March 31, 2016.
Further, CARE does not have adequate information to comment on the
capex plans and debt repayment obligation of the trust for FY20,
since the review has been done on the basis of limited
information.

About the Trust

APG is an educational trust formed in November 2004 by Mr Pramod
Goyal and his brother Mr Rajesh Goyal with an objective to provide
education services. The campus is located in Shimla, spread over an
area of 88 acres with all modern facilities and latest available
technology. APG is providing post-graduation, graduation and
diploma courses like engineering, management, hotel management,
architecture, journalism, law, arts, fashion designing and mass
communication. APG has started its first academic session in
September 2012. On account of stretched liquidity position (owing
to continued losses at the net level), the term loans of the trust
were restructured, in June 2015, wherein the society was given
additional moratorium to make repayment of the term loans availed.
APG has four group concerns namely Esteem Investment Pvt. Ltd. (a
non-banking financial company, incorporated in 1997), Invert Sugar
India Pvt. Ltd. (engaged in the manufacturing of invert sugar and
caramel color, incorporated in 1994), and Sponge Sales India Pvt.
Ltd. and Meenakshi Enterprises (both engaged in the trading of
sponge iron and incorporated in 1992 and 2000, respectively).

B E BILLIMORIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: B E Billimoria and Company Limited
        Shiv Sagar Estate 'A' Block
        2nd Floor, Dr. A.B. Road
        Worli, Mumbai 400018

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020
                               (180 days from commencement)

Insolvency professional: Hiten Mukundbhai Parikh

Interim Resolution
Professional:            Hiten Mukundbhai Parikh
                         B-303, GCP Business Center
                         Opp. Memnagar Fire Station
                         Nr. Vijay Cross Roads
                         Navarangpura, Ahmedabad
                         Gujarat 380009
                         E-mail: hiten@smajmudar.com

                            - and -

                         Aerion Resolution & Turnaround Pvt. Ltd.
                         D-511, 5th Floor, Kanakia Zillion
                         Junction of LBS Road & CST Road
                         BKC Annexe, Kurla (West)
                         Mumbai 400070
                         E-mail: irp.billimoria@gmail.com

Last date for
submission of claims:    October 15, 2019

B.B MINERALS: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
B.B Minerals and Metals (BBMM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BBMM continues to
remain constrained by its relatively small scale of operations with
low profit margins, moderate solvency position, susceptibility to
fluctuation of demand and supply in steel industry, foreign
exchange fluctuation risk and stressed liquidity position. The
rating is further constrained by the presence of the firm in highly
fragmented and competitive industry and proprietorship nature of
constitution.

The rating however continues to derive strength from the long
experience of the promoters in trading business and established
relations with reputed suppliers and customers. The ability of the
firm to increase its scale of operations, improve profitability
margins with focus on higher margin segments and improve its
liquidity position are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of BBMM though improved during the year, remains small
with total operating income (TOI) of INR25.27 crore and tangible
net worth of INR5.01 crore as on March 31, 2019. The TOI improved
with 65.27% from FY18 (Audited) to FY19 (Provisional) on account of
sale proceeds from newly added processing segment and higher
trading volume. Further, limited value addition in trading business
constraints the profitability of the firm. The processing segment
has scope to generate higher margins. However, the same has not
been scaled up adequately. PBILDT margins improved and remained in
the range of 2.96%-6.25%. PAT margins also moved in same tandem and
remained in range of 2.63%-2.79% during last three years ended in
FY19.

Moderate solvency position: The capital structure of the firm
deteriorated as marked by an overall gearing ratio of 1.33x as on
March 31, 2019 (Provisional) on account of increase in working
capital borrowings and unsecured loans. Further, with moderate
gearing levels and increased cash accruals, the debt coverage
indicators of the firm also declined and stood moderate.

Susceptibility to fluctuations of demand and supply in steel
industry: Ferro alloys are vital inputs for the production of all
types of steel, and ferro alloys industry is linked directly to the
steel sector and thus has effect on economy of the country.

Thus, variation in demand for steel inevitably also affects the
ferroalloy market.

Foreign exchange fluctuation risk: The entity is exposed to foreign
exchange fluctuation with imports constituting 20% of the total
purchases in FY19. The firm recently started importing Ferrosilican
from Bhutan and China. Denomination of the payments in foreign
currency coupled with absence of hedging policies makes company
vulnerable to foreign exchange risk.

Presence in competitive and fragmented nature of industry: The
Ferro alloys and coal trading industry is fragmented with presence
of large number of organized and unorganized players leading to
high competition which further intensifies due to large gap in
demand and supply of steel.

Proprietorship nature of constitution: Being proprietorship nature
of constitution, the firm is exposed to the risk of withdrawal of
capital due to personal exigencies, dissolution of firm due to
retirement or death of promoter and restricted financial
flexibility due to inability to explore cheaper sources of finance
leading to limited growth potential.

Key Rating Strengths

Experienced proprietor: BBMM is managed by Mr. Shiv Jagdishchandra
Gupta who has an experience of about two and a half decades in
trading business. He is well supported by a team of experienced
professionals. The extensive experience of the proprietor in the
industry has enabled the firm to garner good relations with key
customers and suppliers.

Established relationships with reputed suppliers and customers:
Through the experience of over two and half decades in trading of
Ferro alloys and coal products, Proprietor of BBMM has garnered
good relationship with various suppliers and customers. Further,
the customer and supplier base of the firm stands substantially
diversified with no significant contribution from a specific
customer or supplier towards income or purchases respectively.

Liquidity: Stretched

The liquidity position of the BBMM is stretched marked by lower
cash accruals and modest cash balance. Further, the bank limits of
the firm are fully utilized and has sought enhancement in bank
lines as there is no sufficient headroom to meet its incremental
working capital needs.

BBMM is a Nagpur based proprietorship firm established in August
2009. The firm is engaged in trading and processing of ferro
alloys, coal and minerals with its storage facilities located at
Nagpur and Gujarat having an aggregate storage capacity of
approximately 1100 metric tonnes. The entity procures its traded
products domestically from Meghalaya and internationally from
Bhutan and sells it to steel manufacturers located across India.

BEEHIVE ALCOVEB: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Beehive Alcoveb's
(BA) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR180 mil. (increased from INR150 mil.) Fund-based limit
     affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BA's continued medium scale of operations
despite decline in revenue to INR2,327.41 million in FY19 (FY18:
INR2,845.25 million) due to the implementation of a new government
policy which replaced the open bidding for dealers and retailers
with online tender process, which enabled more than three dozen
wholesalers to sell alcohol in the state increasing competition in
the market. FY19 financials are provisional in nature.

The ratings are constrained BA's average EBITDA margin of 2.05% in
FY19 (FY18: 3.00%) owing to the trading nature of the business. In
addition, it operates in a highly regulated liquor industry, where
prices are regulated and controlled by the state government. The
firm's return on capital employed was 12.11% in FY19 (FY18:
20.85%).

Liquidity Indicator - Poor: BA's average maximum utilization of its
fund-based facilities was 99.93% for the 12 months ended August
2019. Its cash flow from operations turned negative to INR61.84
million in FY19 from INR129.16 million in FY18 due to elongation of
working capital cycle to 45 days from 19 days, on account of an
increase in  receivables.

The ratings remain constrained by partnership nature of the
organization.

However, the ratings remain supported by BA's comfortable credit
metrics despite the decline in gross interest coverage (operating
EBITDA/gross interest expense) to 3.12x in FY19 (FY18: 9.27x) on
account of significant decline in absolute EBITDA to INR47.82
million (INR85.27 million), owing to significant increase in the
license cost. The firm reported net leverage (total adjusted net
debt/operating EBITDA) of 2.80x (FY18: net cash position).

The rations are also supported by BA's promoters' more than a
decade-long experience in the alcoholic beverages industry, leading
to strong relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: A significant decline in the revenue and/or EBITDA margin
leading to further deterioration in the credit metrics with
interest coverage declining below 1.5x, along with deterioration in
the liquidity position could lead to a negative rating action.

Positive: Any increase in the scale of operations and EBITDA
margin, along with an improvement in the liquidity position, could
lead to a positive rating action.    

COMPANY PROFILE

Established in March 2013, BA is a wholesale distributor of
Indian-made foreign liquor and beer, country liquor and has FL-2,
CL-2, and FL-2B licenses in Uttar Pradesh. It purchases liquor from
manufacturers and sells it to licensed retailers under the strict
excise policy.

BHASKAR SHRACHI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bhaskar Shrachi Alloys Ltd

        Registered office:
        8/1 Middleton Row
        Kolkata 700071

        Work address:
        Raturia, Durgapur Waria Road
        Angadpur, Dist. Burdawan
        West Bengal 713215

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Samir Agarwal

Interim Resolution
Professional:            Mr. Samir Agarwal
                         Suite #68, 6th Floor
                         Chitrakoot Building
                         230A, A.J.C. Bose Road
                         Kolkata 700020
                         E-mail: agarwal.samir@gmail.com
                                 cirp.bhaskarshrachi@gmail.com

Last date for
submission of claims:    October 17, 2019

BMSS STEEL: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BMSS Steel
Industries Pvt. Ltd.'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 the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR45.0 mil. Fund-based facilities migrated to non-cooperating

     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR80.0 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR35.0 mil. Proposed fund-based facilities migrated to non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR40.0 mil. Proposed non-fund-based facilities migrated to
     non-cooperating category with Provisional IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 1, 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 July 1987, BMSS Steel Industries processes and
trades steel.

CABS INDIA: CARE Assigns B+ Rating to INR4.76cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Cabs
India Tours and Travels Private Limited (CITTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           4.76       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CITTPL are primarily
constrained on account of small scale of operations in highly
fragmented and competitive industry, leveraged capital structure
and moderately stretched liquidity position. The rating, however,
favorably takes into account the satisfactory track record with
experienced promoters, sizeable fleet of cars and reputed customer
base, healthy profitability margins and comfortable debt coverage
indicators and increased demand for car rental market. Going
forward, the ability of the company to increase the scale of
operations with customer base, improve its capital structure and
collect the receipt in timely manner from its customers are the key
rating sensitivity factors.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with leveraged capital structure
The scale of operations of the firm stood small along with
fluctuation i.e, the TOI of the company declined to INR9.28 crore
in FY19 as against INR9.92 crore in FY18 mainly due to lower car
rental services in FY19.

The capital structure though improved, stood leveraged marked by
overall gearing ratio of 1.89x as on March 31, 2019 compared to
2.25x as on March 31, 2018 mainly due to scheduled repayment of
term loan as well as lower utilization of working capital bank
borrowings as on balance sheet date.

High competition faced from big players
Some of the major companies dominating the car rental market are
Avis Budget Group Inc., Sixt, Hertz, Enterprise Holdings Inc., and
Europcar Group. Further, the company have competition arises from
OLA, Uber, Swadeshi, etc, which have good market position and
well-known brands. The market is moderately fragmented with the
presence of both global and regional players in the market.

Liquidity Analysis- Stretched
The liquidity position of the company stood moderately stretched
marked by full utilization of its working capital bank borrowings
during last twelve months ended July, 2019. Liquidity is tightly
matched to accruals to repayment obligation. Further, the company
receives payment in 90-120 days from its customers and makes
payment to creditors in 20-30 days. Further the cash and cash
equivalents stood at INR0.10 crores.

Key Rating strengths

Satisfactory track record with experienced promoters
The company was incorporated in October, 2004, hence has a track
record of more than a decade in the industry. Mr. M.R.
Balasubramanya, Managing Director, has more than three decades of
experience in cab rental services and looks after overall affairs
of the company. The company has hired 120 personal chauffer's.
Further, Mrs. Siri looks after administrative functions in the
company. The company has been awarded service excellence award in
Business Leadership Excellent Summit 2016. Sizeable fleet of cars
and reputed customer base Due to long standing presence in the
industry, the company has established relations with reputed
customers like Cognizant, The Lalit Ashok, Indian Oil Corporation
Limited, Triveni Engineering and Construction Limited, Asea Brown
Boveri (ABB), TATA, Genpact, Thomas Cook, etc. The company has
agreements with these companies for a minimum period of one year
and a maximum of three years. Further, the company owns a fleet of
82 cars which consist of major brands like Toyota, Mercedes, Audi,
Honda, BMW, Jaguar, etc. along with 120 personal chauffer's.

Healthy profitability margins and comfortable debt coverage
indicators
Being engaged in the service industry, the PBILDT margin of the
company stood healthy at 26.5% in FY19 (Prov.). However, during
FY19, PBILDT margin of the company has declined by 54 bps over FY18
mainly on account of higher administrative expenses. Further, in
line with PBILDT margin and higher interest and finance cost, PAT
margin has also declined by 286 bps over FY18. The gross cash
accruals of the company stood at INR1.74 crores declined by 11.79%
over FY18 in FY19.

Increased demand for car rental market
Market Research Future has performed a market study on the global
car rental market and has found that the market is expected to rise
at a CAGR of 14% during the assessment period from 2018 to 2023.
Increase in the per capita disposable income of the consumers will
increase their purchasing power, which will further enhance their
comfort of renting. In the past years, there has been a massive
increase in the business and non-business trips around the globe,
which aid in the growth of the global car rental market. Rapid
growth in urbanization and population makes it difficult for the
consumers to drive their own vehicles, which would create a demand
for car rental.

Bengaluru (Karnataka) based Cabs India Tours and Travels Private
Limited was incorporated as a private limited concern by Mr. M.R.
Balasubramanya in 2004. The company is engaged in the business of
care rental services majorly to corporates as well as hotels and
individuals. The company has well reputed customer base like
Cognizant, Asea Brown Boveri (ABB), TATA, Genpact, Thomas Cook,
etc. It owns a fleet of 82 cars which consist of major brands like
Toyota, Mercedes, Audi, Honda, BMW, Jaguar, etc along with 120
personal chauffer's.

DHANEE INTERNATIONAL: CARE Keeps D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanee
International (DHI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      5.25        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 9, 2018, placed the
rating of DHI under the 'issuer non-cooperating' category as Dhanee
International had failed to provide information for monitoring of
the rating. Dhanee International continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and email dated August 26, 2019, August 22,
2019, August 21, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of rating in August 9, 2018 following were the rating
strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing obligation: There are delays in the
repayment of the term loan obligation and there are instances of
over utilization of cash credit limit and export packing credit for
more than 30 days.

Highly competitive and fragmented industry: The firm operates in
highly fragmented textile manufacturing industry wherein the
presence of large number of entities in the unorganized sector and
established players in the organized sector limits the bargaining
power with customers. Further, the firm is also exposed to
competitive pressures from domestic players as well as from players
situated in China and Bangladesh.

Liquidity position
The operating cycle of the company stood elongated marked by the
operating cycle of 61 days in FY14 (PY: 68 days). The liquidity
position of the company stood weak marked by current ratio of 1.27x
and quick ratio of 0.58x as on March 31, 2014. Further, CARE does
not have adequate information to comment on the capex plans and
debt repayment obligation of the firm for FY20, since the review
has been done on the basis of limited information.

Dhanee International (DHI) is a proprietorship firm established in
2006 by Mrs. Aruna Bindra. DHI is engaged in the manufacturing of
readymade garments at its manufacturing facility located at
Ludhiana, Punjab which has a total installed capacity of 4.5 Lakh
pieces of textiles per annum. The firm is also engaged in trading
of fabric. The product line of the firm mainly comprises cotton
fabric, acrylic fabric, polyester fabric, sinker fabric, tshirts,
trousers, shirts, lowers etc. DHI ventured into export business
majorly w.e.f April, 2014 and the same constituted ~78% of the
total sales in FY15 (prov.). The firm sells its products to various
wholesalers located in UAE and also supplies the same to
wholesalers and retailers located in Punjab. DHI mainly requires
cotton fabric, acrylic fabric and polyester fabric as raw materials
which are procured directly from the suppliers based in Punjab.
Besides this, the proprietor is also engaged in another group
concern namely, Fashion Flo, a proprietorship firm (boutique)
established in 1993.

HI-TEC METALS: CARE Assigns 'B+' Rating to INR9.0cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hi-Tech
Metals Powders Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Hi-Tec Metal Powders
Private Limited is constrained by its project stabilization risk,
lack of backward integration vis-à-vis volatility in raw material
prices, highly fragmented and competitive nature of the industry
and cyclicality inherent to the aluminum industry. However, the
aforesaid constraints are partially offset by its experienced
management and high growth prospect of the industry.

The ability of the entity to stabilize operations post project
implementation and fetch revenue and profitability as envisaged and
to manage working capital effectively.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project stabilization risk
Hi-Tec Metal Powders Private Limited has set up an aluminum powder
manufacturing unit in Rajnandgaon (Chhattisgarh). The project has
already completed and the company has started its commercial
operation from July 2019.  The company achieved a turnover of
around INR0.40 crore for the period July 2019 to August 2019.The
availability of raw materials and cyclicality attached to aluminum
industry in the market are few of the factors on which aluminum
business depends.  Hence, there is project stabilization risk
involved with respect to which the ability of revenue generation of
the company on a sustainable basis as envisaged in the project
scope needs to be seen.

Lack of backward integration vis-à-vis volatility in raw material
prices: HTMPPL does not have any backward integration for its basic
raw material (aluminum ingots) for producing powder flake and is
required to purchase the same from open market. The finished goods
as well as raw material prices of aluminum products are volatile in
nature. The degree of backward integration defines the ability of
the company to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the aluminum industry.
The company sources the same from the NALCO and HINDALCO but it
does not have any long term supply arrangement with them and
purchase the same on spot price. Any adverse movement in the raw
material prices would adversely affect the profitability of the
company.

Highly fragmented and competitive nature of the industry
HTMPPL is operating in a competitive industry marked by the
presence of a large number of players in the organized sector. In
addition to the competition in domestic market, the firm also faces
competition from imports. Furthermore, the industry is
characterized by low technological inputs and standardized
machinery for the production. Thus, going forward, this gives an
opportunity to mid-size players in the unorganized segment to enter
into the industry which would further intensify the competition for
the company.

Cyclicality inherent to the aluminum industry
The aluminum industry is sensitive to the shifting business cycles,
including changes in the general economy, interest rates and
seasonal changes in the demand and supply conditions in the market.
Apart from the demand side fluctuations, the highly capital
intensive nature of aluminum projects along-with the inordinate
delays in the completion hinders the responsiveness of supply side
to demand movements. This results in several aluminum projects
bunching-up and coming on stream simultaneously leading to demand
supply mismatch.

Key Rating Strengths

Experienced management
Mr. Manav Patel and Mr. Manu Patel having almost 6 years of
experiences through other family business concerns, looks after the
day to day operation of the entity. They are further supported by a
team of experienced professionals.

High growth prospects of the industry
The products of the company are used in various industries like
refractories, firecracker, mining explosive and thermite welding
industry. Further, the Power & mining sector in India has emerged
as the largest end user sectors for aluminum profiles. The
government's thrust on power & mining sector & strong investment
sentiment in India will be a strong demand driver of aluminum in
India.

Liquidity
Not applicable, as the company is in nascent stage of operation.

Hi-Tech Metals Powders Private Limited was established in March,
2018 by Mr. Manav Patel and Mr. Manu Patel. It is an ISO 9001:2008
certified entity. The commercial operation started from July 2019.
Since its inception the entity is engaged manufacturing of Aluminum
Powders. The manufacturing unit of the entity is locate at Village
Sankara, Rajnandgaon, Chhattisgarh with an total installed capacity
of 2400 metric tons per annum.

Both the directors are having almost 6 years of experiences, in the
similar line of business, looks after the day to day operation of
the entity. They are further supported by a team of experienced
professionals.

INDIABULLS HOUSING: Moody's Lowers CFR to B2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
and the foreign-currency senior secured rating of Indiabulls
Housing Finance Limited to B2 from Ba2.

In addition, Moody's has downgraded Indiabulls' foreign and local
currency senior secured MTN program ratings to (P)B2 from (P)Ba2.

The outlook on all ratings, where applicable, remains negative.

RATINGS RATIONALE

The downgrade is driven by Indiabulls' ongoing challenging access
to funding. Governance considerations were also a key driver of
this rating action.

The company's access to funding remains challenging. The continued
decline in on-balance sheet loans is a reflection of its funding
challenges.

While access to funding remains challenging, its pool of liquid
assets, ability to run down the loan book and roll over of its bank
funding act as a buffer against this risk in the short-term.
However, as the funding challenges prolong, the liquidity buffers
may erode and expose the company to funding and liquidity risks.
This is the key driver of the rating action.

Governance considerations were also a key driver of this rating
action. Perceptions of weak governance have an impact on the credit
profile by impeding access to funding. This is particularly so in
the current context as there has been an increase in lenders' risk
aversion towards Indian finance companies following the default of
IL&FS in September 2018.

The proposed merger with Lakshmi Vilas Bank would have provided a
vote of confidence on governance, as it would have meant that the
company passed the regulator's fit and proper criteria for becoming
a bank. Hence, the rejection by the Reserve Bank of India of this
proposal on October 9 is a credit negative.

The ratings also factor in the high capital of the company. Moody's
expects balance sheet to contract over the next 12 months as the
company looks to conserve liquidity. This will support capital and
ensure that it remains a key credit strength.

WHAT COULD CHANGE THE RATING UP

As the ratings have a negative outlook, Moody's does not expect the
ratings to be upgraded.

The ratings could be affirmed at their current level if Indiabulls
is able to demonstrate improved access to funding.

WHAT COULD CHANGE THE RATING DOWN

The ratings could be downgraded if Indiabulls' access to bank
funding or liquidity deteriorates.

The ratings could also be downgraded if there is a meaningful
deterioration in asset quality.

The principal methodology used in these ratings was Finance
Companies published in December 2018.

INNOVATIVE IDEALS: CARE Assigns B- Rating to INR5.75cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Innovative Ideals and Services India Limited (II&SIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.75       CARE B-; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of II&SIL is constrained
by small scale of operations, moderate capital structure and debt
coverage indicators and elongated operating cycle along with
stretched liquidity position. The ratings are further constrained
by pending payment of statutory dues. The above constraints are
partially offset by long track record of operations along with
experienced promoter diversified product portfolio, comfortable
profit margins.

Going forward, the ability of the II&SIL to increase in total
operating income, profitability margins and capital structure and
managing its working capital requirements are the key rating
sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Small scale of operations: The scale of operations of II&SIL stood
relatively small with a total operating income of INR25.72 crore in
FY19 (vis-à-vis INR20.30 crore in FY8), given the mid-sized order
executions undertaken by the company owing to significant increase
in the revenue from AMC services during FY19.

Moderate capital structure & debt coverage indicators: II&SIL
capital structure has significantly improved on account of fund
raised through IPO and during FY19 the tangible networth has
increased from INR11.67 crore to INR24.70 crore in FY19 on account
of addition of 3066000 equity shares during FY19 which resulted in
improvement of overall gearing to 0.14x as on March 31st 2019 from
0.69x as on March 31st 2018. Further the debt coverage indicators
of II&SIL stood comfortable marked by interest coverage at 4.61x
and total debt to GCA at 0.79x during FY19. The deterioration in
interest coverage during FY19 was mainly due to significant
increase in interest expenses due to enhancement of working capital
limit(From 5.50 cr to 7.00 crore during Feb 2019) & also due to
increase in the interest expenses against unsecured loan taken from
NBFC's.

Elongated operating cycle: The operations of II&SIL are highly
working capital intensive in nature with majority of funds blocked
in debtors followed by inventory. However the operating cycle has
improved and remained elongated at 385 days during FY19 (vis-à-vis
416 days in FY18) on account of improvement in collection period
and lenient credit period received from its suppliers. Further the
collection period has improved from 186 days in FY19 (vis-à-vis
250 days in FY18) on account of increase in efficiency of
collections from its customers while creditor period remain high at
124 days in FY19 on account of lenient credit period received from
its suppliers due to long-standing relationship. Moreover the
inventory period has been elongated mainly due to stock of
Innovative Solution and Concept N Design was taken into books of
Innovative Ideals during slump sale which resulted increase in
holding levels which is likely to dispose off by FY20.

Stretched liquidity positions: The liquidity position of the
company stood stretched during FY19 marked by moderately high
current ratio and quick ratio of 2.15x and 1.02x as on March 31,
2019 on account of higher inventory period. While cash flow from
operating activities was remained negative, the unencumbered cash &
bank balance was around INR0.06 crore as on March 31, 2019. Further
the average utilization of cash credit limit during last 6 months
ended August 30 2019 stood at 99.57%.

Pending Statutory dues: II&SIL has undisputed statutory dues of
INR1.87 Cr as per FY19 (Audited) financial as against interest on
income tax payable and PF for employee and employer payable

Key rating Strengths

Long and established track record of the company along with strong
promoter experience in the integrated system and electronic
security system business: II&SIL has a track record of more than
two decades in the electronic video surveillance & security system
industry through its proprietorship entity which was later on
converted into to private limited company in the year 2000 and then
in 2017 as a public limited company as II&SIL which is being
promoted by Maqsood Dabir Shaikh, Tazyeen Maqsood Shaikh and Dabir
Ahmed Shamsuddin Shaikh who has an extensive experience in this
domain of more than three decade and looks after the overall
management of the company. Further, the promoters are supported by
a team of qualified managerial personnel having long standing
experience in in the field of production/finance/distribution/
marketing and corporate laws etc. On account of long track record
of operations and experience of the promoters, the company has
gained reputation and has established good relationships with their
customers and suppliers.

Diversified product portfolio: II&SIL provides range of services
like video door phone, audio door phone, access controls, home
automation systems, intrusion alarm system, CCTV systems, fire
alarm systems and telecom products. II&SIL target customer is
residential construction mainly B2B segment. These products address
various architectural and organizational needs and comply with all
current industrial and security standards.

Comfortable profit margins: Profitability margin of II&SIL remained
at comfortable level and stood in the range of 20.87 to 22.73%
during FY17 to FY19. During FY19 the PBILDT margin has marginally
decline by 143 bps on account of IPO expenses incurred by the
company during the year.

Further the PAT margin of the company remained comfortable during
FY17-FY19 and reflected a fluctuating trend whereas the same has
improved in FY19 and stood at 17.19% as against 16.53% during FY18.
The improvement in PAT margin was mainly on account of adjustment
were made against extraordinary income of INR1.82 crore which
resulted in growth in PAT margin during FY19

Incorporated as on December 06, 2000, Innovative Ideals and
Services India Private Limited as a private limited company,
subsequently the company was converted into public limited pursuant
to special resolution passed in August 30,2017 and the name of the
company was changed to "Innovative Ideals and Services India
Limited" dated on Sep 21, 2017. Subsequently II&SIL acquired the
ongoing sole proprietorship business of "M/S Innovative Solutions"
vide business acquisition agreement dated Sep 23,2017 and Ongoing
sole proprietorship business of "M/S Concept N Designs" i.e vide
business acquisition agreement dated September 29, 2017,
Consequently the ongoing businesses of these proprietorship
concerns were merged into II&SIL.

II&SIL started business as proprietorship concern with trading of
varieties of security equipment by importing from Korea, after
acquisition of proprietorship concerns and incorporation as a
company and later on public limited company II&SIL provides
security solution. They are providing services of system
integration for security, safety and building automation an
installation of various electronic systems. II&SIL provides range
of services like video door phone, audio door phone, access
controls, home automation systems, intrusion alarm system, CCTV
systems, fire alarm systems and telecom products. II&SIL provides
video door phones under its own brand name 'Onyx' & 'Inok'.
Further, home automation solutions under the brand name of
'eHomes'.

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

The instrument-wise rating actions are:

-- INR15.5 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded; Off RWN with IND D rating;

-- INR17.35 mil. Non-fund-based working capital limits (Long-
     term/Short-term) downgraded; Off RWN with IND D rating;

-- INR3.46 mil. Term loan (Long-term) due on November 1, 2024
     downgraded; Off RWN with IND D rating; and

-- INR1.5 mil. Proposed term loan (Long-term) downgraded; Off
     RWN with Provisional IND D 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 delays in meeting its debt service
obligations  as a result of delays in realization of its
receivables from its micro-irrigation segment leading to a
stretched liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

JISL is one an agri-business company, operating in diverse segments
of the agribusiness value chain.

K K MILK FRESH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: K K Milk Fresh India Limited
        57 Milestone NH-2
        Village Kumbi Tehsil
        Akbarpur Ramabai Nagar
        UP 209206
        IN

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Lucknow Bench

Estimated date of closure of
insolvency resolution process: March 21, 2020
                               (180 days from commencement)

Insolvency professional: Swami Deen Gupta

Interim Resolution
Professional:            Swami Deen Gupta
                         2/64, Vishend Khand
                         Gomti Nagar Lucknow 226010
                         E-mail: sdguptacmaip@gmail.com
                                 kkmilk.cirp@gmail.com

Last date for
submission of claims:    October 12, 2019


KAIVAL POLYPLAST: CARE Reaffirms B+ Rating on INR17.5cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kaival Polyplast LLP (KPP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          17.50       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KPP continue to
remain constrained on account of KPP's constitution as a limited
liability partnership, its presence in the highly competitive and
fragmented plastic industry, and susceptibility of profit margins
to volatility in raw material costs. Further, rating continues to
remain constrained on account of small scale of operations,
operational losses, leveraged capital structure and weak debt
coverage indicators during FY19 (FY refers to the period from April
01 to March 31). The rating, however, continues to derive strength
from its experienced partners and accessibility to existing selling
and distribution network of the associate entity. The ratings,
also, take a note of the advanced stage of completion of its
debtfunded capex (with initial trial runs done during Q3FY19).

KPP's ability to achieve the envisaged level of sales and
profitability in light of competition from various players and raw
material price fluctuation risk are the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Financial risk profile marked by small scale of operations,
operational losses, leveraged capital structure and weak debt
coverage indicators: KPP performed its initial trial runs in
December, 2018 and generated a Total Operating Income (TOI) of
INR0.44 crore, while it booked operational losses to the tune of
INR0.02 for its four months of operations in FY19. Capital
structure of KPP remained leveraged marked by overall gearing of
2.89 times as on March 31, 2019. The debt coverage indicators
marked by total debt to Gross Cash Accruals (TDGCA) and interest
coverage ratio also remained weak owing to operational losses
booked in FY19.

Constitution as a limited liability partnership: The constitution
as a limited liability partnership restricts overall financial
flexibility of KPP in terms of limited access to external funds for
any future expansion plans. Further, there is inherent risk of
possibility of withdrawal of capital during exigencies. Further, it
also results into increased vulnerability of its financial risk
profile to any incremental debt.

Presence in the highly competitive and fragmented plastic industry
KPP operates in a highly competitive and fragmented industry with
number of players operating in both organized & unorganized
segment. This further leads to intense competition among the
various players and low bargaining power with suppliers which
results into price competition thereby affecting the profit margins
of the companies operating in this industry.

Susceptibility of profit margins to volatility in raw material
costs
Prices of raw material i.e. Plastic polymers (derivative of crude
oil), Biaxial Oriented Polypropylene (BOPP) films, Adhesive and
other chemicals etc. is driven by global demand-supply scenario and
expected to put pressure on the margins of the manufacturers.
Hence, KPP's ability to control its cost structure would be crucial
going forward especially in the light of competitive environment.

Key Rating Strengths

Experienced partners
KPP is promoted and managed by Mr. Devang Shah and Mr. Dharmesh
Shah along with Ms. Rupal Shah and Ms. Swati Shah. Mr. Devang Shah
and Mr. Dharmesh Shah are key promoters of KPP having extensive
experience of more than two and a half decades in plastic industry
through its associate entity named Kaival Plast Industries.

Accessibility to existing selling and distribution network of the
associate firms
The key partners of the firm have long experience in the plastic
industry through their associate entity named Kaival Plast
Industries, which is mainly engaged into manufacturing of plastic
master batches. KPP has an advantage to access the already
established selling and distribution network of this associate
firm.

Advanced stage of completion of its debt-funded capex with initial
trial runs done during Q3FY19
Till August 31, 2019, KPP has completed ~95% of its project for
manufacturing of plastic master batches, self-adhesive tapes, green
agro nets and various other plastic products like chemical drum,
pesticides bottles, containers etc. using blow moulding and
injection moulding technologies. As against estimated project cost
of INR19 crore, the debt equity mix remained at 1.92 times. KPP is
expecting to incur the balance cost by October, 2019, post which it
will commence its fullfledged commercial operations. However, KPP
performed its initial trial runs in December, 2018 and generated a
Total Operating Income (TOI) of INR0.44 crore.

Liquidity Position: Stretched
The liquidity position of KPP remained stretched marked by high
average utilization of its working capital bank borrowings which
stood at 80% for the past nine months ended August, 2019. Cash and
bank balance of KPP remained low at INR0.08 crore as on March 31,
2019, while net cash flow from operations remained negative at
INR2.82 crore.

Anand-based (Gujarat) KPP; a limited liability partnership firm was
established in April 2018 by Mr. Devang Shah and Mr. Dharmesh Shah
along with Ms. Rupal Shah and Ms. Swati Shah. KPP is into
manufacturing of plastic master batches, selfadhesive tapes, green
agro nets and various other plastic products like chemical drum,
pesticides bottles, containers etc. using blow moulding and
injection moulding technologies. The manufacturing facility is
located at Borsad, Anand with an installed capacity of 5,928 Metric
tonnes per annum as on March 31, 2019. For the envisaged project of
INR19.00 crore, the debt equity mix remained at 1.92 times. KPP has
already initiated trial runs during December, 2018. KPP has two
associates namely Devi Marketing Private Limited and Kaival Plast
Industries operating in the same line of business.

KRYSTAL STONE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Krystal Stone Exports Limited
        Office No. 8, Blasian Bldg.
        1st Floor, Amboli Naka
        S V Road, Andheri West
        Mumbai 400058

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Mr. Vijay P. Lulla

Interim Resolution
Professional:            Mr. Vijay P. Lulla
                         201, Satchitanand Bldg.
                         12th Road, Opp. Ram Mandir
                         Khar (West), Mumbai 400052
                         E-mail: vijayplulla@rediffmail.com

                            - and -

                         501, Satchitanand Bldg.
                         12th Road, Opp. Ram Mandir
                         Khar (West), Mumbai 400052
                         E-mail: ksel.cirp@gmail.com

Last date for
submission of claims:    October 17, 2019

KYRA HOSPITALITY: CARE Assigns 'B' Rating to INR2cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kyra
Hospitality (KYH), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           2.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KYH are tempered by
risk towards project implementation and stabilization of
operations, Geographic concentration risk and highly competitive
and fragmented nature of industry. However, the ratings are
underpinned by the experienced promoters and management in
hospitality services, location advantage and stable outlook of
hospitality industry. Going forward, ability of the firm to
successfully execute the project undertaken without time and cost
overrun, ability to initiate business operations as envisaged and
ability to stabilize business operations post commencement and
achieve the sales and profits as projected.

Detailed description of the key rating drivers

Key Rating Weaknesses

Risk towards project implementation and stabilization of
operations: The firm has proposed to set up a restaurant and bar
with total project cost of INR4.0 crore and the same is funded
through term loan of INR2.0 crore and balance funds i.e., INR2.0
crore through partner's capital. The financial closure of the
project is yet to be achieved. As on September 20, 2019, the firm
has incurred INR1.13 crore (28.25% of total project cost) worth of
expenses towards deposits of rent and Interior designing works and
the same is funded by promoter's contribution (i.e.,56.50% of
promoter's total contribution of INR2.00 crore). The project is
expected to be completed by November 2019 and the commercial
operations of KYH are expected to start from December, 2019.The
firm has taken the premises on rent from Mr. V T Fransis at INR7.80
Lakh per month. The completion of the project without any cost
overrun and stabilization of business operations shall remain
critical from credit perspective.

Geographic concentration risk: KYH is being set up at Ashok Nagar,
Bangalore. The customer base of the firm is skewed towards the
corporate population in and around Ashok Nagar with firm generating
majority of its income from the corporate population there by
increasing the geographic concentration risk.

Highly competitive and fragmented nature of industry: KYH operates
in a competitive and fragmented nature of industry which is
dominated by small and medium players of unorganized sector. There
are lots of small players who are operating in Hospitality services
in and around Bangalore. The firm will have direct competition to
them as it is in the city and will attract the corporate population
on weekends.

Key Rating Strengths

Experienced Promoters and management in hospitality services: Kyra
Hospitality is promoted by Mr. Sandeep k (Managing Partner) who has
almost two decades of experience in managing different business
affairs in hospitality industry. He was the Director at Chancery
Pavilion, a multi-cuisine restaurant at Bangalore. For the last
three years he has been associated with Brewmeister, the sister
concern of Kyra Hospitality. These helped him in gaining the
expertise in handling and managing Hospitality business.

Location advantage: The proposed project is being set up at Ashok
Nagar, which is closely connected to M G Road, Bangalore. M G Road
which is a commercial place in Bangalore and well known for
corporate offices. Some of the major nearby areas include Brigade
road and also cubbon road which are one of the prime locations at
Bangalore. The firm is located at the center connecting all these
areas which is the most valve addition for the proposed project.
Also, due to change in the lifestyle of people, KYH is expected to
see increase in demand in coming years.

Stable outlook for hospitality industry: The tourism and
hospitality sector is witnessing a healthy growth and accounts for
7.5 per cent of the country's GDP. According to a report by KPMG,
the hospitality sector in India is expected to grow at 16.1 per
cent CAGR to reach INR2,796.9 thousand crore in 2022.The
hospitality sector encompasses a wide variety of activities within
the services sector and is a major job provider both direct and
indirectly. The sector attracts the most FDI (Foreign Direct
Investment) inflow and is the most important net foreign exchange
earners for the country. The growth in the hospitality sector and
its contributions to the GDP will continue to be substantially
higher than other sectors of the economy on the back of huge
tourism potential in the country.

Bangalore based Kyra Hospitality (KYH) proposes to open a
Hospitality center consisting of both Bar and restaurant at Ashok
Nagar, Bangalore. The firm was established on August 20, 2019 by
Mr. Sandeep K (Managing partner), Ms. Sushma Chetak, Ms. Sridevi
SL, Ms. Vijayalakshmi and Ms. Deepthi Nayani being the partners and
the profit sharing ratio among them is as per the deed mentioned
above. Also, the firm has an associate concern named Kyra Craft
Work Brewmeiser and is into same line of business. The total cost
of the project for setting up the unit is INR4.00 crore which is
being funded by promoter's contribution of INR2.00 crore (50% of
total cost of the project) and a term loan of INR2.00 crore (50.00%
of total cost of the project).

As on September 20, 2019, the firm has incurred INR1.13 crore
(28.25% of total project cost) worth of expenses towards deposits
of rent and Interior designing works and the same is funded by
promoter's contribution (i.e.,56.50% of promoter's total
contribution of INR2.00 crore). The project is expected to be
completed by November 2019 and the commercial operations of KYH are
expected to start from December, 2019.

MELSTAR INFORMATION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Melstar Information Technologies Limited
        159, Industry House
        5th Floor, Churchgate Reclamation
        Mumbai 400020
        India

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 29, 2020

Insolvency professional: Mr. Neehal Mahamulal Pathan

Interim Resolution
Professional:            Mr. Neehal Mahamulal Pathan
                         Plot No. 27, R.S. No. 825
                         Sahjeevan Parisar
                         Near TPM Church
                         Behind Circuit House
                         Kolhapur 416003 MH
                         E-mail: ca.neehal@gmail.com

Last date for
submission of claims:    October 14, 2019

MUKESH RANJAN: CARE Cuts INR2cr LT Loan Rating to B, Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mukesh Ranjan Contractors (MRC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       2.00       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Issuer
                                   not cooperating on the basis
                                   of best available information

   Short term Bank     12.00       CARE A4; ISSUER NOT   
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2018, placed the
rating of MRC under the 'issuer noncooperating' category as Mukesh
Ranjan Contractors had failed to provide information for monitoring
of the rating. Mukesh Ranjan Contractors continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
August 20, 2019, August 16, 2019, and August 14, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
The long term rating has been revised on account of geographically
concentrated revenue profile, fragmented nature of construction
sector and proprietorship nature of its constitution.

Small scale of operations with low net-worth base: Despite being in
operations for around two and a half decades, the firm's scale of
Operations has remained low marked by Total Operating Income (TOI)
of INR45.19 crore in FY15 and net-worth base of INR7.72 crore as on
March 31, 2015.

Raw material price fluctuation risk associated with orders due to
absence of price escalation clause: MRC is exposed to the inherent
risk associated with raw material price fluctuation in execution of
various orders due to absence of price escalation clause in
majority of the contracts.

Geographically concentrated revenue profile: MRC entirely derives
its revenue from orders in the Punjab State which exposes the firm
to geographical concentration risk and closely ties its fortunes to
the incremental development of infrastructure projects in the
state.

Fragmented nature of construction sector: The construction sector
in India is highly fragmented with a large number of small and
mid-sized players. This coupled with tendering process in order
procurement results into intense competition within the industry.
Additionally, continued increase in execution challenges including
delays in land acquisition, regulatory clearances and elongated
working capital cycle due to longer gestation period of the
projects collectively put pressure on the credit profile of the
players.

Proprietorship nature of constitution: MRC's constitution as a
partnership 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
proprietor. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of proprietor would be the
key factors affecting credit decision of the lenders.

Liquidity position
The liquidity ratios of the firm stood moderate marked by current
ratio of 1.75x and quick ratios of 1.74x as on March 31, 2015.
Further, CARE does not have adequate information to comment on the
capex plans and debt repayment obligation of the firm for FY20,
since the review has been done on the basis of limited
information.

Mukesh Ranjan Contractors (MRC) is a proprietorship firm
established in 1991 by Mr. Mukesh Ranjan. MRC is engaged in civil
construction work in Punjab which includes infrastructure
development, construction of hospitals, education institutes, bus
terminals etc. The firm is registered as a class 'A' contractor
with Public Work Department (PWD) of Punjab (highest on a scale of
A to E). Apart from this, MRC also undertakes private sector
contracts.

MUTHOOT FINANCE: Fitch Rates $2BB Medium-Term Note Programme 'BB+'
-------------------------------------------------------------------
Fitch Ratings assigned a 'BB+' rating to Muthoot Finance Ltd's
(MFL, BB+/Stable) USD2 billion medium-term note programme.

MFL plans to issue US dollar notes under the MTN programme. The
notes issued will be secured by MFL collateral and at all times
ranking pari passu and without any preference among themselves.
Collateral includes all receivables of the issuer, but excludes all
lien marked fixed deposits. The notes are also subject to
maintenance-based covenants that require MFL to meet regulatory
capital requirements, and require MFL to ensure the security
coverage ratio at a level equal or greater to 1.0x at all times.

MFL has applied to have the MTN programme listed on London Stock
Exchange. The issuer will use the net proceeds of the notes for
lending, general corporate purposes and other activities, in
accordance with approvals granted by the Reserve Bank of India and
directions on external commercial borrowings.

KEY RATING DRIVERS

MFL's MTN programme is rated at the same level as the company's
Long-Term Foreign-Currency Issuer Default Rating, in accordance
with Fitch's rating criteria.

Fitch regards the secured notes, which may be issued under the MTN
programme, as an obligation whose non-payment would best reflect
uncured failure as most of MFL's debt is secured. The company can
issue unsecured debt in the overseas market, but such debt is
likely to constitute a small portion of its funding and thus cannot
be viewed as its primary financial obligation.

There is no assurance that notes issued under the programme will be
assigned the same rating as the programme rating.

RATING SENSITIVITIES

The rating of the MTN programme will move in tandem with MFL's
Long-Term IDR.

MY CAR: Ind-Ra Affirms 'D' LT Issuer Rating, Not Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed My Car Private
Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best-available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR6.21 mil. Term loan (long term) affirmed with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR245 mil. Fund-based limit (long term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by My Car, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will positive for the ratings.

COMPANY PROFILE

Incorporated in 2009, My Car is a dealer for Maruti Suzuki's
passenger vehicles in Kanpur, Uttar Pradesh. All its showrooms and
workshops are owned and Vijay Garg is the promoter of the company.

NAVYUG (INDIA): CARE Maintains B Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navyug
(India) Limited (NIL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      4.70        CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

   Short term Bank     5.25        CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2018, placed the
rating of NIL under the 'issuer noncooperating' category as NIL had
failed to provide information for monitoring of the rating. NIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 20, 2019, August 16, 2019 and August 14,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

The rating takes into consideration following strengths and
weaknesses (Updated for the information available from Registrar of
Companies):

Key rating Weaknesses

Small scale of operations
The scale of operations remained small marked by total operating
income (TOI) of INR24.62 crore in FY18 (refers to the period April
1 to March 31).

Weak total debt to GCA
The total debt to GCA ratio of the company also stood weak at
16.63x for FY18.

Foreign exchange fluctuation risk
The margins of the company are exposed to a significant foreign
exchange fluctuation. As NIL earned significant income from
exports. The company also imports some portion of its raw material
requirement, thus, providing natural hedge to a certain extent.
However, since the complete exposure of the company is not hedged,
it is exposed to any adverse fluctuation in the foreign exchange
prices.

Raw material price fluctuation risk
Raw material consumption is the single largest cost component of
NIL which mainly consists of rubber (natural and synthetic) and
rubber chemicals. There is no long term contract with any of the
raw material suppliers and the company sources the material on need
basis as per the price prevailing in the market. Therefore, the
company is exposed to any fluctuation in the prices of rubber and
rubber chemicals (silica, sulphur, carbon black, etc.) which the
company is unable to pass on to its customers due to low bargaining
power.

Key Rating Strengths

Experienced promoters with long track record of operations: NIL was
incorporated in 1973 and is currently managed by four directors
collectively. Mr. Santosh Kumar Parmar has an experience of more
than four decades in the rubber and allied products industry
through his association with NIL whereas Mr. Avinash Parmar, Mr.
Rajneesh Parmar and Mr. Munish Parmar have experience ranging 15-20
years in the industry through their association with NIL.

Moderate profitability margins
The profitability margins of the company stood moderate marked by
PBILDT margin of 6.31% and PAT margin of 1.79% in FY18.

Moderate capital structure
The capital structure of NIL continues to remain moderate at 1.30x
as on March 31, 2018.

Reputed clientele base albeit concentrated revenue profile
The customer base of the company includes Indian Railways, Islamic
Company for Industry and Commerce, LLC Tekhno Belts, Sonalika Agro
Industrial Corp., Oscar Vicente Pellegrini etc. The top 5 customers
customer constituted ~40% of total operating income (TOI) in FY14
and FY15. However, NIL has established business relationship over
the years with reputed clientele in the domestic market as well as
in overseas market.

Stretched Liquidity position
The average operating cycle of the company stood elongated at 218
days for FY18 as compared to 246 days for FY17. The current ratio
and quick ratio stood at 1.41x and 0.40x at a moderate level, as on
March 31, 2018. Further, CARE does not have adequate information to
comment on the capex plans and debt repayment obligation of the
company for FY20, since the review has been done on the basis of
limited information.

Jalandhar, Punjab based Navyug (India) Limited (NIL) was initially
incorporated as a private limited company with the name 'Navyug
Auto and Allied Industries Private Limited' in 1973 by Mr. Santosh
Kumar Parmar with his family members & friends. Later in May 1986,
the constitution of the company was changed to Public Limited
(closely held). The current management of the company comprises of
Mr. Santosh Kumar Parmar, Mr. Avinash Parmar, Mr. Rajneesh Parmar
and Mr. Munish Parmar. The company has its manufacturing unit
located in Jalandhar, Punjab and is engaged in the manufacturing of
rubber V-belts, flat transmission belts and hoses of various types
and sizes which find its application in mining, quarrying and
transport industry.

NIKHIL PULSES: CARE Reaffirms B+ Rating on INR7cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nikhil Pulses Private Limited (NPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of NPPL continues to
remain constrained on account of its growing albeit modest scale of
operations with low profitability. The rating, further, continues
to remain constrained on account of weak solvency position,
stretched liquidity position and its presence in the highly
fragmented and competitive industry. The rating, however, continues
to draw strength from the experienced promoters with established
track record of operations. The ability of NPPL to increase its
scale of operations, improve profitability and capital structure
along with efficient management of the working capital would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Growing albeit modest scale of operation along with thin
profitability margins
During FY19, Total Operating Income (TOI) of the company has
increased by 34.49% over FY18 mainly on account of increase in
sales quantity of pulses and stood modest at INR84.80 crore.
Further, NPPL has taken over operations of Shah Industries (SI)
which is engaged in processing of pulses in February, 2018 which
has further increased its TOI. Being engaged in the processing of
agro commodities, the profitability margins of the company remained
thin with PBILDT and PAT margin of 2.08% and 0.29% respectively in
FY19 due to limited value addition and presence in a highly
competitive industry.

Leveraged capital structure and weak debt coverage indicators
The capital structure of NPPL remained leveraged with an overall
gearing of 2.42 as on March 31, 2019, improved from 3.39 as on
March 31, 2018 mainly on account of treatment of unsecured loans of
INR2.55 crore as quasi equity which are subordinated to bank
borrowings. Due to high debt and low gross cash accruals, the debt
coverage indicators remained weak marked by total debt to GCA of
29.24 in FY19 as against 34.17 in FY18. The Interest coverage ratio
for the FY19 remained moderate at 1.39 times.

Stretched liquidity position
The liquidity position of the company remained stretched marked by
more than 90% average utilization of working capital bank borrowing
during past 12 months ended August 2019. Further, operating cycle
stood moderate at 55 days in FY19. Due to high inventory, the
current ratio remained moderate at 1.41 times whereas quick ratio
remained below unity at 0.62 as on March 31, 2019. Cash and bank
balance stood at INR0.15 crore as on March 31, 2019. Further, the
company has envisaged GCA level of INR0.78 crore in FY20 as against
loan repayment of INR0.75 crore.

Highly competitive nature of operations
NPPL operates in a highly competitive market environment wherein a
large no. of organized & unorganized players is engaged in the
grains processing activities. Moreover, the established brands from
the organized players also create a stiff competition for the
company. This is evidently reflected in the low profit margins
garnered by the company, in addition to the trading & processing
nature of operations fetching lower margins.

Key Rating Strengths

Established track record of operations and experienced directors in
food processing activities
NPPL possesses a moderate track record of over a decade of
operations in processing of pulses like Urad and Moong dal.

Over the years company has successfully established its brand under
name of "Nikhil Pulses" in market. NPPL sells its products to
wholesalers and retailers across Maharashtra, Gujarat, Punjab,
Bihar, Guwahati etc. Mr. Sanjay Agarwal is a director of company
who have more than a decade experience in food processing
industries. He was also the proprietor of Shah Industries (SI) who
was also engaged in similar line of business. NPPL has taken over
SI mainly for the purpose of growth and expansion in its business.
Mr. Nikhil, who is also the director in the company, also holds
good experience in the same line of business.

Incorporated in 2001, NPPL is engaged in processing & trading of
all types of dal mainly mong dal and urad dal. The resultant
products, viz. processed urad and moong dal, are in-turn sold to
the wholesalers and retailers of food items from Maharashtra,
Gujarat, Punjab, Bangalore, Bihar etc. through brokers. The firm
sells dal under the brand names of "Nikhil Pulses". On the other
hand, the raw pulses are procured from the traders of various
agro-commodities located in Maharashtra, Gujarat, Andhra Pradesh
and Tamil Nadu.

OLIVE TREE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Olive Tree Trading Private Limited
        403, Aditi Commerce Centre
        2406, East Street
        Pune 411001
        Maharashtra, India

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020
                               (180 days from commencement)

Insolvency professional: Asha Manajit Ghoshal

Interim Resolution
Professional:            Asha Manajit Ghoshal
                         301, Arenja Corner
                         Plot no. 71
                         Sector-17, Vashi
                         Navi Mumbai 400705
                         E-mail: asha.ghosal@amgadvisory.in
                                 ipolivetree@amgadvisory.in

Last date for
submission of claims:    October 14, 2019

POPULAR MOTOR: CARE Assign B+ Rating to INR0.50cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Popular
Motor World Private Limited (PMWPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            0.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to PMWPL is constrained by the thin
profitability margins, leveraged capital structure, exposure of
business to the cyclical nature and government directives, inherent
characteristics of dealership business like working capital
intensive nature of operations, volume driven business and
susceptibility to intense competition. However, the ratings also
take into account the vast experience of promoters in the
dealership business, established record of operations with long
standing relationship with OEMs and PMWPL's diversified revenue
profile. The ability of the company to improve its scale of
operations and make profits amidst dynamic and uncertain market
conditions along with efficiently managing its working capital
requirement would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Exposure to cyclical nature of the Automobile Industry
The auto industry is inherently vulnerable to the economic cycles
and is sensitive to the interest rate environment, level of fuel
prices and monsoon. The Indian automobile industry is going through
a transition phase with new guidelines regarding fuel norms,
registration, insurance, etc. Due to the prevailing uncertainty,
consumer demand is muted and OEMs are left with huge inventory.

Improvement of macroeconomic factors like revival of industrial
production, lowering of interest rates, rise in disposable income
and in the current scenario better understanding regarding new
vehicle norms will help in attaining the consumer confidence and
will help in improving the credit profile of automobile dealers.

Thin profitability margins, leveraged capital structure and high
debt coverage indicators
The profitability of the company remained thin inherent to the
automobile dealership business with limited scope to earn
incremental margins as product pricing is level marked by the
Principal. During FY19, PBILDT margin reduced by around 9 bps to
3.08% (PY: 3.17%) but PAT margin though thin improved by 28 bps to
0.39% (PY: 0.11%). The overall gearing though reduced stood high at
9.66x as on March 31, 2019 (UA) vis-à-vis 12.69x as on March 31,
2018 (A) mainly attributable to high level of inventory funding
availed by the company.

Volume driven business and susceptibility to intense competition in
the dealership industry
Indian automobile industry is highly competitive in nature as there
are large numbers of players operating in the market like Maruti
Suzuki, Hyundai, Mahindra & Mahindra, Honda, Tata Motors, etc. Due
to very high competition in the industry, dealers are also forced
to pass on discounts and exchange schemes to attract customers as
this is a volume driven business. Further, the performance of PMWPL
is closely linked to the performance of Hyundai Motor India Ltd.
Hyundai is the 2nd biggest player in the Indian market in terms of
market share with a market share of 17.97% in FY19.

Working capital intensive nature of operations
The dealership business inherently is a thin margin business and
thus, working capital intensive in nature. Inventory management is
crucial for PMWPL as it needs to maintain optimal inventory of
vehicles and spare parts to meet the customer demand and unforeseen
supply shortage. The company has INR105.50 Cr sanctioned WC
borrowing limit which is majorly inventory funding facility and
remaining include trade advance and cash credit. The company
majorly utilizes the inventory funding for working capital purposes
and the average CC utilisation for the 12 month period ended
August, 2019 was nil.

Key Rating Strengths

Vast experience of promoters in dealership business
Mr. Saju. K Thomas (Chairman and MD of the Group), the promoter of
Popular Group started his career in 1980 and was the architect of
successful dealership businesses of Maruti, DCM Toyota and Bajaj in
the 80 year old Kuttukaran group. Popular Group operates in various
sectors of the automobile Industry like Passenger Vehicles, Two
Wheelers and Earth moving equipments. The group has six dealerships
of Toyota, Lexus, Bajaj, KTM, Hyundai & JCB, in Kerala and
Karnataka states with a turnover of INR2200 crores, and more than
4500 employees.

Established record of operations with long standing association
with reputed OEM player
The Company is the authorized dealer of Hyundai Motor India Ltd
which commenced operations in January, 2004 with a 2S facility in
Kottayam, Kerala. The Company presently has 42 facilities in 7
districts of Kerala which includes twenty 3S (sales, service and
spares) facilities, twelve 2S (sale and service) and 2 body shops.
The company also has 10 exclusive showrooms for selling used cars.

Diversified revenue profile
The revenue stream of PMWPL is diverse with income coming from sale
of cars, service and sale of spare parts. The revenue from sale of
cars increased by 7% in FY19 vis-à-vis FY18, whereas growth in
spare parts revenue was 28% and for service income was 15%. Margins
from sales of spares and accessories are comparatively better than
margins on sales of cars. About 80% of car sales are new car sales
from the past three years. In FY19, new car sales grew by 7% while
used car sales increased by 10%.

Liquidity indicator
The liquidity profile of the company remained stretched during
FY19. The company had a current ratio of 0.66 and quick ratio of
0.18 as on March 31, 2019 (UA). The company's working capital cycle
was 38 days (PY: 41days) with an inventory period of 38 days (PY:
41 days) in FY19. The average CC utilisation of the company was nil
for the 12 month period ended August, 2019.

As on March 31, 2019 (UA), the company had a cash and bank balance
of INR5.75 Cr.

Popular Motor World Private Limited (PMWPL), incorporated in 2004
is an authorized dealer in Hyundai Motor India Limited catering to
7 districts of Kerala. PMWPL commenced operations in 2004 with its
first showroom and service center in Kottayam, Kerala. The company
belongs to 'Popular Group' which operates dealerships of Hyundai,
Bajaj & JCB, Toyota and Harley Davidson across South India in
various sectors of the Automobile Industry like Passenger Vehicles,
Two Wheelers and Earth moving equipment.

The company has 42 facilities in Kerala which includes twenty 3S
(sales, service and spares) facilities, twelve 2S (sale and
service) and 2 body shops. The company also sells used cars and has
10 exclusive showrooms for the same. Mr. Saju K Thomas, who has
more than three decades of experience in the dealership business,
is the Chairman and M.D of PMWPL and he is ably assisted by a
qualified management team in the day-to-day operations of the
company.

PRUTHI HOSPITAL: CARE Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pruthi
Hospital continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      26.09       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 6, 2018, placed the
rating of Pruthi Hospital under the 'issuer non-cooperating'
category as Pruthi Hospital had failed to provide information for
monitoring of the rating. Pruthi Hospital continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated 04
September, 2019, 02 September, 2019, August 27, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on July 6, 2018 the following were the
rating weaknesses.

Key Rating Weaknesses

Geographical concentration risk
PH has a presence in Jalandhar only, thus exposing it to
geographical concentration in its revenue profile. Constitution of
the entity being a proprietorship firm PH's constitution as a
proprietorship firm leads to limited financial flexibility and
inherent risk of capital withdrawal at the time of personal
contingency and the firm being dissolved upon the
death/retirement/insolvency of partner.

Competitive nature of industry
The firm operates in a highly competitive industry. There are
various organized and unorganized players in the market. It faces
stiff competition from other hospitals and private clinics in the
area. Moreover, the hospital has to remain very careful with its
operations and has to follow various regulations imposed by the
government.

Liquidity position
The liquidity position of the firm stood weak marked by current
ratio of 0.52x and quick ratio of 0.49x as on March 31, 2015.
Further, CARE does not have adequate information to comment on the
capex plans and debt repayment obligation of the firm for FY20,
since the review has been done on the basis of limited
information.

Pruthi Hospital (PH) was incorporated in 1987 by Dr. C.S. Pruthi.
It operates 2 hospitals by the name Pruthi Hospital and Capitol
Hospital (CH), located in Jalandhar (Punjab) with capacity of 110
beds in CH and 75 beds in PH. The operations of Capitol Hospital
commenced from May 14, 2014. It is a multi specialty hospital and
provides multiple facilities like oncology, radiology, orthopaedics
& joint replacement, general surgery, gastroenterology,
physiotherapy and rehabilitation, etc. CH is well equipped with 4
intensive care units (ICU's), 2 general wards and 42 private rooms
with AC with a total of 110 beds as on March 31, 2015 with a plan
to increase it to 300 beds by FY17. The hospital is also associated
with third party insurance companies. PH has a group entity by the
name - Baba Budha Sahib cardiac Center limited which was
incorporated in 1992. It operates a hospital by the name BBC Heart
Care, located in Jalandhar (Punjab) and operates from the same
building as PH. The operations of the hospital commenced from
January 1996. The hospital is equipped for performing heart
surgery, procedures associated with cardiac catheterization, neuro
surgery, nephrology and orthopedics. BBC operates from the same
building as PH and pays 6% of the professional fees received to PH
as rent.

RADHESHYAM AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Radheshyam Agro Products Private Limited

        Registered office as per MCA records:
        Survey No. 484/3, Chakkargadh Road By pass
        Nr. Kanani's Farm
        Amreli 365601
        Gujarat

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 30, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road
                         Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    October 16, 2019

RAJASTHAN DRUGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rajasthan Drugs And Pharmaceuticals Limited
        Road no. 12, VKI area
        Jaipur, Rajasthan 302013

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020

Insolvency professional: Mr. Mahendra Prakash Khandelwal

Interim Resolution
Professional:            Mr. Mahendra Prakash Khandelwal
                         202, Prism Tower
                         Opp. Rajasthan Police Mukhaliya
                         Gate No. 2, Lalkothi
                         Jaipur, Rajasthan 302015
                         E-mail: mahendra927@gmail.com
                                 cirp.rdpl@gmail.com

Last date for
submission of claims:    October 14, 2019

REVERSE LOGISTICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Reverse Logistics Company Private Limited
        Khasra No. 337, 1st Floor
        Chaudhary Satbir Complex
        Near CRC-2
        Village-Sultanpur, MG Road
        New Delhi 110030

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Pawan Kumar Agrawal

Interim Resolution
Professional:            Pawan Kumar Agrawal
                         L-2/37A, Ground Floor
                         Ekta Square
                         DDA, Kalkaji
                         New Delhi 110019
                         E-mail: irp@pplegal.com

Last date for
submission of claims:    October 12, 2019


ROCKEIRA ENGINEERING: Ind-Ra Affirms 'BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Rockeira
Engineering LLP's (Rockeira) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR 100 mil. Fund based working capital limits affirmed and
     Outlook revised to Negative with IND BB+/Negative /IND A4+
     rating;

-- INR 225 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR 20 mil. (reduced from INR50 mil.) Fund-based working
     capital limits assigned with IND BB+/Negative / IND A4+
     rating; and

-- INR 80 mil. (reduced from INR125 mil.) Non-fund-based working
     capital limits assigned with IND A4+ rating.

The assignment of the final rating follows the receipt of the final
documents conforming to the information already received by Ind-Ra


The Outlook revision reflects Rockeria's poor liquidity.

KEY RATING DRIVERS

Liquidity Indicator- Poor: Rockeira's average utilization of
fund-based limits for the 12 months ended August 2019 was at
93.36%. The cash flow from operations turned negative to INR138
million in FY19 (FY18: INR11.1 million) because of higher working
capital requirements.

The ratings are also constrained by high concentration risk as the
company has two projects that require construction of bridge across
Godavari river branches Gautami and Vasista, where the ultimate
counterparty is South Central Railways. However, the counterparty
being a central government entity mitigates the customer
concentration risk to some extent. These projects are joint
ventures (JV) with B.Seenaiah & Company (Projects) Limited (BSCPL:
51%) and Bekem Infra Projects Private Limited (24.5%) and Rockeira
making up the rest. (24.5%). As per the JV mechanism, 23.50% of
revenue earned from BSCPL has to be received by Rockeria, which
signifies a significant receivable risk.

The ratings also reflect Rockeira's increasing yet small scale of
operations as indicated by revenue of INR838.5 million in FY19
(FY18: INR444 million). Revenue grew on account of receipt of
additional orders and timely execution of existing orders. Its
order book stood at INR2,372.69 million (about 2.83x of FY19
revenue) at end-August 2019. The company will depend upon further
bank limits, as the existing limit will not be sufficient to
execute its entire order book. Furthermore, it expects to execute
two more projects, which will start earning revenue from FY21-
FY23.

The ratings, however, are supported by continued healthy EBITDA
margin of 11.2% in FY19 (FY18: 10.4%, FY17: 11.1%) due to increase
in revenue. Its return on capital employed was 23% in FY19 (FY18:
22%; FY17: 23%).

The ratings factor in Rockeira's moderate credit metrics. It net
financial leverage (total adjusted net debt/operating EBITDA)
deteriorated to 2.5x in FY19 (FY18: 1.3) and interest coverage
(operating EBITDA/gross interest expense) to 4.7x (FY18: 5.3x;
FY17: 4.8x). The credit metrics declined due to the increase in
debt to INR233.6 million in FY19 (FY18: INR71.2 million) to execute
the order book requirements which led to higher interest expenses.


The ratings draw comfort from Rockeira's partners' over two decades
of experience in the civil construction business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue along with
improvement in liquidity and diversified customer profile could be
positive for the ratings.

Negative: Further stretch in liquidity or decline in the revenue
and EBITDA margin resulting in deterioration in the credit metrics
on a sustained basis will be negative for the ratings.

COMPANY PROFILE

Hyderabad-based Rockeira was established as a partnership firm in
2005 under the name of M/s Srikant Impex. It is primarily engaged
in construction of road and railway bridges and waste-to-energy
projects.

RSG FOODS: CARE Cuts INR23cr LT Loan Rating to B, Not Cooperating
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
RSG Foods Private Limited (RSG), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      23.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; on the basis of
                                   best available information

   Short term Bank      1.00       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 6, 2018, placed the
rating of RSG under the 'issuer non-cooperating' category as RSG
Foods Private Limited had failed to provide information for
monitoring of the rating. RSG Foods Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated August 26,
2019, August 22, 2019, August 21, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
The long term rating has been revised on account of small scale of
operations with low profitability margins, leveraged overall
solvency position, susceptibility to fluctuation in the raw
material prices, monsoon dependent operations and highly
competitive nature of the industry with high level of government
regulations.

Key Rating Weaknesses

Small scale of operations with low profitability margins
The total operating income (TOI) of the company declined from
INR77.89 crore in FY17 to INR37.45 crore in FY18.The PBILDT margin
improved from 4.85% in FY17 to 8.51% in FY18. However, the PAT
margin stood low at 0.80% in FY18.

Weak solvency position
The overall solvency position of the company stood weak marked by
overall gearing ratio of 3.46x as on March 31, 2018.

Susceptibility to fluctuation in the raw material prices and
monsoon dependent operations
Agro-based industry is characterised by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. Since there is a long
time lag between raw material procurement and liquidation of
inventory, the company is exposed to the risk of adverse price
movement resulting in lower realisation than expected.

Fragmented nature of industry coupled with high level of government
regulation
The commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganised
sector with very less product differentiation. The raw material
(paddy) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers.

Liquidity position
The operating cycle of the company stood elongated at 235 days as
on March 31, 2018. The liquidity position of the company stood weak
marked by current ratio of 1.10x and quick ratio of 0.15x as on
March 31, 2018. Further, CARE does not have adequate information to
comment on the capex plans and debt repayment
obligation of the company for FY20, since the review has been done
on the basis of limited information.

RSG was incorporated in November 1999 and is currently being
managed by Mr Kamal Kishore and Mr Naresh Kumar. The company is
engaged in the processing of paddy at its facility located at
Ferozpur, Punjab, having an installed capacity of 28,800 metric ton
per annum (MTPA) as on March 31, 2015. RSG is also engaged in
trading of rice (constituted approximately 20% of the total income
in FY15. The company procures paddy directly from local grain
markets through commission agents located in Punjab. Furthermore,
RSG sells its products, ie, Basmati and non-Basmati rice under the
brand name of 'Jaikar' in the states of Maharashtra, Madhya Pradesh
and Punjab through a network of commission agents.

SAI MAATARINI: CARE Reaffirms D Rating on INR1,397.35cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sai Maatarini Tollways Limited (SMTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities         1,397.35     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in rating assigned to bank facilities of
SMTL is on account of continuous delays in debt servicing on
account of lower than envisaged toll collections resulting cash
flow mismatches.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Auditor has qualified interest default of
INR241.27 crore and principal default of INR13.97 crore to the
banks and financial institutions by the company in the audited
financial report of FY19. Further, the account continuous to be NPA
with all the lenders.

Lower than envisaged toll collections: The actual toll revenue
collected for FY19 is 1/4th (i.e 15.31 lac/day) of the toll revenue
estimated (Rs 60 lac/day) at the time of financial closure on
account of:

* Quantum of iron ore production has dropped significantly after
induction of Shah Commission.

* Due to mining ban as directed by Hon'ble Supreme Court, iron ore
production has completely stalled.

* In Odisha state carrier buses were not paying the toll fee and
there was agitation for collecting the same. Claims on this
account are being submitted to NHAI and approval is still pending
with NHAI.

Stretched Liquidity: The company's average daily toll collection
was around INR15 lac/day, which is significantly lower (1/4th of
the envisaged toll collection of INR60 lac/day) than the estimated
toll collections resulting in stretched liquidity.

Key rating strengths

Established track record of EPC as a developer of various BOT-based
roads: SMTL has entered into fixed price EPC contract with Gayatri
Projects Limited (CARE BB+; Stable, CARE A4+ upgraded from CARE
BB-; Stable/CARE A4 on June 4, 2019) for INR2020 crore. GPL is a
prominent infrastructure construction company with over 40 years of
experience in executing various infrastructure projects, especially
road and irrigation segment. GPL, an ISO 9001-2000 company, is
engaged in execution of major Civil Works including
Concrete/Masonry Dams, Earth Filling Dams, National Highways,
Bridges, Canals, Aqueducts, Ports, etc. The company has
successfully undertaken and completed road projects in the past.

Sai Maatarini Tollways Limited (SMTL), an SPV entered into
Concession Agreement (CA) on September 28, 2011 with National
Highways Authority of India (NHAI)/Authority for developing 4
laning of Panikoili-Remuli section of NH-215 (from 0.00 Km to
163.00 Km; Design Length: 166.17 km.) in the state of Orissa under
DBFOT (toll) basis for a period of 24 years including construction
period of 910 days.The estimated project cost for the stretch is
about INR2306.16 crore, which has been envisaged to be funded by
way of equity/quasi equity of INR360.32 core, Grant from NHAI of
INR548.49 core and balance by way term loans of INR1397.35 crore.
SMTL has entered into fixed price EPC contract with Gayatri
Projects Limited for INR2020 crore. The Company received PCOD on
August 8, 2017 by completing stretch of 145.123 km (87.04%) against
the SCOD of October 28, 2015 on account of delay in RoW from NHAI
and commenced toll collection from August 17, 2017.

SANJAY DANCHAND: Ind-Ra Assigns 'BB+' Rating to INR579.6MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Sanjay Danchand
Ghodawat (Windmill Division)'s (SDGWM) bank facility as follows:

-- INR579.6  mil. (outstanding as on March 11, 2019) Term loan
     due on September 30, 2025 assigned with IND BB+/Stable
     rating.

Ind-Ra has analyzed SDGWM on standalone basis considering the cash
flows of 16.5MW wind project in Madhya Pradesh. The influence of
other wind projects and any other business has not been considered
within rating analysis.

The rating is anchored by SDGWM's firm offtake arrangement with
Madhya Pradesh Power Management Company Limited (MPPMCL),
comfortable debt structure and adequate debt service coverage
ratios over the currency of the instrument. However, the rating is
limited due to the proprietorship nature of business. The
management has proposed to incorporate a waterfall mechanism into
the escrow account and merge the escrow account of another
Karnataka based wind project with this project. Any significant
delay in implementation of these aspects would be a negative
sensitivity.

KEY RATING DRIVERS

Moderate Operation Risk: SDGWM has signed operation and maintenance
(O&M) agreement with ReGenPowertech Private Limited (ReGen) for
five years. Absence of any new contract post fifth year from
commercial operations date, exposes the project to price
fluctuation risk. ReGen has subcontracted the O&M contract to Renom
Energy Services LLP (Renom), which is part of the Sanjay Danchand
Ghodawat group. The O&M contract with ReGen is priced at INR1.5
million per wind turbine-generator per year with 5% escalation
every year. The O&M contract rate is comparable with that of other
wind assets in Ind-Ra portfolio.

Moderate Debt Structure: SDGWM is required to create debt service
reserve (DSR) equivalent to two quarters as per loan terms. The
funds currently parked (INR93.9 million) as fixed deposits are
equivalent to three quarters of the debt obligation. The repayment
is structured in ballooning manner. Although, the life of wind
plants is 25 years, the door-to-door period of debt is nine years
and six months leading to compressed amortization profile compared
to other wind projects in Ind-Ra portfolio. The lender also has
first charge on cash flow of 15MW wind assets at Karnataka apart
from 16.5MW assets at Madhya Pradesh. Ind-Ra has conducted the
rating exercise on the standalone basis considering the financials
of 16.5 MW wind asset only.

Debt is availed by proprietorship; Ind-Ra views the proprietorship
structure as a weak structure (vis-à-vis company structure),
thereby limiting the rating. SDGWM is in-process of amending the
escrow agreement in order to incorporate waterfall mechanism.
Waterfall mechanism will restrict SDGWM's ability to distribute
dividend. Ind-Ra will monitor whether the escrow agreement is
amended to incorporate waterfall mechanism.

Moderate Counterparty Risk: SDGWM has signed long-term power
purchase agreement (PPA) with MPPMCL with a fixed tariff of
INR5.92/kWh for 25 years. The discoms of Madhya Pradesh (i.e.
Madhya Pradesh Pashchim Kshetra Vidyut Vitaran Company Limited,
Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited and
Madhya Pradesh Madhya Kshetra Vidyut Vitran Company Limited) have
weak to moderate financial profile and any elongation in receipt of
payment could affect the rating.

Significant Volume Risk: The rating is constrained by the volume
uncertainty experienced by wind projects. The 16.50MW assets have
about 3.5 years of operating history and had plant load factor
(PLF) of 16.86%, 20.66% and 22.30% in their first three consecutive
years starting FY16.

Liquidity Indicator - Adequate: SDGWM had a cash balance of INR14.7
million in FY19  in its designated escrow account. It has also
maintained debt schedule reserve account  amounting to INR93.4
million. SDGWM's receivables from MPPMCL were within 60 days from
billing in last 12 months. The project's debt service coverage
ratios are moderate with an average DSCR above 1.1 under various
scenarios of moderate stresses on the operational parameters. With
the proposed merging of escrow account of another project with
Hubli Electricity Supply Company Limited (HESCOM) as offtaker, the
project's cash flows are likely to be strengthened.

Sponsor Group's Experience in Wind Sector is Positive: The Ghodawat
group has about 175 wind turbines with capacity of 126MW. Group
also has O&M services firm Renom which provides O&M services to
group companies and to third parties.

RATING SENSITIVITIES

Positive: Sustained operational and financial performance with DSCR
better than 1.25x could result in a rating upgrade.

Negative: A fall in the PLF, elongation of receivable cycle beyond
three months, depletion in the liquidity maintained, non-adherence
to the proposed waterfall mechanism and delays in implementation of
waterfall mechanism and merger of escrow account of Karnataka-based
project beyond March 2020 could result in a rating downgrade.

COMPANY PROFILE

SDGWM has operational wind projects at three locations – 16.5 MW
(Madhya Pradesh), 15 MW (Karnataka) and 1.6MW (Gujarat). Bank of
Baroda has sanctioned INR750 million to finance the construction of
16.5MW wind mill project at Ghatiya, Madhya Pradesh. Ind-Ra is
rating the bank loan for 16.5 MW wind project only. Loan has first
charge on cash flow of 15 MW wind project at Karnataka apart from
cash flow of 16.5MW wind project. The assets of 16.5MW and 15MW are
also mortgaged towards the rated bank loan. The 15MW (Karnataka)
and 1.6MW (Gujarat) projects don't have any debt.

SARITA SYNTHETICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sarita Synthetics and Industries Limited

        Registered office:
        Anthakapalli Village
        Rajam Rajam Rajam
        Andhra Pradesh 532127
        India

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020
                               (180 days from commencement)

Insolvency professional: Niranjan Miriyala

Interim Resolution
Professional:            Niranjan Miriyala
                         First Floor, H.No. 7-1-28/1/A/21
                         Shyamkaran Road, Ameerpet
                         Hyderabad 500016
                         Telangana
                         E-mail: caniranjan@yahoo.com

Last date for
submission of claims:    October 17, 2019

SHANKAR AGRO: CARE Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shankar
Agro Food (SAF) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.0 0       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 5, 2018, placed the
rating of SAF under the 'issuer noncooperating' category as Shankar
Agro Food had failed to provide information for monitoring of the
rating. Shankar Agro Food continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 20, 2019, August 16,
2019, and August 14, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 5, 2018 the following were the
rating strengths and weaknesses:

Declining profitability margins
The profitability margin of the firm had been declining on a year-
on-year basis in the FY13-15 period. The PBILDT margins further
declined significantly from 11.15% in FY14 to 3.98% in FY15.
Subsequently, the PAT margins also declined from 1.16% in FY14 to
0.79% in FY15.

Leveraged capital structure and weak coverage indicators
The capital structure of the firm has remained leveraged
characterized by overall gearing ratios of 2.49x as on March 31,
2015. The coverage indicators of the firm continued to remain weak
marked by interest coverage ratio of 1.97x in FY15 and total debt
to GCA of 18.55x as on March 31, 2015.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations
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. The price of rice moves
in tandem with the prices of paddy. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and leads
to volatility in raw material prices.

Fragmented nature of industry coupled with high level of government
regulation
The commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small scale operators which are into end to end processing of rice
from paddy.

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

Key Rating Strengths
Experienced partners: SAF is currently being managed by Mr. Kewal
Krishan, Mr. Bal Krishan, Mr. Jagdish Rai and Mr. Raghav Garg. Mr.
Kewal Krishan and Mr Jagdish Rai have experience of three decades
in the business of processing of paddy through their association
with SAF, SRGM and LRGM. Mr. Raghav Garg has experience of five
years in the same business through his experience with SAF.

Growing scale of operation: The firm's scale of operations has
grown at a healthy and significant growth rate of 274.89% from
INR8.99 crore in FY14 to INR33.69 crore in FY15.

Liquidity position
The average operating cycle of the company stood elongated at 90
days for FY15. The current ratio and quick ratio stood at 1.32x and
0.22x at a moderate level, as on March 31, 2015. Further, CARE does
not have adequate information to comment on the capex plans and
debt repayment obligation of the company for FY20, since the review
has been done on the basis of limited information.

Shankar Agro Food (SAF) was established in April 2009 as a
partnership concern by Mr. Kewal Krishan, Mr. Bal Krishan, Mr.
Jagdish Rai and Mr. Raghav Garg. Earlier the business operations
were being managed through a proprietorship firm under the name of
"M/s Shankar Agro Food" since 2005 and the business was
subsequently taken over by SAF. The firm is engaged in processing
of paddy and also does the same on job work basis for 'Shakti Bog
Foods Limited'. The manufacturing unit of the firm is located at
Moga, Punjab with total installed capacity of 64000 metric ton per
annum (MTPA).

SHIV SHAKTI: CARE Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Shakti
Modern Flour Mills Private Limited (SSFMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.20       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSFMPL to monitor the rating
vide e-mail communications/letters dated July 31, 2019, August 2,
2019, August 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
SSFMPL's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING. Further, banker could not be contacted.

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

The rating takes into account its small scale of operation with low
profitability margins, margins susceptible to fluctuation in the
raw material price and government regulations, fragmented and
competitive nature of industry and seasonality nature of
availability resulting in high working capital intensity and
exposure to vagaries of nature. The ratings, however, continue to
draw comfort from experienced promoters and proximity to raw
material sources.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margins: The scale
of operations remained small as compared to its peers with a PAT of
INR0.26 crore on total operating income of INR60.48 crore during
FY18. Furthermore, total capital employed of the company was
INR14.59 crore as on March 31, 2018. PBILDT and PAT margin was at
2.44% and 0.42% respectively during FY18.

Margins susceptible to fluctuation in the raw material price and
government regulations: The main raw material for production of
wheat flour is wheat. Prices of wheat are subject to government
intervention since it is an agricultural produce and staple food.
Various restrictions including minimum support price, control on
exports, wheat procurement policies for maintenance of buffer
stocks etc. are imposed to regulate the price of wheat in the
market. The MSP of wheat for 2016-17 is INR1625/quintal increased
from INR1525/quintal in 2015-16. The price of wheat is also
influenced by the supply scenario which is susceptible to the
agro-climatic conditions. Thus any volatility in wheat prices can
have direct impact on the profitability margins of the company. The
companies in such industries have to store raw material during the
harvesting period for future consumption which leads to high
inventory holding period and results into high holding cost.

Fragmented and competitive nature of industry: The agro processing
industry is highly fragmented and competitive due to presence of
many players operating in this sector owing to its low entry
barriers, due to low capital and technological requirements. Bihar
and nearby states are a major wheat growing area with many flour
mills operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative bearing
on the profitability.

Seasonality nature of availability resulting in high working
capital intensity and exposure to vagaries of nature: Agro product
processing business is working capital intensive as the millers
have to stock wheat by the end of each season till the next season
as the price and quality of agro products are better during the
harvesting season. Further, while the raw material is sourced
mainly on a cash basis or on a credit period of a week, the millers
are required to extend credit period of around a week to their
customers. Accordingly, the working capital intensity remains high
impacting company's profitability. Efficient management of working
capital requirement is a key rating sensitivity. Also, agro
products cultivation is highly dependent on monsoons, thus exposing
the fate of the company's operation to vagaries of nature.

Key Rating Strengths

Experienced promoters: Mr. Birendra Kumar and Mrs. Monika Kumari
are the directors of SSFMPL and looks after overall management of
the company. Mr. Birendra Kumar having around two decades of
experience in the flour mill business and are ably supported by
other director Mrs. Monika Kumari along with the team of
experienced professionals who have rich experience in the same line
of business.

Proximity to raw material sources: SSFMPL's plant is located in the
vicinity to a major wheat growing area, thus, resulting in logistic
advantage. The entire raw material requirement is met locally from
the farmers (or local agents) helping the company to save
simultaneously on transportation and procurement cost.

Liquidity
The liquidity position of the company was moderate as on March 31,
2018. Cash and Bank Balance was INR0.37 crore and current ratio of
the company was at 1.01x as on March 31, 2018. This apart, quick
ratio was at 0.62x as on March 31, 2018. During FY18, GCA was
INR1.62 crore.

Shiv Shakti Modern Flour Mills Pvt. Ltd. (SSFMPL) was incorporated
in November 2007 by Mr. Birendra Kumar and Mrs. Monika Kumari of
Patna, Bihar. The company is engaged in the processing and milling
of wheat grains. The milling unit of the company is located at East
Champaran, Bihar with processing capacity of 45,000 Metric Tonne
Per Annum (MTPA). The flour mill manufactures atta, maida, suji,
rawa and wheat bran. The company sells its product to traders and
wholesalers located in Bihar only. Mr. Birendra Kumar (aged 42
years), having around two decades of experience in the same line of
industry, looks after the overall management of the company with
adequate support from other director and a team of experienced
personnel.

SHREE JEE: CARE Reaffirms 'B+' Rating on INR6.13cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Jee Educational and Welfare Society (SJEWS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.13       CARE B+; Stable Reaffirmed

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of SJEWS continue to
remain constrained on account of modest scale of operations with
decline in total number of students in AY19-20 (AY refers to
Academic Year) and continuous net deficit. The rating, further,
continue to remain constrained on account of weak solvency position
and its presence in the regulated and competitive education
sector.

The rating, however, continue to favourably takes into account the
vide experience of the qualified promoters and stable outlook of
education industry. The rating, further, continue to derives
strength from adequate liquidity position. The ability of the
society to increase fresh enrolments in view of highly competitive
market and its ability to increase profitability and maintain
solvency position would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operation coupled with decline in total number of
students
Despite decline in total number of students from 2050 in FY18 to
2006 in AY19, Total Operating Income (TOI) of the society has
increased by 9.52% over FY18 owing to higher fees charged by the
school. Further, due to nationwide subdued outlook towards Hindi
Medium, SJPS is continuously shifting its facility towards English
Medium year on year basis which leads to continuously decline in
number of Hindi Medium classes. Further, AY19, total number of
students stood 1963.

Improvement in operating profitability margins in FY19 albeit
deficit at net level
During FY19, SBILDT margin has increased by 226 bps over FY18 owing
to lower power and fuel expenses and proportionately lower
administration expenses and stood moderate at 18.82% in FY19.
However, owing to high depreciation and interest expenses, the
society has achieved deficit of INR0.27 crore in FY19 as against
INR0.69 crore in FY18. Further, GCA level has increased by 45.16%
over previous year and it stood at INR0.90 crore.

Weak solvency position
The capital structure of SJEWS stood leveraged with an overall
gearing of 3.43 times as on March 31, 2019 remained in line as
compared to previous year. Further, debt service coverage
indicators of SJEWS stood weak with total debt to GCA of 9.86 times
as on March 31, 2019, improved from 15.65 times as on March 31,
2018 mainly due to increase in GCA level as well as decline in
total debt level. Interest coverage ratio also improved from 1.43
times in FY18 to 1.75 times in FY19.

Regulatory risk associated with education sector
The main driver for growth in the education sector is India's
booming population increasing at more than 2% annual rate and the
increasing propensity of the middle income class to spend on
education. However, since the privatization of education commenced
in India, several private colleges and institutes have been
established in different parts of country. There is an increasing
preference for quality private educational institutions amongst the
urban population. In the absence of any umbrella regulatory body
governing K-12 schools and education being covered under
'Concurrent List', regulation confusion pervades with some states
permitting "for profit" and others forbidding "commercialization"
of education.

Key Rating Strengths

Experienced and qualified management
SJEWS was formed in 1988 by Mr. Hemant Kumar Sharma (Director) who
has more than three decade of experience in the industry and looks
after overall management of the school including financial control,
development plan etc. Mrs Sadhana Hemant Shamra (Deputy Director)
who also have experience of more than two decade in the industry
and looks after coordination between educational and administrative
staff. Further, Mr Hari Das Parikh, Principal, who has more than
four decades in the education industry and looks after educational
aspect of the school. Top management are assisted by team of 79
qualified teachers and staff of 38 members for general
administration.

Stable outlook of educational services industry
The education sector in India is poised to witness major growth in
the years to come as India will have world's largest tertiary-age
population and second largest graduate talent pipeline globally by
the end of 2020. As of now the education market is worth US$ 100
billion. Currently, India's higher education system is the largest
in the world enrolling over 70 million students while in less than
two decades, India has managed to create additional capacity for
over 40 million students.

Adequate liquidity position
The fees realization structure of the school is monthly basis, i.e.
April to March. Further, its major repayment of term loans is also
monthly. Prior to any other operating expenses, the cash generated
from fees collection is utilized in servicing of its debt liability
which results in timely servicing of its debts. Furthermore, the
average utilization of its working capital limit remained between
60-70% during past 12 months ended August 2019. Cash and bank
balance stood at INR0.41 crore as on March 31, 2019. Further, the
society has envisaged GCA level of INR0.87 crore in FY20 as against
debt repayment of INR0.52 crore for
FY20.

SJEWS were formed as a society in 1988, under the Rajasthan Society
Registration Act, 1958. The society was established with a view to
establish and operate school. Currently, SJEWS is operating a
school in the name of Shree Jee Public Sr. Sec. School (SJPS) which
is affiliated with Rajasthan Board of Secondary Education (RBSE) to
provide full time education in English and Hindi Medium up to
Senior Secondary level in Commerce and Science Stream and located
at Nathdwara, Rajsamand. SJPS offers classes Nursery to 12th in
English Medium along with 11th and 12th in Hindi Medium also for
Academic Year 2019-20. From AY18, the society started its own
conveyance facility with fleet of 23 buses.

SHREE KRISHNA: CARE Reaffirms D Rating on INR3.61cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Krishna Educational and Charitable Society (SKE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          3.61        CARE D Reaffirmed

   Short term Bank
   Facilities          1.85        CARE D Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SKE continues to be
constrained by its tight liquidity position. The ratings are
further constrained by its small and declining scale of operations,
limited reach and presence in highly competitive and regulated
nature of industry. However, the rating takes account of
experienced trustees, moderate solvency position and comfortable
profitability margins.

Going forward, the ability of the society to increase its scale of
operations while maintaining its profitability margins and solvency
position would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Tight Liquidity position
There were recent delays in repayment of term loan obligation.
Also, there were instances of over utilization of overdraft limit
for more than 30 days. The delays are on account of weak liquidity
position as the society is unable to generate sufficient funds on
timely manner leading to cash flow mismatches.

Small and declining scale of operations
The TOI of the society decreased from INR5.41 crore in FY17 to
INR4.86 crore in FY18 owing to decline in number of students
enrolled due to stiff competition from other educational institutes
operating in the region. Furthermore, the society reported TOI of
INR3.90 crore in FY19 (Provisional). The small scale limits the
financial flexibility of the society in times of stress and
deprives it of scale benefits. Further, the society reported TOI of
INR3.90 crore till September 24, 2019 (Prov.)

Increasing competition and limited reach of the society
Both the institutes of the SKE are in Barnala, i.e., single
location of Punjab which limits the penetration level for the trust
to tap opportunities. Further, due to increasing focus on technical
education in India, a number of colleges have been opened up in the
close proximity. This exposes the revenue of SKE to competition
from other colleges.

High Regulation in educational sector in India
The educational institutes are regulated by respective state
governments with respect to the number of management seats, amount
of the tuition fees charged for the government quota and management
quota. The factors have a significant impact on the revenue and
profitability of the institutions. However, the state and central
government have provided thrust to demand for engineering colleges
by introducing policy changes like abolition of entrance exams for
admission in professional course. However, the education industry
remains highly regulated industry with constant intervention from
the central state government and other regulatory bodies.

Key Rating Strengths

Experienced trustees with competent teaching staff
The trust is managed by Mr. R.K. Gupta, Mr. Vicky Singhal and Mr.
Inderpal Goyal as Chairman, General Secretary and Joint Secretary
respectively. The members have work experiences of more than 2
decades in education industry which they have gained through SKE
and other institutes. Further, SKE has employed a highly
experienced and qualified teaching staff to support the academic
requirements of the trust. Apart from the key faculty members, SKE
has employed a competent administrative staff to run day to day
operations.

Moderate solvency position and comfortable profitability margins
The capital structure of the society stood moderate marked by
overall gearing ratio of 1.53x as on March 31, 2018. The same
improved from 1.89x as on March 31, 2017 due to partial repayment
of term loans in FY18. Further, the overall gearing ratio stood at
1.37x as on March 31, 2019 (Prov.). Further, the debt coverage
indicators stood moderate marked by interest coverage ratio of
2.29x in FY18 (PY: 2.04x in FY17) and total debt to GCA ratio of
6.17x for FY18 (PY: 7.61x for FY17). The interest coverage ratio
and total debt to GCA ratio stood at 1.98x and 9.06x respectively
as on March 31, 2019 (Prov.). The profitability margins of the
society stood comfortable marked by SBID margin and Surplus margin
of 48.55% and 6.79% respectively in FY18. (PY: 43.51% and 2.63%
respectively in FY17). The SBID margin and Surplus margin stood at
42.05% and 2.31% respectively in FY19 (Prov.).

Shree Krishna Educational and Charitable Society (SKE) got
registered under the Society Registration Act – 1860 in 2008 and
is currently being managed by Mr. R.K. Gupta, Mr. Vicky Singhal and
Mr. Inderpal Goyal. The society was formed with an objective to
provide higher education in the field of engineering, computer
science, management, agriculture etc. The society has established
two separate colleges, namely, Aryabhatta Engineering College and
Aryabhatta Group of Colleges. Both the colleges of SKE are in
Barnala, Punjab. SKE offers graduate and post graduate courses like
B.A., B.Com, B.C.A., B.B.A., B.Sc. (Non-Medical), B.Sc.
(Agriculture), B.Tech (Computer Science and Engineering, Mechanical
Engineering, Electronics and Communications and Electricals),
M.B.A., M.Com, M.Sc. (Mathematics), M.A. (English), M.A.
(Economics), M.Sc. (IT), PGDCA (+1 & +2). The different courses
offered are duly approved by AICTE (All India Council of Technical
Education) and UGC (University Grants Commission). SKE is also
affiliated to Maharaja Ranjit Singh Punjab Technical University,
Bathinda (MRSPTU).

SHREE VISHNU: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shree Vishnu Power & Energy Private Limited

        Registered office:
        24, Lakholi Road
        Rajnandgaon 491441

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020
                               (180 days from commencement)

Insolvency professional: Shikhar Chand Jain

Interim Resolution
Professional:            Shikhar Chand Jain
                         C/o ADB & Company
                         First Floor, Mahavir Gaushala Complex
                         K.K. Road, Moudhapara
                         Raipur (C.G.) 492001
                         E-mail: kaijain92@gmail.com
                                 irp.vishnu@gmail.com

Last date for
submission of claims:    October 11, 2019


SHRI RAM: CARE Hikes Rating on INR6.44CR LT Loan to 'B'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Ram Cold Storage and Chilling Plants (SRCSCP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.44       CARE B; Stable Revised from
   Facilities                      CARE D; Issuer not Cooperating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of SRC
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE D; ISSUER NOT
COOPERATING'. However, the firm has now submitted the requisite
information to CARE. CARE has carried out a full review of the
ratings and the ratings stand at 'CARE B; Stable'.

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SRCSCP have been
revised on account of no delays and defaults in the ongoing debt
obligations and no overutilization of working capital limits for
the period of 3 months ending August 31, 2019. The ratings, also,
continue to drive comfort from moderate profitability margins and
moderate operating cycle, experienced partners in Agro Business and
support of their experience in cold storage industry and Integrated
operations with technology enabled CA storage.

The ratings continue to remain constrained by small though growing
scale of operations, Leveraged Capital Structure, Weak Coverage
Indicators & liquidity position, Dependence on vagaries of nature
and seasonality of business and Fragmented nature of the industry.

Going forward ability to increase the scale of operations with
improvement in coverage indicators and maintaining capital
structure and liquidity position will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Regularization of Account: Due to the improvement in liquidity
position, the firm has regularized its debt repayment during Q4FY19
and during the last 6 months ending Aug'19, the debt repayment is
satisfactory.

Experienced Partners in Agro Business and support of their
experience in cold storage industry: SRC's operations are currently
being managed by Mr. Pramod Kumar, Mr. Udai Veer Singh and Mr.
Virendra Kumar. All the partners have been associated with in the
trading of agro products in the vicinity of Karawli, Agra for more
than a decade. They have been associates with the farmers for
betterment of crop health, crop management and use of chemical for
farming.

The partners have ventured into cold storage industry due to the
increasing demand for storage facilities and favorable government
policies to support the same. However, the management is supported
by an experienced team having an experience of more than a decade
in operating a cold storage facility.

Integrated operations with technology enabled CA storage
The firm would use a controlled atmosphere (CA) technology at its
facility for increasing the shelf life of potatoes for a longer
period, which will help to maintain the quality and avoidance of
wastage of potatoes. The CA storage is a highly technology driven
cold storage which freezes the products in Ultra Low Oxygen
environment for a period of 6 months to 2 years during which the
vegetables do not age and wither giving an advantage over its
competitors. The automated and technology driven system ensures the
potatoes are of high quality standards and help the firm in
commanding higher margins for their product.

Moderate profitability margins
The profitability margins as marked by PBILDT which stood moderate
at 65.36 % in FY19(Audited) as against 11.13% in FY18(Audited) on
account of increase in operating income as operations starts in
FY19 and fixed expenses. The PAT margins also stood moderate at
1.52 % in FY19(Audited) as against -99.41% in FY18(Audited).

Moderate operating cycle
The operating cycle of the company stood moderate as marked by
negative days for FY19(Audited) on account of Average creditors
days. The company receives credit from its suppliers of around 2
months resultant into average creditors' period of 54days for FY19.
There is no inventory as potatoes is a perishable food product and
No average collection Period.

Key Rating Weaknesses

Small though growing scale of operations
SRC's scale of operations remained small as marked by total
operating income and gross cash accruals of INR2.03 crores and
INR0.72 crores respectively in FY19(Audited) as compare to INR0.20
crore and negative GCA, respectively, for FY18 (refers to the
period April 1 to March 31). The small scale of operations limits
the company's financial flexibility in times of stress and deprives
it of scale benefits.  Though, the risk is partially mitigated by
the fact that the scale of operations has been growing on y-o-y
basis in last financial years (FY18-FY19) on account of rent
received in FY19 from the storage facility as Operations starts in
FY19 itself. Further the company has achieved total operating
income of INR0.40 crore in 5MFY20 (period refers to April 1 to
August 31; based on provisional results) and expected to achieve
the Total operating income of INR1.80 crores (Rental Income)
Leveraged Capital Structure and Weak Coverage Indicators.

As on March 31, 2019, the capital structure of the company
comprised of Rupee Term loan of INR4.11 crores, unsecured loan of
INR0.40 crore and working capital borrowings of INR1.99 crores as
against low net-worth base of INR2.49 crores. The capital structure
of the SRC stood leveraged marked by debt equity ratio and overall
gearing ratio of 1.65x and 2.61x respectively as on March 31,
2019.This was on account of high dependence on external debt
borrowings in contrast to low net worth of the company.

Owing to weak debt levels, the coverage indicators as characterized
by interest coverage ratio and total debt to GCA remained weak at
2.19x and 9.01x respectively in FY 19.

Weak Liquidity Position

The current ratio is appearing to be weak of 1.33x in FY19(Audited)
from 1.36x in FY18(A). The quick ratio is also appearing to be weak
as 1.33x in FY19(A) as compare to 1.36x in FY18(A). The company has
free cash and bank balances amounting INR0.04 crore as on 31st
March, 2019. The average working capital borrowings of the company
is being 100 % utilized during the past 12 months ending August 31,
2019. Dependence on vagaries of nature and seasonality of business
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. Potato is mainly a winter
season crop and the production highly depends on vagaries of
nature. Lower output of potato will have an adverse impact on the
rental collections as the cold storage units collects rent on the
basis of quantity stored.

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

Kirawali (Agra) based Shri Ram Cold Storage and Chilling Plants
(SRC) is a partnership firm and was established in May 08, 2017,
the commercial operation of the firm has started from April, 2018.
It is currently being managed by the partners Mr. Pramod Kumar, Mr.
Udai Veer Singh and Mr. Virendra Kumar sharing profit and losses
equally. The firm is established with an aim to construct a cold
storage of potatoes in its newly set up cold storage unit. The
storage capacity of the unit 9162.40 Tonnes as on August 31,
2019.The firm would store the potatoes given from the farmers in
its storage facility located in Agra and would charge a fixed cost
of INR90-110 plus variable costs depending on tenure of storage,
etc.

SHRINET AND SHANDILYA: CARE Cuts Rating on INR3cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shrinet and Shandilya Construction Private Limited (SSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B; on the basis of
                                   best available information

   Short-term Bank     32.00       CARE B-;Stable/CARE A4;
   Facilities                      ISSUER NOT COOPERATING;
                                   Revised from CARE B; Stable/
                                   CARE A4; ISSUER NOT COOPERATING

                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019, placed the
ratings of SSPL under the 'issuer non-cooperating' category as SSPL
had failed to provide information for monitoring of the rating.
SSPL continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
September 25, 2019 and September 24, 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 rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Shape Engineering Co. Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information non-availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers
At the time of last rating on January 8, 2019 the following were
the rating weakness and strengths (Updated for the information
available from the Registrar of companies):

Key Rating Weaknesses

Small and fluctuating scale of operations
The company is a small regional player involved in executing civil
construction contracts. The ability of the company to scale up to
larger-sized contracts having better operating margins is
constrained by its total operating income and GCA of INR10.56 crore
and INR0.64 crore respectively in FY18 as against INR10.90 crore
and INR0.69 crore respectively in FY17 (FY refers to the period
April 1 to March 31).; based on provisional results). The small
scale of operations in a fragmented industry limits the pricing
power and benefits of economies of scale. Furthermore, company's
total operating income has been fluctuating over the past three
years (FY16-FY18) due to tender-driven nature of business.

Working capital intensive nature of operations
The operating cycle of the company has stood at 373 days in FY18.
The company maintains inventory in form raw material at different
sites for the smooth execution of orders. Further, the company
raises bills to its customers who take 3-4 months to realize owing
delay is clearance from government department. The company receives
an average payable period of around two months from its suppliers.

Highly competitive industry with presence of several organized and
unorganized players: SSPL faces direct competition from various
organized and unorganized players in the market. There are a number
of small and regional players in the industry which limits the
bargaining power of the company and in turn exerts pressure on its
margins. Hence, going forward, due to increasing level of
competition and aggressive bidding, the profits margins are likely
to be under pressure in the medium term.

Business risk associated with tender-based orders: The company
majorly undertakes government projects, which are awarded through
the tender-based system. The company is exposed to the risk
associated with the tender-based business, which is characterized
by intense competition. The growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder. Further, any changes in the government policy or
government spending on projects are likely to affect the revenues
of the company.

Key Rating Strengths

Experienced management
Mr. Sanjay Partap Singh has more than two decades of experience in
civil construction (Road and Building) work through his association
with SSPL. He handles the overall operations of the company. He is
supported Mr. Vishnu Saran Singh, who has 19 years of experience in
civil construction through his association with SSPL. Prior to SSPL
he used to work as an independent government contractor.

Moderate profitability margins and capital structure
The profitability margins of the company stood moderate during last
three financial years (FY16-FY18). PBILDT margin improved and stood
at 15.26% in FY18 as against 14.16% in FY17. PAT margin however,
declined and stood at 1.67% in FY18 as against 2.14% in FY17 on
account of higher interest cost. Capital structure stood moderate
as on last three balance sheet dates. Capital structure as marked
by overall gearing ratio stood at 0.94x as on March 31, 2018 as
against 1.09x as on March 31, 2017.

Moderate liquidity indicators: The liquidity indicators stood
moderate as marked by current and quick ratios of 2.52x and 2.20x
respectively as on March 31, 2018 as against 2.20x and 1.94x
respectively as on March 31, 2017.

Shrinet and Shandilya Construction Private Limited (SSPL) was
incorporated in July 10, 1998 by Mr Sanjay Partap Singh. The
company is engaged in construction of roads and development work
like construction of drains and culvert. SSPL executes contracts
mainly for government departments like New Okhla Industrial
Development Authority (NOIDA), Office of Executive
Engineer-Irrigation Division, Road Division and Superintending
Engineer-Rural Engineering Department. The main raw material for
the company includes bitumen, crushed stone, dust sand, cement and
tar which the company procures mainly from local dealers where
project is located. The company procures bitumen from Indian Oil
Corporation.

SRITHIK ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Srithik Ispat Private Limited
        Plot No. 3 Sanguem Industrial Estate
        Sanguem Goa GA 403704
        India

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020

Insolvency professional: Mr. Raj Kumar Dad

Interim Resolution
Professional:            Mr. Raj Kumar Dad
                         302 L Wing, Shree Sankeshwar
                         Nagar Society, SV Road Ashok
                         Van Dahisar East, Mumbai City
                         Maharashtra 400068
                         E-mail: rajkdad@gmail.com

                            - and -

                         B-202, Sharaton Classic
                         Dr. Charatsingh Colony
                         Andheri East, Mumbai
                         Maharashtra 400069
                         E-mail: cirpsrithik@gmail.com

Last date for
submission of claims:    October 16, 2019


STARCONN MOBILITY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Starconn Mobility Private Limited

        Registered office:
        PL No. 37/B Rajvilas Socy
        Koregaon Park Pune 411001
        Maharashtra

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020

Insolvency professional: Ashish Vyas

Interim Resolution
Professional:            Ashish Vyas
                         B-1A Viceroy Court CHS
                         Thakur Village
                         Kandivali East
                         Mumbai 400101
                         E-mail: ashishvyas2006@gmail.com

                            - and -

                         103 Arch Gold Apt.
                         Next to MTNL Exchange
                         S.V. Road, Poinsar
                         Kandivali (West)
                         Mumbai 400067
                         E-mail: irpsmpl@gmail.com

Last date for
submission of claims:    October 10, 2019


SUPREME COATED: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Supreme Coated Board Mills Private Limtied
        Plot No. 30 Ground Floor RCC Building
        New Star City
        Payasambakkam Chennai TN 600052

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020

Insolvency professional: Rajalakshmi Vardarajan

Interim Resolution
Professional:            Rajalakshmi Vardarajan
                         351-18, 2nd Floor, Ishwarya Flats
                         36th Street, I Block
                         Anna Nagar, Chennai 600040
                         E-mail: cma.rajalakshmi@gmail.com
                                 cirp.supreme@gmail.com

Last date for
submission of claims:    October 14, 2019


SUPREME INFRASTRUCTURE: Insolvency Resolution Case Summary
----------------------------------------------------------
Debtor: Supreme Infrastructure India Limited
        Supreme House, Pratap Gadh
        Plot no. 94/C
        Opp: IIT Powai
        Mumbai MH 400076
        IN

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Jain

Interim Resolution
Professional:            Mr. Prashant Jain
                         A501, Shanti Heights
                         Plot No. 2, 3, 9b/10
                         Sector 11, Koparkharine
                         Thane, Navi Mumbai
                         Maharashtra 400709
                         E-mail: ipprashantjain@gmail.com
                                 supremeinfra@aaainsolvency.com

                            - and -

                         AAA Insolvency Professionals LLP
                         A301, BSEL Tech Park
                         Sector 30A
                         Opp. Vashi Railway Station
                         400705

Last date for
submission of claims:    October 15, 2019

TAJSHREE AUTOWHEELS: CARE Cuts Rating on INR8.75cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tajshree Autowheels Private Limited (TAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.75       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; on the basis of
                                   best available information

Detailed description of the key rating drivers

CARE had, vide its press release dated April 4, 2018, placed the
rating of TAPL under the 'issuer non-cooperating' category as TAPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TAPL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated August 20, 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 rating assigned to the bank facilities of TAPL
takes into account deterioration in the financial risk profile of
the company characterized by decline in operating profit margin,
capital structure and debt coverage indicators of the company in
FY18 (refers to a period from April 1 to March 31). Further, the
revision was on account of no due-diligence conducted with banker
and non-availability of information due to non-cooperation by TAPL
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 April 4, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from registrar of companies).

Key Rating Weaknesses

Low and fluctuating profitability and leveraged capital structure:
Owing to automobile dealership nature of operations, profitability
levels have declined further and continues to remain thin in FY18.
The same resulted in slower accretion towards networth leading to
high dependence on external borrowings to support the operation
subsequently resulting in leveraged capital structure.

Moderate liquidity position with working capital intensive nature
of operations: The operations of the entity continues to remain
working capital intensive in nature with high amount of funds
blocked in inventory and debtors along with less credit period
received from its supplier.

Presence in competitive and fragmented industry: TAPL operates in
an industry characterized by high competition due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector. Thus, the entities
present in the segment generally have a very low bargaining power
vis-à-vis their customers.

Key Rating Strengths

Experienced promoters: The directors are qualified graduates having
average total experience of more than 10 years in the two wheeler
and four wheeler automobile dealership segment reflecting their
adequate ability to steer the operations of the company. The
day-to-day operations of TAPL are handled by directors who are
assisted by a team of qualified and experienced professionals.

Association with Honda Motorcycle and Scooter India and integrated
operations: HMSI has wide and established distribution network for
sales and service across India. The revenue of TAPL is directly
linked with the performance of HMSI and it benefits from latter's
strong position in the two-wheeler segment.

TAPL was incorporated in the year 2006. The company is an
authorized dealer for the two wheelers of HMSI in Nagpur.

TRIVANDRUM SPINNING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Trivandrum Spinning Mills Limited

        Registered office:
        Vizhinjam Road, Balaramapuram
        Trivandrum, Kerala 695501

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Mr. George Varkey

Interim Resolution
Professional:            Mr. George Varkey
                         Building No. 110, Ground Floor
                         Surabhi Nagar, Kakkanad
                         Kochi, Kerala 682030
                         E-mail: geovaktm@gmail.com

Last date for
submission of claims:    October 9, 2019


VASAVI SOLAR: CARE Reaffirms 'D' Rating on INR17.87cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vasavi Solar Power Private Limited (VSPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities
   (Term Loan-I)       17.87       CARE D Reaffirmed

   Long term Bank
   Facilities
   (Term Loan-II)      10.94       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
VSPPL continue to take into account the instances of delay in
servicing of debt obligations by the company. Going forward, the
ability of the company to service the debt obligations in a timely
manner shall remain key rating sensitivity.

Key Rating Weaknesses

Instances of delay in servicing of debt obligations
As communicated by the company and confirmed with VSPPL lenders,
there have been few instances of delay in debt servicing over the
past one year with the last delay in May 2019 and June 2019. The
delays were largely on account of stretched liquidity position of
the company and delay in the transfer of funds from the TRA
account.

Below average financial risk profile
The company has a below average financial risk profile
characterized by leveraged capital structure and low debt coverage
indicators. The leveraged capital structure is largely due to high
debt and low net worth which is largely due to accumulated losses.
Further, the company has been continuously reporting net losses
since incorporation amounting to INR4.26 crore during FY19 (PY:
INR1.55 crore) on accounts of higher interest and depreciation
costs of the company. The overall gearing of the company
deteriorated and remained high 15.97x during FY19 (PY: 6.74x) owing
to lower tangible net worth due to continued losses. The interest
coverage ratio stood at 1.21x in FY19 as against 1.56x in FY18 on
accounts of lower operating profit.

Subdued operational performance during FY19
The 5 MW grid connected solar photovoltaic (SPV) power plant
constructed by VSPPL at Askandra Village, Jaisalmer district,
Rajasthan was commissioned on January 09, 2012. The operational
performance remained subdued with CUF (Capacity utilization factor)
of 12.65% during FY19 (PY: 18.33%) on accounts of fire accident in
one of the inverter of 1 MW converting to 20% of the installed
capacity for a period of 11 months during FY19.

Climatic conditions and technological risks
The operations of the company are exposed to climatic conditions as
well as technological risks pertaining to adequate availability of
sunlight and any redundancy associated with the operational
efficiency of PV modules. Accordingly, the achievement of desired
CUF is subject to changes in climatic conditions, amount of
degradation of modules as well as other technological risks.

Key Rating Strengths

Long term power off take arrangement
VSPPL has signed a Power Purchase Agreement (PPA) with NTPC Vidyut
Vyapar Nigam Limited (NVVNL) to supply power generated from the 5
MW solar projects for a period of 25 years from COD which was on
January 09, 2012. According to the PPA, the power is to be sold at
a fixed tariff rate of INR11.65 per KWH. In the event that the
payments are delayed beyond the due date, NVVNL would be liable to
pay late payment surcharge for the delayed amount at 1.25% per
month for the actual period of delay.

Firm operations and maintenance (O&M) contract
VSSPL entered into a contract with Lanco Solar Services Private
Limited (LSSPL) for O&M contract on January 8, 2017 for a period of
five years. As per the O&M, LSSPL will aid VSPPL in scheduled and
unscheduled maintenance, civil maintenance, security and supply of
spared and consumables for operations.

Liquidity: Stretched
The liquidity of the company is marked by tightly marked cash
accruals to repayment obligations, no working capital limits and
low cash and bank balance. During FY19, the GCA generated was
insufficient to pay the debt obligations due to subdued operational
performance. The company has cash and bank balance of INR0.75 crore
as on August 31, 2019.

VSPPL, a 51:49 joint venture between Vasavi Power Services Private
Limited (VPSPL) and Lanco Solar Energy Private Limited. (LSEPL),
was incorporated on June, 29, 2010. LSEPL, a Lanco group company,
was established in June 2009 and is engaged in providing design &
engineering, procurement of equipment and complete construction of
solar power projects. The company has executed turnkey EPC
contracts for ~250 MW solar power projects located majorly in
Rajasthan, Gujarat and Maharashtra.

VSPPL is a 5 MW solar energy project located at Askandra Village,
Jaisalmer district, Rajasthan. The project was funded in debt
equity ratio of 67:33. The project achieved Commercial Operations
Date (COD) on January 09, 2012. The company has signed a long term
PPA with NVVNL for 25 years at a fixed tariff rate of INR11.65/kwh
in January 2011.

VRAJ & VAJ: CARE Reaffirms B+ Rating on INR6.0cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vraj & Vaj Construction (Vraj), as:

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

   Short-term Bank
   Facilities           2.50       CARE A4 Reaffirmed

Detailed rationale

The rating assigned to the bank facilities of Vraj continue to
remain constrained on account of its small scale of operations
coupled with low profitability, leveraged capital structure and
weak debt coverage indicators with stretched liquidity with
elongated operating cycle in FY19 (Provisional; refers to the
period from April 1, 2018 to March 31, 2019). Furthermore, the
rating is also constrained on account of its constitution as a
partnership firm, tender driven nature of operations coupled with
its presence in a highly competitive construction industry.

The ratings derive comfort from the experienced partners,
established track record of operations and moderate order book.

The ability of Vraj to tap more projects, increase its scale of
operations with improvement in profit margins, solvency position,
debt protection metrics along with efficient working capital
management will be the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability
Vraj is engaged in construction and maintenance work for Military
Engineering Services (MES) mainly in Gujarat. During FY19 (Prov.),
the scale of operations marked by the total operating income (TOI)
registered de-growth of 58.93% compared to FY18 (A) and remained
small at INR6.86 crore as against INR16.71 crore during FY18 due to
late realization of bills from its cliental.

Further, as a consequence of decrease in scale of operation the
profitability in absolute terms also decreased over previous year
and remained low marked by PBILDT and PAT of INR1.81 crore and
INR0.30 crore respectively in FY19 (Prov) against PBILDT and PAT of
INR1.93 crore and INR0.35 crore respectively in FY18.

Leveraged capital structure, weak debt coverage indicators and
elongated operating cycle
Due to improvement in tangible net worth on account of, capital
structure of the firm improved but remained leveraged marked by
overall gearing ratio which stood at 3.50x as on March 31, 2019
(Prov.) as against 4.30x as on March 31, 2018. Further, as a result
of high debt level pertaining to higher utilisation of working
capital borrowing as on balancesheet date along with low
profitability level, the debt coverage indicators remained weak
marked by total debt to GCA ratio stood at 16.04x during as on
March 31, 2019 (Prov) as against 13.21x during as on March 31,
2018. Furthermore, the Interest coverage ratio also remained modest
at 1.56x during FY19 (Prov.) as against 1.64x during FY18.
Further, operating cycle of Vraj has remained elongated at 461 days
in FY19 as against 160 days during FY18 owing to increase in
inventory period as a result of high inventory held by Vraj for
smooth completion of order on hand coupled with elongated
collection period due to delay in payment realization from its
cliental.

Constitution as a partnership firm
Being a partnership firm, Vraj is exposed to the inherent risk of
partners' capital being withdrawn at the time of personal
contingency, and the firm being dissolved upon the
death/retirement/insolvency of key partner.

Tender driven nature of operations coupled with its presence in a
highly competitive industry
Vraj participates in the tenders passed by the ministry of shipping
and military engineering services for civil construction work
mainly pertaining to construction and maintenance work. Hence, the
entire business prospects are dependent on the government tenders.
Further, the construction industry is highly fragmented in nature
with presence of large number of unorganized players and a few
large organized players.

Key Rating Strengths

Experienced promoters along with established track record of
operation
The partners possess more than four decades of experience in the
construction industry. Vraj is operating in the construction
industry since 1985 which reflects its established track record of
operations in the industry.

Moderate order book position
Vraj has order book of INR46.35 crore (6.76 times of TOI reported
in FY19(Prov)) on hand as on September 20, 2019, which is expected
to be completed by March 2021; which reflects medium term revenue
visibility of Vraj.

Liquidity analysis

Stretched liquidity
Liquidity remained stretched marked by high average utilization of
working capital borrowing at 90% for past twelve months ended
August 2019. Further, as on March 31, 2019, cash and bank balance
was low at INR0.42 crore. Cash flow from operating activities
declined and remained low at INR0.51 crore during FY19 (Prov.)
against INR1.24 crore in FY18 due to blockage of funds in
inventory. GCA level was at INR0.67 crore during FY19 (Prov.) as
against INR0.77 crore during FY18. However, there is no term debt
repayment.

Vraj & Vaj Construction (Vraj) was established in 1985 by Mr.
Virendra S. Patel, Mr.Gajendra R. Patel, Mr. Gandalal H. Lakhani
and Mr. Shambhulal K. Patel as partnership firm. After the demise
of Mr. Shambhulal K. Patel his son Mr. Alpesh S. Patel was
introduced as partner in the firm in 1998.

Vraj is engaged in construction and maintenance work mainly in
Gujarat for Military Engineering Services (MES), which is the
largest Government construction agency in India that provides works
cover to Defence Forces for more than a decade now. The firm is an
approved special class contractors and registered as 'S'
(Specialist) class contractor with MES and secures all its
contracts through open tendering process.

YCD INDUSTRIES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated YCD Industries
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 the rating. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR280 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISUER NOT COOPERATING) rating;

-- INR80 mil. Non-fund based limit migrated to non-cooperating
     category with IND A4+ (ISUER NOT COOPERATING) rating; and

-- INR18 mil. Term loan due on October 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

YCD, a manufacturer of cotton and polyester yarn, is promoted by
Dhruv Satia and is a part of Satia group.



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

1ABOVE: Jetlag Drink Company Goes Into Liquidation
--------------------------------------------------
Radio New Zealand reports that the flight drink company 1Above,
partly owned by the high profile, venture capital fund Movac and
businessman Gareth Morgan, is in liquidation owing almost NZ$10
million.

1Above sold drinks and tablets to help people recover from jetlag
and hangovers.

The company ceased trading last week and liquidators from
McGrathNicoll were appointed to wind it up, the report says.

"Following an unsuccessful process by the company to sell its
business, the liquidators were approached by the company's legal
advisors," the liquidator's first report said, RNZ relays.

According to RNZ, the company accounts showed it owed NZ$9.75
million to creditors and employees, including Inland Revenue,
Auckland International Airport, the Bank of New Zealand and
supermarket company Foodstuffs.

It had just NZ$1.73 million of assets available to pay them back,
resulting in an NZ$8 million deficit, RNZ notes.

1Above's parent company was majority owned by director Toby King,
while Movac had a 30 per cent stake and Gareth Morgan owned a minor
stake through his investment firm, RNZ discloses citing Companies
Office records.

RNZ has contacted 1Above's directors, Toby King and Mark Vivian of
Movac, for comment but they are yet to respond.

EDEN LIMITED: Goes Into Receivership
------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that construction company
Eden Limited has gone into receivership.

Eden Limited had worked on projects including Ryman Healthcare's
Logan Campbell retirement village and Newmarket's 10-storey
Nuffield St apartments in Auckland.

It is unclear how many active projects the company was working on
at the time of being put in receivership, the report notes.

According to Stuff, receivers Tony Maginness and Jared Booth of
Baker Tilly Staples Rodway were appointed on October 3. The
receivers refused to comment on the receivership.

Stuff, citing Companies Office records, discloses that Eden Limited
was incorporated in 2015 and its directors were Samuel Owens and
Michael Money.  The company is owned by construction firm Firma
Group, of which Messrs. Owens and Money are the directors.

Eden Construction also worked on installing the articifical turf at
Ryman Healthcare's Logan Campbell retirement village in Auckland,
Stuff says.

Eden had 150 staff, Stuff discloses.

NOVA BARCLAYS: Welnix Left Out of Pocket by Sponsorship Deal
------------------------------------------------------------
Gareth Vaughan at Interest.co.nz reports that the Wellington
Phoenix football club has given up on getting tens of thousands of
dollars it's owed by former sponsor Fullerton Markets.

Interest.co.nz relates that as petitioning creditor Phoenix owner
Welnix had a company named Nova Barclays Idea Ltd put into
liquidation. Nova Barclays Idea's sole director and shareholder is
Chanthrueen Sarigabani. Malaysian national Sarigabani was Fullerton
Markets' man on the ground in Wellington until being forced to
leave the country by Immigration New Zealand in late 2017.

According to Interest.co.nz, Fullerton Markets' sponsorship deal
with the Phoenix covered the 2016/17 and 2017/18 A-League seasons,
with Fullerton owning the home team technical area, scoreboard
sponsorship and purchasing some match day sponsorships.

Interest.co.nz says BDO's Iain Shepherd and Jessica Kellow were
appointed liquidators of Nova Barclays Idea.  The report relates
that Mr. Shepherd and Ms. Kellow said Nova Barclays entered
contracts on their client's behalf for sponsorship agreements with
professional sporting organisations.

"Prominent sponsorship rights were secured, however payment was
never made to the relevant clubs. The liquidators have learnt that
the Director [Sarigabani] subsequently misappropriated significant
sums of money from associated entities and, having left the
country, has been refused entry back into New Zealand," the report
quotes Mr. Shepherd and Ms. Kellow as saying.

Interest.co.nz relates that Wellington Phoenix general manager
David Dome said the club pursued the money it's owed through the
liquidators and has been told there are no further assets available
through which to recoup it.  Mr. Dome said some payment was
received from Nova Barlcays/Fullerton for the sponsorship. However
with the new A-League season starting and other projects on the go,
Dome says the Nova Barclays/Fullerton issue "is over for us and
[we] see no benefit from pursuing [it] any further or wasting any
more time on it."

Interest.co.nz wrote several articles between 2016 and 2018 about
Fullerton, an unlicensed foreign exchange, or forex, and
derivatives trader that was registered on NZ's Financial Service
Providers' Register. Aside from the Phoenix, Fullerton was also a
sponsor of the Hurricanes rugby team, the Wellington Gold Awards
and the Wellys, or Wellingtonian of the Year Awards.

Interest.co.nz's articles detailed how Fullerton enticed
then-Finance Minister Bill English to its June 2016 launch party,
how Sarigabani was forced to leave NZ, how Fullerton received a
formal anti-money laundering warning from the Financial Markets
Authority, and that its trustee Kiwi Global Trust Ltd complained to
the Police over NZ$3 million to NZ$4 million from its ANZ bank
account being moved overseas. Although Fullerton--whose CEO Mario
Singh hails from Singapore--announced last year that it was
swapping NZ for Saint Vincent and the Grenadines, there's still a
registered NZ company named Fullerton Markets Ltd with Singh listed
as sole shareholder.

Interest.co.nz understands both the Police and Serious Fraud Office
have looked into the missing millions, but it appears no further
action is being taken. Fullerton's NZ-based director Gerald Carter
declined to comment.

According to Interest.co.nz, Mr. Shepherd and Ms. Kellow said they
have liaised with many parties including IRD, the Companies Office,
the New Zealand Gazette and the ACC, and completed a review of all
information received. They also received company records.
Meanwhile, Mr. Shepherd and Ms. Kellow listed Welnix, the Accident
Compensation Corporation and Inland Revenue Department as Nova
Barclays' creditors. Interest.co.nz notes that Welnix filed a claim
as an unsecured creditor for NZ$41,975, and recorded costs of
NZ$4,256. There's also an unsecured creditor claim from IRD seeking
$5,102, plus a preferential claim from the taxman for NZ$3,101.

"Where possible the Liquidators have sought confirmation of the
alleged misappropriation against historic bank records. Moreover,
the Liquidators have confirmed that payments intended to meet these
sponsorship costs were paid by the third party clients before the
Director withdrew the funds. The Liquidators have been unable to
communicate with the Director, Mr. Sarigabani, following their
appointment. We understand that he intends to permanently reside
overseas. It is expected that the costs of recovering the overdrawn
current account will be prohibitive on these facts," Mr. Shepherd
and Ms. Kellow, as cited by Interest.co.nz, said.

"The Company ceased trading in 2017. By the time Liquidators were
appointed there were no known assets that could be recovered for
the benefit of creditors. All equipment listed on the balance sheet
appears to have been uplifted. The Liquidators continue to consider
other possible means of recovery. Any future actions will be
subject to an assessment of the benefits of pursuing recoveries and
additional information coming to the Liquidators’ attention."

Mr. Shepherd and Ms. Kellow are also out of pocket for their costs,
with no asset realisations made through the liquidation,
Interest.co.nz adds.



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

ASL MARINE: Independent Auditor Flags Going Concern Doubts
----------------------------------------------------------
Rachel Mui at The Business Times reports that ASL Marine Holdings'
independent auditor has raised a "material uncertainty" about the
group's ability to continue as a going concern, the marine and
investment holding company announced on Oct. 11.

Auditor Ernst & Young (EY) highlighted that for the year ended June
30, 2019, the group incurred loss after tax of about SGD145.9
million, with its current liabilities exceeding its current assets
by SGD20.8 million, BT relates.

As at end June, the group's total borrowings, which included those
of its subsidiaries, amounted to SGD363.1 million, of which SGD46.3
million were classified as current liabilities, while the company's
total borrowings came up to SGD173.3 million, with SGD12 million
classified as current liabilities, the report discloses.

These factors indicate "material uncertainty" which may cast
"significant doubt" on ASL Marine's ability to continue as a going
concern, EY said.

The independent auditor added that the industry in which the group
operates "remains weak in terms of volume and margins", with poor
demand for various classes of vessels in the chartering fleet,
including offshore support vessels, BT relays.

"This gives rise to financial statements risk, such as impairment
of the group's vessels, as well as the determination of the net
realisable value of finished goods, the recoverability of finance
lease receivables, trade receivables and goodwill," EY explained.

According to the independent auditor's report, amounts due from
subsidiaries stood at SGD259.3 million, while investments in
subsidiaries were SGD40.7 million as at June 30. The principal
activities of these subsidiaries include vessel owning, and
intermediate investment holding companies, EY said.

However, the management and directors of ASL Marine believe that
the company can continue as a going concern "for the foreseeable
future", it said.

Among other things, management noted that certain lenders have
agreed to reschedule the group's existing loans, including a loan
facility amounting to a face value of SGD267.8 million as at June
30, with principal lenders granting revolving project financing,
and trade lines of SGD114 million for the subsequent financial
year, according to BT.

In addition, the group had earlier in January this year received
consent from noteholders to extend the tenure of its Series 006 and
Series 007 notes by another five years to 2025 and 2026
respectively, with a reduced coupon at a base rate of 3 per cent
per annum (pa), and a mandatory redemption rate at 1 per cent per
annum, ASL Marine said. Its Series 006 and Series 007 notes have
outstanding nominal value of SGD92 million and SGD46 million
respectively as at Jan 30, 2019.

Lastly, the group expects to generate adequate cash flows from
operations to meet its working capital needs, and to receive
continued financial support from lenders, adds BT.

Headquartered in Singapore, ASL Marine Holdings Ltd. --
http://aslmarine.infinitesparks.com/-- provides marine services
primarily in the Asia Pacific, South Asia, Europe, Australia, and
the Middle East.

ASL MARINE: To be Placed on SGX's Watch List Amid Losses
--------------------------------------------------------
Rachel Mui at The Business Times reports that ASL Marine, in a
filing with the Singapore Exchange (SGX) on Oct. 11, flagged that
it had racked up consecutive pre-tax losses for the three most
recently completed financial years.

As at Oct 8, its latest six-month average daily market cap stood at
SGD30.4 million, which is below the SGD40 million threshold.  Thus,
under the listing rules, the company will be placed on SGX's watch
list under the financial entry criteria, the report says.

Headquartered in Singapore, ASL Marine Holdings Ltd. --
http://aslmarine.infinitesparks.com/-- provides marine services
primarily in the Asia Pacific, South Asia, Europe, Australia, and
the Middle East.

DEBAO PROPERTY: Independent Auditor Issues Disclaimer of Opinion
----------------------------------------------------------------
Marissa Lee at The Business Times reports that Debao Property
Development said on Oct. 14 that its independent auditor has issued
a disclaimer of opinion on the group's financial statements for the
2018 financial year.

BT relates that the independent auditor, Nexia TS Public Accounting
Corporation, gave a number of reasons why it had difficulties
auditing Debao.

It said it could not find confirmations in respect of bank and loan
balances amounting to CNY4.1 million (SGD794,000), the report
relays.

As well, the default risk for a certain other receivables amounting
to RM43.5 million (SGD14.2 million) has "increased significantly
since initial recognition", Nexia opined, but Debao's management
has determined that there was no increase in credit risk and has
assessed the amount to be recoverable, according to BT.

At the end of 2018, Debao also included land costs pertaining to
Elite Starhill of MYR173 million in the development properties of
the group, brought forward from the previous financial year. But
Nexia was unable to verify appropriate source documents or perform
any other alternative audit procedures to satisfy itself that the
carrying amount of the land costs is fairly stated, it said, adds
BT.

In April 2019, Elite Starhill was issued a warning letter by the
local authorities stating that they did not comply with certain
construction regulations. Since the date of the warning letter, the
construction of the development property has come to a halt, Nexia,
as cited by BT, said.

Among other things, Nexia also noted that Debao's preceding auditor
had also issued a disclaimer of opinion in November 2018 after
Debao's chief executive was found by a Chinese Court to be guilty
of an act of bribery, though these developments were not disclosed
to the preceding auditor despite specific enquiries with management
on the status of the investigation during the course of the audit,
BT relays.

BT relates that Debao is also loss-making and "highly dependent on
borrowings", Nexia said, having obtained loans from individuals and
other non-financial institutions to support its operating cash flow
requirements with annual interest rates ranging from 18 to 38 per
cent.

But the board of directors believes the group should still be
considered as a going concern, despite the existence of material
uncertainties, Nexia said, adds BT.

                       About Debao Property

Debao Property Development Ltd. is a Singapore-based investment
holding company. The Company is an integrated property developer of
residential properties and commercial properties from Foshan City,
Guangdong Province, in the People's Republic of China (PRC). The
Company's segments include Property development, Construction
contract, Property investment and Others. Its Property development
segment is engaged in the development of residential, commercial
and other properties. The Company's Construction contract segment
is engaged in building structural projects and interior works for
the Company's jointly controlled operations and third parties. Its
Property investment segment includes leasing of investment
properties. Its Others segment is engaged in the provision of
property management, trading and public utilities. The Company's
subsidiaries include Dynamic Real Estate Holdings Pte. Ltd., Derong
Real Estate Holdings Pte. Ltd. and Infinity Real Estate Holdings
Pte. Ltd.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***