TCRAP_Public/191017.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, October 17, 2019, Vol. 22, No. 208

                           Headlines



A U S T R A L I A

AUSTRALIAN MUTUAL: Second Creditors' Meeting Set for Oct. 24
CATTLETRANS PTY: First Creditors' Meeting Set for Oct. 24
CEC SYSTEMS: First Creditors' Meeting Set for Oct. 25
MANSOUR PAVING: First Creditors' Meeting Set for Oct. 24
MESOBLAST LIMITED: Sells 37.5 Million Ordinary Shares to Investors

PARKWEST FABRICATIONS: Second Creditors' Meeting Set for Oct. 24
PROGRESS REAL: First Creditors' Meeting Set for Oct. 25
SPAWN DEVELOPMENTS: First Creditors' Meeting Set for Oct. 23
SUNSTATE FOODS: Red Rooster Franchisee Goes Into Administration


C H I N A

KAISA GROUP: Fitch Rates Proposed USD Sr. Notes B(EXP)
KAISA GROUP: Moody's Rates Proposed USD Notes Issue B2


I N D I A

A.K. POWER INDUSTRIES: Insolvency Resolution Process Case Summary
ADITYA EXIM: Insolvency Resolution Process Case Summary
ALLIX CERAMIC: CARE Reaffirms B+/A4 Rating on INR5cr Loan
ALOK INDUSTRIES: NCLAT to Hear Minority Shareholders Plea on Oct 25
ARHAM ARTS: CARE Reaffirms B- Rating on INR5.01cr LT Loan

BRACE IRON: CARE Hikes Rating on INR626.11cr Loan from D
BTS KNITSS: CARE Assigns C Rating to INR2.80cr LT Loan
C. GEMS: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
ESSAR STEEL: CoC Argues Fair, Equitable Treatment Judgment
ETCO INDUSTRIES: Insolvency Resolution Process Case Summary

EXOTICA BAR: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
FAB PHARMACEUTICALS: Insolvency Resolution Process Case Summary
FABTECH PROJECTS: Insolvency Resolution Process Case Summary
GMR KAMALANGA: CARE Reaffirms D Rating on INR3,971.01cr Loan
HERODEX POWER: Insolvency Resolution Process Case Summary

HIM VALVES: Insolvency Resolution Process Case Summary
JAIN IRRIGATION: S&P Lowers LT ICR to 'SD' on Overdue Payments
JASMINE BUILDMART: Insolvency Resolution Process Case Summary
KABA INFRATECH: Insolvency Resolution Process Case Summary
LUXMI ENGINEERS: CARE Assigns B+ Rating to INR4.01cr LT Loan

MAITREYI CAPITAL: Insolvency Resolution Process Case Summary
MUNIRAJ ENTERPRISE: CARE Reaffirms B+ Rating on INR6.75cr Loan
N.V. KHAROTE: CARE Reaffirms D Rating on INR7.83cr Loan
NAJMUDDIN TRADING: CARE Assigns B+ Rating to INR9.50cr LT Loan
NEERAJAKSHA IRON: Insolvency Resolution Process Case Summary

NEW SAPNA: CARE Reaffirms D Rating on INR5.68cr LT Loan
PIYUSH COLONISERS: Insolvency Resolution Process Case Summary
POLYCHEM INDUSTRIES: CARE Assigns B Rating to INR10.22cr Loan
RAGHUVEER METAL: Insolvency Resolution Process Case Summary
RAMANI ICE: CARE Lowers Rating on INR94cr LT Loan to D

ROSHNI ENTERPRISES: CARE Assigns B+ Rating to INR20cr LT Loan
RYDER INDIA: Insolvency Resolution Process Case Summary
S.D. RICE: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
SAMRAT WIRES: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
SARASWATI TRADING: CARE Maintains B+ Rating on INR4.5cr Loan

SHREE SHANKAR: Insolvency Resolution Process Case Summary
TARUCHAYA COLONIZERS: Insolvency Resolution Process Case Summary
TRN ENERGY: Ind-Ra Lowers Loan Ratings to 'D'
VIJAYALAKSHMI DRIER: CARE Reaffirms B+ Rating on INR10cr Loan


I N D O N E S I A

ADARO INDONESIA: Moody's Assigns Ba1 CFR, Outlook Stable


M A C A U

NEW COTAI: Exclusivity Period Extended Until Dec. 24


M A L A Y S I A

BARAKAH OFFSHORE: Rescue Deals with Lecca Called Off
HB GLOBAL: Uplifted from PN17 Status


N E W   Z E A L A N D

MAKETU PIES: Te Arawa Buys Bay of Plenty's famed Pie Shop


P H I L I P P I N E S

RURAL BANK OF LARENA: MB Closes Bank; PDIC to Pay All Valid Claims


X X X X X X X X

INTERNATIONAL SEAWAYS: S&P Affirms 'B-' Issuer Credit Rating

                           - - - - -


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AUSTRALIAN MUTUAL: Second Creditors' Meeting Set for Oct. 24
------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Mutual Holdings Pty Ltd has been set for Oct. 24, 2019, at 10:00
a.m. at Governance Institute of Australia Ltd, Level 10, at 5
Hunter 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. 23, 2019, at 5:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Australian Mutual on June 28, 2019.

CATTLETRANS PTY: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cattletrans
Pty. Ltd., trading as Robertson's Transport ATF The GW and YS
Robertson Family Trust, will be held on Oct. 24, 2019, at 12:30
p.m. at The Heritage Room, Quest Toowoomba, at 133 Margaret Street,
in Toowoomba, Queensland.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Cattletrans Pty on Oct. 14, 2019.

CEC SYSTEMS: First Creditors' Meeting Set for Oct. 25
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CEC Systems
Pty. Ltd. will be held on Oct. 25, 2019, at 10:00 a.m. at the
offices of BDO, Level 11, at 1 Margaret Street, in Sydney, NSW.

Duncan Edward Clubb and Andrew Thomas Sallway of BDO were appointed
as administrators of CEC Systems on Oct. 15, 2019.

MANSOUR PAVING: First Creditors' Meeting Set for Oct. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Mansour
Paving (Aust) Pty Ltd will be held on Oct. 24, 2019, at 11:00 a.m.
at the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Mansour Paving on Oct. 14, 2019.

MESOBLAST LIMITED: Sells 37.5 Million Ordinary Shares to Investors
------------------------------------------------------------------
Charlie Harrison, Mesoblast Limited secretary, delivered a notice
to the Australian Securities Exchange disclosing that the Company
issued 37,500,000 fully paid ordinary shares on Oct. 8, 2019 at an
issue price of A$2.00 per Share to sophisticated and professional
investors under the institutional placement announced on Oct. 3,
2019.

Mesoblast advises that:

   1. the Shares were issued without disclosure to investors
      under Part 6D.2 of the Corporations Act;

   2. this notice is being given under section 708A(5)(e) of the
      Corporations Act;

   3. as at the date of this notice, Mesoblast has complied with:

      (a) the provisions of Chapter 2M of the Corporations Act, as
          they apply to Mesoblast; and

      (b) section 674 of the Corporations Act; and

   4. as at Oct. 8, 2019, there is no information that is
      "excluded information" within the meaning of sections
      708A(7) and 708A(8) of the Corporations Act.

                          About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer
of innovative cell-based medicines. The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching. Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).

Mesoblast reported a net loss attributable to owners of the Company
of US$89.79 million for the year ended June 30, 2019, a net loss
attributable to owners of the Company of US$35.29 million for the
year ended June 30, 2018, and a net loss attributable to owners of
the Company of US$76.81 million for the year ended June 30, 2017.
As of June 30, 2019, Mesoblast had US$652.11 million in total
assets, US$171.06 million in total liabilities, and $481.05 million
in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the Company's consolidated financial statements for the year
ended June 30, 2019. The auditors noted that the Company has
suffered recurring losses and net cash outflows from operations and
other matters that raise substantial doubt about its ability to
continue as a going concern.

PARKWEST FABRICATIONS: Second Creditors' Meeting Set for Oct. 24
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Parkwest
Fabrications Pty Ltd (formerly Impresa House Pty Ltd) has been set
for Oct. 24, 2019, at 10:30 a.m. at Room 12, Level 36, Tower 2,
Collins Square, at 727 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 23, 2019, at 4:00 p.m.

John Ross Lindholm of KPMG was appointed as administrator of
Parkwest Fabrications on Aug. 14, 2019.

PROGRESS REAL: First Creditors' Meeting Set for Oct. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Progress
Real Estate (WA) Pty Ltd will be held on Oct. 25, 2019, at 10:00
a.m. at the offices of Cor Cordis, Mezzanine Level, at 28 The
Esplanade, in Perth, WA.  

Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Progress Real on Oct. 15, 2019.

SPAWN DEVELOPMENTS: First Creditors' Meeting Set for Oct. 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Spawn
Developments Pty Ltd will be held on Oct. 23, 2019, at 11:00 a.m.
at Suite 203, 517 Flinders Lane, in Melbourne, Victoria.

Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of Spawn Developments on Oct. 11,
2019.


SUNSTATE FOODS: Red Rooster Franchisee Goes Into Administration
---------------------------------------------------------------
Stuart Marsh at 9News reports that several Red Rooster outlets in
Queensland have shut their doors effective immediately after the
franchisee that owned them collapsed into voluntary
administration.

Sunstate Foods Pty Ltd, which owns seven restaurants on the state's
Sunshine Coast, was forced to close the doors of its restaurants on
Oct. 15, 9News discloses.

In a pre-recorded phone message, Sunstate Foods confirms it is no
longer operating as a business having directed all enquiries to
corporate administrators Robson Cotter Insolvency Group, according
to 9News.

9News says the seven restaurants closed as a result of the collapse
include Buderim, Currimundi, Maroochydore, two locations in Noosa
including the Civic Centre and Mary Street, Moreton Bay and
Deception Bay.

It's believed the closure will cost the jobs of as many as 100
staff, the report states.

Typically, a business becomes insolvent when it owes more money
than it makes, forcing it to employ an independent third party to
investigate cost-cutting initiatives or to find a buyer, 9News
says.

According to the report, Robson Cotter Insolvency Group is now
analysing the potential for another individual or organisation to
purchase the seven restaurants as a way to recover debt.

Red Rooster first began as a single chicken shop in Western
Australia in 1972.  It expanded rapidly, and was sold to Coles Myer
in the early 1980s. Following a merger with east coast chicken
outfit Big Rooster, Red Rooster boasted more than 230 stores in the
1990s.  Today the chain boasts more than 300 stores across the
country, comprising of a mix of franchise-owned stores and company
operated restaurants.



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KAISA GROUP: Fitch Rates Proposed USD Sr. Notes B(EXP)
------------------------------------------------------
Fitch Ratings assigned China-based homebuilder Kaisa Group Holdings
Limited's (B/Stable) proposed US dollar senior notes an expected
rating of 'B(EXP)' with a Recovery Rating of 'RR4'. The proposed
notes will be used to refinance medium- to long-term offshore debt,
which is due within one year.

The proposed notes are rated at the same level as Kaisa's senior
unsecured rating as they will constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.

Kaisa's ratings are underpinned by a strong asset base that
supports scale expansion, which is at a level comparable with 'BB'
category homebuilders. The company had a large and well-located
land bank consisting of 167 projects in 47 cities across five major
economic regions at end-1H19. Its geographical diversification
mitigates project and region-related risks and gives it more
flexibility when launching new projects to support sales growth.
Kaisa's ratings are constrained by high leverage - measured by net
debt/adjusted inventory (urban renewal projects (URP) and
investment properties at original cost) - of 72% at end-1H19,
although this is mitigated by high profitability.

Fitch believes Kaisa will start deleveraging from 2020, supported
by its enlarged scale and increased margin, with more high-margin
URPs being recognised. Kaisa is able to secure a large land bank at
low cost in China's Greater Bay Area through its URP business,
which supports its high EBITDA margin of over 30%. The wider margin
of the URP business, at over 40%, will help deleveraging. However,
Kaisa's leverage will remain high if it expands its scale at the
same pace as in 2017 and 2018, as URPs only contributed 30% of
contracted sales in 2018.

KEY RATING DRIVERS

URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability enables
the company to sustain price cuts in a market downturn. Kaisa can
also sell stakes in its URPs, if needed, at a profit because of
their low land cost. Kaisa's long experience in the URP business
has enabled it to secure a large land bank with a high gross profit
margin of over 40%, supporting the company's EBITDA margin,
excluding capitalised interest in cost of goods sold (COGS), of
30%-35%. A large URP pipeline of 128 projects, covering a site area
of 32 million square metres (sq m), also allows for a consistent
stream of projects entering the sales phase.

Kaisa has converted an average gross floor area (GFA) of 940,000 sq
m a year for the past 10 years; this offers some operational
flexibility with land replenishment. Nevertheless, the URP business
has limited scope to build scale and will become a less important
driver at higher rating levels. URPs require a longer development
cycle and thus funds will be trapped for a longer period and incur
higher funding without immediate cash flow generation or profit
contribution, raising Kaisa's leverage above that of peers without
as large an exposure to URPs. The nature of the business and the
high profitability mean Kaisa can operate at a higher leverage than
other Chinese homebuilders for a sustained period.

High Leverage Constrains Ratings: Fitch expects Kaisa's leverage,
measured by net debt/adjusted inventory, to stay above 70% in 2019,
but to fall below that level thereafter. Kaisa's sales scale in
2019 would be insufficient to cover its high tax and interest
burden. Reliance on the non-URP homebuilding business, which has a
lower margin, and growth at the business that is faster than Fitch
expects, may limit Kaisa's capacity to deleverage. However, Fitch
thinks there may be improvement once the company's attributable
sales rise above CNY100 billion from 2020, as its sales efficiency
- contracted sales/gross debt - will exceed 0.8x and support
stronger fund flow from operation.

Large and Premium Land Bank: Fitch believes Kaisa's quality land
bank will support its ability to meet its sales target in 2019. Its
premium asset base can also buffer liquidity if conversion of its
URP land bank takes longer than the company expects, as it can
easily find buyers for its well-located URPs, especially in
Shenzhen. Kaisa's land bank totalled 25.8 million sq m (estimated
sellable resources of CNY501 billion) at end-1H19, of which 14.1
million sq m, or 54.6%, was in the Greater Bay Area and 3.2 million
sq m in Shenzhen.

Robust Contracted Sales Growth: Fitch thinks Kaisa's 2019
contracted sales target is achievable due to the supportive
policies in the Greater Bay Area and the company's well-located
land bank. Kaisa had available sellable resources of CNY158 billion
at end-2018, implying a sell-through rate of 57% to support a 20%
sales growth in 2019, close to its historical sell-through rate of
around 60%. Kaisa's attributable contracted sales rose by 34% to
CNY55.1 billion in 9M19, supported by an average selling price
increase of 4% and GFA growth of 28%.

DERIVATION SUMMARY

Kaisa's attributable sales of CNY70 billion in 2018 were comparable
with those of 'BB' category peers, such as CIFI Holdings (Group)
Co. Ltd. (BB/Stable), Logan Property Holdings Company Limited
(BB/Stable) and China Aoyuan Group Limited (BB-/Positive), and
exceeded the CNY40 billion-50 billion sales of Yuzhou Properties
Company Limited (BB-/Stable), KWG Group Holdings Limited
(BB-/Stable) and Times China Holdings Limited (BB-/Stable). Over
half of Kaisa's land bank GFA is in the Greater Bay Area, similar
to that of Logan, China Aoyuan and Times China. Kaisa's EBITDA
margin of over 30% is at the higher end of 'BB' category peers due
to its high-margin URPs.

Kaisa's leverage of over 70% is similar to that of Oceanwide
Holdings Co. Ltd. (B-/Stable), Xinhu Zhongbao Co., Ltd. (B-/Stable)
and Tahoe Group Co., Ltd. (B-/Stable). Kaisa's business profile is
much stronger than that of Oceanwide and Xinhu, with a larger sales
scale and more diversified land bank. Its churn, measured by
contracted sales/total debt, of 0.64x is also healthier than the
ratios of the two peers, which are below 0.25x. Kaisa and Tahoe,
whose land bank is more exposed to the Pan-Bohai Area, the Yangtze
River Delta and Fujian province, have similar scale and margin.
However, Tahoe's shorter land-bank life of two to three years
pressures its leverage and Tahoe's liquidity is much tighter than
that of Kaisa.

Kaisa's closest peer among 'B' category issuers is Yango Group Co.,
Ltd. (B+/Stable). Yango's sales of CNY118 billion in 2018 were
larger than Kaisa's CNY70 billion and its land bank was also more
diversified, although Yango's EBITDA margin, excluding capitalised
interest, of around 28% was narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, of below
65% in 2019 is lower than its expectation of Kaisa's leverage.
Yango's moderately stronger business and financial profiles
justifies the one-notch difference.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to rise by 20% in 2019 and 2020

  - Attributable land premium/contracted sales at 28% in 2019 and
31% in 2020 (2018: 23%)

  - Cash collection rate of around 80% in 2019 and 85% in 2020
(2018: 75%)

  - Construction cost/sales proceeds at around 30% in 2019 and 2020
(2018: 30%)

  - Dividend payout ratio of 20% of net income (2018: 19%)

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
below 60%

  - EBITDA margin, excluding capitalised interest in COGS,
sustained above 30%

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

  - Leverage, measured by net debt/adjusted inventory, above 75%
for a sustained period

  - EBITDA margin, excluding capitalised interest in COGS, below
25% for a sustained period

LIQUIDITY

Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY28 billion at end-1H19, including restricted cash
of CNY7 billion, against CNY22 billion in short-term debt. The
company also had total credit lines of CNY165 billion, of which
CNY119 billion was unused. In addition, Kaisa obtained approval
from the Shenzhen Stock Exchange to issue four asset-backed
securities, consisting of CNY5 billion linked to supply-chain
financing (CNY555 million issued), CNY3 billion linked to long-term
rental apartments, CNY685 million secured by mortgage balloon
payments (issued) and CNY475 million backed by income from its
shipping business (issued). Kaisa's average funding cost stayed
flat at 8.4% in 2018.

KAISA GROUP: Moody's Rates Proposed USD Notes Issue B2
------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
the proposed USD notes to be issued by Kaisa Group Holdings Ltd (B1
stable).

The rating outlook is stable.

Kaisa plans to use the proceeds of the notes to refinance its
existing medium-term and long-term offshore debt becoming due
within one year.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Kaisa's debt maturity
profile and support its liquidity profile without generating a
material impact on its credit metrics, because the company will
mainly use the proceeds to refinance existing debt," says Danny
Chan, a Moody's Assistant Vice President and Analyst, and also
Moody's Lead Analyst for Kaisa.

Kaisa reported strong 33.5% year-on-year contracted sales growth
(together with its joint ventures and associates) to RMB55.1
billion for the first nine months of 2019, from RMB41.3 billion for
the corresponding period a year earlier.

Supported by such robust contracted sales, Moody's expects Kaisa's
revenue to continue growing strongly over the next 12-18 months. As
a result, the company's revenue/adjusted debt should improve to
60%-65% by 2020 from a weak 38% in the 12 months ended June 2019.

Likewise, the company's adjusted EBIT/interest coverage should
trend towards 2.5x from 1.9x over the same period.

Kaisa's liquidity profile is good. Moody's expects that Kaisa's
cash holdings along with its operating cash flow will be sufficient
to cover its maturing and committed land payments over the next
12-18 months. As of June 2019, the company's cash holdings of RMB28
billion could cover about 1.2x of its RMB22.6 billion short-term
debt.

Kaisa's B1 corporate family rating (CFR) reflects its strong brand
and sales execution in the Guangdong-Hong Kong-Macao Bay Area (the
Greater Bay Area), its established track record of completing
high-margin urban redevelopment projects, its good quality land
bank in high-tier cities such as Shenzhen, and its good liquidity.

However, the rating is constrained by its high debt leverage and
track record of debt restructuring.

The B2 senior unsecured ratings are one notch lower than the CFR
due to the risk of structural subordination. This risk refers to
the facts that the majority of Kaisa's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario and that the holding company lacks
significant mitigating factors for structural subordination.

The stable outlook reflects Moody's expectation that Kaisa will
maintain its contracted sales growth and good liquidity over the
next 12-18 months.

Moody's could upgrade Kaisa if the company (1) maintains its good
liquidity; (2) diversifies its funding channels; and (3) improves
its adjusted EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.

On the other hand, downward ratings pressure could emerge if the
company fails to achieve sales growth, or aggressively acquires
land beyond Moody's expectation, such that its financial metrics
and liquidity deteriorate.

Credit metrics that could trigger a rating downgrade include (1)
revenue/adjusted debt falling below 50%; (2) adjusted EBIT/interest
coverage falling below 2.0x; or (3) cash to short-term debt falling
below at 1.0x-1.5x on a sustained basis.

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

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the Greater Bay
Area. As of June 30, 2019, the company's land bank comprised an
aggregate gross floor area of 25.8 million square meters of
saleable resources across 47 cities in China.

Kaisa is also engaged in property management and non-property
related businesses. As of June 2019, Kaisa was 39.4% owned by its
founder, Mr. Kwok Ying Shing and his family members.



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A.K. POWER INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: A.K. Power Industries Private Limited
        Shrutineer Apartment, 1st Floor
        (On Hit Main Road)
        23/2/1/1, Bhagaban Chatterjee
        Lane Howrah 711101

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Arun Kumar Khandelia

Interim Resolution
Professional:            Arun Kumar Khandelia
                         'Shantiniketan'
                         8 Camac Street, 8th Floor
                         Suite #807
                         Kolkata 700017
                         E-mail: arun@cskarun.com
                                 cirp.akpower@gmail.com

Last date for
submission of claims:    October 15, 2019


ADITYA EXIM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Aditya Exim Ltd
        G-1, "A" Wing
        Shreeji Astha Avenue
        Opp. Chichi Tower
        Ellorapark
        Vadodara 390023

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Gordhanbhai Ratnabhai Godhani

Interim Resolution
Professional:            Gordhanbhai Ratnabhai Godhani
                         16, Sakarta Society
                         Kargil Chowk, Punagam
                         Surat, Gujarat 395010
                         E-mail: grgodhani@gmail.com

                            - and -

                         209 Rajhans Point, Geetanjali
                         Varachha Road
                         Surat 395006
                         E-mail: cirp.aditya@gmail.com

Last date for
submission of claims:    October 15, 2019


ALLIX CERAMIC: CARE Reaffirms B+/A4 Rating on INR5cr Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Allix Ceramic Private Limited (ACPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/Short-     5.00       CARE B+; Stable/CARE A4
   term Bank                       Reaffirmed
   Facilities           
                                    
   Short-term Bank      1.35       CARE A4 Reaffirmed
   Facilities           

Detailed rationale

CARE has withdrawn the long term rating assigned to the term loan
facility of the company as it has been fully repaid. Further, the
ratings assigned to the bank facilities of ACPL continue to remain
constrained on account of its small scale of operations coupled
with low profit margins and elongated operating cycle in FY19
(Provisional; refers to the period from April 1, 2018 to March 31,
2019). Furthermore, the ratings are also constrained on account of
its presence in highly fragmented ceramic industry along with
fortunes dependent upon real estate market, susceptibility of
margins to volatility in raw material and fuel (natural gas) prices
with foreign exchange fluctuations and its single product portfolio
limiting the company's ability to supply to institutional buyers.

The ratings derive comfort from the comfortable capital structure
and debt coverage indicators and adequate liquidity in FY19
(Prov.). The ratings also derive comfort from experienced promoters
and located in the ceramic tiles hub with easy access to raw
material, power and fuel.

ACPL's ability to increase its scale of operations and profit
margins in light of volatile raw material and fuel costs with
efficient management of its working capital requirements would
remain the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operation coupled with low profit margins and
elongated operating cycle.
During FY19 (Prov.), the scale of operations has registered a
decline of 36.79% compared to FY18 (A) and remained small, marked
by the total operating income of INR12.35 crore as against INR19.54
crore during FY18 due to shut down of operations for 5 months due
to ban on coal gasifiers. Further, profitability in absolute terms
also decreased and remain low marked by PBILDT and PAT of INR1.46
crore and INR0.16 crore respectively in FY19(Prov) as against
PBILDT and PAT of INR2.05 crore and INR0.24 crore respectively in
FY18. Consequently, gross curreny asset also remained low at
INR0.87 crore in FY19(Prov). The operating cycle remained elongated
at 138 days during FY19 (Prov.) as against 64 days during FY 18 (A)
due to increase in inventory as well as collection period.

Susceptibility of margins to volatility in raw material and fuel
(natural gas) prices
Prices of raw material i.e. clay is market driven and puts pressure
on the margins of tile manufacturers in case of volatility into the
same. Another major cost component is fuel expenses in the gas form
which is to fire the furnace. The profitability of ACPL remains
exposed to volatile natural gas prices, mainly on account of its
linkages with the international demand-supply of natural gas. Hence
any adverse movement in material and fuel prices impacts
profitability of the company.

Single product portfolio limiting the company's ability to supply
to institutional buyers
ACPL operates in ceramic industry with single segment i.e. wall
tiles which is highly competitive and fragmented industry. So being
in a single segment ACPL would needd to constantly innovate and
update its product offering.

Presence in highly fragmented industry along with fortunes
dependent upon real estate market
ACPL operates in single segment of ceramic industry i.e. wall tiles
which are highly competitive and fragmented with the presence of
numerous organized as well as unorganized players operating in the
domestic market. Low entry barriers, easy availability of raw
material and limited initial capital investment requirement has
attracted a large number of regional and unorganized players
putting pressure on profitability of the existing as well as new
players. Furthermore, most of the demand for the tiles comes from
the real estate industry, which, in India is highly fragmented and
cyclical. The real estate industry is also highly sensitive to the
interest rates and liquidity position in market. Thus any negative
impact on the real estate industry will adversely affect the
prospects of ceramic tiles industry as well as the company.

Foreign exchange fluctuation risk
ACPL is exposed to the fluctuation in forex rates as the company is
exporting wall tiles to Saudi countries. The company does not hedge
full exposure and thus it partially exposed to foreign exchange
fluctuations. Therefore, any adverse movements in foreign exchange
rate can negatively affect the profitability of the company.
Key Rating Strengths

Experienced promoters coupled with presence into ceramic cluster
Promoters of ACPL hold more than a decade of experience into
similar line of operations. Further, manufacturing facilities of
ACPL are located at Morbi in Gujarat. Over 70% of total ceramic
tiles production in India comes from the Morbi cluster. Primary raw
materials are easily available from the local market of Gujarat
coupled with availability of inexpensive and skilled labor,
accessibility of water, power connection, gas connection and the
nearby location of the major seaport, Kandla leading to
facilitating delivery of finished products in a timely manner.

Comfortable Capital Structure and moderate debt protection
indicators
On the back of low Total debt level as against moderate net worth
base, capital structure was comfortable as on March 31, 2019,
marked by overall gearing ratio of 0.55x as against 0.79x as on
March 31, 2018. Further due to decrease in PBILDT level and GCA
level debt coverage indicators deteriorated but remained moderate
marked by interest coverage ratio and Total debt to GCA ratio at
2.50x and 5.17 years during FY19 (Prov.) respectively as against
4.60x and 4.34 years during FY18.

Liquidity Analysis

Adequate liquidity
Adequate liquidity characterized by sufficient cushion in accruals
of INR0.87 crore in FY19 (Prov) vis-à-vis principal repayment
obligations of INR0.56 crore for FY20 and moderate cash balance of
INR0.55 crore as on March 31, 2019. Its bank limits are 78%
utilized on average for the past one year ended August 2019.
Further, its current ratio also remained moderate at 1.23 times as
on March 31, 2019. Further, Cash flow from operating activity (CFO)
improved and remained positive at INR2.47 crore in FY19 (Prov.) as
against negative cash flow of INR0.34 crore in FY18.

Morbi- Gujarat based Allix Ceramics Private Limited (ACPL) was
incorporated in the year 2013. Currently the company has been
managed by five directors Mr. Vinodbhai Adroja, Mr. Prashantbhai
Bhoraniya, Mr. Himatlal Aghara, Mr. Bhavik Dava, and Mr. Rajnikant
Patel. ACPL manufactures digitally printed ceramic wall tiles from
its manufacturing facility located at Morbi, Gujarat.

ALOK INDUSTRIES: NCLAT to Hear Minority Shareholders Plea on Oct 25
-------------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal on Oct. 25 would hear the plea of minority shareholders of
Alok Industries Ltd. who are opposing delisting of the company from
bourses.

BloombergQuint relates that Reliance Industries Ltd., which is the
successful resolution applicant for Alok Industries, has filed a
petition before the NCLAT to seek a waiver from the delisting
guidelines for Alok Industries.

According to BloombergQuint, two retail investors have also moved
the NCLAT opposing RIL's move to delist Alok Industries contending
that it would erode the value of the company.

While listing the matter on Oct. 25, a three-member NCLAT bench
headed by Chairperson Justice SJ Mukhopadhyaya said minority
shareholders may address the appellate tribunal, the report says.

BloombergQuint adds that the tribunal also directed market
regulator Securities and Exchange Board of India to file its reply
by Oct. 25.

Earlier, NCLAT had impleaded market regulator SEBI as a party in
this matter. RIL has got debt-ridden Alok Industries in its fold
after the Ahmedabad bench of National Company Law Tribunal approved
its INR5,050-crore resolution plan in March this year,
BloombergQuint recalls.

However, while approving the scheme, the NCLT did not consider
RIL's plea to grant exemptions in delisting and the matter has now
been brought before the appellate tribunal NCLAT.

                       About Alok Industries

Alok Industries Limited (BOM:521070) -- http://www.alokind.com/--

is a textile company with a presence in the cotton and polyester
segments. The Company is engaged in manufacturing of textile,
including mending and packing activities; leather and other apparel
products. Its geographic segments include Domestic, which includes
sales to customers located in India and International, which
includes sales to customers located outside India. Its divisions
include Spinning, such as cotton yarn; Home Textiles, such as
sheeting fabric, equivalent sheet sets and terry towels; Apparel
Fabrics, such as woven fabric (includes embroidery) and knits;
Garments, and Polyester, such as continuous polymerization,
partially oriented yarn (POY)/chip, draw texturized yarn (DTY),
fully drawn yarn (FDY), polyester staple fiber/cationic yarn and
master batch. Its products include accessories, corrugated pallets,
cotton and blended yarn. It exports its products to over 90
countries across the United States, Europe, Latin America, Asia and
Africa.

Alok Industries was in the first list of 12 companies issued by the
Reserve Bank of India in 2017 for initiating insolvency
proceedings.

ARHAM ARTS: CARE Reaffirms B- Rating on INR5.01cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Arham Arts (ARA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.01       CARE B-; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ARA continues to
remain constrained on account of its overall financial risk profile
marked by declining and small scale of operations along with net
losses, highly leveraged capital structure, weak debt coverage
indicators and stretched liquidity position during FY19
(Provisional; refers to the period April 1 to March 31). The
rating, further, continues to remain constrained due to
susceptibility of ARA's profit margins to volatility in raw
material prices and its presence in highly fragmented and
competitive textile industry.

The rating, however, continues to derive strength from extensive
experience of the proprietor in the textile industry and location
advantage on account of its presence in the textile hub of India.
ARA's ability to improve its overall financial risk profile by
increasing its scale of operations with improvement in
profitability, solvency and liquidity position are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Declining and small scale of operations coupled with net losses
booked in FY19 (Provisional)
During FY19 (Provisional) the scale of operations marked by total
operating income (TOI) further declined to INR8.66 crore as against
INR9.93 crore during FY18, owing to decrease in trading operations.
Though, the PBILDT margin of ARA improved during FY19 and remained
at 10.99% from 10.39% in FY18, owing to reduction in raw material
prices, it continued to book net losses to the tune of INR0.28
crore in FY19 (Provisional).

Highly leveraged capital structure and weak debt coverage
indicators
The capital structure of ARA stood highly leveraged as on March 31,
2019 (Provisional) on account of erosion in the tangible net worth
base due to net losses booked year on year. The debt coverage
indicators of the firm marked by total debt to Gross Cash Accruals
(TDGCA) also remained weak with highly leveraged capital structure
and thin profitability. Also, the Interest coverage ratio stood low
at 1.01 times during FY19 (Provisional).
Susceptibility of profit margins to volatility in raw material
prices and presence in highly fragmented and competitive textile
industry.

ARA is engaged in the business of trading and manufacturing of
greige fabric. The key raw material, i.e. polyester, being
derivative of crude oil, the prices of the same is volatile in
nature and might put pressure on the margins of the firm.
Furthermore, ARA operates in highly fragmented, organized and
unorganized market of textile industry marked by large number of
small sized players. Also, the presence of big sized players with
established marketing & distribution network results into intense
competition in the industry.

Key Rating Strengths

Experienced proprietor
Mr. Moolchand Jain, aged 64 years, is having more than 3 decades of
experience in the same line of business and manages overall
operations of the firm.

Location advantage
The manufacturing unit of ARA is situated in Surat, which is the
textile hub of India, ensuring easy access to raw materials,
labour, customers and competitive advantage in terms of lower
logistic expenditure.

Liquidity: Stretched

The liquidity position of ARA remained stretched marked by
elongated operating cycle which further deteriorated at 279 days
during FY19 (Provisional) as against 236 days during FY18 owing to
increase in the average inventory period days and average
collection period days. Resultantly, average working capital limits
utilization remained high at ~94% during past twelve months period
ended August, 2019. The cash and bank balance remained low at
INR0.03 crore as on March 31, 2019 (Provisional) while the net cash
flow generated from operations remained low at INR0.32 crore during
FY19 (Provisional) owing to blockage of funds in inventories and
receivables.

Surat-based (Gujarat), ARA was established as a proprietorship firm
in 2008 by Mr. Moolchand Jain. ARA is engaged into dyeing, printing
and processing of greige fabric. ARA operates from its plant
located in Surat having installed capacity of 3,200 meter per day
as on March 31, 2019.

BRACE IRON: CARE Hikes Rating on INR626.11cr Loan from D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Brace Iron & Steel Private Limited (BISPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     626.11       CARE A; Stable Revised from
   Facilities                      CARE D; Issuer not cooperating

Detailed Rationale& Key Rating Drivers

The revision in the rating assigned to bank facilities of BISPL
takes into account change in counterparty from erstwhile Bhushan
Steel Limited (BSL, rated CARE D) to TATA Steel BSL Limited (TBSL,
rated CARE AA/stable/CARE 1+) and satisfactory track record of
payment of lease rentals from TBSL thereby resulting in improvement
in liquidity position of BISPL. The rating derives comfort from
stipulation of fixed lease rentals to be received from TBSL over
the tenor of lease agreement without any reference to output
related parameters and presence of a structured payment mechanism
through a Trust & Retention Account (TRA) monitored by Lead Bank.
However, the rating remains constrained due to the leveraged
capital structure of the company and ownership risks associated
with the need to maintain the plant in an acceptable condition.

Going forward, the company's ability to maintain the leased plant
in good condition, maintain adequate insurance and changes in the
interest rates will be key rating sensitivities.

Detailed description of key rating drivers

Key Rating Strengths

Strong counterparty in form of TBSL: Tata Steel BSL Ltd (TSBL;
erstwhile Bhushan Steel Ltd), incorporated in 1993, is one of the
large players in the steel industry with an integrated steelmaking
capacity of 5.6 MTPA. On May 2018, BSL was acquired by TATA Steel
Limited (TSL) via its SPV and wholly owned subsidiary i.e. Bamnipal
Steel Limited (BNPL) incorporated to acquire BSL under the NCLT
process. After the said acquisition, BISPL has been realizing
timely payments from TBSL on timely basis. CARE believes that the
oxygen plants leased by BISPL to TSBL are critical to TSBL's steel
making operations and therefore BISPL will continue to receive
lease payments from TBSL in a timely manner.

Structured payment mechanism: BISPL has a structured payment
mechanism backed by a Lead Bank monitored Trust and Retention
Account (TRA). The repayment structure of BISPL is secured by way
of receiving lease rent through a designated account. Every month,
the lease rentals are directly deposited to the lead banker's
designated account by TBSL and then adjusted for statutory dues,
operational expenses, interest expenses on bank loans, repayment of
loans from the banks and the other charges. To further strengthen
the repayment structure, the company has created Debt Service
Reserve Account (DSRA) for an amount equal to the subsequent
month's Equated Monthly Installment (EMI) with the Lead Banker.
Also, BISPL cannot withdraw the excess cash from the account except
for prepayment of debt.

Fixed lease rentals irrespective of usage of asset: BISPL has
entered into an agreement with TBSL whereby BISPL has leased the
four oxygen plants to BSL for tenure of 10 years starting from
February, 2015 and ending on March, 2025. BISPL as part of this
transaction is receiving monthly lease rentals from TBSL on fixed
basis irrespective of the utilization of the oxygen plant by TBSL.
The operating expenses for the oxygen plants are also be borne by
TBSL on actuals basis. As per the lease agreement, BISPL needs to
maintain the insurance of the asset and maintain it in good
condition. The agreement doesn't specify any guaranteed output or
liquidated damages to be paid by BISPL.

Key rating weakness

Leveraged capital structure: BISPL has purchased four oxygen plants
from erstwhile BSL on a sale and lease back basis which are funded
through debt and equity ratio of 85:15 making the capital structure
leveraged. With this large debtfunded capex incurred for oxygen
plants, BISPL's solvency position is leveraged with overall gearing
of 4.76x as on March 31, 2019 (refers to period: April 1 to March
31) (PY: 5.48x). Overall gearing improved on account of repayment
of term debt. Interest coverage stood adequate at 1.89x during FY19
(PY: 1.75x).

Risks associated with the need to maintain the plant in acceptable
condition: As per the agreement, the lessor (BISPL) has to maintain
plant in good working condition in accordance with best industry
practices and has to undertake routine maintenance and repairs of
any damage caused to equipment, as and when necessary or intimated
by lessee (TBSL). Also, BISPL shall be responsible for obtaining
and maintaining comprehensive insurance coverage for the equipment
and shall ensure timely payments of all insurance premiums.
Therefore, BISPL remain exposed to any breakdown or other
circumstances which may potentially impact the plant condition
adversely.

Liquidity: Strong

BISPL derives comfort from free cash and cash equivalents as on
July 31, 2019 of INR57.44 cr which are directly controlled by Lead
Bank. Also, EMI and rent receipts are structured in such a way that
BISPL is cash positive every month. During FY20, GCA is expected to
be INR96.71 cr against term loan repayment of INR75.83 cr which
leaves sufficient headroom as BISPL does not have any capex
expenditure.

Prospects: Finished steel production is likely to grow by 3%-4%
during the year FY20 on a y-o-y basis. This is because no major
capacity is expected to come up from large steel players while the
small steel players are estimated to increase their output at a
rate similar to last year. India's steel consumption is expected to
grow by 5%-6% on the back of government's expenditure towards
infrastructure and construction. This augurs well for the prospects
of BISPL as plant leased by it is used for TBSL for steelmaking
operations of TBSL.

Brace Iron & Steel Private Limited (BISPL) is a company floated by
SREI Alternate Investment Trust (SAIT). BISPL had purchased four
oxygen plants on sale and lease back basis which are part of TATA
Steel BSL Limited (earlier known as Bhushan Steel Limited, BSL)
(TSBL, rated 'CARE AA; Stable/ CARE A1+') integrated steel facility
at Odisha funded by debt equity ratio of 85:15. TBSL had
simultaneously entered into an arrangement with BISPL whereby TBSL
had taken the oxygen plants on lease from BISPL so as not to affect
the existing operations at TBSL's Meramandali (Odisha) Plant.

BTS KNITSS: CARE Assigns C Rating to INR2.80cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of BTS
Knitss Process Private Limited (BTS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.80       CARE C; Stable Assigned

   Short-term Bank
   Facilities           0.05       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BTS continue to be
tempered by the relatively small scale of operations, thin
profitability margins with net losses in FY18, financial risk
profile marked by leveraged capital structure and weak debt
coverage indicators, working capital intensive nature of operations
marked by elongated operating cycle days, profitability margins are
susceptible to fluctuation in raw material prices and highly
fragmented industry with intense competition from large number of
players. However, the ratings continue to derive benefits from
established track record with experienced promoters in textile
industry and stable outlook of textile industry.

Going forward, the firm's ability to increase its scale of
operations and improve profitability margins amidst competition,
and the ability to improve its capital structure and debt coverage
indicators while managing its working capital would remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations
Despite of presence of the company in textile industry for more
than 2 decades, the scale of operations of the company remained
small marked by TOI at INR6.40 crore in FY18 along with low
tangible networth of INR0.54 crore as on March 31, 2018.

Further, the TOI of the company has been fluctuating during the
review period i.e., increased from INR6.92 crore in FY16 to INR8.02
crore in FY17 due to increase in order execution along with
supported market price. Further, the TOI decreased significantly
and remained at INR6.40 crore in FY18 mainly on account of business
slowdown in Tirupur along with decline in other income from INR0.02
crore in FY17 to 0.005 crore in FY18 . BTS has achieved a TOI of
INR7.80 crore with a net profit of Rs. 0.20 crore in FY19 (prov.).

Thin profitability margins with net losses in FY18
The profitability margins of the company remained satisfactory;
however, declining during the review period marked by PBILDT margin
which is declining Y-o-Y from 16.10% in FY16 to 9.45% in FY18
majorly on account of increase in other processing charges and
overhead expenses. Further, BTS has incurred net losses during the
review period and remained at INR0.08 crore in FY18 on account of
significant decline in sales realisation @ more than 10% decline
per unit at the back of slowdown of business in Tirupur.

Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators
Financial risk profile of the company remained leveraged marked by
debt equity and overall gearing ratio during the review period.
Debt equity ratio of the company has been fluctuating in the range
of 2.51x to 2.62x during FY16-FY18 on account of high long term
debt levels along with decline in tangible networth at the back of
adjustment of accumulated losses. Due to above mentioned reason
along with high utilisation of working capital bank borrowings and
unsecured loans from related parties in order to meet the day to
day activates of BTS, the overall gearing ratio of BTS deteriorated
to 12.74x as on March 31, 2018 over 3.64x as on March 31, 2016.
Further, the debt coverage indicators of the company remained weak
during the review period marked by total debt/GCA which stood at
33.14x in FY18 on account stable growth in GCA. However, the
interest coverage ratio remained comfortable at 1.52x in FY18 due
to increase in finance costs. BTS's Total debt/CFO remained at
7.57x as on March 31, 2018 due to working capital changes coupled
with decline in cash flow from operating activities.

Working capital intensive nature of operations marked by elongated
operating cycle days
The operations of BTS remained working capital intensive on account
of high inventory and collection days at 184 & 76 days respectively
in FY18. The firm usually makes the payments to the suppliers of
raw material such as dyes, chemicals, cotton yarn etc., upon the
receipt of money from the customer who will pay within 40-60 days.
BTS maintain the stock of various raw material and packaging
material for a period of 30-45 days to meet the on-going demands
from its customers. Due to business slowdown in Tirupur, the firm
has not realised the money from most of its customers leading to
stretched collection days. The average working capital utilization
for the last 12 months ended June 30, 2019 remained at 90-95%.

Highly fragmented industry and profitability margins are subjected
to volatility in raw material prices
The cotton ginning and spinning industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand-supply scenario, export quota decided by the government and
inventory carry forward of the previous year. Hence, the
profitability margins of the company are susceptible to fluctuation
in raw material prices.

Key Rating Strengths

Established track record with experienced promoters in textile
industry
BTS was incorporated in the year 2005 as a private limited company
by Mr. P. Shiva Kumar along with his family members and friends
leading to established track record. Mr. P. Shiva Kumar, the
managing director of the company has more than 25 years of
experience in dying and garments business segment. Mr. Paras Kumar
Chhabra, the director of BTS has more than a decade of experience
in textile industry. Due to long term presence of the promoters in
the industry, BTS has established good relationships with its
customers and suppliers.

Stable outlook of textile industry
India's textiles sector is one of the oldest industries in Indian
economy dating back several centuries. India's overall textile
exports during FY 2017-18 stood at US$ 39.2 billion in FY18 and is
expected to increase to US$ 82.00 billion by 2021 from US$ 31.65
billion in FY19 (up to Jan 19). The Indian textiles industry is
extremely varied, with the hand-spun and hand-woven textiles
sectors at one end of the spectrum, while the capital intensive
sophisticated mills sector at the other end of the spectrum. The
decentralised power looms/ hosiery and knitting sector form the
largest component of the textiles sector. The close linkage of the
textile industry to agriculture (for raw materials such as cotton)
and the ancient culture and traditions of the country in terms of
textiles make the Indian textiles sector unique in comparison to
the industries of other countries. The Indian textile industry has
the capacity to produce a wide variety of products suitable to
different market segments, both within India and across the world.

Liquidity: Poor - Poor liquidity marked by lower accruals when
compared to repayment obligations, fully utilized bank limits and
modest cash balance. This could constrain the ability of the
company to repay its debt obligations on a timely basis.

Tamilnadu based, B T S Knitss Process Private Limited (BTS) was
incorporated on August 24, 2005 and is promoted by Mr. P. Shiva
Kumar (Managing Director) along with his family members as
directors of the company. The company is engaged in dying of
various kinds of fabric at its manufacturing unit located at
Tirupur, Coimbatore District, Tamilnadu. Customers and suppliers of
BTS are located in and around Tirupur, Tamilnadu. Further, BTS has
achieved a TOI of INR7.80 crore with a net profit of INR0.20 crore
in FY19 (Prov.).

C. GEMS: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded C. Gems & Jewels
Pvt. Ltd's (CGJPL) Long-Term Issuer Rating to 'IND D' from 'IND BB'
while simultaneously migrating it to the non-cooperating category.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best-available information. Investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR330 mil. Term loan (Long-term) due on February 2028
     downgraded and migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Fund-based limits (Long-term/Short-term)
     downgraded and migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

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

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1999, CGJPL offers a wide range of services at
Sirhind Rajpura Punjab. The company operates fuel stations of
Hindustan Petroleum Corporation Limited (IND AAA/Stable), motels,
shopping malls and restaurants.

ESSAR STEEL: CoC Argues Fair, Equitable Treatment Judgment
----------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) judgment holding that there should be a fair and
equitable treatment of creditors does not mean that all creditors,
financial and operational, should be treated equally, argued the
lawyer for Essar Steel Ltd.'s Committee of Creditors as a Supreme
Court bench, headed by Justice Rohinton Nariman, began hearing the
long-pending insolvency case.

BloombergQuint relates that on the first day of hearing at the apex
court, the CoC's lawyer, Senior Advocate Gopal Subramanium, argued
against the NCLAT order that held all creditors must be treated on
equal footing and that dues of both financial and operational
creditors will be proportionately settled.

In July 2019, the NCLAT decision, while approving the winning bid
by ArcelorMittal, had stripped the financial lenders-led CoC of
powers to determine settlement of claims, by ruling that the CoC
has no role in distribution of claims from the resolution plan, and
it can only decide on the viability and feasibility of the bid,
BloombergQuint recalls. Tasking the resolution professional with
distribution of claims, the tribunal ordered an equal recovery of
60.7 percent for secured, unsecured and operational creditors of
Essar Steel. For this and other reasons, the judgment was appealed
in the Supreme Court and after much hearing, the insolvency matter,
now pending for two years, has returned to the Supreme Court for a
final decision.

On Oct. 16, Subramanium argued the law made a valid distinction
between operational and financial creditors and hence settlement of
their claims will vary, BloombergQuint says. Essar Steel's
operational creditors were being paid for their goods/services even
while the insolvency resolution process was on, Subramanium pointed
out. They'd been paid INR55,000 crore in that period, he added,
whereas a moratorium had imposed on the dues and claims of
financial creditors.

Even within financial creditors, the distribution of claims will
depend on the terms of the loan and underlying security, as was the
case with Standard Chartered Bank, he pointed out, BloombergQuint
relays.

On the larger issue of CoC powers, Subramanium argued the
creditors' committee has complete authority to examine, negotiate
and decide all commercial aspects of a resolution plan, including
distribution of claims. And, that the NCLAT was incorrect in
holding it to be an adjudicatory function. He pointed to a a view
taken by the NCLAT itself in cases such as the Darshak Enterprises
matter, where the tribunal held that the CoC has the power to
decide the percentage of claim amount payable to the creditors,
according to BloombergQuint.

BloombergQuint adds that the Essar Steel Committee of Creditors has
also challenged the 2019 amendments to the Insolvency and
Bankruptcy Code, namely the new insolvency resolution process
deadline of 330 days (including litigation).

BloombergQuint says Subramanium requested the court to ensure the
deadline amendment does not result in the mandatory liquidation of
Essar Steel, as the insolvency resolution process had already
exceeded 330 days. The Ruia family-owned company was admitted to
insolvency resolution in August 2017, the report notes.

The bench asked the CoC for written submissions on their challenge
to the IBC amendments. The hearing will continues today [Oct. 17]
with Senior Advocate Rakesh Dwivedi also arguing on behalf of the
creditors, the report notes.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.

ETCO INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: ETCO Industries Private Limited
        S-13 & S-14, 2nd Floor
        Pinnacle Business Park
        Shanti Nagar, MIDC
        Mahakali Caves Road
        Andheri (E)
        Mumbai 400093

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 25, 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
                                 etco.cirp@gmail.com

Last date for
submission of claims:    October 17, 2019

EXOTICA BAR: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Exotica Bar and
Restaurant LLP's (EBR) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR5 mil. Fund-based working capital limit affirmed with IND
     B+/Stable rating; and

-- INR44.13 mil. (reduced from INR59 mil.) Term loan due on
     October 2025 affirmed with IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects EBR's small scale of operations and weak
credit profile due to its presence in a highly fragmented and
competitive industry. Furthermore, the company has a short track
record, as it commenced operations in December 2017, and FY19 was
the first full year of operations.

EBR recorded revenue of INR58.60 million in FY19 (provisional
numbers). The company recorded an average EBITDA margin of 26.45%
in FY19. The RoCE was 13% in FY19.

The ratings reflect the weak credit metrics in FY19 due to high
debt levels, with gross interest coverage of 2.2x and net leverage
of 4.4x. The total debt stood at INR69.7 million in FY19. The debt
levels are likely to decline over the long term due to repayment of
its term loan and the absence of any debt-led capex plans.  

Liquidity indicator – Stretched: The ratings reflect the working
capital-intensive nature of the company's business. The average
maximum utilization of the fund-based limits was 86% for the 12
months ended August 2019. The net cash conversion cycle was
elongated at 51 days in FY19 due to a long inventory period. Cash
flow from operations remained positive at INR1.29 million in FY19
(FY18: INR2.40 million). As of March 2019, the company had a cash
balance of INR0.8 million (FY18: INR1.93 million).

The ratings are, however, supported by the locational advantage of
the entity's restaurant in one of the prominent malls in Jharkhand

RATING SENSITIVITIES

Positive: Improvement in the scale of operations and a rise in
profitability, along with the net leverage below 4.5x, on a
sustained basis, could be positive for the ratings.

Negative: A fall in profitability and revenue, leading to the net
leverage rising above 5.5x ,on a sustained basis, could be negative
for the ratings.

COMPANY PROFILE

Incorporated in December 2016, EBR runs a bar-cum-restaurant in
Ranchi. The designated partners of the entity are Sanket Sarawagi,
Smarth Agarwal, and Abhijit Goenka. It opened three restaurants in
December 2017 - Hoppipola, Sigree and Machan.

FAB PHARMACEUTICALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Fab Pharmaceuticals Pvt Ltd
        #32 Ground Floor
        Nehru Nagar Main Road
        Sheshadripuram Bengaluru 560020

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: August 16, 2020

Insolvency professional: S. Shivaswamy

Interim Resolution
Professional:            S. Shivaswamy
                         RF 4, Santara Magan Place
                         Doddakammanahalli, Hulimavu
                         Bengaluru 560076
                         E-mail: shivaswamys2@gmail.com

Last date for
submission of claims:    October 15, 2019


FABTECH PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Fabtech Projects and Engineers Limited
        J-504, MIDC
        Bhosari
        Pune 411206

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, Arcadia Building
                         5th floor, Nariman Point
                         Mumbai 400021
                         E-mail: fabtech.cirp@gmail.com

Last date for
submission of claims:    October 17, 2019

GMR KAMALANGA: CARE Reaffirms D Rating on INR3,971.01cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GMR Kamalanga Energy Limited (GKEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities-
   Term Loan          3,971.01     CARE D Reaffirmed

   Long term Bank
   Facilities-
   Cash Credit          220.75     CARE D Reaffirmed

   Short term Bank
   Facilities-
   Non Fund Based       600.52     CARE D Reaffirmed


Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings of bank facilities availed by GKEL
takes into account the instances of delay in servicing of debt
obligations by the company. The ratings continue to factor in
stretched liquidity position of the company on account of delay in
regulatory receivables from its offtakers. The ratings continue to
remain constrained by below average financial risk profile of GKEL
mainly on account of relatively weak credit profile of its
off-takers. The ratings take note of the experience of its
promoters in operating power projects, and its improvement in
operational performance in FY19 (refers to period April 1 to March
31) and Q1FY20 (refers to period April 1 to June 30).

Going forward, the company's ability to service its debt
obligations in a timely manner, timely collection of regulatory and
normal arrears and register improvement in its capital structure
shall be the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Instances of delays in debt servicing
There have been ongoing delays in servicing of debt obligations as
reported by the company and also confirmed by the bankers. As per
the quarter results Q1FY20 (Prov) financials, the interest accrued
and due stood at INR106.03 crore. The same stood at INR0.09 crore
as on March 31, 2019. The delays were largely on account of
stretched liquidity position of the company due to delay in receipt
of regulatory receivables from its counterparty DISCOMs.

Weak financial profile of power off-takers
The weak financial health of its power off-takers continues to
remain a cause of concern for GKEL. The higher level of Aggregate
Transmission and Commercial (AT&C) losses, the rising power
purchase costs and the absence of cost reflective tariff regimes
have put a strain on the financial position of its off-takers
including Haryana and Bihar DISCOMs. The Company had INR658 crore
of receivables as on March 31, 2018 which increased to INR790 crore
as on March 31, 2019 and further to INR802 crore as on June 30,
2019. The increase in receivables over the period is largely due to
delay in realization of regulatory receivables in FY19. This delay
in regulatory debtor realization has resulted in stretched working
capital cycle for the company.

Liquidity - Poor

Liquidity profile of the GKEL remains poor as characterized by
delay in receipt of regulatory receivables and increasing working
capital utilization. GKEL has strained operational cash flows on
account of elongated debtors. As a result, GKEL's utilization of
fund based working capital limit is on the higher side with average
utilization during the last 12 months reaching to 92.48% in
Jul'2019. The company has debt obligation of INR45.8 crore in FY20.
GKEL's solvency profile also remains highly levered with overall
gearing of 12.93x in FY19 (PY: 15.20x).

Key Rating Strengths

Experienced promoter group with experience in developing power
projects
GWEL is a part of GMR group which is a major player in the
infrastructure sector through its flagship company GMR
Infrastructure Limited (GIL) and has been developing projects in
India and abroad in areas such as airports, energy, transportation,
etc. Over the years GMR group has successfully implemented various
power projects and has substantial experience in developing and
operating diversified fuel based power projects.

Improved operational and financial performance in FY19 and Q1FY20
Post operationalization of SHAKTI coal linkage, the PLF has
improved to 73.01% in FY19 (PY: 60.71%) and 76.35% in Q1FY20.
Improvement in FY19 operational performance also resulted in higher
revenues as the company reported TOI of INR2,377 crore in FY19 (PY:
INR2,063 crore). The company also reported PAT of INR56.6 crore in
FY19 against Net loss of INR77.5 crore in FY18. In spite of
improved operational performance, the company has delays in debt
servicing due to sluggish realization of regulatory debtors.

Incorporated in December 2007, GMR Kamalanga Energy Limited (GKEL)
is a Special Purpose Vehicle (SPV) promoted by GMR Energy Limited
(GEL) which is an operating-cum-holding company for all power
projects of the GMR Group. As on March 31, 2019 GEL held 87.42%
stake in GKEL while 10.21% was held by India Infrastructure Fund
(IIF), a fund managed by IDFC Project Equity Company Limited and
2.37% stake by IDFC Limited. GKEL has developed a 1,050 Mega Watt
(MW) (3x 350MW) coal-fired power project at Kamalanga Village,
Dhenkanal district, Odisha. The project cost was initially
estimated at INR4,540 crore, subsequently there was a cost overrun
of INR1,979 crore leading to the total project cost to INR6,519
crore. The project was funded through debt of INR4,269 crore and
equity of INR2,250 crore (D:E - 65.4: 34.6). The project consisting
of 3 units of 350 MW each achieved COD on April 2013 for Unit-I,
November 2013 for Unit-II and March 2014 for Unit-III respectively.
GKEL has long term off-take agreements with GRID Corporation of
Odisha (GRIDCO) for 25% of the capacity (262.5 MW), Haryana
distribution companies for 31.94% of capacity (335.4 MW) and Bihar
State Power Holding Company Ltd for 27.4% of capacity (287.7 MW).
The balance untied capacity of 164.4 MW (15.7% of total capacity)
for the time being is being sold on merchant basis or short term
PPA's on bilateral basis.

HERODEX POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Herodex Power Systems Private Limited
        Plot No. 38, MIDC Area Satpur
        Nashik, Maharashtra 422007

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. Hajari Lal Saini

Interim Resolution
Professional:            Mr. Hajari Lal Saini
                         704 A wing N.G. Sterling
                         Opp Queen Marry High School
                         Old Golden Nest
                         Mira Bhayander Road
                         Mira Road, Thane 401107
                         E-mail: cahlsaini@rediffmail.com

                            - and -

                         Office No. 201, 2nd floor Shreeji Darshan
                         Opp Prasad Chamber
                         Opera House Charni Road
                         East Mumbai 400004
                         Maharashtra
                         E-mail: cahlsaini82@gmail.com

Last date for
submission of claims:    October 15, 2019

HIM VALVES: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Him Valves and Regulators Private Limited
        D-9, Udyou Nagar
        Rothak Road
        New Delhi 110060

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: CA. Madhu Juneja

Interim Resolution
Professional:            CA. Madhu Juneja
                         4704, Ashoka Enclave
                         Plot No. 8A, Sector-11
                         Dwarka, New Delhi 110075
                         India
                         E-mail: himvalvescirp@gmail.com
                                 madhujun94@gmail.com

Last date for
submission of claims:    October 15, 2019

JAIN IRRIGATION: S&P Lowers LT ICR to 'SD' on Overdue Payments
--------------------------------------------------------------
On Oct. 15, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Jain Irrigation Systems Ltd. to 'SD' from 'CCC'.
At the same time, S&P lowered its rating on the company's
guaranteed US$200 million senior unsecured notes to 'CC' from
'CCC'. S&P removed the ratings from CreditWatch, where they were
placed with negative implications on July 26, 2019.

S&P lowered its ratings on Jain Irrigation to reflect its missed
principal payments of Indian rupee (INR) 3.75 billion under its
Indian working capital facilities.

Delayed collection of government receivables and erratic monsoons
in India continue to stress Jain Irrigation's cash flows. Delays in
the approval of a planned INR4 billion incremental bank loan have
compounded Jain Irrigation's business stress and created a
liquidity crisis that has caused the company to delay repayments on
its existing working capital facilities--in some cases beyond 30
days.

Overdue debt instruments amount to about 5% of Jain Irrigation's
total reported debt obligations as of March 31, 2019. This meets
the materiality threshold of the senior notes' cross-default
clause.

S&P said, "In our opinion, the late exit of monsoons will further
cripple Jain Irrigation's cash position over the next two to three
months. We see a small chance that the company's business will
recover from a pickup in retail business or from collection of
receivables from its government contracting business.

"We believe Jain Irrigation's international operations are sizable,
albeit with significant linkages with the Indian operations.
Therefore, in our view, there is a significant likelihood that Jain
Irrigation's liquidity crunch would spread to its international
business, leading to a default on its U.S. dollar bonds as well.

"The 'CC' rating on the US$200 million note flags our view that
default is a virtual certainty, barring unforeseen, material
positive developments in Jain Irrigation's operations and
relationships with lenders."

Jain Irrigation is also seeking advice from a restructuring
consultant appointed by bankers to tide over the liquidity crisis.

Jain Irrigation is an India-based company engaged in the
manufacture of plastics-based micro-irrigation piping and plumbing
systems. It is the world's second-largest provider of such systems,
behind Israel-based Netafim Ltd. The company also has a growing
food processing business--which mainly produces fruit pulp,
dehydrated onions, and spices.

JASMINE BUILDMART: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jasmine Buildmart Private Limited
        406, 4th Floor, Elegance Tower 8
        Jasola District Centre
        New Delhi 110025

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Gurugram Bench

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

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskriti Apartment
                         GH-22, Sector 56
                         Gurugram 122011
                         E-mail: cmaajitjha@gmail.com

                            - and -

                         Sun Resolution Professionals Private
                         Limited
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.jasminebuild@gmail.com

Classes of creditors:    Home buyers (Real estate investors)

Insolvency
Professionals
Representative of
Creditors in a class:    CMA Sandeep Goel
                         CMA Sumit Shukla
                         Mr. Prabhat Ranjan Singh

Last date for
submission of claims:    October 14, 2019


KABA INFRATECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kaba Infratech Private Limited
        1/5060, Lower Ground, Sant Nagar
        Main Desh Bandhu Gupta Road
        Karol Bagh, New Delhi 110005

        Corporate office:
        701, Padma Tower-1
        Rajendra Place-5
        New Delhi 110008

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Vinay Kumar Singhal

Interim Resolution
Professional:            Mr. Vinay Kumar Singhal
                         411, 4th Floor, Essel House
                         Asaf Ali Road
                         New Delhi 110002
                         E-mail: vinaysinghal.ip@gmail.com
                                 insolvency.kaba@gmail.com

Last date for
submission of claims:    October 14, 2019

LUXMI ENGINEERS: CARE Assigns B+ Rating to INR4.01cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Luxmi
Engineers (LEG), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           4.01       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           4.49       CARE A4 Assigned

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of LEG is constrained by
small scale of operations along with low profitability margins,
leveraged capital structure and intense competition due to exposure
to tender driven nature of business. The rating is further
constrained by highly fragmented and competitive nature of
industry, exposure to raw material price volatility and
constitution of the entity being a proprietorship firm. The rating,
however, derives strength from experienced promoters, moderate debt
coverage indicators and moderate operating cycle.

Going forward, the ability of the company to scale up its
operations profitably while improving its overall solvency position
and to efficiently manage its working capital requirements would
remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small, though increasing scale of operations along with low
profitability margins and leveraged capital structure The firm's
scale of operations has remained small marked by total operating
income (TOI) of INR24.17 crore in FY19.

Although, the TOI of the company increased from INR7.78 crore in
FY17 to INR24.17 crore in FY19 at a compounded annual growth rate
(CAGR) of ~76.26% on account of higher orders received. The same,
however, continues to remain small. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. Furthermore, the firm reported total operating
income of INR5.00 crore in 5MFY20 (Provisional). The firm has
multiple orders in hand worth INR6.50 crore and the same has to be
executed by the end of December 2019. The PBILDT margins of LEG
stood low at 5.59% in FY19. The PBILDT margins are declining y-o-y
basis in FY17-FY19 mainly due to increase in other manufacturing
expenses which mainly includes lab testing charges, inspection
fees, repair & maintenance expenses etc. The PAT margins also stood
low at 1.27% in FY19 owing to high depreciation costs incurred
during the year.

The capital structure of the company stood weak with overall
gearing ratio of 2.51x as on March 31, 2019 (PY: 3.14x) on account
of low networth base.

Intense competition due to exposure to tender driven nature of
business
LEG's business is tender-based which is characterized by intense
competition resulting in low operating margins for the firm. The
growth of business depends entirely upon the firm's ability to
successfully bid for tenders and emerge as the lowest bidder.
Therefore, the ability of the firm to secure new orders and
successful execution with existing competition remains a concern.

Exposure to raw material price volatility
The major raw materials for manufacturing are MS steel, ERW pipes,
PPGI sheet etc.. The prices of the same remain volatile in nature
affecting the overall raw material cost which accounts for over 89%
of the total operating income in FY19. The firm's presence in the
highly competitive market further restricts the scope to pass on
the hike in the raw material prices which has impact on the
profitability margins of the firm.

Constitution of the entity being a proprietorship firm
LEG constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement, insolvency of the proprietor. Moreover,
proprietorship firms have restricted access to external borrowings
as the credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Highly competitive and competitive nature of industry
The spectrum of the steel industry in which the firm operates is
highly fragmented and competitive marked by the presence of
numerous players in India. Hence, the players in the industry do
not have any pricing power and are exposed to competition induced
pressures on profitability. This apart, its products are subjected
to the risks associated with the industry like cyclicality and
price volatility.

Key Rating Strengths

Experience of proprietor
LEG was promoted by Mr. Anil Kumar Jain as its proprietor. Mr. Anil
Kumar Jain is graduate by qualification and having an industry
experience of around 46 years in the industry through their
association with LEG only. The proprietor looks after the overall
operations of the firm. The promoter has been in the industry for
nearly five decades which will aid in establishing a healthy
relationship with their suppliers and customers.

Moderate debt coverage indicators
The debt coverage indicators of the firm also stood moderate marked
by interest coverage ratio of 2.49x in FY19 (PY: 1.92x) and total
debt to GCA ratio of 5.42 for FY19 (PY: 8.08x).

Stretched liquidity position
The operating cycle of the company stood moderate at 32 days for
FY19. The working capital limit stood fully utilised for the last
12 months period ended August, 2019.The liquidity position of the
firm stood weak marked by current ratio of 0.99x and moderate quick
ratio of 0.72x as on March 31, 2019. The firm had free cash and
bank balance of INR0.04 crore as on March 31, 2019.

Luxmi Engineers (LEG) was established as a proprietorship firm in
October, 1973. The firm is currently being looked after by Mr. Anil
Kumar Jain as its proprietor. LEG was established with an aim to
set up a manufacturing facility at Ambala, Haryana for
manufacturing of PUF panels for walls and roof, cold storage door,
prefabricated huts, cleanroom door and partitions, PPGI roofing
sheet, PORTA Cabins, pre-engineered steel building (PEB)
structures, equipment for solid waste management systems and others
products like barbed wire, chain link fencing, concertina coil,
long metal post angle, SRT Sheets, Mobile barricade etc. with
varied installed capacity for the various products. The firm's
products find its application in defence, para military force, food
and pharma industry. The most of the orders undertaken by the firm
are secured through the competitive bidding process (~90% of the
total income earned through government tenders in FY19). Major
income is derived from the defence sector.

MAITREYI CAPITAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Maitreyi Capital Advisors Private Limited
        B-604/605, 6th Floor
        Leo Building
        Kohinoor CHS Plot no. 479
        24th Road, Khar (West)
        Mumbai 400052

Insolvency Commencement Date: September 11, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 9, 2020

Insolvency professional: Mr. Ritesh Prakash Adatiya

Interim Resolution
Professional:            Mr. Ritesh Prakash Adatiya
                         E-904, Iscon Platinum
                         Bopal Cross Road
                         Boopal, Ahmedabad 380054
                         E-mail: riteshadatiya01@gmail.com

                            - and -

                         109, Arista Business Space
                         Sindhu Bhavan Road
                         Bodakdev 380059
                         E-mail: riteshadatiya01@gmail.com

Last date for
submission of claims:    October 17, 2019

MUNIRAJ ENTERPRISE: CARE Reaffirms B+ Rating on INR6.75cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Muniraj Enterprise (MUE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.75       CARE B+; Stable Reaffirmed and
   Facilities                      Removed from 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 MUE
and in line with the extant SEBI guidelines, CARE had reaffirmed
the ratings of bank facilities of the firm to 'CARE B+; Stable'.
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 reaffirmed at 'CARE B+; Stable'.

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Muniraj Enterprise
(MUE) continues to remain constrained on account of its
constitution as a partnership firm, risk associated with project
implementation, moderate proportion of external funding for project
implementation, saleability risk along with risk of timely receipt
of advances owing to low booking status. The rating, further,
continues to remain constrained owing to its presence in cyclical
and highly fragmented real estate industry. The rating, however,
continues to derive strength from experienced partners of the firm
along with locational advantage available to the firm.

The ability of MUE to successfully complete its on-going real
estate project and timely receive the booking advances and sales
receipts are the key rating sensitivities.

Key Rating Weaknesses

Constitution as a partnership firm
MUE, being a partnership firm, is exposed to inherent risk of
partners' capital being withdrawn at time of personal contingency
which may put pressure on financial flexibility of the firm.

Project implementation risk with moderate proportion of external
funding for project implementation
MUE started construction activities of Meena Bazar from May, 2015
and is expected to be completed by the end of March, 2020. Till
August 31, 2019, the firm has incurred cost of INR17.42 crore
forming 90% of envisaged project cost of INR19.34 crore (revised
from INR16.57 crore envisaged earlier), while 10% cost is yet to be
incurred. However, the same gets mitigated owing to advance stage
of completion of project. Nevertheless, considering rising
construction material prices and labour shortage, there is a risk
related to the timely construction of the balance project.

MUE has envisaged the project cost of INR19.34 crore (revised) to
be funded by partners' capital infusion of INR5.88 crore (~30%
share), term loan from bank of INR6.75 crore (~35% share),
unsecured loans from partners and relatives of INR4.21 crore (~22%
share) and balance through customer receipts of INR2.50 crore (~13%
share). Hence, MUE is dependent on external funding (~48% which
includes term debt and customer advances) for project.

Risk related to timely receipt of advances and saleability risk
owing to low booking status
MUE has sold 12 units and received booking for 49 units which
formed ~20% of total units for 'Meena Bazar' and it has received
cumulatively proceeds worth INR1.70 crore against 90% of cost
incurred for 'Meena Bazar' reflecting low receipt of advances
against cost incurred and thereby high risk associated with timely
receipt of remaining booking advances remains crucial.

In the absence of envisaged bookings and corresponding receipt of
customer advances in the project, the partners may require to
infuse additional funds over and above their committed portion.
Hence, the ability of the partners to infuse the additional funds
in order to complete the project in a timely manner will be
crucial.

Presence in a cyclical and highly fragmented real estate industry
The life cycle of a real estate project is long and the state of
the economy at every point in time, right from land acquisition to
construction to actual delivery, has an impact on the project. This
capital intensive sector is extremely vulnerable to the economic
cycles. Further, the real estate sector in India is ighly
fragmented with many regional players, who have significant
presence in their respective local markets which in turn leads to
intense competition.

Key rating strengths

Experienced Partners
MUE has been established by five partners. The operations of the
firm are managed by Mr Mirang Shah, Mr Harish Patel, Mr Vivek
Poddar and Mr Sushil Poddar,all of them having an experience of
more than five years in the same line of business through
association with other entities engaged into same line of
business.

Locational advantage
The project 'Meena Bazar' is located at Pal, Adajan area of Surat,
which is one of the most developed commercial and residential areas
of Surat as of now. The project of MUE consists of 215 shops, 82
offices, 1 warehouse and 7 halls which are smaller in size and
therefore affordable for most type of businesses. Further, that
area has also proximity to transportation facilities will be
beneficial to firm for selling of shops and offices in time bound
manner.

Surat-based (Gujarat) MUE was established as a partnership firm in
2011 by five partners i.e. Mr Harish Patel, Mr Vivek Poddar, Mr
Mirang Shah, Mr Sushil Poddar and Mr Jayendra Patel. Later on, Mr
Jayendra Patel retired from firm and Mrs Nayna Shah, Mrs Rita
Morakhiya & Mrs Deepika Patel were added as partners. The firm is
engaged into the real estate activities. Currently, the firm is
executing a commercial project 'MEENA Bazaar' (RERA Registration
no. - PR/GJ/SURAT/SURAT CITY/SUDA/CAA03436/180918) consisting of
215 shops, 82 offices, 1 warehouse and 7 halls at Pal area of
Surat, Gujarat. The construction of said project started in May,
2015 with the (revised) total estimated cost of INR19.34 (Initial
total estimated cost was INR16.57 crore). The firm has incurred 90%
of total estimated cost till August 31, 2019 and the rest will be
incurred and the project is expected to complete by March, 2020.
The firm has applied for extensions of validity of RERA
registration with Gujarat RERA vide application no.
PA/SURAT/SURATCITY/SUDA/190828/004171/A1. The project is expected
to be completed by March, 2020.

N.V. KHAROTE: CARE Reaffirms D Rating on INR7.83cr Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
N.V. Kharote Constructions Private Limited (NVKCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE D Reaffirmed

   Short-term Bank
   Facilities           7.83       CARE D Reaffirmed

Detailed Rationale & Key rating drivers

The reaffirmation of rating assigned to the bank facilities of
NVKCPL continues to remain constrained by on-going delays in
servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing obligations: As per interaction with the
banker, there are continuous overdrawals in cash credit account for
more than 90 days and the account has been classified as NPA. The
same was on account of delay in receiving payments from the
customers, resulting in stretched liquidity position of the
company.

Liquidity: Poor

Liquidity position of the company remained poor marked by lower
accruals, when compared to fully utilized bank limits and low cash
balance. This has constrained the ability of the company to repay
its debt obligations on a timely basis.

Pune (Maharashtra) based NVKCPL, incorporated in 1997 was promoted
by Mr. Ratnakar Narhar Kharote and Mr. Sanjay Narhar Kharote. The
company is engaged in construction of canals and other irrigation
projects for various government departments like Water Resources
Department and Municipal Corporations. NVKCPL is a registered
government contractor {Class- I-A (Without Limit)} with Public
Works Department.

NAJMUDDIN TRADING: CARE Assigns B+ Rating to INR9.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Najmuddin Trading Co. (NTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           9.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NTC is constrained on
account of its fluctuating scale of operations with thin
profitability, leveraged capital structure, weak debt coverage
indicators and stretched liquidity during FY18 (Audited, refers to
period April 2017 to March 2018). The ratings also remained
constrained due to its proprietorship nature of constitution,
presence highly fragmented and competitive sugar trading industry
with high susceptibility of operations to adverse weather
conditions and instance of any natural calamities.

The rating, however, derives strength from wide experience of
proprietor and established track record of entity.

Ability of NTC to increase its scale of operations and improve its
overall financial risk profile by improving its profitability,
capital structure and liquidity are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Fluctuating scale of operations and thin profitability
Overall operations of NJC remained fluctuating for past three years
ended March 2018. NJC reported Total operating income of INR61.30
crore during FY18 as against INR42.87 crore during FY17 (decreased
from TOI of INR66.68 crore in FY16) due to fluctuating prices and
trading nature of operations. Further, profitability of NJC
remained thin marked by low PBILDT margin at 1.26% (FY17:1.22%) and
thin PAT margin of 0.53% (FY17:0.37) during FY18 on account of
trading nature of operations. As a consequence of thin
profitability, gross cash accruals (GCA) also remained low at
INR0.34 crore during FY18.

Leveraged capital structure and weak debt coverage indicators
Capital structure of NTC remained leveraged as on March 31, 2018
marked by an overall gearing ratio of 3.30 times as against 2.64
times as on March 31, 2017. The capital structure remained
leveraged due to high total debt on account of higher outstanding
amount of working capital bank borrowings and low net worth base.
On account of high level of debt coupled with low profitability,
debt coverage indicators stood weak marked by total debt to GCA
ratio of 13.42 times as on March 31, 2018 (16.51 times as on March
31, 2017). Interest coverage ratio also remained modest at 1.78
times during FY18 as compared to 1.51 times in FY17.

Proprietorship nature of constitution
NTC being a proprietorship firm is exposed to inherent risk of
proprietor's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover, proprietorship
firms have restricted access to external borrowings as credit
worthiness of promoters would be key factors affecting credit
decision for lenders. Presence highly fragmented and competitive
sugar trading industry with highly susceptibility of operation to
adverse weather conditions and instance of any natural calamities.
The firm operates in the trading of sugar industry which is highly
fragmented industry with presence of numerous independent
small-scale enterprises. The industry is characterized by low entry
barrier due to minimal capital requirement, no inherent resource
requirement constraints and easy access to customers and supplier.
Also, the presence of big sized players with established marketing
& distribution network results into intense competition in the
industry. The sugar industry is highly fragmented with the presence
of numerous regional unorganized players. Furthermore, the business
is seasonal and highly dependent on weather conditions and is
exposed to natural calamity. Hence in case of any adverse weather
condition affect the availability of material and prices of sugar,
affects profitability of firm.

Key Rating Strengths

Experienced promoter and established track record of operations
NTC is engaged in trading of sugar. Mr. Najmuddin looks after
overall operation of the firm and holds experience of more than 4
decades in the sugar trading business. NTC was established in 1975
and therefore is has established track record for more than 4
decades.

Liquidity Analysis: Stretched liquidity
The liquidity of NTC remained stretched marked by low cash and bank
balance on hand, modest cash flow from operation, low cash accruals
and high utilization of its working capital limit. The average
utilization of its working capital limit during past one year ended
February 2019 remained high at 95%. The cash flow from operating
activity remained negative at INR0.28 crore during FY18. Cash
accruals also remained low at INR0.34 crore in FY18, however there
is no term debt repayment obligation for FY20. Further, cash and
bank balance remained at low INR0.91 crore during FY18.

Dahod (Gujarat) based Najmudding trading Co. (NTC) is a
proprietorship firm established in 1975. Operations of NTC are
managed by proprietor Mr. Najmuddin. NTC is established for trading
of sugar pan India. NTC also established its branch in FY19 at
Kohlapur, Maharashtra.


NEERAJAKSHA IRON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Neerajaksha Iron & Steel Private Limited

        Registered office:
        Site No. 4, 5 Medehal Village
        Halaharvi Mandal
        Kurnool AP 518395

        Corporate office:
        Flat No. 108, 1st Floor
        Sovereign Shelter
        Near Ganga Jamuna Hotel
        Lakdi Ka Pool-Khairatabad
        Hyderabad 500004

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: March 25, 2020

Insolvency professional: Sridhar Venkatraya Sundararaja

Interim Resolution
Professional:            Sridhar Venkatraya Sundararaja
                         Regus, 1st Floor, Phoenix Tech Tower
                         Phoenix Tech Tower
                         Plot No. 14/46, Survey No. 1 (part)
                         IDA-Uppal Village and Mandal
                         Uppal Notified Industrial Area Service
                         Society, Hyderabad
                         Telangana 500039
                         E-mail: sridharema@gmail.com
                                 rp.sridharvs@gmail.com

Last date for
submission of claims:    October 17, 2019


NEW SAPNA: CARE Reaffirms D Rating on INR5.68cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
New Sapna Granite Industries (NSGI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       5.68       CARE D Reaffirmed and removed
   facilities                      from 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
NSGI and in line with the extant SEBI guidelines, CARE reaffirmed
the ratings 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 rating stand at 'CARE D'.

Detailed description of key rating drivers

Key Rating Weaknesses

Irregularity in debt servicing
There is ongoing irregularity in long term debt servicing as the
firm has been irregular in repaying its term loan principal and
interest amount for the past three months ended August, 2019.

Liquidity Analysis: Poor
Liquidity of NSGI continued to remain poor due to irregularity in
servicing its debt obligations owing to weak liquidity position.
Average working capital limits utilization remained full during
past twelve months period ended August, 2019. Cash and Bank balance
remained at INR0.05 crore as on March 31, 2018, while cash flow
from operations remained at INR2.16 crore during FY18.

Godhra-based NSGI established in 2011 is a proprietorship firm
engaged in cutting and polishing of raw granite stones. The
installed capacity of the plant is processing 6,00,000 square feet
of stone per annum as on March 31, 2019. The proprietor has an
experience of over a decade in stone cutting and polishing. He was
earlier engaged in cutting and polishing of marble, granite and
kota stone through a firm named Sapna Kota Stone. The granite
stones are sold to traders and real estate builders in and around
Gujarat, Rajasthan and Maharashtra.

PIYUSH COLONISERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Piyush Colonisers Limited

        Registered address:
        A-16/B1 Mohan Co-Operative Industrial Estate
        Main Mathura Road
        New Delhi 110044

        Other address:
        "Piyush Global-i", 1st Floor
        Plot No. 5, YMCA Chowk
        NH-2, Main Mathura Road
        Faridabad 121005 HR   

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Umesh Garg

Interim Resolution
Professional:            Umesh Garg
                         2nd Floor, 3 Scindia House
                         Janpath, Connaught Place
                         New Delhi 110001
                         E-mail: umeshg60@gmail.com

                            - and -

                         Almondz Insolvency Resolutions Services
                         Pvt. Ltd.
                         F-33/3, Okhla Industrial Ares
                         Phase II, New Delhi 110020
                         E-mail: cirppiyush@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sandeep Khanna
                         Mr. Shyam Arora
                         Mr. Virender Jit Singh

Last date for
submission of claims:    October 14, 2019


POLYCHEM INDUSTRIES: CARE Assigns B Rating to INR10.22cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Polychem
Industries (PI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           10.22      CARE B; Stable Assigned

   Long Term/
   Short Term
   Bank Facilities       7.00      CARE B; Stable/CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PI are constrained
on account of its modest scale of operations with limited
utilization of installed capacity, thin profitability which is
susceptible to volatility in raw material prices, weak debt
coverage indicators and its poor liquidity. The ratings are further
constrained on account of PI's presence in a highly competitive and
fragmented industry and its constitution as a proprietorship
concern.

The ratings, however, derive strength from the experience of its
proprietor, established operations of group entities in chemical
and textile industry along with their demonstrated support for PI
as well as advantage of being located in a chemical manufacturing
cluster.

Ability of PI to increase its scale of operations with optimum
utilization of its manufacturing capacity, improvement in its
profitability and capital structure and prudent management of its
working capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations and thin operating profitability: PI
commenced its commercial operations in September 2017 with an
installed capacity 3,500 metric tonnes per annum (MTPA). However,
due to limited availability of funds for working capital, PI was
unable to scale up its operations, due to which the utilization of
its installed capacity was low at 14% in FY19, its first full year
of operations. As a result, PI's total operating income (TOI)
remained modest at INR27.16 crore during FY19. This translated into
thin profitability for the firm, marked by a PBILDT margin of 5.17%
during FY19. Interest costs remained high due to sizeable debt
(external debt as well as unsecured loans from group entities)
availed for establishment of the plant, working capital as well as
debt servicing requirements thus translating into a net loss of
INR2.85 crore in FY19. Due to these negative cash accruals, the
firm remains dependent upon the proprietor and other
group entities to infuse funds in a timely manner for its debt
servicing requirements.

Weak debt coverage indicators: PI's overall gearing ratio was
moderate at 0.72x as on March 31, 2019 on account of healthy net
worth (after considering the sub-ordination of unsecured loans of
INR16.00 crore infused by group entities), compared with its total
outstanding total debt. However, the firm's debt coverage
indicators remained weak marked by a below unity interest
coverage.

Susceptibility of profitability to volatile raw material prices:
The key raw materials used in dye manufacturing process are crude
oil derivatives. The prices of these are inherently volatile with
linkage to crude oil prices in the domestic and international
markets. This makes PI's operating profitability susceptible to
adverse movement in raw material prices due to limited pricing
flexibility with its customers owing to its presence in a
competitive industry. Furthermore, PI also imports a small part of
its raw material requirement (Rs.2.24 crore in FY19) exposing it to
foreign exchange rate fluctuations in the absence of any natural
hedge by way of exports.

Presence in a highly competitive and fragmented industry: The dyes
industry is highly fragmented and is characterized by the presence
of a large number of organized and unorganized players. This
coupled with low entry barriers in the industry translates into
stiff competition for the firm.

Constitution as a proprietorship concern: PI, being a
proprietorship concern, is exposed to inherent risk of proprietors'
capital being withdrawn at time of personal contingency along with
risk of unlimited liability of the owner. Further, proprietorship
concern has restricted access to external borrowings, as credit
worthiness of proprietor remains the key factor affecting the
credit decision for lenders.

Liquidity: Poor

PI's liquidity was poor on account of its cash losses reported in
FY18 and FY19. Due to this, it remains dependent upon fund infusion
by its proprietor and group entities for meeting its debt servicing
requirements in a timely manner. Further, PI has received a
sanction of INR7.00 crore of working capital limits from its
lender, the availability of the same was limited up to INR2.00
crore till March 2019. While the lender has allowed utilization of
up to INR5.00 crore from April 2019, any incremental funding
requirement would require support of the Bhatia group.

Key Rating Strengths

Experience of proprietor and Bhatia group's presence in the textile
and chemicals business: Mr. Dhawal Bhatia, the proprietor of PI,
has an experience of over five years in the textile and chemical
industries through his engagement with various businesses of the
Bhatia group. He is also a partner in M/s. Vap Fab, a fabric
manufacturing and trading entity of the group. Further, PI being a
part of the Bhatia group of companies, has access to the marketing
and distribution network of the group. The group has operations of
over four decades through various entities in textile and chemical
industry. Further, the group has demonstrated its resourcefulness
through infusion of unsecured loans to support the business
operations. As on March 31, 2019, these unsecured loans stood at
INR21.27 crore, out of which INR16.00 crore was subordinated to
bank facilities.

Locational advantage: PI's manufacturing facility is located at
Dahej, which is a part of the Petroleum, Chemicals and
Petrochemicals Investment Region (PCPIR) of Gujarat. This benefits
PI in terms of ready access to raw materials, common effluent
treatment facilities and proximity to ports (in case of exports)
along with various incentives provided by the state government.
Also, a majority of PI's produce is targeted to be used in
manufacturing of textile products and the major markets of
Ahmedabad and Surat are located in proximity to Dahej.

Analytical Approach: Standalone with support of group entities
Due to its loss making operations driven by low capacity
utilization and non-availability of adequate funds, Polychem
Industries depends upon various group entities of the Bhatia group
for meeting its funding requirements for working capital as well as
debt servicing.

Established in 2015, Polychem Industries is a Surat based
proprietorship firm established by Mr. Dhawal Bhatia and is a part
of the Bhatia group of Surat. The proprietor has experience in the
chemical and textile trading business through his association with
various group entities. PI is engaged in manufacturing of disperse
dyes. It commenced commercial production in September 2017 at its
facility located at Dahej in Gujarat, which had an installed
capacity of 3,500 metric tonnes per annum (MTPA) as on March 31,
2019.

RAGHUVEER METAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Raghuveer Metal Industries Limited

        Registered address:
        205, M.J. Shopping Centre
        3, Veer Savarkar Block
        Shakarpur, Delhi East Delhi 110092

        Factory address:
        M/s Raghuveer Metal Industries Limited
        Village Brickchiyawas
        Near Mangiyawas, Ajmer
        Rajasthan

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Lucknow Bench

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

Insolvency professional: Amit Gupta

Interim Resolution
Professional:            Amit Gupta
                         B-12, Basement, Murli Bhawan
                         10-A, Ashok Marg
                         Lucknow 226001
                         E-mail: amitguptacs@gmail.com

                            - and -

                         C-17, Vinay Nagar
                         Krishna Nagar
                         Lucknow 226023
                         E-mail: rmilinsolvency@gmail.com
                         Tel.: 0522-4024033

Last date for
submission of claims:    October 18, 2019

RAMANI ICE: CARE Lowers Rating on INR94cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ramani Ice Cream Company Limited (RICL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      94.00       CARE D Revised from
   Facilities                      CARE BBB+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of RICL
takes into account on-going delays in servicing of its debt
obligations on the back of its poor liquidity. Establishing a track
record of timely debt servicing would be the key rating sensitivity
for RICL.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing
Debt servicing of RICL is irregular as reflected by delays in
servicing of its term loan installments which was due to be paid on
September 30, 2019 due to its poor liquidity. The total amount of
overdue is INR3.26 crore which is payable to two banks as per the
'Default, if any, Statement' submitted by the company on October 1,
2019.

Liquidity: Poor

Liquidity of RICL stands poor with full utilization of its fund
based working capital limits. According to the company's
articulation, the liquidity of RICL has gradually turned poor
mainly on the back of large amount of income tax payout of INR7.03
crore in December 2018 towards settlement of an old case w.r.to
survey conducted by Income tax department in FY17, due to its
elevated inventory levels and on account of lower sales of
ice-cream during the recent monsoon season due to heavy rains. All
these details have been shared by the company with CARE very
recently. The poor liquidity has constrained RICL's ability to
repay its above-mentioned debt obligations in a timely manner. The
company in its written submission to CARE has also said that there
has been no other instance of delay in debt servicing by it and has
further articulated that the above-mentioned overdue amount to the
banks will be cleared by it on or before October 15, 2019.

Ramani Icecream Company Limited (RICL), a closely-held unlisted
company, was established by Bhopal-based Ramani group. Initially
constituted as Ramani Ice Cream Company Pvt. Ltd. in 1991, it was
later on converted into a public limited company in 2011. Founded
by Late Mr. Balchand Kukreja, Ramani group is engaged in
manufacturing of ice cream since 1970. RICL sells ice-cream under
the brand name of 'Top 'N Town' which has dominant presence in
Madhya Pradesh and good presence in nearby states like Maharashtra,
Chhattisgarh, Orissa and Uttar Pradesh. As on September 30, 2018,
RICL had an annual capacity of 27 million litres per annum (MLPA)
for manufacturing of ice cream at its two plants located in Bhopal,
Madhya Pradesh and Durg, Chhattisgarh.

ROSHNI ENTERPRISES: CARE Assigns B+ Rating to INR20cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Roshni
Enterprises (RE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities         20.00        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RE is constrained by
project execution & funding risk, marketing risk with majority of
customer advances yet to be received and majority of units yet to
be booked against heavy debt repayment obligations in current &
subsequent quarters, cyclical nature of the real estate industry
coupled with sensitivities to government policies, interest rates &
prices of key raw materials, and partnership nature of
constitution. The rating, however, derive strengths from
established track record of operations with experienced promoters
in real estate development & construction activities and locational
advantage with site being located at industrial zone in Ambernath
(Thane).

Timely execution of project in a timely manner with timely
execution of construction and other project works, along with
timely funding availability in form of receipt of envisaged
customer advances are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution and funding risk albeit significant project
execution undertaken: RE is currently developing an industrial &
commercial project named GNP Galaxy, the total cost of which is
estimated at INR132.04 crore proposed to be funded by way of
promoters' contribution worth INR33.61 crore, bank term loan worth
INR20 crore, receipts from customers worth INR66.73 crore and the
balance by way of creditors & other net liabilities. The firm is
exposed to project execution risk, since 38.69% of the estimated
project cost is yet to be incurred as on May 31, 2019, towards
construction work which is to be funded by way of receipts from
customers.

Marketing risk with majority of customer advances yet to be
received and majority of units yet to be booked against heavy debt
repayment obligations in upcoming quarters: RE is exposed to
significant marketing risk, since out of the total 261 units, 175
units are yet to be booked, which comprise 67.05% of the total
saleable units, whereas 72.13% of the total carpet area is yet to
be booked. Furthermore, 71.57% of the envisaged customer advances
are yet to be received. As against the same, the company has heavy
debt repayment obligations to be commenced from upcoming quarters.
Hence, timely repayments of the same remain critical.

Cyclical nature of the real estate industry coupled with
sensitivities to government policies, interest rates and prices of
key raw materials: The key risks associated with the real estate
sector are mainly the cyclical nature of the business, interest
rate fluctuations and changes in government policies. Cement and
steel are the two major raw materials consumed by the real estate
industry. Any variation in the prices of key raw materials during
the construction period has a direct impact on total cost of the
project. Moreover, any adverse movement in interest rate affects
the real estate players in both ways; by hampering the demand as
well as increasing the cost of construction. The sector is directly
affected by changes in government regulations related to Floor
Space Index (FSI) and any changes in the approvals required for the
projects from various government bodies, usually at the state
level.

Partnership nature of constitution: RE is a partnership firm, hence
the risks associated with withdrawal of partners' capital exist.
The firm is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency. Due to the partnership
nature of constitution, it has restricted access to external
borrowing where net-worth as well as credit worthiness of the
partners are the key factors affecting credit decision of lenders.

Key Rating Strengths

Established track record of operations with experienced promoters
in real estate development & construction activities: RE belongs to
GNP group (GNP) which is engaged into real estate development &
construction of residential as well as commercial spaces since last
9 years. GNP has executed 3 commercial projects and a residential
project across Dombivali and Kalyan. The overall operations of RE
are looked after by the promoters – Mr. Girish Pawar along with
his relative Mr. Kaustub Latke, whereas Mr. Deepak Sardana is a
sleeping partner. Mr. Girish Pawar and Mr. Kaustub Latke possess a
total experience of over 17 years and 9 years respectively.

Locational advantage with site being located at industrial zone in
Ambernath (Thane): The site of GNP Galaxy is located at Ambernath
in Thane, Maharashtra, which is at the heart of industrial &
commercial hub in the central suburbs of Mumbai & Thane. The site
is located in the cluster of industrial premises and is also
surrounded by banks, restaurants, hospitals, railway station,
cinema halls, etc. Moreover, the public transport is also easily
accessible from the site.

Liquidity Analysis

Poor liquidity marked by lower accruals, customer advances &
receipts when compared to repayment obligations and modest cash
balance. This could constrain the ability of the company to repay
its debt obligations on a timely basis.

Established in June 2015 by Mr. Girish Pawar, Mr. Deepak Sardana
and Mr. Kaustub Latke, Roshni Enterprises (RE) is engaged in real
estate development & construction of industrial as well as
commercial spaces. The firm forms part of the GNP Group (GNP), with
4 firms (including RE) being a part of the group. RE is currently
developing its maiden project viz. GNP Galaxy at Ambernath in
Thane, Maharashtra, an industrial & commercial project spanning
across a total carpet area of 14,889 Sq. Mt. The said complex
comprises an industrial building and a commercial building with the
industrial building comprising LG+G+2 floors with 139 units and the
commercial building comprising G+2 floors with 122 units. The said
project registered by Real Estate Regulatory Authority (RERA) (RERA
ID: P51700002007 and P51700002123), got commenced in March 2017 and
is envisaged to be completed by September 2020.

RYDER INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ryder India Private Limited
        104-105, Plot No. H-7 Aggarwal Plaza
        Netaji Subhash Place
        Pitampura
        Delhi 110034
        India

           - and -

        Plot No. 352, Sector-17
        Footwear Park, HSIIDC
        Bahadurgarh (Haryana) 124507

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, New Delhi Bench II

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

Insolvency professional: Bikram Singh Gusain

Interim Resolution
Professional:            Bikram Singh Gusain
                         B-1/105, Sunrise Apartments
                         Dr. K N Katju Marg
                         Sector 13, Rohini
                         Delhi 110085
                         E-mail: bikramgusain@gmail.com

                            - and -

                         C/o Yogakshem Insolvency Professionals
                              LLP
                         UGF 1/15, Near PNB
                         Tilak Nagar
                         New Delhi 110018
                         E-mail: rydercirp@gmail.com

Last date for
submission of claims:    October 14, 2019


S.D. RICE: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.D. Rice Mills'
(SDRM) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.


The instrument-wise rating action is:

-- INR165 mil. Fund-based working capital limits affirmed with
     IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects SDRM's continued small scale of
operations, as indicated by revenue of INR660.97 million in FY19
(FY18: INR579.77 million). The revenue increased on a yoy basis on
account of better realizations. The firm reported revenue of
INR93.48 million in 1QFY20.

The ratings factor in SDRM's modest EBITDA margins due to the
inherent nature of the business. The margins fell to 4.34% in FY19
(FY18: 5.65%) due to an increase in administration expenses. The
return on capital employed stood at 9.12% in FY19 (FY18: 9.65%).

The ratings remain constrained by the firm's weak credit metrics on
account of the modest EBITDA margins. The metrics deteriorated on a
yoy basis in FY19 because of a decline in the absolute EBITDA to
INR28.70 million (FY18: INR32.74 million). The interest coverage
(operating EBITDA/gross interest expense) was1.09x in FY19 (FY18:
1.17x), and the net leverage (total adjusted net debt/operating
EBITDAR) was 8.75x (FY18: 8.58x).

The ratings also factor in SDRM's elongated net cash conversion
cycle. In FY19, the net cash conversion cycle improved to 157 days
(FY18: 197 days) due to a fall in inventory days to 154 days (FY18:
192 days) because of year-end sales.

Liquidity Indicator - Stretched: SDRM's average maximum utilization
of the fund-based facility was 85% during the 12 months ended
September 2019. The cash flow from operations and free cash flows
turned positive in FY19 due to the improvement in the working
capital cycle. The cash flow from operations stood at INR25.20
million in FY19 (FY18: negative INR10.99 million) and free cash
flow amounted to INR25.56 million (negative INR18.90 million).

The ratings, however, continue to be supported by the partners'
experience of two decades in rice industry.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or profitability and
deterioration in the credit metrics, with interest coverage
remaining below 1.1x, on a sustained basis, will lead to a
downgrade.

Positive: A substantial rise in the revenue and the profitability,
leading to an improvement in the credit metrics, with interest
coverage rising above 1.75x, will be positive for the ratings.

COMPANY PROFILE

Established in 1983, SDRM is a partnership firm. It is promoted by
Mr. Darshan Wadhwa and his family members. The firm primarily
processes basmati rice and also converts semi processed rice into
parboiled basmati rice. SDR's milling unit is based in Jalalabad,
Ferozpur district, Punjab. The unit is located close to the local
grain market.

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


The instrument-wise rating actions are:

-- INR54 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating;

-- INR30 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)/
     IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 15, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, SWPL manufactures wires at its
state-of-the-art facility in Khopoli, Raigad (Maharashtra).

SARASWATI TRADING: CARE Maintains B+ Rating on INR4.5cr Loan
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saraswati
Trading Company (STC) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      4.50       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Long-term/Short-    1.50       CARE B+/CARE A4; ISSUER NOT
   Term Bank                      COOPERATING; Based on best
   Facilities                     Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2018, placed the
rating of STC under the 'issuer non-cooperating' category as STC
had failed to provide information for monitoring of the rating. STC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 26, 2019 and July 31, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 9, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Decline in the total operating income with low profitability
margins: The total operating income (TOI) of the firm declined in
FY15 (refer to the period April 1 to March 31) on account of lower
quantity sold owing to low demand from existing customers. While
PBILDT margin and PAT margin increased, respectively, in FY15 owing
to goods exported with higher profit margins, the profitability
margins continue to be thin due to low value addition, intense
market competition and fragmented nature of industry.

Deterioration in capital structure, coverage indicators and
operating cycle: Overall gearing ratio deteriorated as on March 31,
2015, mainly due to higher utilization of working capital
borrowings. Interest coverage ratio of the firm stood moderate
during FY15 due to increase in the interest cost mainly attributed
to higher utilization of working capital bank borrowings during the
year. Furthermore, total debt to GCA deteriorated due to increase
in the total debt coupled with lower GCA. The operating cycle of
the firm stood elongated mainly due to elongation in inventory
holding period during FY15.

Weak Liquidity position: The liquidity indicators of the firm
remained weak as marked by current and quick ratio of 1.26x and
0.35x respectively as on March 31, 2015.

Highly fragmented industry characterized by high competition: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. Moreover, adverse
climatic conditions can affect their availability and leads to
volatility in raw material prices.
Key Rating Strengths

Favorable manufacturing location: The firm's processing facility is
situated in Karnal (Haryana) which is one of the highest producers
of paddy in India. Its presence in the region gives additional
advantage over the competitors in terms of easy availability of the
raw material as well as favorable pricing terms.

Karnal-based STC was initially established as a proprietorship
concern by Mr. Rajesh Khanna in April 1992, and started its
commercial production in September, 1992. The constitution was
further changed to partnership in September, 2010 and other members
of the Khanna family joined as the partners in the firm. Currently,
STC has seven partners. The firm is engaged in the trading and
processing of rice. The firm procures raw materials (paddy) from
the local market through commission agents and the final products
are sold in the domestic as well as overseas market.

SHREE SHANKAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Shankar Infratech Private Limited
        Beheramal Jharsuguda 768203
        Odisha

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Cuttak Bench

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

Insolvency professional: Mr. Sunil Kumar Keswani

Interim Resolution
Professional:            Mr. Sunil Kumar Keswani
                         House No. 31, Canal Linking Road
                         Ravi Nagar, Raipur
                         Chhattisgarh 492001
                         E-mail: sunil.keswani.co@gmail.com
                                 irpshreeshankar@gmail.com

Last date for
submission of claims:    October 15, 2019


TARUCHAYA COLONIZERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Taruchaya Colonizers LLP

        Registered office:
        D-701, Diamond Tower
        Plot No. 4&5
        Somdatts Landmark
        Hawa Sadak, Civil Lines
        Jaipur 302006
        Rajasthan

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 29, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         P. Agrawal & Associates
                         F-106 (1st Floor)
                         Sumer Complex, Gautam Marg
                         C-Scheme 302001
                         Jaipur, Rajasthan
                         E-mail: ippagrawal@gmail.com
                                 taruchayacolonizerscirp@gmail.com

Classes of creditors:    Allottee under Real Estate

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Prashant Sharma
                         V P Sharma & Associates
                         611, Arcade, 6th Floor
                         K-12, Malviya Marg
                         C-scheme, Jaipur
                         Rajasthan 302001

                         Mr. Brij Kishore Sharma
                         Ab-162, Vivekanand Marg
                         Nirman Nagar, Near Dcm
                         Ajmer Road, Jaipur
                         Rajasthan 302019

                         Mrs. Anuradha Gupta
                         E-194, Amba Bari
                         Jaipur 302039
                         Rajasthan

Last date for
submission of claims:    October 15, 2019


TRN ENERGY: Ind-Ra Lowers Loan Ratings to 'D'
---------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded TRN Energy
Private Limited's (TRNEPL) debt instruments as follows:

-- INR28,156.90 bil. (INR24,638.30 bil. outstanding as on March
     31, 2019) Term loan (Long-term) due on January 15, 2038
     downgraded with IND D rating;

-- USD53.58 mil. (USD39.22 mil. outstanding as on March 31, 2019)

     External commercial borrowing (ECB) (Long-term) downgraded
     with IND D rating;

-- INR2,050.0 bil. Fund-based limits (Long-term) downgraded with
     IND D rating;

-- INR2,250.0 bil. Non-fund based limits (Long-term) downgraded
     with IND D rating; and

-- INR700 mil. Loan equivalent risk (Long-term) downgraded with
     IND D rating.

KEY RATING DRIVERS

The downgrade reflects TRNEPL's delays in debt servicing in
September 2019 due to delay in receipt of payments from Uttar
Pradesh distribution companies (discoms) and decline in plant
load/plant availability factor due to coal supply issues.

RATING SENSITIVITIES

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

COMPANY PROFILE

TRNEPL, a special purpose vehicle, 74% owned by ACB (India) Power
Limited, a step-down subsidiary of ACB (India) Ltd ('IND A'/Stable)
was incorporated on 17 November 2006. It has developed a 600MW (2 x
300MW) coal-based thermal power plant in Raigarh district,
Chhattisgarh. The project achieved commercial operations date on 1
May 2017 (Unit-I was commissioned in August 2016 and Unit-II in May
2017). The company has signed a 20-year fuel supply agreement with
South Eastern Coalfields Limited for 2.6 million tons per annum of
coal. TRNEPL has signed 390MW with PTC India Ltd, which in turn has
signed back-to-back power purchase agreements (PPAs) with four
discoms - Paschimanchal Vudyut Vitran Nigam Ltd, Purvanchal Vidyut
Vitran Nigam Ltd, Madhyanchal Vidyut Vitran Nigam Ltd and
Dakshinanchal Vidyut Nigam Ltd) from Uttar Pradesh. TRNEPL also has
a perpetual PPA to supply 5% of net generation to Chhattisgarh
State Power Trading Company at a variable tariff. Balance power
generated post deduction of auxiliary consumption is currently sold
on merchant basis.

ACBIL, a flagship company of the Aryan Group, was incorporated in
March 1997. ACBIL has six coal washeries, with an installed
capacity of 33.33 million tons per annum. In addition, ACBIL is
engaged in power generation.

VIJAYALAKSHMI DRIER: CARE Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vijayalakshmi Drier Industries (VDI), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VDI continue to be
tempered by moderately leveraged capital structure and weak debt
coverage indicators, seasonal nature of availability of paddy
resulting in working capital intensive nature of operations and
constitution of the entity as a partnership firm. However, the
ratings factor in increase in total operating income and profit
margins (refer to period April 1 to March 31).

The ratings, continue to derive strength from experienced partners
with established track record, location advantage and healthy
demand outlook for rice.

The ability of the company to improve its scale of operations,
profitability margins and capital structure along with efficient
working capital management would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Thin profitability margins during review period
Profitability margin marked by the PBILDT margin and PAT margin has
improved marginally from 2.27% and 0.28% respectively in FY18 to
2.46% and 0.36% respectively in FY19 due to increase in scale of
operations resulted in absorption of operating expenses. However,
continues to remain thin.

Moderately leveraged capital structure and weak debt coverage
indicators, elongated operating cycle
The capital structure marked by the overall gearing ratio has
deteriorated from 2.06x as on March 31, 2018 to 2.28x as on March
31, 2019, due to higher utilization of working capital borrowings
and increase in unsecured loans (interest free) to manage
day-to-day operations of the firm during FY19. The debt coverage
indicators marked by TD/GCA and interest coverage ratio, declined
and remained weak due to increase in interest expenditure on back
of higher utilization of working capital borrowings. TD/GCA and ICR
stood at 43.28x and 1.31x respectively in FY19 as compared to
37.82x and 1.38x respectively in FY18. Further, the TD/CFO
continued to remain negative due to increase in inventory levels
and trade receivables. The average raw material inventory period
increased during FY19 as the firm has to maintain adequate stock in
order to meet the increased demand from the customers. Thus, the
operating cycle of the firm increased and stood at 96 days in FY19
as compared to 79 days in FY18.

Constitution of the entity as a partnership firm
VDI, being a partnership firm, is exposed to inherent risk of the
partner's capital being withdrawn at time of personal contingency
and firm being dissolved upon the death/retirement/insolvency of
the partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth. However, partners have infused capital to a tune of INR0.30
crore as on March 31, 2019.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The millers have to stock enough paddy by the end of the
each season as the price and quality of paddy is better during the
harvesting season. During this time, the working capital
requirements of the rice millers are generally on the higher side.
Majority of the firm's funds of the firm are blocked in inventory
and with customers. Moreover, the paddy is procured from the
farmers generally against cash payments or with a minimal credit
period of 10-15 days while the millers have to extend credit to the
wholesalers and distributors around 20-30 days resulting in high
working capital utilization reflecting working capital intensity of
business. The average utilization of fund based working capital
limits of the firm was utilized (90%) for a period of last 12
months ended August 31, 2019.

Key Rating Strengths

Experience of promoter for two decades in rice business
Vijayalakshmi Drier Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of rice
and the active partner Mr. K Murali Krishna has an experience of
over 18 years in the business of rice milling and processing.
Through his and other partners' experience in the rice processing,
they have established healthy relationship with key suppliers,
customers, local farmers, dealers and with the brokers facilitating
the rice business within the state.

Growth in total operating income during review period
The total operating income has grown by 9.83% and stood at INR33.53
crore in FY19 as compared to INR30.52 crore in FY18 due to increase
in orders from customers and coupled with favourable outlook demand
for rice.

Locational advantage with presence in cluster and easy availability
of paddy
The rice milling unit of VDI is located at Koppal district which is
the top district for producing rice in Karnataka. The manufacturing
unit is located near the rice producing region, which ensures easy
raw material access and smooth supply of raw materials at
competitive prices and lower logistic expenditure.

Healthy demand outlook of rice
Rice is consumed in large quantity in India which provides
favourable opportunity for the rice millers and thus the demand is
expected to remain healthy over medium to long term. India is the
second largest producer of rice in the world after China and the
largest producer and exporter of basmati rice in the world. The
rice industry in India is broadly divided into two segments –
basmati (drier and long grained) and non-basmati (sticky and short
grained). Demand of Indian basmati rice has traditionally been
export oriented where the South India caters about one-fourth share
of India's exports. However, with a growing consumer class and
increasing disposable incomes, demand for premium rice products is
on the rise in the domestic market. Demand for non-basmati segment
is primarily domestic market driven in India. Initiatives taken by
government to increase paddy acreage and better monsoon conditions
will be the key factors which will boost the supply of rice to the
rice processing units. Rice being the staple food for almost 65% of
the population in India has a stable domestic demand outlook. On
the export front, global demand and supply of rice, government
regulations on export and buffer stock to be maintained by
government will determine the outlook for rice exports.

Liquidity: Stretched
The liquidity profile of the firm is stretched. The firm has modest
cash and bank balance of INR0.28 crore as on March 31, 2019. The
average working capital limit utilization stood at 99% for the
12-month period ended August, 2019. The current ratio remained low
at 1.29x as on March 31, 2019. The working capital cycle was
elongated at around 96 days.

Vijayalakshmi Driyer Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of rice.
The rice milling unit of the firm is located at Navanagar Po:
Marlanahalli, Gangavathi, Koppal, Karnataka. Apart from rice
processing, the firm is also engaged in selling off by-products
such as broken rice, husk and bran. The main raw material, paddy,
is directly procured from local farmers located in and around
Koppal District and the firm sells rice and other byproducts in the
open markets of Karnataka. Present Installation capacity of the
firm is 4 tons per hour.



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

ADARO INDONESIA: Moody's Assigns Ba1 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating to
Adaro Indonesia (P.T.).

In addition, Moody's has assigned a Ba1 rating to the proposed USD
senior notes to be issued by the company, which will be guaranteed
by its parent Adaro Energy Tbk (P.T.). The proposed notes are
unsecured and will effectively rank pari passu with AI's existing
bank debt.

The ratings outlook is stable.

AI will use the notes' net proceeds to repay existing debt, fund
capital spending, and for general corporate purposes.

RATINGS RATIONALE

AI's Ba1 rating reflects the credit quality of its parent Adaro
Energy, given the strong operational links between the two
companies. These include (1) Adaro Energy holding the largest stake
in AI at 88.5%, (2) AI benefiting from Adaro Energy's vertically
integrated operations across the coal supply chain, and (3) Adaro
Energy guaranteeing all of AI's debt.

"Adaro Energy's credit quality is supported by AI, which is its key
subsidiary and one of the largest single location coal producers in
the southern hemisphere, with substantial thermal coal reserves,
low operating costs, and solid profitability through the coal price
cycles," says Maisam Hasnain, a Moody's Assistant Vice President
and Analyst.

Adaro Energy's thermal coal business has a long track record of
stable operations with annual production of around 50 million tons
since 2013, making it the second largest coal producer by volume in
Indonesia.

The thermal coal operations are supported by an integrated supply
chain covering mining contracting, transportation, port operations
and power generation. The integrated supply chain helps the group
improve its operating efficiency, maintain cost controls and
reduces reliance on third-party vendors.

Adaro Energy's credit profile is also supported by its adherence to
conservative financial policies. Over the last 10 years, its
long-term average adjusted leverage -- as measured by adjusted
debt/EBITDA -- has been low, hovering around 2.0x. Moody's expects
Adaro Energy to maintain similar leverage levels over the next 2-3
years.

Adaro Energy also has a record of prefunding or prepaying its debt
well ahead of maturity. For example, in 2014, AI refinanced its
$800 million notes issued in 2009 with a syndicated loan, five
years ahead of scheduled maturity.

"At the same time, Adaro Energy's credit quality is constrained by
its limited operational and geographic diversification, keeping the
group reliant on thermal coal sales to drive the majority of
revenue and earnings over the next few years," adds Hasnain, also
Moody's Lead Analyst for AI.

However, Adaro Energy has taken steps to diversify its earnings, as
reflected in its investments in two Indonesian power projects,
which are scheduled to start by the end of 2019 and 2020
respectively. In addition, the company purchased an effective 35%
stake in Kestrel Coal Mine, an Australian metallurgical coal
producer, in 2018.

Moody's estimates that dividends from these entities are likely to
be minimal over the next 2-3 years. As such, Adaro Energy's credit
profile will continue to be driven primarily by its thermal coal
operations in South Kalimantan, exposing the group to a high degree
of operational and geographic concentration risk.

The Ba1 ratings also reflect Moody's expectation that AI's coal
contract of work (CCoW) mining license, which expires in October
2022, will be extended on broadly similar terms. However, Moody's
believes that there remains a high degree of regulatory risk, given
limited clarity from the Government of Indonesia (Baa2 stable) on
the extension or conversion of such mining licenses.

Moody's expects Adaro Energy will maintain strong liquidity over
the next 12-18 months with sufficient cash to meet its needs until
December 31, 2020. The proposed notes will further strengthen its
liquidity and help address its cash needs through 2021, including
scheduled debt maturities and capital spending.

The proposed notes are rated in line with AI's Ba1 CFR. Legal
subordination risk for bondholders is mitigated as the proposed
notes will effectively rank pari passu with AI's existing bank
loans, which are also unsecured. Structural subordination risk is
mitigated as AI is an operating company, generating the majority of
Adaro Energy's revenue.

The rating also considers Adaro Energy's exposure to environmental,
social and governance (ESG) risks as follows:

First, Adaro Energy faces elevated environmental risks associated
with the coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal power. However,
Adaro Energy is better positioned than other global coal miners to
manage these risks, given (1) its geographically diversified
customer base, which includes state-owned utilities across Asia, a
region with growing energy demand and where thermal coal is still a
relatively low-cost source of energy, and (2) its better coal
quality, with low ash and sulfur content.

Second, Adaro Energy is also exposed to social risks associated
with the coal mining industry, including health and safety,
responsible production and societal trends. The company pursues a
"zero mine site accidents" goal at its mines. It also sponsors
corporate social responsibility projects through the Adaro
Foundation, and runs programs to supply clean water to local
communities through Adaro Water.

Third, with respect to governance, Adaro Energy's ownership is
concentrated in its major shareholders, who directly and indirectly
own 64% of the company. However, this risk is balanced against
Adaro Energy's listed status, supportive shareholders and long
track record of maintaining prudent financial policies.

The stable outlook reflects Moody's expectation that Adaro Energy
will effectively execute its growth strategy while continuing to
adhere to conservative financial policies.

Upward rating pressure over the next 12-18 months is unlikely,
given Adaro Energy's lower scale and limited product
diversification compared with similarly rated mining peers.

Nevertheless, Moody's could upgrade the ratings if Adaro Energy
materially improves its business profile through product and
geographic diversification, while adhering to conservative
financial policies and maintaining a prudent approach towards
further investments and shareholder distributions.

Moody's could downgrade the ratings if (1) Adaro Energy experiences
operational disruptions or industry fundamentals weaken, such that
its earnings and cash flow decline, (2) AI fails to extend its CCoW
on similar terms, or (3) Adora Energy engages in aggressive
shareholder distributions or capital investments, which would
indicate a deviation from its stated prudent financial policies.

Specifically, adjusted debt/EBITDA above 3.0x or adjusted
EBIT/interest below 4.0x on a sustained basis could prompt a review
for downgrade.

The principal methodology used in these ratings was Mining
published in September 2018.



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

NEW COTAI: Exclusivity Period Extended Until Dec. 24
----------------------------------------------------
Judge Robert Drain the U.S. Bankruptcy Court for the Southern
District of New York extended the period during which New Cotai
Holdings, LLC and its affiliates have the exclusive right to file a
Chapter 11 plan and solicit votes through Dec. 24.

The bankruptcy judge also required the companies to promptly inform
the ad hoc group of noteholders' legal counsel of any proposal or
suggestion regarding any further equity raise concerning Studio
City International or any sale of Studio City stock that may be
designed to facilitate a "squeeze out" merger under Cayman law.

                     About New Cotai Holdings

New Cotai Holdings, LLC, and certain of its affiliates were formed
for the purpose of investing in what is now Studio City
International Holdings Limited. Studio City International, together
with its subsidiaries, owns the Studio City project, an integrated
resort comprising entertainment, retail, hotel and gaming
facilities located in the Macau Special Administrative Region of
the People's Republic of China. Affiliates of investment funds
managed by Silver Point Capital, L.P. own a direct or indirect
controlling interest in each of the Debtors. The Debtors have no
employees.

New Cotai Holdings and four affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-22911) on May 1, 2019. The petitions were signed by David
Reganato, authorized signatory. The cases are assigned to Judge
Robert D. Drain. At the time of filing, New Cotai estimated $100
million to $500 million in assets and $500 million to $1 billion in
liabilities.

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP, as
counsel; Houlihan Lokey Capital, Inc., as financial advisor; and
Prime Clerk LLC, as noticing, claims and balloting agent.



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

BARAKAH OFFSHORE: Rescue Deals with Lecca Called Off
----------------------------------------------------
The Sun Daily reports that Barakah Offshore Petroleum Bhd and its
potential white knight, Singapore's Lecca Group Ptd Ltd, have
mutually called off two agreements that were part of the Practice
Note 17 (PN17) company's proposed regularisation plan.

"Due to the suspension of the licence held by its wholly owned
subsidiary PBJV Group Sdn Bhd from Petroliam Nasional Bhd
(Petronas), the board is of the view that it will be challenging
for Barakah to implement its proposed regularisation plan," Barakah
explained in a stock exchange filing on its decision to terminate
the agreements, Sun Daily relays.

This includes PBJV's disposal of the pipe lay barge for a US$21
million (MYR88 million) cash to Lecca and the placement of 375
million shares to Lecca at four sen per share under tranche 1
placement and MYR25 million in nominal value of redeemable
convertible unsecured loan stocks on a five-for-three basis, the
report says.

"The board will continue to explore other avenues to formulate a
plan to regularise its financial conditions. Further announcement
will be made as and when necessary to Bursa Securities with regards
to the development of the matter in accordance with the
requirements under PN17 of the Listing Requirements," Barakah, as
cited Sun Daily, said.

In July, Petronas suspended the licence of PBJV for three years as
there was an adverse report from Petronas Carigali Sdn Bhd
pertaining to the non-performance of PBJV in relation to the
contract relating to provision of underwater services for PCSB, Sun
Daily recalls.

                      About Barakah Offshore

Barakah Offshore Petroleum Berhad, an investment holding company,
provides offshore and onshore pipeline services for the oil and gas
industry primarily in Malaysia.

In May 2019, Barakah Offshore Petroleum Bhd slipped into Practice
Note 17 (PN17) after it failed to make instalment payments to
Export-Import Bank of Malaysia Bhd (Exim Bank) and was unable to
provide a solvency declaration to Bursa Malaysia Securities Bhd.

HB GLOBAL: Uplifted from PN17 Status
------------------------------------
The Sun Daily reports that HB Global Ltd was uplifted from the
Practice Note 17 (PN17) status effective Oct. 15.

According to the report, the group said in a filing with Bursa
Malaysia that the decision was arrived at after taking into
consideration all facts and circumstances of the matter including
amongst others, that it no longer triggers any prescribed criteria
under Paragraph 2.1 of PN17 of the Main Market Listing
Requirements.

HB Global recorded net assets of MYR201.3 million as at June 30,
2019 with two consecutive quarters of net profit up to the quarter
ended June 30, 2019, which have been subjected to a limited review
by an external auditor, Sun Daily discloses.

HB Global Limited is an investment holding company. The Company's
subsidiary is a one-stop gourmet convenient food specialist that
offers RTS food, frozen vegetables, canned food, and other foods
such as VF snacks and asparagus tea products.

HB Global has sought to regularise its financial position after
triggering the Practice Note 17 (PN17) criteria in May 2013 due to
its external auditors Paul Wan & Co expressing an audit disclaimer
opinion on the company's audited financial statements for the
financial year ended Dec. 31, 2012.



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

MAKETU PIES: Te Arawa Buys Bay of Plenty's famed Pie Shop
---------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that Te Puke's Maketu Pies
has been sold after it went into receivership earlier this month.

Maketu Pies' 40 employees were told on Oct. 16 the official
transfer of ownership would take place on November 11 to
Rotorua-based Te Arawa Management, a subsidiary of Te Arawa Lakes
Trust Incorporated, Stuff relates.

According to the report, Te Arawa Lakes Trust Incorporated chairman
Taa Toby Curtis said the purchase was "simply the right fit" and it
was important for the business to stay in local hands.

"As a result, we can ensure that it will continue to support the
local economy," the report quotes Mr. Curtis as saying.

Maketu Pies were sold in Countdown, New World and Pak 'n Save
supermarkets and were served on Qantas flights.

Maketu Pies' website said the famed pie shop made its pies in
Maketu, by hand, in the original way "just as nana would have",
baked in a pie shop not a factory.

"Our role is to maintain and grow our assets and diversify our
asset base, so that we can support our people and our lakes long
into the future," Mr. Curtis said.

Te Arawa Management commercial manager Cassandra Crowley wouldn't
say how much the pie business was purchased for, according to
Stuff.

Te Arawa Lakes Trust was established in 2007 following a settlement
with the Crown to return 14 lakebeds in the Rotorua area to Te
Arawa.

Rodewald Consulting receiver Tom Rodewald told Stuff in early
October the iconic pie maker would continue to operate as a going
concern. He said there had been "lots of interest" from potential
buyers.

Stuff relates that Mr. Crowley said the trust was looking for
opportunities to develop Maketu Pies, including exploring potential
partnerships with other businesses and organisations that could
benefit the operation, and the local community.

"We're really excited about this development and what it could mean
for Maketu Pies, our people and wider Te Arawa," the report quotes
Mr. Crowley as saying.  "And it goes without saying that we're
particularly pleased that New Zealanders and manuhiri (visitors)
alike will still be able to get their favourite Maketu Pie at
corner shops, supermarkets and service stations across the
country."



=====================
P H I L I P P I N E S
=====================

RURAL BANK OF LARENA: MB Closes Bank; PDIC to Pay All Valid Claims
------------------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Larena (Siquijor), Inc. from doing
business in the Philippines through MB Resolution No. 1570.A dated
October 10, 2019, which also directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of Rural Bank of Larena. PDIC took over
the bank on October 11, 2019.

Rural Bank of Larena is a single-unit rural bank located on
Bonifacio St., Brgy. North Poblacion, Larena, Siquijor.

Latest available records show that as of June 30, 2019, Rural Bank
of Larena has 482 deposit accounts with total deposit liabilities
of PHP12.9 million, of which 96.25% or PHP12.4 million are insured
deposits.

PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PHP500,000.00.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with Rural Bank of Larena. These
individual depositors must ensure that they have complete and
updated addresses with the bank. PDIC representatives will be
distributing Mailing Address Update Forms at the bank premises and
depositors may submit the forms until October 16, 2019.

For business entities and all other depositors who are required to
file claims for deposit insurance, the schedule for filing of
claims will be announced through posters in the bank premises and
in other public places, the PDIC website www.pdic.gov.ph, and
PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Rural Bank of Larena and to transact
only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on October 22, 2019. Details will be
posted at the bank premises and in other public places.

Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall
likewise accept Letters of Intent from interested banks and
non-bank institutions for possible Purchase of Assets and
Assumption of Liabilities (P&A) as a mode of liquidating Rural Bank
of Larena within sixty (60) days from PDIC takeover subject to
compliance with the requirements prescribed under the Guidelines in
Pre-qualifying Proponents and Evaluating the Proposals for Purchase
of Assets and Assumption of Liabilities Mode of Liquidating Closed
Banks posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC
Public Assistance personnel stationed at the bank premises or call
the PDIC Public Assistance Hotline at (02) 8841-4141 or the Toll
Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro
Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or
via private message to the official PDIC Facebook account at
www.facebook.com/OfficialPDIC.



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

INTERNATIONAL SEAWAYS: S&P Affirms 'B-' Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Marshall Islands-based International Seaways Inc. and revised the
outlook to stable from negative.

S&P said, "At the same time, we are raising our issue-level rating
on International Seaways' $25 million senior unsecured notes to
'B-' from 'CCC+' due to the term loan prepayment.

"We are also affirming our 'B+' issue-level rating on the company's
$50 million superpriority senior secured revolver due 2021 and our
'B+' issue-level rating on its senior secured first-lien term loan
B due 2022."

The international crude oil and petroleum shipping market is
competitive and exhibits significant volatility.

S&P's rating on International Seaways Inc. reflects its exposure to
the volatile and competitive international tanker market. The
industry is also highly fragmented, and the leading shippers in
this sector maintain only single-digit percent market shares.
International tankers for crude oil and petroleum products operate
predominantly in the spot market for shipping rates, which leaves
them vulnerable to global economic conditions, tanker supply
overcapacity, and event-driven geopolitical risks. However,
International Seaways benefits from its longstanding relationships
with its customers, which are mostly major oil companies that have
solid credit quality.

"The stable outlook reflects our expectation for continued improved
operating performance due to our expectation that conditions in the
international tanker market will remain solid through the end of
2019 and into 2020. We expect that IMO 2020 will be a net positive
for the tanker market due to increased oil movements, although it
could also present some potential disruptions as well. In our
base-case scenario, we expect adjusted debt leverage to improve to
about 6x at year end.

"We could lower our rating on International Seaways in the next 12
months if its earnings decline substantially because of slowing
global economic growth or challenging industry conditions. We could
also lower our rating if we believe that the company is dependent
on favorable business, financial, and economic conditions to meet
its financial commitments, or if we view the company's financial
obligations as unsustainable over the long term (even if the
company does not face a credit or payment crisis in the next 12
months).

"We could raise our rating on International Seaways if its credit
measures improve, including a funds from operations (FFO)-to-debt
ratio in the teens percent area over the long term. This could
occur if, for example, the conditions in the company's end markets
improve and its spot rates increase more than we expect."



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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