/raid1/www/Hosts/bankrupt/TCRAP_Public/191125.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 25, 2019, Vol. 22, No. 235

                           Headlines



A U S T R A L I A

DIGITAL FOX: Second Creditors' Meeting Set for Dec. 2
HEART 2 HEART: First Creditors' Meeting Set for Dec. 2
HRC HOTEL: First Creditors' Meeting Set for Dec. 2
MAXWELL & KEMP: First Creditors' Meeting Set for Nov. 29
SAMSON OIL: Incurs $452,610 Net Loss in First Quarter

SLEEPY BEDROOM: Second Creditors' Meeting Set for Nov. 29
SUN TELECOMMS: Second Creditors' Meeting Set for Nov. 29
TRITON TRUST 2018-1: Fitch Affirms B+sf Rating on Class E Notes
VAC GROUP: First Creditors' Meeting Set for Nov. 28


C H I N A

GCL NEW ENERGY: S&P Cuts ICR to 'B-' on Parent's Frail Liquidity
GREENLAND GROUP: Defaults on "Significant" Project Payment
PANDA GREEN: Moody's Reviews Caa1 CFR with Direction Uncertain
XINJIANG FINANCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
YUZHOU PROPERTIES: Moody's Rates New Sr. Unsec. Notes 'B1'



I N D I A

AARSON MOTORS: CARE Lowers Rating on INR6.0cr LT Loan to 'B'
AARTI INFRA: CARE Maintains D Rating in Not Cooperating
ACE BRAIN: CARE Maintains B- Rating in Not Cooperating
AMISH DAIRY: CARE Reaffirms B+ Rating on INR7.03cr LT Loan
ANAND MINE: CARE Maintains B- Rating in Not Cooperating

ANGEL FIBERS: CARE Lowers Rating on INR72.11cr Loan to 'D'
ATHENS LIFE: CARE Lowers Rating on INR1.64cr LT Loan to 'D'
AYKA MOULD: CARE Lowers Rating on INR7.43cr LT Loan to D
BAJRANG AGRO: CARE Lowers Rating on INR6.59cr Loan to 'D'
DEWAN HOUSING: India's Bankruptcy Code Set to Face Huge Test

EXCEL GENERATORS: CARE Cuts Rating on INR3.0cr LT Loan to B+
HARSH GLOBAL: CARE Maintains B- Rating in Not Cooperating
INDIGO FACILITY: CARE Lowers Rating on INR10.85cr Loan to 'B'
JAGDAMBA TIMBERS: CARE Maintains B- Rating in Not Cooperating
KRUPANIDHI CONSTRUCTION: CARE Withdraws B+/A4 Debt Ratings

NANDI GRAIN: CARE Maintains D Rating in Not Cooperating Category
RUCHI SOYA: NCLAT Rejects DBS Bank's Plea over Funds Distribution
SANGHI BROTHERS: CARE Lowers Rating on INR82cr LT Loan to B+
SATYA PAL: CARE Lowers Rating on INR4.44cr Loan to B+
SHIRISH HOTELS: CARE Lowers Rating on INR12.85cr LT Loan to 'B'

SINGAN PROJECTS: CARE Maintains D Rating in Not Cooperating
THARUN TEXSPIN: CARE Assigns B+ Rating to INR29.50cr LT Loan
ZSL PRIVATE: CARE Assigns B+ Rating to INR2.50cr LT Loan
[] INDIA: Homebuyers Filed 1,800 Cases Under Insolvency Law


N E W   Z E A L A N D

HARPER ENTERPRISES: Owes More Than NZ$800K to Unsecured Creditors


S I N G A P O R E

VIKING OFFSHORE: Enters Term Sheet to raise SGD5 Million

                           - - - - -


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A U S T R A L I A
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DIGITAL FOX: Second Creditors' Meeting Set for Dec. 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of Digital Fox Pty
Ltd, trading as CQ Business Solutions, has been set for Dec. 2,
2019, at 11:00 a.m. at Empire Hotel - Conference Rooms,
5 East Street, in Rockhampton City, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 1, 2019, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Digital Fox on Oct.
28, 2019.

HEART 2 HEART: First Creditors' Meeting Set for Dec. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Heart 2
Heart Fundraising Pty Ltd will be held on Dec. 2, 2019, at 11:00
a.m. at the offices of Mackay Goodwin, Level 2, at Riverside Quay,
1 Southbank Blvd, in Southbank, Victoria.

Grahame Ward and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Heart 2 Heart on Nov. 20, 2019.

HRC HOTEL: First Creditors' Meeting Set for Dec. 2
--------------------------------------------------
A first meeting of the creditors in the proceedings of HRC Hotel
Services Pty. Ltd. will be held on Dec. 2, 2019, at 10:00 a.m. at
the offices of Smith Hancock Chartered Accountants, Level 4, 88
Phillip Street, in Parramatta, NSW.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of HRC Hotel on Nov. 21, 2019.

MAXWELL & KEMP: First Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Maxwell &
Kemp Pty Limited will be held on Nov. 29, 2019, at 10:30 a.m. at
the offices of Restructuring Works, Level 8, at 80 Clarence in
Street, Sydney, NSW.

John Raymond Gibbons of Restructuring Works was appointed as
administrator of Maxwell & Kemp on
Nov. 19, 2019.

SAMSON OIL: Incurs $452,610 Net Loss in First Quarter
-----------------------------------------------------
Samson Oil & Gas Limited filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $452,610 on $3.85 million of total oil and gas income for the
three months ended Sept. 30, 2019, compared to net income of $1.20
million on $3.58 million of total oil and gas income for the three
months ended Sept. 30, 2018.

As of Sept. 30, 2019, the Company had $38.19 million in total
assets, $48.51 million in total liabilities, and a total
stockholders' deficit of $10.32 million.

"We do not generate adequate revenue to satisfy our current
operations, we have negative cash flows from operations, and we
have incurred significant net operating losses during the three
month period ended September 30, 2019, and for the fiscal year
ended June 30, 2019, which raise substantial doubt about our
ability to continue as a going concern," Samson Oil said in the SEC
filing.  "Because of this our financial statements have been
prepared on the going concern basis, which contemplates the
continuity of normal business activities and the realization of
assets and settlement of liabilities in the normal course of
business.  We are in breach of several of our covenants related to
the Credit Agreement resulting in our borrowings payable of $33.5
million being classified in current liabilities," Samson Oil said
in the SEC filing.

"Our ability to continue as a going concern is dependent on the
re-negotiation of the Credit Agreement, the sale of assets and/or
raising further capital.  These factors raise substantial doubt
over our ability to continue as a going concern and therefore
whether we will realize our assets and extinguish our liabilities
in the normal course of business and at the amounts stated in the
financial statements.

"We believe that we can negotiate a waiver with our Lender and
increase our cash flows from operations through the successful
development of the Foreman Butte project and reducing our operating
and general and administrative costs.  In addition, we are
negotiating with a prospective party a transaction to divest all of
our oil and gas assets, which we believe, if successful, will
result in proceeds not less than our obligations under the Credit
Agreement and to our vendors.

"However, there can be no assurances that we will successfully
obtain a waiver, successfully divest our assets or increase our
cash flows from operations.  Given our current financial situation
we may be forced to accept terms on these transactions that are
less favorable than would be otherwise available."

The Company used $0.4 million of cash flow from its operations
during the three month period ended Sept. 30, 2019, compared to
$0.5 million of cash provided by operations during the comparative
period in the prior year, a change of $0.9 million. The Company's
loss can be primarily attributed to higher LOE costs and higher
interest expenses related to its Credit Agreement, which,
aggregated with LOE costs, equaled $4.6 million compared to $1.8
million for the same period in the prior year.

Cash flows used in investing activities during the three month
period ended Sept. 30, 2019, was $1,900 compared to cash flow
provided by investing activities of $0.6 million in the prior
year.

During the quarter ended Sept. 30, 2019, the Company focused on
increasing production through workover expenses and general
maintenance on its oil and gas properties.  The Company was not
engaged in any significant capital drilling projects during the
three month period ended Sept. 30, 2019.  During the three month
period ended Sept. 30, 2018, the Company recorded $1.0 million of
other income related to the failed sale with Eagle Energy Partners
I, LLC, where they forfeited a nonrefundable deposit of the same
amount.

There were no cash flows used in or provided by financing
activities for the three month periods ended Sept. 30, 2019, and
2018.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/R3MP6B

                        About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018.  As of June 30, 2019, Samson
Oil had $36.85 million in total assets, $46.68 million in total
liabilities, and a total stockholders' deficit of $9.83 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019.  These
conditions raise substantial doubt about its ability to continue as
a going concern.


SLEEPY BEDROOM: Second Creditors' Meeting Set for Nov. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sleepy Bedroom
Pty Ltd has been set for Nov. 29, 2019, at 10:30 a.m. at the
offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

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

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

Anne Meagher of SV Partners was appointed as administrator of
Sleepy Bedroom on Oct. 25, 2019.

SUN TELECOMMS: Second Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sun Telecomms
Pty. Ltd has been set for Nov. 29, 2019, at 10:00 a.m. at Oakland's
Room, Holiday Inn Melbourne Airport, at 10/14 Centre Rd, 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 Nov. 28, 2019, at 4:30 p.m.

Danny Vrkic of DV Recovery was appointed as administrator of Sun
Telecomms on Oct. 28, 2019.

TRITON TRUST 2018-1: Fitch Affirms B+sf Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings affirmed five classes of notes from Triton Trust No.
9 NTX Warehouse Series 2018-1. The transaction consists of notes
backed by a pool of first-ranking Australian residential mortgages
originated by Columbus Capital Pty Limited.

The notes are issued by Perpetual Corporate Trust Limited as
trustee for Triton Trust No.9 NTX Warehouse Series 2018-1.

RATING ACTIONS

Triton Trust No.9 NTX Warehouse Series 2018-1

Class A; LT AAsf Affirmed;  previously at AAsf

Class B; LT Asf Affirmed;   previously at Asf

Class C; LT BBBsf Affirmed; previously at BBBsf

Class D; LT BBsf Affirmed;  previously at BBsf

Class E; LT B+sf Affirmed;  previously at B+sf

TRANSACTION SUMMARY

The transaction is a warehouse that purchases receivables on a
revolving basis during the availability period. The current term
for the availability period expires in December 2019, however, it
can be extended at the request of the manager and the subsequent
agreement of the financiers and is subject to eligibility criteria
and pool parameters. The transaction will move to sequential
principal payment if an amortisation event is subsisting.

Payment of class A subordinated interest and of class B, C, D and E
residual interest is excluded from its rating analysis. Class A
subordinated interest is subordinated below losses if an
amortisation event is subsisting, while class B, C, D and E
residual interest is subordinated below losses when the outstanding
asset balance is below AUD16.5 million. Non-payment of subordinated
or residual interest will not lead to an event of default, as
outlined in the transaction documentation.

KEY RATING DRIVERS

Operational Risk: Columbus Capital is a non-bank financial
institution specialising in conforming Australian residential
mortgage lending. Columbus Capital commenced originations in 2006
and expanded via loan book acquisitions and organic origination.
Fitch undertook an onsite review and found the operations of the
originator and servicer were comparable with those of other
conforming lenders.

Asset Analysis: The asset model has not been run for this
transaction, as it is still within its revolving period, asset
composition and performance has been stable since the last asset
model analysis and there have been no material changes to asset
assumptions since the last asset analysis.

There were no loans with 30+ day or 90+ day arrears as at
end-September 2019, against 1.07% and 0.58%, respectively, for
Fitch's 3Q19 Dinkum RMBS Index. Transaction performance has been
strong, with no losses since closing.

Liability Analysis: An error was identified in the pro rata
amortisation calculations for the transaction and, as a result,
principal payments have been made sequentially during the
availability period since closing instead of paying pro rata. The
manager has fixed the error and affected investors have been
notified. Cash flow analysis has not been performed for this
transaction, despite the error, because Fitch's cash flow analysis
is carried out post the availability period and the error would not
affect the cash flow analysis, the transaction is still within its
revolving period and there have been no material changes to cash
flow assumptions since the last cash flow model analysis.

Macroeconomic Factors: Fitch expects stable mortgage performance,
supported by sustained economic growth in Australia. Fitch
forecasts steady GDP growth of 2.3% over 2020, stable labour
markets and low interest rates in Australia.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any foreseeable
change in performance. The prospect of downgrade is remote, given
the level of subordination available to all rated notes, pool
performance and adequate excess spread.

VAC GROUP: First Creditors' Meeting Set for Nov. 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Vac Group Holdings Pty Ltd
   -- Beacos Pty Ltd
   -- Rebirthed Earth Pty Ltd
   -- Soil Transfer Pty Ltd
   -- Staking U Asia Pacific Campus Pty Ltd
   -- Vac Group Employees Pty Ltd
   -- Vac Group Operations Pty Ltd
   -- Vac-U-Dig Pty Ltd
   -- Vac-U-Digga Pty Ltd
   -- Vac-U-Digga R & D Pty Ltd
   -- VHS IP Pty Ltd
   -- Earth Radar Group Pty Ltd

will be held on Nov. 28, 2019, at 10:00 a.m. at Beenleigh Event
Centre, Corner of Kent St and Crete St, in Beenleigh, Queensland.

William James Harris and Robert Michael Kirman of McGrathNicol were
appointed as administrators of Vac Group, et. al. on Nov. 18, 2019.



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C H I N A
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GCL NEW ENERGY: S&P Cuts ICR to 'B-' on Parent's Frail Liquidity
----------------------------------------------------------------
S&P Global Ratings, on Nov. 22, 2019, lowered its long-term issuer
credit rating on GCL New Energy Holdings Ltd. (GNE) to 'B-' from
'B+' due to a weakened group credit profile. At the same time, S&P
lowered the issue rating on the company's senior unsecured notes to
'CCC+' from 'B'.

S&P  said, "We lowered the rating on GCL New Energy Holdings Ltd.
(GNE) to reflect the weakened liquidity at the group credit profile
level, and our view that GNE's creditworthiness will be impaired
and constrained by its parent GCL-Poly Energy Holdings Ltd. We
believe the cash generation and liquidity of GCL-Poly has
materially deteriorated in the past year due to a weakened solar
material industry." Its outstanding debt has hovered at a high
level, especially the high mix of short-term debt. The recent
termination of a share purchase agreement with China Huaneng Group
Co. Ltd. (CHNG) also raises uncertainty that the firm will
deleverage materially in the near term.

GCL-Poly's operating cash flow has materially deteriorated during
the first half of 2019 and in our view might remain sluggish in the
next 12 months. The company reported a net loss for the first half
of 2019 with its gross profit margin in the solar material segment
deteriorating to around 0.9% (compared with 16.2% in the first half
of 2018). This was mainly the result of a slump in the average
selling price of its wafer and polysilicon products by 40% and 38%,
respectively, in the first half of 2019, on a year-on-year basis.
S&P expects the market share for these products to continue to be
replaced by monocrystalline solar wafer producers, matching the
increasing demand for products featuring higher energy conversion
efficiency. The company is currently undergoing a transition period
to becoming a quasi-mono and mono wafer focused manufacturer.

GCL-Poly reported a breach in a financial covenant for an
outstanding bank borrowing of Chinese renminbi (RMB) 1.4 billion
during the first half of 2019, which has triggered accelerated
repayment of several other bank borrowings totaling RMB6.4 billion
at the consolidated level (of which around RMB3.5 billion was born
by GNE). Although the company obtained a waiver on its financial
covenants from lenders in August 2019, S&P believes this added
additional burden to the company's liquidity and financial
management.

S&P is also concerned about GCL-Poly's high level of short-term
debt. About RMB16.3 billion of debt at GCL-Poly (excluding GNE and
not reflecting the reclassification of loans due to the covenant
breach) is due by June 2020, while the company only has around
RMB8.7 billion of cash and short-term pledged deposits (excluding
GNE) on hand as of end June 2019.

GCL-Poly has been trying to replenish its liquidity. For example,
it recently pledged 20% of GNE's shares to a financial entity as
backing for short-term borrowings. It also disposed 31.5% of its
share in Xinjiang GCL New Energy Materials Technology Co. Ltd., to
a related industry fund for an estimated net proceeds of RMB1.1
billion. However, these non-traditional financings and share sales
have also drawn attention to the tightened liquidity that underpins
our assessment of a lowered group credit profile of 'b-'.

GNE's cash generation ability has been impaired by the government's
prolonged delay in settling the renewable tariff subsidies. As of
end-June 2019, GNE recorded outstanding accounts receivable related
to subsidies as high as RMB8.8 billion, and received RMB750 million
from the government during the third quarter of 2019. Currently
around 67% of its operational capacity is not included in any
renewable subsidy catalogues announced by the government, where we
are uncertain about how and when the outstanding subsidies incurred
from these projects will be settled.

S&P said, "GNE's liquidity is also deteriorating, aligning with
what we see on other Chinese solar operators. Its RMB2.0 billion
reported cash and short term pledged deposits at-end June 2019 was
far off its RMB9.3 billion reported current debt. Nonetheless, we
believe potential asset sales in the following six months could
help GNE restore its cash leverage ratio to a certain extent. As
such, we maintain its less than adequate liquidity assessment.

"In our opinion, the potential asset sales to CHNG could relieve
some of GNE's financial burden. The chairman at the parent group
has reiterated the proceeds from disposing solar farm assets to
CHNG will be used to repay GNE's bank borrowings, instead of being
upstreamed to the holding company.

"We continue to assess GNE as a moderately strategic subsidiary
under GCL-Poly, with the rating capped at the group credit profile
level. GCL-Poly has supported its downstream solar farm business in
the past by providing shareholder loans and financial guarantees.
The diminished liquidity and cash generation ability of the parent
will inevitably affect the subsidiary, in our view.

"The negative outlook on GNE reflects our view that GCL-Poly's
liquidity may continue to weaken over the next 12-18 months. Its
weak cash generating ability (mostly related to the industry
downturn), mounting near-term debt maturities, and the breaching of
financial covenants, are some of the key obstacles, in our view.

"We may lower the rating on GNE if GCL-Poly's liquidity continues
to deteriorate. This could occur if GCL-Poly encountered increasing
difficulty in rolling over its existing bank borrowings, such that
it increases its reliance on non-traditional financing. GCL-Poly
further breaches of its financial covenants will also increase the
risk of accelerating repayment of its bank borrowings. We could
also lower our rating on GNE if GCL-Poly failed to improve its debt
maturity profile.

"The rating could also be lowered if we see material deterioration
in GNE's liquidity, such that we believe the company's capital
structure is unsustainable in the near term.

"We could revise GNE's outlook to stable if there was material
improvement in GCL-Poly's liquidity. GCL-Poly's liquidity could
show signs of recovery if the company improved its debt maturity
mix and curbed its reliance on non-traditional financing.

"We could also revise the outlook for GNE to stable, if at
GCL-Poly's level there was meaningful improvement in the cash
leverage ratio and liquidity after GNE's asset sales were completed
with CHNG, or if GCL-Poly successfully executed its asset-light
strategy via materially disposing other subsidiaries' assets."

GNE is the largest non-state-owned solar farm developer and
operator in China. Listed on the Hong Kong stock exchange, GNE is
62.3% owned by GCL-Poly.

GREENLAND GROUP: Defaults on "Significant" Project Payment
----------------------------------------------------------
The Financial Times reports that a subsidiary of China's largest
construction group has suspended work on one of the nation's
tallest skyscrapers after the developer became the latest in a
string of companies to default on a payment.

The FT says the default highlights the growing challenges faced by
China's construction groups as the slowing economy trims credit
supply, putting the once runaway mega-tower building boom under
stress.

In an October 30 letter seen by the Financial Times, China
Construction Third Engineering Bureau Co said it would halt
construction on a 475m-high skyscraper in the central city of
Wuhan.  It said Greenland Group, one of the nation's largest
property companies, had failed to make "a significant" project
payment.

"Unfinished super tall skyscrapers, which cost a huge amount of
funds to build, are a typical sign of economic recession," the FT
quotes Yan Yuejin, an analyst at Shanghai-based E-house China
Research and Development Institution, as saying. "They are financed
by credit and will run into trouble when lenders begin to scale
back."

China reported year-on-year economic growth of 6 per cent in the
third quarter, its slowest pace in 30 years.

Other cash-strapped property developers have also been struggling
to keep their tall-building projects afloat. FT research reveals
that construction of more than a dozen super tall skyscrapers,
defined as buildings higher than 300m, has been postponed or is
behind schedule.

Among them is Zhongnan Center in the eastern city of Suzhou.
Construction of the 729m skyscraper would make it the second
highest in the world if it were ever completed, but building work
stalled shortly after construction began in 2015, the FT relates.

"The most rational choice for us is to construct at a slow pace
until the market recovers," said an official at Zhongnan Group,
developer of the Suzhou project, the FT relays.

An official at Greenland, which has developed dozens of skyscrapers
across the country, told the FT that the company had worked out a
plan with CCTEBC and construction would resume soon. Wuhan City
Government had already asked Greenland to trim the height of the
structure.

If the Wuhan Greenland Center construction does proceed, it still
faces an uncertain future, the FT says. Office buildings in Wuhan
reported a 36.2 per cent vacancy rate, a near record high, in the
third quarter of this year, according to Jones Lang LaSalle, which
expects the ratio to keep rising as anticipated new supply floods
in.

"Demand for office space has weakened considerably due to the
slowing economy," the FT quotes Cherry Hu, an analyst at Cushman &
Wakefield in Wuhan, as saying. "The situation is not going to
improve any time soon."

The FT adds that Li Guozheng, an analyst at China Index Academy, a
property consultancy, said Greenland faced a dilemma. "You can't
give up on the project because you have already invested heavily in
it," said Mr. Li. "But if you go ahead, you run the risk of not
being able to find renters while having to pay sky-high maintenance
bills."

Until recently, Greenland had been able to rely on selling
expensive residential apartments, which it would develop adjacent
to its multi-use mega buildings, to insure itself against any
potential losses from empty office space. The strategy, however, is
under pressure as sales of luxury homes have fallen off owing to
the cooling economy and a crackdown on housing speculation.

"There is a fundamental problem with Greenland's business model,"
the FT quotes Mr. Li as saying. "It doesn't take into account an
economic downturn."

PANDA GREEN: Moody's Reviews Caa1 CFR with Direction Uncertain
--------------------------------------------------------------
Moody's Investors Service placed on review with direction uncertain
Panda Green Energy Group Limited's Caa1 corporate family rating, as
well as the Caa2 senior unsecured rating on its $350 million bond
due in January 2020 (changed from negative outlook).

The review follows the announcement by Panda Green on November 19,
that it has entered into a subscription agreement with Beijing
Energy Holding Co., Ltd.'s (3 stable), whereby its wholly owned
subsidiary Beijing Energy Investment Holding (Hong Kong) Co.,
Limited will subscribe to up to 32% of Panda Green's shares for
HKD1.79 billion (approximately $230 million) in cash. BEHHK and its
affiliates will also provide a RMB8-10 billion credit enhancement
guarantee to Panda Green to reduce the latter's financing costs.

RATINGS RATIONALE

"The rating action reflects our view that if the transaction
proceeds as announced, it will strengthen Panda Green's credit
profile and support its ability to repay the upcoming maturing USD
bond, due on January 25,, 2020," says Ada Li, a Moody's Vice
President and Senior Credit Officer.

To the extent that the proposed transaction proceeds as announced,
it will bolster Panda Green's credit profile, as BEH's materially
stronger credit quality will likely facilitate timely funding for
Panda Green and could enhance the company's financial management.

"At the same time, the rating action considers our expectation that
if the transaction does not proceed or is delayed, Panda Green is
very likely to miss payment on its USD bond due in January, given
its weak access to the capital markets following its aggressive
debt-funded expansion in 2017," adds Li.

If the transaction does not go ahead, a high level of uncertainty
will exist around Panda Green's ability to refinance the maturing
USD bond in the absence of committed funding.

The review will focus on the progress of the proposed transaction,
and on any credit enhancement that the BEH group may provide in the
future. The review will also consider BEH's strategy for Panda
Green and any deleveraging plans.

The review will also consider any contingency plan that Panda Green
may develop if the proposed transaction does not proceed as
announced.

The transaction, which is expected to be closed by January 6, 2020,
is subject to Panda Green's independent shareholders' approval,
satisfactory legal and financial due diligence, approval by the
Beijing State-Owned Assets Supervision and Administration
Commission (SASAC), consent from Beijing Development and Reform
Commission, and other regulatory clearances.

Upon completion of the transaction BEH will become Panda Green's
single largest shareholder, with a 32% stake in the company. BEH
and Panda Green have not yet commented on their business strategy
post transaction, and no changes to Panda Green's board have been
announced.

Moody's expects Panda Green's financial metrics will remain weak if
it is unable to reduce its financing costs, with FFO to debt likely
to stay around 3% and interest coverage (FFO/interest) likely to
register around 1.5x in 2020.

The senior unsecured debt rating is one notch lower than the CFR,
reflecting subordination risk.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Panda Green Energy Group Limited engages in the development,
investment, operation and management of solar power plants and
other renewable energy projects. At December 31, 2018, the company
reported 2.3 gigawatts of gross installed capacity through its
subsidiaries, associates and joint ventures.

Listed on the Hong Kong Stock Exchange, the company's major
shareholders, at of November 19, 2019, were: 1) China Merchants New
Energy Group and parties acting in concert with CMNE (22.75%), 2)
Qingdao City Construction Investment (Group) Co. Limited (19.99%),
and 3) China Huarong Asset Management Co., Ltd. (A3 stable,
19.99%).

Beijing Energy Holding Co., Ltd. is the largest power producer and
district heating supplier for the Beijing municipality. The company
mainly engages in power generation across China and district
heating in the Beijing municipality, with a total installed
capacity of 22.4 gigawatts at the end of 2018.

BEH is wholly owned by the Beijing State-owned Capital Operation
and Management Center (A1 stable), which in turn is 100% owned by
the Beijing municipal government and supervised by the Beijing
State-owned Assets Supervision and Administration Commission.

XINJIANG FINANCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed Xinjiang Financial Investment Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings of
'BB+'. The Outlook is Stable.

Fitch has also affirmed Xinjiang Financial's USD200 million 7.5%
senior unsecured notes due 2022 at 'BB+'. The offshore notes are
rated at the same level as Xinjiang Financial's IDR as they
represent the direct, unsubordinated, unconditional and unsecured
obligations of Xinjiang Financial and will at all times rank pari
passu with all other unsecured and unsubordinated obligations of
Xinjiang Financial.

Xinjiang Financial's ratings are assessed under Fitch's
Government-Related Entities (GRE) Rating Criteria, reflecting the
Xinjiang Uygur Autonomous Region government's ownership, direct
control and strong support record of Xinjiang Financial. Fitch has
also factored in the socio-political and financial implications for
the government if Xinjiang Financial were to default.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Fitch assesses the
attribute as 'Very Strong', based on the government's oversight of
Xinjiang Financial, which is wholly owned and controlled by the
Xinjiang State-owned Assets Supervision and Administration
Commission. The government appoints or nominates most of Xinjiang
Financial's board members and senior management, and any changes in
the board of supervisors or board of directors need government
approval. The company's major decisions also need the government's
approval.

'Moderate' Support Record: Government subsidies represented less
than 10% of Xinjiang Financial's net profit during 2015-2018. In
addition, the government provided various tax incentives to the
company. The attribute is constrained by the lack of other forms of
support, such as substantial capital injections and controlling
stakes of key state-owned enterprises.

'Moderate' Socio-Political Implications of Default: Xinjiang
Financial is the only platform in the Xinjiang Uygur Autonomous
Region engaged in financial investment and the task of maintaining
regional financial stability. However, Fitch sees that the company
is in the early stage in the financial investment area and
therefore could be substituted despite no GRE within the district
to carry out a similar function.

'Moderate' Financial Implications of Default: Fitch believes that a
failure by the government to provide timely support could have
reputational risk for the government and affect the availability of
financing for the province's other GREs. Nevertheless, Xinjiang
Financial's operations in terms of asset size are relatively small.
The company's financial impact in case of default is therefore
assessed as 'Moderate'.

'b' Standalone Credit Profile: Xinjiang Financial's financial
profile is relatively weak because of its large debt-funded capex,
negative free cash flow and high leverage, with a net debt/EBITDA
of 15x as of December 2018. The Standalone Credit Profile is
assessed at 'b', based on 'Weaker' demand defensibility, 'Midrange'
operating risk and 'Weaker' financial profile.

RATING SENSITIVITIES

A revision in Fitch's perception of the Xinjiang government's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would lead to a
change in ratings.

Positive rating action may be triggered by a revised assessment of
socio-political implications of a default, enhancing the
government's incentive to provide legitimate support.

A downgrade may result from a significant weakening of the
assessment of the socio-political or financial implications of a
default, or the assessment of the government's support record, or a
dilution of the government's shareholding.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

YUZHOU PROPERTIES: Moody's Rates New Sr. Unsec. Notes 'B1'
----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Yuzhou Properties
Company Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Yuzhou intends to use the net proceeds from this offering primarily
to refinance certain of the its existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will improve Yuzhou's liquidity and
lengthen its debt maturity profile," says Celine Yang, a Moody's
Assistant Vice President and Analyst. "The issuance will also not
materially affect its credit metrics, because the company will use
the proceeds to refinance maturing debt."

Moody's forecasts that Yuzhou's leverage — as measured by
revenue/adjusted debt and including shares from joint ventures and
associates — will gradually recover to around 60% towards the end
of 2020 from around 43% for the 12 months ended June 30, 2019,
driven by likely stronger revenue and controlled debt growth over
the next 12-18 months.

Moody's points out that Yuzhou's weaker than expected leverage for
the 12 months ended June 30, 2019 was mainly due to its raising of
additional debt to prefund its debt maturities and to fund land
purchases in 1H 2019.

Moody's expectation of Yuzhou's revenue growth over the next 12-18
months is based on the company's stronger contracted sales in the
last two years. Yuzhou's contracted sales grew notably by 44.6% to
RMB58.1 billion for the first 10 months of 2019, after growing 39%
to RMB56 billion in 2018.

Yuzhou has maintained a good track record of high profit margins in
the 31%-36% range in the past six years (2013-2018). But Moody's
expects that its gross margin will likely fall to around 28%-30% in
the coming 12-18 months, because the price caps implemented in tier
1 and major tier 2 cities and increasing land costs will squeeze
its margins.

Consequently, Moody's estimates that the company's adjusted
EBIT/interest — including shares from joint ventures and
associates — will improve to a lesser extent than its improvement
in leverage, with adjusted EBIT/interest trending towards 2.7x-3.0x
in 2019-20 from 2.6x for the 12 months ended June 30, 2019.

Yuzhou's Ba3 corporate family rating reflects its (1) track record
of developing and selling residential properties, (2) growing
operating scale and improved geographic diversification, and (3)
strong liquidity.

However, its credit profile is constrained by high debt leverage,
as measured by revenue/debt. The company's leverage is weak for its
Ba3 rating level.

Yuzhou's B1 senior unsecured debt rating is one notch lower than
its corporate family rating, due to structural subordination risk.
This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Yuzhou's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

In terms of environmental, social and governance factors, Yuzhou's
Ba3 CFR has considered the company's concentrated ownership in its
controlling shareholder, Mr. Lam Lung On, who held a 56.89% stake
in the company as of October 16, 2019.

The CFR has also considered that the company has (1) audit,
remuneration and nomination committees, which are all chaired by an
independent non-executive director and (2) the presence of other
internal governance structures and standards, as required under the
Listing Rules of the Hong Kong Stock Exchange and the Securities
and Futures Ordinance in Hong Kong to oversee its corporate
governance.

Yuzhou's liquidity is good. At the end of June 30, 2019, the
company's cash balance of RMB38.9 billion covered 285% of its
short-term debt of RMB13.7 billion. Moody's expects that over the
next 12 months, Yuzhou's cash holdings and its operating cash flow
will be sufficient to cover committed land premiums, short-term
debt and dividend payments.

The stable outlook on Yuzhou's ratings reflects Moody's expectation
that the company will maintain its contracted sales and revenue
growth, strong liquidity position and measured debt growth.

Upward ratings pressure over the medium term could emerge, if
Yuzhou (1) grows in scale, (2) improves its credit metrics, (3)
maintains a strong liquidity position, or (4) establishes a track
record of access to the domestic and offshore debt markets.

Credit metrics indicative of upward ratings pressure include the
company showing (1) EBIT interest coverage in excess of 4.0x, or
(2) revenue/adjusted debt in excess of 90%.

Downward ratings pressure could emerge if Yuzhou shows a weakening
in its (1) contracted sales growth, (2) liquidity position, (3)
profit margins, or (4) credit metrics.

Credit metrics indicative of downward ratings pressure include (1)
cash/short-term debt below 1.5x, (2) EBIT interest coverage below
2.5x-3.0x, and (3) revenue/adjusted debt below 60% on a sustained
basis.

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



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

AARSON MOTORS: CARE Lowers Rating on INR6.0cr LT Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aarson Motors, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank       6.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Aarson Motors is
constrained by its partnership nature of constitution, moderate
scale of operations and low profit margins, intense competition in
the auto dealership industry, risk of nonrenewal of dealership
agreement, working capital intensive nature of operation. However,
the aforesaid constraints are partially offset by its experienced
management and long track record of operation and authorized dealer
of Hero Motocrop Limited and stable demand outlook of Indian
automobile industry.

The ability of the entity to grow its scale of operations and
improve its profit margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating in September, 2018 the following were
the rating strengths and weaknesses:

Partnership nature of constitution
Aarson Motors, being a partnership entity, is exposed to inherent
risk of the partner's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency of
the partner. Furthermore, partnership entities have restricted
access to external borrowing as credit worthiness of proprietor
would be the key factors affecting credit decision for the
lenders.

Declining and small scale of operations with erratic profit
margins: The scale of operations remains small and declining with
erratic profitability level and margins during last three financial
years. The total operating income of the firm is INR44.15 crore
(Rs.52.84 crore in FY17) with a PAT of INR0.98 crore (Rs.0.52 crore
in FY17) in FY18 (provisional).

Furthermore, the profit margins of the firm remained low marked by
PBILDT and PAT margins were 4.69% (2.55% in FY17) and 2.21% (0.99%
in FY17) in FY18 (Provisional). This apart, the net worth base was
also low at INR1.91 crore (INR2.03 crore as on March 31, 2017) as
on March 31, 2018 (Provisional). Apart from this, the firm has
achieved revenue of INR22.50 crore during 5MFY19.

Risk of non-renewal of dealership agreement: The firm has entered
into a dealership agreement with Hero Motocrop Limited (Two
wheelers). The dealership agreements with the above companies are
subject to renewal from time to time. Furthermore, the agreements
may get terminated at any time on violation of certain clauses.

Working capital intensive nature of operation: The business of two
wheeler dealership is having inherent high working capital
intensity due to high inventory holding period. The firm has to
maintain the fixed level of inventory for display and to guard it
against supply shortages. Furthermore, Hero Motorcrop (Two wheeler)
having its association, demands payment in advance, resulting in
higher working capital requirements. Accordingly, the average fund
based working capital utilisation remained high at 95% during the
last 12 months ended August, 2018.

Partnership nature of constitution: Aarson Motors, 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. Furthermore, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision for the lenders.

Intense competition in the auto dealership industry: The automobile
industry is very competitive on the back of the presence of a large
number of players dealing with similar products. Moreover, in order
to capture the market share, the auto dealers offer better buying
terms like providing credit period or allowing discounts on the
purchase. Such discounts offered to the customers create a margin
pressure and negatively impact the earning capacity of the firm.

Key Rating Strengths

Experienced partners along with long track record of operations:
Mr. Sharad Goel (aged 47 years) have 18 years of experience and
Mrs. Banti Agrawal (aged 43 years) have six years of experience in
the automobile industry. Both of them look after the overall
management of the firm with adequate support from a team of
experienced personnel. Further, the firm is into business of
automobile dealership since 2001 and thus has a long track record
of operations of around 17 years.

Authorised dealer of Hero Motorcrop Limited: Aarson Motors enjoys
the reputation of being an authorized dealer of Hero Motorcrop
Limited for its two wheelers. Currently, the firm has fully
automated workshops with firm trained mechanics located at Siddarth
Chowk, Tikarapara, Raipur and Pathak Hospital Road, Fafadih,
Raipur. Apart from this, they also have seven sub-dealers in the
region. The entity has been one of market leaders in the region in
the two wheeler segments for decades and has a wide & established
distribution network of sales and service centres, providing it a
competitive advantage over its peers.

Stable demand outlook of Indian automobile Industry
The Indian Automobile Industry is one of the largest in the world.
It contributes 7.1% to GDP and provides employment to 29 million
people and contributes 13% to excise revenue. India's annual
production of vehicles stood at 29.08 mn in FY18 as against 25.33
mn in FY17, registering a growth of 14.8% y-o-y vis-à-vis a growth
of 5.5% during the same period last year. Going forward, in FY19
auto industry will continue to witness healthy growth as the
disruptions caused by various policy implementations have almost
moderated. Also, demand is expected to improve on back of various
initiatives taken by the government in the Union Budget 2019 for
the Agriculture and Infrastructure sectors.

Liquidity
The liquidity position of the firm was moderate as reflected by
current ratio and quick ratio remained at 1.38x and 0.25x
respectively as on March 31, 2018. The entity has generated gross
cash accrual of INR1.10crore during FY18 (provisional).

Aarson Motors was established in year 2001 with an objective to
enter into two wheeler dealership business. The entity started its
operation from 2001 and managed by two partners namely Mr. Ashok
Kumar Singh and Mrs. Banti Agarwal. The entity is authorized dealer
of Hero Motocrop Limited (Two wheeler division) with its office
located at Vidhan Sabha Road, Pandri, Raipur-492005. Currently the
entity has fully automated workshops with firm trained mechanics,
the only dealership with two additional fully automated workshops
located at Siddarth Chowk, Tikarapara, Raipur and Pathak Hospital
Road, Fafadih, Raipur. Apart from this, they also have seven
sub-dealers in the region.

AARTI INFRA: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aarti Infra
Projects Private Limited (AIPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     26.23       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term         15.00       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated July 13, 2018, placed the
rating of AIPPL under the 'issuer non-cooperating' category as
AIPPL had failed to provide information for monitoring of the
rating. AIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a email dated October 7, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on July 13, 2018 the following were the
rating weaknesses (updated for the information available from
Registrar of Companies)

Key Rating Weaknesses

Delay in debt servicing obligations: As per the interaction with
the banker dated June 28, 2018, there were ongoing delays in
repayment of debt obligations and the account was classified as
NPA.

Nagpur-based, Aarti Infra-Projects Private Limited (AIPL) was
incorporated in May 2006 and is a part of the Mandhana Group of
Industries. Promoted by Mr Kanhaiyalal S Mandhana, and its entire
shares are held by the Mandhana family. AIPL operates in three
verticals viz, irrigation projects (barrage/dam radial gates and
others), thermal power projects (fabrication and erection of heavy
structures for power station and others) and hydro power projects
(automatic tilting gates, high radial gates etc.

ACE BRAIN: CARE Maintains B- Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ace Brain
Systems and Software Private Limited (ABSSPL) continues to remain
in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      1.00       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term          7.00       CARE A4; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information

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

CARE had, vide its press release dated July 25, 2018, placed the
rating of ABSSPL under the 'issuer non-cooperating' category as
ABSSPL had failed to provide information for monitoring of the
rating. ABSSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a email dated October 7, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on July 25, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

Small scale of operations and low profitability margins: The scale
of operations as reflected by total operating income improved to
INR36.31 crore in FY18 and tangible net-worth stood at INR8.09
crore as on March 31, 2018. The scale of operations continues to
remain small, thus limiting its financial flexibility in the times
of stress. Further, the profitability margins improved, however
continues to remain low with PBILDT margin at 2.38% and PAT margin
of 1.02% in FY18.

Working capital intensive nature of operation with high collection
period: The operations of the company continues to remain working
capital intensive with gross current asset of 75 days with funds
mainly blocked in receivables

Intense competition and exposure to tender driven process risk:
Implementation of IT systems/solutions is a very competitive space
with the players ranging from organized to unorganized small
players to global IT giant like Infosys, Wipro, IBM, TCS etc.
resulting in an intensely competitive environment especially for
small players like ABSSPL. Furthermore, orders are generally tender
driven floated by various government organizations indicating a
risk of non-receipt of contract.

Key Rating Strengths

Experienced promoters with a track record of over two decades in
similar line of business: ABSSPL is engaged in providing customized
IT solutions since 1998. Accordingly, it has a long track record of
more than one and half decade and has an established presence in
the state of Maharashtra. Furthermore, the promoters have an
experience of around two decades in the industry.

Established relationship with reputed customers and a moderate
order book position: Being in the business for more than one and
half decade, has enabled the company to maintain a longstanding
relationships with several government departments.

Comfortable solvency indicators: The capital structure continues to
remain comfortable with overall gearing at 0.02x as on March 31,
2018. Further, with low gearing levels, the debt coverage
indicators of the company remained comfortable.

Ace Brain Systems and Software Private Limited (ABSSPL)
incorporated on May 19, 1998 and were promoted by Mr. Yogesh
Godbole, Mr. Sarang Satarkar and Mr. Sandip Bendigiri of Pune,
Maharashtra with Mr. Godbole being the main promoter. The company
is engaged in supplying, installation and maintenance of IT
products (likes projector, server, laptop, computer, monitor,
printer and scanner, UPS, software etc.).

AMISH DAIRY: CARE Reaffirms B+ Rating on INR7.03cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Amish
Dairy & Foods Private Limited (ADFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.03       CARE B+; Stable Reaffirmed
   Facilities           

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of ADFPL continues to
remain constrained by project stabilization risk, nascent and small
scale of operations, product concentration risk, weak profitability
margins, low capitalization and weak debt coverage indicators, and
exposure to intense competition and susceptibility to changes in
regulation and epidemics affecting the dairy industry. The rating,
however, continues to draw comfort from experienced and highly
qualified promoters, comfortable operating cycle and adequate
liquidity.

Rating sensitivities

Positive Factors

* Increase in scale of operations to the tune of around INR50
crore.
* Improvement in profitability margins amidst competition leading
to a positive net worth base on a sustained
basis.

Negative Factors
* Deterioration in debt coverage indicators as marked by interest
coverage and total debt to GCA below 2.00x and
5.00x respectively.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project stabilization risk
ADFPL has setup a new milk processing facility at Siwan, Bihar in
2016 and has fully completed the aforementioned project in April
2017 at a cost of INR9.75 crore, Currently, only the effluent
treatment plant in under process for final testing, after which it
is expected to be fully operational from November-December, 2019.
The entire project cost has been incurred till date, i.e. November
12, 2019.

Nascent & small scale of operations
The company commenced commercial production in April 2017, thus
FY18 (refers to a period of April 1 to March 31) was the first full
year of its operations. Thus the overall operations are at a
nascent stage as compared to other established players. The company
achieved a total operating income and gross cash accruals of
INR19.94 crore and INR1.24 crore respectively in FY19 as against
INR8.52 crore and INR0.26 crore respectively in FY18. The total
operating income grew significantly on account of higher quantity
of products sold during FY18-19 due to the capacity expansion
undertaken by ADFPL along with geographical expansion covering 14
districts in U.P, Bihar and Patna from 9 districts previously.
Further the company is projecting a turnover of INR30 crore and has
already achieved TOI of INR18 crore in 7MFY20.

Weak profitability margins
The profitability margins of the company continue to remain weak as
marked by PBILDT and PAT margins of 9.77% and 0.03% respectively
during FY19. The PBILDT margin improved from 6.53% in FY18 on
account of better cost management by the company, however, increase
in depreciation and financial cost led to deterioration in PAT
margin to 0.03% in FY19 from 0.97% in FY18. Due to the new milk
processing facility setup at Siwan, Bihar by the company, the
depreciation increased in FY19, thus impacting the PAT.

Product concentration risk
ADFPL has set up a milk processing unit with installed capacity of
50,000 to 1,00,000 litres of milk per day. ADFPL will procure
raw/unprocessed milk and will convert this milk into pasteurized
form. As of now, the company does not plan to venture into milk
products like Sweet and Condensed Milk (SCM), Skimmed Milk Powder
(SMP), etc. which is usually high margin products vis-à-vis
pasteurized milk. Hence, product profile of ADPL is concentrated
primarily on pasteurized milk which has a limited shelf life.

Low capitalization, weak debt coverage indicators and leveraged
capital structure
ADFPL has a negative net worth (amounting to INR 0.17 crore as on
March 31, 2019) on account of losses incurred in the FY17, which
limits its financial flexibility to meet any exigency. Due to loans
for the capex undertaken as well as the bank borrowings to meet the
working capital requirements the capital structure stood leveraged
as marked by debt equity and overall gearing ratios at negative
49.57x as on March 31, 2019 as against 28.44x as on
March 31, 2018. Further, the deterioration in capital structure
over the previous year is on account of increase in debt
outstanding due to remaining amount of loan being disbursed in FY19
and repayment of the same to commence from May 2019. Moreover, due
to low profitability and thereby lower accruals, the overall debt
coverage indicators marked by TDGCA also remain weak at 6.74x in
FY19 and interest coverage ratio of 3.00x in FY19. However, the
debt coverage indicators improved over the previous year on account
of higher PBILDT and GCA level due to higher depreciation cost.

Exposure to intense competition, and susceptibility to changes in
regulations and epidemics affecting the dairy industry
The dairy industry in India is highly fragmented, which restricts
the bargaining power of medium-sized players such as Amish with
suppliers and customers, thus constraining their working capital
management. Furthermore, the price of key raw material (milk) is
sensitive to regulatory policies and environmental conditions,
which affects profitability.

Key Rating Strengths

Experienced and highly qualified promoters
ADFPL is managed and promoted by Dr. Pradeep Tiwari and family who
possess moderate experience in the dairy
industry.

Comfortable operating cycle
Operating cycle of the company stood comfortable at 1 day for FY19.
The operations of ADFPL are less working capital intensive in
nature on account of the product being highly perishable in nature
and having a limited shelf life. The company procures the raw milk
on a daily basis from the dairy farmers and processes it regularly.
Generally they operate on cash basis, however, when the purchases
are made in bulk by the customers, the credit period gets stretched
to 15 days. Similarly, the company enjoys credit period of 10 to 15
days from its suppliers, however when it procures the raw milk in
bulk quantity, it gets further relaxation in making payment to its
suppliers.

Liquidity: Adequate
Adequate liquidity characterized by sufficient cushion in accruals
vis-à-vis repayment obligations and modest cash balance of INR0.11
crore as on March 31, 2019. Its bank limits are utilized to the
extent of almost 100% supported by above unity current ratio of
1.91x as on March 31, 2019.

Amish Dairy & Foods Private Limited (ADFPL) was incorporated as a
private limited company in March 2015. However the operations
started in April 2017. The company is promoted by Dr. Pradeep
Tiwari and is engaged in processing of milk and milk products viz.
sweet curd, lassi, buttermilk, ghee, paneer, sweet items like peda,
etc. They procure the milk from the local dairy farmers on a daily
basis and process it into pasteurized milk at its processing plant
located at Siwan, Bihar, with current installed capacity of 50,000
to 1,00,000 litres of milk per day and post the processing and
packaging, it is dispatched to the market in Patna, Bihar and Uttar
Pradesh through distributors, under the brand name 'Gopad' in
pouches of 500 ml and 1 litre. The milk is available in five
variants viz. full cream milk, toned milk, standard milk, tea milk
and cow milk. ADFPL has certifications and approvals namely Food
Safety License, Pollution Board Approvals and Broiler Inspection in
place.

ANAND MINE: CARE Maintains B- Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anand Mine
Tools Private Limited (AMTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      4.95       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term          1.60       CARE A4; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated July 16, 2018, placed the
rating(s) of AMTPL under the 'issuer non-cooperating' category as
AMTPL had failed to provide information for monitoring of the
rating. AMTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a email dated October 7, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on July 16, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies.)

Key Rating Weaknesses

Modest scale of operations with low profitability margins: AMTPL's
scale of operations continues to remain modest with total operating
income of INR 143.78 crore and total capital employed of INR50.08
as on March 31, 2018. The modest size of the company restricts the
financial flexibility of the company in times of stress and
deprives it from the benefits economies of scale. The profitability
margins of the company though improved stood at lower side in
FY18.

Weak solvency position: The capital structure of the company
continues to remain leveraged with an overall gearing ratio of 7.22
times as on March 31, 2018.With low profit margins and high gearing
levels, the debt coverage indicators stood weak.

Key Rating Strengths

Experienced promoters in the trading industries: The promoters of
Mr Tukaram Jawade and Mr Hemant Jawade has an average experience of
around two and a half decades in the trading of earthmoving
machineries, spare parts and engineering goods. The experience of
promoters has enabled them to establish strong relationship with
customers and suppliers.

Significant growth in total operating income: The total operating
income increased to INR143.78 crore as compared to INR103.38 crore
in FY18.

Group support: The group demonstrates support through infusion of
funds in the form of unsecured loans from the group firms to meet
working capital requirements and debt servicing obligation.

Strong customer profile albeit high customer concentration risk:
AMTPL has tie ups with established and reputed customers on the
back of quality service, helping the company in bagging repeat
orders over the period. The customer base of AMTPL includes Indian
Farmers Fertilizer Cooperative Limited and Western Coalfields
Limited

Nagpur, Maharashtra based Anand Mine Tools Private Limited (AMTPL),
was incorporated in the year 2010 by Mr.TukaramJawade along with
his son Mr.HemantJawade. The company is engaged in the trading of
pumps, spare parts and earthmoving machineries and also provides
workshop for repairing of mining machineries.

ANGEL FIBERS: CARE Lowers Rating on INR72.11cr Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Angel Fibers Limited (AFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank      72.11       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB+; Stable on the
                                   basis of best available
                                   information

   Short-Term Bank      3.50       CARE D; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE A4+; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of AFL
takes into account on-going delays in servicing of its debt
obligations on the back of poor liquidity arising from its subdued
profitability.

Detailed description of the key rating drivers

Key Rating Weaknesses

Liquidity: Poor

On-going delays in debt servicing
On the back of subdued industry scenario the company's net profit
margin declined sharply in FY19 and it incurred net loss during
H1FY20 leading to its poor liquidity which has resulted in delay in
its debt servicing obligations to the banks.

Rating Sensitivities:

Positive factor:

* Delay free track record of timely repayment of all its debt
obligations for more than ninety days along with improvement
in liquidity of the company.

Rajkot-based (Gujarat), Angel Fibers Limited (AFL) was established
as a private limited company in February, 2014 and started
commercial operations from June, 2015 by Mr. Ashok Dudhagara, Mr.
Kantilal Savalia, Mr. Parsotam Dudhagara, Mr. Bakulesh Jani and Mr.
Jaydeep Dobariya. In December 2017, the company converted its
constitution from private limited company to public limited
company. Currently, the company is managed by Mr. Ashok Dudhagara,
Mrs. Prafulaben Dudhagara and Mr. Ankur Jani. AFL manufactures
carded, combed and compact cotton yarn of finer quality ranging
between 20s to 50s counts and operates from its sole manufacturing
facility located at Haripar, Rajkot, Gujarat. During August 2018
AFL has completed a capex project and enhanced its installed
capacity from 13 MT per day to 29 MT per day of cotton yarns.

ATHENS LIFE: CARE Lowers Rating on INR1.64cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Athens Life Sciences (ALS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       1.64       CARE D Revised from CARE B+;
   Facilities-                     Stable
   Dropline
   Overdraft Limit      
                                   
   Long-term Bank       6.20       CARE C; Stable Revised from
   Facilities-                     CARE B+; Stable
   Cash Credit
   Limit                
                                   
Detailed Rationale & Key Rating Drivers

The revision in rating to the bank facilities of ALS takes into
account on-going delay in debt servicing obligation. The rating is
further constrained by small scale of operations with low
profitability margins, regulatory risk, partnership nature of
constitution and presence in competitive and low value acute
therapeutics which limits the growth of the firm. The ratings,
however, derive strength from experienced partners, moderate debt
coverage indicators and moderate operating cycle.

Key rating sensitivities

Positive Factor:

* Improvement in liquidity position
* Improvement in debt coverage indicators as marked by interest
coverage and TDGCA beyond 3x and below 5x
respectively

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing
There are on-going delays in repayment of ODIP limit and term loan
obligation. The delays are on account of weak liquidity position as
the firm is unable to generate sufficient funds on timely manner
leading to cash flow mismatches.

Small scale of operations with low profitability margin
The total operating income (TOI) of the firm stood small at INR52.
increased from INR48.75 crore in FY18 to INR52.61 crore in FY19 due
to increase in demand from customers. The small scale limits the
firm's financial flexibility in times of stress and deprives it of
scale benefits. Furthermore, the firm has reported total operating
income of INR 38.00 crore in 7MFY20 (Provisional). The PBILDT
margin improved from 2.53% in FY18 to 4.02% in FY19 owing to
decrease in consumable stores. Moreover, PAT margin also improved
from 0.21% in FY18 to 0.41% in FY19.

Regulatory risk
Pharmaceutical industry is a closely monitored and regulated
industry and as such there are inherent risks and liabilities
associated with the products and their manufacturing. Regular
compliance with product and manufacturing quality standards of
regulatory authorities is critical for selling products across
various channels. Furthermore, issues like price control of
essential medicines by the Government of India through the
Drug (Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry.

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

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

Key Rating Strengths

Experienced partners
Both the partners have 17 years of industry experience each gained
through their association with ALS and group concern, Athens Labs
Limited (ALL) which is also engaged in manufacturing pharmaceutical
formulations. Moreover, the partners have adequate acumen about
various aspects of business which is likely to benefit ALS in the
long run.

Moderate debt coverage indicators
The debt coverage indicators stood moderate as marked by interest
coverage ratio of 2.47x in FY19 and total debt to GCA ratio at
6.82x for FY19. The interest coverage ratio deteriorated marginally
from 2.68x in FY18 mainly due to increase in interest expenses of
the firm. The total debt to GCA, however, improved marginally from
6.92x for FY18 owing to increase in gross cash accruals in FY19.

Liquidity position
The operating cycle of the firm stood moderate at 39 days for FY19.
The average utilization of working capital limits stood at ~90% for
the past 12 months period ended October, 2019. The liquidity
position of the firm stood weak marked by current ratio of 1.04x
and quick ratio of 0.77x, as on march 31, 2019.

The entity was established as a partnership firm in September, 2016
under the name of Vinay Packaging. In July, 2017 the name of the
firm was changed to its present name, i.e. Athens Life Sciences
from Vinay Packaging. The firm is currently being managed by Mr.
Anil Sharma and Mr. Gaurav Sardana, sharing profit and losses in
the ratio of 24:1. The firm is engaged in the manufacturing and
selling of generic drug formulations at its manufacturing facility
in Kala Amb, Himachal Pradesh with total installed capacity of
manufacturing 7,500 lakh tablets, 6,000 lakh capsules, 450 lakh
bottles of syrups, 1,100 lakh of ointments and 300 lakh sachets,
respectively per annum as on September 30, 2019. The firm is
present across various therapy areas including anti-diarrheal,
anti-diabetic, anti-infective, anti-fungal, anti-malarial,
anti-coagulants, etc. Besides ALS, the partners are also associated
with group concern namely, Athens Labs Limited (ALL), incorporated
in 2001 and is engaged in manufacturing of pharmaceutical
formulations.

AYKA MOULD: CARE Lowers Rating on INR7.43cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ayka
Mould Tech Industries Limited (AMTIL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     7.43       CARE D; ISSUER NOT CO-OPERATING;
   Facilities                    Revised from CARE B+; Stable
                                 Issuer not cooperating; Based
                                 on best available information

   Short-term Bank    0.50       CARE D; ISSUER NOT CO-OPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AMTIL to monitor the ratings
vide e-mail communications/letters dated July 17, 2019, August 27,
2019, September 3, 2019, September 17, 2019, September 25, 2019
October 11, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on AMTIL's bank
facilities will now be denoted as CARE D/ CARE D; ISSUER NOT
CO-OPERATING.

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

The revision in the ratings assigned to the bank facilities of
AMTIL is primarily due to on-going delay in servicing its debt
obligations.

Detailed description of the key rating drivers

At the time of last rating on September 5, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

On-going delays in debt servicing
AMTIL has exhibited on-going delays for more than 30 days in
servicing its debt obligation for its term loan and cash credit
facility owing to poor liquidity position.

Liquidity Analysis: Poor

Liquidity position of AMTIL remained poor. The current ratio
remained at 1.15 times as on March 31, 2018, while the cash and
bank balance as on March 31, 2018 remained low at INR0.16 crore,
net cash flow generated from operations remained negative at
INR4.35 crore during FY18. Further, average working capital
utilization remained full for trailing 12 month period ended
October, 2019.

Daman-based AMTIL was incorporated by Mr. Sahil Basir Shaikh, Mr.
Asfaq Basir Shaikh, Ms. Samimbanu Basirbhai Shaikh and Ms. Sahnaj
Sahil Shaikh. The entity is established to carry on the business of
manufacturing plastic crates, plastic chairs and other plastic
products from its sole manufacturing facility located in Daman,
with an installed capacity of 15 tons of plastic goods per day.
AMTIL completed its project in June, 2017, with a total cost of
INR5.60 crore and a debt- equity mix of 2.37 times, while it
commenced its commercial production from June, 2017 onwards. While,
it imports Polypropylene (PP)/ High-density polyethylene (HDPE)/
Low-density polyethylene (LDPE) granules from UAE as well as
purchases domestically, it sells it finished products to various
traders in India.

BAJRANG AGRO: CARE Lowers Rating on INR6.59cr Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bajrang Agro Industries (BAI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank       6.59       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAI to monitor the rating
vide e-mail communications dated July 3,2019, September 10, 2019,
September 11, 2019, November 15, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on BAI's bank facilities will now be CARE D; ISSUER NOT
COOPERATING.

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

The revision in the rating takes into account the ongoing delays by
the firm in debt repayment obligation. The ability of the firm to
repay its debt obligation in timely manner remains the key rating
sensitivity.

Detailed description of the key rating drivers:

Key Rating Weaknesses

Delays in servicing of debt obligations: As per the interaction
with the banker, there are ongoing delays in repayment of term loan
and continuous overdrawals in the cash credit account and the
account has been classified as NPA.

Wardha (Maharashtra) based BAI is a partnership firm formed by Mrs.
Vaishali Kharse and Mr. Ishwar Kharse governed by partnership deed
dated November 26, 2015. BAI is a new entrant in cotton ginning and
pressing at its processing facility located at Wardha, Maharashtra,
having an installed capacity of 900 quintals per day. The firm had
commenced its operation in February 2018.

DEWAN HOUSING: India's Bankruptcy Code Set to Face Huge Test
------------------------------------------------------------
Reuters reports that India's bankruptcy-resolution process has just
begun to find its feet with recent precedent-setting court rulings,
but bankers, lawyers and insolvency experts said the system is
about to face a huge test.

According to Reuters, the non-bank financing giant Dewan Housing
Finance Corp Ltd (DHFL) will go into insolvency proceedings, the
central bank said on Nov. 20, making it the first financial
institution to test the new laws.

So-called shadow banks such as DHFL have been key drivers of
lending growth in India, with their consolidated balance sheet
worth a whopping INR28.8 trillion ($400 billion) in 2018-19,
Reuters notes citing central bank data.

"No one knows how it will work out," Reuters quotes Manish Lalwani,
an independent insolvency professional, as saying. "It is not clear
if the existing law is equipped to deal with such cases."

With nearly INR1 trillion ($14 billion) owed to its staggering
85,000-plus list of financial creditors, DHFL's insolvency will be
by far the largest process handled by tribunals in the three years
since the bankruptcy code was enacted, Reuters says.

Its financial creditors range from banks to mutual funds and
pension funds to deposit holders, which bankers and lawyers say
could lead to conflicts over how any recoveries from the process
are apportioned. That leaves little hope for vendors or other
operational creditors who may also be owed money, Reuters states.

"In the case of Essar Steel we saw there was a precedent set when
Standard Chartered Bank was not treated at par with other lenders
because of the type of collateral security held. We may see that
happening in DHFL's case too," said independent consultant Ashvin
Parekh, referring to a recent court ruling that paved the way for
ArcelorMittal to buy Essar Steel, Reuters relays.

Reuters says the government las week tweaked its insolvency
regulations to allow for financial firms including non-banking
finance companies to be forced into insolvency.

The new rules allow administrators to split the entity into good
and bad assets and to divide up its retail and non-retail lending
books, the report relates.

But the range of stakeholders has many lawyers doubting whether the
DHFL case can be resolved within the 330-day time limit for the
process now set down in law, says Reuters.

"With the timeline and with all the investors . . . I think it's
going to be a circus," said Vivek Daswaney, founding partner of V
Law Partners, adds Reuters.

                        About Dewan Housing

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2019, The Hindu BusinessLine said Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore. These 10-year secured NCDs carry a coupon
of 10.05 per cent.  Also, the housing finance company defaulted on
interest amount of INR9.43 crore on another NCD series issued to a
single investor, BusinessLine related. The gross principal amount
on which this default occurred is INR100 crore. These 10-year
secured NCDs carry a coupon of 9.40 per cent.  Further, DHFL
defaulted on interest payments aggregating INR43 lakh on NCDs
carrying four unique international securities identification
numbers (ISINs), which were issued to 3,404 investors via a public
issue.

EXCEL GENERATORS: CARE Cuts Rating on INR3.0cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Excel Generators Private Limited (EGPL), as:

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

   Short-term Bank     2.50       CARE A4; ISSUER NOT COOPERATING
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information EGPL to monitor the rating vide
e-mail communications/ letters dated May 15, 2019, May 24, 2019,
October 7, 2019, October 9, 2019 and October 10, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Excel Generators Private Limited (EGPL) bank
facilities will now be denoted as CARE B+; Stable ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Excel Generators
Private Limited (EGPL) continue to be tempered by Small scale of
operations with fluctuating total operating income and
profitability margins during review period, Profitability margins
are susceptible to fluctuation in raw material prices and foreign
exchange price fluctuation, Working capital intensive nature of
operations due to elongated operating cycle, Highly fragmented
industry with intense competition from large number of players.
However, the ratings derive comfort from Long track record and
experience of the directors for more than two decades in Electrical
equipment business Comfortable capital structure and Reputed and
established customers.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
and profitability margins during review period: The scale of
operations of the company marked by the total operating income
(TOI) has been fluctuating and remained small during the review
period. (TOI) declined to INR7.06 crore in FY17 due to slow down in
the market coupled with lower order from existing customers as
compared to INR 14.61 crore in FY16. However, in FY18, the company
registered INR 15.50 crore on the account increase in order
execution. Furthermore, the net worth of the company remained low
at INR6.36 crore as on March 31, 2018. The profitability margins
are seen fluctuating during the review period. The PBILDT margins
are declined but stood at comfortable at 8.11% in FY18 as compared
to 12.39% in FY17 due to increase in cost of material consumed with
increase in total operating income. However, the PAT margins are
improved and stood at 2.15% in FY18 as compared to 0.82% in FY17 on
the account of increase in absolute amount of PBILDT.

Profitability margins are susceptible to fluctuation in raw
material prices and foreign exchange price fluctuation: EGPL has
70% import purchases from Belgium so the profitability margins are
susceptible to fluctuate in foreign exchange price. The company has
no hedging policies against foreign currency fluctuations. Raw
material cost constituted around 70- 80% of total cost. So,
profitability margins are susceptible to fluctuation in raw
material prices.

Working capital intensive nature of operations due to elongated
operating cycle: The company operates in working capital intensive
industry. The operating cycle stood elongated at 98 days in FY18
due to elongated creditor days. The company is required to keep
inventory levels of around 2-3 months to meet customers' demand.
The company receives 70% of the payment at the time of installation
works and remaining 30% will be received after the closure of
warranty period and the same is depending on nature of work
undertaken by the company. The company makes the payment to its
supplier within 2-3 months and sometimes depending on the
realization from the customer. In order to meet the above gap, the
company is dependent on the working capital bank borrowings; the
average utilization of CC was around 95% for last 12 months ended
June 30, 2018.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in manufacturing of
generators related products, which is highly fragmented industry
due to presence of large number of organized and unorganized
players in the industry, the company faces huge competition.

Key Rating Strengths

Long track record and experience of the directors for more than two
decades in Electrical equipment business: EGPL has long track
record of more than two decades. EGPL is promoted by Mr. Madhavan
(Managing Director) and Mrs. Sheela Madhavan (Director). Both the
directors are qualified graduate and has more than two decades of
experience in electrical equipment of MTU powered generator sets.

Comfortable capital structure: The capital structure of the company
marked by overall gearing has been deteriorated marginally and
stood comfortable at 0.58x as on March 31, 2018 as compared to
0.48x as on March 31, 2017 on the account of increase in total debt
levels and usage of working capital borrowings to manage daily
operations.

Reputed and established customers: The customer base of the company
is well established, as the director has been in this line of
business for more than two decades, as a result of which, it has
developed good contacts with the major buyers like Hospira
Healthcare India Private Limited (Chennai), LRDE-DRDO defense (The
Electronics and Radar Development Establishment – Defense
Research Development Organization) (Bangalore), Bangalore
International Airport Limited (Bangalore), BPCL, besides others.

Excel Generators Private Limited (EGPL) was incorporated in 1996,
promoted by Mr. Madhavan along with his spouse Mrs. Sheela
Madhavan. The company is engaged in assembling of DG sets and
providing services like installation, testing, commission and
annual maintenance services. EGPL is an authorized distributor for
rotary UPS from Euro-Diesel S.A., Belgium. The company imports 70%
of the goods like rotary UPS from Euro-Diesel S.A., Belgium and
procures remaining 20% from Bangalore. The DG sets ranges between
650KVA to 3500 KVA, L.T-415v/H.T- 3.3KV, 6.6KV, 11KV, 50Hz.

HARSH GLOBAL: CARE Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harsh
Global Private Limited (HGPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      2.50       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term          7.50       CARE A4; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2018, placed the
ratings of HGPL under the 'issuer non-cooperating' category as HGPL
had failed to provide information for monitoring of the rating.
HGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated September 16, 2019, September 25, 2019, November 4, 2019 and
November 6, 2019 and November 7, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 24, 2018, the following were the
rating weaknesses and strengths. (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

Small scale of operations coupled with low net worth base: The
scale of operations of the company continues to remain small at
INR12.29 crore in FY19(Prov.) coupled with low net worth base at
INR1.90 crore as on March 31, 2019(Prov). Small scale inherently
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Continuation of operational losses coupled with deteriorated in
capital structure and coverage indicators: The company has
continued to incur operational losses in FY18. Due to the same, the
net worth base was eroded. Subsequently, resulted into
deterioration of capital structure and coverage indicators.

Customer and geographical concentration risk: The company
undertakes civil construction contracts primarily of road
construction for government departments wherein the majority of
orders executed by HGPL are from National Highways Authority of
India (NHAI). This exposes the company towards customer
concentration risk. Any change in procurement policy of these
customers may adversely impact the business of the company.

Highly competitive industry: Indian civil construction industry is
characterized by competitive nature as there are a large number of
players at the regional level. Hence, going forward, due to
increasing level of competition, the profits margins are likely to
be range bound.

Key Rating Strength

Experienced management: HGPL is managed by Mrs. Kiran Singh and Mr.
Ashutosh Singh. Mrs. Kiran Singh is a graduate by qualification and
has an overall experience of around a decade in the civil
construction industry through her association with HGPL and SJA.
Mr. Ashutosh Singh is also a graduate by qualification and has
experience of around half a decade in the civil construction
industry through his association with HGPL. They collectively look
after the overall operations of the company.

Harsh Global Private Limited (HGPL) was incorporated in 2010 by
Mrs. Kiran Singh and Mr. Vinay Kumar Singh. The business operations
were originally being carried under a partnership firm named Sujeet
& Associates (SJA) which was established by Mr. Sujeet Kumar Singh
and Mrs. Kiran Singh in 2002. Subsequently in 2010, the business
operations were taken over by HGPL. The company undertakes civil
construction contracts primarily of road construction for
government departments which are received through tenders. In April
2015, the company started a workshop of Mahindra & Mahindra Limited
(M&M). It includes sale of spare parts and maintenance services for
both light and heavy vehicles for commercial segment. The workshop
facility of HGPL is located at Chandauli, Uttar Pradesh.

INDIGO FACILITY: CARE Lowers Rating on INR10.85cr Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indigo Facility Services Private Limited (IFSPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank    10.85       CARE B; ISSUER NOT CO-OPERATING;
   Facilities                    Revised from CARE B+; Stable
                                 Issuer not cooperating; Based
                                 on best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IFSPL to monitor the rating
vide e-mail communications dated November 4, 2019, November 5,
2019,  November 6, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Indigo
Facility Services Private Limited bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
The ratings have been revised to the bank facilities of IFSPL on
account of decrease in total operating income, decline in
profitability margins, and deterioration in capital structure and
debt coverage indicators.

The rating also continues to derive its strength from the
experience of the promoters and stable demand outlook for Manpower
industry and continue to be constrained by small scale of
operations, Leveraged Capital structure, weak debt coverage
indicators, working capital intensive nature of operations.

Key Rating Weaknesses

Small scale of operations
The scale of operations are relatively small marked by total
operating income (TOI) of INR 3.90 crore during FY18 with small net
worth base of INR 2.72crore as on March 31, 2018.

Decline in profitability margins
The profitability margins marked by PBILDT margin and PAT margin
declined to 32.38% and 3.27% in FY18 from 45.73% and 5.86% in FY17
due to decrease in PBILDT margins.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company marked by overall gearing
stood leveraged during the review period. Debt equity ratio of the
company is seen deteriorating from 0.77x as on March 31, 2017 to
3.50x as on March 31, 2018 due to increase in term loans. The
overall gearing also deteriorated from 3.01x as on March 31, 2017
to 4.05x as on March 31, 2018 due to aforementioned reasons. The
debt coverage indicators of the company also remained weak during
FY16-FY18(Prov.). The interest coverage ratio deteriorated from
2.38x in FY16 to 1.14x in FY18 due to increase in interest
expenses. However, total debt/GCA deteriorated from 62.78x in FY16
to 86.32x in FY18(Prov.) due to increase in debt on account of
increase in term loan.

Working capital intensive nature of operations
The operating cycle of the company was elongated during review
period and remained at 185 days in FY18 due to high inventory
period of 177 days in FY18.

Key Rating Strengths

Long track record of the company and experienced management
IFSPL is a private limited company promoted by Mr.GaddeBabji and
Mrs.Vijayabharathi in the year 2000. Mr.GaddeBabjiis a graduate
with rich experience of more than three decades in the manpower
services industry whereas Mrs.Vijayabharathi and Mr.Akhil
Chandralook after finance and marketing of the company. Due to
their long experience in the manpower industry, the promoters have
established relations with its customers which has benefitted in
terms of bagging new orders in competitive Industry.

Stable demand outlook for Manpower Industry
Growing urbanisation, coupled with retail boom and increased
concerns regarding security of men, money and material has led to
rise of organisation under the umbrella of private security segment
in India. The Indian security industry, which primarily comprised
man-guarding is now witnessing a shift towards cash management and
electronic surveillance. The sector seems to have a very positive
outlook both from an organic and an inorganic growth perspective.
Due to continued thrust on infrastructure development, the industry
has a huge potential to grow organically since it is an ancillary
service which is required both at infrastructure development stage
and also at maintenance stage. Cleaning services include a wide
range of services required by commercial and residential sectors.
It comprises maid services, window cleaning, floor cleaning, carpet
& upholstery cleaning, and other cleaning services, which are used
by residential and commercial consumers.

The continuing era of business digitalization and mobilization
brings the new technologies in software development, along with the
testing trends in quality assurance industry. As it is, QA
department is one of the most important ones that defines the weak
points of apps and websites before their launch. Testing itself is
an essential stage of software development where all the QA
initiatives save developers' time and company's money by finding
problems or bugs fast and effectively.

Hyderabad based, Indigo Facility Services Private Limited (IFSPL)
was incorporated by Mr.Gadde Babji and Mrs.Vijayabharathiin the
year 2000 as a private limited company.The directors of the company
have more than two decades of experience in the manpower industry.
The company offers services in sectors such as property management,
housekeeping and security services. IFSPL serves and provides
services for all individual and organisational needs as it has the
skills, expertise and operational infrastructure to efficiently
deliver the end user requirements. The examples of the trading
materials are harpic products, Lysol, housekeeping material and
stationary items etc.

JAGDAMBA TIMBERS: CARE Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagdamba
Timbers Private Limited (JTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      2.00       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term         11.00       CARE A4; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2018, placed the
ratings of JTPL under the 'issuer non-cooperating' category as JTPL
had failed to provide information for monitoring of the rating.
JTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated November 7, 2019, November 5, 2019 and November 4, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 17, 2018, the following were the
rating weaknesses and strengths. (updated for the information
available from Registrar of Companies).

Key Rating Weakness

Small and declining scale of operations: The company has short
track record of operations with very small scale of operations
which limits the company financial flexibility in times of stress
and deprive of scale benefits. Further, the scale of operations has
been declining y-o-y basis from the last three financial years i.e.
FY15-FY17.

Working capital intensive nature of operations: JTPL procures
timber from overseas markets and maintains inventory in form of
logs of around 71 days in FY17. The working capital requirements
are largely met through high credit period given by its suppliers
and working capital borrowings.

Low profitability margin, Leveraged capital structure and weak
coverage indicators: The profitability margins of the company
continued to remain low due to the limited value addition done by
the company. The capital structure of the company stood leveraged
owing to high LC backed creditors. Furthermore, the debt coverage
indicators also stood weak due to high debt levels coupled with low
profitability.

Intense competition and dependence on real estate sector: The
timber industry is marked by the presence of unorganized players
who primarily cater to the regional demand to reduce incidence of
high transportation costs as price is the main differentiating
factor in the timber industry. Further, timber industry is
primarily dependent upon the demand of real estate and construction
sector across the globe.

Vulnerability to fluctuation in price of timber and currency rates:
JTPL mainly procures timber through imports backed by L/C mainly
from Malaysia, Canada and Russia which then subsequently sized at
its saw mill units. Due to a high geographic concentration, the
company is also exposed to unfavorable changes in the government
policy of that country. With initial cash outlay for purchases in
foreign currency and significant chunk of purchases incurred in
foreign currency, the company is exposed to the fluctuation in
exchange rates.

Key Rating Strengths

Experienced and resourceful promoters: The directors of the company
have an experience of more than one decade together particularly in
timber industry out of total six decades of experience in varied
industry. They collectively look after the overall operations of
the company.

Karnal-based (Haryana) JTPL was incorporated in November 2010 as a
closely-held private limited company promoted by Mr Radhey Shyam
Jain and his son Mr Niraj Jain. The company is engaged in trading
and processing of timber logs which are sold in domestic market
mainly in Punjab, Delhi and Haryana region. The timber is imported
(backed by L/C for up to 180 days) mainly from Malaysia (around
95%), Canada and Russia which are subsequently sized at its saw
mill units in Gandhidham, Gujarat, into various commercial sizes as
per the requirement of its customers. The company operates from its
offices located in Karnal (Haryana) and Gandhidham (Gujarat). The
customers of JTPL mainly include traders and wholesalers located in
Delhi Punjab, and Haryana.

KRUPANIDHI CONSTRUCTION: CARE Withdraws B+/A4 Debt Ratings
----------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of CARE
B+; Stable/ CARE A4 Issuer Not Cooperating assigned to the bank
facilities of Krupanidhi Construction (KC) with immediate effect.
The above action has been taken at the request of KC and 'No
Objection Certificate' received from the bank that has extended the
facilities rated by CARE.

Vadodara-based (Gujarat) KC is a proprietorship firm established by
Mr Ajay Shah in the year 2000. Mr Ajay Shah has an experience of 17
years in the construction industry. KC undertakes construction work
of roads and canals; largely for the state of Madhya Pradesh. KC is
'AA' class rated contractor by Water Resources Department, Madhya
Pradesh. KC sub contracts majority of construction work. KC has
also formed a joint venture (49% share) with Phaloudi Constructions
and Infrastructure Private Limited (PCIPL) named as PC AND IPL JV
KC.

NANDI GRAIN: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nandi Grain
Derivatives Private Limited (NGDPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     69.30       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term          0.50       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 2, 2017, placed the
ratings of NGDPL under the 'issuer non-cooperating' category as
NGDPL had failed to provide information for monitoring of the
rating. NGDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated November 06, 2019 and November 08, 2019.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings. The ratings take into account delays in debt
servicing obligation.

Detailed description of the key rating drivers

At the time of last rating on July 24, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Stretched liquidity position: The company has been facing liquidty
stretch with delays in debt servicing obligation.

Key Rating Strengths

Experienced promoter group: The company is a part of Nandyal based
Nandi group of companies which has diversified business interest
and long presence in the industry.

Established in June 2010, Nandi Grain Derivatives Private Limited
(NGDPL) is part of Nandi Group of Industries based out of Nandyal
in Andhra Pradesh. The group since 1978 has built a diversified
presence of businesses such as cement, dairy, PVC pipes,
construction, TMT bars etc. NGDPL is engaged in manufacturing of
liquid starch using maize (wet milling process) as raw material
with an installed milling capacity of 400 tons per day. Gluten,
germs, corn steep soluble and fiber are the other by-products
produced in the wet milling process which constitutes about 35% of
the throughput.

RUCHI SOYA: NCLAT Rejects DBS Bank's Plea over Funds Distribution
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed the plea of Singapore-based DBS
Bank, a dissenting financial creditor of Ruchi Soya, challenging
the distribution of proceeds from the bid submitted by Patanjali
Ayurveda.

BloombergQuint relates that a three-member NCLAT bench headed by
Chairperson Justice SJ Mukhopadhaya, said a secured creditor cannot
dissent with the resolution plan just to get more funds than other
creditors and claim preference over other creditors.

According to BloombergQuint, the appellate tribunal said, if a
financial creditor does not accept the feasibility and viability of
the plan and holds it as discriminatory, it has right to dissent
during the voting and can be treated as a 'dissenting financial
creditor'.

". . . no financial creditor including a secured creditor can
dissent on the ground that if it dissents against the resolution
plan, inspite of the plan being feasible and viable and in
accordance with Section 30(2), just to get more amount than the
other secured creditor. Such dissenting secured financial creditor
cannot take advantage of amended Section 30(2)(b)(ii)," said NCLAT,
BloombergQuint relays.

Section 30(2)(b)(ii) says that a dissenting financial creditor
shall get payment as per order of priority as specified in section
53(1) of IBC, the report notes.

The Mumbai bench of the National Company Law Tribunal has approved
around INR4,350-crore resolution plan on July 24, 2019, recalls
BloombergQuint.

"In view of the aforesaid finding, no interference is called for
against the impugned order dated 24th July, 2019. The appeal is
dismissed," said NCLAT in its judgement passed on Nov. 18, 2019,
according to BloombergQuint.

BloombergQuint relates that NCLAT further said "a secured creditor
cannot claim preference over other secured creditor at the stage of
distribution out of the resolution plan on the ground of dissenting
or assenting secured financial creditor, otherwise the distribution
would be held to be arbitrary and discriminatory."

BloombergQuint says the Committee of Creditors of Ruchi Soya had
approved and passed the bid submitted by Baba Ramdev-led Patanjali
Ayurved by majority.

Patanjali's resolution plan envisaged payment of INR4,134 crore to
the financial creditors including DBS Bank as against admitted
claims of INR8,398 crore, the report states.

                          About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution.  On December 2, the NCLT
bench admitted the company for insolvency resolution process under
the IBC.  The company owes more than INR12,000 crore to various
entities.

SANGHI BROTHERS: CARE Lowers Rating on INR82cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sanghi Brothers (Indore) Pvt. Ltd. (SBIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank      82.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB+; Stable on the
                                   basis of best available
                                   information

   Short-Term Bank     19.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE A4+; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2019, placed the
rating assigned to the bank facilities of SBIPL under the 'Issuer
non-cooperating' category as SBIPL had not paid the surveillance
rating fees for the rating exercise as agreed to in its rating
agreement. SBIPL continues to be non-cooperative. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on SBIPL
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of decline in
profitability in FY19, negative cash flow from operations and its
close linkage to automobile industry which is facing a demand
slowdown. Further, client has also not submitted any information to
CARE for monitoring the ratings.

The ratings assigned to the bank facilities of SBIPL continue to
remain constrained on account of its thin profitability, high
leverage and modest debt coverage indicators. The ratings are
further constrained by stiff competition in the automobile
dealership industry which is also closely linked to the
macro-economic cycle.

The ratings, however, continue to derive strength from the SBIPL's
established track record of operations in the auto dealership
business in Madhya Pradesh and its long standing association with
Tata Motors Limited (TML, rated CARE AA-; Negative/ CARE A1+) for
close to six decades.

Detailed description of the key rating drivers

Key Rating Weakness

Decline in profitability during FY19 and close linkage with
automobile industry facing demand slowdown: The PBILDT remained
thin and declined from 3.27% during FY18 to 3.14% during FY19.
However, Profit after tax (PAT) margin improved from 0.27% in FY18
to 0.40% in FY19 due to non-operating income of INR3.40 crore in
FY19 (INR0.61 crore in FY18). Further with increase in working
capital intensity, cash flow from operations turned negative at (-)
INR4.19 crore during FY19 as compared to INR24.35 crore during
FY18. Total inventory holding of the company had increase from
INR94.52 crore as on March 31, 2018 to INR135.03 crore as on March
31, 2019. Total receivable had also increased from INR82.06 crore
as on March 31, 2018 to INR92.07 crore as on March 31, 2019.

Also, growth prospect of SBIPL is directly linked to TML which had
reported significant decline in sales during 7MFY20 over 7MFY19
with ongoing demand slowdown in automobile segment. TML domestic
vehicle sales (M&HCV, LCV, Utility & Cars) declined by 33% to
2,65,485 units (Previous Year: 3,97,062 units) for the 7MFY20
period.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of SBIPL has remained highly leveraged due to its
reliance on debt for working capital requirements and higher term
debt availed for construction of showrooms. The overall gearing of
SBIPL remained high at 4.41x as on March 31, 2019 (4.35x as on
March 31, 2018). Profit before interest, lease, depreciation and
tax (PBILDT) interest coverage and total debt/ gross cash accruals
(TDGCA) also remained weak at 1.23 times and 23.16 times
respectively in FY19.

Limited bargaining power with OEMs: SBIPL's business model (i.e.
auto dealership) is largely a trading business and has low
bargaining power with the principal manufacturer i.e. OEM. In order
to capture the market share, the dealers offer better buying terms
which in turn creates a pressure on already thin profitability of
the dealers.

High competition and cyclical nature of automobile industry which
currently facing demand slowdown: Indian automobile industry is
highly competitive in nature as there are large numbers of players
operating in the same region with different product offering.
Overall automobile industry is facing headwinds due to slowdown in
economy and curtailed financing. Increased cost of ownership in
passenger vehicles and two wheeler segments due to new safety norms
starting April 1, 2019, and higher insurance costs led to pile up
of inventory at retail (dealers) level causing slow wholesale
movement. Overall auto production witnessed a decline of about
15.2% y-o-y during FY20 (April – October) vis-à-vis a growth of
about 14.4% witnessed during the corresponding period previous
year.

Key Rating Strengths

Established track record in the automobile dealership business and
long association with TML: SBIPL is an authorized dealer of TML
since 1954, selling the TML vehicles across the Madhya Pradesh
state. SBIPL is the one of the largest dealers for TML in the
commercial vehicle segment and amongst leading dealers in the
passenger vehicle segment. Further, SBIPL operates 33 showrooms in
the state of Madhya Pradesh in the automobile division.

Growth in operating income: SBIPL reported a y-o-y growth of 17.38%
in its TOI to INR1209.23 crore as against INR1030.17 crore in
FY18.

SBIPL (CIN: U35999MP1950PTC000856) was incorporated in the year
1950 by Late Shri Sohanlal G Sanghi. SBIPL is the authorized dealer
of TATA Motors Limited (TML) for Indore and Bhopal territory of
Madhya Pradesh (MP) state since 1954. Overall operations of the
company are looked after by the Chairman and Managing Director, Mr
Sharad Kumar Sanghi. Apart from its flagship automobile dealership
business, SBIPL is also engaged in sale of spare parts, travel
services and operating its metal division & renewable energy (wind
mill) division.

SATYA PAL: CARE Lowers Rating on INR4.44cr Loan to B+
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Satya Pal Kapoor and Sons (Unit-Amrit Silk Stores) (ASS), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank    4.44        CARE B+; ISSUER NOT CO-OPERATING;

   Facilities                    Revised from CARE BB-; Stable
                                 Issuer not cooperating; Based
                                 on best available information

   Short Term Bank   5.51        CARE A4; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

   Long Term/Short   3.96        CARE B+; Stable/CARE A4;
   Term Bank                     ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE BB-; Stable/
                                 CARE A4 on the basis of best
                                 Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ASS to monitor the ratings
vide e-mail communications/letters dated September 16, 2019,
September 10, 2019, August 26, 2019, etc. and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on ASS's bank facilities will now be denoted as CARE B+;
Stable/ CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by ASS with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk.  Further, the
ratings remained constrained by small scale of operations with low
partners' capital base, leveraged capital structure and elongated
inventory holding period. The ratings further are constrained by
lease agreement rollover risk, foreign exchange fluctuation risk
and highly fragmented and competitive industry. The ratings,
however, continue to draw comfort from experienced directors,
satisfactory occupancy level, moderate profitability margins and
debt coverage indicators.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations and low partners' capital base: The scale
of operations marked by total operating income and gross cash
accruals stood small at INR18.68 crore and INR0.80 crore
respectively FY18 (based on provisional results). The partners'
capital base stood low at INR3.39 crore as on March 31, 2018.
Further, the firm has achieved a total operating income of INR6.01
crore in 4MFY19 (refers to period April 1 to July 31; based on
provisional results).

Lease agreement rollover risk: The firm has given entire building
on lease to Pantaloons Fashion & Retail Limited for a period of 9
years; tenure ending May, 2025. However, the lock in period is of
two years. The future revenue streams are dependent on continuity
of lease agreement after expiry of lock in period and lease
agreement roll over risk remains an area of concern. Furthermore,
the firm is exposed to customer concentration risk as the firm
generates rental solely from this client.

Leveraged capital structure: The capital structure of the firm
stood leveraged as on past three balance sheet dates ending March
31, '16 – '18 mainly on account of debt funded capex undertaken
in past coupled with high reliance on external borrowings to meet
working capital requirements.

Elongated inventory holding period: The firm primarily imports
traded goods from China and maintains adequate inventory of around
4-5 months. Further, the firm offers a reasonable credit period of
around 1-2 months to its customer owing to competitive nature of
industry. The firm had moderate payable period due to high
proportion of LC-backed creditors since the firm purchases mostly
through imports backed by LC (normally up to 120 days).

Foreign exchange fluctuation risk: The firm has been procuring its
traded product i.e. silk yarn by way of imports (90%). With initial
cash out flow occurring in foreign currency and the realization
taking place in domestic currency, the firm is exposed to the
fluctuation in the exchange rates. Moreover, the firm does not
hedge its foreign exchange exposure. Hence, any adverse
fluctuations in the currency markets may put pressure on the
profitability of the firm.

Highly fragmented and competitive industry: The firm is engaged in
trading business, which is highly fragmented and competitive marked
by the presence of numerous players in the country. Given the fact
that the entry barriers to the industry are low, the players in the
industry do not have pricing power and are exposed to competition
induced pressures on profitability. Moreover, the firm faces
competition from various established players located in city
providing lease rental services. In addition, the lease out of
these commercial spaces is dependent on dynamics of local demand
supply of real estate in that area and state government
regulations.

Key rating strengths

Experienced partners couple with satisfactory occupancy level: The
firm is currently managed by Mr Yash Pal Kapoor, Mr Vaibhav Kapoor
and Mr Sameer Kapoor having considerable experience in managing
trading and real estate business. They collectively look after the
overall operations of the firm. Further, the firm has successfully
leased out the entire leasable area of 5,943 square feet
representing about 100% occupancy rate.

Moderate profitability margins and debt coverage indicators: The
firm is in the business of leasing of the commercial building and
trading of textile product. The profitability margins of the firm
stood moderate mainly on account of leasing operations carrying low
operational expenses. Further, the debt coverage indicators as
marked by interest coverage stood at above 2x and total debt to
gross cash accrual at below 6x for the past two financial years
i.e. FY17-FY18 owing to moderate profitability levels.

Varanasi, Uttar Pradesh based Satya Pal Kapoor and Sons (Unit –
Amrit Silk Stores) (ASS) was established in year 1945 as a
partnership firm. The partners of the firm are Mr Yash Pal Kapoor,
Mrs Renu Kapoor, Mr Sameer Kapoor and Mr Vaibhav Kapoor sharing
profits and losses equally. The firm is currently managed by Mr
Yash Pal Kapoor, Mr Sameer Kapoor and Mr Vaibhav Kapoor. ASS is
engaged in providing lease rental services in Varanasi. For the
same, the firm has constructed a building with the carpet area of
13,597 square feet on the land area of 5,943 square feet. The
building has 3 floors and ground floor. Also, the firm is engaged
in trading of silk yarn.

Rachna Textiles is an associate concern of ASS, established in year
1985. It is engaged in trading of silk yarn.

SHIRISH HOTELS: CARE Lowers Rating on INR12.85cr LT Loan to 'B'
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shirish Hotels Private Limited (SHPL), as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long term Bank      12.85     CARE B; ISSUER NOT CO-OPERATING;
   Facilities                    Revised from CARE B+; Stable
                                 Issuer not cooperating; Based
                                 on best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SHPL to monitor the rating
vide e-mail communications dated November 4, 2019, November 6,
2019, November 8, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Shirish
Hotels Private Limited bank facilities will now be denoted as CARE
B; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last PR dated September 27, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Short track record with small scale of operations
SHPL was established in the year 2016. Hence, the company has very
short track record. FY18, being the first full year of operations
the company achieved total operating income of INR 7.13 crore in
FY18 (CA Certified Prov.) with low net worth base of INR4.11 crore
as compared to other peers in the industry.

Competition from other players in the industry
The company faces competition from a number of small and medium
players since it is located in commercial area of the city. Though
there are other regional players offering services, SHPL is able to
withstand in the market through its vast experience through its
associate firm with continuous business promotion activities. Apart
from this, expansion of business operations will help the company
to attract new customers as well.

Geographic concentration risk
The business operations of the company are geographically
concentrated to Hyderabad, Telangana State. However, the company is
diversifying by opening multiple branches in the state of Telangana
which would mitigate the risk of geographical concentration to an
extent.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company stood leverage and marked by
debt equity and overall gearing ratio at 4.08x and 4.31x as on 31st
March 2018 (CA Certified Prov.) due to low net worth and high debt
levels including the higher outstanding balance of working capital
facility. Debt coverage indicators of the company remained weak.
Total debt/GCA and interest coverage ratio of the company
stood at 32.42x and 1.31x in FY18 (CA Certified Prov.)
Key rating strengths

Experience of promoter in hotel industry for over two decades
SHPL was incorporated in the year 2016, promoted by Mr.
YugandharDande (Managing Director),Mr. Shanmy ShirishDande
(Director), and Mrs. Uma Devi Dande(Director).All the directors are
qualified graduates and have more than a decade of experience in
hotel industry through its associate firm (Shirish Hotels). Mr.
YugandharDande is also proprietor of "Shirish Hotels" under which
the proprietor runs a hotel located at Panjagutta, Hyderabad. The
directors are actively involved in day to day operations of the
company. The operations of the company are well supported by strong
management team who are qualified and experienced in their
respective fields.

Location advantage of the Hotel

SHPL has the location advantage, as the hotel premise is located in
one of the prime commercial areas of Hyderabad city. The hotel
provides restaurant, coffee shop, bar and banquet hall services.
With the commercial nature of location of the hotel, the company is
likely to have assured business from room bookings, restaurant
business and other related incomes. Achieved satisfactory revenue
and profit margins in first full year of operations FY18 (CA
Certified Prov.)

SHPL was established in the year 2016 and the commercial operations
of the company started from Nov 2016, hence it has a very short
operational track record. FY18, being the first full year of
operations the company achieved total operating income of INR 7.13
crore in FY18 (CA Certified Prov.). The PBILDT margin and PAT
margin of the company stood at 33.35% and 0.83% respectively in
FY18 (CA Certified Prov.)

Satisfactory operating cycle days
Operating cycle days of the company remained satisfactory and stood
at 27 days. Average inventory days stood at 27 days as the company
maintains the stock of rice, dal, wheat flour etc as inventory in
store room for a period of around one month. The company makes the
payment to its supplier within a week. The average utilisation of
working capital facility stood at 85% for the last 12 months ended
31 August, 2018.

Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. YugandharDande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs. Uma Devi Dande (Director). The company is
engaged in hospitality business and offers services in the area of
restaurants, bar, banquet hall, rooms, and coffee shop. Mr.
YugandharDande is also the proprietor of "Shirish Hotels (SH)"
under which the proprietor runs a hotel located at Panjagutta,
Hyderabad. SH is engaged in bar & restaurants. Currently, the
company is managed by Mr. YugandharDande and his son Mr. Shanmug
Shirish who looks after overall operations of the company.

SINGAN PROJECTS: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singan
Projects Limited (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     33.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term         21.50        CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 2, 2017, placed the
ratings of SPL under the 'issuer non-cooperating' category as SPL
had failed to provide information for monitoring of the rating. SPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 6, 2019 and November 8, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account delays in debt servicing obligation.

Detailed description of the key rating drivers

At the time of last rating on July 24, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Stretched liquidity position: The company has been facing liquidty
stretch with delays in debt servicing obligation.

Key Rating Strengths

Experienced promoter: Singan Projects Limited is promoted by Mr. S
Narayana Reddy who has been present in the construction industry
for about more than four decades and has significant experience in
working for various projects for the government departments.

Singan Projects Limited (SPL), incorporated in 2002, is promoted by
Mr. S. Narayana of Hyderabad, Andhra Pradesh (A.P). SPL is engaged
in the business of water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects etc. majorly through direct contracts, awarded by the
State and Central Government departments. The promoter; Mr. S.
Narayana Reddy (CMD) has been present in the construction industry
for more than four decades and has significant experience in
working for various projects under the Government department of AP.

THARUN TEXSPIN: CARE Assigns B+ Rating to INR29.50cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tharun
Texspin Mills Private Limited (TTMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          29.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TTMPL is constrained
by the company's modest scale of operations, weak capital
structure, low profit margins and volatility in raw material
prices. The ratings, however, derive strength from vast experience
of the promoters in the textile industry and TTMPL's established
relationship with its customers & suppliers.

Rating Sensitivities

Positive Factors
* Scaling up of operations and improve profitability and reduce
debt levels resulting in improved gearing levels

Negative Factors
* Any debt funded capital expenditure further deteriorating the
capital structure
* Increased working capital utilization leading to stretched
liquidity levels with current ratio of below unity

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with thin profit margins: The
operating income of TTMPL stood moderate albeit increased from
INR45.89 crore in FY15 to INR194 crore in FY19 (Prov) with CAGR of
43.39%. The PBILDT margin stood thin albeit improved from 1.83% in
FY18 to 2.62% in FY19 (Prov) on account of better realization of
the fabric. With improved operating profits, the PAT margin
improved from 0.08% in FY18 to 0.33% in FY19 (Prov).

Weak Capital Structure: The capital structure of the company stood
weak, with overall gearing of 10.02x as on March 31, 2019
(Provisional) (PY: 4.97x) due to working capital intensive nature
of operations and small networth base. The promoters have also
supported operations by infusing unsecured loans which stood at
INR5.21 crore (PY: Nil) as on March 31, 2019 (Prov).The debt
coverage indicators also stood poor with Total debt / GCA of 19.23x
(PY: 13.73) as on March 31, 2019 (Prov).

Volatility in raw material prices: The spinning units are exposed
to the price risk of raw material. Yarn units are required to keep
stock of sufficient cotton inventory given the seasonal nature of
the product which results in the pile up inventory. Also, the price
fluctuation linked to monsoon, and the demand & supply dynamics
causes cotton prices to be volatile. Hence, the firm's
profitability is exposed to price risk.

Key Rating Strengths

Vast experience of the promoters in the textile sector
Mr. A. Chandrasekar (aged 45 years), the Managing Director has
around two decades of experience in textile sector while his wife
Mrs. C. Baby (Director) has 5 years of experience in the textile
industry, managing various facets of business and trade. The day to
day operations of the company are taken care by Mr. A.
Chandrasekar.

Established relationships with customers and suppliers
TTMPL has established good relationship with suppliers and
customers leveraging on the vast experience of the directors. The
company has diversified domestic customer base with top 10
customers contribute to around 37.12% (PY: 31.70%) of the total
sales of the company in FY19 (Prov) and most of the customers are
associated with the company for about 10 years.

Liquidity: Stretched-Liquidity is marked by tightly matched
accruals to repayment obligations, highly utilized bank limits to
the extent of 94.37% for 12 months ending July 2019 and modest cash
balance of INR0.14 crore as on March 31, 2019 (Prov).

Tharun Texspin Mills Private Limited (TTMPL) was incorporated in
the year September 2013. TTMPL is engaged in manufacture of cotton
yarn and cloth. TTMPL, located at Semmipalayam Post, Palladam, has
installed capacity of 15000 spindles with 8 no's of warping
machines and 3 no's of sizing machines as on September 30, 2019.
TTMPL has installed its own 198 looms (Ruti-C 88 looms and 110
power looms) and other power loom are outsourced on job work basis
around Semmipalayam for the cloth production.

ZSL PRIVATE: CARE Assigns B+ Rating to INR2.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of ZSL
Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           2.50       CARE B+; Stable Assigned

   Short term Bank
   Facilities           7.30       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ZSL Private Limited
are primarily constrained on account of thin profitability margins,
susceptibility of profitability to volatility in raw material
prices. The rating is further constrained on account of customer
concentration risk in a highly competitive and fragmented
industry.

The ratings, however, favorably take into account of experienced
promoters, modest scale of operations with group support in same
line of business, comfortable capital structure with moderate debt
coverage indicators, adequate liquidity position and location
advantage.

Rating Sensitivities

Positive Factors:
* Stagnant scale of operations with improvement in Profitability
margins above 3%
* Increase in profitability with PAT margins above 0.5%

Negative Factors:
* Decline in scale of operations and decline in profitability
margins below 1.5%
* Deterioration in overall gearing and crossed 1.5 times
* Deterioration of solvency position owing to any debt funded
project undertaken by the firm

Detailed description of the key rating drivers

Key Rating Weakness

Thin profitability margins
PBILDT margin of ZSL has remained low at 1.79% in FY19 declined
from 2.35% in FY18 (3.03% in FY17) due to higher cost of material
consumed, increase in employee cost and selling expenses during
FY19. Further ZSL has reported net loss during FY19 as against
profit of 0.14 crore as on March 31, 2018. However GCA of the
company stood at INR0.35 crore as on March 31, 2019 marginally
declined from INR0.42 crore as on March 31, 2018 due to decline in
PBILDT margins.

Susceptibility of profitability to volatility in raw material
prices
Lead scrap is the key raw materials for ZSL which constitute more
than 90% of its cost of sales and it procures majority of its raw
material requirement from the domestic market. ZSL's low bargaining
power with its customers due to its existence in a highly
fragmented and competitive industry exposes it to volatility in raw
material prices which it may not be able to fully pass on to its
customers.

Customer concentration risk in a highly competitive and fragmented
industry
It has generated 99.3% from top three customers in FY19 and hence,
reflecting high customer concentration risk in a highly competitive
industry. ZSL operates in a fragmented and unorganized industry for
lead products with presence of large number of small sized players
as the industry is characterized by low entry barriers. Also, the
presence of large players with established marketing and
distribution network results in intense competition in the
industry. The competitive nature of industry along with limited
value addition of the product constraints the profitability of
companies.

Key Rating Strengths

Experienced promoters
Mr Anil Agarwal, Director, MBA by qualification has more than three
decade of experience in the same line of industry. He Looks overall
affairs of the company is assisted by Mr Shashank, MBA by
qualification has 8 years of in same line of industry and looks
after sales function of the company. Mr Ravinder, M.Com by
qualification has 4 years of experience in accounts  function and
looks accounts and finance function of the company. Further, the
directors are assisted by second tier management who has vast
experience in their respective fields.

Modest Scale of operations with group support in same line of
business
ZSL has modest scale of operations with Total Operating Income
(TOI) of INR67.31 crore as on March 31, 2019 as against INR68.51
crore as on March 31, 2019 on account of lower order received from
existing customers. However, growth in TOI was 24.12% CAGR for last
three year ending FY19. Gross cash accrual (GCA) of the company has
marginally declined from INR0.42 crore in FY18 to INR0.35 crore in
FY19 due to decline in PBILDT margins. Further, till October 31,
2019 ZSL has registered the TOI of INR36.crore (approx.)

ZSL is supported by its group company Asian Organo Industries (AOI)
which is engaged in manufacturing of lead based chemical which are
used in stabilizer, rubber and pharma Indusries.

Comfortable capital structure with moderate debt coverage
indicators
The capital structure of the company stood comfortable marked by
overall gearing of 0.69 times as on March 31, 2019 improved from
0.79 times as on March 31, 2018 due to scheduled repayment of long
term loan during the year as well as lower utilization of working
capital bank borrowings. However, debt coverage indicators stood
moderate marked by total debt to GCA of 4.80 times as on March 31,
2019 marginally deteriorated from 4.61 times as on March 31, 2018
on account of marginally decline in GCA level.

Interest coverage ratio of the company stood moderate at 1.38 times
as on March 31, 2019, marginally declined from 1.39 times as on
March 31, 2018 due to decline in PBILDT margin which offset to
extent with decline in interest cost in FY19.

Location Advantage
ZSL's plant is located in Telangana state, where most of the
battery manufacturing company's plant situated in Hyderabad and
nearby areas and ZSL purchase its raw material from local suppliers
and sell its lead products to battery manufacturing companies in
local market to HBL Power System Limited, Ned Energy Limited and
others.

Liquidity: Adequate
The working capital cycle of ZSL stood comfortable at 7 days as on
March 31, 2019 in line from 6 days as on March 31, 2018. It has
30-35% of average utilization of its working capital bank
borrowings during past twelve months ended October 2019. The
Liquidity of company stood adequate with current ratio and quick
ratio of 1.51 times and 1.05 times as on March 31, 2019. It has
generated net cash flow from operating activities of INR0.97 crore
as on March 31, 2019 as against 1.50 crore in previous year due to
lower profit during the year. Further, it has cash and bank balance
of INR0.04 crore as on March 31, 2019.

ZSL is incorporated in August 2008 by Mr Biplab Pal and Mr Pratha
Malakar. However in 2015, the company took over by Mr Anil Agarwal.
The company is engaged in manufacturing of lead products like lead,
lead alloys, lead antimony and lead ash. The lead products find
application mainly in manufacturing of automobiles and Industrial
batteries in telecom, UPS/invertors, power and railways.
Manufacturing unit of ZSL is located at Telangana location with an
installed capacity of 500 ton per month. ZSL purchase raw material
(lead ingots and scrap of battery cell) from local market and sells
lead product mainly in local market to HBL Power System Limited,
Ned Energy Limited and others.

[] INDIA: Homebuyers Filed 1,800 Cases Under Insolvency Law
-----------------------------------------------------------
Business Standard reports that homebuyers have filed more than
1,800 cases against builders under the Insolvency and Bankruptcy
Code (IBC) since June 2018, the government told the Lok Sabha on
Nov. 18.

These are the number of cases pending before the National Company
Law Tribunal (NCLT) as on September 30, the report says.

Citing the information received from NCLT, Minister of State for
Corporate Affairs Anurag Singh Thakur said that a total 1,821 cases
have been filed by homebuyers against builders since
June 2018 under the Code, according to Business Standard.

On whether the government is aware of the problem of pendency at
the tribunal due to high number of cases being filed by homebuyers
against builders for even small defaults, the minister replied in
the affirmative, the report says.

"The matter is under consideration of this (corporate affairs)
ministry," he noted.

According to the report, the minister said data regarding cases
filed against builders for defaults of less than a month is not
available with the NCLT.



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

HARPER ENTERPRISES: Owes More Than NZ$800K to Unsecured Creditors
-----------------------------------------------------------------
Daniel Birchfield at Otago Daily Times reports that unsecured
creditors are owed more than NZ$800,000 after an Oamaru
construction company was placed in liquidation earlier this year, a
second report into the company's financial affairs said.

However, it was unlikely they will see any of that money, the
October 17 report said, ODT relates.

Harper Enterprises (2007) Ltd, which operated under the name CKH
Homes, was placed in liquidation by a special shareholders'
resolution on April 17.

Christopher and Karen Harper, of Oamaru, are listed as its
directors and joint shareholders on the company's profile on the
New Zealand Companies Office register.

Geoff Brown and Lynda Smart, of Rodgers Reidy Chartered Accountants
were appointed liquidators, ODT discloses.

According to ODT, an initial report on the company's position was
sent to all creditors on April 26. This report showed the company
owed 78 creditors, which remained unchanged, a total of
NZ$719,521.

Of that, NZ$23,284 was owed to preferential creditors (employees);
NZ$60,279 to general security agreement holders; NZ$187,291 to
purchase money security interest holders and a further NZ$448,667
to unsecured creditors, ODT discloses.

ODT adds that the most recent report has revealed the latter figure
had ballooned to NZ$801,229 in the six months since the company was
put into liquidation.

ODT relates that Mr. Brown said no payments had been made towards
preferential employee claims or unsecured creditors and in the case
of the latter, it was doubtful that would change.

"It is unlikely that secured creditors will receive a dividend
payment upon completion of the liquidation," the report, as cited
by ODT, said.

Harper Enterprises (2007) Ltd was incorporated in November 2007 and
ceased trading on April 17 this year.  It was the G J Gardner Homes
franchisee in Oamaru until the franchise agreement was cancelled by
the franchisor in December 2017.  From then on, the company traded
as CKH Homes.  

It had two employees when it was liquidated and another seven were
employed by C&K Harper Builders (2014) Ltd, which had "shareholder
commonality" with the company and was also placed in liquidation in
April.

It was not known when the liquidation would be completed, ODT
notes.



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

VIKING OFFSHORE: Enters Term Sheet to raise SGD5 Million
--------------------------------------------------------
Sharanya Pillai at The Business Times reports that distressed
Viking Offshore and Marine (VOM) has entered a term sheet with two
parties to raise SGD5 million in gross cash proceeds by placing out
66.5 per cent of its enlarged share base, after issuing new shares
to creditors.

In a bourse filing on Nov. 16, VOM said that it has entered a
binding conditional term sheet for Ruddin Advisory to subscribe to
53 per cent of VOM's enlarged share base for SGD4 million, and for
Blue Ocean Capital Partners to subscribe to a 13.5 per cent stake
for SGD1 million, BT relates.

According to BT, the enlarged share base takes into account new
shares to be issued to creditors as part of the Catalist-listed
company's planned scheme of arrangement, which has yet to be
finalised. VOM is currently under court protection from creditors
as it restructures its liabilities.

Ruddin Advisory is a Hong Kong-based business advisory that serves
corporations, governments and high-net-worth individuals. None of
its directors or shareholders are related to VOM.

Meanwhile, Singapore-based corporate consultancy Blue Ocean counts
Daniel Lin Wei, the son of VOM executive chairman Andy Lim, as its
executive director and sole shareholder. This makes the proposed
placement to Blue Ocean an interested-party transaction under
listing rules.

BT says VOM intends to use the placement proceeds to repay debts to
creditors under the scheme of arrangement, pay professional fees
related to its restructuring and to fund working capital.

BT notes that the term sheet provides an exclusivity period of 30
days for the parties to negotiate and finalise the terms of a
definitive agreement, to be signed by Jan. 13, 2020. The proposed
placement, as well as new shares to be issued as part of the scheme
of arrangement, will be subject to approval of shareholders at an
extraordinary general meeting, the report says.

Shares of VOM have been suspended from trading since June, says BT.


                       About Viking Offshore

Viking Offshore and Marine Limited -- https://www.vikingom.com/ --
engages in the design, manufacture, project management, and
commissioning of heating, ventilation, air-conditioning, and
refrigeration systems for the marine and offshore industries
worldwide. It operates through Offshore and Marine, and Chartering
Services segments. The company also supplies hydraulic winches and
power packs, as well as deck machinery; and provides system
integration services for telecommunications systems, fire and gas
detection systems, and control and instrumentation systems.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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