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

                     A S I A   P A C I F I C

          Wednesday, May 27, 2020, Vol. 23, No. 106

                           Headlines



A U S T R A L I A

ABERDEEN HOLDINGS: Second Creditors' Meeting Set for June 2
ACCESS TRAINING: Second Creditors' Meeting Set for June 2
LENORE HOLDINGS: Second Creditors' Meeting Set for June 4
NATIONWIDE EQUIPMENT: Second Creditors' Meeting Set for June 2
OLIVER'S REAL: Enters New Deal as Scheme of Arrangement Ended

ORGANIC DAIRY: Goes Into Receivership; Owes Millions to Suppliers
RSD (QLD): Second Creditors' Meeting Set for June 4
SHARP PLYWOOD: First Creditors' Meeting Set for June 3
VIRGIN AUSTRALIA: Bain Capital Plans Second-Round Bid
VIRGIN AUSTRALIA: Lessors Agree Deal to Delay Plane Repossession

VR UNICOS: First Creditors' Meeting Set for June 3


C H I N A

YUZHOU PROPERTIES: S&P Withdraws 'B+' LT Issuer Credit Rating


I N D I A

ADILABAD EXPRESSWAY: CARE Reaffirms 'D' Rating on INR268.88cr Loan
ANNAPURNA COTTON: CARE Cuts INR6.0cr Loan Rating to B+, Not Coop.
BHAGIRATH DHANNALAL: CARE Keeps B- INR6.5cr Debt Rating in Not Coop
CHABBRA'S ASSOCIATES: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
DEEM CONSTRUCTION: CARE Cuts INR10cr LT Loan Rating to D, Not Coop.

G.K. SALES: CARE Lowers Rating on INR6.0cr LT Loan to D, Not Coop.
GOODWILL TEA: CARE Assigns 'D' Rating to INR8.0cr LT Loan
GVA INDUSTRIES: CARE Cuts INR8cr LT Loan Rating to 'C', Not Coop.
JANAKIRAMA RAW: CRISIL Lowers Rating on INR9cr Cash Loan to B+
K K RAO: CARE Lowers Rating on INR12.34cr LT Loan to B+, Not Coop.

KARTHIKEYA AGRO: CARE Cuts Rating on INR9.23cr Loan to D, Not Coop.
KAVYA BUILDCON: CRISIL Keeps B INR35cr Debt Rating in Not Coop.
KCVR INFRA: Ind-Ra Cuts LT Issuer Rating to BB+, Not Cooperating
MEWAR UNIVERSITY: CARE Cuts INR16.72cr Loan Rating to D, Not Coop.
N.C. JEWELLERS: CRISIL Lowers Rating on INR10cr Loan to B+

NAC JEWELLERS: CRISIL Lowers Rating on INR194cr Loan to B+
NAVPAD STEEL: CRISIL Lowers Rating on INR8cr Loan to B+
NEELAY INDUSTRIES: CRISIL Lowers Rating on INR8.5cr Loan to B+
NEWCON ENGINEERS: CRISIL Keeps B+ INR2.0cr Debt Rating in Not Coop.
ODYSSEUS LOGOS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

OM CONSTRUCTION: CRISIL Keeps B+ INR15cr Debt Rating in Not Coop.
PADMA POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
QUADRAGEN VETHEALTH: CRISIL Lowers Rating on INR2cr Loan to B+
RAJ KISHORE: CRISIL Lowers Rating on INR12.5cr LT Loan to B+
RAMSONS: CRISIL Keeps B+ Rating on INR16cr Debt in Not Cooperating

SAS INTERNATIONAL: CRISIL Cuts Rating on INR7.2cr Loan to B+
SHREE GOVINDAM: CARE Cuts Rating on INR7.50cr Loan to B, Not Coop.
SHRI HARI: CARE Cuts INR8cr LT Loan Rating to B, Not Cooperating
SIMPLEX CASTINGS: Ind-Ra Corrects April 27 Ratings Release
SRI LAKSHMI: CARE Keeps D Rating on INR8cr Debt in Not Coop.

SURAJ CROPSCIENCES: CARE Keeps D INR17.57cr Debt Rating in Not Coop
TEJA SEA: CARE Lowers Rating on INR11cr LT Loan to D, Not Coop.
VIGNESWARA CONSTRUCTIONS: CARE Cuts INR15cr Loan Rating to B+
VIJAYA POLYMERS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating


J A P A N

SHARP CORP: S&P Alters Outlook to Negative & Affirms 'BB-/B' ICR

                           - - - - -


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

ABERDEEN HOLDINGS: Second Creditors' Meeting Set for June 2
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Aberdeen
Holdings Pty Ltd has been set for June 2, 2020, at 2:30 p.m. via
virtual meeting.

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 June 1, 2020, at 12:00 p.m.

Ivan Glavas of Worrells Solvency & Forensic Accountants was
appointed as administrator of Aberdeen Holdings on Feb. 14, 2020.

ACCESS TRAINING: Second Creditors' Meeting Set for June 2
---------------------------------------------------------
A second meeting of creditors in the proceedings of Access Training
Institute Pty Ltd has been set for June 2, 2020, at 11:00 a.m. via
teleconference only.

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 June 1, 2020, at 4:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Access Training on Feb. 21, 2020.

LENORE HOLDINGS: Second Creditors' Meeting Set for June 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lenore Holdings
Pty Ltd, trading as "I.T.P The Income Tax Professionals Geraldton"
and "I.T.P The Income Tax Professionals (WA Regional)", has been
set for June 4, 2020, at 11:00 a.m. at the offices of Hamilton
Murphy Advisory (WA) Pty Ltd, Unit 18, at 28 Belmont Avenue, in
Rivervale, WA.   

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 3, 2020, at 2:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory (WA) Pty Ltd was
appointed as administrator of Lenore Holdings on Feb. 21, 2020.

NATIONWIDE EQUIPMENT: Second Creditors' Meeting Set for June 2
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Nationwide
Equipment Pty Ltd has been set for June 2, 2020, at 2:30 p.m. via
teleconference facility.

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 June 1, 2020, at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of   on Feb. 14, 2020.


OLIVER'S REAL: Enters New Deal as Scheme of Arrangement Ended
-------------------------------------------------------------
Dean Blake at Inside Retail reports that terms of the scheme of
arrangement between convenience chain Oliver's Real Food and UK
business EG Group have required a renegotiation of the business'
partnership moving forward.

According to the report, EG Group specified that in order for it to
acquire all shares in Oliver's, its net indebtedness could not
exceed AUD800,000, and when Oliver's revealed its net indebtedness
was AUD910,000 in April, EG said it wouldn't waive the condition --
creating doubt as to whether the acquisition would go ahead.

Inside Retail reports that on May 25 the two businesses announced
they were terminating the scheme of arrangement, but had entered
into a secondary agreement to allow EG to utilise the Oliver's Food
to Go branding.

Under the arrangement, EG Group will pay a one off licence fee of
AUD500,000 for the ability to use the trademark and sell its
products under a supply arrangement, which Oliver's will
exclusively provide for a period of ten years, the report relates.

Additionally, EG Group is required to open 100 Oliver's Food to Go
outlets within 12 months of the date of the deed.

"We are delighted to have reached this commercial arrangement with
EG," the report quotes Oliver's founder and chairman Jason Gunn as
saying.  "EG recognised in Oliver's a brand with significant
credibility in this market, and we have found in EG a fantastic
partner to expand the Oliver's brand rapidly, on a national
scale."

Inside Retail notes that EG Group previously entered a bidding war
with Canadian Touche-Card for Caltex's convenience store business,
but was rejected by the petrol chain.

EG Group's Australian CEO Mike McManamin said the business had long
watched Oliver's, and that after a successful trial it would spread
Oliver's Food to Go across its network of sites across Australia,
the report adds.

ORGANIC DAIRY: Goes Into Receivership; Owes Millions to Suppliers
-----------------------------------------------------------------
ABC News reports that Australia's largest organic dairy company has
been placed into receivership with creditors and farmer-owners owed
millions.

Its directors placed the company into voluntary administration last
week citing a downturn in the Chinese market, delayed sales, and
the impact of COVID-19 as their reasons, ABC says.

According to the report, Deloitte have taken over from the original
administrators, and the creditors are set to meet on May 27.

ABC relates that Tasmanian farmer Gary Watson said he was not
confident he would get the AUD250,000 owed to him "unless some
miracle happens in the next few days".  "The bank will just
probably do a fire sale and I would expect we probably won't get
anything out of it," he said.

Mr. Watson said he tried to leave the cooperative last July after
he thought the company was paying too much for milk.

"My confidence went when they come out with their opening prices
for this season," he said.

The administrators have told the ABC the company owes National
Australia Bank AUD8 million and unsecured creditors, such as the
farmers, between AUD3.5 and AUD5 million.

United Dairyfarmers of Victoria president Paul Mumford said the
business should not be allowed to fail and is lobbying creditors
for extra time.

"I'm working . . . not only with the farmers who supply them, but
right up to the directors and to the administrators and the banks,"
ABC quotes Mr. Mumford as saying.

"It may be a niche micro-business in the whole scheme of things
here in Australia, but if we start losing . . . these niche markets
it has a huge influence on the structure [of the industry]."

Geelong-based Organic Dairy Farmers of Australia (ODFA) is 100 per
cent owned by 40 family dairy farms across Victoria and north-west
Tasmania.  The business produces the True Organic brand of butter
and supplies milk for FiveAM Yoghurt, Lemnos, and Pure Organic
Milk.  The company owns a milk bottling factory at Geelong where it
also processes butter and cream.  The business employs 22 people
and nine contractors.

RSD (QLD): Second Creditors' Meeting Set for June 4
---------------------------------------------------
A second meeting of creditors in the proceedings of RSD (Qld) Pty
Ltd has been set for June 4, 2020, at 10:00 a.m. via virtual
meeting.

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 June 3, 2020, at 5:00 p.m.

Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of RSD (Qld) on April 30, 2020.


SHARP PLYWOOD: First Creditors' Meeting Set for June 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sharp
Plywood Pty Ltd will be held on June 3, 2020, at 11:00 a.m. at the
offices of Morton + Lee Insolvency, Level 10, at 388 Queen Street,
in Brisbane, Queensland.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Sharp Plywood on May 22, 2020.

VIRGIN AUSTRALIA: Bain Capital Plans Second-Round Bid
-----------------------------------------------------
Niluksi Koswanage at Bloomberg News reports that Bain Capital LP is
preparing a second-round proposal to become the owner and operator
of Virgin Australia Holdings Ltd., the U.S. alternative asset
manager said on May 24.

Its Sydney-based managing director Mike Murphy is leading the team
bidding for Virgin Australia, which entered voluntary
administration last month. Bain Capital is being advised by
KordaMentha and is supported by Jayne Hrdlicka, the former chief
executive officer of budget carrier Jetstar, the report discloses.

"We have the strongest capital base of any of the bidders,"
Bloomberg quotes Mr. Murphy as sayubg in an emailed statement. "We
know aviation isn't going to return to normal any time soon, but
Bain Capital is here for the long haul with deep funding to
navigate these difficult times."

According to Bloomberg, Bain is among four shortlisted bidders
vying for Virgin Australia, which collapsed in April overwhelmed by
about AUD6.5 billion ($4.2 billion) in debt. The carrier's problems
were amplified by years of losses and a severe revenue shortfall
from coronavirus-linked travel cancellations.

U.S. private equity firm Indigo Partners has said it would like a
local partner for its bid. The other two shortlisted bidders are
BGH Capital and Cyrus Capital Partners, the Australian Financial
Review has reported, citing unidentified sources, Bloomberg
relays.

Brookfield Asset Management Inc. is in discussions with
administrators Deloitte over rejoining the bidding for the airline
after withdrawing from consideration, people familiar with the
matter said on May 22, according to Bloomberg.

Bloomberg says Deloitte, which hasn't named the shortlisted
parties, has said it plans to work intensely with them as it seeks
binding offers by mid-June.

Bain Capital's deal team includes 15 local Australian
professionals, global leaders from private equity and credit
businesses, and specialists in aviation, retail and consumer
sectors, according to the statement cited by Bloomberg.

                       About Virgin Australia

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

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.

According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.


VIRGIN AUSTRALIA: Lessors Agree Deal to Delay Plane Repossession
----------------------------------------------------------------
Reuters reports that Virgin Australia Holdings Ltd's administrators
have reached in-principle agreements with aircraft lessors covering
the bulk of its fleet to wait until after Aug. 31 to repossess
planes, to allow them to complete a sale, an affidavit showed.

The administrators at Deloitte are not paying aircraft and engine
lessors but have asked them to sign standstill agreements to
refrain from repossession to let the buyer decide on the future
fleet, showed the affidavit published by the Federal Court of
Australia on May 25, Reuters relays.

Reuters notes that lessors would normally be able to repossess
planes from June 19, which is 60 calendar days after the
appointment of administrators.  But the coronavirus pandemic has
decimated travel demand, giving lessors few alternative options for
placing the planes.

"Negotiations with the Aircraft Lessors have been advanced to the
point where an indicative in-principle agreement has been reached
with lessors representing the vast majority of the Virgin
Companies' fleet which are subject to lease or financing
arrangements," Reuters quotes administrator Salvatore Algeri as
saying.

Bain Capital and Indigo Partners have confirmed they are among
parties looking to buy Australia's second-biggest airline, which
entered voluntary administration last month owing nearly AUD7
billion ($4.57 billion).

BGH Capital and Cyrus Capital Partners have also been shortlisted,
people with knowledge of the matter previously told Reuters.

Binding offers will be required from a smaller set of short-listed
candidates by June 12 and a sale could be approved at a creditors'
meeting in August, the administrators have said, Reuters relays.

The bidders have not publicly revealed plans for the fleet but the
winning party will be responsible for negotiating with lessors
about whether to keep some or all aircraft, potentially on altered
contract terms, the Deloitte documents, as cited by Reuters,
showed.

Virgin Australia has a monthly rental liability of AUD40 million
for the 117 leased aircraft and engines in its fleet, but is only
bringing in AUD25 million of monthly revenue due to the collapse in
demand, the documents showed.

                      About Virgin Australia

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

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.

According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.

VR UNICOS: First Creditors' Meeting Set for June 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of VR Unicos
Pty Ltd, trading as Construct Health, will be held on June 3, 2020,
at 11:00 a.m. at the offices of Jirsch Sutherland, Level 9, at 120
Edward Street, in Brisbane, Queensland.

Andrew John Spring and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of VR Unicos on May 25,
2020.



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

YUZHOU PROPERTIES: S&P Withdraws 'B+' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'B+' long-term
issuer credit rating on Yuzhou Properties Co. Ltd. and the 'B+'
long-term issue rating on the company's senior unsecured notes at
the issuer's request. The outlook on the China-based midsize
property developer was negative at the time of the withdrawal.




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

ADILABAD EXPRESSWAY: CARE Reaffirms 'D' Rating on INR268.88cr Loan
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Adilabad Expressway Private Ltd (AEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       268.88     CARE D; ISSUER NOT COOPERATING
   Facilities                      Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 1, 2019 placed the
rating of AEPL under the 'issuer non-cooperating' category as AEPL
had failed to provide information for monitoring of the rating.
AEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 16, 2020 & April 21, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings take into account delay in debt servicing due to
stretched liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on February 1, 2020, the following were
the rating strengths and weaknesses:

Key rating weakness

* Delays in meeting the debt obligations: There have been delays
meeting debt obligations due to stretched liquidity position of the
company.

Key rating strengths

* Operational annuity-based road project providing stability of the
cash flow:  The project is an operational annuity based project and
is thus not exposed to any traffic risk. AEPL is eligible for
semi-annual annuities.

Adilabad Expressway Private Limited (AEPL) is a special purpose
vehicle (SPV) promoted by Soma Enterprise Limited (SEL) (88.70%
holding) for the design, construction, development, finance,
operation and maintenance of a 55 km road stretch on NH-7 on a
build, operate and transfer (BOT) Annuity basis. The scope of work
involves developing the 55 km road stretch to four lane divided
carriageway standards including strengthening of the existing two
lane road. The project is located in Andhra Pradesh (close to the
AP Maharashtra border) and is part of the North-South Corridor of
National Highways Development Project (NHDP) – Phase 2. The
concession term is 20 years starting from November 2007 (including
a two year construction period). Against a scheduled commercial
operation date (COD) of November 2009, the project had achieved
provisional COD for the complete stretch in June 2010. AEPL is
entitled to an annuity of INR62.96 crore payable semiannually. On
account of the delayed commissioning, the project cost increased by
INR48.02 crore which has been funded by the short term debt of
INR24 crore and balance by means of unsecured loans from Soma
Enterprise Limited (SEL). SEL's subsidiary Soma Tollways Pvt Ltd
(STL) which currently holds 67% in AEPL plans to acquire entire
stake in AEPL in July 2016 which is pending Shareholder's and NHAI
approval. Furthermore, J.P Morgan, which has acquired 26% stake in
STL shall act as a strategic investor for AEPL.

ANNAPURNA COTTON: CARE Cuts INR6.0cr Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Annapurna Cotton Impex (ACI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.00      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2019 placed the
ratings of ACI under the 'issuer non-cooperating' category as ACI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ACI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
29, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The rating assigned to the bank facilities of ACI have been revised
on account of non-availability of requisite information. The rating
of ACI continue to remained constrained on account of its thin
profitability margins in a highly fragmented cotton ginning
industry, moderate solvency position and working capital intensive
nature of operations. The rating, further, continued to remain
constrained on account of operating margins susceptible to cotton
price fluctuation and seasonality associated with the cotton
industry.  The rating, however, derive strength from experienced
management, location advantage in terms of proximity to the cotton
growing region in Madhya Pradesh and growing scale of operations of
the firm.

Detailed description of the key rating drivers

At the time of last rating on February 6, 2019, the following were
the rating strengths and weaknesses. (Updated for the
information available from Registrar of Companies):

Key Rating Weakness

* Thin profitability margins and moderate solvency position:
Despite increase in TOI, the profitability of the firm has
witnessed declining trend during the last three financial year
ended FY17 owing to volatile in raw material prices where the
prices of cotton is market driven.  The capital structure of the
group stood moderately leveraged with an overall gearing of 2.01
times as on March 31, 2017.

* Working Capital intensive nature of operations:  The group is
engaged in cotton ginning and pressing activities and trading of
cotton seeds, where working capital limit are generally utilized
during the season i.e. from October to March and reduces during
off-season. The operating cycle stood moderate at 109 days in FY17,
improved from 11 days in FY16. The current ratio stood moderate at
1.34 times, however quick ratio stood below unity at 0.37 times as
on March 31, 2017.

* Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry:  Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year.
Furthermore, cotton being a seasonal crop, the inventory levels of
the entity generally remains high at the end of the financial year.
Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk.

* Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry:  High proportion of
small scale units operating in cotton ginning and pressing industry
has resulted in fragmented nature of the industry leading to
intense competition amongst the players. As ACPL operates in this
highly fragmented industry wherein large numbers of un-organised
players are also present, it has very low bargaining power against
both its customers as well as its suppliers. This coupled with
limited value addition in cotton ginning process results in the
firm operating at very thin profitability (PAT) margins.

Key Rating Strengths

* Experienced management: Mr. Vijay Kumar Goyal, director, has more
than two decades of experience in the industry and looks after the
overall affairs of the group. Further, the he is assisted by Mr.
Govind Goyal, who has more than three decade experience in the
industry and manages overall affairs of the company along with a
team of qualified managerial personnel having long standing
experience in the industry. Being present in the industry since
long, the management has established relations with its customers
and suppliers. Both the companies are operating under the common
management and are engaged in the same
line of business.

* Location advantage in terms of proximity to the cotton-growing
region in Madhya Pradesh:  Gujarat, Maharashtra, Andhra Pradesh,
Haryana, Madhya Pradesh and Tamil Nadu are the major cotton
producer's states in India. The plant of the group is located in
one of the cotton producing belt of Maharashtra in India. The
presence of group in cotton producing region results in benefit
derived from lower logistics expenditure (both on transportation
and storage), easy availability and procurement of raw materials at
effective price.

* Growing scale of operations: During FY17, Total Operating Income
(TOI) has increased by 16.21% and stood at INR20.43 crore. Till
February 28, 2018, the group has achieved a turnover of INR20.18
crore.

ACI is established in May 2012 as a partnership firm by the members
of Goyal family. ACI is engaged in cotton ginning and pressing
activities. The manufacturing facilities of the firm is in Sendhwa
(Madhya Pradesh) with installed capacity for cotton bales of 76,500
MTPA and cotton seeds of 15,000 MTPA as on March 31, 2017. ACI
commenced its commercial operations from December, 2012. The other
associate concerns of ACPL are Annapurna Cotton Impex and Annapurna
Cotton Industries which are also in cotton industry.

BHAGIRATH DHANNALAL: CARE Keeps B- INR6.5cr Debt Rating in Not Coop
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagirath
Dhannalal (BD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.50      CARE B-; Stable; Issuer not
   Facilities                      cooperating; Based best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed the
rating(s) of BD under the 'Issuer not Cooperating' category as BD
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement. BD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an letter/email dated
April 28, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The rating continued to remain constrained on account of its modest
scale of operations coupled with fluctuating profitability
margins, weak solvency position and stressed liquidity position.
The rating, further, continued to remain constrained on account of
seasonality associated with agro commodities and presence in the
highly fragmented and government regulated industry.  The rating,
however, continue to favorably take into account experienced
management.

Detailed description of the key rating drivers

At the time of last rating on March 8, 2019, the following were the
rating strengths and weaknesses

Key Rating Weakness

* Modest scale of operations coupled with fluctuating profitability
margins:  Owing to fluctuation in the demand of the agro
commodities, scale of operation of the firm remained fluctuating
during past three financial years ended FY17. During FY17, Total
Operating Income (TOI) of the firm marginally improved by 2.80%
over FY16 and stood modest at INR23.13 crore.  Being present in the
industry of agriculture commodities, the profitability of the
company is exposed to fluctuation in the
prices as well as availability of agriculture commodities.

* Weak solvency position and stressed liquidity position:  The
capital structure of the firm stood highly leveraged with an
overall gearing of 11.83 times as on March 31, 2017. Further,
the debt service coverage indicators of the firm stood weak with
total debt to GCA of 45.27 times as on March 31 2017 and interest
coverage ratio of 1.18 times in FY17.  The business of the firm is
working capital intensive in nature with high inventory holding
period of 46 days and higher collection period of 69 days in FY17.
Further, it utilized almost full of its working capital bank
borrowings in last twelve month ended February 2018.

* Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry: As the firm is
engaged in the business of agriculture commodities, the prices of
agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the BD is exposed to vulnerability
in prices of agriculture commodities. Further, the business of the
company is characterized by highly fragmented and competitive in
nature as evident by the presence of numerous unorganized and few
organized players. The entry barriers in this industry are very low
on account of low capital investment and technological requirement.
Due to this, the players in the industry do not have any pricing
power. Furthermore, the industry is characterized by high degree of
government control both in procurement and sales for agriculture
commodities. Government of India (GoI) decides the Minimum Support
Price (MSP) payable to farmers.

* Constitution as a proprietorship concern:  Its constitution as a
proprietorship concern with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external fund for any future expansion plans. Furthermore, there is
an inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of proprietor.

Key Rating Strengths

* Experienced management:  Being present in the industry since more
than a century, the management and other family members of the firm
has established relationship with customers and suppliers. Mr Manak
Chand Khandelwal, Proprietor, has experience of around two decade
in the industry and he is assisted by his other family members in
handling other parts of the business.
Furthermore, this is their family business and all the family is
engaged in similar line of business. The promoter family also
running other firms namely Shri Hari Pulses which is also engaged
in the same line of Business.

BD based out of Indore (Madhya Pradesh) was formed in 1898 as a HUF
and further around 20 years ago it was converted into
proprietorship concern by Mr. Manak Chand Khandelwal. BD is engaged
in the business of processing of Moong Dall, Channa Dall and
grading of wheat. It purchases the commodities from local mandi and
sells it in Madhya Pradesh, Tamil Nadu, Delhi and Maharashtra under
brand name of 'Love Story' and 'Om Brand' through the 40-50
authorized broker. The promoter family also running other firms
namely Shri Hari Pulses which is also engaged in the same line of
Business.

CHABBRA'S ASSOCIATES: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Chabbra's Associates (CA):

-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating;

-- INR200 mil. Fund-based limits affirmed with IND BB+/Stable
     rating; and

-- INR470 mil. (increased from INR385 mil.) Non-fund-based limits

     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CA's continued medium scale of operations,
with revenue of INR2,000 million in FY20P (P: provisional results)
(FY19: up 133.3% YoY). The revenue increased by 11.1% YoY due to
aggressive bidding and increased participation in tenders. As of
March 31, 2020, CA had an order book of INR4,390 million,
indicating moderate revenue visibility of 2.19x of the company's
revenue in FY20P. The company's revenue had increased sharply in
FY19 due to the execution of more number of orders. Toll plaza
collection accounted for 24.3% of the company's revenue in FY19,
while the civil construction business constituted 75.7%. The toll
plaza agreement is scheduled to expire in July 2020.

The ratings continue to be constrained by the moderate geographical
concentration risk, given that CA's projects are largely based in
Andhra Pradesh (25% of order book), Telangana (49% of order book)
and Jharkhand (26% of order book). Also, the business is a
partnership.

Liquidity Indicator – Adequate: The average maximum fund-based
limit utilization was around 84% over the 12 months ended in March
2020.  The cash flow from operations increased to INR52 million in
FY19  (FY18:  INR9 million), as the networking capital cycle
improved to 41 days  (90 days) due to a decrease in the debtor
days. The unrestricted cash balance stood at INR25million in FY19
(FY18: INR1 million). The company has scheduled debt repayment
obligations of INR 39.1 million FY21 and INR 1.23 million in FY22.
However, despite the COVID-19 situation, the government of
Telangana paid dues of INR300 million to the company in April 2020,
thereby reducing the stress on the company's liquidity position.CA
has not availed the Reserve Bank of India-prescribed moratorium.

Furthermore, despite a substantial increase in debt levels to
INR188 million in FY20P (FY19: INR153 million), CA's credit metrics
remained strong on the back of healthy EBITDA margins. In FY20P,
gross interest coverage (operating EBITDAR/gross interest expense)
declined to 4.6x (FY19: 5.1x), as the rise in debt levels to an
increase in interest costs. The net financial leverage (total
adjusted net debt/operating EBITDAR) remained fairly stable at 1.2x
in FY20P (FY19: 1.1x) as the increase in absolute EBITDA to INR142
million in FY20P (FY19: INR122 million) almost offset the rise in
debt levels. The EBITDA margin increased slightly to 6.9% in FY20P
(FY19: 6.8%; FY18: 8.3%) due to a decline in raw material costs.
The RoCE was 22% in FY19 (FY18: 15%).

The ratings are also supported by the promoters' experience of over
two decades in civil construction (buildings and roads)

RATING SENSITIVITIES

Negative: A decline in the revenue and fall in the EBITDA margins,
leading to the net leverage rising above 3x, along with
deterioration in the liquidity position, all on a sustained basis,
would lead to a rating downgrade.

Positive: Significant growth in the revenue and margins, leading to
the net leverage remaining below 2.5x, and maintaining the
liquidity position, all on a sustained basis, would lead to
positive rating action.

COMPANY PROFILE

Incorporated in February 1997, CA is a partnership firm based in
Secunderabad, Hyderabad. The firm is primarily engaged in civil
construction. In addition, it is engaged in the toll plaza
collection. It is promoted by Suresh Kumar Chabbra, Ramesh Kumar
Chabbra, and Vidya Devi Chabbra.


DEEM CONSTRUCTION: CARE Cuts INR10cr LT Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Deem
Construction Company Private Limited (DCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B-; Stable
                                   on the basis of best available
                                   information
   
   Long-term/Short-     29.00      CARE D/CARE D; Issuer Not
   term Bank                       Cooperating; revised from
   Facilities                      CARE B-; Stable/CARE A4;
                                   Issuer not Cooperating on the
                                   basis of best available
                                   information

   Short-Term Bank      5.00       CARE D; Issuer Not Cooperating,
   Facilities                      revised from CARE A4; Issuer
                                   not Cooperating on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 24, 2019, placed the
ratings of DCC under the 'issuer non-cooperating' category as DCC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DCC continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 6,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating has been revised on account of delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019, the following were the
rating strengths and weaknesses (Updated from the information
available publically):

Key rating weaknesses

* Irregularity in debt servicing:  There are on-going delays in
debt servicing

Jaipur-based (Rajasthan) Deem Construction Company Private Limited
(DCPL) was incorporated in 2007 by Mr Naseem Qureshi along with his
family members. DCPL is mainly engaged in the business of
construction, installation and commissioning of water supply lines,
distribution lines, construction of sewage lines and sewage
treatment plants and construction and repair of roads. DCPL is
registered 'AA' class (highest in the scale of AA to E) contractor
with Public Health Engineering Department (PHED). Further, the
company also executes contracts for Rajasthan Urban Infrastructure
Development Project (RUIDP). The company owns sizeable fleet of
mixers, survey equipment, testing equipment and other construction
equipment. It gives labour work on sub-contract basis to other
contractors.

G.K. SALES: CARE Lowers Rating on INR6.0cr LT Loan to D, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G.K.
Sales Corporation (GKSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2019, placed the
rating of GKSC under the 'issuer non-cooperating' category as G.K.
Sales Corporation had failed to provide information for monitoring
of the rating. G.K. Sales Corporation continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 6, 2020, May 5, 2020, and May 4, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings take into account ongoing delays in debt servicing on
account of weak liquidity position as the firm is unable to
generate sufficient funds in a time manner.

Weaknesses

* Ongoing delays in debt servicing: There have been ongoing delays
in the servicing of debt obligation on account of weak liquidity
position as the firm is unable to generate sufficient funds in a
time manner.

G.K. Sales Corporation (GKSC) was established as a proprietorship
firm in September, 2013 and is currently being managed by Mr.
Gurvir Pal Singh. The firm is engaged in the distribution of Voltas
and LG's electronic goods in Amritsar district of Punjab. The firm
is the authorized distributor of Voltas Limited and Life's Good
Electronics Inc. (LG).GKSC is sole distributor of the products such
as Voltas air conditioners, Voltas water dispensers, LG washing
machine, LG refrigerators 3 CARE Ratings Limited Press Release and
LG microwave in Amritsar district of Punjab and has a network of
300 independent dealers. The traded goods are procured from Voltas
Limited and Life's Good Electronics Inc. (LG).

GOODWILL TEA: CARE Assigns 'D' Rating to INR8.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Goodwill
Tea And Industries Limited (GTIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            8.00      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities GTIL takes into account
delays in debt servicing of the company within a period of last 90
days as on April 29, 2020.

Rating Sensitivities

Positive Factors

* Default free track record of debt servicing for more than 90 days
on sustained basis.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing:  There are ongoing delays in
the account as observed through various instances of delays in debt
servicing of the company. The overdrawal observed in the cash
credit account on February 11, 2020 was regularized on March 16,
2020 with the cash credit account remaining overdrawn for more than
30 days within a period of last 90 days as on April 29, 2020.
Furthermore, the overdrawal observed in the cash credit account on
March 31, 2020 was not regularized as on April 27, 2020.

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

Goodwill Tea And Industries Limited (GTIL) was incorporated during
1919 by one Mundra family in West Bengal for setting up a business
of green/CTC tea plantation, processing and sales. The company has
a tea garden in Jalpaiguri, West Bengal, namely Bandiguri Tea
Estate which spread over 966 acres of land and a tea manufacturing
unit with installed capacity of 16,00,000 kgs per annum. The total
green leaf harvested in the year FY19-20 is 44.17 Kg lakhs. Mr.
Arun kumar Mundra and Ms. Sunita Mundra are the promoters of the
company with overall experience of more 30 and 20 years in the tea
industry.  They are supported by other three directors along with a
team of experienced professional who are having long experience in
similar line of business.

GVA INDUSTRIES: CARE Cuts INR8cr LT Loan Rating to 'C', Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GVA
Industries Private Limited (GVA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.0       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

   Short term Bank      2.00       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 19, 2019, placed
the ratings of GVA under the 'issuer non-cooperating' category as
GVA had failed to provide information for monitoring of the rating.
GVA continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated April 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The ratings have been revised on account of non-receipt of
requisite information due to which CARE is not able to conduct a
proper credit risk analysis. The rating also takes cognizance of
reported delays in audit report for FY19 (refers to the period from
April 1 to March 31) in payment of undisputed statutory dues beyond
six months.

At the time of last rating on February 19, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from Ministry of Corporate Affairs):

Key Rating Weaknesses

* Low profitability margins: The profitability margins of GVA are
low owing to the trading nature of the business. On account of
lower proportionate cost of traded goods sold, profitability of the
company remained low to PBILDT margin of 1.51% during FY19 (PY:
2.66%). The PAT margin reported a loss of 1.03% during FY19 (PY:
loss margin of 0.13%). The company reported loss of INR0.75 cr as
on March 31, 2019(PY: loss of INR0.23 cr).

* Intense competition: GVA operates in a highly fragmented:
industry where the intensity of the competition is very high.
Owing to the relatively moderate scale of operations, it high risk
from the competition prevailing in the market. Also, the company
does not have much pricing power and largely rely on the volumes,
discounts and incentives offered by the suppliers.

* Working capital intensive operations:  The company's business
operations are working capital intensive in nature with collection
period of 324 days in FY19 (PY: 136 days) and creditor's days of
336 days in FY19 (PY: 130 days). The operating cycle of the company
remained stable at 19 days during FY19 (PY: 19 days).

* Significant exposure to group companies: GVA have substantial
investments in Maa Mahamaya Industries Limited (MMIL) which
increased to INR48.84 crore as on March 31, 2017 (PY: INR30.41
crore).

Key Rating Strengths

* Experienced promoters:  The promoters of the company have more
than two decades of experience in steel industry and are also
associated with MMIL; which is an integrated steel manufacturer
based out of Vishakhapatnam with an installed capacity of 1,25,000
MT of TMT bars per annum as on March 31, 2017.

GVA Industries Private Limited (GVA), headquartered in
Vishakapatnam, was incorporated by Mr. Ashok Kumar Agrawal and Ms
Anita Agrawal in 2005 who are also the promoters of Maa Mahamaya
Industries Limited (MMIL, rated ICRA D). MMIL is an integrated
steel manufacturer with an installed capacity of 125,000 tons of
TMT bars per annum as on March 31, 2017. GVA is primarily engaged
into trading of long steel products viz. angles, channels, beams
and other MS steel items. The promoters have started trading
activities in GVA from June 2011.

JANAKIRAMA RAW: CRISIL Lowers Rating on INR9cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Janakirama Raw
and Boiled Rice Mill (JRBRM) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit        9        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with JRBRM for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JRBRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JRBRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of JRBRM Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Set up in 2000, JRBRM mills and processes paddy into rice, rice
bran, broken rice and husk. The mill is at Vakada, Andhra Pradesh.
The operations are managed by key promoter, Mr MV Chowdary.

K K RAO: CARE Lowers Rating on INR12.34cr LT Loan to B+, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K K
Rao Green Energy Private Limited (KKRGEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       12.34      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 11, 2019, placed the
rating(s) of KKRGEPL under the 'issuer non-cooperating' category as
KKRGEPL had failed to provide information for monitoring of the
rating. KKRGEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an e-mail communications/letters dated from October 2019 to
April, 2020. 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 (Updated for the
information available from ROC)

The revision in the ratings assigned to the bank facilities of K K
Rao Green Energy Private Limited (KGPL) takes into account of
decline in profitability margins. The rating continues to be
tempered by leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of operations and
climatic and technological risks. The ratings however underpinned
by experience of promoters for three decades in the electrical
equipment industry and stable outlook of solar industry.

Key Rating Weakness

* Leverage capital structure and weak debt coverage indicators:
Capital structure remained leveraged marked by debt equity ratio
and overall gearing ratio significantly improved from 17.93x and
21.37 as March 31, 2018 to 6.38x and 9.50 respectively as on March
31, 2019.

* Working capital intensive nature of operations: The operating
cycle increased from 107 days in FY18 to 51 days in FY19.

* Climatic and Technological risks:  The company has proposed to
usepoly-crystalline technology considering that it has a proven
history worldwide, suffers relatively lower degradation and
requires lesser land leading to reduction in balance of system
cost. However, achievement of desired capacity utilization factor
going forward would be subject to change in climatic conditions,
amount of degradation of modules as well as technological risks.

Key Rating Strengths

* Experience of promoters for three decades in the electrical
equipment industry:  KGPL is promoted by Mr. K Koteswara Rao
(Managing Director) and his family members. Mr. K.K. Rao is an
electrical engineer (diploma) having three decades of experience in
manufacturing of electrical transformer, repair and distribution.
Mr. K. Ramakrishna (Director) is also qualified engineer and has
around 5 years of experience in solar power generation through its
associate concern.

* Increasing total operating income in FY19 and satisfactory
profitability margins although declining:  The TOI of the company
increased from INR4.02 crore in FY18 to INR5.10 crore in FY19. The
PBILDT margins of the company remained satisfactory although
declining to 71.77% in FY19 from 78.19% in FY18 and PAT margin
improved to 15.42% in FY19 from 5.62% in FY18.

* Stable outlook for Solar Power industry:  With the gradual
decrease in capex costs involved in executing a SPV project, the
project developers are coming forward with a renewed interest in
the solar sector. The ambitious plan of raising the grid
interactive solar power capacity to 20 GW by 2022 under National
Solar Mission can be achieved with the increasing usage of grid and
off grid solar applications, government incentives and favorable
project economics. As a step forward, the PV cell and module
manufacturing capacity of India has reached 1,400 MW in FY10 and is
further expected to grow at a rapid pace.

K. Rao Green Energy Private Limited (KGPL) was promoted by Mr. K.
Koteswara Rao and his family members in 2014. KGPL has commissioned
3MW grid connected solar photovoltaic (PV) power plant at Humnabad
Taluka, Bidar district of Karnataka. The company has started its
commercial operations from May 2016. KGPL has an entered into
long-term power purchase agreement for 25 years with Mangalore
Electricity Supply Company Limited (MESCOM) dated October 20, 2014
for supply of 3MW power at a tariff of INR7.17/KWh. The company was
awarded the solar project based upon the bids received by Karnataka
Renewable Energy Development Limited (KREDL). KREDL is a nodal
agency of the Government of Karnataka for facilitating the
development of renewable energy in Karnataka.

KARTHIKEYA AGRO: CARE Cuts Rating on INR9.23cr Loan to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Karthikeya Agro Industries (KAI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.23      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 18, 2019, placed the
rating(s) of KAI under the 'issuer non-cooperating' category as KAI
had failed to provide information for monitoring of the rating. KAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an
e-mail communications/letters dated from October 2019 to April,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of delays in debt servicing

Key Rating Weakness

* Delays in Debt Servicing:  KAI has been facing liquidity issues
due to which the firm is unable to service the debt obligation. The
banker has confirmed that the account has been classified as NPA.

* Partnership nature of constitution:  AI, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Key Rating Strengths

* Experience of the promoter over a decade in rice milling
industry:  Mr G Madhusudhana Rao (Managing partner) has more than a
decade of experience in rice milling industry. Prior to KAI, he
undertook operations of leased rice mill, Kartikeya Traders, for
around 10 years through which he has established relationship with
key suppliers, customers and local farmers.

Karthikeya Agro Industries (KAI) was established in 2013 as a
partnership firm, promoted by Mr. G.Madhusudhana Rao along with his
wife Ms. G Naga Malleswari. The firm is engaged in milling and
processing of rice at Nellore District, Andhra Pradesh, with an
installed capacity to process 16,698 metric tons per annum of rice.
The firm also sells the by products such as broken rice, husk and
bran which comes out during the milling and processing of rice. The
main raw material for the firm is paddy which is directly procured
from local farmers located in and around Nellore. The firm sells
its final product (rice) in the open markets of Tamil Nadu, Andhra
Pradesh and Kerala.

KAVYA BUILDCON: CRISIL Keeps B INR35cr Debt Rating in Not Coop.
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kavya Buildcon
Private Limited (Kavya Buildcon) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              35        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Kavya Buildcon for
obtaining information through letters and emails dated October 15,
2019 and April 17, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kavya Buildcon, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Kavya
Buildcon is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Kavya Buildcon continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

Kavya Buildcon, set up in 2003 by the Vora family, is a real estate
developer headquartered in Mumbai. Kavya Buildcon is currently
developing four residential projects and one commercial project in
and around Mumbai. Shree Construction Company is developing a
residential project in Thane, Maharashtra.

KCVR INFRA: Ind-Ra Cuts LT Issuer Rating to BB+, Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.C.V.R Infra
Projects Private Limited's (KCVR) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook was Stable. The agency has
simultaneously migrated the rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits downgraded and
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

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

-- INR860 mil. Non-fund-based working capital limits downgraded  
     and migrated to non-cooperating category with IND A4+ (ISSUER

     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects lower financial transparency, with the
non-availability of financials in the public domain.

KCVR did not participate in the surveillance exercise and has not
provided information such as audited financials, interim
financials, the projections for the next five years, utilization
reports, and key details required for the surveillance exercise.

COMPANY PROFILE

KCVR, established in 1994, is located in Hyderabad, Telangana. The
company executes civil construction works, mainly roads and
irrigation projects.


MEWAR UNIVERSITY: CARE Cuts INR16.72cr Loan Rating to D, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mewar University (MU), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       16.72      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B-; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 4, 2019, placed the
rating of MU under the 'issuer non-cooperating' category as MU had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. MU continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised on account of delays in debt
servicing owing to stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on March 4, 2019, the following were the
rating strengths and weaknesses (Updated for the information
available from due diligence with lenders).

Key Rating Weaknesses

* Ongoing delay in debt servicing:  As per banker interaction,
there are delays in debt servicing owing to stretched liquidity
position.

Mewar University (MU) is an autonomous body promulgated by the
Government of Rajasthan through an Act passed by Rajasthan Assembly
in 2009 and is also approved by the UGC with the right to confer
degrees. MU was set up with an objective of providing higher and
technical education to the people of Mewar region of Rajasthan in
particular and India in general. MU is promoted by the Mewar
Education Society (MES), Chittorgarh and is controlled by a Board
of Management constituted by MES. The Board of Management is headed
by the Chancellor Mr. Ashok Kumar Gadiya. MU has envisaged offering
various Post-graduation, Graduation, Diploma and Certification
courses across faculties like Engineering, Management, Computer
Science, Journalism & Mass Communication, Law, Education, Arts,
Visual & Performing Arts, Fashion Designing, etc. Further, Mewar
College of Engineering (MCE), Gangrar and Mewar College of Teachers
Training (MCTT) are running under MU.

N.C. JEWELLERS: CRISIL Lowers Rating on INR10cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of N.C. Jewellers
(NCJ) to 'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NCJ for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NCJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NCJ is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of NCJ Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

NCJ is a partnership firm set up by Mr. Deepak Jain and his
brother, Mr. Vishal Jain, in 2006. The firm primarily trades in
gold bullion. It also trades in gold and diamond jewellery.

NAC JEWELLERS: CRISIL Lowers Rating on INR194cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of NAC Jewellers
Private Limited (NAC) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          194         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         6.85      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')
  
CRISIL has been consistently following up with NAC for obtaining
information through letters and emails dated December 31, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NAC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NAC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of NAC Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

Incorporated in 1973, Chennai-based NAC retails in gold, silver,
diamond and platinum jewellery. The company operates six retail
stores in Chennai and one in Kanchipuram (Tamil Nadu), one in
Vijayawada (Andhra Pradesh) besides one exclusive silver retail
store in Chennai. The company is promoted by Mr. Nathella
Anjaneyulu Chetty and his family.

NAVPAD STEEL: CRISIL Lowers Rating on INR8cr Loan to B+
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Navpad Steel
Centre (Navpad) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Channel Financing     8          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      8          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Navpad for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Navpad, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Navpad is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Navpad revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Established in 2004 as a proprietorship firm by Mr Haresh Jain and
reconstituted as a partnership firm in April 2015 when Mr Hemant
Jain joined as a partner, Navpad is a stockiest, exporter,
importer, and supplier of stainless steel products such as sheets,
plates, coils, tubes, pipes, and rods. It is an authorised dealer
for Jindal Stainless Ltd since the past six years (accounts for
around 60% of total sales). Main office is in Mumbai.

NEELAY INDUSTRIES: CRISIL Lowers Rating on INR8.5cr Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Neelay
Industries (NI) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             8.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NI for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of NI Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

NI, based in Nashik (Maharashtra), is a partnership firm set up by
Mr Dilip Girase, Mr Pradeep Girase and Mr Ratnadeep Girase. It
manufactures electrical switchgear panel parts and machining
components with the use of computer numerically controlled
machines.

NEWCON ENGINEERS: CRISIL Keeps B+ INR2.0cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Newcon Engineers
Private Limited (NEPL) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term   3.5        CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with NEPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of NEPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2012 as a private limited company, NEPL undertakes
construction work. The company undertakes all types of civil work
such as building construction, road construction, bridge
construction, and others. The company, based in Delhi, is promoted
by Mr Arnav Mukherjee.

ODYSSEUS LOGOS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Odysseus Logos LLP
(OLL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      1.75      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Proposed Term Loan      8.25      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with OLL for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OLL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OLL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of OLL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Setup in January 2016, OLL is setting up a 2 MW solar power plant
at Ananthapur, Andhra Pradesh, which is expected to be completed by
April 2018. It has entered into a 25 years PPA with Vignan
Foundation.

OM CONSTRUCTION: CRISIL Keeps B+ INR15cr Debt Rating in Not Coop.
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of OM Construction -
Raipur (OC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OC for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of OC continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

OC, established in 2005, is a partnership firm engaged in real
estate projects. The firm is building a township, Sapphire Greens,
in Raipur, Chhattisgarh. Its operations are managed by Mr Rajkumar
Khilwani, Mr Anchit Goyal, and Mr O P Gupta.

PADMA POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Padma Polymers -
Mumbai (Padma) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer`s Credit         2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       6        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Padma for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Padma, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Padma is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Padma continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Padma, set up as a partnership firm in 1998, trades in plastic raw
materials such as high-density polyethylene, polypropylene,
low-density polyethylene, and linear low-density polyethylene. The
Mumbai-based firm also trades in paraffin wax, used in lubrication,
electrical insulation and makings of candles. Mr Viresh Timbadia
and Mr Paresh Timbadia are the partners.

QUADRAGEN VETHEALTH: CRISIL Lowers Rating on INR2cr Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Quadragen
Vethealth Private Limited (QVPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT   
                                    COOPERATING')

   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing         4.5       CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT   
                                    COOPERATING')

   Foreign Letter         6         CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT   
                                    COOPERATING')

   Long Term Loan         1.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with QVPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of QVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on QVPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of QVPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

QVPL was incorporated on September 15, 2010. The company
manufactures animal health and nutrition products, which it markets
in more than 22 countries across the globe. Its product portfolio
consists of feed ingredients, feed additives, vitamins, mineral
premixes, and amino acids. QVPL caters to three segments: poultry
and swine, pets, and dairy. Recently, it acquired a 50-per-cent
stake in Karnataka Nutraceutical India Ltd, which is in a similar
line of business.

RAJ KISHORE: CRISIL Lowers Rating on INR12.5cr LT Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Raj Kishore
Developers Private Limited (RKDPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     12.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RKDPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RKDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RKDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of RKDPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 2007, RKDPL is a Chennai (Tamil Nadu) based
residential real estate Development Company. The company's
operations are managed by the director, Mr. S. Rajasekaran.

RAMSONS: CRISIL Keeps B+ Rating on INR16cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ramsons (part of the
Ramsons group) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            16        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft               4        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Ramsons for
obtaining information through letters and emails dated November 30,
2019 and April 11, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ramsons, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Ramsons
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Ramsons continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

The Ramsons group, established in 2005, is promoted by Mr Pradeep
Gupta, Mr Ashok Gupta, and Mr Bhushan Gupta. The group trades in
skimmed milk powder and desi ghee.

Ramsons is a partnership firm set-up in 2005 and is promoted by Mr
Pradeep Gupta, Mr Ashok Gupta, and Mr Bhushan Gupta.

RNC is a partnership firm set-up in 2005 and is promoted by Mr
Pradeep Gupta, Mr Ashok Gupta, and Mr Bhushan Gupta.

NFPL incorporated in 2006 is a private limited company and promoted
by by Mr Pradeep Gupta, Mr Ashok Gupta, and Mr Bhushan Gupta.

SAS INTERNATIONAL: CRISIL Cuts Rating on INR7.2cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of SAS
International (SAS) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          7.2        CRISIL B+/Stable (ISSUER NOT
   Discounting                      COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Inland/Import         3.0        CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Packing Credit       13.3        CRISIL A4 (ISSUER NOT
   in Foreign                       COOPERATING; Revised from
   Currency                         'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Fund-        0.5        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SAS for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SAS revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Established in 1992 by Ms Shilu Kumar as a proprietorship, SAS
manufactures cashmere shawls, stoles, scarves, and high-end fashion
garments and accessories under its Pashma brand. Exports account
for 80-90% the revenue. It has an integrated manufacturing facility
at Pataudi and Gurgaon (both in Haryana).

SHREE GOVINDAM: CARE Cuts Rating on INR7.50cr Loan to B, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Govindam Projects and Marketing (SGPM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.50      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 11, 2019, placed the
rating(s) of SGPM under the 'issuer non-cooperating' category as
SGPM had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SGPM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 29, 2020. 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 a fair rating.

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

The rating has been revised on account of non-availability of
requisite information. The rating continued to remain constrained
on account of its presence in the highly fragmented and competitive
government electrical industry, its geographical concentration risk
as well as customer concentration risk and its constitution as a
proprietorship concern. The rating, further, continue to remain
constrained on account of its financial risk profile marked by thin
profitability margins, moderate solvency position and moderate
liquidity position. The rating, however, continue to favorably take
into account experienced promoter with established relationship
with customers. The rating, further continue to derive strength
from increase in total operating income with strong order book
position.

Detailed description of the key rating drivers
At the time of last rating on March 11, 2019 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

* Thin profitability margins:  The profitability of SGPM stood thin
with PBILDT and PAT margin of 1.95% and 0.95% respectively in FY17.
Further, GCA level of the firm stood low at INR0.18 crore in FY17,
however, increased by 13.67% in FY17 over FY16 mainly due to
increase in PAT level and depreciation expenses.

* Moderate Solvency Position and moderate liquidity Position: The
capital structure of the firm stood moderate with an overall
gearing of 1.78 times as on March 31, 2017. Debt service coverage
indicators of the firm also stood weak with Total debt to GCA stood
at 23.10 times as on March 31, 2017. Further, interest coverage
ratio also stood moderate at 2.25 times in FY17. Operating cycle of
the firm stood moderate with an operating cycle period of 60 days
in FY17. Further, current ratio and quick ratio of firm stood
moderate at 1.30 times and 1.02 times respectively as on March 31,
2017.

* Customer concentration as well as geographical concentration risk
and constitution as a proprietorship concern:  SGPM is a regional
player and all the projects are executed majorly in Rajasthan only
which reflects geographical concentration risk. Furthermore, its
constitution as a proprietorship concern leads to limited financial
flexibility and risk of withdrawal of capital.

* High competitive intensity in the government electrical segment:
The industry is highly fragmented in nature with presence of large
number of unorganized players and a few large organized players
coupled with the tender driven nature of contracts poses huge
competition and puts pressure on the profitability margins of the
players. Further, as the firm participates in tenders invited by
government departments, high competition and lower bargaining power
restricts its profitability margins.

Key Rating Strength

* Experienced promoter with established relationship with
customers:  Mr. Sachin Goyal, graduate by qualification, has around
two decades of experience in the industry and look after overall
affairs of the firm. Further, being present in the industry since
2006, the firm has established track record of operations in the
industry which is visible from continuous growth in its scale of
operations. Due to established relationship, SGPM has been
receiving repetitive orders from its clients.

* Increase in total operating income with strong order book
position:  TOI of the firm has been increasing at a Compounded
Annual Growth Rate (CAGR) of 24.54% during FY15-FY17 mainly on
account of orders received by the firm and timely execution. During
FY17, TOI of the firm has increased by 10.34% over FY16 and stood
at INR16.38crore with PAT INR0.16crore in FY17. As on January11,
2018, SPMG has an outstanding order book position of INR48.24 crore
which is 2.95 times of FY17's Total Operating Income (TOI) with six
projects in hand reflecting strong order book position. The
on-going projects of the firm are likely to be executed within next
12 months, providing medium term revenue visibility.

Jaipur (Rajasthan) based SGPM was formed in 2006 as a
proprietorship concern by Mr. Sachin Goyal. SGPM is registered as
'A' (highest scale in A to D grade) class approved government
electric contractor with Public Works Department (PWD), Rajasthan.
It executes electric contracts for government departments as well
as also takes orders on sub contract basis from other players. The
firm takes the contracts from government departments through
participating in tenders. The firm participates in the electric
orders like electric wiring, transformers assembling and
installation and all type of other electric works. The firm
procures raw material mainly from Rajasthan, Uttar Pradesh and
Maharashtra.

SHRI HARI: CARE Cuts INR8cr LT Loan Rating to B, Not Cooperating
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Hari Pulses (SHP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.00      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 14, 2019, placed the
rating(s) of SHP under the 'issuer noncooperating' category as SHP
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. SHP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 29, 2020. 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 a fair rating.

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

The rating has been revised on account of non-availability of
requisite information. The rating continued to constrained on
fluctuating profitability margins, weak solvency position and
stressed liquidity position. The rating, further continue to
constrained on account of seasonality associated with agro
commodities and presence in highly fragmented and government
regulated industry.

The rating, however, continue to favorably take into account
experienced management and continuous increase in scale of
operations.

Detailed description of the key rating drivers

At the time of last rating on March 14, 2019 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

* Fluctuating profitability margins, weak solvency position and
stressed liquidity position:  Being present in the industry of
agriculture commodities, the profitability of the company is
exposed to fluctuation in prices as well as availability of
agriculture commodities. PBILDT margin of the company has witnessed
increasing trend in last three financial years ended FY17 owing to
higher income from processed products which has higher margin as
compared to trading activity.  The capital structure of the company
stood highly leveraged with an overall gearing of 3.77 times as on
March 31, 2017, improved from 3.94 times as on March 31, 2016 owing
to addition of profit to reserves. The business of the firm is
working capital intensive in nature with high operating cycle in
FY17. Due to high inventory, the current ratio stood moderate at
1.20 times, however, quick ratio remained below unity and very low
at 0.54 times as on March 31, 2017.

* Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry:  As the
company is engaged in the business of agriculture commodities, the
prices of agriculture commodities remained fluctuating and depend
on production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the SHP is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the company is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement.  Due to this, the players in the
industry do not have any pricing power. Furthermore, the industry
is characterized by high degree of government control both in
procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.

Key Rating Strength

* Experienced management:  Being present in the industry since long
period of time, the management of the firm has established
relationship with customers and suppliers. The partners of the firm
Mr Rajendra Kumar who have experience of around for decade in the
industry, further he is assisted by his other family members in
handling other parts of the business. Furthermore, this is their
family business and all the family is engaged in similar line of
business. The oldest firm of the group is Bhagirath Dhannalal which
was formed in 1898, and this is fourth generation to handle the
business.

* Continuous increase in scale of operations:  The scale of
operations of the company has witnessed continuous growth and grew
at a CAGR of 4.49% in the last three financial years ended FY17
owing to increase in demand of its processed products as well as
higher trading activity. During FY17, it has generated 60% of net
sales from processed products and remaining through trading
activity.

Shri Hari Pulses (SHP) based out of Indore (Madhya Pradesh) was
formed in 1978 as a partnership concern by Mr Rajendra Kumar and
other family members. The partners of the company are Mr Rajendra
Kumar, Ms Chanda Bai and Ms Kalawati.  SHP is engaged in the
business of processing of Moong Dall, Channa Dall and grading of
wheat. It is also engaged in the trading of variety of agriculture
commodities. It purchases the commodities from local mandi and
sells it in Madhya Pradesh, Tamil Nadu, Delhi and Maharashtra under
brand name of 'Double Elephant' and 'Amrpali'.

SIMPLEX CASTINGS: Ind-Ra Corrects April 27 Ratings Release
----------------------------------------------------------
This announcement corrects the version published on April 27, 2020
to clarify the reason for the downgrade.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded Simplex Castings
Ltd's (SCL) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B (ISSUER NOT COOPERATING)'. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The instrument-wise rating actions are:

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

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

-- INR146.4 mil. Term loan (Long-term) due on April 2021
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by SCL, based on
the company's declaration filed with the Bombay Stock Exchange.

RATING SENSITIVITIES

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

COMPANY PROFILE

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

SRI LAKSHMI: CARE Keeps D Rating on INR8cr Debt in Not Coop.
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Lakshmi
Enterprises (SLE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.00      CARE D; Issuer not cooperating:
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed the
rating(s) of SLE under the 'issuer non-cooperating' category as SLE
had failed to provide information for monitoring of the rating. SLE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an
e-mail communications/letters dated from October 2019 to April,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 13, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Delays in servicing debt obligations:  As confirmed by the
banker, the account has been classified as NPA.

Key Rating Strengths

* Experienced promoter: Mrs. Jayasree, the proprietor of the firm
has more than one decade of experience in distribution business.
She is well supported by her husband to look after the day to day
operations of the firm. Due to long term presence in the market,
she has gained a fine reputation in the district.

Ongole based, Sri Lakshmi Enterprises (SLE) was established in the
year 2010 as a proprietorship concern by Mrs. Jayasree. The firm is
engaged in distribution of FMCG goods, in Prakasam District. It has
been recognized as an authorized distributor for the Prakasam
District by Nestle India Limited. Further, the firm also engages in
trading of edible oil procured from local companies and traded to
retailers across Andhra Pradesh.

SURAJ CROPSCIENCES: CARE Keeps D INR17.57cr Debt Rating in Not Coop
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suraj
Cropsciences Limited (SCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       17.57      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 6, 2019 placed the
ratings of SCL under the 'issuer non-cooperating' category as SCL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SCL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 8, 2020,
April 13, 2020, April 15, 2020 and April 20, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on February 6, 2019 the following
were the rating weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delay in debt servicing:  SCL was irregular in servicing
its debt obligation and there were on-going delays in debt
servicing due to weak liquidity position of the company.

Kalol-based (Gujarat) Suraj Cropsciences Limited (SCL), an ISO
9001:2008 certified company, was incorporated as a private limited
company during January 2010 which was later on reconstituted as a
public limited company in February 2015. SCL is headed by Mr.
Shivpratapsingh Kushwaha and it is engaged into the business of
developing and processing of varieties of agro-seeds including
cereals, fibres, fodder, oil seeds, pulses and vegetables seeds.

The activities involve buying the certified or breeder seeds from
the government or other institutions, and selling the same to
contract farmers for upgrading the same to foundation seeds, post
which these foundation seeds are then repurchased back from the
farmers and tested in its own quality check laboratory on various
parameters as well as processed for producing final certified,
hybrid or research seeds which are stored in the warehouses of
state-wise carrying and forwarding agents or sold to its 840
distributors across 12 states of India under the brand name
"SURAJ". The seed processing plant and laboratory is located at
Kalol and Prantij in Gujarat with two machines at each location
having an installed capacity of 1 ton seeds per hour and other
machine with an installed capacity of 4 ton seeds per hour.


TEJA SEA: CARE Lowers Rating on INR11cr LT Loan to D, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Teja
Sea Foods (TSF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       11.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable


   Short Term Bank
   Facilities           3.00       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

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

Detailed description of the key rating drivers

Key rating Weaknesses

* Ongoing delays in meeting of debt obligations:  Teja Sea Foods
has been facing liquidity issues from past few months, due to which
the firm is unable to service the interest and installment
obligation on term loan facility. There are ongoing delays in
servicing the interest and installment in term loan facility.
Hence, the banker has confirmed the account has been classified as
NPA.

Key Rating Strengths

* Experienced promoters for more than two decades in sea food
industry:  TSF was established in the year 2011 and promoted by Mr.
Velaga Subbarao. The proprietor is an undergraduate and has two
decades of experience in sea food industry as he had worked in same
line of business. Business operations are supported by key
managerial personnels i.e. Mr. V. Venkata Ramana (Plant Incharge),
Mr. D. Surendra Kumar (Plant Supervisor), Mr. Antony Roy (Selling
Arrangements) and Mr. J. Eswara Rao (Production Incharge). Due to
long experience of the proprietor, he is able to establish long
term relationship with clientele which has helped in developing
business.

Andhra Pradesh based, Teja Sea Foods (TSF) was established as a
proprietary firm in the year 2011 and promoted by Mr. Velaga
Subbarao. Initially, the firm was engaged in only trading of sea
food like fish and prawn. Later on from June 2017 onwards, the firm
started processing of sea food and expanded its geographical reach
from domestic market to international market (Vietnam and China).
Sea foods are procured from local markets of Machilipatnam,
Visakhapatnam, Kakinada and surrounding areas in Andhra Pradesh.
The clientele of the firm includes Huy Tuanjoint stock company, Dai
Thien Ha Joint Stock Company, Thanh Dat Joint Stock Company, and
Vilcom General Import Export Join Stock Company among others.

VIGNESWARA CONSTRUCTIONS: CARE Cuts INR15cr Loan Rating to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Sri Vigneswara Constructions (SSVC), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 15, 2019, placed the
rating(s) of SSVC under the 'issuer non-cooperating' category as
SSVC had failed to provide information for monitoring of the
rating. SSVC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an e-mail communications/letters dated from October 2019 to
April, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Sri Sri
Vigneswara Constructions with CARE's efforts to undertake a review
of the outstanding ratings as CARE views information availability
risk as key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on March 15, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Decline in total operating income during the review period:  The
total operating income (TOI) of the firm has been declining during
the review period from INR58.73 crore in FY15 to Rs.37.58 crore in
FY17 due to unavailability of sufficient orders in hand. Moreover,
the firm has achieved (TOI) of INR40 crore in 11MFY18 (Prov.)

* Geographic concentration risk:  The firm is providing its
services in Telangana and Andhra Pradesh regions resulting in
geographic concentration risk.

* Profitability margins are susceptible to fluctuation in material
prices:  The PBILDT margin of the firm though fluctuating has
increased from 1.87% in FY15 to 2.33% in FY17 due to decrease in
sub-contractors expenses.  The PAT margin of the firm has been
declining during the review period from 1.67% in FY15 to 0.49% in
FY17 at the back of increase in financial expenses (BG charges).

Key Rating Strengths

* Experienced partners:  Mr. V Ramanjaneya Reddy (Managing Partner)
has around three decades of experience in this industry.

* Healthy order book position:  The firm has healthy order book of
INR54.94 crore as on March 20, 2018 as against 52.36x in FY15 which
translates 1.57x of total operating income in FY17. Apart from
above order book position, the firm has further INR39.93 crore for
which tender is awarded but waiting for LOA from the government.
Acceptances for the tenders are expected to be received by end of
March 2018 and works orders for the same is likely to be completed
by March 2019.

* Comfortable capital structure and debt coverage indicators:  The
firm has a comfortable capital structure and satisfactory debt
coverage indicators as on March 31, 2015 on account of absence of
fund based working capital limits and long term loans from the
banks and other financial institutions. Further, interest coverage
ratio of the firm has though declined from 17.70x in FY15 to 5.58x
in FY17 on account of increase in financial expenses (BG Charges)
still remains satisfactory.

* Comfortable operating cycle: The operating cycle of the firm
remained comfortable during the review period. The firm receives
the payment from within 30 days for the execution of contracts and
makes the payment to its suppliers within one month. The average
inventory period remained zero due to the firm assigns most of the
works around 70% to sub-contractors.

Sri Sri Vigneswara Construction (SSVC) was established in the year
2004 as a partnership firm by Mr. V Ramanjaneya Reddy and his
family members. The firm is engaged in execution of civil
construction works and undertakes construction, excavation, roads,
infrastructural works and other civil works projects awarded by the
Public Works Department (PWD, Andhra Pradesh) and the firm assigns
the same to sub-contractors. The firm is registered as a special
class contractor from Irrigation & CAD (PW) Department, Government
of Andhra Pradesh for execution of civil works. Currently, the firm
executes for Public Works Department (PWD), Irrigation & CAD (PW)
CPWD, Roads & buildings (R & B), Zilla Parishad, APSRTC, Municipal
Corporation among others.

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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR230 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR25.83 mil. Term loan due on FY23 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 29, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in September 2015, Vijaya Polymers manufactures
high-density polyethylene pipes from virgin-grade high-density
polyethylene compounds. The pipes manufactured by the company are
approved by the Bureau of Indian Standards. The facility is
accredited for quality management systems ISO 9001:2015 and has the
capacity to manufacture 1000 tons per month.



=========
J A P A N
=========

SHARP CORP: S&P Alters Outlook to Negative & Affirms 'BB-/B' ICR
----------------------------------------------------------------
S&P Global Ratings said it has revised from stable to negative its
outlook on Japan-based electronics maker Sharp Corp. and its
overseas subsidiary Sharp International Finance (U.K.) PLC. S&P has
affirmed the 'BB-' long-term issuer credit rating and the 'B'
short-term issuer credit rating and 'B' commercial paper program
rating on the Japan-based company. At the same time, S&P has also
affirmed its 'BB-' long term issuer credit rating and 'B'
short-term issuer credit rating and 'B' commercial paper program
ratings on its overseas subsidiary.

S&P said, "The outlook revisions reflect our view that Sharp's
major financial ratios may not recover to levels commensurate with
the ratings within a year or so. A recovery of the company's
earnings may be delayed by issues related to the COVID-19 pandemic,
and its debt may remain high.

"We have affirmed our ratings on Sharp in light of the company's
relative strength in its main liquid crystal display (LCD) panel
business and the benefits of being a member of the group led by its
parent, Taiwan-based Hon Hai Precision Industry Co. Ltd.
(A-/Stable/--).

"The severe deterioration of the global economy as a result of the
pandemic may delay the recovery of Sharp's earnings, in our view.
In the January-March quarter 2020, the company's operating
performance materially weakened due to the impact of a factory
shutdown in China, where Sharp's LCD panel supply chain is active.
As a result, operating profit for the full fiscal 2019 (ended March
31, 2020) stood at JYP52.7 billion, down by 37% from the previous
fiscal year. Since April, the company's production has been
recovering in phases. However, the global economic downturn is
likely to prolong weak demand for the company's products, mainly
LCD panels, smartphones, and copy machines. Sharp will be able to
maintain relatively solid performance in its non-LCD business,
which includes white goods, in our view. Still, we currently expect
the operating profit in fiscal 2020 to fall far below the JYP84
billion recorded in fiscal 2018.

"We see a growing possibility that Sharp's major financial ratios
will not recover to levels commensurate with the ratings within a
year or so. A delay in the recovery of earnings will prevent the
company's debt from coming down from its current high level. We
estimate the debt-to-EBITDA ratio stood at about 5.9x in fiscal
2019, given the sharp decline in profit. We expect the ratio to
recover to about 5.4x in fiscal 2020.

"We have changed our assessment on liquidity for Sharp to less than
adequate from adequate, based on its increased reliance on its
short-term bank borrowings; the company funded and redeemed about
JYP97 billion in preferred shares in fiscal 2019. Its liquidity
sources will just cover uses over the next 12 months. This is
despite our expectation that Sharp will reduce capital investment
significantly to a level that meets maintenance requirements only.
We do not expect Sharp to face material issues for the refinance of
its short-term borrowings, given its favorable relationships with
financial institutions.

"We incorporate into our issuer credit rating on Sharp a notch of
uplift from the company's stand-alone credit profile (SACP) to
factor in support from Hon Hai, which has higher creditworthiness
than Sharp. We believe Hon Hai would support Sharp if the
subsidiary's finances weakened further. This is because Hon Hai has
invested a record amount of capital in Sharp and leads its
management restructuring."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

S&P said, "The negative outlook reflects our view that there is a
more than one-in-three chance within the next year or so that the
company's core cash flow ratios will not recover to levels
commensurate with the ratings. This is because of a combination of
the following. First, we observe strong uncertainties over the
recovery of demand, because of the impact of the pandemic. Second,
we think a failure to recover would create an imbalance with
company efforts in areas such as reducing costs, including by using
Hon Hai production sites, and reducing earnings volatility in its
LCD business. We may consider a downgrade if we see a growing
possibility that the ratio of debt to EBITDA continuously exceeds
5.5x in about a year. Conversely, we may consider revising the
outlook upward to stable if we come to believe that the
debt-to-EBITDA will stay below 5.5x consistently." This would occur
through the following:

-- The company's profit recovers, backed by improvements in the
global economy; and

-- The company reduces debt through controlling working capital
and investment adequately.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

  Ratings Score Snapshot

-- Issuer credit rating: BB-/Negative/B
-- Business risk: Weak
-- Country risk: Intermediate risk
-- Industry risk: Moderately high risk
-- Competitive position: Weak
-- Financial risk: Aggressive
-- Cash flow/Leverage: Aggressive

Anchor: b+

Modifiers:

-- Diversification/Portfolio effect: Neutral (no impact)
-- Capital structure: Neutral (no impact)
-- Financial policy: Neutral (no impact)
-- Liquidity: Less than adequate (no impact)
-- Management and governance: Fair (no impact)
-- Comparable rating analysis: Neutral (no impact)
-- Stand-alone credit profile: b+
-- Group credit profile: a-
-- Group status: Moderately strategic



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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