TCRAP_Public/181220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, December 20, 2018, Vol. 21, No. 252

                            Headlines


A U S T R A L I A

ABOUT LIFE: First Creditors' Meeting Set for Dec. 31
ABOUT LIFE: Organic Food Retailer Collapses Into Administration
FORTITUDE LEARNING: First Creditors' Meeting Set for Jan. 3
HORSFIELD TRADING: First Creditors' Meeting Set for Dec. 31
MULTIDWELL GROUP: First Creditors' Meeting Set for Jan. 2

PLANTATION ENERGY: First Creditors' Meeting Set for Jan. 2
QUIKFUND (AUSTRALIA): First Creditors' Meeting Set for Dec. 31
SIDWAY CONSTRUCTIONS: First Creditors' Meeting Set for Dec. 31
WALFORD & SHAW: First Creditors' Meeting Set for Dec. 31


C H I N A

ELION RESOURCES: S&P Lowers Long-Term ICR to B-, Outlook Negative


H O N G  K O N G

HMV RETAIL: Voluntarily Winds Up Flagship Store in HK


I N D I A

ACCORD ELECTROPOWER: CARE Assigns B+ Rating to INR3.96cr Loan
BAJRANG GINNING: ICRA Maintains 'D' Rating in Not Cooperating
CLARION WIND: CARE Assigns 'D' Rating to INR103.41cr LT Loan
D.B. MACHINE: ICRA Maintains B+ Rating in Not Cooperating
DURGA CONSTRUCTION: CARE Lowers Rating on INR4cr LT Loan to D

ESSAR STEEL: Ruias Surprised at Lenders Spurning Their Proposal
GAMMA GREEN: CARE Assigns D Rating to INR42.58cr LT Loan
GOODEARTH MARITIME: ICRA Migrates D Rating to Not Cooperating
GUPTA AROMATICS: CARE Assigns B+ Rating to INR10cr LT Loan
HALDIA AGRO: CARE Raises Rating on INR6.70cr LT Loan to B+

HIGH TECH: ICRA Migrates D Rating to Not Cooperating Category
IENERGIZER LTD: S&P Places B+ Issuer Credit Rating on Watch Neg.
JAI SHIV: ICRA Maintains B Rating in Not Cooperating Category
JAIHIND AUTOMATION: Insolvency Resolution Process Case Summary
JIYA EXIM: CARE Reaffirms B+ Rating on INR10.88cr Long Term Loan

KBJ JEWEL: ICRA Maintains D Rating in Not Cooperating Category
MALWA AUTOMOBILES: CARE Assigns B+ Rating to INR13.60cr LT Loan
NRC LIMITED: Insolvency Resolution Process Case Summary
OM COTTON: ICRA Lowers Rating on INR5.01cr Fund Based Loan to D
PHF LEASING: ICRA Maintains MB+ Rating in Not Cooperating

RAC PAPERS: CARE Migrates C Rating to Not Cooperating Category
RELIANCE COMMUNICATIONS: CARE Moves D Rating to Not Cooperating
S.S.V. FAB: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
SHREE YAMUNA: ICRA Reaffirms B+ Rating on INR5.67cr LT Loan
SRI VISHNU: CARE Migrates B+ Rating to Not Cooperating Category

TEC AERO: CARE Assigns B+ Rating to INR5.0cr LT Loan
VIRENDRA KUMAR: ICRA Maintains B+ Rating in Not Cooperating
VIBHA OVERSEAS: Insolvency Resolution Process Case Summary
WESTERN HILL: ICRA Migrates D Rating to Not Cooperating Category
XLLENT MARILINE Insolvency Resolution Process Case Summary

YASH AUTOMOTIVE: Insolvency Resolution Process Case Summary


J A P A N

MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to BB-


S I N G A P O R E

CHINA TAISAN: JMs Seek More Time to Report Financials
HUAN HSIN: Receives Delisting Notice, Must Provide Exit Offer
NOBLE GROUP: Restructuring Plan Effective Date Expected Today


                            - - - - -


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


ABOUT LIFE: First Creditors' Meeting Set for Dec. 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of About Life
Pty Ltd will be held at Wilarra Rooms, Level 2, at The Grace
Hotel 77 York Street, in Sydney, NSW, on Dec. 31, 2018, at 11:00
a.m.

Adam Edward Farnsworth of Farnsworth Shepard was appointed as
administrator of About Life on Dec. 17, 2018.


ABOUT LIFE: Organic Food Retailer Collapses Into Administration
---------------------------------------------------------------
Matthew Elmas at SmartCompany reports that organic food retailer
About Life has fallen into voluntary administration after a
series of legal disputes with suppliers over the last 18 months.

According to SmartCompany, the independent grocer is understood
to have closed all of its eight stores recently and on Dec. 19
had shut down various social media accounts and sections of its
website.

It is now under the control of administrators from Farnsworth
Shepard, who were not available for comment on Dec. 19, the
report says.

About Life is backed by Melbourne-based investment firm Green
Capital Partners, the same company that backed food retailer
THR1VE before it fell into administration and was bought by
SumoSalad earlier this month, SmartCompany discloses.

It is just the latest in a long line of retail businesses to go
under in 2018, capping off a tumultuous year for a sector
grappling with high rents, changing consumer habits and tough
competition, the report notes.

SmartCompany says only two years ago, the 22-year-old business
was expanding, replacing Thomas Dux stores in Sydney and
Melbourne, but things appear to have gone awry with over
AUD200,000 in legal claims levied against the business by
suppliers and others since June 2017.

SmartCompany, citing data from credit reporting agency Creditor
Watch, says the company has 19 outstanding payments to suppliers
and others totalling over AUD250,000, dated between August and
December.

Stores in Surry Hills, Rozelle, Crows Nest, Bondi Junction and
Cammeray in Sydney, as well as a location in Port Melbourne, are
advertised as closed.

About Life sells a range of organic groceries as well as health
and beauty products and environmentally friendly household
cleaning products. It also maintained a catering arm that
provided for cocktail functions, afternoon teas, conferences and
other events.


FORTITUDE LEARNING: First Creditors' Meeting Set for Jan. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Fortitude
Learning Pty Ltd, formerly trading as HETC International
Hospitality Management School, will be held at 22 Market Street,
in Brisbane, Queensland, on Jan. 3, 2019, at 11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Fortitude Learning on Dec. 19, 2018.


HORSFIELD TRADING: First Creditors' Meeting Set for Dec. 31
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Horsfield
Trading Pty. Ltd. and Horsfield Transport Pty. Ltd. will be held
at the offices of Rodgers Reidy, Level 3, 326 William St, in
Melbourne, Victoria, on Dec. 31, 2018, at 10:00 a.m.

Brent Leigh Morgan of Rodgers Reidy was appointed as
administrator of Horsfield Trading on Dec. 17, 2018.


MULTIDWELL GROUP: First Creditors' Meeting Set for Jan. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Multidwell
Group Pty Ltd, trading as Multidwell Group Pty Limited, will be
held at the offices of Helm Advisory, at Suite 2, Level 16,
60 Carrington Street, in Sydney, NSW, on Jan. 2, 2019, at
10:00 a.m.

Philip Raymond Hosking of Helm Advisory was appointed as
administrator of Multidwell Group on Dec. 18, 2018.


PLANTATION ENERGY: First Creditors' Meeting Set for Jan. 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Plantation
Energy Australia Pty Ltd will be held at the offices of Ferrier
Hodgson, Level 28, 108 St Georges Terrace, in Perth, WA, on
Jan. 2, 2019, at 12:00 p.m.

Martin Bruce Jones and Andrew Smith of Ferrier Hodgson were
appointed as administrators of Plantation Energy on Dec. 18,
2018.


QUIKFUND (AUSTRALIA): First Creditors' Meeting Set for Dec. 31
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Quikfund
(Australia) Pty Ltd will be held at the offices of Hall Chadwick,
at Level 40, 2 Park Street, in Sydney, NSW, on Dec. 31, 2018, at
9:30 a.m.

Blair Pleash of Hall Chadwick was appointed as administrator of
Quikfund (Australia) on Dec. 17, 2018.


SIDWAY CONSTRUCTIONS: First Creditors' Meeting Set for Dec. 31
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sidway
Constructions Pty Ltd will be held at the offices of O'Brien
Palmer, at Level 9, 66 Clarence Street, on Dec. 31, 2018, at
11:00 a.m.

Liam Bailey and Christopher John Palmer of O'Brien Palmer were
appointed as administrators of Sidway Constructions on Dec. 17,
2018.


WALFORD & SHAW: First Creditors' Meeting Set for Dec. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Walford &
Shaw Pty Ltd, trading as 'walford & Shaw' and 'MAYRAH', will be
held at Level 2, 10 Bridge Street, in Sydney, NSW, on Dec. 31,
2018, at 12:00 p.m.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Walford & Shaw on Dec. 17,
2018.



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


ELION RESOURCES: S&P Lowers Long-Term ICR to B-, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Elion Resources Group Co. Ltd. to 'B-' from 'B'.
The outlook is negative.

S&P downgraded Elion Resources because it expects the company to
face a significant liquidity deficit over the next year due to
its large short-term debt maturities. Moreover, Elion Resources
has limited refinancing options and relies on rollover of loans.

The company's debt structure continues to skew heavily toward the
short-term. Elion Resources has Chinese renminbi (RMB) 18.6
billon debt due in the 12 months ending Sept. 30, 2019,
accounting for about 60% of its total debt. This figure includes
two bonds totaling RMB3.1 billion that are due in 2020 and 2021
but have put options that can be exercised in March 2019.
Approximately half of the company's short-term debt is bank
borrowings, which S&P expects can be renewed at maturity.
However, it is not clear whether the trust loans or financial
leases (over 40% of total debt) can be similarly rolled over.

S&P said, "At the same time, Elion Resources could find it
difficult to raise new debt under the current tight funding
environment in China. So far in 2018, Elion had to rely on its
own cash to repay commercial paper, medium-term notes, and bonds.
As a result, its unrestricted cash declined to RMB5.7 billion as
of Sept. 30, 2018, from RMB8.0 billion at end-2017.

"New debt issuance has been hard for non-investment grade private
Chinese companies in the past year, and it will likely remain the
case for least in the next six months, in our view. With no
concrete debt issuance plan in place yet, we expect Elion
Resources' unrestricted cash to further decline as it repays
bonds due over the next 12 months.

"Elion Resources' results for the first nine months are generally
in line with our expectation. However, the infrastructure
engineering and construction (E&C) industry is facing intense
competition and project pipelines are slowing down with the
government pushing for deleveraging. The Chinese property
investments and sales are also slowing down. A further weakening
in industry conditions could pose risks to our revenue and cash
flow forecast. It may also affect the company's ability to roll
over its bank loans or trust loans.

"The negative outlook reflects our view that Elion Resources'
liquidity may weaken further over the next 12 months. The
company's unrestricted cash will likely continue to shrink and
its debt maturity profile may shorten if its access to capital
market remains constrained. The outlook also reflects our view
that the company's E&C and property businesses may be hurt if
project pipelines slow due to China's decelerating fixed asset
investments and slowing property market.

"We would lower the rating on Elion Resources if the company's
capital structure becomes unsustainable, such that it will need
to depend on favorable business and financial conditions to meet
financial obligations. Indications of such a situation could be
the company becoming increasingly dependent on short-term debt,
experiencing difficulty in rolling over bank loans or
refinancing, or facing much higher borrowings costs.

"We could also downgrade the company if its cash flow and
financial metrics are materially weaker than our forecasts, with
a low likelihood of significant recovery, possibly due to lower
revenue or weaker working capital management than we estimate.

"We may revise the outlook to stable if Elion Resources can
reduce reliance on short-term debt and maintain more evenly
spread debt maturities, while securing funding for its upcoming
debt. In such a scenario, the company would face no significant
shortfall in liquidity on an ongoing basis."



================
H O N G  K O N G
================


HMV RETAIL: Voluntarily Winds Up Flagship Store in HK
-----------------------------------------------------
Danny Lee at South China Morning Post reports that about 50
shoppers were turned away at the HMV flagship store in Causeway
Bay on Dec. 18 as the entertainment giant announced that its 25-
year-old retail chain was facing liquidation.

HMV failed to open at 10:00 a.m. for regular trading, on an
unusual day when shop floor workers were called in for a meeting.

SCMP, citing announcement by HMV Digital China Group through the
city's stock exchange, relates that the group has sought to
voluntarily wind up HMV Retail, which is operating the stores in
Hong Kong.

The decision was made after its insolvency and various defaults
on payments in lawsuits, the group added, the report relates.

By 10:30 a.m., a trickle of customers had arrived but was shut
out of the Pearl City Mansion complex in Causeway Bay, the report
says.

According to the group's announcement, revenue generated from HMV
Retail was HK$31.55 million (US$4 million) for the three months
to the end of September, about 41 per cent down from the
corresponding period in 2017. During the liquidation period, the
liquidator will continually seek new investors to re-commence
business operation of HMV Retail, the report states.

The chain's flagship outlet and its concept store in Central
faced eviction earlier this month as they had failed to pay rent
amounting to HK$4.86 million, SCMP reports citing court
documents. SCMP relates that tThe legal action came just two
weeks after the MTR Corporation sued HMV for HK$273,300 in unpaid
rent and other fees and demanded the company deliver vacant
possession of its store at Telford Plaza shopping centre, owned
by the railway operator.

SCMP notes that the music retailer had sought to evolve and
expand its business into a lifestyle destination, rather than
just a bricks-and-mortar store for music and audiovisual
equipment. The three-storey, 40,000 sq ft emporium in Causeway
Bay included a 12,000 sq ft Western restaurant with a live music
stage, while its Central concept store had a small cafe with a
bar.


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


ACCORD ELECTROPOWER: CARE Assigns B+ Rating to INR3.96cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Accord
Electropower Private Limited (AEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.96       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of AEPL is primarily
constrained by its small scale of operations coupled with low net
worth base, fluctuating profitability margins and elongated
collection period. The rating is further constrained by presence
of company in highly competitive industry and risk associated
with tender based orders. The rating, however, draws comfort from
experienced management, moderate order book and moderate capital
structure.  Going forward; ability of the AMPL to increase its
scale of operations while improving its profitability margin
along with timely realization of payment shall be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: The scale of
operations stood small marked by total operating income and gross
cash accruals of INR15.35 crore and INR0.52 crore respectively
during FY18 (FY refer to the period April 1 to March 31).
Furthermore, the net worth base was relatively stood small at
INR2.37 crore as on March 31, 2018. The modest scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. The company has achieved total operating
income of around INR17.79 crore in 6MFY19 (period refers to April
1 to September 30, 2018; based on provisional results).

Fluctuating profitability margins: The profitability margins of
the company stood fluctuating for the past three years i.e.
FY16-FY18 owing to tender driven nature of the industry. PBIDLT
margin declined from 9.08% in FY18 to 6.07% in FY17 Further, PAT
margin declined to 2.20 in FY18 as against 5.23% owing to decline
in PBILDT margin coupled with higher interest expense.

Elongated collection period with weak liquidity indicators:
The inventory requirements (comprising raw material) is primarily
order backed and AEPL maintain inventory of around 30 days for
smooth execution of contracts. The product manufactured by the
company is dispatched only after testing and quality checks by
various government and private agencies. In FY18, the inventory
holding period elongated from 9 days in FY17 to 95 days in FY18
owing to delay in obtaining clearance from government agencies
for the same.

Furthermore, the power distribution companies release money once
the product meet the specifications resulting in delayed
realization of payments which further results in delayed payment
to its supplier. Moreover, the liquidity indicators marked by
current ratio and quick ratio stood weak at 1.19 and 0.57 times
respectively as on March 31, 2018.

Competitive industry and risks associated with tender-based
orders: The transformer industry faces direct competition from
various unorganized and organized players in the market. The
competition in the domestic transformer industry has been
increasing since the last two-three years due to factors like
import of cheaper equipment, especially from China and large
number of smaller players with limited capacity entering the
industry due to its high profitability and easy availability of
technology. Also, as most of the business is tender-driven, the
incumbent players have witnessed margin pressures due to
aggressive bidding from the players seeking an entry in the
market and the growth of the business depends on its ability to
successfully bid for the tenders and emerge as the lowest bidder.

Key Rating Strengths

Experienced promoters: AEPL is currently being managed by Mr.
Deepak Kumar Gaur and Mr. Paramhansh Ragahv. Both of them is a
graduate by qualification and has an experience of around half a
decade in the power distribution industry through his association
with this entity. Further, they are also assisted by qualified
personnel having requisite experience in their respective fields.

Moderate capital Structure and moderate orderbook: The capital
structure of the company stood moderate as marked by debt equity
and overall gearing ratio that stood at 1.18x respectively as on
March 31, 2018 as against 2.67x respectively as on March 31, 2017
on account of infusion by director in form of equity capital ad
share premium with accretion of profits to reserves. The working
capital remain 70% utilized of its sanctioned amount for 6-months
ending September 31, 2018.

The order book of the firm stood at INR53.23 crore as on
September 30, 2018, which is approximately 3.47 times of its
total operating income for FY18, thereby giving the firm short to
medium term revenue visibility.


BAJRANG GINNING: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the long-term rating for the bank facilities of Bajrang
Ginning & Pressing Factory (BGPF) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        8.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Established in the year 2009, it is a partnership concern engaged
in the business of ginning and pressing of cotton. The factory is
located at Jasdan having land area of 2 acres. It avails power
load of 124 HP. It is equipped with 24 ginning machines and 1
pressing machine. It has a capacity to produce 180 bales a day
(considering 24 hours of operations). The firm is managed by six
partners. Partners have long standing experience in the field of
cotton industry.


CLARION WIND: CARE Assigns 'D' Rating to INR103.41cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Clarion Wind Farm Private Limited (CWFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities         103.41       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the facilities of CWFL takes into account
instances of delays in servicing debt obligation.

Detailed description of the key rating drivers

Key Rating weaknesses

Instances of delays in debt servicing: Continuing losses during
the period FY15-FY17 (refers to the period April 1 to March 31)
and marginal profit of INR2 crore in FY18 along with cash flow
mismatches owing to seasonality of wind power generation business
have resulted in instances of delays in repayment of interest and
principal amounts on term loans. During FY18, CWFL registered net
profit of INR2 crore (PY: -10 crore) on a total operating income
of INR67 crore (PY: 61 crore). GCA stood at INR22 crore as
against scheduled repayment of long term debt of INR40 crore in
FY18. As on Sept. 30, 2018, principal and interest due on term
loans are INR2.6 crore and INR1.5 crore.

Seasonality associated with wind generation and relatively low
PLFs: Wind farms are exposed to inherent risk of climate
fluctuations leading to variations in the wind patterns which
affects the PLF. Generally, the wind farms enjoy high PLF during
May-September period (Monsoon period), whereas the PLF is
relatively low during the other seasons. CWFL's PLF has been in
an increasing trend from FY15 to FY18, except FY16. During FY18,
CWFL's PLF was 16.25%.

Key Rating strengths

Established presence of OGPL in renewable energy segment and part
of the non-financial services segment of Shriram Group: CWFL is a
step-down subsidiary of OGPL. OGPL's promoter is SVL Limited
(formerly known as Shriram Industrial Holdings Limited) which is
the controlling company of the non-financial services segment of
Shriram Group. Chennai-based Shriram group came into existence in
1974 and has significant presence in financial services industry
including Commercial Vehicle Finance, Consumer & Enterprise
Finance, Life & General Insurance and Financial product
distribution. As of March 2018, OGPL had a portfolio of
operational projects of 425 MW of wind energy and additional 44
MW of assets under construction.

CWFL has been supported by the group companies in terms of
funding requirements. As on March 31, 2018, the total loans and
advances from the group companies (including holding company)
stood at INR158 crore. Similarly, CWFL has provided loans to
group companies (INR98 crore as on March 31, 2018).

Industry outlook

Wind power continues to dominate the share of renewable energy
(RE) capacity in India at about 34.4 GW as on July 31, 2018,
forming around 48.1% of total RE capacity. Given there is
continued emphasis by the government to increase capacity
addition in the sector, vast potential, established technology
and faster and modular nature of implementation, the outlook is
stable for the wind power sector. Nevertheless, there are issues
like weak financial risk profile of Discoms and poor evacuation
infrastructure leading to lower off-take; besides the inherent
risk of variation in wind patterns.

Clarion Wind Farm Private Limited (CWFL), a subsidiary of Bharath
Wind Farm Limited (BWFL; rated 'CARE D') was incorporated in May
2008 for the purpose of generating electricity through wind
mills. CWFL is a step-down subsidiary of Orient Green Power
Company Limited (OGPL). CWFL has a total installed capacity of
91.53 MW with 222 WEGs located in Tamil Nadu. CWFPL was
incorporated for the sole purpose of meeting the group captive
consumption mechanism. BWFL holds 72.35% stake in the CWFPL with
rest being held by group captive consumers.


D.B. MACHINE: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
D.B. Machine Tools Private Limited continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based-limit-      2.50       [ICRA]B+ (Stable) ISSUER
   packing credit                    NOT COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

   Fund-based-limit-      5.50       [ICRA]B+ (Stable) ISSUER
   foreign documentary               NOT COOPERATING; Rating
   bill purchase                     continues to remain under
                                     'Issuer Not Cooperating'
                                     Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

D.B. Machine Tools Private Limited was incorporated in 2006 and
is a 100% export-oriented company based in Kolkata. The company
exports almost all its products to Bangladesh. DBMTPL is a
closely held company. The promoter has a business experience of
around two decades in export trade.


DURGA CONSTRUCTION: CARE Lowers Rating on INR4cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Durga Construction Co. (DCC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       4.00      CARE D Revised from CARE B+;
   Facilities                     Stable

   Short-term Bank      2.00      CARE D Revised from CARE A4
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DCC are tempered
by ongoing delays in servicing debt obligation on time due to
stretched liquidity position on back of increase in average
collection period and high inventory levels.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays servicing the debt obligations: There are ongoing
delays in servicing debt obligations on time due to stretched
liquidity position on back of increase in average collection
period and high inventory levels.

Small scale of operations with low networth base and fluctuating
total operating income: The firm has a track record of around
twenty years, however, the total operating income (TOI) of the
firm remained low at INR8.90 crore in FY17 and INR3.93 crore in
FY18 with low net worth base of INR3.49 as on March 31, 2017 and
INR3.45 crore as on March 31, 2018 as compared to other peers in
the industry. Furthermore, the total operating income of the
DCC decreased from INR10.93 crore in FY16 to INR 3.93 crore in
FY18 due to lower orders from state government.

Short term revenue visibility from current order book: KCPL has
an order book of INR 8.95 crore as on November 26, 2018 and the
same is likely to be completed by FY19. The said order book
provides revenue visibility for short term period. The entire
order value of INR 8.95 crore pertains to construction of roads
and canals for Karnataka state government only resulting in high
customer concentration and geographic concentration risk.

Leveraged capital structure, weak debt coverage indicators and
elongated operating cycle days: The debt equity ratio of the DCC
remained comfortable at 0.04x as on March 31, 2017 and 0.04x as
on March 31, 2018 account of nominal amount of long term loan.
The overall gearing ratio of the firm has improved marginally and
stood at 2.72x as on March 31, 2017 and 2.33x as on March 31,
2018 remained leveraged due to decrease in total debt level on
account of repayment of term loan.  Due to above said reason, the
total debt/GCA of the firm stood weak and deteriorated from
10.86x as on March 31, 2016, to 26.21x as on March 31, 2018. The
PBILDT interest coverage ratio has also deteriorated from 2.46x
in FY16 to 1.70x in FY18 due to decrease in PBILDT in absolute
terms.

The firm is operating in working capital intensive industry. DCC
has elongated operating cycle of i.e 260 days in FY17 as compared
to 281 days in FY18 due to long inventory holding period of 249
days in FY17 and 614 days in FY18 as compared to 179 days in
FY16. The elongated operating cycle is mainly due to ongoing
projects in hand. The average utilization of overdraft stood at
100% for the last 12 months ended October 31, 2018.

Tender based nature of operations: The firm receives 100% work
orders from Govt. of Karnataka. All these are tender-based and
the revenues are dependent on the firm's ability to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the promoter's satisfactory industry experience of two decades
mitigates this risk to some extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the
segment which makes the civil construction space highly
competitive.

Profitability margins are susceptible to fluctuation in raw
material prices: Profitability margins are susceptible to
fluctuation in raw material prices due to absence of price
variation clause in the contracts entered by the firm.

Highly fragmented industry with intense competition from large
number of players: The firm is engaged in construction of canals,
dams and roads among others which is highly fragmented industry
due to presence of large number of organized and unorganized
players in the industry resulting in huge competition.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: DCC, 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. The partners have
withdrawn capital of INR 3.83 crore during FY16-FY18.

Key Rating Strengths

Long track record of the entity and experience of the promoters
for two decades in construction industry: DCC was established in
the year 1996 and promoted by Mr. Shetty SubhaschabdraKandavara
(Managing Partner) along with his family members. Mr. Shetty
SubhaschabdraKandavara is a qualified graduate and has two
decades of experience in the civil construction industry.

Satisfactory profit margins: The PBILDT margin of the firm has
been satisfactory and stood at 15.53% in FY17 and 30.07% in FY18
due to nature of work undertaken by the firm coupled with decline
in cost of raw material consumed and labour cost and other
operating expenses. The PAT margin of the firm has also increased
and stood satisfactory at 4.09% in FY17 and 4.10% in FY18 due to
decrease in interest & finance charges and depreciation
provision. Stable outlook in of civil construction industry The
construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. During the last few years, there was a
reduction in flow of orders along with slow movement of the
existing order book. However, the focus of the government on
infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
infrastructure sector are expected to dominate the overall
business for construction companies. Going forward, companies
with better financial flexibility would be able to grow at a
faster rate by leveraging upon potential opportunities.

Karnataka based, Durga Constructions Co. (DCC) was established as
a partnership firm in the year 1996 and promoted by Mr. Shetty
SubhaschandraKandavara, Mrs. Anupama S Shetty, Mr. Ramkishan
Hegde and Ms. Ashwini S Shetty. The firm is engaged in civil
constructions works like construction of roads, canals and
bridges for state government of Karnataka. The firm receives the
work order from government organization by participating in the
tenders.


ESSAR STEEL: Ruias Surprised at Lenders Spurning Their Proposal
---------------------------------------------------------------
BloombergQuint reports that Essar Steel Asia Holding, the holding
company of the bankrupt Essar Steel that was controlled by the
Ruias, on Dec. 17 told the Ahmedabad bench of NCLT that it was
"highly unusual" for lenders to not even consider its debt
settlement proposal which was higher than its rival offer.

BloombergQuint says the Essar Steel Asia Holding had proposed to
the committee of creditors, led by State Bank of India, to pay an
upfront INR54,389 crore to retake the management of Essar Steel,
but approached the National Company Law Tribunal after not
receiving any reply from creditors.

Arguing for Essar Steel Asia Holding, counsel Mihir Joshi said
their proposal "ensures full repayment to all the creditors,
including operational creditors," and therefore, it is "highly
unusual" that the lenders are not considering it, the report
relays.

BloombergQuint relates that during the last hearing, lenders and
ArcelorMittal, which offered a INR42,000-crore bid to take over
Essar Steel and was accepted by the CoC, had opposed the debt
recast plan offered by Essar Steel Asia Holding claiming that it
was against the Supreme Court order as well as the provisions of
the Insolvency and Bankruptcy Code.

Essar Steel, which runs a 10-million-tonne steel mill in Gujarat,
owes over INR49,000 crore to over two dozen banks led by the
State Bank and has been under the bankruptcy proceedings since
last June, the report notes.

As per ArcelorMittal's resolution plan, INR42,000 crore will be
paid to the secured lenders, while an additional INR8,000 crore
will be pumped in as working capital, BloombergQuint says.

BloombergQuint adds that the NCLT is also hearing petitions filed
by close to 30 operational creditors of Essar Steel seeking
settlement of their dues from ArcelorMittal.

These operational creditors have moved the NCLT against the
resolution plan offered by the world's largest alloy maker
ArcelorMittal as it denies those operational creditors with over
INR1 crore dues any settlement, says BloombergQuint.

                         About Essar Steel

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

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

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

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


GAMMA GREEN: CARE Assigns D Rating to INR42.58cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gamma
Green Power Private Limited (GGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          42.58       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the facilities of GGPL takes into account
instances of delays in servicing debt obligation.

Detailed description of the key rating drivers

Key Rating weaknesses

Instances of delays in debt servicing: Continuing losses during
the period FY15-FY18 (refers to the period April 1 to March 31)
along with cash flow mismatches owing to seasonality of wind
power generation business have resulted in instances of delays in
repayment of interest and principal amounts on term loans. During
FY18, GGPL registered net loss of INR4 crore (PY: -28 crore) on a
total operating income of INR29 crore (PY: 33 crore). GCA stood
at INR7 crore as against scheduled repayment of long term debt of
INR36 crore in FY18. As on 30 September 2018, principal and
interest due on term loans are INR3.3 crore and INR0.4 crore.

Seasonality associated with wind generation and relatively low
PLFs: Wind farms are exposed to inherent risk of climate
fluctuations leading to variations in the wind patterns which
affects the PLF. Generally, the wind farms enjoy high PLF during
May-September period (Monsoon period), whereas the PLF is
relatively low during the other seasons. GGPL's PLF has been
continuously below 15% during the period FY15-FY18, except FY17,
when it moderately increased to 15.75%. During FY18, GGPL's PLF
was 14.79%.

Key Rating strengths

Established presence of OGPL in renewable energy segment and part
of the non-financial services segment of Shriram Group, GGPL is a
subsidiary of OGPL. OGPL's promoter is SVL Limited (formerly
known as Shriram Industrial Holdings Limited) which is the
controlling company of the non-financial services segment of
Shriram Group. Chennai-based Shriram group came into existence in
1974 and has significant presence in financial services industry
including Commercial Vehicle Finance, Consumer & Enterprise
Finance, Life & General Insurance and Financial product
distribution. As of March 2018, OGPL had a portfolio of
operational projects of 425 MW of wind energy and additional 44
MW of assets under construction.

GGPL has been supported by the group companies in terms of
funding requirements. As on March 31, 2018, the total loans and
advances from the group companies (including holding company)
stood at INR220 crore. Similarly, GGPL has provided loans to
group companies (INR39 crore as on March 31, 2018).

Industry outlook: Wind power continues to dominate the share of
renewable energy (RE) capacity in India at about 34.4 GW as on
July 31, 2018, forming around 48.1% of total RE capacity. Given
there is continued emphasis by the government to increase
capacity addition in the sector, vast potential, established
technology and faster and modular nature of implementation,
the outlook is stable for the wind power sector. Nevertheless,
there are issues like weak financial risk profile of Discoms
and poor evacuation infrastructure leading to lower off-take;
besides the inherent risk of variation in wind patterns.

Gamma Green Power Private Limited (GGPL), a subsidiary of Orient
Green Power Company Limited (OGPL) was incorporated in December
2009 for the purpose of generating electricity through wind
mills. GGPL has a total installed capacity of 55.93 MW with 143
WEGs located in Tamil Nadu and 2 WEGs in Gujarat. In Tamil Nadu,
generated power is sold through the group captive consumption
mechanism, while in Gujarat generated power is sold to the state
Discom. OGPL holds 72.50% stake in the GGPL with rest being held
by power purchasing companies.


GOODEARTH MARITIME: ICRA Migrates D Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Goodearth Maritime Limited (GML) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       242.96     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating moved to the 'Issuer Not
                                Cooperating' category

The rating is based on no updated information on the entity's
performance since the time it was last rated in May 2017 wherein
rating was reaffirmed at [ICRA]D. As part of its process and in
accordance with its rating agreement with GML, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Goodearth Maritime Limited is a part of the Chennai-based Archean
Group, promoted by Mr. P.B. Anandam and family. GML commenced its
operations in FY2002 by chartering ships and later acquired ships
at the trough of the cycle in the calendar year (CY) 2003.
However, due to sustained weakness in charter rates in the dry-
bulk segment in the last few years coupled with interest burden
on high debt levels, the company has been selling its vessels to
reduce debt levels and at present it has no operational vessel.
GML also owns a jetty in Jakhau, Gujarat from where the salt
produced by Jakhau Salt Company Private Limited (JSCPL), a group
company, is loaded onto barges for trans-shipment. GML also has a
wholly-owned subsidiary - GML BKS Private Limited, Jersey - which
was incorporated as a special purpose vehicle (SPV) for coal
mining operations in Indonesia. GML also has a wholly-owned
subsidiary called Drillco Exploration FZE (Drillco). Besides dry-
bulk shipping, the Archean Group is present in export of granite
stones, iron ore fines and industrial salts.


GUPTA AROMATICS: CARE Assigns B+ Rating to INR10cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gupta
Aromatics Private Limited (GAPL), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GAPL is primarily
constrained by short track record and small scale of operations,
thin profitability margins and leveraged capital structure and
working capital intensive nature of operations. The rating is
further constrained on account of susceptibility to fluctuations
in raw material prices and GAPL's presence in the highly
competitive industry. The rating, however, continue to draw
comfort from experienced management and moderate coverage
indicators. Going forward; ability of the company to increase the
scale of its operations while improving its profitability
margins, capital structure and managing its working requirements
shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: The company
commenced operations in November 2016 and has limited track
record in this industry. FY18 (FY refers to the period April 1 to
March 31) would be the first full year of operations for the
company. The scale of operations of the company remained small as
marked by total operating income of INR53.26 crores and gross
cash accruals of INR0.93 crores in FY18 (refers to the period
April 01 to March 31; based on provisional results). Further, the
company's net worth base was relatively small at INR1.71 crore as
on March 31, 2018. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Further, during 6MFY19 (refers to the period April 01
to September 30; based on provisional results) achieved total
operating income of INR30.00 crores.

Thin profitability margins and leveraged capital structure: The
company operates in the highly competitive nature of industry
characterized by intense competition with limited value addition.
The profitability margins of the company stood thin as marked by
PBILDT and PAT margins of around 3% and 1% respectively for the
past two financial years i.e. FY17-18. The capital structure of
the company stood leveraged as marked by overall gearing ratio of
4.03x as on March 31, 2018 owing to low net worth base and high
dependence on external borrowings to meet the working capital
requirements.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature as reflected
by higher average utilization of its sanctioned working capital
limits. The operating capital cycle however appears to be
comfortable primarily as receives a payable period of around 1
month from its suppliers resulting in to an average credit period
of 30 days in FY18. The company maintains inventory in the form
of raw material for smooth production process and finished goods
to meet the immediate demand of customers resulting into an
average inventory holding of 25 days in FY18. The company
operates in competitive industry and adopts a liberal credit
policy wherein it gives credit up to 1-2 months to its customers
resulting in average collection period of 40 days in FY18. The
average utilization of working capital limits stood around 90%
utilized for the past twelve months ended September, 2018.

Susceptibility to fluctuations in raw material prices: Beta
terpineol, mentha oil, is name of few major raw materials for the
companies, which are the crude oil derivatives procured from
players operating in domestic market. Its price is dependent on
crude oil prices which are highly volatile. Raw material costs
has always been a major contributor to total operating cost
constituting around 70% in past two years, thereby making
profitability sensitive to raw material prices. The company is
small player and has low bargaining power with its customers,
which limit the ability of the company to entirely pass on any
increase in the raw material costs. Thus, any adverse change in
the prices of the raw material may affect the profitability
margins of the company.

Highly competitive nature of the industry: Extraction and
refining business in India is highly fragmented due to presence
of large number of unorganized players in the lower end of the
bulk segment and presence of large and established players in the
high end of market. Due to high degree of fragmentation, small
players hold very low bargaining power against both its customers
as well as its suppliers.

Key Rating Strengths

Experienced Management: The operations of GAPL are currently
being managed by Mr. Ratan Lal Gupta and Mr. Mukesh Gupta. Mr.
Ratan Lal Gupta and Mr. Mukesh Gupta both are post graduates by
qualification and have an experience of more than two decades in
oil industry through their association with GAPL and other family
run businesses. Both the directors collectively look after the
daily operations of the company with the help of well qualified
and expert management personnel.

Moderate coverage indicators: The debt coverage indicators of the
company stood moderate as marked by interest coverage and total
debt to GCA at 3.43x and 7.42x respectively in FY18 owing to low
interest cost coupled lower utilization of the working capital
borrowings as on balance sheet date.

Ghaziabad, Uttar Pradesh based, Gupta Aromatics Private Limited
(GAPL) was incorporated on May 15, 2010 and started its
commercial operation from November 2016. The company is currently
being managed by Mr. Ratan lal Gupta, Mr. Mukesh Gupta. GAPL is
engaged into manufacturing of natural menthol, essential oils and
aroma chemicals at its manufacturing facility located in
Ghaziabad, Uttar Pradesh with an installed capacity of 1200
metric tonnes per annum.

GAPL procures its raw material viz. mentha oil, mint, and beta
terpineol domestically as well as through imports. GAPL sell
its products domestically to buyers and manufacturing companies
located across India etc. and the product finds its application
in cosmetics, pharmacy, toiletry industries etc. GAPL has three
group companies namely Menthol and Allied products Private
Limited, Panch Mohan Chemicals Private Limited and Dev Sons
Chemicals Private Limited.


HALDIA AGRO: CARE Raises Rating on INR6.70cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Haldia Agro Private Limited (HAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank       6.70       CARE B+; Stable Revised from
   Facilities                      CARE B; Stable; ISSUER NOT
                                   COOPERATING

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HAPL continues to
remain constrained by small scale of operations with moderate
profitability margins, volatile agro-commodity (flour) prices
with linkages to vagaries of the monsoon and regulated nature of
the industry, working capital intensive nature of operations,
leveraged capital structure with moderate debt coverage
indicators and intensely competitive nature of the with presence
of many unorganized players. The rating, however, continue to
derive comfort from experienced promoter with long track record
of operations and satisfactory demand outlook of its products.
Going forward, the ability of the company to increase its scale
of operations with improvement in profitability margins and
efficient management of its working capital shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profitability margins:
HAPL is a relatively small player in the industry with the total
operating income and PAT of INR29.77 crore and INR0.28 crore
respectively in FY18 and total capital employed of INR11.73 crore
as on March 31, 2018. The small size restricts the financial
flexibility of the company in times of stress and deprives it
from benefits of economies of scale. Moreover, the profitability
margins remained moderate marked by PBILDT of 4.41% (FY17: 4.90%)
and PAT of 0.92% (FY17: 0.89%) during FY18. The management is
stated to have achieved total operating income of INR18.00 crore
during H1FY19.

Volatile agro-commodity (flour) prices with linkages to vagaries
of the monsoon and regulated nature of the industry: HAPL is
primarily engaged in the processing of wheat products in its
roller mills. Wheat being an agricultural produce and staple
food, its price is subject to intervention by the government. In
the past, the prices of wheat have remained volatile mainly on
account of the government policies in respect of Minimum Support
Price (MSP) & controls on its exports. The MSP of was increased
during the crop year 2018-19 to INR 1750/quintal from
INR1550/quintal in crop year 2017-18. Further to be noted, the
prices of wheat are also sensitive to seasonality, which is
highly dependent on monsoon. Any volatility in the wheat prices
will have an adverse impact on the performance of the flour mill.

Working capital intensive nature of business: Wheat is primarily
a Rabi crop in India i.e. its cultivation takes place in winter
and the same is traded/ procured by flour millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Further, wheat is mainly sourced on cash payment. The operating
cycle of HAPL remained high at 108 days during FY18 due to high
inventory period. The average inventory holding period remained
high at 86 days during FY18 due to the fact that the company has
to maintain high stock for supply to its customers as per
requirements.

Accordingly, the working capital intensity remained moderately
high as reflected through average utilization of working
capital limits which stood at around 90% in the last 12 months
ended October 31, 2018.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by overall gearing ratio at 1.56x (1.37x as on
March 31, 2017) as on March 31, 2018. Furthermore, the overall
gearing ratio has deteriorated as on March 31, 2018 due to higher
utilization of working capital. Moreover, the debt coverage
indicators also remained moderate marked by interest coverage of
1.89x (FY17:1.96x) and total debt to GCA of 13.56x (FY17: 9.88x)
in FY18. Furthermore, the interest coverage was moderate during
FY18 on account of decrease in PBILDT level. Total debt to GCA
was also moderate during FY18 on account of lower cash accruals
during the year and relatively high debt level as on account
closing date.

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

Key Rating Strengths

Experienced Promoters and satisfactory track record of operation-
The entity is in operation for more than a decade (since 2005)
and has a satisfactory track record of operation. Mr. Satyabrata
Das (aged, 55 years) having more than two decade of experience in
the same line of industry, looks after the day to day operations
of the company. He is supported by other director Mr. Debabrata
Das (aged, 60 years), Mr. Devendra Kumar Singh (aged, 50 years)
and Mr. Dhirendra Kumar Singh (aged, 45years) along with a team
of experienced professionals.

Satisfactory demand outlook of the products: Wheat based
products, viz. Maida, Suji and Atta have large consumption across
the country in the form of bakery products, cakes, biscuits and
different types of food dishes in homes and restaurants. The
demand has been driven by the rapidly changing food habits of the
average Indian consumer, dictated by the lifestyle changes in the
urban and semi-urban regions of the country.

Haldia Agro Private Limited (HAPL) was incorporated in 2005 by
Mr. Satyabrata Das and Mr. Debabrata Das. Since its
incorporation, the company is engaged in flour milling activities
in Haldia, West Bengal. The company manufactures atta, maida,
bran and sooji with installed capacity of 54,000 MTPA. Mr.
Satyabrata Das (aged 56 years), having more than two decades of
experience in the same line of industry, looks after the day to
day operations of the company. He is supported by other director
Mr. Debabrata Das (aged, 61 years), Mr. Devendra Kumar Singh
(aged, 51 years) and Mr. Dhirendra Kumar Singh (aged, 46years)
along with a team of experienced professionals.

Comment of liquidity position: The liquidity position of the
company was adequate marked by its current ratio 1.26x and quick
ratio 0.47 as on March 31, 2018. The company has free cash and
bank balance of INR0.23 crore as on March 31, 2018.


HIGH TECH: ICRA Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
High Tech Filatex Private Limited (HTFPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan           6.18     [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

   Cash Credit         3.50     [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance and has also sent repeated reminders to
the company for payment of surveillance fee that became overdue.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been
taken by ICRA based on the best available/dated/limited
information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating, as it may
not adequately reflect the credit risk profile of the entity.

Incorporated in the year 2010, High Tech Filatex Private Limited
is engaged in the manufacturing of grey fabric made from
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim, Surat.


IENERGIZER LTD: S&P Places B+ Issuer Credit Rating on Watch Neg.
----------------------------------------------------------------
S&P Global Ratings said it has placed its 'B+' long-term issuer
credit rating on iEnergizer Ltd. on CreditWatch with negative
implications. S&P also placed its 'B+' long-term issue rating on
the company's bank loan on CreditWatch with negative
implications.

Geophysical Substrata Ltd., a holding company based in the
British Virgin Islands, owns about 83% of iEnergizer through its
wholly owned subsidiary EICR (Cyprus) Ltd.

iEnergizer is an India-based global business process outsourcing
(BPO) services provider.

S&P placed the ratings on CreditWatch because it expects a
proposed debt issuance by Geophysical to push up the group's
leverage and weaken its cash flows.

Geophysical plans to raise about US$400 million under its
proposed medium-term note program to fund its capital expenditure
(capex) in the oilfield services business.

S&P said, "We anticipate that Geophysical's leverage will remain
high over the next 12-24 months if the company funds its capex
with debt. Even with stable margins, the interest outgo on such
incremental debt will restrict Geophysical's ratio of funds from
operations (FFO) to debt at 23%-28% over the next two years,
compared with 51% in fiscal 2018 (year ended March 31, 2018). The
higher leverage, along with the Geophysical's small scale,
limited market share, and significant exposure to a single weak
counterparty in the oilfield services business, will weigh on its
overall credit profile.

"We expect iEnergizer's cash flows to remain accessible to
Geophysical by way of dividends to support the parent's debt
servicing requirements. We expect iEnergizer to refinance its
outstanding US$45 million loan due in April 2019 to allow
dividend distribution (currently restricted under the loan
covenants) to support debt servicing at Geophysical. To that
extent, the weaker credit profile of Geophysical will weigh on
iEnergizer, in our view.

"We anticipate iEnergizer will generate healthy operating cash
flows over the next two years underpinned by its good operating
performance, healthy margins, and limited investment
requirements. The company will therefore remain integral to the
group's long-term strategy and growth.

"We expect to resolve the CreditWatch on iEnergizer over the next
90 days when Geophysical completes its proposed issuance and we
have clarity on the group's pro forma capital structure and
leverage.

"We could downgrade iEnergizer if we assess the group credit
profile at 'b', a notch-lower than the rating on iEnergizer. This
would happen if Geophysical raises debt to fund its capital
expenditure.

"We may affirm our rating on iEnergizer if Geophysical cancels
its debt-funded capital spending plan and maintains a debt-free
status."


JAI SHIV: ICRA Maintains B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA said the rating for the INR16.01 crore bank facilities of
Jai Shiv Food Products Private Limited (JSF) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B (Stable)/ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       8.50      [ICRA]B (Stable); ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       7.00      [ICRA]B (Stable); ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term-Non-      0.01      [ICRA]A4; ISSUER NOT
   fund Based                     COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term-Fund      0.50      [ICRA]A4; ISSUER NOT
   Based                          COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Incorporated in April, 2012, JSF mills and processes parboiled
basmati rice of Pusa 1121 variety. The company started operations
in February 2013 with the facilities located at Dabra (district
Gwalior), Madhya Pradesh.


JAIHIND AUTOMATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Jaihind Automation Private Limited
        Plot No. 31, Goodwill Cooperative Housing Society
        S.No. 126/1, Aundh
        Pune 411007

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 30, 2019

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises Co-op.
Society
                         Ltd, 2nd Floor, 227, P.D. Mello Road
                         Opp: St. George Hospital, Fort
                         Mumbai 400001
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    December 24, 2018


JIYA EXIM: CARE Reaffirms B+ Rating on INR10.88cr Long Term Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jiya Exim Private Ltd (JEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   facilities          10.88       CARE B+; Stable Reaffirmed

   Short term bank
   Facilities           0.27       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JEPL continue to
remain constrained by its small scale of operations with low
profitability margin, risk related with expansion project,
volatility in raw material prices with foreign exchange
fluctuation risk, working capital intensive nature of business,
leveraged capital structure with moderate debt coverage
indicators and its presence in an intensely competitive industry.
The ratings, however, continue to derive comfort from extensive
experience of the promoters, satisfactory track record of
operations and strategic location of the plant with proximity to
source of raw materials and cheap labor.

Going forward, the ability of the company to complete the on-
going expansion project with any major cost and time overrun,
increase in its scale of operations along with improvement in
profitability margins and effective management of working capital
will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: The
scale of operations of the company remained small marked by total
operating income of INR16.08 crore (Rs.16.13 crore in FY18) and
PAT of INR0.23 crore (INR0.17 crore in FY17) in FY18. Further,
the total operating income marginal declined during FY18.
However, the profitability margins of the company improved during
FY18 mainly on account of better operational efficiency.
Moreover, the profitability margins of the company remained low
marked by PBILDT margin of 5.81% (3.09% in FY17) and PAT margin
of 1.44% (1.02% in FY17) in FY18.

Risk related to expansion project: JEPL is setting up an
additional manufacturing plant at Kolkata Leather Complex
Bentala with aggregate project cost of INR12.97 crore (including
margin money for working capital of INR1.82 crore) which is to be
financed through term loan of INR6.38 crore and balance through
promoters contribution. The financial closure for the debt
portion of the project has already been achieved. Therefore the
risk of project funding is mitigated. JEPL has spent of INR7.52
crore till September 30, 2018 on the aforesaid project financed
by promoter's fund of INR3.87 crore and term loan of INR3.65
crore. The project is estimated to be operational by December
2018. Therefore the completion of the on-going expansion project
in time is very crucial for the company going forward.

Exposure to volatility in raw material prices and foreign
exchange fluctuation risk: During FY18, raw material cost
remained the major cost driver for JEPL. JEPL's gross sales in
FY18 were mostly export sales (around 91.13% of TOI) and majority
of its raw materials requirement was met through domestic
purchases. Hence, JEPL is exposed to foreign exchange
fluctuations. However, the company sometimes adopts forward
contracts for mitigating foreign exchange fluctuations and hence
the foreign exchange fluctuation is mitigated to some extent.

Working capital intensive nature of business: Being a
manufacturing concern, the manufacturing of leather products is
working capital intensive on the back of its strategy to maintain
raw material stock in view of expected rising raw material prices
coupled with the company's strategy to maintain finished stocks
as per demand in the marketplace and also to gain popularity in
the market. Some of its major customers include HJP Pfeifle of
Anger, Petro S.A of Greece, APC NCC of Obemburg etc. Accordingly
the average collection period has remained around two to three
months during last three years (FY16-FY18). Further JEPL
maintains inventory of raw materials for smooth running of its
manufacturing process and finished goods for timely supply to its
customers. However, the company avails credit period of only
about four weeks from its suppliers. Accordingly the average
operating cycle remained moderately stretched in the range of 76
to 101 days during last three years.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company deteriorated
and remained leveraged marked by overall gearing ratio at 3.55x
(2.46x as on March 31, 2017) as on March 31, 2018.  Furthermore,
the overall gearing ratio has deteriorated as on March 31, 2018
due to availment of loans for funding its ongoing expansion
project. The debt coverage indicators of the company remained
moderate marked by interest coverage to 3.03x and total debt to
GCA to 24.16x in FY18.

Intensely competitive industry: The industry is essentially
dominated by small scale firms with a few medium and large
sized firms. The industry is concentrated in several leather
clusters in 4-5 distinct locations in the country. Though
government policies towards the industry have been supportive
both for small-scale sector development as well export promotion,
the industry is caught up with socio political issues relating to
slaughtering of animals. With the production clustered in 4-5
locations, distribution network becomes the key to success. Many
companies in the leather products have a strong distribution
network and enter into brand building exercise to improve the
sales and market share. Hence the players in the industry do not
have pricing power and are exposed to competition induced
pressures on profitability.

Key Rating Strengths

Experienced promoters and satisfactory track record of
operations: JEPL has a track record of more than two decades of
operations. Mr Vineet Agarwal (Managing Director) is associated
with leather industry since 2002 and accordingly has experience
of more than 16 years in the same line of business. He looks
after the day to day operations of the company. He is further
supported by his father Mr Hari Lal Agarwal (Director) who also
has over a decade of experience in this line of business. The
company is getting benefited out of wide experience of the
promoters.

Strategic location of the plant with proximity to source of raw
materials and cheap labour: The manufacturing facility of JEPL
has close proximity to the tannery situated at Kolkata Leather
Complex for sourcing of finished leather, the main raw material
for manufacturing of leather goods. Accordingly, the availability
of raw materials is not an issue. Further the manufacturing plant
has ample supply of cheap labour.

Jiya Exim Private Limited (JEPL) was incorporated in January 1994
in the name of Sanyam Vyapaar Private Limited. The name of the
company was changed to Fort Exports Private Ltd in March 1996 and
finally the company got its current name 'Jiya Exim Private Ltd.'
in July 2008. JEPL has been engaged in manufacturing and exports
of leather products like ladies wallet, card case/holder, coin
purse, key case /ring/holder, mobile pouch, pencil pouch,
security neck bag, ladies &men bag etc. The major export
destinations of JEPL are Spain, Poland, Belgium, Germany, USA,
UK, Australia, Canada, France and Middle East. JEPL is recognized
as a "Star Export House" by the Ministry of Commerce & Industry,
Government of India, and has SA 8000:2008 certifications from
Social Accountability International. Being a recognised 'Star
Export House' the company is entitled to various export incentive
schemes of GoI.

JEPL is setting up an additional manufacturing plant at Kolkata
Leather Complex Bentala with aggregate project cost of
INR12.97 crore (including margin money for working capital of
INR1.82 crore) which is to be financed through term loan of
INR6.38 crore and balance through promoters contribution.

Liquidity position: The liquidity position of the company was
moderate marked by its current ratio 0.74x as on March 31, 2018.
The company has cash and bank balance of INR0.22 crore as on
March 31, 2018.


KBJ JEWEL: ICRA Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for Rs. 110.00-crore bank facilities of KBJ
Jewel Industry India Private Limited continue to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING". ICRA had earlier moved the
ratings of KBJJIIL to the 'ISSUER NOT COOPERATING' category due
to non-submission of requisite information by the entity to
undertake surveillance of the ratings.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term-        110.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund Based CC                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Short Term-      (20.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable              Rating continues to remain under
                                'Issuer Not Cooperating' category

As part of its process and in accordance with its rating
agreement with KBJJIIL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

The ratings are based on limited information on the entity's
performance since the time it was last rated in August 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using these ratings as the
ratings do not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

Incorporated in May 2006, KBJ Jewel Industry India Private
Limited (KBJJPL) was promoted by Mr. Mohit D. Kamboj and his
father Deepak K. Kamboj with the aim to manufacture and market
gold jewellery. The Kamboj family has been in the jewellery
business for more than five decades with Mr. Mohit Kamboj
representing the third generation of the family in this business.
The company's head office is located in Mumbai and it has a
branch office in Varanasi, UP, where the family first commenced
its jewellery business five decades ago.


MALWA AUTOMOBILES: CARE Assigns B+ Rating to INR13.60cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Malwa
Automobiles Private Limited (MAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          13.60       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MAPL is primarily
constrained by modest scale of operations with low net worth
base, low PAT margin, leveraged capital structure, weak debt
coverage indicators and working capital intensive nature of
operations. The rating is further constrained by MAPL's presence
in competitive nature of industry with regional concentration and
linkage to fortunes of brands with Tata Motors Limited (TML). The
rating, however, draws comfort from experienced directors and
association with reputed brand name.

Going forward; ability of the company to increase its scale of
operations while improving its net profitability and capital
structure along with efficient management of the working capital
requirements shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Modest scale of operations with low net worth base: MAPL's scale
of operations has stood modest marked by total operating income
and gross cash accruals of INR76.96 crore and INR0.38 crore
respectively for FY18 (FY refers to period April 1 to March 31).
Further, the net worth base was relatively small at INR4.91 crore
as on March 31, 2018. The modest scale of operation limits the
company's financial flexibility in times of stress and deprives
it of scale benefits. Furthermore, the company achieved total
operating income of ~INR27.50 crore for 7MFY18 (refers to the
period April 1 to October 31; as per the provisional results).

Low PAT margin, leveraged capital structure and weak debt
coverage indicators: The company operates a fuel station and an
authorized dealer of Tata Motors Limited retail sale of passenger
cars. The profitability margins of the firm remained historically
on the lower side due to trading nature of business operations
and selling prices are being fixed by Hindustan Petroleum
Corporation Limited. In addition, as an automotive dealer's
revenues are primarily driven by volumes, while the profits are
driven by the sale of spares and service income, as the latter
fetches higher profit margins.

The company has limited negotiating power with manufacturers and
has no control over the selling price as the same is fixed by the
manufacturers. Further, high interest burden has restricted the
net profitability of the company. PAT margin stood below 0.20%
for the past three financial years i.e. FY16-FY18. The capital
structure of the company marked by overall gearing stood
leveraged at above 4x as on past three balance sheet dates ending
March 31, '16 - '18, on account of high dependence on the
external debt to meet working capital requirement with low net
worth base. Moreover, the debt service coverage indicators stood
weak as marked by interest coverage ratio of below 1.20x and
total debt to GCA of above 40x for the past three financial years
due to low profitability and high debt levels.

Working capital intensive nature of operations: The company holds
inventory in form of petroleum products. Also, the need for
stocking different models of vehicles and spares in the showrooms
in order to ensure sufficient availability and visibility also
contributes to inventory holding period. Entailing the same, the
average inventory stood at 77 days for FY18. The sales made
through auto finance schemes are generally realized in 20-30
days. Further, MAPL majorly pays in cash and advance basis to
HPCL and TML. It receives a credit period of 2-3 weeks from TML
against purchase of spares. Hence, the company has high reliance
on external borrowings to meet its working capital requirement,
the same resulted into almost full utilization of its working
capital limits for the 12 months period ended October 31, 2018.

Intense competition, regional concentration and linkage to
fortunes of brands with which the company is associated: MAPL
faces stiff competition from presence of large number of players
in company's line of business. The prices of petroleum products
are almost same among various oil marketing companies with little
or no product differentiation. Further, the fortunes of MAPL are
closely linked to those of Tata Motors Limited. The sales and
distribution of automobiles, especially the passenger vehicle and
LCV is marked by intense competition attributable to presence of
several dealers in the nearby areas. The already existing
competition is further worsened by the major automobile
manufacturers extending similar discounts and promotional schemes
to lure customers for purchases. The profitability margin on
products is set at a particular level by Tata Motors Limited
thereby restricting the company to earn incremental income.
Further, with the large dealership network of Tata Motors
Limited, the bargaining power of the dealer with the customer is
further reduced. In light of the same, the margins are likely to
remain severely constrained for the dealers and distributors.
Also, in order to capture the market share, the auto dealers have
to offer better buying terms like providing credit period or
allowing discounts on purchases which create margin pressure and
negatively impact the earning capacity of the company.

Key rating strengths

Experienced directors: The company is managed by Mr Chandra Mohan
Sharma and Mr Bal Kishan Sharma. Mr Bal Kishan Sharma has more
than two decades of experience in the auto dealership industry
through MAPL and its associates. He is further supported by Mr
Chandra Mohan Sharma who has around two decades of experience in
the industry through his association with MAPL.

Association with reputed brand name: The company operates as a
fuel filling station for Hindustan Petroleum Corporation Limited
for sale of petroleum products and lubricants. Further, MAPL is
an authorized dealer of Tata Motors. In the domestic passenger
car market, Tata Motors has established market position
underpinned by the strong position of its healthy presence in the
Hatch back, Sedan, SUV and MUV segment in domestic market.

Delhi based Malwa Automobiles Private Limited (MAPL) was
incorporated in July, 1997 as a private limited company. The
company is currently managed by Mr Chandra Mohan Sharma and Mr
Bal Kishan Sharma. The company operates fuel filling station in
Kundli, Sonepat, Haryana for Hindustan Petroleum Corporation
Limited. Also, MAPL is an authorized dealer of Tata Motors
Limited (since 1997) for retail sale of passenger cars.


NRC LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: NRC Limited
        67, Ground Floor, 75, Surajmal Building
        Nakhoda Street, Pydhonie, Mandvi
        Mumbai City MH 400003 IN

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 1, 2019

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         16 B, Flat 301
                         Padmanabh Apartment, Tilak Nagar
                         Nagpur 440010
                         E-mail: vikas.gupta@bngca.com

                            - and -

                         Office No. 3, 3rd floor
                         84 Dholtawala Building
                         Janmabhoomi Marg, Opp. Siddharth College
                         Above Taste of Kerala, Fort
                         Mumbai 400001
                         E-mail: irp.nrc@gmail.com

Last date for
submission of claims:    December 17, 2018


OM COTTON: ICRA Lowers Rating on INR5.01cr Fund Based Loan to D
---------------------------------------------------------------
ICRA has revised the long-term rating for the bank facilities of
Om Cotton & Oil Industries (OCOI) to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING. The rating
continues to remain in the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D; ISSUER NOT COOPERATING" for
the bank facilities of the company.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         5.01      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Revised from [ICRA]B+ (Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated        1.24      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Revised from [ICRA]B+ (Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Rationale

The rating downgrade follows the delays in debt servicing by OCOI
to the lender(s), as confirmed by them to ICRA.

Established in 2012, Om Cotton & Oil Industries (OCOI) is
involved in cotton ginning and pressing business. The
manufacturing facility of the firm is located in Hirapar District
Morbi, Gujarat and is currently equipped with 24 ginning machines
and one fully automatic pressing machine, with a capacity to
manufacture 230 bales per day (24 hours operations). The firm is
owned and managed by Mr. Harjivan Jivani and Mr. Sanjay Jivani
along with two other partners.


PHF LEASING: ICRA Maintains MB+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating is based on limited information on Phf
Leasing Limited's (PHFL) performance since it was last rated in
November 2017. The lenders, investors and other market
participants are thus advised to exercise appropriate caution
while using this rating as it does not adequately reflect the
company's credit risk profile. Although PHFL's credit profile may
have changed since the time it was last reviewed by ICRA, ICRA is
unable to take a definitive rating action in the absence of
requisite information.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fixed Deposit       4.65       MB+(Stable) ISSUER NOT
   Programme                      COOPERATING; Rating remains
                                  in the 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating
agreement with PHFL, ICRA has been trying to seek information
from the company to monitor its performance. However, despite
repeated requests by ICRA, the company's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Jalandhar-based Phf Leasing Limited (PHFL) is a deposit-taking
non-banking financial company (NBFC), incorporated in 1992, which
operates from four branches in Punjab in Jalandhar, Amritsar,
Batala and Taran Taran. The company mainly provides loans for the
purchase of commercial vehicles (CVs), cars and two-wheelers, and
focuses on customers with weak credit profiles. As on March 31,
2018, the company reported a profit after tax of INR0.04 crore on
an asset base of INR13.79 crore compared with a profit of INR0.05
crore on an asset base of INR16.29 crore as on March 31, 2017. As
on March 31, 2018, the company had a net worth of INR5.15 crore.


RAC PAPERS: CARE Migrates C Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of RAC
Paper Limited (Formerly known as Nav Bharat Duplex Limited) to
Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      13.30       CARE C; Stable Issuer Not
   Facilities                      Cooperating; Based on best
                                   Available information

   Short-term           0.33       CARE A4; Issuer Not
   Bank Facilities                 cooperating; Based on best
                                   available information

Detailed rationale and key rating drivers

The ratings take into account no due-diligence conducted due to
non-cooperation by RAC Papers Limited. Further, the ratings take
into account small and fluctuating scale of operations, low
profitability margins coupled with leveraged capital structure
and working capital intensive nature of operations and stretched
liquidity position. The rating is further constrained on account
of competitive industry along with susceptibility to volatility
in prices of raw material. The ratings, however, continues to
derive strength from experienced promoters and long track record
of operations.

Detailed description of the key rating drivers

At the time of last rating on November 13, 2017, the following
were the rating strengths and weaknesses.

Key Rating Weakness

Modest and fluctuating scale of operations: The scale of
operations continues to remain modest as marked by total
operating income and gross cash accruals of INR 70.93 crore and
1.83 crore respectively in FY18 (FY refers to April 1 to March
31). The modest scale limits the company's financial flexibility
in times of stress and deprives it from scale benefits.
Furthermore, company's total operating income has been
fluctuating over the past three years (FY16-FY18). TOI has
registered a decline in FY17 and registered a compounded annual
growth rate (CAGR) of 25.15% in FY18. Furthermore, the company's
net worth base was modest at INR 12.88 crore as on March 31,
2018.

Low profitability margins coupled with leveraged capital
structure: The company's profitability margins continue to remain
low owing to competitive nature of industry. Furthermore, being
a small player in the industry restricted the bargaining power of
the company. This restricted the profitability margins of
the company as marked by PBILDT and PAT margin which stood at
6.82% and 0.74% respectively in FY18. The capital structure of
the company continues to remain leveraged for the past three
financial years (FY16-FY18) on account of high dependence on
external borrowings to meet the working capital requirements. The
overall gearing ratio stood above 1.54x as on the balance sheet
date of last three financial years i.e. FY16-FY18 (FY refers to
period April 1 to March 31).

Working capital intensive nature of operations and stretched
liquidity position: Operations of the company are working capital
intensive marked by an average operating cycle of around 103 days
for FY18 mainly on account of high collection period. Being a
highly competitive business, the average collection period
remained high at around 125 days during FY18. The company has to
hold inventory of around a month in form of raw material for the
smooth running of business process and finished goods to meet the
immediate demand from its customers. Combining all entails high
working capital requirement. CARE cannot comment on its
utilization of working capital limits and stretched liquidity due
to non-cooperation by the client.

Competitive industry along with susceptibility to volatility in
prices of raw material: RAC operates in competitive segments of
the industry due to low entry barriers. There are numerous
players in the unorganized sector which increases the level of
competition. Moreover, raw material cost normally constitutes
approximately 80% of the total cost of production. Thus, margins
are vulnerable to fluctuation in raw material cost. Hence, the
profitability of the company is based on the ability of the
company to absorb the increase in raw material prices which will
have an impact on the profitability margins and sales
realization.

Key Rating Strengths

Experienced Promoters and long track record of operations: RAC is
being managed by directors namely Mr. Sanjay Mittal, Mr. Ajay
Kumar Mittal, Mr. Kailash Chand Gupta, Manoj Gupta, Ramit Kumar
Mam. All of the directors are graduates by qualification and hold
experience of more than two decades in Paper Industry through
their association with this entity. All of them have been
associated with the company and managing the operations with
their expertise that they have earned while in the industry.

Delhi-based, RAC Paper Limited (Formerly known as Nav Bharat
Duplex Limited) was established in 1985, promoted by Mr. Dayanand
Gupta and Mr. Raj Bala Gupta. The company is engaged into
manufacturing of Kraft paper, newsprint paper, duplex board etc.
The company has its manufacturing unit at Hapur, Ghaziabad. The
company sells its products to manufacturers of paper and
corrugated boxes located in the region of Delhi, Rajasthan, Uttar
Pradesh, Bihar, Uttarakhand etc. The main raw material is waste
paper, dyes etc. which is procured domestically.


RELIANCE COMMUNICATIONS: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Reliance
Communications Limited (RCom) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      9,322      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information.

   Short term Non-     8,034      CARE D; Issuer not cooperating;
   Fund based                     Based on best available
   Facilities                     information.

   Long term             750      CARE D; Issuer not cooperating;
   Instruments (NCD)              Based on best available
                                  information.

   Short term          2,880      CARE D; Issuer not cooperating;
   debt issue                     Based on best available
                                  information.

Detailed Rationale & Key Rating Drivers

RCom has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on RCom's bank facilities/instruments
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account ongoing delays in servicing of its
debt obligation to banks.

Detailed description of the key rating drivers

At the time of the last rating on May 30, 2017 the following were
the rating stengths and weakness.

Key Rating Weakness

Delay in servicing of debt obligation: RCom had delayed in
servicing of its debt obligations due to severe deterioration in
the financial and liquidity profile coupled with high debt
service obligations.

Reliance Communications Limited (RCom), founded by late Mr
Dhirubhai H Ambani, is the flagship company of the Reliance Group
(Reliance Group), led by Mr Anil Dhirubhai Ambani. RCom is one of
India's integrated telecommunications service providers. The
services it provides include GSM (Voice; 2G, 3G, 4G), fixed line
broadband and voice, and Direct-To-Home (DTH), depending upon its
areas of operation in India. The company had to shut down its
business operations as a result of debt and a failed merger with
Aircel. Currently, RCom has been admitted to NCLT.


S.S.V. FAB: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.S.V. Fab
Industries Private Limited (SSV Fab) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR150 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR11.57 mil. Term loan due on September 2019 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect SSV Fab's modest scale of operations. Its
revenue rose at a CAGR of 17.32% to INR989.4 million over FY15-
FY18 and was up 20.7% yoy in FY18, driven by favorable market
conditions and increased order flow from customers. SSV Fab
booked INR368.9 million in revenue for 1HFY18. Ind-Ra expects the
company's revenue to grow in the medium term in view of repeat
orders from existing customers.

The ratings also reflect SSV Fab's volatile, albeit average,
EBITDA margin, which was 6.3%-7.8% over FY15-FY18, owing to
volatile raw material prices. The EBITDA declined to 6.3% in FY18
from 7.2% in FY17. In addition, its return on capital employed
was 13% in FY18 (FY17: 13%).

The ratings, however, are supported by SSV Fab's comfortable
credit metrics. The company's interest coverage (operating
EBITDA/gross interest expense) and adjusted leverage (total
adjusted debt/operating EBITDAR) improved to 6.5x and 1.7x in
FY18 from 4.0x and 1.8x in FY17, respectively. The improvement in
the credit metrics was driven by a fall in outstanding debt and
financial expenses, driven by a low working limit capital
utilization, and an increase in absolute EBITDA to INR62.1
million in FY18 from INR59 million in FY17. Ind-Ra expects SSV
Fab's credit metrics to improve in the medium term in view of the
absence of any major debt-funded capex and the repayment of
existing term loans in the near term.

The ratings are also supported by SSV Fab's comfortable
liquidity, indicated by an average fund-based facility
utilization of 61.5% for the 12 months ended November 2018.
Moreover, it cash flow from operations  turned negative to
INR31.9 million in FY18 from INR22.8 million in FY17 owing to
high income tax expenses (INR22.8 million; INR13.8 million).

Furthermore, the ratings benefit from the promoters' experience
of more than two decades in manufacturing polypropylene sacks and
woven fabrics, and the company's established customer base, along
with repeat orders from existing customers.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or EBITDA margin, leading
to deterioration in the credit metrics, all on a sustained basis,
could lead to a negative rating action.

Positive: Substantial growth in revenue and/or EBITDA margin,
leading to an improvement in the credit metrics, all on a
sustained basis, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2007, SSV Fab manufactures high-density
polyethylene/polypropylene sacks, woven fabrics and liner
packaging bags for fertilizers, chemical sugar, rice, spices,
food grains, cement and salt at its 9,000-metric-ton-per-annum
site in Hyderabad, Telangana.


SHREE YAMUNA: ICRA Reaffirms B+ Rating on INR5.67cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating on the bank facilities of Shree
Yamuna Ginning And Pressing Factory's (SYGPF's).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term
   fund-based           5.67      [ICRA]B+(Stable); reaffirmed

   Unallocated
   limits               1.23      [ICRA]B+(Stable); reaffirmed

Rationale

The rating reaffirmation factors in SYGPF's below-average
financial risk profile, marked by modest scale of operations, low
profitability, leveraged capital structure and below-average debt
coverage indicators. The rating also factors in the vulnerability
of the firm's profitability to fluctuations in raw material
prices, the inherently low value-adding ginning business and its
exposure to intense competition in a fragmented industry.
Further, ICRA also notes SYGPF's exposure to regulatory risks
with regard to the minimum support price (MSP) set by the
Government of India.

The rating, however, positively factors in the extensive
experience of SYGPF's partners in the cotton industry. The rating
further considers the logistical advantages enjoyed by the firm
by virtue of its location in the cotton producing belt of India,
which provides easy access to quality raw materials.

Outlook: Stable

ICRA expects SYGPF to continue to benefit from the extensive
experience of its partners in the cotton industry. The outlook
may be revised to Positive if substantial growth in revenue and
profitability and better working capital management strengthen
the financial risk profile. The outlook may be revised to a
Negative if any major debt-funded capital expenditure, or a
stretch in the working capital cycle, or any substantial
withdrawals from the partner's capital account, weakens
liquidity.

Key rating drivers

Credit strengths

Experience of partners in cotton industry: SYGPF, established in
2012, is involved in raw cotton ginning and pressing. The firm is
currently managed by six partners, who have extensive experience
in this business through their earlier association with other
entities engaged in similar business.

Location-specific advantages: The firm benefits in terms of low
transportation cost and easy access to quality raw material due
to its proximity to raw material suppliers.

Credit challenges

Modest scale of operations: The firm's scale of operations
remained modest with an operating income (OI) of INR44.65 crore
in FY2018. However, the OI increased at a robust rate to almost
double from INR23.38 crore in FY2017, primarily backed by an
improvement in sales volume.

Below average financial risk profile: The profit margins remained
thin (the operating margin was 1.88% and the net margin was 0.68%
in FY2018) because of low value addition. The capital structure
stood leveraged, with a gearing of 2.76 times and TOL/TNW of 2.95
times as on March 31, 2018, owing to high debt and a lower net
worth base. Nevertheless, repayment of the term loan in FY2019
will support SYGPF's liquidity position. The debt coverage
indicators also stood below average with interest coverage of
2.31 times and Total Debt/OPBDITA of 8.98 times in FY2018.

Vulnerability of profitability to fluctuation in raw cotton
prices: The profit margins are exposed to fluctuations in raw
material (raw cotton) prices, which depend on various factors
such as seasonality, climatic conditions, international demand-
supply situation and export policy. Further, it is exposed to
regulatory risks with regard to the MSP set by the Government.

Intense competition and fragmented industry: The intense
competition from small and unorganised players in the industry
limits SYGPF's bargaining power with its customers and suppliers.
This, further, exerts pressure on its margins.

Liquidity Position

The firm's liquidity position remained weak as evident from the
low cash generation needed to support the debt repayment in
FY2018 as well as the negative cash flow and the high working
capital bank limits utilisation during the peak season. The term
loan repayment was supported by infusion of the partner's capital
in FY2018; however, the term loan has entirely been repaid in the
current fiscal, which is expected to improve the firm's liquidity
position, going forward.

Established in 2012 as a partnership firm, SYGPF is involved in
raw cotton ginning and pressing. Its manufacturing facility in
Jamjodhpur, Gujarat, is equipped with 18 ginning machines, with a
manufacturing capacity of 200 cotton bales per day. At present,
the firm is managed by six partners, who have extensive
experience in the cotton industry.

In FY2018, the firm reported a net profit of INR0.30 crore on an
OI of INR44.65 crore, compared to a net profit of INR0.13 crore
on an OI of INR23.38 crore in the previous year.


SRI VISHNU: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sri
Vishnu Buildcon Private Limited (SVBPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.41       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale and key rating drivers

CARE has been seeking information from SVBPL to monitor the
ratings vide e-mail communications/letters dated July 6, 2018,
September 14, 2018, Oct. 23, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on SVBPL's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers:

At the time of last rating in Aug. 4, 2017 the following were the
rating strengths and weaknesses: (Updated the information
available from Ministry of Corporate Affairs).

Small scale of operations with moderate profit margins: The scale
of operations of the company remained small with total operating
income of INR4.21 crore with a PAT of INR0.03 crore in FY17
(Provisional). Furthermore, the tangible net worth of the company
also remained low at INR1.01 crore as on March 31, 2017. The
profit margins of the company remained low marked by PBILDT
margin of 10.00% and PAT margin of 0.60% in FY17.

Project risk: The company is currently developing single real
estate project at aggregate project costs of INR4.20 crore
with total saleable area of 20300 square feet. SVBPL has spent
around INR4.00crore till July 31, 2017 out of total project
costs of INR4.20 crore on the aforesaid project. Since the
projects is into advance stage of completion, the project
implementation risk very low. However, for diversifying its
business profile, the company is currently setting up a hotel
with all modern amenities and two marriage hall (Vishnu Plaza)
with an aggregate project cost of INR5.53 crore which will
be financed at a debt equity of 0.37x. The financial closure of
the project has already been achieved and the company has
already spent around INR2.77 crore funded by term loan of INR0.38
crore and balance from promoters fund till July 31, 2017. The
hotel will be operated by the company and the same will be
operational by June 2018. Since the company spent only around 50%
of total project cost, there exists project implementation risk.

Geographical concentration risk with operations confined to
Bihar: The company's operations are restricted to Bihar since
inception indicating high geographical concentration risk.
Accordingly, any change in the policy of the government might
affect the operations of the company directly. However, the
promoters are well versed with the local real estate market and
its dynamics which partly mitigates the risk associated with the
completion of the projects.

Competition from similar type of projects in the adjoining areas:
Real estate, while being one of the largest sectors of the
economy, is regional and fragmented in nature. In recent times,
many new real estate projects have been launched in Bihar, by
organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market. Furthermore, the company is
new in the hotel industry it will also face competition from the
established players in the regions.

Cyclical and competitive nature of hotel industry: The Indian
hotel industry is highly fragmented in nature with presence
of large number of organized and unorganized players spread
across various regions. Further, the hotel industry is region-
based and is highly sensitive to the untoward events such as
slowdown in the economy. Cyclical nature of the hotel industry
and increasing competition from already established branded
hotels may impact the performance of SVBPL.

Key Rating Strengths

Long track record of operations and experienced promoters: The
company is into real estate development business in the state of
Bihar since 2007 and thus has a long track record of 10years. The
key promoter Mr. Ravi Kumar Chaurasia has over a decade of
experience in real estate business and the company is deriving
benefits out of the experience of the promoters.

Satisfactory project execution capabilities: SVBPL has executed
various real estate projects in the state of Bihar in the
segment of residential as well as commercial complex. Since its
inception, the company has executed various real estate projects
and thus has satisfactory track record of execution of real
estate projects. The details of the major projects executed by
the company

Bihar based Sri Vishnu Buildcon Private Limited (SVBPL) was
incorporated on October 17, 2017and it is currently managed by
Mr. Ravi Kumar Chaurasia and Mrs. Sangita Prasad. Since its
inception, the company has been engaged in development of
commercial and residential projects in the state of Bihar. In
past, the company has developed various real estate projects in
the state of Bihar like Vishnu Pad Apartment, Aziza Plaza
Apartment, Ram Rattan Apartment, Manorama Apartment, Kanti
Complex, etc. The promoters have satisfactory business experience
of over a decade in real estate industry. For diversifying its
business profile, the company is currently setting up a hotel
with all modern amenities and two marriage hall (Vishnu Plaza)
with an aggregate project cost of INR5.53 crore which will be
financed at a debt equity of 0.37x. The financial closure of the
project has already been achieved and the company has already
spent around INR2.77 crore funded by term loan of INR0.38 crore
and balance from promoters fund till July 31, 2017. The hotel
will be operated by the company and the same will be operational
by June 2018.


TEC AERO: CARE Assigns B+ Rating to INR5.0cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tec
Aero devices (TAD), as:

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

   Long-term/Short-     1.00       CARE B+; Stable/CARE A4
   Term Bank                       Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TAD are primarily
tempered by small scale of operations with weak debt coverage
indicators and working capital intensive nature of operation
along with partnership nature of constitution of business with
inherent risk of withdrawal of capital. However, the rating
derives comfort from vast experience of the partner, steady
increase in operating income, satisfactory profitability margins
and debt coverage indicators, along with reputed clientele base.
Going forward, the firm's ability to improve its scale of
operations, profitability, capital structure and debt coverage
indicators efficiently utilize its working capital requirements
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with reasonable track record: The firm
has small size of operations marked by total operating income of
INR 4.68 crore and net worth base of INR1.97 crore as of March
31, 2018, with an increase from INR1.15 crore as of March 31,
2017. The networth of TAD has been increasing over the review
period on account of accretion of profits as well as infusion of
capital by the partners into the business.

Partnership nature of constitution with inherent risk of
withdrawal of capital: Tec Aero Devices is constituted as a
partnership firm with inherent risk of withdrawal of capital.
However, the partners have infused capital to the extent of
INR0.72 crore during the review period.

Weak debt-coverage indicators: The debt coverage indicators
marked by TD/GCA deteriorated and stood weak at 14.06x in FY18 as
compared to 4.95x in FY17 due to year-on-year increase in debt
obligation by way of cash credit and term debts availed along
with decline in gross cash accruals in line with PAT during FY18.
The interest coverage ratio also deteriorated and stood weak at
2.12x in FY18 as against 3.02x in FY17 due to higher utilization
of cash credit facilities. The TD/Cash flow from operations stood
weak on account of high level of current assets as on balance
sheet date.

Working capital intensive nature of operations: The firm is
engaged in working capital intensive nature of operation. The
inventory level stood high at 180 days in FY18 as compared to 98
days in FY17 mainly on account of maintaining adequate raw
material to meet production requirements as the firm has variety
of product range and work-in-progress inventory which involves
manufacturing, various inspection and testing which marks a lead
time of around 5 months depending on the complexity and level of
customization. About 80% of its raw material is sourced from
international markets and payments made on completion of the
order and realization of payment from debtors. Thus this leads to
higher working capital requirement making the business working
capital intensive nature. Due to elongated inventory, creditor
and collection period the working capital cycle also elongated to
175 days in FY18. The outstanding debtors as of March 31, 2018
stood at INR 1.25 crore, on account of which the collection
period was stretched to the extent of 120 days in FY18. However,
the company has realized significant amount of outstanding
debtors as of October 2018. Furthermore, the utilization level of
working capital facility stood around 90% for one year ended
September 30, 2018.

Key Rating Strengths

Qualified partner along with vast experience in manufacturing
defense equipment: TAD is managed by Mr. Sivarama Prasad,
Managing Partner who is qualified post graduate in M.Tech
(Industrial Engineering) and has experience of more than two
decades in defense equipment manufacturing. Prior to this
business he was designated as General Manager in a manufacturing
concern supplying assembly components for manufacture of
submarines. Due to proven experience in project execution the
partners have good relationships with the customers and
suppliers, which is expected to benefit the firm in the long-run.

Steady growth in total operating income: The total operating
income of the firm grew steadily during the review period and
stood at INR4.68 crore during FY18 as compared to INR3.37 crore
in FY16 on the back of gradual increase in the execution of
orders from its regular clients such along with orders received
from other existing and new customers. The firm achieved a sales
of INR2.66 crore for 7MFY19.

Satisfactory profitability margins although declining: The
profitability margins of TAD stood satisfactory during the review
period. Despite stable improvement in absolute PBILDT, the PBILDT
margin has been declining year-on-year from 15.41% in FY16 to
11.64% in FY18 owing to different types of products being
manufactured as per customer specification at different margin
levels. The ferrous and nonferrous metals used for manufacturing
process are procured from suppliers approved by defense ministry
based out of Russia and Germany and are backed by price
escalation clause. The PAT margin also declined during the review
period from 4.98% in FY16 to 2.34% in FY18 on account of
increasing financial expenses due to increase in utilization
level of cash credit facility along with depreciation provision
at the back of additions to the fixed assets.

Satisfactory Capital structure: The capital structure of the firm
marked by debt equity and overall gearing deteriorated yet stood
satisfactory at 0.82x and 1.85x as of March 31, 2018 as against
0.44x and 1.37x as of March 31, 2017 due to increase in term loan
availed for the purchase of land and machinery during the review
period along with higher working capital utilization as on
balance
sheet date.

Reputed Clientele base: Having experience in Aerospace and
Defense industry the partners have a very reputed clientele base.

Healthy outlook for aerospace and defense industry: The
Government has opened up the defense industry for private sector
participation to provide impetus to indigenous manufacturing.
There are very few players operating in this domain thus
providing a huge scope to TAD in accelerating its income and
profit generation.

Liquidity Analysis: The current ratio stood at above unity marked
by 1.23x as of March 31, 2018 as against 1.22x in March 31, 2017.
The firm had liquid assets valuing INR 1.25 crore of trade
receivables and INR 0.29 crore of cash and cash equivalents as of
March 31, 2018.

Tec Aero Devices (TAD) was established as partnership firm
established in March 2013 by Mr. Sivarama Prasad and Mrs. Vijaya.
The firm is engaged in manufacturing of customer specific
aerospace fasteners, test equipment, airborne parts for Ministry
of Defense and other renowned government corporation as well as
private companies. Tec Aero Devices operated from its CEMILAC
certified manufacturing facility located at Hyderabad.


VIRENDRA KUMAR: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the bank facilities of Virendra Kumar
Singh (VKS) continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-         4.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non Fund Based-     2.00       [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Untied Limits       0.50       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in 1972 as a proprietorship firm, VKS is primarily
engaged in the civil construction business. VKS's core area of
operation includes construction of roads, dams and canals. The
firm's operations are limited to the state of Chhattisgarh, with
the firm executing contracts for various Government and Semi-
Government agencies.


VIBHA OVERSEAS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Vibha Overseas Exim Private Limited
        29 Shivaji Marg, New Delhi
        DL 110015 IN

Insolvency Commencement Date: December 5, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 3, 2019

Insolvency professional: Vishnu Dutt

Interim Resolution
Professional:            Vishnu Dutt
                         219, Anarkali Bazar
                         Jhandewalan Ext.
                         New Delhi 110055
                         E-mail: vishnudutt2050@yahoo.com

Last date for
submission of claims:    December 21, 2018


WESTERN HILL: ICRA Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Western Hill Foods Ltd. (WHFL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        15.81     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating moved to the 'Issuer Not
                                Cooperating' category

   Fund based-         8.00     [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating moved to the 'Issuer Not
                                Cooperating' category

   Long Term/          3.19     [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                  COOPERATING; Rating moved to
   Unallocated                  the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

The entity's credit profile may have changed since the time it
was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

Western Hill Foods Ltd. was established in 2008 by Mr. Bhagwan
Bende along with Mr. Girishkumar Samdadia and Mr. Vivek
Walsepatil. The company's facility is located at Pune,
Maharashtra. The closely held company is engaged in processing
and exporting of Individual Quick Freezer (IQF) Frozen Fruits,
Vegetables.


XLLENT MARILINE Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Xllent Mariline India Private Limited

        Registered Office & Corporate Office:
        Door No: 113-134, Unit no. 803
        8th Floor, Raheja Towers
        Anna Salai, Chennai
        Tamil Nadu 600002 IN

Insolvency Commencement Date: December 3, 2018

Court: National Company Law Tribunal, Single Bench, Chennai

Estimated date of closure of
insolvency resolution process: May 31, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vinod Radhakrishnan Nair

Interim Resolution
Professional:            Mr. Vinod Radhakrishnan Nair
                         B-1204, Sanpada
                         Sea Queen Heritage CHS, Plot no. 6
                         Sector-18, Sanpada, Navi Mumbai
                         Maharashtra 400705
                         E-mail: vinod@nairca.com
                                 ipvinodnair@gmail.com

                         Mumbai address:
                         A-108, Om Rachana Chs
                         Sector-17, Vashi
                         Navi Mumbai 400703

                         Chennai address:
                         Mr. Sanjay Dubey
                         P-301, The Metrozone No. 44
                         Periyar Koil Street, Anna Nagar-West
                         Chennai 600040

Last date for
submission of claims:    December 21, 2018


YASH AUTOMOTIVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Yash Automotive Private Limited

        Registered office:
        Pairiya Toladankeen Ganj
        Mirzapur
        Uttar Pradesh

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: June 2, 2019

Insolvency professional: Debashis Nanda

Interim Resolution
Professional:            Debashis Nanda
                         S-7, Manish Plaza
                         No. 2 I.P. Extn
                         Delhi 110092
                         E-mail: dnanda.cma@gmail.com

                            - and -

                         1/35A, 1st Floor
                         Lalita Park, Laxmi Nagar
                         Delhi 110092
                         E-mail: cirpyashautomotive@gmail.com

Last date for
submission of claims:    December 18, 2018




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


MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on December 14, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui E&S Holdings Co Ltd. to BB- from BB.

Mitsui E&S Holdings Co., Ltd. was founded in 1917 and is
headquartered in Tokyo, Japan. The company was formerly known as
Mitsui Engineering & Shipbuilding Co., Ltd.



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S I N G A P O R E
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CHINA TAISAN: JMs Seek More Time to Report Financials
-----------------------------------------------------
The Strait Times reports that the judicial managers of China
Taisan Technology Group Holdings are seeking a further extension
of time to report the fabric maker's financials amid difficulties
in obtaining key records, according to a filing with the
Singapore Exchange (SGX) on Dec. 13.

The Strait Times relates that the judicial managers from BDO, who
were initially appointed on an interim basis in July, said that
they have also been in preliminary discussions with parties who
are interested in investing in the company.

According to the report, SGX has given BDO up to two months from
Feb. 19, 2019 to announce its results for the second quarter,
third quarter and full year of fiscal 2018. The Accounting and
Corporate Regulatory Authority is still reviewing the application
to extend the deadline for convening the annual general meeting
for fiscal 2017 and to lay its 2017 financial statements at the
shareholders' meeting, the report says.

The judicial managers said that they have not been able to obtain
financial records for the company's sole operating subsidiary,
Jinjiang Lianjie Textile & Printing Dyeing Industrial Co, in
China despite various attempts to do so, the report relays. Those
attempts included sending representatives to the business address
of Jinjiang Lianjie in China and attempting to contact the
subsidiary's legal representative, Lin Wen Chang.

At present, no financial record pertaining to Jinjiang Lianjie
has been provided to the managers and they have also not been
contacted by Mr. Lin, the judicial managers said, adding that
even if they were to obtain the information they seek, it would
take a "substantial amount of time" to assess the data, the
Strait Times adds.

The judicial managers said that discussions about potential
investments are preliminary, and the identities of the potential
investors cannot be disclosed at this stage, relates the Strait
Times.

China Taisan Technology Group Holdings Limited is a Singapore-
based investment holding company. The Company is a producer of
knitted performance fabrics in the People's Republic of China. It
is engaged in the knitting, dyeing and finishing of fabrics under
its own Lianjie brand, as well as the provision of fabric-
processing services. The Company is a supplier of performance
fabrics used in the manufacture of sportswear and casual wear for
international and domestic brands. The Company's subsidiary,
Jinjang Lianjie Textile & Printing Dyeing Industrial Co., Ltd, is
engaged in the manufacture of knitted textile, printing and
dyeing of fabrics, and engaged in the knitting and weaving of
fabrics. The Company's production facility is located in Jinjiang
City, Fujian Province.


HUAN HSIN: Receives Delisting Notice, Must Provide Exit Offer
-------------------------------------------------------------
Kenneth Lim at the Singapore Exchange (SGX) has ordered Huan Hsin
Holdings to delist because of its failure to meet mainboard
requirements on profitability and market capitalisation.

Business Times relates that the stock will continue to trade
until the market close of Jan. 18, 2019, and be suspended from
9:00 a.m. on Jan. 21 until the completion of a mandatory exit
offer.

According to the report, Huan Hsin said that it plans to appeal
the order, and is consulting professionals on the development.

Business Times notes that Huan Hsin was placed on the watch list
on March 5, 2014, for posting three consecutive years of pre-tax
losses and for failing to maintain a market cap of at least S$40
million. It initially had until March 4, 2016 to get back into
compliance, and was subsequently given three extensions of time
to exit the list.

The report relates that the the third extension, which pushed the
deadline to March 4, 2019, was conditional upon the company
hitting certain milestones, including submitting a reverse
takeover application and circular. But Huan Hsin's reverse
takeover deal fell through in August, and the company sought a
further extension from the market regulator.

On Dec. 19, SGX notified the company that it would not grant
another extension, and that the company will be delisted, the
report says. SGX ordered the company or its controlling
shareholder to advise the exchange on a "reasonable" exit offer
proposal within one month, the report adds.

Singapore-based Huan Hsin Holdings Ltd, an investment holding
company, operates as an integrated contract manufacturer of
telecommunications and electronic products.


NOBLE GROUP: Restructuring Plan Effective Date Expected Today
-------------------------------------------------------------
Rachel Mui at The Business Times reports that the effective date
for Noble Group's restructuring is now expected to take place
today Dec. 20, instead of the slated Dec. 19, the company said in
a regulatory filing on Dec. 19.

The group also noted that it will make additional announcements
"when there are further developments in relation to the
restructuring, the schemes and/or the other matters
contemplated," the Business Times relates.

Noble is now on track to complete its restructuring deal after a
Bermuda court approved an officer to carry out the plan using a
local kind of insolvency process, the Business Times recalls
citing a Bloomberg report last week.

In a brief court hearing on Dec. 14, the judge called the group
insolvent, and allowed a court-appointed officer to oversee the
restructuring, according to the report.

The Business Times relates that the green light from the Bermuda
court will allow Noble to avoid liquidation after its preferred
restructuring plan was scuppered by a probe from Singapore
regulators. This means that the group could emerge from
restructuring as soon as this week after more than a year of
hard-fought negotiations over its US$3.5 billion debt pile,
Bloomberg noted.

According to The Business Times, the Singapore authorities has
barred Noble from relisting its restructured company - dubbed as
New Noble - as a new entity on the Singapore Exchange due to
allegations of improper accounting.

Asked by the judge whether New Noble would ever be listed on any
exchange, Christian Luthi, a lawyer for Noble at Conyers Dill &
Pearman, said there are no plans to do so, the report says.

Noble's market value has been severely pared down from US$6
billion over the past four years after its accounting was
questioned by Iceberg Research in February 2015. The commodity
trader has sold billions dollars worth of assets and undertook
hefty writedowns while defending its accounting.

The firm now has a market cap of about S$107.5 million. Shares in
Noble are suspended, and last traded at 8.1 Singapore cents on
Nov. 16, The Business Times notes.

                        About Noble Group

Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume.  Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP).  Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.

Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.

In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders.  In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.

To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales.  The English Scheme will be the primary
proceeding to restructure Noble's funded debt.

On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme. The English Court conducted the
English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.

Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of the Scheme Creditors of
Bermuda to consider and approve a Bermudan scheme of arrangement
for Noble.

Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133).  Kirkland &
Ellis LLP serves as U.S. counsel.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                 *** End of Transmission ***