TCRAP_Public/181228.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

          Friday, December 28, 2018, Vol. 21, No. 256

                            Headlines


A U S T R A L I A

ADTECH SIGNAGES: Insolvency Resolution Process Case Summary
ASKK INVESTMENT: ASIC Acts to Freeze Funds in Land Banking Scheme
FASTLINE LOGISTICS: Placed in Liquidation; 120 jobs Axed
ONE SPECKLED: Clifton Hall Appointed as Liquidator
TRITON TRUST 2018-1: Fitch Assigns B+ Rating to Class E Notes

UKOO PTY: First Creditors' Meeting Set for January 7


C H I N A

KANGDE XIN: Fitch Lowers LT IDR to B+, Outlook Negative
YICHANG HIGH-TECH: Fitch Rates USD50MM Sr. Unsec. Notes BB+
ZHAOJIN MINING: Fitch Withdraws BB(EXP) Rating on USD Sr. Notes


I N D I A

ACE PIPELINE: ICRA Hikes Rating on INR60cr LT Loan to BB-
ADAMS MARKETING: ICRA Maintains D Rating in Not Cooperating
AGRAWAL OIL: ICRA Withdraws D Rating on INR10cr Fund-Based Loan
ANDREW YULE: ICRA Reaffirms 'D' Rating on INR69.57cr Cash Loan
ANNAPURNA TRADING: ICRA Lowers Rating on INR8cr Cash Loan to D

ARUNODAY CONST: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
AYURSUNDRA HEALTHCARE: Ind-Ra Cuts Issuer Rating to D, Non-Coop.
BAZARGAON PAPER: ICRA Lowers Rating on INR7.25cr Loan to D
BRAHMAPUTRA BIOCHEM: Ind-Ra Migrates B+ Rating to Non-Cooperating
BUDS TEA: ICRA Maintains D Rating in Not Cooperating Category

C.P. ISPAT: CARE Maintains D Rating in Not Cooperating Category
CADCHEM LAB: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
CASE COLD: Insolvency Resolution Process Case Summary
DHANANJAYA MONEY: Insolvency Resolution Process Case Summary
DEORA WIRES: CARE Assigns 'D' Rating to INR5.30cr LT Loan

DEVIKRIPA TRADING: Insolvency Resolution Process Case Summary
EGWOOD BOARDS: Ind-Ra Assigns B+ Long-term Issuer Rating
G.N. BULLION: ICRA Lowers Rating on INR14.50cr Cash Loan to D
HAN UL: Insolvency Resolution Process Case Summary
HITRO ENERGY: Insolvency Resolution Process Case Summary

IL&FS FINANCIAL: ICRA Lowers Rating on INR200cr Loan to C-
INDO RAMA: CARE Reaffirms D Rating on INR711.25cr LT/ST Loan
JAYPEE INFRATECH: Set to Hand over 1,500 Houses to Customers
JET AIRWAYS: ICRA Lowers Rating on INR4,970cr LT Loan to 'C'
K.D. LIQUOR: Ind-Ra Lowers Long Term Issuer Rating to 'BB'

K. K. COTEX: ICRA Lowers Rating on INR22cr Capital Loan to B
L B INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
LEXUS GRANITO: ICRA Lowers Rating on INR42.18cr Loan to D
M.M. ISPAT: ICRA Maintains D Rating in Not Cooperating Category
MAHATMA GANDHI: ICRA Reaffirms C+ Rating on INR20cr LT Loan

MATHER PROJECTS: Insolvency Resolution Process Case Summary
MIRHA EXPORTS: ICRA Lowers Rating on INR140cr Loan to D
MITHIYA DEVELOPERS: Insolvency Resolution Process Case Summary
MONIKA FRESHWAY: Insolvency Resolution Process Case Summary
NAVKAR LIFESCIENCES: ICRA Lowers Rating on INR26.75cr Loan to D

NOBLE RESOURCING: Insolvency Resolution Process Case Summary
NEW ASIAN: ICRA Lowers Rating on INR26.13cr Term Loan to D
NEW LAXMI: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
PLASTIMBER IMPEX: ICRA Lowers Rating on INR5.90cr Loan to D
PREMSONS SUPER: Insolvency Resolution Process Case Summary

RADHAGOBINDA RICE: ICRA Retains D Rating in Not Cooperating
RIA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
RLS ALLOYS: Insolvency Resolution Process Case Summary
RVR FARMS: CARE Assigns B+ Rating to INR15.92cr LT Loan
SAISONS TRADE: ICRA Lowers Rating on INR20cr Loan to D

SEGNO CERAMICS: CARE Lowers Rating on INR33.036cr LT Loan to D
SETU VINTRADE: Insolvency Resolution Process Case Summary
SIDDHIVINAYAK TRAILERS: CARE Moves B Rating to Not Cooperating
SLN TECHNOLOGIES: ICRA Lowers Rating on INR6.25cr Loan to D
SUNSHINE INFRAENGINEERS: Insolvency Resolution Case Summary

UMA GLASS: CARE Lowers Rating on INR8.20cr LT Loan to D
VIRCHAND NARSI: CARE Raises Rating on INR26.50cr Loan to B
ZEN TOBACCO: CARE Reaffirms B+ Rating on INR5.50cr LT Loan


J A P A N

MITSUI OSK: Moody's Downgrades CFR to Ba2, Outlook Stable
NIPPON YUSEN: Moody's Assigns Ba1 CFR, Outlook Stable


M A C A U

VIVA MACAU: Loan Granted "An Exceptional" Case, DSE Head Says


N E W  Z E A L A N D

SNAKK MEDIA: CEO Steps Down After First Creditors Meeting
TERRIBLE TALK: Insolvency Matters Appointed as Liquidators


S I N G A P O R E

COASTAL OIL: Singapore Petroleum Co. Enters Liquidation


                            - - - - -


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


ADTECH SIGNAGES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Adtech Signages India Private Limited
        C-68, Sudarshanapura
        Industrial Area, Extention
        Jaipur 3021005
        Rajasthan

Insolvency Commencement Date: November 30, 2018

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: May 29, 2019
                               (180 days from commencement)

Insolvency professional: Rajeev Sharma

Interim Resolution
Professional:            Rajeev Sharma
                         H.No. 351 Rai Ji Ka Gher Chandi Ki
Taksal
                         Jaipur
                         E-mail: rajiv_sharmaadv26@yahoo.co.in

Last date for
submission of claims:    December 23, 2018


ASKK INVESTMENT: ASIC Acts to Freeze Funds in Land Banking Scheme
-----------------------------------------------------------------
The Federal Court of Australia made interim orders on Dec. 20,
2018, restraining Askk Investment Group Pty Ltd (Askk) from
dealing with funds in their bank accounts in relation to a
suspected land banking scheme. Askk is also restrained from
selling or otherwise dealing in the property which is the subject
of the land banking scheme.

Askk has an interest in land located in Lot 2, 615 Hume Highway
Beveridge, Victoria.

ASIC suspects that since October 2017, Askk has raised in excess
of AUD10 million dollars from more than 270 investors in relation
the land, and since this time, investors have been making ongoing
payments in respect of their investment.

ASIC is concerned that Askk:

   * may be operating an unregistered managed investment
     scheme (MIS);

   * may be carrying on a financial services business in
     relation to the promotion and operation of an
     unregistered MIS without holding an Australian Financial
     Service Licence; and

   * may have engaged in conduct that is misleading or
     deceptive during the promotion of the scheme to
     investors.

ASIC's investigation is ongoing. The freezing orders remain in
place until the next hearing date on Feb. 8, 2019.


FASTLINE LOGISTICS: Placed in Liquidation; 120 jobs Axed
--------------------------------------------------------
Melissa Iaria at The Sydney Morning Herald reports that Fastline
Logistics has collapsed, leaving 120 workers jobless and owed
millions in entitlements on the eve of Christmas, a union said.

Employees of Fastline Logistics in Derrimut were told on Dec. 20
the company had been placed in liquidation and told not to return
to work on Dec. 21, the CFMEU said, SMH relates.

They were also informed they would not be paid for their work
last week, national secretary Jenny Kruschel said.

According to the report, Ms. Kruschel said the collapse would
have a devastating impact on many workers.

"Many of these 120 workers have given years of loyal service to
this company, yet they were given less than an hour's notice that
they no longer have a job, won't be paid for their work this week
and are unlikely to receive the entitlements legally owed to
them," the report quotes Ms. Kruschel as saying.

SMH says the union on Dec. 21 met with workers who say they are
owed annual and long service leave, redundancy, notice periods,
wages and superannuation.

"For many workers, including loyal long-serving staff, this
collapse is a devastating financial blow right on the eve of
Christmas, which will leave them in serious financial distress
over the holiday period," Ms. Kruschel, as cited by SMH, said.
"Given many of the workers are migrants with English as a second
language, finding alternate employment will be that much more
challenging."

According to SMH, Ms. Kruschel said the union is investigating
the recent stripping of major assets from Fastline to another
corporate entity, Global Fashion Service, which appears to be a
deliberate attempt to leave only a shell behind that does not
have the resources to pay worker wages and entitlements.

The union took action against Fastline earlier this year
following revelations superannuation was not being paid,
recovering more than AUD600,000 for workers, SMH relays.

"Thankfully, our efforts to recover this money before the company
collapsed provides one piece of positive news for workers, but it
does highlight the fact that management appear to have been
dipping into employee entitlements to keep the business afloat,"
the report quotes Ms. Kruschel as saying. "Now, with the company
being liquidated and major assets already stripped out, workers
appear unlikely to see most of the unpaid wages, leave, and other
entitlement owed to them."

Melbourne-based Fastline distributes products for retail brands
and stores.


ONE SPECKLED: Clifton Hall Appointed as Liquidator
--------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of
One Speckled Egg Pty. Ltd. on Dec. 24, 2018.


TRITON TRUST 2018-1: Fitch Assigns B+ Rating to Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned ratings to Triton Trust No.9 NTX
Warehouse Series 2018-1's residential mortgage-backed floating-
rate notes. The issuance consists of notes backed by a pool of
first-ranking Australian mortgage loans originated by Columbus
Capital Pty Limited. The ratings are as follows:

AUD250.0 million Class A notes: 'AAsf'; Outlook Stable
AUD8.0 million Class B notes: 'Asf'; Outlook Stable
AUD3.5 million Class C notes: 'BBBsf'; Outlook Stable
AUD2.0 million Class D notes: 'BBsf'; Outlook Stable
AUD1.5 million Class E notes: 'B+sf'; Outlook Stable
AUD2.1 million Class F notes: 'NRsf'

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

The transaction is a warehouse that purchases receivables on a
revolving basis. The asset pool is subject to eligibility
criteria and pool parameters. The transaction has triggers to
protect debt holders from deterioration in the credit quality of
the portfolio, which either requires rectification or may cause
an amortisation event in which all collections will be used to
pay down the debt in sequential order.

KEY RATING DRIVERS

Operational Risk: Columbus is a diversified non-bank financial
institution that commenced lending in 2006, with specialisations
in Australian residential mortgage lending, third-party loan
servicing and trust management. Columbus Capital's timelines,
policies and procedures relating to mortgage collections and
origination procedures are in line with market standards for
conforming mortgages, as evidenced from the historical
performance of its RMBS transactions.

Asset Analysis: The transaction has a one-year substitution
period, therefore, Fitch's analysis is based on a proxy pool
stressed to pool parameters provided by Columbus and additionally
stressed by Fitch. The 'AAAsf' weighted-average (WA) foreclosure
frequency of 13.7% is driven by the WA unindexed loan/value ratio
of 71.8%, self-managed superannuation funds of 34.1% and, under
Fitch's methodology, investment loans of 75.0%. The 'AAAsf' WA
recovery rate of 60.7% is driven by a WA indexed scheduled
loan/value ratio of 72.2% and 'AAAsf' WA market value decline of
59.2%.

Liability Analysis: The transaction employs a sequential
structure after the substitution period with no pro rata pay down
permitted. Credit enhancement of 6.4% supports the class A notes,
3.4% supports the class B notes, 2.1% supports the class C notes,
1.3% supports the class D notes and 0.8% supports the class E
notes. Structural features include a liquidity reserve sized at
1.4% of the outstanding asset balance, subjected to a documented
floor of AUD375,000, minimum subordination amounts at each rating
level and pool parameters that ensure pool composition does not
materially deteriorate as new assets are originated or
substituted. The class A to E notes pass all relevant stresses
applied in the cash-flow analysis.

Macroeconomic Factors: Fitch forecasts stable mortgage
performance supported by sustained economic growth in Australia
that is driven by its forecast for steady GDP growth of 2.7%, a
tight labour market, with unemployment stabilising at 5.0%, and
one 25bp cash rate increase in 2019.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. Hence, Fitch
conducts sensitivity analysis of the ratings by stressing the
transaction's initial base-case assumptions. Fitch applies
recovery-rate stress to the pre-lenders' mortgage insurance (LMI)
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

Impact on note ratings of increased defaults:

Notes: A / B / C / D / E

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AA-sf / A-sf / BBBsf / BBsf / B+sf

Increase defaults by 30%: A+sf / BBB+sf / BBB-sf / BBsf / B+sf

Impact on note ratings of decreased recoveries:

Notes: A / B / C / D / E

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce recoveries by 15%: AA-sf / BBB+sf / BBB-sf / BBsf / Bsf

Reduce recoveries by 30%: A+sf / BBBsf / BBsf / B+sf /

Impact on note ratings of multiple factors:

Notes: A / B / C / D / E

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15% and reduce recoveries by 15%: A+sf /
BBB+sf / BB+sf / BB-sf / Bsf

Increase defaults by 30% and reduce recoveries by 30%: A-sf /
BB+sf / B+sf /


UKOO PTY: First Creditors' Meeting Set for January 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ukoo Pty
Ltd will be held at Level 3, 140 Bundall Road, in Bundall,
Queensland, on Jan. 7, 2019, at 3:00 p.m.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed
as administrator of Ukoo Pty on Dec. 21, 2018.



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


KANGDE XIN: Fitch Lowers LT IDR to B+, Outlook Negative
-------------------------------------------------------
Fitch Ratings has downgraded Kangde Xin Composite Material Group
Co., Ltd's Long-Term Foreign-Currency Issuer Default Rating to
'B+' from 'BB'. The Outlook is Negative. At the same time, Fitch
has downgraded the senior unsecured rating to 'B+' with a
Recovery Rating of 'RR4' from 'BB'.

The downgrade follows KDX's reduced access to funding after
regulators in China found fault with Kangde Investment Group Co.,
Ltd's. dealings and the subsequent decline in KDX's stock price.
Kangde Group is a large shareholder in KDX. The rating takes into
consideration KDX's net cash position and stable operating
performance. The Negative Outlook reflects the uncertainties over
the company's access to funding in the future.

KEY RATING DRIVERS

Regulators' Criticisms Affect Funding Access: KDX's ability to
access funding has deteriorated after Chinese regulators said the
company failed to adequately disclose information about Kangde
Group's dealings and worsening financial situation. At the same
time, the funding market in China has tightened. KDX has told
Fitch that the company is negotiating refinancing with banks. In
addition, KDX's access to equity markets has worsened as its
share price has fallen by over 60% in the past 12 months. As a
result, it is likely to rely more heavily on debt for financing.

Net Cash Position: KDX continued to maintain its net cash
position of about CNY2.5 billion as of end-September 2018,
information provided by the company showed. As of end-September
2018, the company had CNY8 billion of short-term debt and CNY4.5
billion of long-term debt, compared with CNY15 billion of
available cash.

Negative Free Cash Flow: Fitch expects KDX's free cash flow to be
negative in 2018 and 2019, mostly due to a large capex plan.
Fitch forecasts capex of CNY3.5 billion in 2018 and CNY2.9
billion in 2019 as the company adds 102 million square metres of
capacity for optical film and 100 million units of capacity for
3D naked-eye modules. This capex is likely to erode KDX's net
cash position as well.

Operations Independent of Shareholder: Fitch has not applied its
Parent and Subsidiary Rating Linkage criteria in rating KDX
because Fitch does not think that Kangde Group has sufficient
control over the company. KDX's decisions appear to be made
independently of Kangde Group, as only two of its seven board
members are related to Kangde Group. In addition, Kangde Group
has pledged 93% of its shares in KDX for debt. However, should
Kangde Group's worsening financial situation further limit KDX's
funding capabilities, or if there is any evidence of stronger
linkages between the two companies, Fitch might consider Kangde
Group's financial profile when assessing KDX's rating level.

Stable Operating Performance: KDX has achieved strong revenue
growth while maintaining stable operating EBITDA margin of more
than 30% since 2014. Revenue rose by 19.7% yoy during 1H18,
driven by growth of 22.4% and 22.7% at its lamination-film and
optical-film segments, respectively. Its gross profit margin
edged up by 0.2pp yoy to 38.1% in 1H18, led by margin enhancement
at its optical-film segment, help to widen its operating EBITDA
margin to 31.6% from 30.6% in 1H17.

DERIVATION SUMMARY

KDX's financial profile and operational profile are consistent
with those industrial peers in the 'BB' rating category, such as
Tata Chemicals Limited (BB+/Stable). However, KDX's ratings are
constrained by its reduced ability to access funding and negative
FCF generation.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Revenue to grow by 9%-16% yoy from 2018 to 2020

  - Operating EBITDA margin of 30%-31% from 2018 to 2020

  - Capex of CNY3.5 billion in 2018, CNY2.9 billion in 2019

  - No M&A factored in 2018 and beyond

  - Dividend pay-out ratio at 10%

RATING SENSITIVITIES

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

  - KDX's funding ability stabilises and does not further
deteriorate.

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

  - KDX's funding ability continues to deteriorate.

  - Evidence of stronger linkage with Kangde Group or affiliates
that may result in Fitch applying the Parent and Subsidiary
Rating Linkage criteria in rating KDX.

LIQUIDITY

Sufficient Liquidity: As of end-September 2018, the company had
CNY8 billion of short-term debt and CNY4.5 billion of long-term
debt, compared with CNY15 billion of available cash. KDX also has
CNY4.4 billion of unused credit facilities. These facilities are
uncommitted. Committed facilities are uncommon in the Chinese
banking environment.

FULL LIST OF RATING ACTIONS

Kangde Xin Composite Material Group Co., Ltd.

  - Long-Term Foreign-Currency Issuer Default Rating downgraded
    to 'B+' from 'BB'; Outlook Negative

  - Senior unsecured rating downgraded to 'B+', with a Recovery
    Rating of 'RR4', from 'BB'

Top Wise Excellent Enterprise Co., Ltd.

  - Senior unsecured rating downgraded to 'B+', with a Recovery
    Rating of 'RR4', from 'BB'


YICHANG HIGH-TECH: Fitch Rates USD50MM Sr. Unsec. Notes BB+
-----------------------------------------------------------
Fitch Ratings has assigned Yichang High-Tech Investment
Development Co., Ltd.'s (BB+/Stable) USD50 million (ISIN:
XS1881793399) 7.5% senior unsecured notes due 2021 a final rating
of 'BB+'.

The proceeds from the offering will be used for general corporate
purposes. The final rating is in line with the expected rating
assigned on September 16, 2018 and follows the receipt of
documents conforming to information previously received.

KEY RATING DRIVERS

The bonds will be Yichang High-Tech Investment's direct,
unconditional, unsubordinated and unsecured obligations and will
at all times rank pari passu with its present and future
unsubordinated and unsecured obligations.

RATING SENSITIVITIES

Any rating action on Yichang High-Tech Investment's Long-Term
Foreign-Currency Issuer Default Rating will lead to similar
rating action on the notes.


ZHAOJIN MINING: Fitch Withdraws BB(EXP) Rating on USD Sr. Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB(EXP)' expected rating
assigned to China-based Zhaojin Mining International Finance
Limited's proposed US dollar senior notes. Zhaojin Mining
International Finance Limited is a wholly owned subsidiary of
Zhaojin Mining Industry Company Limited's (Zhaojin Mining,
BB/Stable).

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as Zhaojin Mining's
proposed debt issuance is no longer expected to convert to final
ratings as the company has not proceeded with the note issue
within the previously envisaged timeline. The expected rating on
the proposed notes was assigned on Oct 18, 2018.

Zhaojin Mining's other ratings are not affected by this
withdrawal.

RATING SENSITIVITIES

Not applicable.



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


ACE PIPELINE: ICRA Hikes Rating on INR60cr LT Loan to BB-
---------------------------------------------------------
ICRA has revised the rating on the bank facility of Ace Pipeline
Contracts Pvt. Ltd. (APCPL) to [ICRA]C and simultaneously
upgraded to [ICRA]BB- (Stable).

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund-        15.00      Downgraded to [ICRA]C
   based Cash Credit                 from [ICRA]BB (Stable)
                                     and simultaneously
                                     upgraded to [ICRA]BB-
                                     (Stable)

   Long-term Non-         60.00      Downgraded to [ICRA]C
   fund-based Bank                   from [ICRA]BB (Stable)
   Guarantee                         and simultaneously
                                     upgraded to [ICRA]BB-
                                     (Stable)

   Long-term              (5.00)     Downgraded to [ICRA]C
   Interchangeable                   from [ICRA]BB (Stable)
                                     and simultaneously
                                     upgraded to [ICRA]BB-
                                     (Stable)



Rationale

The downgrade in the rating factors in the past instances of
irregularities in debt servicing of the unrated project-specific
facility availed by Ace Pipeline Contracts Pvt. Ltd. from a non-
banking financial company (NBFC), on account of delays in receipt
of project receivables, leading to a stretched liquidity. The
delays happened during the last financial year and the loan
account was closed as on March 31, 2018 and there were no dues
outstanding against this facility. The ratings have been
simultaneously upgraded since the company has regularised its
debt servicing and has a clean track record over the last six
months.

The upgraded rating remains constrained by the high order-book
concentration with a significance dependence on a few large
projects, vulnerability of its operations to delays in project
execution, and the risk of delayed payments from Government
entities, which stretches the receivable cycle. The business
continues to remain working capital intensive, with significant
amount locked in retention money, leading to almost full
utilisation of its fund-based limits. This, in turn, has led to
rising borrowing costs since the last four fiscals, and kept the
interest coverage under check, despite a rise in its absolute
operating profits.

Nonetheless, the rating continues to take into account the
extensive experience of the promoters and APCPL's operating track
record for nearly three decades in the EPC of hydrocarbon
pipeline business, sound recovery in operating income (OI) in
FY2018 as reflected by 34% YoY growth, and healthy current order
book of INR443.00 crore as on October 31,2018.

Outlook: Stable

ICRA expects the company to continue to benefit from the
extensive experience of its promoters and the limited competition
in the EPC hydrocarbon pipeline business. The outlook may be
revised to Positive if healthy growth in operating income (OI)
while maintaining healthy profit margins and improvement in debt
coverage indicators strengthen the financial risk profile. The
outlook may be revised to Negative if lower-than-expected cash
accruals, or stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters and operating track record
in EPC hydrocarbon pipeline business: Incorporated in 1989 by Mr.
Anoop Singh and Mr. Gurmreet Singh, APCPL undertakes engineering,
procurement and construction contracts, project management, and
testing and commissioning of pipelines for the oil and gas
sector. The promoters are technically qualified professionals and
have around three decades in oil and gas pipeline construction
projects. The company has executed projects at a pan-India level
for various reputed Government entities from the oil and gas
sector.

Healthy recovery in OI and reduced debt levels in FY2018; healthy
current order-book position: After witnessing a 43% decline in OI
in FY2017, the company posted a healthy recovery in revenues in
FY2018 on the back of higher orders and faster execution of
projects. Its OI increased by 34% to INR139.58 crore in FY2018
from INR104.08 crore in FY2017. As on October 31, 2018, APCPL's
unexecuted order book stood at ~INR443.00 crore (~3.16 times of
OI in FY2018), providing adequate revenue visibility in the near
to medium term. The company's total debt reduced to INR19.96
crore as on March 31, 2018 from INR38.23 crore as on March 31,
2017, and comprised working capital borrowings of INR12.46 crore,
short-term loans from NBFC of INR4.06 crore and unsecured loans
of INR3.44 crore.

Credit challenges

Past instances of irregularities in debt servicing of project-
specific working capital facility (unrated) availed from NBFC:
There has been irregularities in debt servicing of the working
capital loan taken from NBFC by the company. These irregularities
continued in FY2018. However, the delays were corrected by the
end of FY2018 and the loan account was fully repaid in February
2018.

High order-book concentration with significant dependence on a
few large orders: As on October 31, 2018, the company had an
unexecuted order book of INR443.00 crore (3.16 times of its OI in
FY2018) of which 70% remained concentrated between the top three
projects, exposing APCPL to high project concentration risk. Any
delays in execution of these projects may adversely impact its
revenues.

Risk of delayed payments from Government clients: APCPL derives
almost its entire revenues from the Government clients pertaining
to the oil and gas sector. Though the counterparty credit risk
remain limited in such clients, the company remains exposed to
the risk of delayed payments, which could create cash flow
mismatches and result into stretched working capital metrics.

Vulnerability of operations to delays in project execution: Most
of the company's projects have an execution period of 12 months
or higher and remain vulnerable to execution risks with
possibilities of delays due to external factors. Any liquidated
damages (LD) charges levied onto the company can also impact its
profitability. While there have been LD charges levied onto the
company in the past, many of them have been recovered back by
APCPL given that delays in execution were due to external
reasons. It also remains exposed to volatility in input prices or
other external factors during the execution period in case of
absence of price escalation clause in the contracts. In order to
mitigate this risk, the company has shifted its focus from EPC
projects to purely construction projects, not involving
procurement of raw materials, in the last couple of years.

High TOL/TNW on account of moderate net-worth base and rising
borrowing costs limits interest coverage: The company reported a
TOL/TNW of 2.39 times as of FY2018, which although moderated from
FY2017 levels, continues to remain high, given its high outside
liabilities and moderate net-worth base. Given the rising
interest costs on account of high fund-based utilisation levels,
the interest coverage has remained range bound between 2.0-2.7
times in the last four years.

Liquidity position: The company's funds flow from operations
(FFO) remained positive in FY2018 due to increased OI, while
maintaining healthy profitability and reduced incremental working
capital requirements. As on March 31, 2018, it had a total
unencumbered cash and bank balance of INR9.00 crore in the form
of fixed deposits. However, the cushion available in terms of
undrawn working capital borrowings remains limited as reflected
by 99% utilisation of its fund-based working capital limits and
92% utilisation of its non-fund-based limits during the 12-months
period ended September 30, 2018.

Incorporated in 1989 by Mr. Anoop Singh and Mr. Gurmreet Singh,
APCPL undertakes engineering, procurement and construction
contracts, project management, and testing and commissioning of
pipelines for the oil and gas sector. The company has executed
contracts at a pan-India level for various reputed Government
entities from the oil and gas sector.

In FY2018, the company reported a net profit of INR5.07 crore on
an operating income of INR139.59 crore, as compared to a net
profit of INR2.56 crore on an operating income of INR104.08 crore
in the previous year.


ADAMS MARKETING: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
The ratings for the bank facilities of Adams Marketing Pvt. Ltd.
(AMPL) continue to remain under 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        24.50      [ICRA]D ISSUER NOT COOPERATING;
   Limit-Cash                   Rating continues to remain under
   Credit                       'Issuer Not Cooperating' category

   Fund based         0.83      [ICRA]D ISSUER NOT COOPERATING;
   Limit-Term                   Rating continues to remain under
   loan                         '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 2007, through the merger of two proprietorship
firms - Adams Motors and Adams Electronics - Adams Marketing Pvt.
Ltd. primarily deals in electronic consumer durable goods such as
televisions, washing machines, refrigerators, air conditioners,
and laptops. AMPL is the authorized dealer of reputed consumer
durable players, including Samsung India Pvt. Ltd., Voltas
Limited, Sony India Pvt. Ltd., and Mitsubishi Electric India Pvt.
Ltd., among others. It currently operates through its 12 multi-
brand showrooms across West Bengal. The company also has a
central warehouse located at Benaras Road, Biradingi, West
Bengal, for inventory storage and distribution across all its
stores.


AGRAWAL OIL: ICRA Withdraws D Rating on INR10cr Fund-Based Loan
---------------------------------------------------------------
ICRA has withdrawn the long -term rating of [ICRA]D Issuer Non-
Cooperation to the INR10.00 crore facilities of Agrawal Oil and
General Industries at the request of the client and on the basis
of No dues certificate received from the banker.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         10.00       [ICRA]D ISSUER NOT COOPERATING
   Working Capital                 Withdrawn
   Facilities

Outlook: Stable

Key rating drivers

Key Rating drivers has not been captured as the rated instrument
is being withdrawn.

Liquidity Position: Liquidity position has not been captured as
the rated instrument is being withdrawn.

Established in 1982, AOGI is a partnership firm promoted by Mr.
Sanjay Agrawal. The firm is engaged in crushing of cotton seeds
to produce cotton seed wash oil and cotton seed cake. The
manufacturing facility of the firm is located in Amravati
district of Maharashtra with an installed crushing capacity of
100 quintal per day.


ANDREW YULE: ICRA Reaffirms 'D' Rating on INR69.57cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating on the bank facilities of Andrew
Yule & Company Limited (AYCL) at [ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund
   Based Facilities-
   Cash Credit         69.57      [ICRA]D reaffirmed

   Unallocated
   Limits              17.67      [ICRA]D reaffirmed


   Short-Term Non
   Fund Based
   Facilities          40.76      [ICRA]D reaffirmed


Rationale

The reaffirmation in ratings considers stressed liquidity
position of AYCL's electrical division, which has suffered
continuous losses over past few years. ICRA also notes that there
have been instances of letter of credit (LC) devolvement and
temporary overdrawal of the cash credit account in this division
in recent months, despite the company having a cash balance of
INR77 crore as on September 30, 2018. While the operations of the
electrical and engineering divisions remain non-profitable on an
overall basis, the company remained profitable because of profits
from the tea business and significant interest income on its cash
and bank balances. ICRA continues to note AYCL's status as a
Government of India (GoI) company, with the GoI holding an 89.25%
stake and the company's established position in the domestic
bulk-tea industry with superior quality of tea produced in its 15
tea gardens.

Key rating drivers

Credit strengths

Status as a Government of India company: AYCL is a GoI company,
with the GoI holding an 89.25% stake at present.

Established position of the company in the domestic bulk tea
industry: AYCL produces superior quality of tea (both CTC
and orthodox varieties), which commands a significant premium
over auction averages on account of its established position in
the domestic bulk tea industry.

Credit challenges

Loss-making operations/subdued performance of the engineering and
electrical divisions: The electrical and engineering divisions
accounted for around 34% and 7% of AYCL's total revenues in
FY2018. The sluggish performance of the electrical and
engineering divisions led to muted operating profitability in the
recent past. In FY2018, the engineering division incurred losses
of INR5.2 crore, while the electrical division reported losses of
INR3.4 crore during the year. In the first half of the current
year, both the electrical and engineering divisions reported
losses at the PBIT level of INR10.67 crore and INR3.07 crore,
respectively.

Stretched liquidity position of the electrical division: The
electrical division has been incurring continuous losses at the
PBIT level as a result of delay in receipt of payments from its
customers. This led to a stretch in the liquidity position of
the division, which in turn resulted in LC devolvements and
temporary overdrawals of the cash credit accounts in recent
months.

Subdued return indicators: Return indicators remained under
pressure due to low operating profits in the recent past.
Given the weak performance of the electrical and engineering
divisions, return indicators are likely to remain subdued in
the near term.

Risks associated with tea being an agricultural commodity; cost
pressure faced by the bulk tea industry: Tea production depends
on agro-climatic conditions, which subject it to agro-climatic
risks. Additionally, the inherent cyclicality of the fixed-cost
intensive tea industry leads to variability in profitability and
cash flows of bulk tea producers, such as AYCL.

Liquidity Position: While the tea division of the company was
profitable in H1 FY2019, the electrical and engineering divisions
have been incurring losses consistently for last few years, which
led to a stretched liquidity position of these divisions. While
at the overall company level, the liquidity remains comfortable
with no long-term debt obligations, along with cash and bank
balances of INR77 crore as on September 30, 2018 and low CC
utilisation in the tea and engineering divisions, the liquidity
position of the electrical division remains under stress. There
have been recent instances of LC devolvement and temporary
overdrawals in the cash credit accounts in the electrical
division.

AYCL, incorporated in 1919, is the flagship company of the Andrew
Yule Group and has operations in the field of tea, electrical and
engineering equipment, which account for 59%, 34% and 7% of the
company's total revenues, respectively in FY2018. The Central
Government holds a 89.25% stake in the company. AYCL has 15 tea
gardens located across Assam and West Bengal. The electrical
division manufactures distribution transformers, HT & LT
switchgears, voltage regulators in its manufacturing facilities
located in Kolkata and Chennai. The engineering division
manufactures industrial fans, air and water pollution control
equipment in its plant located at Kalyani, West Bengal.

During H1 FY2019, AYCL reported an operating income (OI) of
INR156.24 crore and profit after tax (PAT) of INR11.66 crore
against an operating income of INR159 crore and PAT of INR15.9
crore during H1 FY2018. During FY2018, the company reported an OI
of INR356.25 crore and PAT of INR17.12 crore compared to an OI of
INR401.97 crore and PAT of INR32.6 crore in FY2017.


ANNAPURNA TRADING: ICRA Lowers Rating on INR8cr Cash Loan to D
--------------------------------------------------------------
ICRA has revised the rating on the bank facility of Annapurna
Trading Company to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          8.00       [ICRA]D downgraded from
   Cash Credit                     [ICRA]B(Stable)

   Fund-based-          2.00       [ICRA]D/[ICRA]D downgraded
   Cash Credit                     from [ICRA]B(Stable)/[ICRA]A4
   against pledge
   of warehouse
   receipts

ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B
and the short-term rating to [ICRA]D from [ICRA]A4 for the
INR10.00 crore bank facilities of Annapurna Trading Company.

Rationale

The revision of ratings for ATC takes into account the ongoing
delays in debt servicing owing to strained liquidity position.
The ratings continue to be constrained by weak profitability
metrics and limited pricing flexibility owing to its presence in
a fragmented industry which is characterised by numerous
unorganised players. The ratings also consider the stretched
capital structure of the firm, the risks associated with the
proprietorship entity and the limited ability to raise capital
along with the risk of capital withdrawal. Going forward, a track
record of the timely debt servicing will be the key rating
sensitivity.

Key rating drivers

Credit challenges

Delays in debt servicing: Delays in debt servicing owing to ATC's
stretched liquidity position.

Low profitability due to trading nature of the business: Stiff
competition and low value addition within the products has been
reducing spreads in trading activities. ATC's profitability, as
represented by the OPM, remained low and further declined from
2.47% in FY2016 to 1.76% in FY2017. Furthermore, the
profitability as represented by the NPM continued to remain low
and stood at 0.41% in FY2017.

Leveraged capital structure with modest coverage indicators: The
firm's debt level increased from INR5.98 crore as on March 31,
2016 to INR16.41 crore as on March 31, 2017 due to an increase in
working-capital utilisation to cope up with the increase in
operational activities. This has led to deterioration in its
capital structure as indicated by an increase in the gearing
level from 1.81 times as on March 31, 2016 to 4.48 times as on
March 31, 2017. However, 61% of the total debt comprises WHR
loans against stock, which provides comfort to the capital
structure to a certain extent. The TOL/TNW of the firm increased
from 2.68 times as on March 31, 2016 to 6.84 times as on
March 31, 2017. Due to lower profitability, the coverage
indicators as represented by the OPBDITA/I&F charges remain
modest at ~1.31 times in FY2017. Further, the cash-accruals
position as indicated by the NCA/Total debt remained low at 2%
during the last two years.

Working-capital intensive nature of business leading to tight
liquidity position: Procurement at reasonable prices and ability
to hold inventory forms the key factor in determining the
profitability of the firm. Due to seasonal procurement of agro-
commodities, ATC needs to maintain high inventory levels which
lead to a high working-capital intensity within the business.
This results in almost full utilisation of its working-capital
limits leading to a tight liquidity position.

Susceptibility of margins to agro-commodities price fluctuations:
With a major portion of the revenue being derived from maize,
paddy and cotton-seed cake, which are agro-commodities traded on
NCDEX/MCX, the stocked inventory remains vulnerable to price
fluctuations. Further, the dependence on erratic monsoon renders
pressure on supply side and limits the revenue growth and profit
margins of the firm.

Fragmented industry structure leading to stiff competition,
limiting pricing flexibility: The agro-product trading industry
in India is characterised by high levels of competition due to a
fragmented industry structure. The firm faces stiff competition
from numerous small, organised and unorganised players due to the
standardised product range and low entry barriers resulting in
intense price competition and pressures on profitability for all
the industry participants. Further, it also relies on monsoon,
which has been characterised by inconsistent rainfall.

Risk inherent in a proprietorship entity: Due to the
proprietorship nature of ATC, the management has limited ability
to raise funds which in turn affects the growth potential of the
firm. Further, it is also exposed to the risk of capital
withdrawals, which can adversely impact the capital structure.
Liquidity Position: The liquidity position of the company is
expected to remain stretched owing to working capital intensive
nature of business.

Established in 2011 and promoted by Mr. Riteshkumar Singh, ATC is
a proprietorship entity involved in trading agro-commodities
namely, maize, cotton-seed cake, wheat, rice and paddy. Based out
of Nagpur, the entity sources the trading products from western
and northern India, which are sold to traders, cattle feed and
poultry-feed factories and starch factories based out of
Maharashtra and Chhattisgarh. In FY2017, the firm reported a net
profit of INR0.42 crore on an operating income (OI) of INR101.85
crore, as compared to a net profit of INR0.20 crore on an OI of
INR50.05 crore in the previous year.


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

The instrument-wise rating actions are:

-- INR118.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR130 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Arunoday Construction Company, incorporated in 1980 by Mr. Om
Prakash Lahoty, constructs government buildings, hostels,
hospitals, etc. in Assam. Additionally, the company manufactures
concrete sleepers for railway tracks.


AYURSUNDRA HEALTHCARE: Ind-Ra Cuts Issuer Rating to D, Non-Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ayursundra
Healthcare Private Limited's (AHPL) Long-Term Issuer Rating to
'IND D' from 'IND BB-' while migrating the ratings to the non-
cooperating category. The Outlook was Stable. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of best available information. The rating will now appear
as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit (Long-term)
    downgraded and migrated to non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR911.98 mil. Long-term loan (Long-term) due on August 2026
    downgraded and migrated to non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating.

Note: Issuer did not cooperate; based on the best available
information.

KEY RATING DRIVERS

The downgrade reflects the delays in debt servicing by AHPL
during the 12 months ended November 2018 due to a tight liquidity
position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated on December 2007, AHPL runs an 80-bed hospital in
Betkuchi village in Guwahati, Assam. Simanta Das, Dr. Abhijit
Hazarika and Lakshi Baishya are the directors of the company.


BAZARGAON PAPER: ICRA Lowers Rating on INR7.25cr Loan to D
----------------------------------------------------------
ICRA has revised the rating on the bank facilities of Bazargaon
Paper & Pulp Mills Private Limited (BPML) to [ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          1.50      [ICRA]D; downgraded from
   Term Loan                      [ICRA]B (Stable)

   Fund-based-          7.25      [ICRA]D; downgraded from
   Cash Credit                    [ICRA]B (Stable)

   Non-fund Based-      0.50      [ICRA]D; downgraded from
   Bank Guarantee                 [ICRA]A4

   Unallocated          0.75      [ICRA]D/D; downgraded from
                                  [ICRA]B (Stable)/[ICRA]A4

Rationale

The rating revision takes into account the delays in debt
servicing in the past six months owing to strained liquidity
position arising from the significant debt-funded capex and the
impending repayments. The stretched liquidity position is
reflected by high fund-based facility utilisation averaging at
~90% in the past 12 months, with low undrawn limit as on
November 30, 2018, along with marginal cash balance as on
March 31, 2018. Moreover, heavy discounting has weakened the
profitability in the previous and current fiscal straining the
cashflows. The ratings also remain constrained due to company's
modest scale of operations in FY2018 in a highly competitive
business environment characterised by a large number of organised
and unorganised players which limits pricing flexibility. The
ratings also take into account the vulnerability of the company's
profitability to adverse movements in waste paper prices,
especially for lower burst factor (BF) category kraft paper.

The ratings however continue to favourably factor in the
extensive experience of the promoters in the kraft paper
industry.

Key rating drivers

Credit strengths

Extensive experience of promoters in the kraft paper
manufacturing sector: The company was established more than
three decades ago by Mr. Surajbhan Agarwal and Mr. Jaiprakash
Agarwal. The promoters also founded the associate companies of
Decor Paper Mills in Hyderabad and Kolar Paper Mills in Puttur
(Karnataka). The extensive experience of the promoters has
enabled the company to increase its capacity ten-fold since its
inception. It continues to receive bulk orders from established
customers.

Credit challenges

Delays in debt servicing in past six month due to stretched
liquidity: The company has defaulted on bank term loan repayment
in the past six months due to stretched liquidity position. It
has been due to significant capex undertaken by the company in
FY2018 and FY2019 to increase the installed capacity for kraft
paper manufacturing along with lower operating profitability due
to heavy discounting policy adopted by the company to increase
its market share.

Stretched coverage ratio due to low profitability: The TD/PBDITA
of the company has remained at relatively high level due to its
high reliance on external debt and low profitability, as
reflected by TD/OPBDITA of 4.1 times as on March 31, 2018.

Modest size of operations: The company has increased its
production over the past year by almost 14%. However, it
continued to remain below the optimum level at 72% with low level
of operating income of INR44.6 crore in FY2018.

Profitability exposed to volatility in raw material prices: The
main raw material used in the manufacturing process is waste
kraft paper, i.e., used corrugated boxes as well as old
newspapers and used white paper, which altogether form about 90%
of the total raw material costs. The company remains exposed to
the price fluctuations in its raw material prices.

High competitive intensity from domestic players: There are about
400 kraft paper mills in the country serving various centers of
corrugated box manufacturers. However, due to low margins in the
business, the sales of kraft paper remain largely regionalised as
high transportation costs make it economically unviable to sell
the paper at faraway locations. The company largely faces
competition from kraft paper units based out of Nashik and Nagpur
(Maharashtra).

Liquidity Position: The liquidity position of the company remains
stretched with high fund-based facility utilisation, averaging
~90% in the past 12 months along with marginal cash balance as on
March 31, 2018. This is due to impending term loan repayments.
The company also withdrew unsecured debt of INR2.8 crore from the
company in the current year increasing its dependence on the
external debt.

Bazargaon Paper & Pulp Mills Private Limited (BPML) was
incorporated in 1982 and started commercial production from 1989.
The company is engaged in the manufacturing of kraft paper of
various grades viz. 14 BF, 16 BF, 18 BF, 22 BF, 24 BF and 28 BF
(BF stands for Burst Factor and signifies the strength quality of
the paper) which finds its application in the packaging industry,
especially for making corrugated boxes. BPML has its
manufacturing unit in Nagpur (Maharashtra). Over the years, the
company has undergone several phases of expansion. It commenced
with a production capacity of 2,500 Metric tonne per annum (MTPA)
in 1989 which was been enhanced to 33,000 TPA over the last 20
years.


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

The instrument-wise rating actions are:

-- INR612.7 mil. Long-term loans due on March 2023 migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating;

-- INR179.4 mil. Fund-based facilities migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR37.5 mil. Non-fund-based facilities migrated to Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Brahmaputra Biochem was incorporated in August 2010 by Mr.
Jagmohan Singh Arora, Mr. Kuljeet Singh Arora, Mr. Harishankar
Bilwal and Mr. Avinash Diwan. The present directors of the
company are Mr. Jagmohan Singh Arora, Mr. Kuljeet Singh Arora and
Mr. Arjun Arora.

Brahmaputra Biochem has a distillery in Guwahati that produces
grain-based extra neutral alcohol (60,000 liters per day) as the
main finished product, and distillers dried grains with soluble
(40-50 tons per day) and liquid carbon dioxide (about 30 tons per
day) as major by-products. In addition, it has a 2MW captive
power plant.


BUDS TEA: ICRA Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------
The rating for the bank facilities of Buds Tea Industries Limited
(BITL) continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        14.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to be under
                                'Issuer Not Cooperating' category

   Fund-based        12.75      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to be under
                                'Issuer Not Cooperating' category

   Non-fund Based-    0.50      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to be 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.

Buds Tea Industries Limited was established in the year 2006 and
is engaged in manufacturing CTC variety of tea. The plant is
located near Jalpaiguri, West Bengal.


C.P. ISPAT: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE has been seeking information from C.P. Ispat Private Limited
to monitor the rating vide letters/e-mails communications dated
Oct. 4, 2018, Oct. 16, 2018, Nov. 8, 2018, Nov. 19, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at fair ratings. The rating on C.P. Ispat
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      14.50      CARE D; Issuer not cooperating;
   Facilities                     based on best available
                                  information

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

The long term rating assigned to the bank facilities of C.P.
Ispat Private Limited is mainly on account of on-going delays in
debt servicing.

Going forward, the ability of the company to regularize the debt
servicing obligations and timely repayment of debt will be the
key rating sensitivities.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: As reported by the banker, as
on December 18, 2018, there are on-going delays in the account.
The banker has confirmed that there is continuous overdrawal in
the cash credit account for more than 30 days.

C.P. Ispat Pvt. Limited (CPIPL), incorporated in the year 2006,
was initially promoted by the Kolkata-based Chawla family and was
earlier managed by Mr. Amarjeet Chawla. CPIPL commenced
commercial production in July 2009 at its facility in Bankura,
West Bengal. However, in September 2013, the Chawla family leased
out the plant to the Durgapur-based Jayshree group owned by Mr.
Amit Agarwal and his family. Since September 15, 2013, operations
of the plant have been managed by the Jayshree group. In February
2014, the Jayshree group entered into an agreement with the
Chawla family to purchase CPIPL with effect from April 2014.
CPIPL is engaged in the manufacturing of sponge iron at its plant
located at Barjora, Bankura with a current installed capacity of
60,000 metric tonne per annum (MTPA).

Liquidity
The liquidity position of the company remained satisfactory
marked by current ratio of 1.27x and quick ratio of 1.16x as on
March 31, 2017. The cash and bank balance amounting to INR6.04
crore remained outstanding as on March 31, 2017. The Gross cash
accruals also remained adequate at INR1.88 crore as on March 31,
2017.


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

The instrument-wise rating actions are:

-- INR72.5 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR25.57 mil. Term loan due on May 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR32.5 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1985, Cadchem Laboratories manufactures active
pharmaceutical ingredients at its 120MTPA unit in Chandigarh.


CASE COLD: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Case Cold Roll Forming Limited

        Registered office:
        74, Hemkunt Colony
        Opp. Nehru Place
        New Delhi 110048

        Other office:
        Plot No. 70
        Sector-32, Gurgaon
        Haryana 122001

Insolvency Commencement Date: December 11, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 9, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sanjay Gupta

Interim Resolution
Professional:            Mr. Sanjay Gupta
                         C4E/135, Janak Puri
                         New Delhi 110058
                         E-mail: sanjay@sgaindia.in

                            - and -

                         Primus Insolvency Resolution and
                         Valuation Pvt. Ltd
                         311, Bestech Chambers, B Block
                         Sushant Lok Phase I, Sector 27
                         Gurgaon, Haryana 122002
                         E-mail: casecold@primusresolutions.in

Last date for
submission of claims:    December 26, 2018


DHANANJAYA MONEY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dhananjaya Money Management Services Private Limited
        Ground Floor, 22/10, Veera Raghavan Street
        Nanganallur Chennai
        Chennai TN 600061 IN

Insolvency Commencement Date: December 10, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 8, 2019

Insolvency professional: Vinod Tarachand Agrawal

Interim Resolution
Professional:            Vinod Tarachand Agrawal
                         204, Wall Street-I
                         Near Gujarat College
                         Ellis bridge
                         Ahmedabad 380006
                         E-mail: ca.vinod@gmail.com
                                 cirp.dmmspl@gmail.com

Last date for
submission of claims:    December 23, 2018


DEORA WIRES: CARE Assigns 'D' Rating to INR5.30cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Deora
Wires N Machines Private Limited (DWMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           5.30       CARE D Assigned

   Short Term Bank
   Facilities           2.45       CARE D Assigned

   Long Term/Short      3.00       CARE D/CARE D
   term Bank                       Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DWMPL is primarily
constrained on account of on-going delay in debt service
obligations due to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: There are on-going delays in
debt servicing of DWMPL. The term loan account principal and
interest repayment is overdue for more than 30 days as on
December 7, 2018.

Ahmedabad-based (Gujarat) Deora Wires N Machines Private Limited
(DWMPL) is a private limited company incorporated in February 13,
1992, promoted by Mr. Sanjay Deora, accompanied by his sons Mr.
Sanket Deora and Mr. Samyak Deora. DWMPL is engaged into
manufacturing of aluminium wires and conductors, which finds its
application in power utility sector for transmission of
electricity. Its manufacturing unit is located at Rakanpur,
Santej, Gujarat with an installed capacity of 250 Tonnes per
month as on March 31, 2018. It sells its goods domestically as
well as exports its product to countries like Vietnam, Saudi
Arabia, Mexico and Africa (Rwanda), while it imports raw material
from the United Kingdom and spares and accessories of machinery
from China.


DEVIKRIPA TRADING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Devikripa Trading Private Limited
        308A, Rabindra Sarani
        Kolkata 700006
        West Bengal

Insolvency Commencement Date: December 12, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 10, 2019

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         K N Jain & CO
                         2 Lal Bazar Street, Todi Chamber
                         Room No. 204 & 205, 2nd Floor
                         Kolkata, West Bengal 700001
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    December 26, 2018


EGWOOD BOARDS: Ind-Ra Assigns B+ Long-term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Egwood Boards &
Panels Private Limited (EBPPL) a Long-term Issuer Rating of
'IND B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR142.7 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The rating reflects EBPPL's modest scale of operations. The
revenue increased by 48.6% yoy to INR317.8 million in FY18,
driven by higher off take from Indian Railways and repeat orders
from existing clients. The company has indicated revenue of
INR165.2 million in 7MFY19. Absolute EBITDA decreased to INR27.9
million in FY18 (FY17: INR29.6 million) because of an increase in
raw material and selling, general and administrative expenses.
The return on capital employed was 9.2% in FY18 (FY17: 8.7%) and
the EBITDA margin stood at a modest 8.8% (13.8%).

The rating also factors in the overall weak credit profile. The
company's net financial leverage (adjusted net debt/operating
EBITDAR) remained high at 5.8x in FY18, though it improved from
6.8x in FY17 due to a decline in short term debt. The interest
coverage (operating EBITDA/gross interest expense) remained at
1.3x in FY18.

The company's peak utilization of the working capital limits was
around 98.9% during the 12 months ended October 2018 owing to the
working capital-intensive nature of operations. Furthermore, the
net working capital cycle of the company remained long in FY18 at
267days (FY17: 490 days) on account of a long inventory holding
period of 236 days (447 days) and higher debtor days of 92 days
(94 days). The company had modest unrestricted cash balance of
INR1.7 million and INR0.7 million as on March 31, 2018 and
March 31, 2017, respectively, with modest positive cash flow from
operations and free cash flow in FY18 and FY17.

The ratings, however, are supported by the promoter's experience
of around three decades in furniture manufacturing, which has
enabled the company to establish strong relationships with
customers and suppliers.

RATING SENSITIVITIES

Negative: A significant decline in the revenue and profitability,
resulting in deterioration in the credit metrics or liquidity
position, all on a sustained basis, could lead to a negative
rating action.

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

COMPANY PROFILE

Incorporated in 1994, EBPPL manufactures industrial plywood.
Initially established as a small scale furniture manufacturing
unit, the company later began focusing only on the manufacturing
of industrial plywood. EBPPL sells products under its own brand
'Egwood'.


G.N. BULLION: ICRA Lowers Rating on INR14.50cr Cash Loan to D
-------------------------------------------------------------
ICRA has revised the rating on the bank facility of G.N. Bullion
Private Limited (GNBPL) to [ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-Cash      14.50     [ICRA]D; Downgraded from
   Credit Facility                [ICRA]BB(Stable)

Rationale

The rating downgrade follows the irregularity in debt servicing
by GNBPL, as confirmed by its lender to ICRA. The rating is also
constrained by GNBPL's vulnerability to adverse fluctuation in
gold prices because of the high stocking requirement in the
jewellery business, the fragmented industry structure and intense
competition in the sector, leading to low margins as well as
small scale of the company's operations. ICRA also notes GNBPL's
exposure to regulatory risks, as adverse changes in government
policies may impact the company's business risk profile, as
witnessed in the past.

ICRA, however, takes into consideration the experience of the
promoters in the bullion trading and jewellery business and
favourable long-term demand outlook for gold jewellery in India,
underpinned by strong cultural affinity for gold.

Key rating drivers

Credit strengths

Experience of the promoters in bullion trading and jewellery
business: The company's promoters are experienced in bullion
trading and jewellery business. GNBPL has been involved in the
jewellery wholesale business since 2011. One of its group
company, Magna Projects Private Limited (MPPL), is an established
player in the bullion trading industry in eastern India. GNBPL
procures the bullion required for jewellery manufacturing from
MPPL, which mitigates its supply risks to an extent.

Favourable demand outlook for gold jewellery in India over the
long term, underpinned by the strong cultural affinity for gold:
Gold jewellery demand in India has been historically driven by
strong cultural affinity for gold. Usage of gold ornaments during
marriage and festive seasons accounts for a major portion of the
overall gold demand in the country. Moreover, gold serves as a
means of savings, especially in the rural sector. Indians'
affinity for gold, supported by growing disposable income,
signifies a favourable long-term demand outlook of gold jewellery
in the country.

Credit challenges

Irregularity in debt servicing: As confirmed by GNBPL's lender,
there has been continuous over utilisation of the company's cash
credit facility for more than 30 days in the recent months.

High stocking requirement for the jewellery business exposes the
company to risks associated with fluctuation in gold prices: The
price of gold in domestic market depends on both the gold price
in the international market, as well as the INR/USD exchange
rate. Gold price in the domestic market also depends to an extent
on the premium charged by the nominated agencies, which are
authorised for gold import and trading. The processing time
involved with manufacturing of jewellery and holding the same for
some time before getting orders from the customers result in
significant stocking requirement. This exposes the company to the
risks associated with volatility in gold prices.

Vulnerability to regulatory risks: The gold jewellery industry
remains exposed to adverse changes in regulations, as witnessed
in the past. The company's sales volume was adversely impacted in
FY2017 following imposition of excise duty on gold jewellery and
sluggish demand condition on the back of regulatory oversight as
well as demonetisation drive.

Competitive and fragmented industry keeps margins low: The gold
jewellery manufacturing industry in the country is characterised
by a fragmented industry structure and intense competition among
a large number of players, leading to low margins.

Small scale of current operations: The company mainly caters to
the jewellery retailers in eastern India, and a major portion of
the revenue is generated from West Bengal. Limited geographical
coverage and customer base restricted GNBPL's scale of
operations.

Liquidity Position: GNBPL's liquidity position has deteriorated
in the recent past, as reflected by the continuous over
utilisation of its working capital limit for more than 30 days.

Incorporated in 2009, G. N. Bullion Private Limited (GNBPL) is
mainly involved in manufacturing and selling of gold jewellery in
the wholesale market. The company's jewellery manufacturing
operation is carried out on job-work basis. In addition, it
manufactures silver coins in small volumes at its own workshop in
Kolkata. The clientele of the company primarily comprises
domestic jewellery retailers in the eastern India.


HAN UL: Insolvency Resolution Process Case Summary
--------------------------------------------------
Debtor: Han Ul Technolgies Private Limited
        Janaki, Plot No. 27
        Vidhyanagar, Pune
        Maharashtra 411032

Insolvency Commencement Date: November 5, 2018

Court: National Company Law Tribunal, Indore Bench

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

Insolvency professional: Jeena Agrawal

Interim Resolution
Professional:            Jeena Agrawal
                         272, Shri Mangal Nagar
                         Bicholi Hapsi Road
                         Indore, Madhya Pradesh 452016
                         E-mail: jeenashah2001@yahoo.co.in

Last date for
submission of claims:    December 24, 2018


HITRO ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Hitro Energy Solutions Private Limited
        New No. 784, Old No. 426, First Floor
        (Opp. YMCA-Nandanam) Anna Salai
        Chennai, TN 600035 IN

Insolvency Commencement Date: December 6, 2018

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: June 4, 2019
                               (180 days from commencement)

Insolvency professional: Vasudevan Gopu

Interim Resolution
Professional:            Vasudevan Gopu
                         G.V. and Associates
                         11A, Collector Sivakumar Street
                         KK Pudur, Saibaba Colony
                         Coimbatore 641038
                         E-mail: vasudevanacs@gmail.com

Last date for
submission of claims:    December 20, 2018


IL&FS FINANCIAL: ICRA Lowers Rating on INR200cr Loan to C-
----------------------------------------------------------
ICRA has revised the rating on the bank facility of IL&FS
Financial Services Limited (IFIN) to [ICRA]C-.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-Convertible       200      [ICRA]C-; downgraded from
   Debenture                      [ICRA]BB+ (Negative)
   Programme

Rationale

The revision in the rating takes into account the delays in debt
servicing on the loans from IFIN owing to the weak liquidity
position of the company. The rating of IWEL remains constrained
by the nature of the holding company, with limited revenue
sources which includes a) dividend income, b) advisory fees for
development of additional wind capacities and c) stake sale off/
monetisation in special purpose vehicles (SPVs). The rating is
further constrained by the weak financial risk profile of the
parent company- IL&FS Energy Development Company Limited (IEDCL)
and the ultimate holding company - Infrastructure Leasing &
Financial Services Limited. The company also remains exposed to
high debt refinancing risk with almost ~ INR100 crore debt
servicing obligations (principal and interest) due in April 2019.

The rating, however, takes note of the operational nature of SPVs
of IWEL. The SPVs remain exposed to the risk of variability in
cash flows due to wind pattern and the grid availability, given
the single-part nature of the PPA tariff. The SPVs are also
exposed to counterparty credit risk arising out of its exposure
to the state-owned distribution utilities in states of
Maharashtra, Rajasthan and Tamil Nadu as also reflected by the
delays observed in cash collections in the past period. ICRA also
takes a note of the reference of the operations and maintenance
(O&M) service provider for the majority capacity i.e. Wind World
India Limited (WWIL) under insolvency and bankruptcy code (IBC).
The ability of the SPVs to manage the O&M activities and maintain
the desired plant availability thus remains crucial from a credit
perspective.

Key rating drivers

Credit strengths

Operational nature of the underlying SPVs: The average life of
assets is more than four years with a total installed capacity of
873.5 MW spread across the states of Rajasthan, Gujarat, Tamil
Nadu, Karnataka, Andhra Pradesh, Madhya Pradesh and Maharashtra
providing high geographical diversification. All the seven
underlying SPVs are operational and have shown a satisfactory
operational track record since commissioning.

Credit challenges

Delays in debt servicing on the loans availed from IFIN: Owing to
the weak liquidity position, the company has defaulted on the
interest servicing obligations on the loans availed from IFIN.
The company has outstanding loans of INR235 crore from IFIN.

Weak credit profile of the parent company-IEDCL and the ultimate
parent-IL&FS Limited: The credit profile of IEDCL and IL&FS
Limited has significantly weakened owing to the elevated debt
levels, high debt refinancing risk and slow progress on asset
monetisation and deterioration in credit profile of key investee
companies.

Limited revenue streams and high debt refinancing risk: Being a
holding company IWEL has limited sources of income which includes
a) dividend income, b) advisory fees for development of
additional wind capacities and c) stake sale off/monetisation in
SPVs. Consequently, the company's ability to receive surplus cash
from the operating SPVs remains important from the credit
perspective. The company also remains exposed to high debt
refinancing risk with almost ~ Rs.100 crore debt servicing
obligations (principal and interest) due in April 2019.

Counter-party credit risks arising out of exposure to the
stretched financial profile of the state distribution utilities:
The weak financial strength of the state distribution entities
remains a key credit negative for the SPVs, particularly in the
case of Maharashtra, Tamil Nadu and Rajasthan. The SPVs have not
faced any delays in cash collections in Gujarat, wherein the
payments are typically received within one month from billing
date. However, while the collection from Andhra Pradesh has seen
delays of 3-4 months from billing date, the SPVs have experienced
major delays in the case of Maharashtra and Tamil Nadu with the
average pace of collections being 9-10 months from billing date.
In case of Rajasthan discom, payments have been timely supported
by the liquidity benefits arising from the UDAY scheme.

Liquidity constraints in Wind World India Limited (WWIL) which is
O&M service provider: WWIL is the O&M services provider for
majority capacity of the SPVs. WWIL is currently referred under
IBC and the company is ensuring the payments related to O&M
(especially the salaries of staff & the necessary spares) through
a joint escrow account so that O&M services remain unaffected.
Going forward, ability of the SPVs to manage the risk and having
the desired plant availability remains crucial from credit
perspective.

Limited experience in forecasting and scheduling regulations:
The regulatory challenges regarding the proposed implementation
of scheduling & forecasting framework for wind projects poses a
risk, given the limited experience of Indian industry players in
scheduling and forecasting and the variable nature of wind energy
generation.

Liquidity position: Being a holding company, the liquidity
position of the company remains inadequate owing to limited
revenue streams. The company also remains exposed to high debt
refinancing risk with almost ~ INR100 crore debt servicing
obligations (principal and interest) due in April 2019.

IWEL is a 100% subsidiary of IEDCL and owns 51% controlling stake
in seven operating wind SPVs namely Khandke Wind Energy Private
Limited [rated [ICRA]A (Stable)], Ratedi Wind Power Pvt. Ltd.
[rated [ICRA]A- (Stable)/ [ICRA]A2+], Tadas Wind Energy Pvt. Ltd.
[rated [ICRA]A- (Stable)], Lalpur Wind Energy Pvt. Ltd., Wind
Urja India Private Limited, Etesian Urja Limited and Kaze Energy
Limited. The remaining 49% stake in operating wind SPVs is held
by Orix Corporation, Japan.


INDO RAMA: CARE Reaffirms D Rating on INR711.25cr LT/ST Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Indo Rama Synthetics India Limited (IRSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities         123.75       CARE D Reaffirmed

   Short term Bank
   Facilities          65.00       CARE D Reaffirmed

   Long/Short Term
   Bank Facilities    711.25       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating reaffirmation for the bank facilities of IRSL takes
into account the delay in repayment of its debt obligations
including multiple devolvement of Letter of Credits (LCs). The
delays were largely attributable to volatility in key raw
material prices which led to cash flow mismatches leading to the
devolvement of LCs and overdrawal in Cash Credit account.

Going forward, the company's ability to regularize debt
repayments, improvement in operational efficiency and
profitability shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: The statutory auditor has reported
delays in repayment of term loans and dues (in Cash Credit
account) to the banks. The key raw material of the company viz.,
Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG)
are the derivatives of petrochemical industry, the prices of
which are affected by the changes in crude oil prices. During
FY18, the prices of crude oil remained highly fluctuating leading
to cash flow mismatches and LC devolvement.

Weak financial risk profile and stretched liquidity: The
operating income of the company decreased to INR2268.50 crore in
FY18 from INR2489.78 crore. The company has incurred loss during
FY18 owing to volatility in raw material prices leading to
stretched liquidity.

Key Rating Strengths

Experienced promoters and established track record: IRSL's
promoter Mr O P Lohia has over 25 years of experience in the
Indian polyester industry. Mr Lohia along with his son Mr Vishal
Lohia (Whole Time Director) looks after the overall management of
the company. The promoters are supported by a team of qualified
and experienced professionals. IRSL has an established track
record of 25 years of polyester manufacturing and has established
relationships with its suppliers and clients.

Leading manufacturer with economies of scale: IRSL is India's
second largest polyester manufacturer with technical
collaborations with companies like Chemtex Intl. Inc of USA,
Toyobo of Japan, Zimmer AG of Germany. It has one of the largest
integrated polyester manufacturing plants and has presence across
the value chain ie Continuous Polymerisation (CP) plant to
Polyester Staple Fibre (PSF) and Partially Oriented Yarn (POY) to
Draw Textured Yarn (DTY)/ Fully Drawn Yarn (FDY) and Polyester
Chips.

Incorporated in 1986, Indo Rama Synthetics (India) Limited (IRSL)
commenced polyester manufacturing in 1989 and is India's second
largest polyester manufacturer. The Company manufactures a wide
range of polyester products which include Polyester Staple Fiber
(PSF), Partially Oriented Yarn (POY), Draw Texturised Yarn (DTY),
Fully Drawn Yarn (FDY) and Polyester Chips. IRSL has an
integrated manufacturing complex spread over 250 acres at
Butibori, near Nagpur with installed capacity of 6,10,050 MTPA of
polyester. The company has several technical collaborations with
companies like Chemtex Intl. Inc of USA, Toyobo of Japan, Zimmer
AG of Germany among others. IRSL is promoted by Mr. O P Lohia
(current Chairman & Managing Director) and his family.


JAYPEE INFRATECH: Set to Hand over 1,500 Houses to Customers
------------------------------------------------------------
New Indian Express reports that home buyers of Jaypee Infratech
in Noida are likely to see some respite, with the developer set
to hand over 1,000 more houses to customers ready for possession
next month. The company also added that 500 flats will be ready
by the end of this financial year, the report says. "We are
working hard on the completion of the project so that buyers may
get some relief. While the insolvency process is on, in the next
one month 1,000 more houses will be ready for possession," said a
source in the know, New Indian Express relays.

When the company went into insolvency last year, 28,000 home
buyers were waiting for flats to be handed over for possession,
the report recalls. As of August, 3,400 houses were ready, with
the 1,000 flats announced now taking the number to 4,400.

According to the report, the source also said that another set of
500-600 flats will be ready by the end of this fiscal, which will
increase the number to 5,000. The process of getting possession
was further delayed for customers since the IBC amendment
bringing homebuyers at par with financial creditors was
implemented in June, the report notes.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.

On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified
JIL as an insolvent company. With this, the board of directors of
the company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP)
to manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck
real estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the
insolvency proceedings initiated against JIL, after various
associations of homebuyers moved a batch of petitions fearing
they will lose their apartments and not get any compensation,
according to Livemint.  The stay was later revoked by the court,
which directed the resolution professional to submit an interim
resolution plan that takes into account the interest of
homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers. Out of
this, only INR750 crore has been deposited so far, Livemint
relayed.

JIL features in the Reserve Bank of India's first list of
non- performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL
owes more than INR29,000 crore to various banks, the report
added.


JET AIRWAYS: ICRA Lowers Rating on INR4,970cr LT Loan to 'C'
------------------------------------------------------------
ICRA has revised the rating on the bank facility of Jet Airways
(India) Limited to [ICRA]C.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-convertible     698.9       [ICRA]C; downgraded from
   Debenture                       [ICRA]B (Negative)
   Programme

   Long-term Loans   4,970.0       [ICRA]C; downgraded from
                                   [ICRA]B (Negative)

   Long-term, Fund-    645.0       [ICRA]C; downgraded from
   based Facilities                [ICRA]B (Negative)

   Long-term, Non-     700.0       [ICRA]C; downgraded from
   fund Based                      [ICRA]B (Negative)
   Facilities

   Short-term, Non-  3,950.0       [ICRA]A4; reaffirmed
   fund Based
   Facilities

Rationale

The rating downgrade considers delays in the implementation of
the proposed liquidity initiatives by the management, further
aggravating its liquidity, as reflected in the delays in employee
salary payments and lease rental payments to the aircraft
lessors. Moreover, the company has large debt repayments due over
the next four months (December-March) of FY2019 (INR1,700 crore),
FY2020 (INR2,444.5 crore) and FY2021 (INR2,167.9 crore). The
company is undertaking various liquidity initiatives, which
includes, among others, equity infusion and a stake sale in Jet
Privilege Private Limited (JPPL), and the timely implementation
of these initiatives is a key rating sensitivity.

The company continues to witness a stress in its operating and
financial performance. During April-October 2018, the performance
has been impacted by the steep increase in jet fuel prices and
rupee depreciation and the airlines' inability to pass on the
same to the customers. However, while the decline in the fuel
price and rupee appreciation during November 2018 has provided
some respite, the domestic airline industry continues to face
headwinds of rising fuel costs and weak pricing power due to
excess competition. This is expected to continue to pressurise
the company's performance in the near term.

The yields in the domestic aviation industry have moderated
because of increased competition due to the addition of new
players and capacity enhancements by the existing players. Jet
Airways witnessed a YoY decline of 2.1% in its revenue per
available seat kilometer (RASK) during H1 FY2019 despite a 0.6%
increase in its passenger load factor (PLF) to 82.2%.
Furthermore, its cost per available seat kilometre (CASK)
increased YoY by 10.6%, primarily due to the increase in jet fuel
prices. This resulted in the company reporting an operating loss
of INR1,879.0 crore in H1 FY2019, as against an operating profit
of INR536.2 crore in H1 FY2018.

ICRA notes the YoY improvement of 0.4% (excluding the unrealised
foreign exchange loss) in Jet Airways' CASK excluding fuel during
H1 FY2019 due to continued focus by the management to cut costs
in reshaping its business. Furthermore, Jet Airways' strategic
alliance with Etihad Airways PJSC has benefitted it across
several areas, including network growth, code sharing,
operational synergies and cost improvement through maintenance
contract renegotiations, co-ordination of flights, leasing of
spare aircraft, procurement of fuel and other services, resulting
in cost savings. The company has already renegotiated its
maintenance contracts with effect from January 1, 2019, with
estimated savings of US$100 million annually. During Q1 FY2019,
the company received liquidity in excess of US$ 300 million
through lease incentive and bank borrowings. The company also
received INR250 crore advance from JPPL towards future ticket
purchases during October 2018. The company has also planned
several initiatives aimed at significant reduction in costs.
However, the overall credit profile of the company has
deteriorated over the last several quarters, characterised by
high debt levels and weakened liquidity. The networth also
continues to remain negative. ICRA notes the various cost
reduction activities being undertaken by the company and the
ongoing initiatives with banks to raise funds. These are critical
to improve the credit profile of the company.

The increased competition has eradicated the pricing power
available with the airlines despite increased jet fuel prices.
Furthermore, with a considerable portion of the company's
expenses, including financial/operating lease payments, fuel
expenses and a significant portion of aircraft and engine
maintenance expenses, being denominated in US Dollar, the company
is exposed to foreign exchange risk. Continued support from
Etihad Airways is one of the key factors towards turning Jet
Airways around and improving its liquidity profile.

Key rating drivers

Credit strengths

Strategic initiatives planned by Jet Airways together with Etihad
Airways has helped contain costs: With the strategic investment
by Etihad Airways, there is a YoY improvement (excluding
unrealised foreign exchange losses) of 1.8% in Jet Airways' CASK
excluding fuel during FY2018 and 0.4% during H1 FY2019.
Furthermore, the company has already renegotiated its maintenance
contracts with effect from January 01, 2019, with estimated
savings of US$100 million annually. The company has also planned
several initiatives aimed at significant reduction in costs.
However, the cash flows would largely depend on the jet fuel
prices and the ability of the company and the industry to pass on
the increase through increase in fares.

Of the 124 aircraft operated as on September 30, 2018, 16 are
owned, providing opportunities for monetization: The company has
16 owned aircraft as on date. A sale and lease back transaction
for the same would help reduce the debt burden.

Credit challenges

Credit profile of the company continues to remain stretched,
characterised by negative networth and high leverage: Jet Airways
continues to have negative networth due to accumulated losses and
diminution in the value of its investments in its subsidiary Jet
Lite (India) Limited. Furthermore, the liquidity strain has
aggravated due to delays by the company in implementation of its
liquidity initiatives. As on September 30, 2018, the company had
gross debt of INR8,411 crore, as against INR8,403 crore as on
March 31, 2018. This is despite the receipt of lease incentives
during June 2018 and advances from JPPL in October 2018. The debt
levels are, however, expected to increase in the near term
because of the ongoing stress on profitability, unless the
company is successful in its liquidity initiatives. Overall, till
the company starts reporting profits on a sustained basis, the
debt levels are expected to continue to remain high.

Large repayments due over FY2019 to FY2021: The company has
repayments of INR1,700 crore due in the next four months
(December-March) of FY2019, INR2,444.5 crore in FY2020 and
INR2,167.9 crore in FY2021. In the absence of adequate cash
accruals, the company requires refinancing its repayments falling
due. While the company has been undertaking several liquidity
initiatives, timely funds tie-up is a key rating sensitivity.

Weak market conditions in the Middle East, resulting in pressure
on yields and thus profitability: The weakness in the
international markets is primarily attributed to the Gulf as the
economic slowdown has resulted in significant weakening of demand
and thus excess capacity, both in passenger and cargo. This has
resulted in a decline in fares in the Gulf. The depressed demand
in the Gulf has impacted its profitability, although other
markets such as Europe continue to be strong.

The Indian airline industry continues to be faced with
competitive pressures on industry-wide pricing power despite
increased jet fuel prices: The entry of new airlines in the past
two-three years and expansion of capacity by the existing ones
have resulted in intensely competitive market and the same has
prompted all the airlines to resort to variety of fare promotions
to improve their PLFs.

Liquidity Position: The company's liquidity position is stressed,
with operating losses, high debt levels and negative networth.
Furthermore, the company has large repayments of INR1,700 crore
due in the next four months (December-March) of FY2019,
INR2,444.5 crore in FY2020 and INR2,167.9 crore in FY2021. The
company has already been delaying payments of employee salaries
and lease rental payments to the aircraft lessors on account of
the liquidity stress. In the absence of adequate cash accruals,
the company will be required to refinance its repayments falling
due. While it has been undertaking several liquidity initiatives,
timely funds tie-up is a key rating sensitivity. Timely
implementation of proposed liquidity initiatives by the
management to alleviate its liquidity strain would remain
critical to its credit profile.

Incorporated in 1992 as a private limited company, Jet Airways
commenced operations as an Air Taxi Operator in May 1993, with a
fleet of four leased Boeing 737 aircraft. The company was granted
scheduled airline status in January 1995. Jet Airways was founded
by Mr. Naresh Goyal and is presently 51% owned by him, with a 24%
stake held by Etihad Airways post infusion of INR2,057.6 crore in
November 2013. As on September 30, 2018, Jet Airways
(consolidated) had a fleet of 124 aircraft.

For the six-month period that ended on September 30, 2018, Jet
Airways (consolidated) reported a net loss of INR2,587 crore on
an operating income (OI) of INR12,748 crore. For the 12-month
period that ended on March 31, 2018, Jet Airways (consolidated)
reported a net loss of INR724.9 crore on an OI of INR24,455.2
crore, as against a profit after tax (PAT) of INR1,445.3 crore on
an OI of INR22,366.6 crore for the 12-month period that ended on
March 31, 2017.


K.D. LIQUOR: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.D. Liquor
and Fertilizer Private Limited's (KDLFPL) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based limits downgraded with IND BB /
     Negative rating;

-- INR5 mil. Proposed fund-based limits* downgraded with
     Provisional IND BB / Negative rating; and

-- INR80 mil. (increased from INR15 mil.) Non-fund-based limits
     affirmed with IND A4+ rating.

The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by KDLFPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The rating action reflects KDLFPL's stressed liquidity position
with multiple instances of overutilization of its fund-based
facilities of up to 3 days during the 12 months ended November
2018. The ratings are further constrained by KDLFPL's continued
negative cash flow from operations of INR53.73 million in FY18
(FY17: negative INR54.38 million) mainly on account of an
increase in receivables to INR239.66 million (INR62.57 million).
At FYE18, the company had a cash and bank balance of INR13.17
million (FYE17: INR6.16million).

Although EBITDA margin declined to 8.34% in FY18 (FY17: 10.27%),
it remained healthy. The fall in the margin was attributed to an
increase in the cost of raw material consumed. The return on
capital employed was 19% in FY18 (FY17:16%). The company had a
modest net financial leverage, which deteriorated to 2.3x in FY18
(FY17: 1.8x) due to an increase in total debt to INR220.76
million (INR126.29 million) to fund its working capital
requirements.

However, the ratings benefit from an improvement in the company's
scale of operation to medium from small with revenue of INR1,088
million in FY18 (FY17: INR633.22 million). The improvement in the
revenue was on account of an increase in demand of country
liquor. The ratings are further supported by the company's strong
interest coverage, which improved to 6.5x in FY18 (FY17: 4.4x)
due to an increase in absolute EBITDA, resulting from the revenue
increase.

The ratings are also supported by the company's and its promoter'
experience of more than two decades in the production and
packaging of country liquor.

RATING SENSITIVITIES

Negative: A further decline in the operating profitability
leading to a decline in the credit metrics, along with a further
stretch in the liquidity profile, all on a sustained basis, may
lead to a negative rating action.

Positive: An improvement in the liquidity position, the working
capital cycle and the credit metrics, all on a sustained basis
may lead to the Outlook being revised back to Stable.

COMPANY PROFILE

Incorporated in 1995 by Mr. Pradyut Sinha, Mr. Kamal Pandey and
Mr. Kedarnath Banshal, KDLFPL is engaged in the production and
packaging of country liquor in the state of West Bengal.


K. K. COTEX: ICRA Lowers Rating on INR22cr Capital Loan to B
------------------------------------------------------------
ICRA has revised the rating on the bank facility of K. K. Cotex
(KKC) to [ICRA]B(Stable).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         1.58       [ICRA]B(Stable); Downgraded
   Term Loan                      from [ICRA]B+(Stable)

   Fund-based-        22.00       [ICRA]B(Stable); Downgraded
   Working Capital                from [ICRA]B+(Stable)
   Facilities

   Unallocated         1.00       [ICRA]B(Stable); Downgraded
   Limits                         from [ICRA]B+(Stable)

Rationale

The rating revision takes into account the sub-optimal capacity
utilisation, which eroded the scale of operations, moderation in
profitability and capital withdrawn in FY2018. Further, the
ratings are constrained by the company's weak financial risk
profile, characterised by low profit margins, stretched capital
structure, weak coverage indicators and high working capital
intensity. The ratings also factor in the vulnerability of the
firm's profitability to adverse fluctuations in raw material
prices (raw cotton and cotton seeds), considering the inherently
low value-added ginning and crushing business and the stiff
industry competition. Further, it is also exposed to regulatory
risks with regard to the minimum support price (MSP), which is
set by the Government. ICRA also notes the potential adverse
impact on the firm's net worth and the gearing levels in case of
any substantial withdrawal from capital accounts, given that it
is a partnership concern.

The ratings, however, continue to favorably factor in the long-
standing experience of the partners in the cotton industry and
the proximity of the firm's manufacturing plant to raw materials.

Outlook: Stable

ICRA believes K. K. Cotex will continue to benefit from the
experience of its partners in the cotton industry. The outlook
may be revised to Positive if substantial growth in revenue and
profitability leads to higher-than-expected cash accruals, which
coupled with capital infusion and better working capital
management would strengthen the capital structure and liquidity.
The outlook may be revised to Negative if substantial decline in
scale and profitability leads to inadequate cash accruals, or if
any major capital expenditure or capital withdrawal, or stretch
in the working capital cycle weakens the capital structure and
the liquidity.

Key rating drivers

Credit strengths

Experience of partners in cotton industry: Established in 2007,
KKC is managed by partners having extensive experience in the
cotton industry through their association with Jaydeep Cotton
Fibres (P) Ltd. in the past and Shree Ganesh Cotton Industries
presently.

Location-specific advantage: The firm benefits in terms of low
transportation cost and easy access to raw cotton due to the
strategic location of the plant in the Saurashtra region of
Gujarat, an area of high cotton acreage and quality cotton crop.

Credit challenges

Weak financial risk profile: The operating income of the firm
declined by 48% to INR44.73 crore in FY2018 from INR85.85 crore
in FY2017 with decline in volume of cotton bales and cotton seeds
by 71%. Consequently, the operating margin also moderated to
0.90% in FY2018 from 3.91% in FY2017 because of decline in
operations and low value-added operations. The moderation in
operating profitability coupled with increase in interest and
depreciation charges led to net loss of INR2.62 crore in FY2018
compared to net profit of INR0.71 crore in FY2017. Losses at net
levels coupled with withdrawal of capital in FY2018 moderated the
net worth to INR5.99 crore in FY2018 from INR10.22 crore in
FY2017. Reduction in net worth, coupled with increase in debt
towards the debt-funded capex and the high working capital
requirements, moderated the gearing to 3.88 times as on March 31,
2018 from 2.51 times as on March 31, 2017.

Low profitability and high debt resulted in weak debt protection
metrics: the interest coverage was 0.16 times and the Total
Debt/OPBDITA was 57.86 times in FY2018. The working capital
intensity has also increased as evident from NWC/OI of 54% in
FY2018 against 36% in FY2017.

Vulnerability of profitability to adverse fluctuations in raw
material prices and regulatory changes: The firm's profitability
remains exposed to fluctuation in raw material (raw cotton &
cotton seeds) prices, which depend on various factors such as
seasonality, climatic conditions, international demand and supply
situations, and export policy. Further, it is also exposed to
regulatory risks with regard to the minimum support price (MSP)
set by the Government.

Intense competition and fragmented industry structure: The
company faces stiff competition from other small and unorganised
industry players, given the commoditisation and low-entry
barriers, which limit its pricing flexibility and bargaining
power with customers, thereby putting pressure on its revenues
and margins.

Risk associated with partnership constitution: KKC, being a
partnership firm, is exposed to adverse capital structure risk
where any substantial capital withdrawal, as happened in FY2018,
could negatively impact the net worth and the capital structure.

Liquidity Position:

KKC's cash flows remained negative in FY2018, following decline
in scale, moderation in profitability, capital expenditure on
crushing capacity expansion and capital withdrawal by partners.
The utilisation of the CC limit stood high, at 90%, in the last
eight months, from February 2018 to September 2018. The liquidity
is expected to remain tight; expected capital infusion and
unsecured loans in the current year will support liquidity.

K. K. Cotex (KKC) was established as a partnership firm in 2007
with its manufacturing facility at Rajkot (Gujarat). The firm is
engaged in cotton ginning and pressing to produce cotton bales
and cotton seeds. Additionally, it also crushes cotton seeds to
produce cotton seed oil and cake. The firm is equipped with 24
ginning machines, one pressing machine and 15 expellers, having
an installed capacity to produce 500 bales per day. The
operations of the firm are managed by Mr. Kishore Patel and Mrs.
Bhavita Patel, who have extensive experience in the cotton
industry. Shree Ganesh Cotton Industries (SGCI) is an associate
concern of K. K. Cotex and has been engaged in ginning, pressing
and crushing operations since 2016.

In FY2018, the firm reported a net loss of INR2.62 crore on an
operating income of INR44.73 crore, as compared to a net profit
of INR0.71 crore on an operating income of INR85.85 crore in the
previous year.


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR420 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, L B Industries is engaged in the trading of
various flooring products and edible oils. In December 2013, the
firm started trading various commodities such as palm oil and
sugar. In 2015, it ventured into third-party manufacturing of
cooking spray oil under its own brand name.












LEXUS GRANITO: ICRA Lowers Rating on INR42.18cr Loan to D
---------------------------------------------------------
ICRA has revised the rating on the bank facility of Lexus Granito
(India) Limited's (LGL) to [ICRA]D.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based-       42.18       [ICRA]D; Downgraded from
   Term Loans                    [ICRA]BB- (Negative)

   Fund-based-       22.00       [ICRA]D; Downgraded from
   Cash Credit                   [ICRA]BB- (Negative)

   Fund-based-      (17.00)      [ICRA]D; Downgraded from
   EPC/FBD                       [ICRA]A4

   Non-fund based-    4.70       [ICRA]D; Downgraded from
   Bank Guarantee                [ICRA]A4

   Non-fund based-   (0.75)      [ICRA]D; Downgraded from
   Credit Exposure               [ICRA]A4
   Limit

   Non-convertible    6.40       [ICRA]D; Downgraded from
   Debentures (NCD)              [ICRA]BB- (Negative)

   Proposed NCD       8.60       [ICRA]D; Downgraded from
                                 [ICRA]BB- (Negative)

Rationale

The ratings downgrade takes into account LGL delays in servicing
debt obligations on account of its stretched liquidity position,
following delayed payments from customers leading to elongated
receivables as well as high inventory levels. Moreover, the
pressure on liquidity is evident from the full utilisation of the
working capital limits and the stretched creditors to fund the
incremental working capital requirements. The ratings also
consider the average financial risk profile, marked by the
moderate debt coverage indicators and increased working capital
intensity of operations. Further, the cyclical nature of the real
estate industry (the main end-user sector), intense competition
and exposure of the company's profitability to volatility in raw
material and fuel (piped natural gas and coal) prices are other
credit concerns.

However, the ratings derive comfort from the extensive experience
of the promoters in the ceramic tile industry, the company's
established presence in the domestic and international markets
and its location, which ensures easy availability of raw
materials.

Key rating drivers

Credit strengths

Experience of promoters: Incorporated in 2010, LGL is managed by
its key promoters, Mr. Babulal Detroja, Mr. Anil Detroja, Mr.
Nilesh Detroja and Mr. Hitesh Detroja. They have more than a
decade of experience in the ceramic tile industry via their
association with the Group entities in the ceramic tile business.

Favourable location for raw material procurement; wide range of
products: The company's manufacturing facility is located in
Morbi, Gujarat, which ensures easy availability of raw material.
It manufactures vitrified tiles and wall tiles and supplies them
in various sizes, designs and specifications to cater to the
special needs of clients.

Credit challenges

Delays in debt servicing: As per the confirmation from the
debenture trustee (DT), the company has failed to make the
interest payment on the NCDs. The payment was due on December 12,
2018 and the delay confirmation was received from the DT on
December 14, 2018. Further, the company has also delayed in
servicing its debt obligations on its bank facilities for the
last three months.

Increased working capital intensity and stretched liquidity
position: LGL's working capital intensity remained high in the
past as reflected by an NWC/OI of ~51% in H1 FY2019 (~34% in H1
FY2018). This is because of delayed payments from customers,
leading to elongated receivables as well as a significant
increase in the inventory levels. Moreover, the pressure on
liquidity is evident from the stretched creditors to fund the
incremental working capital requirement.

Intense competition: The company operates in a competitive
business environment with the presence of organised players as
well as unorganised tile manufacturers, thereby limiting its
pricing and profitability.

Vulnerability of profitability to adverse fluctuations in raw
material and coal prices: The company's margins are primarily
affected by the raw material and coal price fluctuations. Any
adverse movement in these prices could have an adverse impact on
the margins, considering its limited ability to pass on the price
hike due to intense competition. The price fluctuations also
impact the company's realisations.

Liquidity position: LGL's cash flow from operations remained
negative in FY2018 on account of the increase in working capital
intensity of operations, driven by elongated receivables and high
inventory levels. The pressure on liquidity is also evident from
the almost full utilisation of the working capital limits. Going
forward, the efficient management of the working capital
requirement will be the key to improving the liquidity position.

Incorporated in 2010, Lexus Granito (India) Limited is an
established player in the ceramics industry with presence in the
domestic and international markets. The company manufactures
vitrified tiles and operates through its own plant in Morbi with
an installed capacity to produce 48,00,000 boxes of vitrified
tiles per annum in three sizes - 600X600 mm, 1200X600 mm and
800X1200 mm. In June 2017, the company commenced the manufacture
of wall tiles (which was earlier manufactured under its Group
concern, Lexus Ceramic Private Limited). The wall tiles
manufacturing unit is located in LGL's existing facility. The
unit has an installed capacity to produce 64,80,000 boxes of wall
tiles per annum in three sizes - 300X600 mm, 300X450 mm and
300X300 mm. The company is managed by Mr. Babulal Detroja, Mr.
Anil Detroja, Mr. Nilesh Detroja and Mr. Hitesh Detroja.


M.M. ISPAT: ICRA Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
The ratings for the bank facilities of M.M. Ispat Pvt Ltd (MMIPL)
continue to remain under 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        6.00       [ICRA]D ISSUER NOT COOPERATING;
   Limit-Cash                   Rating continues to remain under
   Credit                       'Issuer Not Cooperating' category

   Unallocated       4.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                       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.

M.M. Ispat Pvt Ltd, incorporated in the year 2009, had been
involved in trading of iron and steel products, such as hot
rolled sheets, cold rolled sheets, galvanized plain, galvanized
corrugated sheets, M.S. Angle, M.S. Channel, and M.S. Pipe etc
primarily in Raipur, Chhattisgarh.


MAHATMA GANDHI: ICRA Reaffirms C+ Rating on INR20cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating on the bank facilities of The
Mahatma Gandhi Sahakara Sakkare Karkhane's (MGSSK) at [ICRA]C+.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-Fund
   Based/CC            15.0     [ICRA]C+; reaffirmed

   Long Term-
   Unallocated         20.0     [ICRA]C+; reaffirmed

Rationale

The rating reaffirmation is constrained by MGSSK weak financial
profile characterised by net losses and negative cash accruals
and its negative net worth owing to accumulation of losses over
the years. The coverage indicators have remained inadequate and
the cash losses and debt servicing obligations have been mainly
funded through additional borrowings. The rating also considers
the de-growth in MGSSK's revenues in FY2018 due to lower sales
volume, notwithstanding the improvement in its operating profits
due to lower cane procurement costs in FY2018. The rating is also
constrained by its high working capital intensity of operations
due to high inventory holdings and the exposure of the business
to agro-climatic risks on sugarcane availability and recovery and
the high regulatory intensity in terms of sugarcane pricing.
Further, the margins are likely to be under pressure in the near
term, given the decrease in the sugar realisations in the ongoing
sugar season.

The rating, however, draws comfort from the extensive experience
of the management in the sugar industry, along with forward
integration of the plant into co-generation, which results in
partial de-risking from the volatilities of sugar industry.

Key rating drivers

Credit strengths

Extensive experience of management in the industry: MGSSK was
promoted by Dr. Bheemanna Khandre, who has over 35 years of
experience in the sugar industry. Before MGSSK, he had co-founded
the Bidar Sahakare Sakkare Karkhane Ltd and served as its
Chairman for more than fourteen years.

Partial forward integration with co-generation power plant: MGSSK
is partially forward integrated with an eight-MW co-generation
power plant, which protects its profitability to an extent in
case of downturn in the sugar industry. In addition to the sale
of power, it derives revenues from the sale of bagasse and
molasses. This lends support to its revenues and margins to some
extent.

Credit challenges

Net losses and negative cash accruals: MGSSK's profitability has
remained weak with the entity continuing to report net losses in
FY2018 due to high interest costs resulting from high debt
levels. The revenues also de-grew in FY2018 due to lower sales
volume. The operating profits, however, improved due to lower
cane procurement costs in FY2018.

Adverse capital structure with negative net worth and inadequate
coverage indicators: MGSSK's net worth remains negative owing to
the losses accumulated over the years. The losses are primarily
funded through additional debt borrowings and this has resulted
in an adverse capital structure. The weak operating margins and
high interest costs have resulted in inadequate coverage
indicators.

Exposure of the business to agro-climatic risks and regulatory
risks: The availability of sugarcane and the sugar recovery from
the cane is susceptible to changes in the weather conditions.
This leads to high volatility in the prices of sugar over the
years. Moreover, the sugar industry is highly regulated, and the
Government sets the floor price for the procurement of sugarcane.
This would impact the profitability of sugar industry when the
sugar realisations are low.

Working capital intensive nature of operations: MGSSK operates
its sugar mill during the cane harvesting season, which typically
runs from October/November to March/April. It stocks the sugar
produced during this season and sells them during the subsequent
months. The high inventory holdings during this season lead to
high working capital intensity of operations. With further
increase, especially in year-end inventory, the NWC/OI stood high
at 119.0% in FY2018 when compared to 66.3% in FY2017.

Liquidity position: MGSSK's cash flows from operations remained
weak owing to an increase in its working capital requirements in
FY2018. With weak realisations and low profitability in the
current fiscal, the liquidity position remains tight. It has
limited cushion available in the form of its undrawn working
capital borrowings. The planned capital expenditure of ~Rs. 6.5
crore and repayment obligation of ~Rs. 4.4 crore in FY2019 is
likely to further impact the liquidity.

MGSSK, a co-operative society registered under the Karnataka Co-
operative Societies Act, 1959, operates a sugar mill with a
capacity of 3,500 tonne of cane per day (TCD), integrated with an
8-megawatt (MW) co-generation power plant, in Balki Taluk of
Bidar district in Karnataka. Registered in March 1981, the entity
commenced its commercial operations in FY2003 with 2,500-TCD
crushing capacity. Registered in April 1991, the society
commenced its operations in November 2003 with 2500 TCD. In
FY2012 and FY2013, the entity expanded its processing capacity to
3500 TCD and installed the co-generation plant.

In FY2018, MGSSK reported a net loss of INR19.8 crore on an
operating income (OI) of INR92.0 crore compared to a net loss of
INR20.1 crore on an OI of INR115.6 crore in the previous year.


MATHER PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Mather Projects Private Ltd.

        Regional office:
        410B, Niranjan Building
        99 Marine Drive
        Maharashtra 400002

        Principal office:
        Kodiatt Chambers
        Rajaji Road, Kochi
        Kerala 682035

Insolvency Commencement Date: November 30, 2018

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: May 28, 2019

Insolvency professional: Padmakumar. K.C.

Interim Resolution
Professional:            Padmakumar. K.C.
                         T.C. 15/1997 (3)
                         Fair Dreams
                         Women's College North Gate
                         Thiruvananthapuram
                         Kerala 695014
                         E-mail: padmakumarkc@gmail.com

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    1. C.A. Sunil Chandy Eapen I.P.
                         2. C.A. Jasin Jose I.P.
                         3. K.P. Dileep I.P.

Last date for
submission of claims:    December 20, 2018


MIRHA EXPORTS: ICRA Lowers Rating on INR140cr Loan to D
-------------------------------------------------------
ICRA has revised the rating on the bank facility of Mirha Exports
Private Limited (MEPL) to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          140.00      [ICRA]D; revised from
                                   [ICRA]A3

   Non-fund Based       33.00      [ICRA]D; revised from
                                   [ICRA]A3

ICRA has revised its ratings on the bank facilities of MEPL to
[ICRA]D from [ICRA]A3, due to the recent overdues, of more than
30 days, in the bill-discounting facility. This is due to delays
in realisation of receivables from a few overseas clients.

Going forward, MEPL's ability to service its debt obligations in
a timely manner and a sustained improvement in the liquidity
position will be the key credit sensitivity.

Key rating drivers:

Credit challenges

Overdues in the bill discounting facility: The have been
instances of overdues in the bill-discounting facility, of more
than 30 days, due to the delays in realisation of receivables
from a few overseas clients in the recent past.

Commoditised nature of business and unorganised market for raw
material sourcing limits profitability: The company's
profitability remains under pressure due to the fragmented nature
and the unorganised structure of the meat-processing industry.
Vulnerability of profitability to adverse currency movements -
With exports contributing a healthy share of MEPL's revenues, its
margins remain exposed to adverse fluctuations in currency
movements.

Incorporated in September 1997, MEPL is involved in processing
and export of frozen buffalo meat products from India. It has an
integrated abattoir-cum-processing facility at Dera Bassi
(Punjab), which has a license to slaughter 1,200 animals per day
(installed capacity to slaughter 2,000 animals per day) and a
processing capacity of 150 metric tonnes (MT) of meat per day. It
also has a 60 MT per day processing facility at Sahibabad, Uttar
Pradesh.


MITHIYA DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mithiya Developers Private Limited

        Regional office:
        Barvalia Group of Companies
        Opp. Bldg. No. 161, Naidu Colony
        Pant Nagar, Ghatkopar (East)
        Mumbai 400075

        Corporate office:
        Raaj Chambers
        SKM Fabrics Andheri Premises
        R K Paramhans Marg, Andheri (East)
        Mumbai

Insolvency Commencement Date: December 6, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 4, 2019

Insolvency professional: Ravi Prakash Ganti

Interim Resolution
Professional:            Ravi Prakash Ganti
                         Flat No. 2, Ashiana CHS Ltd
                         Plot No. 60-A, Sector 21
                         Kharghar, Navi Mumbai 410210
                         E-mail: gantirp@gmail.com

                            - and -

                         Regus Business Centre
                         Maker Tower 'E', Office No. 1607
                         16th Floor, Cuffe Parade
                         Mumbai 400005
                         E-mail: gantirp@gmail.com

Last date for
submission of claims:    December 27, 2018


MONIKA FRESHWAY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Monika Freshway Foods Private Limited

        Registered office:
        Shop No. 6, New Grain Market
        Nigdu, Karnal
        Haryana 132157, IN

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, Karnal Bench

Estimated date of closure of
insolvency resolution process: June 1, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Tarun Batra

Interim Resolution
Professional:            Mr. Tarun Batra
                         #1085, Sector-6, Karnal
                         Haryana 132001
                         E-mail: batratarun@gmail.com
                         Mobile: 09729870010

                            - and -

                         Shop Number 11, Nehru Place
                         Karnal 132001, Haryana
                         E-mail: irp.monika@gmail.com

Last date for
submission of claims:    December 18, 2018


NAVKAR LIFESCIENCES: ICRA Lowers Rating on INR26.75cr Loan to D
---------------------------------------------------------------
ICRA has revised the rating on the bank facility of Navkar
Lifesciences to [ICRA]D.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        26.75      [ICRA]D ISSUER NOT COOPERATING;
                                Downgraded from [ICRA]BB-
                                (Stable) and continues to be
                                in issuer not cooperating
                                category

Rationale

The key driver of the rating revision is the delay in servicing
the debt obligations in the term loans and cash credit facilities
due to cashflow pressures. Navkar has had high level of working
capital intensity owing to high credit period offered to broaden
the client base. In absence of timely receivables, the company
faced cashflow pressures which resulted in delays in term loan
repayments as well as cash credit facilities. Going forward, a
track record of the timely debt servicing will be the key rating
sensitivity.

Key rating drivers

Credit challenges

Delays in debt servicing: The firm delayed term loan repayments
for more than 10-15 days in the past. This apart, there were
delays in interest servicing for cash credit facility owing to
delayed receivable realisation.

Risks associated with partnership constitution: Given Navkar
constitution as a partnership firm, it remains exposed to
discrete risks, including the possibility of withdrawal of
capital by the partners and the risk of dissolution of the firm
upon the death, retirement or insolvency of partners.

Liquidity Position: With limited bargaining power and exposure to
competition, Navkar's credit policy for customers remains between
90 days to 120 days in order to gain market share. This led to
high working-capital cycle and resulted in cashflow pressures in
absence of any additional funding support from partners.

Navkar, incorporated in February 2016, is involved in developing
and manufacturing generic pharmaceutical formulations such as
tablets, capsules and ointments. The firm's manufacturing
facilities are located in Baddi, Himachal Pradesh, and it offers
a considerably broad range of formulations such as analgesic,
nutritional, dermatological, anti-allergic, anti-diabetic, anti-
fungal, and anti-depressants. Navkar is a part of the Baddi-based
Arion Healthcare Group (which is also involved in the same line
of business) and Arihant Packwell (which is involved in
manufacturing packaging material).


NOBLE RESOURCING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Noble Resourcing Business & Solutions Private Limited
        16/603, East End Apartment Mayur Vihar
        Phase-I Exten Delhi
        DL 110096 IN

Insolvency Commencement Date: September 25, 2018

Court: National Company Law Tribunal, Ghaziabad (U.P.) Bench

Estimated date of closure of
insolvency resolution process: March 24, 2019

Insolvency professional: Mr. Manoj Kulshrestha

Interim Resolution
Professional:            Mr. Manoj Kulshrestha
                         4th Floor, CS-14, Ansal Plaza
                         Opp. Dabur Vaishali
                         Ghaziabad, U.P. 201010
                         E-mail: costadviser@hotmail.com
                         Tel.: 0120-4226157

Last date for
submission of claims:    December 18, 2018


NEW ASIAN: ICRA Lowers Rating on INR26.13cr Term Loan to D
----------------------------------------------------------
ICRA has revised the rating on the bank facility of New Asian
Infrastructure Development Private Limited (NAIDPL) to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         26.13       [ICRA]D; downgraded from
   Term Loan                       [ICRA]B(Stable)

   Unallocated          3.37       [ICRA]D; downgraded from
   Limits                          [ICRA]B(Stable)

Material Event

As informed by the banker on November 30, 2018, there have been
delays in servicing of term loan repayment obligations by NAIDPL
in the past one month.

There have been delays in receiving payment from Maharashtra
State Electricity Distribution Company Limited (MSEDCL), with
whom the company has entered into a Power Purchase Agreement
(PPA) that has led to delays in servicing of debt obligations.

Impact of the Material Event: ICRA has revised the long-term
rating to [ICRA]D from [ICRA]B assigned to the INR29.50 crore
bank facilities of NAIDPL.

Rationale

The rating revision takes into account the recent instances of
delays in debt servicing obligations by NAIDPL following delays
in receipt of payment from MSEDCL. The liquidity profile of the
company remains stretched, given the elongated receivables.
However, the ratings derive comfort from the presence of a power
purchase agreement for the 7MW hydro power generation unit, which
was commissioned in January 2016.

In ICRA's opinion, the company's ability to regularise debt
servicing by improving turnover, profitability and faster
collection of receivables, would be the key rating sensitivity,
going forward.

Key rating drivers

Credit strengths

Revenue and cash flow visibility following presence of power
purchase agreement (PPA) for entire generation capacity: The
company entered into a PPA with Maharashtra State Electricity
Distribution Company Limited (MSEDCL) for a period of thirteen
years from the date of commercial operation, i.e. January 2016 at
a tariff of INR4.35 per unit. The agreement covers 100% off-take
of the project, thus mitigating the market risks for the company.

Credit challenges

Recent instances of delays in debt servicing obligations: NAIDPL
has delayed the servicing of term loan repayment obligations in
the past one month on account of delays in receipt of payment
from MSEDCL.

Stretched liquidity arising from delays in receivables: There
have been delays in receiving payment from Maharashtra State
Electricity Distribution Company Limited (MSEDCL), with whom the
company has entered into a Power Purchase Agreement (PPA) for a
period of 13 years from the date of commencement of operations.
Further, delays in commissioning of the project has led to low
cash accruals and has stretched the liquidity position.
Commercial operations started from January 2016 and being in its
initial phase of operations, the cash accruals remained weak.


NEW LAXMI: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded New Laxmi Steel
& Power Private Limited's (NLSPPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR400 mil. (increased from INR200 mil.) Fund-based limits
    upgraded with IND BB+/Stable rating;

-- INR50 mil. Non-fund-based limits assigned with IND A4+
    rating; and

-- INR250 mil. Proposed non-fund-based limits are withdrawn (the
    company did not proceed with the instrument as envisaged).

KEY RATING DRIVERS

The upgrade reflects a significant improvement in NLSPPL's
revenue to INR1,385.72 million in FY18 (FY17: INR1,096.17
million, FY16: INR861.2 million) and further to INR1,730 million
during April-November 2018 due to an increase in demand and
geographical expansion. However, the scale of operations remains
medium.

The ratings also reflect an improvement in the company's overall
credit metrics in FY18, with gross interest coverage (operating
EBITDA/gross interest expense) of 2.4x (FY17: 1.7x) and net
leverage (total adjusted net debt/operating EBITDAR) of 5.4x
(7.3x). The metrics improved due to an improvement in absolute
EBITDA. However, the credit profile remains moderate.

Furthermore, NLSPPL's operating margin rose to 5.4% in FY18
(FY17: 4.3%), backed by a decline in the cost of raw materials
consumed. However, the margin remain modest due to the RoCE of
10% in FY18 (FY17: 6%). The margin remains exposed to risk
arising from volatility in the prices of raw materials.

The ratings also factor in NLPSPPL's moderate liquidity position,
with 93.63% average utilization of the working capital limits
during the 12 months ended November 2018. Also, cash flow from
operations was INR87.40 million in FY18 (FY17: negative INR88.67
million).

The ratings are also constrained by the presence of a large
number of unorganized players in the steel industry.

The ratings, however, are supported by the promoters' over two
decades of experience in the manufacturing of thermo-mechanically
treated bars.

RATING SENSITIVITIES

Negative: A sustained decline in the revenue and credit profile
could lead to a negative rating action.

Positive: A sustained improvement in the credit metrics and
liquidity could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2007, NLSPPL manufactures TMT bars, structural
steel and billets. Its manufacturing plant is situated in Khurda,
Odisha with an installed capacity of 72,000MT of TMT and 18,000MT
of structured steel. The company also has a galvanizing unit with
a capacity of 29,000MT in Odisha.


PLASTIMBER IMPEX: ICRA Lowers Rating on INR5.90cr Loan to D
-----------------------------------------------------------
ICRA has revised the rating on the bank facility of Plastimber
Impex (PI) to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Limits               5.90       Downgraded to [ICRA]D from
                                   [ICRA]B (Stable)

Rationale

The rating revision takes into account the ongoing delays in debt
servicing owing to stretched liquidity position following delays
in receipt of payments from customers. The rating continues to be
constrained by weak financial risk profile marked by nascent
scale of operations, low profitability, leveraged capital
structure, weak coverage indicators and high working capital
intensity. The rating is also constrained by the vulnerability of
profitability to fluctuation in raw material prices amid
intensive competitive industry. ICRA also notes that PI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its capital structure. The rating,
however, continue to positively consider the past experience of
the promoters in the plastic products business and established
marketing network of associate concerns.

In ICRA's opinion, the company's ability to regularise debt
servicing by improving turnover, profitability and timely
collection of receivables, would be the key rating sensitivity,
going forward.

Outlook: Not Applicable

Key rating drivers

Credit strengths

Extensive experience of promoters in the plastic products and
allied businesses: The promoters of the firm have past experience
in plastic business due to their association with group concerns,
engaged in manufacturing of plastic products. PI also benefits in
terms of established dealers' network of sister concerns.

Credit challenges

Delays in debt servicing: Delays in debt servicing owing to
entity's stretched liquidity position following delays in receipt
of payment from customers located in South India affected by
natural calamity.

Weak financial risk profile: The operating income of the firm
stood at INR10.41 crore in FY2018 albeit increased from INR1.80
crore in FY2017 with stabilisation of operations. The operating
profitability remained at 15.73%, though the net profit margin
remained low at 0.05% due to high depreciation and interest cost.
The capital structure remained stretched with gearing of 7.47
times as on FY2018-end with high debt levels and low net-worth.
Low profitability and high debt level resulted in weak debt
protection metrics with TD/OPBITDA of 4.89 times, DSCR at 1.02
times, interest coverage at 1.88 times and an NCA/TD of 9% as on
March 31, 2018. The firm's operations remain working capital
intensive as evident from NWC/OI at 47% as on March 31, 2018
owing to high inventory and receivable period. The liquidity
profile remains stretched with almost full utilization of working
capital limits.

Profitability remains vulnerable to fluctuations in key raw
material prices and intense competition: The key raw material
used in manufacturing is poly vinyl chloride (PVC) resin, which
is a crude oil derivative. Hence, the price of the same remains
volatile in nature depending on crude oil price movements. In
addition, intense competition in the industry and the price
sensitivity of the customers contains the pricing ability.

Risks associated with partnership concern: Any capital
withdrawal, given the partnership nature of the firm, could
adversely impact its capital structure.

Liquidity Position:

The firm's cash flows remained stretched because of high
operating working capital requirement which has also led to
delays in debt servicing. The firm's fund flow from operations is
expected to remain stretched in near future with capex plans and
debt repayments in the near to medium term.

Established in May 2015, Plastimber Impex (PI) manufactures wood-
plastic composite (WPC) sheets and Polyvinyl chloride (PVC)
sheets. The manufacturing facility of the firm is in Rajkot
district of Gujarat and has an installed capacity of
manufacturing ~43 Lakh square feet of WPC and PVC sheets per
annum. The firm is promoted by the Surani family and two other
partners, who have past experience in manufacturing of plastic
products and allied businesses.

In FY2018, the firm reported a net profit of INR0.01 crore on an
operating income (OI) of INR10.41 crore as against a net loss of
INR1.05 crore on an OI of INR1.80 crore in FY2017.


PREMSONS SUPER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Premsons Super Steels Private Limited
        KHASRA No. 29/10, Ground Floor, Street No. 17
        Near Shiv Mandir, Vill-Libaspur Delhi
        North West Delhi 110042, India

Insolvency Commencement Date: December 10, 2018

Court: National Company Law Tribunal, Bench-III, New Delhi

Estimated date of closure of
insolvency resolution process: June 8, 2019
                               (180 days from commencement)

Insolvency professional: Manivannan J.

Interim Resolution
Professional:            Manivannan J.
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street
                         Santhosapuram, Chennai
                         Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    December 27, 2018


RADHAGOBINDA RICE: ICRA Retains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the bank facilities of Radhagobinda Rice
Mills Private Limited (RRMPL) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based         5.40      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to be under
                                'Issuer Not Cooperating' category

   Fund-based         2.20      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to be 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.

Incorporated in 2009, RRMPL is currently engaged in the milling
of non-basmati rice. The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.


RIA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ria Constructions Limited
        H. No. 2028/3 Sector 45C
        Chandigarh 160047
        India

Insolvency Commencement Date: December 11, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: June 8, 2019

Insolvency professional: Desh Deepak

Interim Resolution
Professional:            Desh Deepak
                         House Number 1099/1, Sector 37-B
                         Chandigarh, U.T. 160036
                         E-mail: deshdeepak297@gmail.com
                                 deshdeepak.ria.297@gmail.com

Last date for
submission of claims:    December 25, 2018


RLS ALLOYS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s. RLS Alloys Private Limited
        S.F. No. 118/1,2,3 Sethurapatti Road
        Fathima Nagar, Trichy
        Tiruchirappalli
        Tamilnadu 620012

Insolvency Commencement Date: December 10, 2018

Court: National Company Law Tribunal, Erode Bench

Estimated date of closure of
insolvency resolution process: January 1, 2019
                               (180 days from commencement)

Insolvency professional: Ramasamy Shanmuggam

Interim Resolution
Professional:            Ramasamy Shanmuggam
                         No. 207, 1st Floor Thirukumaran Building
                         11-F, Mettur Road, Near Kalyan Silks
                         Erode 638011, Tamil Nadu
                         E-mail: shanmuggam@yahoo.co.in

Last date for
submission of claims:    December 24, 2018


RVR FARMS: CARE Assigns B+ Rating to INR15.92cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RVR
Farms (RVRF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          15.92       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RVRF are tempered
by small scale of operations with declining PBILDT margin and
thin PAT margin, leveraged capital structure and weak debt
coverage indicators, working capital intensive nature of
business, constitution of the entity as a partnership firm with
inherent risk of withdrawal of capital, highly fragmented
industry with intense competition from large number of players.
The rating, however, derives strength from experience of the
partners for more than two decade in poultry business, growth in
total operating income, and stable outlook demand of poultry
products.

Going forward, ability of the firm to increase its scale of
operations profitability margins and improve its capital
structure and debt coverage indicators with proper management of
working capital are the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations and declining PBILDT margin and thin
PAT margin during review period: RVR Farms was established in the
year 2014. Further, the scale of operations of the entity is
small marked by Total operating income (TOI) which stood at
INR40.05 crore in FY18 with low networth of INR2.26 crore. The
PBILDT margin of the firm has declining during the review period.
The PBILDT margin decreased from 10.92% in FY16 to 8.77% in FY18
due to increase in raw material expenses (Birds feed and
medicines) and employees cost. The PAT margin of the firm
decreased from 0.42% in FY16 to 0.31% in FY18 due to increase in
interest cost at the back of high utilization of working capital
bank borrowings.

Leveraged capital structure and moderate debt coverage indicators
during review period: RVR Farms has leveraged capital structure
during review period. The debt equity ratio and overall gearing
ratio of the entity improved respectively from 4.63x and 8.94x as
on March 31, 2016 to 3.48x and 8.54x respectively as on March 31,
2018 due to repayment of term loan and unsecured loans The entity
has weak debt coverage indicators during review period. Total
debt/GCA deteriorated from 9.68x in FY16 to 14.36x in FY18 due to
decrease in gross cash accruals. The PBILDT interest coverage
ratio deteriorated from 2.50x in FY16 to 1.66x in FY18 due to
increase in interest cost at the back of high utilization of
working capital bank borrowings. Total debt/Cash flow from
operations stood at 3.58x as on March 31, 2018 due to increase in
cash flow from operating activities at the back of increase in
inventory.

Working capital intensive nature of operations: The operating
cycle of the entity is moderate during review period and remained
at 95 days in FY18 against 85 days in FY17 due to increase in
inventory period to 201 days in FY18. Operating cycle of the
entity continues to remain moderate due to its nature of business
operations where in the firm is required to keep high inventory
level of parent bird and raw material stock to feed the birds in
different growing stages and to mitigate fluctuation in raw
material prices. RVRF operates on cash & carry model. In respect
of few customers it extends one week credit period. RVRF makes
payment to suppliers of chicks in 15-30 days. Further the firm is
purchasing feed from its associate entity (RVV Agri Feeds Private
Limited) and enjoying a credit period of 60-90 days. The average
utilization of working capital facility is 90% during past
twelve months ended with October 31, 2018.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: Constitution as a partnership firm
has the inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which can
affect its capital structure. Further, partnership concern has
restricted access to external borrowing which limits their growth
opportunities to some extent. The partners infused the capital of
INR0.45 crore in FY17 and withdrawn the capital of INR0.20 crore
in FY18.

Highly fragmented industry with intense competition from large
number of players: RVRF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the company.

Key Rating Strengths

Experience of the promoters for more than two decade in Poultry
business: RVR Farms is promoted by Mr. Chandrasekar Reddy Gurram
along with his wife Mrs. Shalini Reddy Gurram. The partners
have more than two decade of experience in poultry feeds business
through their association with the group entities. Due to long
term presence in the market, the firm has good relation with
customer and supplier.

Growth in total operating income during review period: The total
operating income of the firm grew by a CAGR of 25.05% from
INR25.61 crore in FY16 to INR40.05 crore in FY18 aided by the
increased sales in eggs and cull birds on account of y-o-y
increase in market price of eggs to an extent of 5%-10% when
compared to previous year. During 7MFY19, the firm achieved total
sales of INR23 crore.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home 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. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Liquidity Analysis: The current ratio of the firm is below unity
during the review period and stood at 0.93x as on March 31, 2018
due to relatively high current liabilities as compared to current
assets on account of increase in sundry creditors coupled with
higher utilization of working capital bank borrowings. The cash
and cash equivalents of the stood at INR0.12 crore along with
mahi chit funds balance INR0.11 crore as on March 31, 2018.

RVR farm (RVRF) was established in the year 2014 by Mr.
Chandrasekar Reddy Gurram along with his wife Mrs. Gurram Shalini
Reddy. The partners has more than two decade of experience in
poultry business. The firm is engaged in farming of egg, laying
poultry birds (chickens) and trading of eggs, cull birds and
their Manure. The firm mainly buys chicks from Venkateshwara
Hatcheries Pvt Ltd. The firm purchases raw materials for feeding
of birds like rice brokens, maize, sun flower oil cake, shell
grit, minerals and soya from its associate concerns (RVV Agri
Feeds Private Limited). The firm sells all its products like eggs
and cull birds to local traders. The firm has installed capacity
of 5,04,000 number of birds in 2 units.


SAISONS TRADE: ICRA Lowers Rating on INR20cr Loan to D
------------------------------------------------------
ICRA has revised the rating on the bank facility of Saisons Trade
& Industry Private Limited to [ICRA]D Issuer Not Co-Operating.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-convertible      20.00      [ICRA]D ISSUER NOT CO-
   debentures(NCD)                 OPERATING; Downgraded from
                                   [ICRA]B+ (Stable) and
                                   continues to remain in issuer
                                   not cooperating category

Rationale

The revision in rating of Saisons Trade & Industry Private
Limited takes into account the recent instance of delay in
servicing of interest on NCD, as confirmed by the debenture
trustee (DT). The liquidity position of the company remained
stretched owing to the working capital-intensive nature of
business. The rating favorably factors in the established track
record of the company in the electrical and electronics industry
for over a decade.

Outlook: Not applicable

Key rating drivers

Credit strengths Established track record in the electrical and
electronics industry for over a decade: STIPL was incorporated in
1999 and manufactures electrical panels, fire panels and
accessories, wire harness, accessories for telecommunication
towers and fabricated products. The operations of the company are
collectively managed by Mr. Siddharth Shah and his brother, Mr.
Ankit Shah, who have an experience of over 15 years in the
industry.

Credit challenges

Recent delays in debt servicing: As confirmed by the debenture
trustee, STIPL has reported an instance of delay in servicing of
interest on NCD issued by the company in December 2018, due to
stretched liquidity position.

Saisons Trade & Industry Private Limited was incorporated in
1999. The company manufactures electrical panels, fire panels and
accessories, wire harness, accessories for telecom towers and
fabricated products. The manufacturing unit of the company is
located at Bhiwandi in Thane and spans across 30,000 square feet.
It has an installed capacity of manufacturing 6000 control panels
per annum. STPL also has an assembling unit at Vadodara in
Gujarat which spans across 12,000 square feet.


SEGNO CERAMICS: CARE Lowers Rating on INR33.036cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Segno Ceramics Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      33.03      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; Stable
                                  on the basis of best available
                                  information

Detailed Rationale& Key Rating Drivers

Segno Ceramics Private Limited 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 Segno
Ceramics Private Limited's bank facilities 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.

The rating assigned to the bank facilities of Segno Ceramics
Private Limited takes into consideration the strain in liquidity
position and consequently leading to delays in servicing of debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in the repayment of debt obligation: The company, on
account of decline in total operating income due to stiff
competition combined with increase in operational cost has
started incurring of cash losses thus straining its liquidity
position and consequently leading to delays in servicing of debt
obligations.

Significant decline in total operating income along with
reporting of net loss during FY18: During FY18, the total
operating income of the company significantly declined by 36.2 3%
from INR 49.37 crore during FY17 to INR 31.47 crore during FY18
on account of intense competition in the ceramic tiles industry.
Further due to high fixed cost and increase in the operational
expenses the PBILDT margin of the company deteriorated
significantly from 25.48% during FY17 to 0.62% during FY18.
During FY18, the company has reported PBILDT level and net loss
of INR0.19 crore (INR12.58 crore during FY17) and INR 9.80 crore
(INR0.19 crore during FY17).

Significant deterioration in financial risk profile: The networth
of the company has completely eroded during FY18 on account of
incurring losses. The networth of the company as on March 31,
2018 was at INR (0.05) crore (as against the networ th of INR
9.71 crore as on March 2017).  Complete erosion of networth and
incurring of cash losses during FY18 has adversely impacted the
company's financial risk profile.

Working capital intensive nature of operations: Due to slowdown
in the sales of the company the average inventory days and
collection period deteriorated from 194 days and 51 days in FY17
to 279 days and 106 days respectively leading to deteriorated
operating cycle from 129 days during FY17 to 184 days during
FY18. The company also takes 6-7 months to make payments to its
creditors. The average working capital utilization of the company
is almost full at 100% for the past 12 months ending November
2018 indicating high reliance on working capital limit.

Key Rating Strengths

Experienced and resourceful promoters: Segno Ceramics Private
Limited (SCPL) is promoted by Mr. N. Narahari Prasad - Managing
director(Bachelor of Engineering) having more than two decades of
experience in ceramics tiles industry. N. Vijaya Lakshmi (MBA), C
Sasi Kumar (Bachelor of Engineering), G. Vamsi Krishna (Diploma
in Ceramics) are the other directors. All the directors have
extensive experience in the Ceramics Tiles Industry.

Established dealership and diversified customers and supplier
base: The company has wide dealer network for marketing of its
products in six states - Andhra Pradesh, Telangana, Tamil Nadu,
Karnataka, Odisha and Pondicherry. Segno ceramics has a strong
presence in the market with many clients and repeat business. The
supplier base of the company for procuring the raw materials
comprising of Ball Clay, White Ball Clay, China Clay, N1 Clay,
Soda Feldspar, and Potash Feldspar is also diversified
geographically.

Incorporated in 2011, Segno Ceramics Private Limited (SCPL) is
engaged in manufacturing and trading of ceramic vitrified
tiles and sanitary ware. The ceramic tiles produced are Nano
finish using single firing technology. The company started its
commercial operation from September 2013.

The company is promoted by Mr N. Narahari Prasad who has
extensive experience with a proven track record in the
engineering industry. The company has wide dealer network for
marketing of its products in six states - Andhra Pradesh,
Telangana, Tamil Nadu, Karnataka, Odisha and Pondicherry. The
manufacturing plant is located in Prakasm District, Andhra
Pradesh with a production capacity of 11,000 Sq. Mtrs per day.
The unit has the certification of ISO 9001-2008 and certification
from Civil Aid Techno clinic Private Limited for its quality of
the products.


SETU VINTRADE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Setu Vintrade Limited

        Registered address:
        29A, Weston Street, 3rd Floor
        Kolkata 700012

Insolvency Commencement Date: December 11, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 9, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Beena Jajodia

Interim Resolution
Professional:            Ms. Beena Jajodia
                         862, Jessore Road Block A
                         Ground Floor, Kolkata
                         West Bengal 700055
                         E-mail: bjajodia73@gmail.com

                            - and -

                         14 S P Mukherjee Road, 3rd Floor
                         Kolkata 700025 West Bengal
                         E-mail: ipbjajodia@gmail.com

Last date for
submission of claims:    December 25, 2018


SIDDHIVINAYAK TRAILERS: CARE Moves B Rating to Not Cooperating
--------------------------------------------------------------
CARE has been seeking information from Siddhivinayak Trailers to
monitor the rating(s) vide e-mail communications/letters dated
August 14, 2018, August 1, 2018, July 20, 2018 and July 2, 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 rating on Siddhivinayak Trailers
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term Bank     5.00      CARE B; Stable; Issuer not
   Facilities                   cooperating; Based on best
                                available information

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

The ratings takes into account of nascent stage of operations
with low net worth base, Leveraged capital structure and weak
debt coverage indicator, working capital intensive nature of
operation, Fortunes linked to the growth in auto industry,
susceptibility to fluctuation in prices of raw material and
presence in highly fragmented industry leading to stiff
competition. The rating however, derives strength from
experienced promoters and long track record of operations of
group firm.

Going forward, procurement of successful orders through
successful contract is key rating sensitivity for credit aspects.
Further Risk of withdrawal of capital given the proprietorship
nature of constitution of the firm shall be key rating
sensitivity.

Detailed description of the key rating drivers

At the time of last rating on November 2, 2017 the following were
the rating strengths and weaknesses.

Key rating Weakness

Nascent stage of operations with low net worth base: Entity
commenced commercial production from April 2017, thus the overall
operations are at a nascent stage. In FY17 the entity has
reported total revenue of INR2 crore. Moreover, in 5MFY18 as well
the entity has earned operating profit of only INR0.05 crore and
has on an order position worth of INR0.50 crore which is expected
to finalize in October 2017.

Leveraged capital structure and weak debt coverage indicator: Due
to nascent stage of operation its networth is projected to
relatively low at INR1.88 crore as on March 31, 2018.

Working capital intensive nature of operation: The operations of
ST highly working capital intensive in nature to run the business
as it requires high amount of working capital. Furthermore, ST
has availed working capital facility amounting to INR5 crore to
run the business.

Fortunes linked to the growth in auto industry: ST caters to
dealers in automobile sector thereby its revenue is mainly
dependent on prevailing conditions of demand and supply as well
other regulatory laws prevailing in automobile industry. In order
to capture the market share, the auto dealers offer better buying
terms like allowing discounts on purchases.  Such discounts
offered to the customers create margin pressure and might
negatively impact the profits.

Risk of withdrawal of capital given the proprietorship nature of
constitution of the firm: ST being a proprietorship entity, the
risks associated with withdrawal of proprietor's capital exists.
The entity is exposed to inherent risk of proprietor's capital
being withdrawn at time of personal contingency as also it has
limited ability to raise capital and poor succession planning may
result in dissolution of entity.

Susceptibility to fluctuation in prices of raw material: ST uses
raw material such steel, aluminium and other metals to
manufacture its customized products, the steel prices are highly
volatile in nature as it is impacted by various factors such as
movement of steel prices in the international market, various
policies undertaken by government to curb import of steel and
induce its demand in the domestic markets in India.

Presence in highly fragmented industry leading to stiff
competition: The firm operates in the engineering industry with a
high level of competition from both the organized and largely
unorganized sector. Moreover, the global & domestic macroeconomic
environment continues to remain uncertain and poses a major
challenge for the entities operating in the industry and having
major export revenues.

Key Rating Strengths:

Experienced & resourceful proprietor: Siddhivinayak Trailers (ST)
was promoted by Mr. Atmaram Sawardekar, who has more than four
decades of experience in the engineering industry. Over the
period he has developed established name in the market and look
after the overall management of the firm.

Established in April 2017, M/s Siddhivinayak Trailers (ST) is
engaged into the business of manufacturing of containers,
trailers and other engineering products (mainly containers,
carriers, cabin body and others) and other job-work activities
for bulk trailer and containers/carriers through its plant
located at Shirdon, Raigad district. To manufacture these
products, the key raw material i.e. steel, aluminum, irons, etc
are sourced from local suppliers and after procuring orders, such
containers provided to various domestic customers.

As on August 23, 2017, ST has achieved sales of INR2.00 crore and
an order book position of 55 trailers amounting to INR50 lakhs
which is to be executed by the end of October 2017.


SLN TECHNOLOGIES: ICRA Lowers Rating on INR6.25cr Loan to D
-----------------------------------------------------------
ICRA has revised the rating on the bank facility of Sln
Technologies to [ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Fund-
   Based-Term Loan     3.00       [ICRA]D; revised from
                                  [ICRA]BB- (Stable)

   Long-term Fund      4.50       [ICRA]D; revised from
   Based-Working                  [ICRA]BB- (Stable)
   Capital Facilities

   Long-term
   Unallocated         0.50       [ICRA]D; revised from
                                  [ICRA]BB- (Stable)

   Short-term Non-     6.25       [ICRA]D; revised from
   fund based-                    [ICRA]A4
   Working Capital
   Facilities

Rationale

The rating revision takes into account the recent instance of
delay in meeting its debt servicing obligations by Sln
Technologies following delays in receipt of payment from its
customers. The company has high customer concentration risk,
given the dependence on a few Government organisations for its
orders, accentuating the risk of order volatility. Moreover, Sln
Technologies' projects are of a long duration and procedural
delays have resulted in stretched receivables and a high
inventory-holding period. Consequently, the liquidity position
remains stretched with high utilisation of the working capital
facilities. Going forward, the company's ability to regularise
debt servicing by ensuring faster collection of receivables,
would be the key rating sensitivity.

Key rating drivers

Credit challenges

Recent delays in debt servicing: There have been delays in debt
servicing by the company due to stretch in the working capital
cycle. The liquidity position was weakened due to delays in
realisation of receivables from its customers.

Project-specific requirements of the clients result in high order
volatility: The customer concentration remains high with high
dependence on HAL and BEL for its orders. Any delays in the
scheduling of the projects by the Government can impact the order
flow and subsequently the company's revenues. The staggering of
revenues also impacts its liquidity profile in the interim.

High working capital intensity resulting from stretched
receivables and high inventory-holding period: In FY2018, the
company generated ~91% of revenues from supplies to Government
agencies like HAL, BEL and Electronics Corporation of India
Limited (ECIL). This has resulted in higher working capital
requirements owing to the long payment cycles. Further, the long
duration nature of the projects and procedural delays stretches
the cash flows, besides impacting revenue growth. This has led to
high working capital utilisation resulting in limited buffer to
meet any contingencies.

Liquidity Position

With high customer concentration and limited bargaining power
with the Government agencies, Sln Technologies' working capital
cycle and liquidity position remains stretched.

Incorporated in 1995, SLN Technologies Private Limited is
involved in designing and manufacturing of electronic products,
which finds applications in Defence, nuclear, aerospace,
satellite and communication. The company, promoted by Mr. D. R.
Subramanyam and Mr. M. Anil Kumar engineering graduates with
nearly 30 years of industry experience, was initially involved in
providing maintenance and repair services to the domestic printed
circuit manufacturing industry. However, it has transformed into
an electronic systems design and manufacturing company (ESDM) and
the product portfolio includes solid state flight data recorders
(SSFDR), automated test equipments (ATEs), antenna control
systems, trip units and other electronic products. At present, it
operates from rented premises of (~3,600 sq ft) and is in the
process of setting up its own, 24,500 sq ft., manufacturing
facility in Bangalore. It is ISO 9001:2015 and AS9100D certified.
SLN Technologies is voted to be the permanent member of the Asia-
Pacific Aerospace Quality Group (APAQG).

As per the audited results for FY2018, the company reported a net
profit of INR2.43 crore on an OI of INR23.37 crore, as against a
net profit of INR3.41 crore on an OI of INR24.08 crore in FY2017.


SUNSHINE INFRAENGINEERS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Sunshine Infraengineers India Private Limited
        5-42-32A, Second floor, 6/13-14, Brodipet
        Guntur 522002, Andhra Pradesh

Insolvency Commencement Date: December 12, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 10, 2019

Insolvency professional: Naga Bhushan Bhagawati

Interim Resolution
Professional:            Naga Bhushan Bhagawati
                         1-1-380/38 Ashok Nagar Extension
                         Hyderabad 20
                         E-mail: bnagabhushan@yahoo.com
                                 nagabhushanca@gmail.com

Last date for
submission of claims:    December 26, 2018


UMA GLASS: CARE Lowers Rating on INR8.20cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Uma Glass Works (UGW), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.20       CARE D Revised from CARE B;
                                   Stable

   Short-term Bank
   Facilities           1.65       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings of UGW takes into consideration delay
in servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There have been delays in debt
servicing on account of stressed liquidity position.

Firozabad, Uttar Pradesh based UGW was established in 2009. The
firm is being managed by Mr. Gaurav Singhal, Mrs. Gunjan Singhal
and Mr. Suresh Chandra Agrawal sharing profit and losses in the
ratio of 33%, 33% and 34% respectively. UGW is engaged in
manufacturing of glass products such as kitchen ware, table ware,
glass ware headlight, glass jars and glass tumblers, etc. The
manufacturing facility of the firm is located in Firozabad (Uttar
Pradesh). The products find its application in household and auto
sector. The main raw materials for manufacturing of above
mentioned products are soda ash, silica sand, chemicals and
broken glass. Soda ash is procured from chemical companies in
Gujarat region, silic a sand is procured from Allahabad and
Rajasthan region, broken glass is procured from local market of
Firozabad. Uma Glass Private Limited is an associate concern of
UGW incorporated in March, 2011. It is engaged in manufacturing
of glass products.


VIRCHAND NARSI: CARE Raises Rating on INR26.50cr Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Virchand Narsi Cotton Private Limited (VNCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       26.50      CARE B; Stable Revised from
   Facilities                      CARE B+ to CARE D and upgraded
                                   to CARE B

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the long term bank
facilities of Virchand Narsi Cotton Private Limited to 'Single D'
reflects over drawls in the working capital facilities by the
company during March 04, 2018 to May 03, 2018 due to its stressed
liquidity position. The rating was, hence revised to 'CARE D
(Single D)' as per CARE's policy of recognizing default. However,
following the regularization of debt servicing by the company
from May 04, 2018, the rating stands revised to CARE B (Single B)
with the stable outlook.

The rating assigned to the bank facilities of Virchand Narsi
Cotton Private Limited (VNCPL), continues to be moderated by
moderate scale of operations and thin profit margin inherent to
the cotton ginning business, weak debt coverage indicators and
capital structure, volatility in cotton prices, working capital
intensive nature of operations and presence in a highly
fragmented cotton ginning industry. The rating continues to
derive strength from experience of the promoters in the cotton
industry, locational advantage with respect to close proximity of
raw material and a diversified customer base. The ability of
VNCPL to improve its liquidity position, profit margin and
solvency position along-with effective management of working
capital cycle are the key rating sensitivities.

Key Rating Weaknesses

Product concentration risk leading to high susceptible production
and price of raw cotton and regulatory risk VNCPL's product
portfolio includes cotton bales, cotton seeds, cotton seed oil
and cottonseed cake, falai, GAD. For FY18, Cotton Bales
contributed 68.98% of sales (FY17 61.40%) and cottonseed cake
23.06% (FY17 30.12%). Cottonseed cake is the solid material which
remains after extraction of the oil from the cotton seeds. It is
majorly used as fodder for cattle. Since cotton bales account for
major portion of total sales, company has to face vulnerability
to the limited availability of cotton. Raw cotton is exposed to
regulatory risks with regard to Minimum Support Price (MSP) fixed
by Government of India (GOI). Further; the quantum and quality of
cotton produced in a particular year is largely dependent on
factors such as rainfall, climatic conditions and the harvest
season. Thus VNCPL's operations are contingent on it sourcing the
requisite quantum and quality of cotton at an appropriate price.

Seasonal availability of raw material leading to higher working
capital requirement: Seasonal availability of raw material
leading to higher working capital requirement VNCPL purchases
high amount of raw material during the period from October to
February in order to take advantage of the seasonal availability
and cheaper price of the cotton. The process results in heavy
inventory build-up with elongated working capital cycle. The cash
credit utilization remained at around 95% to 100% for the past 12
months ended November 30, 2018. The company generally avails ad
hoc limit for 90 days once or twice during the peak season.
Regularization of adhoc limit in time and managing working
capital requirement efficiently is the key rating monitorable.

Fragmented cotton ginning industry with low entry barriers
leading to stiff competition: Cotton ginning industry business is
characterized by low entry barriers leading to high degree of
competition with a large numbers of units operating in cotton
ginning business. This coupled with low level of product
differentiation due to minimal technological inputs results into
high fragmentation and competition within the domestic players
impacting profitability of the players in the segment.
Financial risk profile marked by moderate scale of operation,
thin profit margins and weak debt coverage indicators with
working capital incentive nature.

The total operating income for VNCPL have increased by 20% in
FY18 as compared to FY17 and stood at INR162.35 crore. The
increase in total operating income was due to improve in
availability raw cotton in the market. PBILDT margin declined to
1.82 % in FY18 from 2.04 in FY17 on account of increased in cost
of material consumed. Further the PAT margin stood at 0.09% in
FY18 as against 0.10% in FY17. The net worth for VNCPL as on
March 31, 2018 was INR 8.64 crores. Unsecured loans outstanding
of INR 12.01 Crore as on March 31, 2018 are received from
promoters and relatives to finance fund requirement of VNCPL. The
same are interest bearing. As informed by management interest
rate varies with change in profitability for that year. Overall
gearing remained high at 4.54x as on March 31, 2018 as against
4.11x as on March 31, 2017. It is higher on account of, higher
level of long term loans as on March 31, 2018. The operations are
seasonal in nature thereby resulting in fluctuating raw cotton
inventory, elongated collection period which ultimately resulted
in high working cycle which stood at 97 days in FY18 as against
102 days in FY17. Through collection period improved to 109 days
in FY18 as compared with 165 days in FY17. On account of its
working capital intensive nature of operations led by optimum
utilization of cash credit facility, liquidity remains moderate
with current ratio of 1.33x and quick ratio of 1.04x as on March
31, 2018.

Key Rating Strengths

Satisfactory track record of operations along with experienced
promoters: VNCPL has track record of fourteen years in the cotton
ginning industry. Mr. Kumarpal Dand (managing director) is
associated with the cotton ginning and pressing business for more
than three decades. The other promoter directors have over 20
years of experience in the cotton ginning and pressing business
and are well versed with the functioning and all the risks
associated with this sector.

Strategic Location of Manufacturing unit with close proximity to
raw material source: VNCPL's is having close proximity to leading
cotton-growing regions of Maharashtra and Gujarat which helps it
in easy procurement and lower logistic expenditure related to raw
material. Diversified customer base over the years, VNCPL and its
promoters have established relationships with customers due to
their long presence in the industry. The customer profile of
VNCPL is moderately diversified.

Virchand Narsi Cotton Private Limited was incorporated in 2002.
Virchand Narsi Cotton Private Limited (VNCPL) is a 100% promoter
owned company with Mr. Kumarpal Dand being managing director.
VNCPL is engaged in ginning and pressing of raw cotton with
installed capacity of Cotton Bales: 109500 (No's). For cotton
seed cake and cotton seed oil business VNCPL pays job work
charges to sister concerns and get work done in their premises.
The company is also in the business of trading of cotton seed and
cotton bales. The company's manufacturing facility is located in
Malkapur (Buldhana District) in the state of Maharashtra which
has an installed capacity of processing 300 units of cotton bales
per day (109500 per annum). VNCPL's product portfolio includes
cotton bales, cottonseeds, cottonseed oil and cotton seed cake.


ZEN TOBACCO: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Zen Tobacco Private Limited (ZTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.50       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ZTPL continues to
remain constrained on account of its modest scale of operations
with dip in profitability and moderate liquidity position in FY18
(FY refers to the period April 01 to March 31). The rating is
further constrained due to susceptibility of its business
operations to adverse changes in government regulations,
seasonality associated with the raw material availability and
susceptibility of its profitability to volatility in raw
materials prices.

The rating, however, continues to derive strength from
established operational track record of ZTPL over a decade and
the vast experience of the promoters in the tobacco industry
along with established sourcing arrangements with tobacco vendors
for the procurement of raw materials and wide distribution
network for its products. Further, rating also takes comfort from
the improved capital structure and debt coverage indicators
during FY18.

The ability of ZTPL to increase its scale of operations and
profitability margins are the key rating sensitivities. Further
improvement in solvency position and debt protection indicators
would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with dip in profitability: During
FY18, Total operating income (TOI) remained modest at INR30.78
crore as against INR31.65 crore during FY17. The PBILDT margin of
ZTPL dipped by 388 bps y-o-y and remained moderate at 6.41%
during FY18 as compared to 10.30% in FY17. Consequent to dip in
PBILDT margin, ZTPL reported PAT margin of 1.75% during FY18 as
against 2.11% during FY17.

Moderate liquidity position: Liquidity position of ZTPL remained
moderate with a modest current ratio at 1.01 times as on March
31, 2018. ZTPL's working capital limit remained highly utilized
at around 90% during past 12 months ended October, 2018. The
unencumbered cash and bank balance stood at INR0.15 crore as on
March 31, 2018.

Business operations vulnerable to government regulations: Tobacco
products have been the major source of revenue in the form of
taxes to both central as well as state governments, and hence
there are regular modifications in taxation laws/tax rates with
respect to the same. However, the demand for tobacco products is
highly inelastic and the manufacturers are able to partially
transfer the additional cost to the end customers. Due to the
hazardous nature of the product, the governments as well as
courts have banned the sale of various products in various
states. Furthermore, the shops or kiosks selling tobacco products
are also required to display warnings about health hazards of
tobacco prominently on their advertisement boards which might
impact the
sales.

Seasonality associated with the raw material availability and
susceptibility of its profitability to volatility in raw
materials prices: Raw tobacco silver and flavors contribute
around 70-75% of the TOI. The prices of raw tobacco have been
moderately
volatile in the past depending upon the availability in the
market; however the prices of silver and flavor have been highly
volatile. Since there is a long time lag between raw material
procurement and liquidation of inventory, the company is exposed
to the risk of adverse price movement resulting in lower
realization than expected. However, due to the demand of chewing
tobacco having very low level of price elasticity, the company is
in a position to pass-on the increased cost to its final
consumers which lowers the risk of raw material price
fluctuations.

Key Rating Strengths

Established operational track record and experience of promoters
in tobacco industry: ZTPL is promoted by two individuals led by
Mr. Rashmin Majethia, who is acting as a Managing Director,
having an experience of about 17 years in the business of chewing
tobacco. Mr. Pinakin Gor is acting as the director and has an
experience of about 15 years in the business. Due to their long
standing industry presence, the promoters have been able
to establish their own reputation. Also, over the years, the
company has developed strong relationships with the suppliers.

Established sourcing arrangement and strong distribution network
ZTPL sources various grades of tobacco required for its products
from Gujarat. The company has developed long-term relationship
with tobacco vendors in the state. For other raw materials like
flavour, perfumes, saffron, packaging material, etc., the company
has established vendors having long-term relationships. On the
distribution front, the company has a vast dealer network spread
all over the country. The company has established its own
distribution depots and has appointed around 150 dealers across
the major cities of India.

Consistent improvement in capital structure and debt coverage
indicators: The capital structure of ZTPL marked by an overall
gearing ratio remained moderate; albeit it improved significantly
and remained at 1.93 times as on March 31, 2018 as against 5.16
times as on March 31, 2017. The debt coverage indicators of
ZTPL also improved significantly and remained moderate marked by
total debt to GCA of 5.56 years as on March 31, 2018 as against
11.31 years as on March 31, 2017, while interest coverage stood
at 1.97 times during FY18.

Ahmedabad-based (Gujarat) ZTPL was incorporated in the year 2003.
The main products of ZTPL include Chewing Tobacco (Zarda). Mr.
Rashmin Majithia, Managing Director, manages the day to day
operations of ZTPL. The company markets its products under the
brand 'Mazaa', 'Hero' and 'Eagle' across India. Its plant,
located at Daskroi, Ahmedabad has a total installed capacity of
1400 Metric Tonnes Per Annum (MTPA) of Chewing Tobacco as on
March 31, 2018. The finished product of ZTPL is distributed pan-
India via well-established dealer channel.



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


MITSUI OSK: Moody's Downgrades CFR to Ba2, Outlook Stable
---------------------------------------------------------
Moody's Japan K.K. has downgraded Mitsui O.S.K. Lines, Ltd.'s
corporate family rating to Ba2 from Ba1. The rating outlook is
stable.

This action concludes the review for downgrade initiated on
September 25, 2018.

RATINGS RATIONALE

"We expect MOL's debt will not decline materially over the next
few years and its leverage will likely remain above our downgrade
guidance of 7.0x for a Ba1 rating," says Motoki Yanase, a Moody's
Vice President and Senior Credit Officer.

Moody's sees only a limited possibility for MOL to materially
reduce its debt during the next several years, given the
expectation that the company will continue to borrow to invest in
its growth segments, such as offshore oil and gas infrastructure
and LNG carriers.

Moody's expects a marginal improvement in profitability measured
by EBIT margin over the next few years, from its growth segments,
the spin-off of its volatile containership business into the
Ocean Network Express (ONE) joint venture, and the gradual
recovery in the market, mainly in the dry bulk and containership
sectors.

ONE so far has not benefited MOL's profitability, and it will
take several years to prove out. This fledgling joint venture
started off with operating problems, which caused a wide loss in
the first half of fiscal 2018.

Moody's believes any earnings improvement will have a limited
impact on MOL's ability to lower leverage, given the large size
of its debt. Moody's expects that MOL's EBIT margin will remain
in the single digits, and that any improvement in EBITDA will not
be enough to lower leverage. Moody's estimates MOL's retained
cash flow/net debt will remain in the single digits, lower than
that of its global peers at the Ba or single-B levels.

Nevertheless, despite its weak credit metrics, MOL's rating
continues to be supported by its large scale, relatively
diversified shipping segments, and well-established market
presence.

MOL owns a variety of ships -- including dry bulkers, car
carriers, tankers and LNG carriers -- which have different
business cycles and mitigate business volatility to some extent.
These mostly unencumbered assets put the company in a better
position than many of its global peers to raise funds by selling
or securing assets.

The rating could be upgraded if Moody's sees more clarity on the
outlook for a material decrease in debt and improvement in its
profitability, which is enough to maintain (1) debt/EBITDA below
7.0x and (2) retained cash flow/net debt above 10%.

The rating could be further downgraded if MOL's profitability and
leverage remain weak so that (1) debt/EBITDA remains above the
7.5x-8.0x range and (2) retained cash flow/net debt falls to the
low single digits in percentage terms for a prolonged period.

The principal methodology used in this rating was Shipping
Industry (Japanese) published in January 2018.


NIPPON YUSEN: Moody's Assigns Ba1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Japan K.K. has assigned a Ba1 corporate family rating to
Nippon Yusen Kabushiki Kaisha, reflecting a one-notch lower
rating than its Baa3 issuer rating. This is the first time
Moody's has assigned a speculative grade credit rating to the
company.

At the same time, Moody's has withdrawn NYK's Baa3 issuer rating.

The rating outlook is stable.

This action concludes the review for downgrade initiated on
September 25, 2018.

RATINGS RATIONALE

"Even though NYK plans to reduce debt, its leverage in terms of
debt/EBITDA will likely remain high for an investment grade
rating, above our downgrade guidance of 6.5x over the next
several years," says Motoki Yanase, a Moody's Vice President and
Senior Credit Officer.

NYK is seeking to reduce debt by curtailing capital expenditure
and monetizing assets, but any debt reduction will likely be less
than 10% during the next three years.

Moreover, the improvement in EBITDA will not be enough to lower
leverage meaningfully in terms of debt/EBITDA. In terms of NYK's
retained cash flow (RCF)/net debt, Moody's expects this metric
will remain in the low teens, much lower than around 30% level
for its Baa-rated global peers.

The marginal improvement in NYK's profitability measured by EBIT
margin over the next few years reflects the effects of the spin-
off of its volatile containership business into the Ocean Network
Express Pte. Ltd. joint venture and the gradual state of the
recovery in bulk and container vessels.

ONE so far has not benefited NYK's profitability, and it will
take several years to prove out. This fledgling joint venture
started off with operating problems, which caused a wide loss in
the first half of fiscal 2018.

In addition, NYK subsidiary Nippon Cargo Airlines also incurred
losses with its entire fleet grounded this fiscal year and may
take a few years to restart its aircraft and regain its
profitability.

Nevertheless, despite its weak credit metrics, NYK's rating
continues to be supported by its large scale, relatively
diversified business, and well-established market presence.

NYK's diversified fleet assets with different business cycles
also help mitigate business volatility to some extent. The
company has substantial unencumbered assets that it sells on an
ongoing basis, which provides the company with more alternate
sources of liquidity compared with most of its global peers.

The rating could be upgraded if NYK reduces its debt materially
and keeps its earnings stable by reducing its market exposure
such that (1) debt/EBITDA stays below 6.5x, and (2) retained cash
flow (RCF)/net debt remains above 15% for a sustained period.

The rating could be further downgraded if profitability and
leverage remain weak such that (1) debt/EBITDA stays materially
above 7.0x, and (2) RCF/net debt remains in the single digits in
percentage terms for a prolonged period.

The principal methodology used in these ratings was Shipping
Industry (Japanese) published in January 2018.



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


VIVA MACAU: Loan Granted "An Exceptional" Case, DSE Head Says
-------------------------------------------------------------
Macau News Agency reports that the Director of the Macau Economic
Bureau (DSE), Tai Kin Ip, said that the loan granted to airline
Viva Macau was "an exceptional" case and that procedures to
assess the risk of loans granted by the department have become
stricter and more demanding since then.

This year it was revealed that defunct low-cost airline company
Viva Macau - Sociedade de Aviacao, Limitada, defaulted on a five-
instalment loan amounting to MOP212 million (US$26.22 million)
granted by the DSE's Industrial and Commercial Development Fund
(FDCI) between 2008 and 2009.

According to the report, Mr. Tai said the worldwide financial
crisis at the time caused repercussions on local companies, with
the Macau government deeming that financial assistance to Viva
Macau was necessary to avoid the company's collapse.

"This episode was a very exceptional assistance provided by the
government. During that time, a lot of firms in the world were
not running well and the whole world [economy] was at risk of
tumbling down. To avoid further risks of going down, the
government provided this exceptional assistance. Luckily after
then we did not see the same environment happening," the DSE
Director told MNA.

According to the report, the DSE head said since this period of
international economic turmoil, his department has improved the
FDCI loan requirements, concerning the monitoring and solvency of
the loan receivers.

"We have improved all of those, to guarantee public
accountability in the future. [. .  .] We have set up very clear
guidelines concerning this kind of assistance and also to keep
the procedures strictly close to the guidelines," he added.

With the FDCI currently only revealing on Official Gazette which
entities received the funds but not the requirements and
procedures it uses to define which entities would receive its
financing, Mr. Tai indicated that these internal guidelines will
be made public "in the near future," according to MNA.

"Internally we have guidelines already enforced for a long time
since I assumed this position [in March, 2016]. The guidelines
set up are in line with other fund's practices. We are
considering, for further transparency, to upload these guidelines
online in the near future for the public in general to know the
rules we have been following for a long time," he told MNA.

The Commission Against Corruption (CCAC) is currently
investigating whether infractions to procedures were committed
when the loans to Viva Macau were granted, MNA notes.



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


SNAKK MEDIA: CEO Steps Down After First Creditors Meeting
---------------------------------------------------------
Jenny Ruth at BusinessDesk reports that Snakk Media's chief
executive Joel Williams has ceased his employment with the
company, it advised in a one-sentence statement on Dec. 21.

BusinessDesk relates that the mobile advertising company also
said the voluntary administrators, KordaMentha, of its most
significant asset, Australia-based subsidiary Snakk Media Pty,
held its first creditors' meeting on Dec. 20 -- the listed
company is the subsidiary's largest creditor.

"The board continues to review the financial position of the
company and assess the options for its future," it said, notes
the report. "It is consulting with key stakeholders and seeking
expert advice. This process is being conducted as quickly as
possible."

Snakk's board appointed Rahul Goyal and Scott Langdon of
KordaMentha as administrators on Dec. 10, BusinessDesk discloses.

According to BusinessDesk, trading of Snakk shares on NZX's soon-
to-be-defunct NXT junior market was halted on Nov. 30 and
suspended indefinitely on Dec. 7 after the company failed to
lodge its first-half financial statements.

The shares last traded at 5.5 cents on Nov. 27 and have fallen
21.4 percent year-to-date, the report notes.

The company lost NZ$305,000 in the year ended March, down from a
NZ$3.2 million net loss the previous year. Snakk had NZ$1.08
million in cash at March 31, BusinessDesk discloses.

BusinessDesk adds that a research report by Edison published on
Nov. 5 which reported Snakk was limping along on convertible
loans totalling NZ$89,000 from two directors pending shareholder
approval of a capital raising.

"The benefits of the restructuring initiated in full-year 2017
and continuing through full-year 2018 should be more apparent in
full-year 2019 as the business runs for a full year on a lower
underlying cost base," Edison said, BusinessDesk relays.


TERRIBLE TALK: Insolvency Matters Appointed as Liquidators
----------------------------------------------------------
Paul Gorman at Stuff.co.nz reports that it was meant to be a
telecommunications provider with a difference, giving its profits
to charities around the world. But on Dec. 21, the receiver was
hung up on self-professed Christchurch technology entrepreneur
Albi Whale and his Terrible Talk New Zealand.

The company is now in liquidation, with Brenton Wood of
Insolvency Matters due to file the first liquidator's report on
January 8, Stuff says.

Stuff, citing the Companies Office website, discloses that
Mr. Whale was the sole director and shareholder of the Tai Tapu-
based Terrible Talk, holding all 1,000 shares, allocated in three
tranches of 998 shares, one share and one share.

On its website, Mr. Whale's much-vaunted Terrible Talk said it
supported climate change adaptation, internet freedom and the
Time's Up movement against sexual harassment.

Charities were to be supported through the Terrible Foundation,
the developer and controller of an artificial intelligence
venture called "Zach". But while its financial reports showed it
disbursed about NZ$227,000 in grants in four years - NZ$200,000
in the last year - it did not specify to whom that money was paid
or for what, according to Stuff.

"Significant contributions" promised for Oxfam never eventuated.

Mr. Whale and his father Dr David Whale, a trustee of the
foundation, previously told Stuff that Terrible Talk had almost 6
million customers around the world. An analysis of the 13,000
likes on the Terrible Facebook page showed about 9,000 were from
Bangladesh and 3,000 from Indonesia. Fewer than 100 were from
New Zealand accounts, Stuff relates.

According to Stuff, the Companies Office file showed Terrible
Talk's last annual return was lodged on October 16, 2017.

Stuff relates that on May 23 and 25 this year, seven documents
were filed changing the particulars of shareholdings, director's
details and the company's address.

In less than 40 minutes on the morning of May 25, shareholding
details were amended four times - from "Mr Alberic Whale,
Protector" and "Mr Alberic Whale, Trustee", to "Mr Alberic
Whale", to "Alberic Whale" and finally to "Alberic Chetwin
Whale," Stuff relays.

Inconsistencies around the Terrible Foundation have been noted
before, Stuff states. The foundation claimed earlier this year it
had assets worth NZ$450 million, yet in the previous three years
said it had less than NZ$1 million in assets.

Another company in which Mr. Whale was a sole shareholder,
Luminous Group, went into liquidation in May 2014, Stuff adds
citing the Companies Office.



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


COASTAL OIL: Singapore Petroleum Co. Enters Liquidation
-------------------------------------------------------
The Edge Markets reports that Singapore petroleum company Coastal
Oil Singapore Pte Ltd has entered liquidation as of Dec 13,
according to the Accounting and Corporate Regulatory Authority
(ACRA).

The company has decided to wind up but no other information was
available, the report says.

Coastal Oil handles cargo trading, global oil product supply and
blending. Coastal Oil is a subsidiary of Hong Kong-incorporated
Coastal Holdings.



                             *********

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
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                 *** End of Transmission ***