/raid1/www/Hosts/bankrupt/TCRAP_Public/190103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, January 3, 2019, Vol. 22, No. 002

                            Headlines


A U S T R A L I A

DUE SOUTH: First Creditors' Meeting Set for Jan. 10
GREATCELL SOLAR: Collapses After Failure to Secure Financing
JYOTI PRAKASH: First Creditors' Meeting Set for Jan. 10
RICHARD GUNNER'S: First Creditors' Meeting Set for Jan. 9
SIMPSON AND CO: First Creditors' Meeting Set for Jan. 8


C H I N A

* CHINA: Online Lending Crackdown May See 70% of Businesses Close


I N D I A

ARHAM NON WOVEN: CRISIL Migrates D Rating to Not Cooperating
BHALKESHWAR SUGARS: CRISIL Migrates D Rating to Not Cooperating
BHAVI CREATIONS: CRISIL Migrates D Rating to Not Cooperating
CHEM STAR: CRISIL Migrates D Rating to Not Cooperating Category
DEVKI NANDAN: CRISIL Assigns D Rating to INR7cr Long Term Loan

FENIX PROCESS: CRISIL Migrates D Rating to Not Cooperating
FINOLITE CERAMIC: CRISIL Assigns D Rating to INR15cr Term Loan
GUPTA & SONS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
HYDROMET INDIA: CRISIL Migrates D Rating to Not Cooperating
ICONIC CASTINGS: CRISIL Migrates D Rating to Not Cooperating

JET AIRWAYS: Defaults on Debt Payment to Consortium of Banks
KPM PROCESSING: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
LEOLINE FOODS: CRISIL Migrates D Rating to Not Cooperating
MADHAVA HYTECH: CRISIL Migrates D Rating to Not Cooperating
MAHAKALI CHANDRAPUR: CRISIL Withdraws D Rating on INR7cr Loan

MANRAASH PROCESSORS: CRISIL Migrates D Rating to Not Cooperating
MATA RANI: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
MATHURA FIBRES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
MOREISH FOOD: CRISIL Lowers Rating on INR10cr Loan to D
NEERAKKAL LATEX: CRISIL Withdraws D Rating on INR8cr Cash Loan

RAJLABDHI INFRA: CRISIL Maintains D Rating in Not Cooperating
RAVILEELA GRANITES: CRISIL Withdraws D Rating on INR6cr Loan
SANSHU AGRO: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SCHOLARS ACADEMY: CRISIL Migrates D Rating to Not Cooperating
SENBO ENGINEERING: CRISIL Migrates D Rating to Not Cooperating

SHIV SHAKTI: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
SHIVANG CARPETS: CRISIL Maintains D Rating in Not Cooperating
SPECTRA MOTORS: CRISIL Migrates D Rating to Not Cooperating
SPRAY ALCANS: CRISIL Maintains D Rating in Not Cooperating
SUDHEER INFRA: CRISIL Lowers Rating on INR10.25cr Loan to D

UMA GLASS: CRISIL Maintains D Rating in Not Cooperating Category
UNIVERSAL EDUC: Ind-Ra Migrates BB+ Rating to Non-Cooperating
V.S. BUILDCON: CRISIL Migrates D Rating to Not Cooperating
VIBFAST PIGMENTS: Ind-Ra Withdraws BB- Rating on INR98.2MM Loan
VIBFAST PIGMENTS: Ind-Ra Withdraws 'BB-' Rating on INR93.5MM Loan

VIJAY MAHIENDRA: CRISIL Maintains D Rating in Not Cooperating
YASH JEWELLERY: CRISIL Maintains D Rating in Not Cooperating

* INDIA: Banks Bad Loans May Decline Further in March


S I N G A P O R E

COASTAL OIL: Enters Into Liquidation; to Exit Market
MP & SILVA: Singapore Office in Provisional Liquidation


                            - - - - -


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


DUE SOUTH: First Creditors' Meeting Set for Jan. 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Due South
Fashion Agency Pty Ltd will be held at the offices of Bruce
Mulvaney & Co, at Suite 3, Level 4, 852-858 Glenferrie Road, in
Hawthorn, Victoria, on Jan. 10, 2019, at 11:00 a.m.

Bruce Neil Mulvaney -- BMulvaney@mulvaney.com.au -- of Bruce
Mulvaney & Co was appointed as administrator of Due South on Dec.
28, 2018.


GREATCELL SOLAR: Collapses After Failure to Secure Financing
------------------------------------------------------------
Mark Osborne at PV-Tech reports that Australia-headquartered
Greatcell Solar, formerly Dyesol Solar, has appointed
administrators after failing to secure further financing to
develop its perovskite materials and solar cells to a commercial
level.

According to the report, the company said it had failed to make
it a compelling investment case at this time, due the stage of
development it had achieved with perovskite materials and solar
cells.

PV-Tech relates that administrators BRI Ferrier were said to have
been appointed to the Greatcell Solar group, which includes key
subsidiaries having been awarded R&D grants in the past in
countries such as the UK, Singapore and Australia (Greatcell
Solar Limited, Greatcell Solar Industries Pty Ltd and Greatcell
Solar Australia Pty Ltd).

However, the company also noted that its 50% subsidiary,
Greatcell Solar Materials, a manufacturer of specialty chemicals,
would not be affected by the insolvency proceedings, the report
says.

PV-Tech says funding issues were said to have increased recently,
due to 'red tape' and changes to R&D rebates in Australia.

R&D grants had been a key source of operational funding, despite
the company being publicly listed and having a major investor in
the form of Saudi Arabian industrial firm, Tasnee, the report
notes.


JYOTI PRAKASH: First Creditors' Meeting Set for Jan. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Jyoti
Prakash Pty Ltd, trading as Newsagency On 5 will be held at the
offices of DV Recovery Management, at Level 1, 76 Market Street,
in Wollongong, NSW, on Jan. 10, 2019, at 12:00 p.m.

Danny Vrkic of DV Recovery Management was appointed as
administrator of Jyoti Prakash on Dec. 31, 2018.


RICHARD GUNNER'S: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Richard
Gunner's Fine Meats Pty Ltd, trading as Richard Gunner Fine
Meats, Feast Fine Foods, The Chop Shop and Farm Direct Meat, will
be held at Mercure Grosvenor Hotel, 125 North Terrace, in
Adelaide, SA, on Jan. 9, 2019, at 11:00 a.m.

Robert William Naudi of Rodgers Reidy was appointed as
administrators of Richard Gunner's on Dec. 27, 2018.


SIMPSON AND CO: First Creditors' Meeting Set for Jan. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Simpson
and Co Painting Pty Ltd will be held at the offices of Hall
Chadwick Chartered Accountants, at Level 11, Allendale Square, 77
St Georges Terrace, in Perth, WA, on Jan. 8, 2019, at 2:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Simpson and Co on Dec. 24, 2018.



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


* CHINA: Online Lending Crackdown May See 70% of Businesses Close
-----------------------------------------------------------------
Alfred Liu at Bloomberg News reports that the number of Chinese
peer-to-peer lenders may drop by 70 percent this year, a research
firm that tracks the industry said, as the nation intensifies a
crackdown on riskier forms of financing.

As few as 300 companies will remain by the end of the year,
Bloomberg relates citing an estimate from Shanghai-based Yingcan
Group. The number of operators dropped by more than 50 percent to
1,021 during 2018, it said, adding that there's been no new
entrants into the market since August, Bloomberg relays.

According to Bloomberg, Chinese leaders are dramatically
shrinking a market that spawned the nation's biggest Ponzi
scheme, protests in major cities, and life-altering losses for
thousands of savers. Authorities are planning to wind down small-
and medium-sized P2P lending platforms nationwide, people with
knowledge of the matter had earlier said, Bloomberg relates.

Yidai is the latest to exit the business. It has about 32,000
lenders with an outstanding principal balance of CNY4 billion
($581 million), and expects to repay them within five years,
Yidai said in statements in recent days, Bloomberg reports.

Yidai, which received investment from SoftBank China Venture
Capital in 2014, said it was affected by panic spreading among
individual lenders that shrank transaction values and triggered
defaults, Bloomberg adds. Some senior executives aren't allowed
to leave the country, it said in the statement, the report
relays.

P2P platforms comprise one of the riskiest and least regulated
slices of the shadow banking system in China. The lack of
oversight has allowed for world-beating growth, with outstanding
P2P loans ballooning from almost nothing in 2012 to CNY1.22
trillion in December 2017, Bloomberg discloses.



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


ARHAM NON WOVEN: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arham Non
Woven Private Limited (ANWPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)      Ratings
   ----------     -----------      -------
   Cash Credit          3          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan           11.55       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ANWPL for
obtaining information through letters and emails dated
September 7, 2018 and October 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ANWPL to 'CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

ANWPL was incorporated in January 2014 by Mr. Dharmesh Jain and
Mr. Nishant Daga. The company, based in Surat, manufactures
technical textile fabric made out of polypropylene. The plant is
located at Mangrol in Surat (Gujarat). It started commercial
operations in January 2015.


BHALKESHWAR SUGARS: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhalkeshwar
Sugars Limited (BSL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         18       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             122       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital        60       CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BSL for obtaining
information through letters and emails dated September 7, 2018
and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BSL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2000, Karnataka-based BSL is promoted by Mr
Prakash Khandre. It manufactures sugar and has a cane crushing
capacity of about 2500 tonne per day (TPD) and a 14 megawatt co-
generation power plant. It is undertaking a debt-funded capital
expenditure plan to enhance the sugar crushing capacity up to
4000 TPD and setting up distillery units with total capacity of
60 kilo litres per day. Commercial operation of the distillery is
expected to commence from January 2018.


BHAVI CREATIONS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhavi
Creations (BC) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     4.5      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BC for obtaining
information through letters and emails dated September 7, 2018
and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BC to 'CRISIL D Issuer not cooperating'.

BC is a proprietorship firm set up in 1970, by Mr Pritpal Singh.
The Delhi-based firm trades in various types of fabrics,
including cotton, denim, suiting and shirting.


CHEM STAR: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chem Star
International Private Limited (CIPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit           5        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CIPL for obtaining
information through letters and emails dated September 7, 2018
and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CIPL to 'CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

CIPL, set up in 2011, trades in shrimp. The Nellore (Andhra
Pradesh)-based company has been promoted by Mr Shaik Mahaboob and
his family members.


DEVKI NANDAN: CRISIL Assigns D Rating to INR7cr Long Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Devki Nandan Minerals Private Limited (DNMPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.9        CRISIL D (Assigned)
   Long Term Loan        7          CRISIL D (Assigned)

The rating reflects ongoing delays in debt servicing, owing to
stretched liquidity, and risks related to the nascent stage of
operations. This weakness is partially offset by extensive
experience of the company's promoters and their funding support.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in payment of interest and term loan repayment: Stretch
in receivables have constrained the cash flows available to
service interest and principal payment on the term loan.

Strength:

* Extensive experience of the promoters: The decade-long
experience of the promoters and their established relationships
with customers and suppliers will continue to support the
business risk profile.

Liquidity
Cash credit limit of INR2.9 crore SIDBI Bank was fully utilised
due to non-payment of interest for last six months ending in
August 2018.

DNMPL was set up in 2016, by promoters, Mr Paresh Nathabhai
Gopani, Mr Kailash Laxman Jakasania, and Mr Dinesh Kachrabhai
Ghodasara. The company manufactures non-metallic minerals at its
plant in Morbi. Operations commenced in August 2017 only.


FENIX PROCESS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Fenix
Process Technologies Private Limited (FPTPL) to 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        8          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           6.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Export Packing        8          CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Proposed Long Term    1.02       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             6.48       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FPTPL for
obtaining information through letters and emails dated
October 16, 2018, November 28, 2018, December 11, 2018 and
December 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of FPTPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 2006 and based in Pune, FPTPL is promoted by Mr.
M V Rao. The company undertakes process engineering and
manufacturing, involving the provision of complete design,
engineering, and equipment solutions for distillation and other
mass-transfer operations.


FINOLITE CERAMIC: CRISIL Assigns D Rating to INR15cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Finolite Ceramic (FC), owing to delay in repayment
of term loan.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan              15         CRISIL D (Assigned)

   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL D (Assigned)

   Bank Guarantee          3.5       CRISIL D (Assigned)

   Cash Credit             5.0       CRISIL D (Assigned)

The ratings also reflect FC's weak financial risk profile, large
working capital requirement and small scale of operations in the
fragmented tiles industry. These weaknesses are partially offset
by the partners' extensive experience and established
relationships with clients.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Networth was modest and gearing
high at INR2.5 crore and 10.3 times, respectively, as on
March 31, 2018. Debt protection metrics are also weak with
interest coverage and net cash accrual to total debt ratio of 1.2
and 0.2 times, respectively, in fiscal 2018.

* Modest scale of operation: Revenue has remained moderate, at
INR23.73 crore, in fiscal 2018 are likely to remain at similar
levels over the medium term.

* Large working capital requirement: Operations are expected to
remain working capital intensive over the medium term. Gross
current assets have been at 200-210 days in the past owing to
higher level of debtor and inventory days. Working capital,
however, is partially supported by creditors.

Strength:

* Extensive experience of the partners: Benefits from the
partners' extensive experience and established relationships with
customers and suppliers should continue to support the business.

Liquidity

* High bank limit utilization: Bank lines were utilised at 95.44%
over the nine months ended September, 2018. Large working capital
requirement is expected to keep bank limit utilisation high.

* Cash accrual insufficient to meet debt obligation: Cash
accrual, expected at INR2.00 crore will be insufficient to meet
term debt obligation of INR2.50 crore over the medium term.

* Low current ratio: Current ratio is low at 0.99 time as on
March 31, 2018.

Established in 2015, FC is a partnership firm of Mr Digesh
Durlabhjibhai Aghara, Mr Nileshkumar Anantrai Mendapara, Mr
Ramnikbhai Anantrai Mendpara, Mr Kishorbhai Premjibhai Varasada,
Mr Dineshbhai Kanjibhai Kothiya, and Mr Ashishbhai Hansrajbhai
Kalariya. The company manufactures ceramic and vitrified tiles at
its facility in Morbi, Gujarat with installed capacity of 90000
MTPA.


GUPTA & SONS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gupta & Sons
(Motors) Private Limited's (GSMPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR20 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects GSMPL's continued small scale of
operations as indicated by revenue of INR404.46 million in FY18
(FY17: INR403.67 million). The company's return on capital
employed was 9% in FY18 and margins were modest at 2.3% (FY17:
1.86%). The improvement in the margins was due to the elimination
of entry tax liability and excise duty, following the
implementation of the Goods and Services Tax, and Central Goods
and Services Tax.

The ratings continue to factor in GSMPL's modest credit metrics
as indicated by net interest coverage (operating EBITDA/net
interest expense + rent) of 1.58x in FY18 (FY17: 1.55x) and net
financial leverage (total adjusted net debt/operating EBITDA) of
8.3x (6.5x). The deterioration in the net leverage was due to
higher utilization of the working capital limits.

The ratings are constrained by GSMPL's tight liquidity position
as indicated by 97.5% average utilization of its fund-based
limits during the 12 months ended November 2018. GSMPL had a
moderate net working capital cycle of 66 days in FY18 (FY17: 55
days, FY16: 76 days). Cash flow from operations turned negative
to INR27.30 million in FY18 from positive INR21.2 million owing
to an increase in debtor days to 18 from 9. At FYE18, it had a
cash balance of INR0.35 million and fixed deposits of INR16.04
million.

The ratings are, however, supported by GSMPL's promoters' more
than four decades of experience in the automobile industry. Also,
the company is an authorized dealer of Bajaj Auto Limited's two-
wheelers with 3S (sales, spares and services) facilities.

RATING SENSITIVITIES

Negative: A further decline in the revenue and the overall credit
metrics on a sustained basis will be negative for the ratings.

Positive: A substantial improvement in the revenue and credit
metrics on a sustained basis would be positive for the ratings.

COMPANY PROFILE

GSMPL was incorporated in 1973 in the Gwalior district of Madhya
Pradesh by Mr. Sunil Gupta. The company has a two-wheeler
dealership of Baja Auto.


HYDROMET INDIA: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hydromet
India Limited (HIL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HIL for obtaining
information through letters and emails dated September 07, 2018
and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HIL to 'CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 1994, Chennai-based HIL manufactures copper
cathode, copper sulphate, and zinc sulphate. The company also
trades in copper and zinc scrap. HIL is promoted by Mr. Venkat
Subramanyam.


ICONIC CASTINGS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Iconic
Castings Private Limited (ICPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Funded Interest        1.51     CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

   Term Loan             11.07     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Iconic Castings
Private Limited (ICPL) for obtaining information through letters
and emails dated October 16, 2018, November 28, 2018,
December 11, 2018 and December 17, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ICPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2012, ICPL is promoted by Mr Sandeep Pore and Mr
Sachin Pore. It manufactures graded cast iron and spheroidal
graphite iron castings and machined components, which are used in
automobile and engineering industries. The factory unit is
located at Village Tardal, Maharashtra.


JET AIRWAYS: Defaults on Debt Payment to Consortium of Banks
------------------------------------------------------------
Reuters reports that Jet Airways Ltd said on Jan. 1 it defaulted
on debt payment to a consortium of Indian banks, prompting
ratings agency ICRA to downgrade the carrier and sending its
shares sharply lower.

The payment of interest and principal instalment was delayed "due
to temporary cash flow mismatch", Jet said in a statement, adding
that it was in talks with the consortium led by State Bank of
India, Reuters relates.

The deadline for payment was Dec. 31, 2018, the report says.

ICRA cut Jet's long- and short-term ratings on Jan. 2, citing the
payment delays, Reuters says.

According to Reuters, ICRA said timely implementation of
liquidity initiatives, including equity infusion and a stake sale
in the airline's loyalty programme Jet Privilege, will be
critical to the company's credit profile.

Reuters notes that the 25-year-old airline is facing financial
difficulties and owes money to pilots, lessors and vendors.
Intense pricing competition, a weak rupee and rising fuel costs
weighed on Indian airlines in 2018.

Jet, India's biggest full-service carrier by market share, had a
debt of INR80.52 billion ($1.15 billion) as of Sept. 30, 2018,
Reuters discloses.

Reuters adds that Jet and its second-largest shareholder, Etihad
Airways, are in talks with bankers on a rescue deal that may
involve the Abu Dhabi-based airline increasing its stake from 24
percent at present.

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a
mix of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, 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.


KPM PROCESSING: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KPM Processing
Mill Private Limited's (KPMPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR110 mil. (increased from INR90 mil.) Fund-based working
     capital limit affirmed with IND BB/Stable rating;

-- INR49.9 mil. (reduced from INR109.93 mil.) Term loan due on
     May 2019 - April 2021 affirmed with IND BB/Stable rating;

-- INR55.07 mil. Term loan due on September 2023 assigned with
     IND BB/Stable rating; and

-- INR10.97 mil. Non-fund-based limit affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects KPMPL's continued medium scale of
operations as reflected by revenue of INR500 million in FY18
(FY17: INR516 million). The fall in revenue was due to a decline
in orders from existing customers. Consequently, EBITDA margins
declined to 18.4% in FY18 (FY17: 20.9%). The company's return on
capital employed was 13% in FY18 (FY17:18%) and the margins were
modest.

The ratings also remain constrained by KPMPL's tight liquidity
position as reflected by 98% average utilization of its working
capital limits during the 12 months ended November 2018. The
company's cash and cash equivalents stood at INR0.68 million at
FYE18 (FYE17: INR1.03 million)

The company remains exposed to high customer concentration risk
as the top two customers contributed 25% to the revenue in FY18
(FY17: 26%).

The ratings continue to factor in the company's lack of
diversified operations as it is involved in only dyeing of
fabrics.

However, the ratings are supported by KPMPL's sustained
comfortable credit metrics, despite deterioration in interest
coverage (operating EBITDA/gross interest expense) to 4.3x in
FY18 (FY17: 4.5x) and net financial leverage (adjusted net
debt/operating EBITDA) to 2.3x (2.1x). The deterioration in the
credit metrics was attributed to a decline in EBITDA. Management
is expanding its production capacity through a large debt-led
capex, which will lead to a further deterioration in the credit
metrics.

The ratings continue to draw support from the company's
promoters' two decades of experience in the fabric dyeing
business.

RATING SENSITIVITIES

Negative: A sustained deterioration in the liquidity profile
would lead to a negative rating action.

Positive: An improvement in the scale of operations and credit
metrics on a sustained basis would lead to a positive rating
action.

COMPANY PROFILE

KPMPL was registered on 19 November 2010 under the Companies Act,
1956. The company has set up a 12,000kg/day fabric dyeing unit in
Tirupur, Tamil Nadu P Sekaran, N Chandra Sekaran and Thamilselvi
are the promoters.


LEOLINE FOODS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Leoline
Foods Private Limited (LFPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          2         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan      10.6       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LFPL for obtaining
information through letters and emails dated October 22, 2018,
November 28, 2018, December 06, 2018 and December 12, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of LFPL to 'CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

LFPL was incorporated in 2015, by the promoter, Mr Agarwal, and
his family, based in Patna. The company is setting up a unit for
manufacturing 2D and 3D pellets, pasta, and vermicelli at Choti
Nawada, Patna.


MADHAVA HYTECH: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Madhava
Hytech Infrastructures India Private Limited (MHIPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MHIPL for
obtaining information through letters and emails dated October
22, 2018, November 28, 2018 and December 13, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MHIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

MHIPL undertakes civil construction work on contract basis for
Railways, and State Road authorities. The company is promoted by
Mr. Pradeep Kilaru and is based out of Hyderabad.


MAHAKALI CHANDRAPUR: CRISIL Withdraws D Rating on INR7cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Mahakali Chandrapur Polytex Private Limited (MCPPL) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loans.

                    Amount
   Facilities     (INR Crore)      Ratings
   ----------     -----------      -------
   Cash Credit          2          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan            7          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with MCPPL for
obtaining information through letters and emails dated March 31,
2018 and September 28, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MCPPL. This restricts CRISIL's
ability to take a forward MCPPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of
MCPPL continues to be 'CRISIL D Issuer Not Cooperating'.

MCPPL, set up in 2011, manufactures polypropylene woven sacks
which are used for packaging in various industries such as cement
and sugar. The company's manufacturing unit is in Chandrapur
(Maharashtra), which commenced operations in June 2014.


MANRAASH PROCESSORS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Manraash
Processors. (Manraash) to CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .05       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           2.00       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        5.61       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    2.00       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Manraash for
obtaining information through letters and emails dated
September 7, 2018 and October 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Manraash to CRISIL D/CRISIL D Issuer not
cooperating'

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Manraash, set up in 2012, is a partnership firm based at Jetpur,
Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh
Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience
of over two decades in textile processing, dyeing and printing.
Production began in October 2015.


MATA RANI: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mata Rani
Trust's bank facilities in 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 continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR291 mil. Term loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, Mata Rani Trust is a non-government, social
service organization, formed as a trust for the primary purpose
of imparting education to the new generation. The trust has a K-8
school and a polytechnic institute.


MATHURA FIBRES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mathura Fibres &
Cotton Industries' 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 action is:

-- INR300 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 30, 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 2013, Mathura Fibres & Cotton Industries is a
partnership firm engaged in cotton ginning and pressing to
produce cotton bales and cotton seeds.


MOREISH FOOD: CRISIL Lowers Rating on INR10cr Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Moreish Food Limited (MFL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         .07        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit/          10.00       CRISIL D (Downgraded from
   Overdraft facility                'CRISIL B+/Stable')

   Proposed Long Term     4.51       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

    Term Loan             6.42       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects regular delay in term debt servicing by
10-15 days.

Moreover, the firm has a modest scale of operations amid intense
competition and a weak financial risk profile. These weaknesses
are partially offset by the experience of the promoters in the
bakery industry.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing because of weak liquidity: The company
has inadequate liquidity to meet obligations on its term debt.

* Modest scale of operations amid intense competition: Revenue
was INR75.74 crore in fiscal 2018. The modest scale amid intense
competition limits pricing power with customers and suppliers.
The scale is expected to remain modest over the medium term.

* Weak financial profile: The networth was moderate at INR8.84
crore as on March 31, 2018, with improvement in recent years on
account of accretion to reserves. The gearing was high at 2.71
times driven by term loans availed for capital expenditure. Debt
protection metrics are likely to remain modest: interest coverage
and net cash accrual to total debt ratios were 1.86 times and
0.09 time, respectively, in fiscal 2018.

Strengths

* Industry experience of promoters: Benefits from the promoters'
experience of over two decades in the bakery industry and healthy
relationships with suppliers and distributors should continue to
support the business.

Liquidity
Liquidity is inadequate to meet obligations on term debt.

MFL was set up in 1992 as a proprietorship firm by Mr Narendra
Kumar. The firm was reconstituted as a private limited company
and later as a limited company with the current name. Mr Narendra
Kumar, Mr Vikram Jain, and Ms Anvita Singh are the present
directors. The Ranchi, Chhattisgarh- based company manufactures
bread and baked items.


NEERAKKAL LATEX: CRISIL Withdraws D Rating on INR8cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Neerakkal Latex (NL) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          8         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Long Term   0.3       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

   Term Loan            1.2       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with NL for obtaining
information through letters and emails dated April 25, 2018 and
May 9, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NL. This restricts CRISIL's
ability to take a forward NL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of NL
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1987 as a proprietorship firm by Mr NJ James, NL, was
reconstituted as a partnership firm in 2013. The firm trades in
centrifuged and ammoniated latex and has recently started
manufacturing veiled latex. The firm is based in Kottayam
district, Kerala. Mr NJ James and Mr Tino James are the partners.


RAJLABDHI INFRA: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rajlabdhi
Infrastructure Private Limited (RIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan              20         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of RIPL continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

RIPL was established in 2010 by Mr. Bhupendrabhai Ramanlal Patel.
The company has a presence in the residential real estate
segment, primarily in Ahmedabad and Gandhinagar. It is executing
a residential project, Rajlabdhi Heritage, in Gandhinagar,
comprising eight buildings. Mr. Patel manages RIPL's daily
operations.


RAVILEELA GRANITES: CRISIL Withdraws D Rating on INR6cr Loan
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Ravileela Granites Limited
(RGL) to 'CRISIL D Issuer not cooperating'. Consequently, CRISIL
is migrating the ratings on bank facilities of RGL from 'CRISIL
D/Issuer Not Cooperating to 'CRISIL D'.  The rating action is in
line with CRISIL's policy on withdrawal of bank loan ratings.
CRISIL has withdrawn its rating on bank facilities of RGL,
following a request from the company and on receipt of a 'no
objection certificate' from the banker.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            6          CRISIL D ('CRISIL D ISSUER
                                     NOT COOPERATING'; Rating
                                     Withdrawn)

   Foreign Bill           2          CRISIL D ('CRISIL D ISSUER
   Discounting                       NOT COOPERATING'; Rating
                                     Withdrawn)

Incorporated in 1990, RGL processes and exports granite slabs.
The company's equity shares are listed on the Bombay Stock
Exchange.


SANSHU AGRO: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanshu Agro
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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR140 mil. Fund-based working capital limits migrated
    to non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2015, Sanshu Agro manufactures cattle feed at its
unit in Nardhana, Maharashtra. Mr. Umang Pankaj Agrawal and Mr.
Gaurav Kuldip Kashyap are the directors of the company.


SCHOLARS ACADEMY: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Scholars
Academy Education Trust. (SAET) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term       5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               14       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAET for obtaining
information through letters and emails dated September 7, 2018
and October 30, 2018among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SAET to 'CRISIL D Issuer not cooperating'.

SAET was founded on May 8, 2008, under the Indian Trust Act,
1882. It promotes Scholar's Institute of Technology and
Management, an engineering college spread over a 10-acre campus
in greater Guwahati. The promoter, Mr Sudip Lodh, is also the
proprietor of Scholar's Academy, which is a coaching institute
for engineering and medical exams since 1994.


SENBO ENGINEERING: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Senbo
Engineering Limited (SEL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       154.68      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          118.00      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     7.32      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SEL for obtaining
information through letters and emails dated September 7, 2018
and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SEL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Started as a partnership firm in the 1960s by Mr. Kajal Sengupta
in Kolkata, the firm was reconstituted as a private limited
company in 1990 and incorporated as a public limited company in
2005. SEL undertakes designing, engineering, and consultancy work
for civil, structural, and foundation engineering with
specialisation in heavy construction, piling, and underground
tunneling for metro work. Mr. Sengupta is the chairman and
managing director of SEL.


SHIV SHAKTI: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shiv Shakti Cold
Storage's (SSCS) Long-Term Issuer Rating at 'IND B'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR52 mil. Fund-based working capital limits affirmed with
    IND B/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SSC's continued small scale of
operations, modest EBITDA margins and weak credit metrics on
account of a single revenue stream. The company's only source of
revenue is rentals from a cold storage unit. Revenue was INR11.8
million in FY18 (FY17: INR9.7 million), EBITDA margin was 76.9%
(65.2%), gross interest coverage (EBITDA/interest) was 1.3x
(0.9x) and net leverage (net debt/EBITDA) was 5.7x (8.0x). ROCE
was 12% in FY18. The revenue rose because of an improvement in
store rentals and the margins increased due to a decline in
direct expenses. The credit metrics improved because of an
improvement in absolute EBITDA.

The ratings are constrained by SSC's tight liquidity profile, as
reflected from its average 99.4% utilization of the working
capital limits for the 12 months ended November 2018. The cash
flow from operations was negative INR1.5 million in FY18 and cash
& cash balance was INR4.8 million.

The ratings however are supported by the company's partners' two
decades of experience in the cold storage business.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
credit metrics will be positive for ratings.

Negative: Sustained deterioration in the credit metrics will be
negative for ratings.

COMPANY PROFILE

Incorporated in 1997, SSCS is a Gujarat-based partnership firm.
The company runs a 6,250 metric tons cold storage unit for
potatoes and is also involved in the trading of potatoes.


SHIVANG CARPETS: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shivang Carpets
Private Limited (SCPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Corporate Loan          9         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Foreign Bill Purchase   7         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Packing Credit          2         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      1.1       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Standby Line of         0.9       CRISIL D (ISSUER NOT
   Credit                            COOPERATING)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SCPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SCPL was originally established in 2001 as a proprietorship firm
by Mr. Ranjeet Singh, and was reconstituted as a private limited
company in 2005, with Mr. Abhishek Singh, the founder's nephew,
joining as director. SCPL manufactures and exports floor
coverings, mainly hand-made woollen rugs and carpets, at its
facilities in Bhadohi, Uttar Pradesh. In 2007-08 (refers to
financial year, April 1 to March 31), it started manufacturing
polyester carpets, which now account for 60 percent of its
revenue.


SPECTRA MOTORS: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Spectra
Motors Limited (SML) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)      Ratings
   ----------    -----------      -------
   Guarantee          0.5         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit       54.75        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit   6.00        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan         33.75        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital    5.00        CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SML for obtaining
information through letters and emails dated October 16, 2018,
November 28, 2018 and December 13, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SML to 'CRISIL D/CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 1993 and promoted by Mr Bharat Bhushan Gupta and
family, SML was initially a dealer of Fiat vehicles; however in
1998 it obtained the dealership of Maruti. Currently, the company
has six showrooms and eight workshops in Mumbai apart from a
showroom and workshop in Surat (Gujarat). It sells 1000-1100
vehicles a month.


SPRAY ALCANS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Spray Alcans (SA)
continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            2.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     0.1        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              5.2        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SA for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SA continues to be 'CRISIL D Issuer not
cooperating'.

Set up in March 2015 as a partnership firm by Ms. Ashu Goel and
her son, Mr. Aayush Goel, SA purchased an existing aluminium can
manufacturing unit in Dehradun in November 2015 and commenced
operations from February 2016.


SUDHEER INFRA: CRISIL Lowers Rating on INR10.25cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sudheer Infrastructure Private Limited (SIPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        10.25       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term     2.00       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Secured Overdraft      4.75       CRISIL D (Downgraded from
   Facility                          'CRISIL B+/Stable')

The downgrade reflects delays in payment of interest and
repayment of the principal on the term loan because of weak
liquidity. Liquidity is weak because of significant stretch in
the working capital cycle and substantial decline in revenue in
fiscal 2018. Moreover, the firm has a modest scale and working
capital-intensive nature of operations, and a below-average
financial risk profile. However, it benefits from the extensive
experience of the promoters in the infrastructure segment.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: The company has been delaying the
payment of interest and repayment of principal on the term loan
because of weak liquidity. Also, there has been an instance of
invocation in the bank guarantee facility in October 2018; this
remained unpaid for more than 30 days.

* Large working capital requirement: Gross current assets were
high, estimated at 460 days as on March 31, 2018, driven by large
inventory and debtors.

* Modest scale of operations: Revenue was modest at INR14.4 crore
in fiscal 2018 and declined by almost 73% over the previous
fiscal because of delays in receipt of expected orders.

* Below-average financial risk profile: The networth is modest
and the total outside liabilities to tangible networth ratio high
at INR2.96 crore and 9.5 times, respectively, as of March 31,
2018. Debt protection metrics were weak, with net cash accrual to
total debt and interest coverage ratios of -0.19 time and -0.41
times, respectively, in fiscal 2018.

Strength

* Extensive industry experience of the promoters and their
established relationship with key principals: The main promoter,
Mr Sudheer Suryadevara, has an experience of 13 years in the
infrastructure segment. With his business acumen, he has also
built strong customer and supplier relationships.

Liquidity
Liquidity is weak on account of working capital-intensive
operations. Additionally, there were instances of over
utilisation in the cash credit facility.

Incorporated in 2005 and based in Hyderabad, SIPL is promoted by
Mr Sudheer Suryadevara. The company is engaged in infrastructure
works including transmission and windmills.


UMA GLASS: CRISIL Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Uma Glass Works
(UGW) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            5.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Inland/Import          1.65       CRISIL D (ISSUER NOT
   Letter of Credit                  COOPERATING)

    Proposed Term Loan    1.70       CRISIL D (ISSUER NOT
                                     COOPERATING)

    Term Loan             3.15       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with UGW for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of UGW continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

UGW was established in 2011 and was taken over by the current
partners Mr. Gaurav Singhal, Mr. Suresh Chandra Agarwal, and Ms.
Gunjan Singhal in 2009. It manufactures glass products such as
kitchen ware, table ware, and glass ware. It has installed
capacity of 50 tonne per day at its facility in Firozabad Uttar
Pradesh, of which, 70 percent is utilised.


UNIVERSAL EDUC: Ind-Ra Migrates BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Universal
Educational Society's bank facilities' ratings 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:

-- INR335.53 mil. Term loans* migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR35.00 mil. Overdraft migrated to non-cooperating category
     with IND BB+ (ISSUER NOT COOPERATING) rating;

*Details are provided in the Annexure

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 21, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Incorporated in 2008, Universal Educational Society manages and
operates the Universal group of institutes in Mohali District,
Punjab.


V.S. BUILDCON: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of V.S.
Buildcon (VS) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VS for obtaining
information through letters and emails dated October 29, 2018,
December 11, 2018 and December 17, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VS to 'CRISIL D Issuer not cooperating'.

Set up in 2008 in Ghaziabad as a partnership firm between Mr
Varun Chaudhary, his father, Mr Subhash Chaudhary, and his wife,
Ms Reenu Chaudhary, VS undertakes civil construction work, mainly
road and irrigation projects, for government departments.


VIBFAST PIGMENTS: Ind-Ra Withdraws BB- Rating on INR98.2MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s Vibfast
Pigments' (VP) Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The IND BB- rating on the INR98.2 mil. Fund-based working
     capital limits are withdrawn;

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the rated
facility's lenders. This is consistent with the Securities and
Exchange Board of India's circular dated March 31, 2017 for
credit rating agencies. Ind-Ra will no longer provide analytical
and rating coverage for VP.

COMPANY PROFILE

Incorporated in 1995, VP is an export-oriented partnership entity
headed by Amit Banthia. The firm manufactures and exports a
variety of dyes and pigments to European and Asian countries.


VIBFAST PIGMENTS: Ind-Ra Withdraws 'BB-' Rating on INR93.5MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vibfast
Pigments Private Limited's (VPPL) Long-Term Issuer Rating of 'IND
BB-(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB- rating on the INR93.5 mil. Fund-based working
     capital limits are withdrawn; and

-- The IND BB- rating on the INR11 mil. Non-fund-based working
     capital limits are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the rated
facilities' lenders. This is consistent with the Securities and
Exchange Board of India's circular dated March 31, 2017 for
credit rating agencies. Ind-Ra will no longer provide analytical
and rating coverage for VPPL.

COMPANY PROFILE

Incorporated in 1993, VPPL (erstwhile Vibgyor Chemtex)
manufactures, supplies and exports a wide assortment of dyes and
pigments. Headed by Amit Banthia, the company exports pigments to
European and Asian countries.


VIJAY MAHIENDRA: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vijay Mahiendra
Spinntex Private Limited (VMSPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .85       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           5.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.51       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line of       0.75       CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Term Loan            20.49       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with VMSPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VMSPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2012 VMSPL manufactures grey yarn and grey
fabric. Its manufacturing facility is in Tirupur (Tamil Nadu).
The company is promoted by Mr. P Duraisamy, Mr. P
Shanmugasundaram and Mr. P Subramaniam.


YASH JEWELLERY: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Yash Jewellery
Private Limited (YJPL) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Corporate Loan        119.3       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Funded Interest         4.93      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Packing Credit         20         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Post Shipment Credit   30         CRISIL D (ISSUER NOT
                                     COOPERATING)

    Working Capital
    Demand Loan           41.77      CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with YJPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of YJPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

YJPL, incorporated in 2006, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold
jewellery.


* INDIA: Banks Bad Loans May Decline Further in March
-----------------------------------------------------
Reuters reports that India's central bank on Dec. 31, 2018, said
the proportion of commercial lenders' non-performing assets
(NPAs) may fall slightly to 10.3 percent by March, thanks to
measures including the creation of a bankruptcy code.

In June, the Reserve Bank of India (RBI) had said commercial
lenders' ratio for gross bad loans might even increase to 12.2
percent by March 2019, but they had fallen to 10.8 percent by
end-September and now look to dip lower still, Reuters discloses.

"Stress test results suggest further improvement in the NPA
ratio, though its current level remains still high for comfort,"
Shaktikanta Das, RBI governor, said in its financial stability
report, Reuters relays.

In 2017, India passed the Insolvency and Bankruptcy Law that
helped in faster resolution of some non-performing assets in the
Indian banking system and the RBI carried out several asset
quality reviews that helped in better accounting of stressed
assets, Reuters recalls.

Reuters relates that in the past two years the RBI has penalised
certain banks for under reporting their stressed portfolios and
enforced stricter guidelines.

Das on Dec. 31, 2018, said a time-bound resolution of non-
performing assets would help improve credit flows.

He also said India's non-banking financial companies should show
greater prudence in lending, Reuters relays.



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


COASTAL OIL: Enters Into Liquidation; to Exit Market
----------------------------------------------------
ETAuto.com reports that Coastal Oil Singapore Pte Ltd has entered
liquidation as of Dec. 13, 2018, according to the Accounting and
Corporate Regulatory Authority.

ETAuto.com says the company has decided to wind up but no other
information was available. Coastal Oil declined to comment when
contacted.

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


MP & SILVA: Singapore Office in Provisional Liquidation
-------------------------------------------------------
The Strait Times reports that the media agency that gave the
Football Association of Singapore (FAS) its biggest-ever
partnership deal -- a $25 million, six-year exclusive rights
agreement -- in 2015, is set to wind up, with doubts now hanging
over the matter of recovering some $3 million in unpaid rights
fees.

MP & Silva (MPS) has witnessed its London headquarters declared
insolvent by Britain's High Court of Justice, and its Singapore
office is now set to follow on the same path, the report says.

On Nov. 19, PricewaterhouseCoopers' (PwC) Goh Thien Phong and
Chan Kheng Tek were appointed as provisional liquidators of MPS
after the company decided that existing liabilities meant that it
was unable to continue doing business, according to the Strait
Times.

The report notes that the Accounting and Corporate Regulatory
Authority's (Acra) website lists MPS' status as "in liquidation -
creditors' voluntary winding up".

MPS' accounts have been frozen, its staff contracts terminated,
and all its physical assets auctioned off for some $22,000, the
report relates. A visit to its Singapore headquarters at Infinite
Studios, just off Portsdown Avenue on Dec. 28, confirmed the
fact: The MPS name on the wall was all that remained in what was
an empty office.

The Strait Times relates that a meeting for MPS' creditors was
held on Dec. 12 at PwC's offices, with the company's full
statement of accounts presented. The Straits Times understands
that representatives of the FAS were present at the meeting, in a
bid to recover monies from MPS.

A former MPS employee who was present revealed that creditors
were informed that not a single shareholder of the company turned
up at an extraordinary general meeting scheduled earlier that
day.

"We had to act in the best interests of the company as well as
its creditors. We couldn't continue doing business - and paying
salaries - when the company was pretty much stuck in a state
where it couldn't really do business," he said, on condition of
anonymity, the report relays.  "It was inevitable that one of our
creditors would file for liquidation like it happened in the UK."

MPS was founded in 2004 by Italian businessmen Riccardo Silva and
Andrea Radrizzani, the owner of English Championship side Leeds
United. Under their leadership, it became the biggest player in
the global sports media rights market, holding the broadcast
rights to major competitions such as the top English, German and
Italian leagues, and Formula One, the report discloses.

The pair sold a 65 per cent stake to Chinese companies Everbright
Securities and Beijing Baofeng Technology for US$1 billion
(SGD1.38 billion) two years ago.



                             *********

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

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

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



                 *** End of Transmission ***