TCRAP_Public/190116.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

          Wednesday, January 16, 2019, Vol. 22, No. 011

                            Headlines


A U S T R A L I A

AVERM PTY: Second Creditors' Meeting Set for January 23
BUSINESS AVIATION: Second Creditors' Meeting Set for Jan. 30
ED HARRY: Menswear Retailer Placed in Voluntary Administration
JIU CHEN: Second Creditors' Meeting Set for Jan. 22
SECURE INTELLIGENCE: Second Creditors' Meeting Set for Jan. 22

TST & SONS: Second Creditors' Meeting Set for Jan. 23


C H I N A

FUTURE LAND: Fitch Assigns BB(EXP) Rating to Proposed USD Notes
SUNAC CHINA: Fitch Assigns BB- Rating to USD600MM Sr. Notes
TUNGSHU GROUP: Fitch Lowers LT IDR to B-, Outlook Negative


I N D I A

ATLAS PET: CARE Lowers Rating on INR13.20cr LT Loan to B
DATTA KRUPA: CARE Lowers Rating on INR25cr LT Loan to C
GANPAT RAI: CARE Lowers Rating on INR14cr LT Loan to B+
GV KNITS: CARE Lowers Rating on INR6.39cr LT Loan to B
HIGHTECH HEALTHCARE: CARE Lowers Rating on INR3.50cr Loan to B

IL&FS TAMIL: CARE Lowers Rating on INR5,608.76cr Loan to D
JAIN IRRIGATION: Fitch Affirms B+ LT IDR, Outlook Positive
K. MAGANLAL IMPEX: Ind-Ra Affirms BB+ Rating on INR110MM Loan
KAIZEN COLD: CARE Reaffirms B+ Rating on INR6cr LT Loan
KOMOLINE AEROSPACE: CARE Lowers Rating on INR3cr Loan to 'B'

KREYA INFRATECH: CARE Lowers Rating on INR6cr LT/ST Loan to B
KROFTA PAPERS: CARE Migrates D Rating to Not Cooperating Category
KVTEK POWER: CARE Lowers Rating on INR7.71cr Loan to B
LAL BABA: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
MAHALAXMI TECHNOCAST: CARE Assigns B+ Rating to INR25cr LT Loan

MADHAV COTEX: CARE Migrates B+ Rating to Not Cooperating Category
MOHAN GOLDWATER: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
MOTHER LAM: CARE Maintains D Rating in Not Cooperating Category
SERVOTECH INDIA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
SHYAMALI COLD: CARE Hikes Rating on INR5.48cr LT Loan to B

THEME HOTELS: CARE Reaffirms D Rating on INR1.87cr LT Loan
THOMAS & COMPANY: CARE Lowers Rating on INR6.50cr LT Loan to B
VSP INTERNATIONAL: CARE Lowers Rating on INR9cr Loan to B+
WHITE HOUSE: CARE Maintains D Rating in Not Cooperating Category
YANTRA ESOLARINDIA: CARE Reaffirms B Rating on INR19.81cr Loan


M O N G O L I A

MONGOLIAN MORTGAGE: Moody's Rates Proposed Sr. Unsec. Bonds 'B3'


N E W  Z E A L A N D

MADAM WOO: To Close Dunedin Restaurant; 18 Workers to Lose Jobs
MEDICANN: Medical Marijuana Company Placed in Liquidation
RCR TOMLINSON: Two New Zealand Businesses Sold


P H I L I P P I N E S

HANJIN HEAVY: Philippine Unit Gets Nod for Rehabilitation Scheme


S I N G A P O R E

HYFLUX LTD: TuasOne to Get SGD23MM Injection from Mitsubishi


                            - - - - -


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A U S T R A L I A
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AVERM PTY: Second Creditors' Meeting Set for January 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Averm Pty Ltd
has been set for Jan. 23, 2019, at 1:00 p.m. at the offices of
463 Scarborough Beach Road, in Osborne Park, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2019, at 5:00 p.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Averm Pty on Oct. 12, 2018.


BUSINESS AVIATION: Second Creditors' Meeting Set for Jan. 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of Business
Aviation Australia Pty Ltd has been set for Jan. 30, 2019, at
11:00 a.m. at the offices of Romanis Cant, at 2nd Floor, 106
Hardware Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2019, at 5:00 p.m.

Anthony Robert Cant of Romanis Cant was appointed as
administrator of Business Aviation on Dec. 14, 2018.


ED HARRY: Menswear Retailer Placed in Voluntary Administration
--------------------------------------------------------------
Alex Druce at The Sydney Morning Herald reports that struggling
menswear retailer Ed Harry has been placed in voluntary
administration with an immediate clearance sale of merchandise
coming into effect as creditors assess the business.

On Jan. 15, KPMG's Brendan Richards and Gayle Dickerson were
appointed voluntary administrators after a "particularly tough"
Christmas sales period for the chain, and mounting pressure from
decreased shopping centre footfall, SMH discloses.

SMH relates that the news follows the closure of a string of
Australian retailers recent times, including Marcs, Pumpkin
Patch, Payless Shoes and Roger David, while department store Myer
has also struggled.

According to the report, Ed Harry managing director David Clark
said the business had been facing fierce retail competition for
some time.

"While this was to be expected, the directors had been exploring
options for funding to enable Ed Harry to continue to compete and
grow, however to this point have been unsuccessful," the report
quotes Mr. Clark as saying.

In the short-term, the South Australia-based business will
immediately hold a clearance sale of existing merchandise to
maximise options for the business.

KPMG said Ed Harry gift cards would be honoured for one month on
a dollar-for-dollar basis, SMH relays.

"Like many other Australian retailers, after a strong period of
growth, it has faced a challenging environment over the past 12
months - and a particularly tough Christmas sales period," SMH
quotes KPMG's Brendan Richards as saying.

"It has also become clear that shopping centre footfall has been
significantly weaker than expected."

The first meeting of creditors of the company will be held in
Adelaide on January 24.

Established in 1993 and relaunched in 2011, Ed Harry operates 87
stores across all Australian mainland states and territories and
employs 498 staff.


JIU CHEN: Second Creditors' Meeting Set for Jan. 22
---------------------------------------------------
A second meeting of creditors in the proceedings of Jiu Chen
International Pty Ltd has been set for Jan. 22, 2019, at 10:00
a.m. at the offices of Hall Chadwick Chartered Accountants, at
Level 4, 240 Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 21, 2019, at 5:00 p.m.

Mohammed Shahin Hussain of Hall Chadwick was appointed as
administrator of Jiu Chen International on Dec. 6, 2018.


SECURE INTELLIGENCE: Second Creditors' Meeting Set for Jan. 22
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Secure
Intelligence Solar Pty Ltd has been set for Jan. 22, 2019, at
10:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66
Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 21, 2019, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
on Secure Intelligence on Dec. 6, 2018.


TST & SONS: Second Creditors' Meeting Set for Jan. 23
-----------------------------------------------------
A second meeting of creditors in the proceedings of TST & Sons
Retail Marketing Pty Ltd, trading as Golden Banana Fruit Market,
has been set for Jan. 23, 2019, at 3:00 p.m. at the offices of
Cor Cordis, at One Wharf Lane, Level 20, 171 Sussex Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2019, at 5:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of TST & Sons on Dec. 7, 2018.



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FUTURE LAND: Fitch Assigns BB(EXP) Rating to Proposed USD Notes
---------------------------------------------------------------
Fitch Ratings has assigned Future Land Development Holdings
Limited's (FLDH, BB/Stable) proposed US dollar senior notes an
expected rating of 'BB(EXP)'. The proposed notes are rated at the
same level as FLDH's senior unsecured rating because they will
constitute its direct and senior unsecured obligations.

The final rating on the proposed notes is subject to the receipt
of final documentation conforming to information already
received. FLDH intends to use the net proceeds from the note
issue to repay existing debt and for general corporate purposes.

KEY RATING DRIVERS

Yangtze River Delta Focus: FLDH group's strategy to focus
resources on the Yangtze River Delta - a wealthy region in
eastern China that includes the Jiangsu and Zhejiang provinces
and Shanghai - has helped drive scale expansion and strong sales
turnover, as measured by consolidated contracted sales/gross
debt. Fitch expects the region to have contributed more than half
of total contracted sales in 2018, which increased by 75% to
CNY221 billion, surpassing the company's CNY180 billion target.
This was driven by a 95% increase in gross floor area (GFA)
sales, despite the average selling price (ASP) falling by about
10% to CNY12,201 per square meter (sq m), which Fitch believes is
mainly due to product-mix changes and a more diversified sales
contribution across different regions.

Fitch estimates that the churn rate remained above 1.5x in 2018.
Sales turnover was 1.9x in 2017 and has averaged 1.7x annually
since 2014, demonstrating the group's ability to rapidly generate
sales from new land acquisitions. The fast-churn strategy has
enabled FLDH to tap the strong demand in the Yangtze River Delta
to achieve higher contracted sales growth than peers.

Stable Leverage: FLDH's leverage increased to above 50% in 1H18,
but Fitch estimates that leverage moderated by the end of the
year on higher cash collection and lower construction payments in
2H18. FLDH's historical leverage has fluctuated within a
reasonable range and has remained below 45% on average during its
expansion; leverage was 40% in 2017 and 45% in 2016 following
prudent land acquisitions. Management says full-year attributable
cash outflow from land premiums reached CNY60 billion in 2018 and
accounted for half of the estimated attributable-sales proceeds.

More Diversified Land Bank: The group had attributable land bank
of about 43.7 million sq m at end-June 2018, sufficient for three
to five years of development. The group will continue to focus on
Yangtze River Delta but has been increasing land bank outside the
region to provide a buffer in case of regional market
uncertainties. FLDH has reduced the proportion of attributable
land bank in the Yangtze River Delta to around 45% as of end
June-2018 and has expanded into the Pearl River Delta region in
southern China, central and western China as well as the Bohai
Economic Rim in northern China.

Margin Expansion: Fitch expects the group's EBITDA margin to stay
at around 25% in the next two years. Fitch estimates the margin,
after adding back capitalised interest to cost of goods sold,
improved to around 29% in 1H18, from 28% in 2017 and 18% in 2016,
where capitalised interest usually accounts for 3%-4% of revenue.
This was largely due to a higher ASP recognised while
successfully controlling unit land costs; land costs for FLDH's
land bank averaged at CNY2,805/sq m, accounting for only 23% of
its average ASP of CNY12,300/sq m in 1H18.

Rising Recurring Income: Fitch estimates the group's ratio of
recurring EBITDA/interest expense will remain insignificant at
0.2x in 2018-2019, as the revenue contribution of investment
properties will stay small relative to development properties and
have a limited impact on its rating. FLDH aimed to double its
rental and property management fee income to CNY2 billion in 2018
from the operation of shopping malls (Wuyue Plaza), which are
mainly located in tier two and three cities. FLDH had achieved
CNY876 million of its target in 1H18.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLDH and its 67.81%-
owned (as at end-2017) subsidiary, Seazen Holdings Co., Ltd.,
based on its Parent and Subsidiary Rating Linkage criteria. The
strong strategic and operational ties between the two entities
are reflected by Seazen representing FLDH's entire exposure to
the China homebuilding business, while FLDH raises offshore
capital to fund the group's business expansion. The two entities
share the same chairman.

The group's leverage remained stable during its expansion phase
through prudent land bank acquisitions, with leverage of below
45% as at end-2017 in line with that of 'BB' peers. The company's
quick sales-churn strategy and geographically diversified land
bank contributed to its faster expansion in contracted sales than
that of most 'BB' peers. Its recognised EBITDA margin, excluding
capitalised interest, improved to above 25% in 2017, from 18% in
2016, as its land cost accounted for only 29% of revenue. The
margin improvement is likely to be sustained, as the average cost
of land bank accounted for only 23% of contracted ASP in 2017.

The group has a larger contracted sales scale and faster sales
churn than most 'BB' peers and its leverage is comparable with
peers. Both the group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. FLDH has larger contracted
sales scale and faster sales churn than CIFI, while the two
entities' margins are comparable. CIFI has maintained a high
EBITDA margin and lower leverage for longer than FLDH group and
has been disciplined in maintaining stable leverage.

The group has larger scale, with a more diversified land bank
throughout the nation, and faster sales churn than 'BB-' peers,
such as China Aoyuan Group Limited (BB-/Positive), KWG Group
Holdings Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 20% in 2019 and 2020

  - EBITDA margin, after adding back capitalised interest, to
    be maintained at about 25% in 2018-2020

  - Total land premium to represent 40%-50% of contracted sales
    in 2018-2020

  - Maintain a controlling shareholding in Seazen and for
    operational ties between FLDH and Seazen not to weaken

RATING SENSITIVITIES

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

  - Consolidated net debt/adjusted inventory sustained below
    35% while maintaining an EBITDA margin of 20% or above

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

  - Contracted sales/total debt below 1.5x for a sustained period

  - Consolidated net debt/adjusted inventory above 45% for a
    sustained period

  - EBITDA margin below 18% for a sustained period

All ratios mentioned are based on the parent's consolidated
financial data.

LIQUIDITY

Sufficient Liquidity: The group had an unrestricted cash balance
of CNY24 billion and unutilised credit facilities of CNY68
billion to cover short-term borrowings of CNY22 billion as at
1H18.


SUNAC CHINA: Fitch Assigns BB- Rating to USD600MM Sr. Notes
-----------------------------------------------------------
Fitch Ratings has assigned Sunac China Holdings Limited's (BB-
/Stable) USD600 million 8.375% senior notes due 2021 a final
rating of 'BB-'. The notes are rated at the same level as Sunac's
senior unsecured rating because they constitute its direct and
senior unsecured obligations. The final rating follows the
receipt of final documentation conforming to information already
received and is in line with the expected rating assigned on
January 9, 2019.

Sunac's rating reflects Fitch's estimate that the China-based
homebuilder's leverage likely stayed below 50% at end-2018.
Sunac's management has publicly made a commitment to deleverage
and Fitch believes there is no pressure for the company to
continue adding to its land bank aggressively as it has more than
100 million sq m of saleable gross floor area (GFA) on an
attributable basis, an ample supply that will last for over five
years of development. Sunac has not been making material land
acquisitions after it bought the Wanda City cultural and tourism
assets more than a year ago.

KEY RATING DRIVERS

Improving Leverage: Sunac's leverage, measured by net
debt/adjusted inventory with proportionate consolidation of joint
ventures and associates, fell to 47.3% by end-2017 and 46.2% in
1H18 from 63.4% before the 1H17 Wanda City project acquisition.
The significant deleveraging was due to strong contracted sales
and minimal additions to its land bank. Sunac's attributable
contracted sales increased by 23% to CNY326 billion in 2018 while
its total contracted sales reached CNY461 billion, above its
full-year sales target of CNY450 billion.

Greater Geographical Diversification: Sunac's concentration in
the pan-Bohai Rim, Yangtze River Delta and Chengdu-Chongqing
regions dropped to 70% in 2017, from 90% in 2015, especially
after the Wanda City acquisition, as only five (Hefei, Wuxi,
Jinan, Chengdu and Chongqing) of the 13 projects are located in
these markets. Geographical diversification has become
increasingly important as each local government implements home-
purchase restriction policies differently. Sunac also benefitted
from low land acquisition costs in 2018, with average cost of
CNY3,620 per sq m up to 8M18.

Strong Contracted Sales: The geographical diversification helped
Sunac report robust contracted sales in 2018, comparable with
other large Chinese homebuilders - China Vanke Co., Ltd.
(BBB+/Stable), Country Garden Holdings Co. Ltd. (BBB-/Stable) and
China Evergrande Group (B+/Positive) - while maintaining average
selling price at around CNY14,000-15,000 per sq m.

Sunac has the flexibility to generate sales from a greater
geographical and product spread, making it more likely that the
company can improve operational cash flow for deleveraging. Its
EBITDA margin, including the proportional share of EBITDA from
joint ventures and associates, was around 23% as of 1H18, or 32%
if valuation gains from acquired projects were removed.

Execution Risk in Non-Property Business: Sunac is increasing its
presence in the cultural and tourism business after the
acquisition of the Wanda City projects, which include hotels,
theme parks and shopping malls. There are inherent execution
risks in ramping up large-scale projects but these are mitigated
by Sunac's acquisition and retention of the Wanda City projects'
operational and management team, while the sale of properties
near these projects are in line with the company's expectations.
Once fully operational, the Wanda City projects may bring in
meaningful income from the non-property development segment.

DERIVATION SUMMARY

Sunac's homebuilding business scale, geographical
diversification, project execution track record, and churn rates
are comparable with 'BBB-' rated homebuilders like Country
Garden, and comparable with or superior to 'BB' rated
homebuilders such as Beijing Capital Development Holding (Group)
Co., Ltd. (BBB-/Negative, standalone BB), and Guangzhou R&F
Properties Co. Ltd. (BB-/Negative). However, Sunac has had a more
volatile financial profile than these peers, and is more
comparable with lower-rated issuers like Greenland Holding Group
Company Limited (BB-/Stable, standalone BB-) and China
Evergrande, even though its 1H18 leverage is lower than
Greenland's and similar to that of China Evergrande. No Country-
Ceiling, parent-subsidiary or operating-environment aspects have
an impact on the rating.

KEY ASSUMPTIONS

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

  - Replenishment of land bank to maintain land bank life of
    4.5 years

  - Capex at CNY7.5 billion in 2018 and CNY3.5 billion from 2019,
    mainly for Wanda City projects

  - Contracted GFA to grow at 30% in 2018 and 5%-10% thereafter

  - Contracted average selling price of CNY14,000-14,500 per sq m
    between 2018 and 2020

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 40% (1H18: 46.2%)

  - Attributable contracted sales/gross debt above 1.2x (1H18:
    1.0x)

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

  - Net debt/adjusted inventory sustained above 50%

  - Attributable contracted sales/adjusted inventory sustained
    below 0.8x (1H18: 0.8x)

  - EBITDA margin, excluding the effect of revaluation of
    acquisitions, sustained below 18%

LIQUIDITY

Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales in 2018 has reached CNY326 billion on an attributable
basis. Sunac had a cash balance of CNY87 billion, including
restricted cash of CNY25 billion, at 1H18, sufficient to cover
short-term debt of CNY75 billion.


TUNGSHU GROUP: Fitch Lowers LT IDR to B-, Outlook Negative
----------------------------------------------------------
Fitch has downgraded Tunghsu Group Co., Ltd.'s Long-Term Foreign-
Currency Issuer Default Rating to 'B-' from 'B'. The Outlook is
Negative. At the same time, Fitch has downgraded Tunghsu Group's
senior unsecured rating and the rating on its USD440 million
(USD390 million outstanding) 7% bond due 2020, issued by
subsidiary, Tunghsu Venus Holdings Limited, to 'B-' from 'B',
with a Recovery Rating of 'RR4'. All ratings are removed from
Rating Watch Negative.

The downgrade reflects Fitch's expectations that interest
coverage at the holding company level is likely to remain weak,
even though management indicates that gross debt had fallen
during 2018. The Negative Outlook reflects the continued funding-
access difficulties Tunghsu Group faces amid China's tight credit
conditions.

KEY RATING DRIVERS

Structural Subordination, Weak Holding Company: Tunghsu Group's
holding company - defined as the consolidated entity excluding
the two main listed subsidiaries, Tunghsu Optoelectronic
Technology Co Ltd and Tunghsu Azure Renewable Energy Co Ltd - is
the weakest part of Tunghsu Group; it accounted for around half
of total debt but less than 40% of consolidated EBITDA at end-
September 2018 and its EBITDA/gross interest was below 1.0x
during 9M18. Fitch believes it has become more important to
consider the financial metrics on a deconsolidated basis,
particularly liquidity and refinancing ability, due to the
holding company's weak financial profile.

Tunghsu Group operates two of its four key business segments,
optoelectronic displays and solar energy, through 39%-owned
Tunghsu Azure, which operates the solar energy business, and 22%-
owned Tunghsu Optoelectronic, China's largest glass-substrate
producer. Tunghsu Group's access to the listed affiliates' cash
is limited due to material minority interests.

Lower Gross Debt: Management indicates that total holding-company
debt fell to CNY44 billion in 2018, from CNY61 billion in 2017.
Fitch assumes the company used its cash balance of CNY52 billion
as at end-2017 and part of its 2018 CNY15 billion shareholder
capital injection to reduce debt, although management says the
capital injection had also been used to fund subsidiaries and
affiliates, support industrial-chain partners and as additional
collateral for borrowings. Fitch will reassess the company's
ratings if the 2018 audited financial statements show a
significant difference in gross debt levels compared with the
preliminary information provided by management.

Weak Coverage, High Funding Costs: Fitch expects EBITDA/interest
coverage to remain below 1x in 2019 unless the company further
reduces gross debt, estimating EBITDA/interest coverage at the
holding company at below this level in 2018 in light of high
gross debt and borrowing costs. The weak coverage metrics are
partly driven by rising borrowing cost in the market; the coupon
rate of Tunghsu Group's last 2018 domestic-bond issuance at the
holding-company level reached over 8%.

Deteriorating Funding Access: Credit conditions in China remain
tight, particularly for privately owned companies with weak
credit profiles. Fitch expects that it will be difficult for
Tunghsu Group to obtain external funding in 2019, a situation
exacerbated by its high portion of share pledges on its listed
affiliates. The more than 30% decline in the share prices of
these affiliates in 2018 further constrains Tunghsu Group's
ability to refinance its loans and may require the company to
post additional margin to lenders.

Recovery Rating of 'RR4': The Recovery Rating is based on the
break-up value of Tunghsu Group's listed subsidiaries,
investments and assets as of end-September 2018 against debt at
the holding-company level as of end-2018. Fitch assigns advance
rates of 40% on listed subsidiaries' market value and wealth-
management products, 70% on inventory and 50% on property, plant
and equipment at the holding-company level to calculate the
recoverable amount available to creditors.

Fitch estimates that only 40% of secured claims - excluding
property-related loans, which are mostly secured by landbank -
have priority over unsecured creditors due to the weak collateral
packages comprising cash pledges and shares in certain
subsidiaries. Fitch's recovery analysis treats the company's
offshore bonds as pari passu to onshore unsecured debt, as they
are fully guaranteed by Tunghsu Group.

DERIVATION SUMMARY

Tunghsu Group's rating reflects the structural subordination
issue at the holding-company level and weak holding company
EBITDA/interest coverage. The company is structurally
subordinated as it owns only a small stake in its subsidiaries,
which generate a large portion of the group's consolidated
earnings and cash flow. Tunghsu Optoelectronic has the strongest
business and financial profile within the group, while the other
segments have business and financial profiles that are more
comparable with 'B' category peers.

Tunghsu Group's financial profile is similar to that of other 'B-
' rated peers, including Zhongrong Xinda Group Co., Ltd. (B-
/Negative), Honghua Group Limited (B-/Stable) and Zoomlion Heavy
Industry Science and Technology Co. Ltd (B-/Stable), due to its
high gross leverage, weak coverage and heightened refinancing
risk.

No Country Ceiling or operating environment aspects affect the
rating.

KEY ASSUMPTIONS

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

  - Stable revenue and margins at the holding-company level

  - Consolidated EBITDA margin of around 19% in 2018-2020
    (2017: 21.4%)

  - No common dividends at holding-company level

  - Consolidated capex of CNY14 billion in 2019 and CNY9 billion
    in 2020

RATING SENSITIVITIES

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

  - Recurring EBITDA/gross interest expense sustained above 1.0x
    at Tunghsu Group, excluding Tunghsu Optoelectronic and
    Tunghsu Azure

  - Evidence of successful refinancing of maturing debt
    obligations and continued improvements in liquidity profile
    at the holding-company level

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

  - Evidence that cash is not readily available for debt
    repayment

LIQUIDITY

Large Cash and Debt Balances: Tunghsu Group, deconsolidating its
two listed affiliates, reported total cash of CNY42 billion at
end-September 2018, sufficient to cover upcoming debt maturities
of CNY26 billion (bonds with puttable options are presumed to be
repurchased at exercise date) by end-2019. According to
management, Tunghsu Group maintains shared facilities for the
entire group with uncommitted and unused bank facilities of
around CNY40 billion.



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ATLAS PET: CARE Lowers Rating on INR13.20cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Atlas Pet Plas Industries Limited (APPI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      13.20       CARE B; Stable Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of APPI are primarily
constrained by the small scale of operations with low net worth
base, leveraged capital structure and weak coverage indicators.
The ratings are further constrained by elongated operating cycle,
presence in competitive nature of industry and raw material price
variability. The ratings, however, draw comfort from experienced
and resourceful promoters with moderate profitability margins.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: The scale of
operations has remained small marked by a total operating income
and gross cash accruals of INR29.33 crore and INR1.63 crore
respectively during FY17 (FY refers to the period April 1 to
March 31). Further, the company's networth base was relatively
small at INR7.96 crore as on March 31, 2017. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. Further, the company has
achieved TOI of INR21.00 crore during 6MFY18 (refers to the
period April 1 to March 31, based on provisional results).

Leveraged capital structure and moderately weak coverage
indicators: The capital structure of the company marked by
overall gearing ratio stood leveraged for the past three
financial years i.e. FY15-FY17 owing to debt funded capex
undertaken in past. Moreover, the company has high reliance on
external borrowing to meet working capital requirements. Further,
owing to high debt levels, the debt service coverage indicators
stood weak for the past three financial years.

Elongated operating cycle: The company maintains adequate level
of inventory in the form of raw material and semi-finished
product for smooth functioning of its manufacturing process. The
company also maintains inventory in form of finished goods to
meet the immediate requirement of its customers. Entailing the
same; resulted into average inventory of around 265 days for
FY17. The company extends credit period of around three months as
these customers. Further, the company receives credit period of
around four months from its supplier. APPI's majorly rely on
external borrowings to fund its day to-day operations.

Raw material price variability: They constitute a major component
of the raw material and hence any volatility in their prices has
a direct impact on the profitability margins of the company.
Furthermore, the company has no long-term contract with any raw
material suppliers and the company sources the material on need
basis as per the price prevailing in the market. This exposes the
company's margins to fluctuations in the prices of raw materials.

Presence in competitive industry: APPI operates in a competitive
industry, wherein there is the presence of a large number of
small and mid-size players catering to the same market segment.
The high competition restricts the pricing flexibility and
bargaining power of the company, which is further intensified by
the tender-based nature of the business for customers in the
industry.

Key Rating Strengths

Experienced promoters: The overall operations of Atlas Pet Plas
Industries Limited (APPI) are being managed by Mr. Gurmeet Singh,
Mr. Gursimran Singh, and Mr. Tejbir Singh who possess experience
of more than two decades in iron and steel industry through their
association with this entity along with experience through its
associate concern namely Armstrong Wires & Engineers Private
Limited.

Moderate profitability margins: The PBILDT margin of the company
stood moderate at above 10% for the past three financial years
i.e. FY15-FY17. PBILDT margin stood at 12.60% in FY17 as against
14.16% in FY16 mainly on account of unfavourable flow of steel
prices being volatile nature of raw material prices. In line with
the decline in PBILDT margin, PAT margin also declined and stood
at 3.07% in FY17 as against 3.50% in FY16.

Delhi based APPI, is a public limited company (closely held), and
incorporated on February 15, 1995. In 2010 the business
operations were taken over by Mr. Gurmeet Singh, Mr. Gursimran
Singh, and Mr. Tejbir Singh. APPI is engaged in the manufacturing
of steel tubes and pipes such as CDW (Cold Drawn Welded) steel
tube, ERW (Electric Resistance Welding) steel tubes, Precession
steel tube for various applications such as Automotive, Shock
absorber, Air heater, propeller shafts, boiler & heat exchanger
etc.


DATTA KRUPA: CARE Lowers Rating on INR25cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Datta Krupa Roller Flour Mill Pvt. Ltd. (DRFM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      25.00       CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DRFM to monitor the rating
vide e-mail communications dated July 17, 2018; July 24, 2018;
July 31, 2018; August 27, 2018 & September 4, 2018 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on DRFM's bank facilities
will now be denoted as CARE C; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised on deterioration in liquidity
position on account of stoppage of production & commercial
activity in the Nanded factory as a result of being accused in
illegal diversion of subsidized food grains meant for public
distribution system. This has impacted the debt servicing
capability of group company; thereby resulting in delayed
payments. Thus, the liquidity issues faced by the group are
expected to put strain on the liquidity position of the company.
The ratings are also constrained due to low profitability,
working capital intensive nature of operations leading to
leveraged capital structure and presence in fragmented and
competitive nature of the industry. However, long experience of
the promoters in the agro processing industry, diversified
product profile with established distribution network partially
offset the rating constraints.

Detailed description of the key rating drivers

Key Rating Weaknesses

Working capital intensive nature of operations: The working
capital intensity is high in the business due to procurement of
agro commodities like wheat on advance/cash basis while it
extends credit to its customers. Thus the average working capital
utilization for IMA remained moderate whereas DRFM utilizes the
facility to the fullest. However, with the ongoing restriction on
manufacturing activities, the liquidity position is expected to
deteriorate.

Leveraged capital structure: Increasing profitability and
infusion of funds by the promoters over the years has resulted in
increased net-worth. However continuous expansion undertaken by
the company has resulted in increased debt levels; thereby the
overall capital structure of group is leveraged with overall
gearing of 2.29x as on March 31, 2017.

Susceptibility to volatile agro commodity prices: Availability of
wheat, rice and other key raw material; is seasonal and dependent
on weather and climate condition which leads to volatility in
prices of raw material. Further, its prices are also impacted by
government policies and trade regulations.

Presence in fragmented industry leading to intense competition:
The flour mill industry is highly fragmented with more than two-
third of total number of players being unorganized and most of
the flour being supplied by small 'chakki' units.

Key Rating Strengths

Experienced management in the agro processing industry with
diversified product profile: Dattakrupa Group (DKG) is promoted
by Baheti family which is into the business of rice & flour mill
processing since 2005. Presently the entire operations are
managed under the leadership of Mr. Ajay Kumar Baheti who has
more than a decade of experience. DKG group consists of two
companies India Mega Agro Ananj Limited (IMA) and Dattakrupa
Roller Flour Mill Private Limited (DRFM). Over the period of
time, the group has set-up various food processing divisions like
roller flour mill; then cattle & poultry unit in 2015; dal & rice
mill in 2016; oil mill & refinery in 2017 and solvent & biscuit
unit would commence its operation by September & December 2017
respectively.

Continuous financial support: The promoters have continuously
infused funds in the form of equity and unsecured loans from
friends & family. The financial support is primarily to aid the
capital expenditure plans of the company and to support the
operations if required.

Established distribution network: The manufacturing facility of
the group is located at Nanded & Prabhani in Maharastra. The
produce from these units are marketed and distributed through
well established distribution network of over 100 distributors
across various regions namely Maharashtra, Karnataka, Tamil Nadu,
Andhra Pradesh, Gujarat and Madhya Pradesh through distributors.

Ramp up of new capacities resulted in healthy growth in scale of
operations: The continuous capacity increase and addition of new
units every year, has lead to diversification of revenue under
the agro processing industry. Thus stabilization of these
capacities has garnered healthy growth in revenue with combined
Compounded Annual Growth Rate of 33.20% for the past three years.
The same is expected to sustain in the medium term.

Analytical approach: Combined.

For arriving at the rating, CARE has combined the business and
financial risk profiles of IMA and DRFM hereinafter referred as
Dattakrupa Group (DKG). Both companies are under common
management with similar nature of operations and product
portfolio. Moreover the combined approach is also based on common
shareholders and undertaking from the promoter-director ensuring
financial fungibility between the companies whenever required.

Incorporated in 2005, Dattakrupa Roller Flour Mill Private
Limited (DRFM - part of Dattakrupa group) manufactures wheat
products such as atta, maida, suji, rawa and dal mills. The
company's manufacturing facility is located at Parbhani,
Maharashtra. Its roller flour mill has a processing capacity of
250 tonnes per day and its dal mill has a processing capacity of
50 tonnes per day. Later Dattakrupa group in 2010 expanded its
operations in agro processing industry with incorporation of
India Mega Agro Ananj Limited (IMA) located at Nanded,
Maharashtra. IMA is engaged in the business of multiple food
processing like roller flour mill; cattle & poultry unit; dal &
rice mill; oil mill & refinery; solvent unit and biscuit unit.


GANPAT RAI: CARE Lowers Rating on INR14cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ganpat Rai Kewal Ram Trading Company Private Limited (GRK), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      14.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GRK to monitor the
rating(s) vide e-mail communications/letters dated December 17,
2018, December 11, 2018, December 4, 2018, October 25, 2018,
October 8, 2018, September 19, 2018, and numerous phone calls.
However, despite our repeated requests, the firm has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Ganpat Rai Kewal Ram Trading Company Private Limited'
bank facilities will now be denoted as CARE B+; Stable; ISSUER
NOT COOPERATING.

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

The rating has been revised by taking into account non-
availability of information and no due-diligence conducted due to
non-cooperation by Ganpat Rai Kewal Ram Trading Company Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

The rating assigned to the company continues to remain
constrained by its modest scale of operations, low profitability
margins and leveraged capital structure. The rating is further
constrained on account of volatility associated with coal prices
and fragmented and competitive nature of industry. The rating
however, continues to draw comfort from experienced directors,
and moderate operating cycle.

Detailed description of the key rating drivers

Key rating weaknesses

Modest scale of operations: The scale of operations has remained
modest marked by a total operating income and gross cash accruals
of INR84.52crore and INR0.61crore respectively during FY17 (FY
refers to the period April 1 to March 31). Furthermore, the
company's net worth base was relatively small at INR5.56crore as
on March 31, 2017. The small scale limits the company's financial
flexibility in times of stress. The company has achieved TOI of
INR45.00 crore during 6MFY18 (refers to the period April 1 to
September 30, based on provisional results).

Low profitability margin and leveraged capital structure: The
profitability margins of the company have remained on the lower
side owing to the trading nature of the business where the value
addition is inherently low and intense market competition given
the highly fragmented nature of the industry. Interest cost has
further restricted the net profitability of the firm. The PBILDT
margin stood at 1.76% in FY17 as against 3.35% in FY16. The
capital structure of the firm continues to remain leveraged
mainly on account of high dependence on external borrowings to
meet its working capital requirements coupled with relatively low
net worth base. The overall gearing of GRK deteriorated and stood
at 2.82x as on March 31, 2017 against 1.87x as on March 31, 2016
on account of higher utilization of working capital limits as on
balance sheet date.

Volatility associated with coal prices: GRK is engaged in trading
of domestic coal, the prices of which are volatile in nature. The
company purchases coal primarily through direct auctions. The
purchase quantity of the coal is decided by the management
factoring in the past trend of demand from the customers.
Furthermore, GRK procures excess quantity in case of favourable
price scenario. Thus, GRK operations are susceptible to price
fluctuation risk of coal.

Fragmented and competitive nature of industry: The coal trading
industry is fragmented with presence of large number of organized
and unorganized players leading to high competition which further
intensifies due to large gap in demand and supply of domestic
coal. The company procures the coal from domestic markets and
dispatches to the customers as per their orders. Further, GRK
generates its revenue from trading of coal and does not provide
any value added services.

Key Rating Strengths

Experienced directors: The company is managed by Mr. Nitin
Mittal, Ms. Adesh Rani Mittal Ms Chhaya Rungta and Ms. Beena
Singh; have more than a decade of experience in business though
their association with GRK. All the directors collectively look
after the overall operations of the company.

Moderate operating cycle: The company holds inventory in the form
of traded goods i.e. coal for around 1-2 month for meeting the
demand of its customers. The average credit period extended by
GRK to its customers stood at 46 days in FY17. Further, the
company receives similar credit period from the supplier.

Ganpat Rai Kewal Ram Trading Company Private Limited (GRK) was
incorporated in 2007. The company is currently being managed by
Mr Nitin Mittal, Ms Adesh Rani Mittal, Ms Chhaya Rungta and Ms
Beena Singh. GRK is engaged in trading of coal.
M/s Vijeta Coal Traders, Ratanmal Balakram Trading Co. Pvt. Ltd.
and Sitaram Coal Traders are associate concerns of GRK engaged in
similar business.


GV KNITS: CARE Lowers Rating on INR6.39cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
G. V. Knits Private Limited (GVK), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.39       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

   Short term Bank      0.20       CARE A4; Issuer Not
   Facilities                      Cooperating; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GVK to monitor the
rating(s) vide e-mail communications/letters dated December 17,
2018, November 13, 2018, October 22, 2018, etc. and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on GV Knits Private Limited's
bank facilities will now be denoted as CARE B/ CARE A4; Stable;
ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-
availability of requisite information and no due-diligence
conducted due to non-cooperation by GV Knits Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk.

The ratings of the company remained constrained by small scale of
operations, low profitability margins, leveraged capital
structure, susceptibility to fluctuations in raw material prices,
fragmented and unorganized nature of textile industry. The
ratings, however, continues to derive comfort from the
experienced promoters and moderate operating cycle.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations: The scale of operations of the company
marked by a total operating income continues to remain small at
INR24.11 crore during FY18 (FY refers to the period April 1 to
March 31). The small scale limits the company's flexibility in
times of stress and deprives it from scale benefits.

Low profitability margins and leveraged capital structure: The
PBILDT margin of GVK deteriorated and stood low at 7.50% for FY18
as against 11.20% for FY17. Further, PAT margin continues to
remain weak and below unity around 0.60% for the past three
financial years FY16-FY18 on account of high interest and
depreciation cost. The capital structure of the company as marked
by overall gearing stood leveraged mainly on account of low net
worth base coupled with debt funded capex undertaken by the
company in past. The overall gearing ratio stood at above 5x for
the past three balance sheet dates i.e. March 31, '16-'18.

Susceptibility to fluctuations in raw material prices: The prices
of raw materials, viz., yarn (cotton and polyester) are directly
proportional to the cost of fiber that linked to prices of crude
oil. The general volatility in the crude oil prices also has an
impact on the prices of these products. It being a product of
international importance, its prices is very volatile depending
on the demand-supply situation in the global markets.
Furthermore, the company is susceptible to fluctuations in raw
material prices of cotton which is also a key raw material.
Cotton (one of the main raw material) being an agricultural
product, its demand supply situation depends on various natural
conditions like monsoons, drought and floods.

Fragmented and unorganized nature of textile industry: The
textile related products industry is characterized by numerous
small players and is concentrated in the northern part of India.
Low entry barriers and low investment requirement makes the
industry highly lucrative and thus competitive. Smaller companies
in general are more vulnerable to intense competition due to
their limited pricing flexibility, which constrains their
profitability as compared to larger companies who have better
efficiencies and pricing power considering their scale of
operations.

Key Rating Strengths

Experienced promoters: Mr. Deepak Kamboj, promoter of GVK has
experience of more than half a decade in manufacturing of textile
products through his association with GVK. Additionally, he is
well supported by his wife Mrs. Sarika Kamboj in managing the day
to day operations of the company and have around half a decade
experience in the industry through her association with GVK.
Moderate operating cycle: The company usually maintains an
inventory of around a month in form of finished goods (fabrics)
to meet the immediate demand of customer's resulting into
moderate inventory levels. GVK receives a credit period of around
two months from its suppliers resulting in average payable period
of 49 days. Further, the company extends a credit period of
around two months to its customers owing to competitive nature of
industry, resulting into collection period 60 days in FY18.

G. V. Knits Private Limited (GVK) was established in 2011 as a
private limited company. The company is being managed by Mr.
Deepak Kamboj and his wife Mrs. Sarika Kamboj. GVK is engaged in
the manufacturing of fabrics (Blended knitted) and garments in a
facility located in Noida. Also, the company is engaged in
trading of fabric. The company manufactures garments under its
own brand name 'Style Encore'.


HIGHTECH HEALTHCARE: CARE Lowers Rating on INR3.50cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hightech Healthcare, as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-Term Bank      3.50       CARE B; Stable Issuer Not
   Facilities                     Cooperating Revised from
                                  CARE B+; Stable on the basis
                                  of best available information

   Short-Term Bank     6.25       CARE A4; Issuer Not Cooperating
   Facilities                     On the basis of best available
                                  information

Detailed Rationale and key rating drivers

CARE has been seeking information from Hightech Healthcare to
monitor the rating(s) vide e-mail communications/ letters dated
December 14, 2018, December 11, 2018, December 04, 2018, October
24, 2018, October 08, 2018, September 17, 2018, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on M/s Hightech Healthcare
bank facilities will now be denoted as CARE B; Stable / CARE A4
ISSUER NOT COOPERATING*.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised taking into account non-availability
of information and no due-diligence conducted due to non-
cooperation by Hightech Healthcare with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment
of credit risk.

The rating takes into account small scale of operations, high
collection period and partnership nature of business operations.
The ratings are further constrained on account of trading nature
of business with margins susceptible to fluctuation in prices of
goods traded and foreign exchange rate along with intense
competition due to exposure to tender driven nature of business
operations along with customer concentration risk partnership
nature of business operations. The ratings, however, draw support
from the experience of the promoters and moderate capital
structure.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations of the firm
continues to remain small as marked by total operating income and
gross cash accruals of INR 8.73 crore and INR0.49 crore
respectively as on March 31, 2017. The small size restricts the
financial flexibility of the firm in times of stress and deprives
it from the benefits of economies of scale. Furthermore, during
9MFY18 (refers to the period April 17 to December 17; based on
provisional results) the firm has also achieved an income of
INR2.79 crore.

Partnership nature of business operations: HHE is a partnership
firm, making it susceptible to the inherent risk of withdrawal of
capital. The risk of withdrawal of capital limits the firm's
financial flexibility and resource mobilizing ability. Further
during FY17, the partners withdraw capital amounting to INR0.46
crores.

High collection period: The collection period stood elongated at
200 days in FY17 as most of the company's customers are public
sector undertaking and the realization generally takes longer
time for payment due to procedural delays. The high working
capital requirements were met largely through high payable and
bank borrowings.

Customer and geographically concentration risk: The firm remains
exposed to customer concentration risk. This limits the financial
flexibility since the firm is dependent on timely receipts of
payments from these customers. Furthermore, due to client
concentration risk the firm is also exposed to unfavorable
changes in the policy towards contract allocation. Moreover, HHE
is engaged in the trading of medical equipments mainly to the
South African countries. Due to a high geographic concentration,
the firm is also exposed to unfavorable changes in the government
policy of that country. Furthermore, debtor default risk remains
high due to instability in political and economic scenario in
Africa.

Trading nature of business with margins susceptible to
fluctuation in commodity price and foreign exchange rate:
Considering the trading nature of activities where value addition
is inherently limited, the profitability margins of HHE has
remained range bound. Furthermore, these margins are also
susceptible to price volatility risk associated with the order
back trading nature of business. Moreover, the firm business
operation includes both imports and exports resulting in foreign
exchange fluctuation risk. Though, the firm doesn't have any
policy to hedge its foreign currency risk; however, being
importer and exporter, the foreign currency risk is partially
mitigated through a natural hedge.

Intense competition due to exposure to tender driven nature of
business: HHE business is tender-based which is characterized by
intense competition resulting into moderate operating margins for
the firm. The growth of business depends entirely upon HHE's
ability to successfully bid for tenders and emerge as the lowest
bidder.

Key Rating Strengths

Experienced promoters: The partners of the firm viz. Mr Rajesh
Sondhi and Mr Prabhat Kumar have over one decade of experience in
the trading of medical equipments. The management of the firm is
assisted by a team of experienced personnel, who are actively
involved in various functions of the business.

Moderate profitability margins and moderate capital structure
The profitability margin of the firm continues to remain moderate
as marked by PBILDT and PAT margin which stood above 10% and
4.50% for the past three financial years i.e. FY15-17.

The capital structure of the firm continues to remain moderate as
marked by an overall gearing which stood below unity as on past
three balance sheet dates ending March 31, 2015-17 on account of
lower utilization of working capital borrowings as on balance
sheet date.

Further, due to moderate profitability and GCA levels, the debt
coverage indicators of the firm also remained moderate as marked
by interest coverage ratio and total debt to gross cash accrual
of 2.23x and 2.23x for FY17.

Noida-based, (Uttar Pradesh)- Hightech Healthcare(HHE), was
established as a partnership firm in 2001. The firm is
engaged in trading of medical equipments in the domestic and
overseas market.


IL&FS TAMIL: CARE Lowers Rating on INR5,608.76cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
IL&FS Tamil Nadu Power Company Limited (ITPCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank   (5,608.76)     CARE D Revised from CARE BB+
   Facilities                      (Under Credit Watch with
                                   Negative Implications)

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of ITPCL
is on account of delays in servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: ITPCL has not serviced
its debt obligations for the past couple of months. The same has
been confirmed by CARE as part of its due diligence exercise.
CARE has also not received NDS for the month ended November and
December 2018.

IL&FS Tamil Nadu Power Company Limited (ITPCL), a Special Purpose
Vehicle (SPV) promoted by IL&FS Energy Development Company
Limited [IEDCL, rated CARE D] which is a flagship company of in
the energy segment of Infrastructure Leasing & Financial Services
Ltd. [IL&FS, rated CARE D]. IL&FS holds 91.38% in IEDCL which is
spearheading IL&FS's initiatives in the power segment and
associated in various capacities with different power generation
projects through conventional and non-conventional energy
sources. IEDCL also provides advisory services to state
governments, large public sector companies as well as private
sector client on all facets of power project development and
implementation. The balance stake of 8.62% is held by investee AS
Coal Resources Pte Ltd.

The company has set-up 1,200 MW (2X600 MW) integrated imported
coal-based sub-critical thermal power plant in Cuddalore, Tamil
Nadu, in Phase-I. The total project cost incurred for the first
phase (1,200MW) is ~Rs.10,640 crore [which was originally
estimated at INR6, 371 crore (including cost of development of
captive port and investment in coal mine in Indonesia)]. This was
financed through INR 6,080 crore of term loans and INR 4,560
crore of equity/equity like instruments initially. The Unit-I
(600MW) and Unit-II (600MW) have achieved Commercial Operation
Date (CoD) on September 29, 2015 and on April 30, 2016,
respectively.


JAIN IRRIGATION: Fitch Affirms B+ LT IDR, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed India-based micro-irrigation company
Jain Irrigation Systems Limited's Long-Term Issuer Default Rating
(IDR) at 'B+'. The Outlook remains Positive. The agency has also
affirmed JISL's USD200 million 7.125% senior unsecured notes due
in 2022 at 'B+' with Recovery Rating of 'RR4'. The notes are
issued by JISL's wholly owned subsidiary Jain International
Trading B.V. and guaranteed by JISL.

The affirmation with Positive Outlook reflects Fitch's
expectation of further improvement in JISL's leverage following a
healthy operating performance over the last 12 months and
satisfactory deleveraging in line with its expectations. Fitch
expects JISL's leverage (defined as lease adjusted debt net of
cash adjusted for seasonality/EBITDAR) to reduce below 3.5x by
the financial year ending March 31, 2020 (FY20) from 4.4x at
FYE18 and 4.9x at FYE17, supported by continued growth in EBITDA
and a prudent approach to growth investments. However, the bulk
of the company's micro-irrigation business, which accounts for
around 60% of its EBIT, is susceptible to unpredictable weather
patterns and India's vulnerable agricultural sector, which poses
risks to the company's deleveraging.

JISL's ratings incorporate its high, albeit improving leverage,
and its strong business risk profile as a globally diversified
producer of micro-irrigation systems (MIS), a leading
manufacturer and distributor of polyvinyl chloride and
polyethylene pipes in India for industrial and residential uses,
as well its leading position in supplying processed fruits and
vegetables to leading multinational fast-moving consumer goods
companies across several geographies.

KEY RATING DRIVERS

Favourable Growth Prospects: JISL's MIS business in India is
poised for sustained growth over the next several years as India
continues to take steps to reduce the agriculture sector's
dependence on erratic rainfall by promoting the use of more
efficient micro-irrigation systems. Similarly, JISL's pipes
business stands to benefit from the government's focus on
developing urban infrastructure, such as roads, water supply and
sewage services, solid waste management and storm water drains,
over the medium to long term. Recent investments into orange and
spice processing facilities will support growth in JISL's food
processing business.

Progress under government programmes, such as Pradhan Mantri
Krishi Sinchai Yojana (PMKSY, planned outlay of INR500 billion
over FY16-FY20), Smart Cities Mission (INR2 trillion) and Atal
Mission for Rejuvenation and Urban Transformation (AMRUT, INR500
billion), have led to a robust increase in JISL's order book for
these segments to more than INR37 billion as of September 2018
from INR27 billion a year ago. Fitch expects JISL's order book to
expand further as its leading position and track record in
providing end-to-end solutions in large projects supports its
competitive positioning.

Improving FCF to Aid Deleveraging: JISL's deleveraging during
FY18 remained broadly in line with Fitch's expectations as lower
working capital investments boosted operating cash flows and
supported a higher-than-expected level of capex. JISL's free cash
flow (FCF) will remain positive from FY20 with improving EBITDA
and a moderate level of growth capex.

Fitch expects JISL management to take a measured approach to
growth and use free cash to repay debt, in line with its publicly
articulated strategy. In particular, the acquisitions in FY18
have improved JISL's access to overseas markets and capacity
utilisation will remain comfortable over the medium term, which
will limit need for any significant investments. However, any
significant acquisitions or high level of growth capex would
impact the pace of deleveraging and may prompt a revision in the
Outlook to Stable.

Cash-Flow Seasonality: JISL's sales are slower during the first
half of the fiscal year than the second half, which results in a
higher cash balance at the fiscal year-end compared with other
quarters. This is primarily because sales of MIS in India depend
on the performance of the monsoon rains, which usually occur
between June and September. Fitch therefore deducts INR1 billion
from JISL's year-end cash balance when calculating the year-end
leverage ratio to account for this seasonal variance.

Leading Market Position; Diversification: JISL's leading market
position underpins its competitive strength in its key products.
JISL is the largest manufacturer of MIS in India by sales and
number two in the world. It is also the world's largest mango
processing company, and second-largest producer of dehydrated
onions. The company is also one of the largest manufacturers in
India of plastic pipes. JISL's diversification across products
and geographies helps to reduce its exposure to volatility in
individual end-markets. Overseas markets accounted for 47% of
revenue in FY18, while plastic pipes and food processing
accounted for 20% and 12% of operating profits, respectively,
which helps to reduce dependence on the MIS business.

DERIVATION SUMMARY

Fitch does not rate any of JISL's direct competitors. However
JISL may be compared with companies in the diversified
manufacturing segment, such as JSC HMS Group (HMS, B+/Stable),
Hilong Holding Limited (Hilong, B+/Stable) and Borets
International Limited (Borets, BB-/Stable).

HMS is a major pump, compressor and equipment manufacturer for
the oil and gas industry in Russia and the Commonwealth of
Independent States. Its rating factors in the group's leading
market position and stable demand from the oil industry, but also
the lack of diversification by customer and geography and a low
share of after-market services. JISL has a stronger business risk
profile than HMS due to its larger operating scale and more
diversified cash flows across geographies and end-markets. These
help to counterbalance JISL's higher leverage and support its
rating at the same level as HMS.

Hilong is a leading provider of drill pipe manufacturing and oil
country tubular good (OCTG) coating services in China, where it
enjoys about 45%-50% market share. Hilong's rating reflects its
growing international presence but also small operating scale,
dependence on the oil and gas industry and low earnings
visibility. JISL has a broadly similar business and financial
risk profile, supporting its rating at the same level as Hilong.

Borets is a leading manufacturer of electrical submersible pump
(ESP) systems globally with a market share of about 28%. Borets
benefits from a solid share of after-market revenue and higher
profitability than peers. However, its rating is constrained by
its relatively small scale and limited business diversification
with the oil and gas industry as its primary end-market. JISL's
large size and more diversified business profile help to
counterbalance its exposure to relatively more volatile end
markets than Borets's. JISL is rated one notch lower than Borets,
which has lower leverage as well as sustainable free cash
generation.

KEY ASSUMPTIONS

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

  - Revenue growth of 16% in FY19 and around 9% a year
    thereafter, supported by robust demand in the mirco
    irrigation and plastics segments and recent investments
    in the food processing business

  - EBITDA margin of 13% to 14% in the next two to three years

  - Annual capex to average INR3.8 billion over FY19 to FY21

  - Dividend payout to remain below 20% of net income

Recovery Rating Assumptions

  - The recovery analysis assumes that JISL would be considered a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Fitch has assumed that JISL's going-concern EBITDA is equal
to JISL's EBITDA in FY18 with no further discount applied. This
remains conservative because it does not factor in EBITDA growth
Fitch expects JISL to post over the medium term. It reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level,
upon which Fitch based the valuation of the company.

  - An enterprise value (EV) / EBITDA multiple of 6x is used to
calculate the post-reorganisation valuation and Fitch believes
this is closer to a distressed multiple, considering that as of
March 31, 2018, JISL was trading at a EV/EBITDA multiple of
around 9x.

  - Fitch used secured and unsecured debt as of March 31, 2018.
The compulsory convertible debentures, USD200 million bonds
issued by Jain International Trading B.V., vendor financing in
trade-payables reclassified as debt, and the foreign currency
convertible bonds are treated as unsecured debt.

  - Fitch has assumed that JISL's sanctioned but undrawn lines of
INR13.8 billion will be fully drawn at the point of distress, and
that these lenders would have a prior ranking claim on JISL's
assets ahead of bond investors.

  - The recovery waterfall results in a 71%-90% recovery estimate
corresponding to a 'RR2' Recovery Rating for the USD200 million
unsecured notes. Nevertheless, Fitch has rated the senior notes
at 'B+' with a Recovery Rating of 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings criteria, India
falls into 'Group D' of creditor friendliness. Instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

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

  - Lease adjusted debt net of cash adjusted for seasonality/
    operating EBITDAR sustained below 3.5x

  - Ability to generate sustained neutral free cash flow

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

  - Not meeting the positive rating sensitivities for an extended
period will result in the Outlook being revised to Stable

LIQUIDITY

Comfortable Liquidity: At FYE18, JISL had readily available cash
(net of cash adjustment for seasonal variations) of INR3.0
billion and approved but undrawn credit facilities of INR13.8
billion which will sufficiently cover INR1.9 billion of vendor
financing and INR3.1 billion of long-term debt maturing in FY19
and INR0.7 billion of negative free cash flow. The group had a
further INR15.0 billion of short-term working capital debt, which
Fitch expects lenders to roll over during the normal course of
business, given the group's satisfactory credit profile. Debt
maturities in FY20 and FY21 are manageable at below INR5 billion.
Fitch believes JISL's improving free cash generation and leverage
will support its refinancing ability in FY22 when debt maturities
will exceed INR15 billion.


K. MAGANLAL IMPEX: Ind-Ra Affirms BB+ Rating on INR110MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed K.Maganlal
Impex's (KMI) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR110 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects KMI's continued modest credit profile.
KMI's revenue rose to INR1,356.43 million in FY18 from
INR1,216.37 million in FY17 on account of an increase in the
sales of high-end products. Moreover, KMI's EBITDA margin
marginally rose to 1.86% in FY18 from 1.5% in FY17, driven by
better management of cost of operations. KMI's return on capital
employed was 10% in FY18 (FY17: 9%).

Its EBITDA interest coverage (operating EBITDA/gross interest
expenses) was 2.01x in FY18 (FY17: 1.7x) and net financial
leverage (adjusted net debt/operating EBITDA) was 5.00x in FY18
(FY17: 7.2x). The improvement in the coverage was driven by a
proportionately higher increase in absolute EBITDA than that in
interest expenses. The improvement in the leverage was due to a
proportionately rise in absolute EBITDA than that in debt.

The ratings continue to reflect the partnership nature of the
firm.

The ratings, however, are supported by KMI's modest liquidity
position, indicated by an average fund-based facility utilization
of 99% for the last 12 month ended November 2018. The net working
capital cycle improved to 58 days in FY18 from 67 days in FY17,
driven by an improvement in collection days. The firm's cash flow
from operations rose to INR18.00 million in FY18 from INR4.00
million in FY17, with its cash and cash equivalents enhancing to
INR13.64 million from INR6.57 million.

The ratings continue to be supported by over two decades of
experience of the partners in the diamond industry and the firm's
increased presence abroad.

RATING SENSITIVITIES

Negative: A decline in the revenue, on a sustained basis, will be
negative for the ratings.

Positive: A rise in the revenue while maintaining the
profitability, both on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2002, KMI is engaged in the import of rough
diamonds and the manufacturing, cutting and export of polished
diamonds. KMI is a member of Gem Jewellery Export Promotion
Council. Its registered office is in Mumbai and factory in
Gujarat.

The firm is managed by Mr. Kalubhai Jivabhai Dudhat, Mr. Maganlal
Jivabhai Dudhat and Mr. Dineshbhai Jivabhat Dudhat, and the
entire shareholding lies within the Dudhat family.


KAIZEN COLD: CARE Reaffirms B+ Rating on INR6cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kaizen Cold Formed Steel Private Limited (Kaizen), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           8.07       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Kaizen are
primarily tempered by small scale of operations with fluctuating
and thin profitability margins, working capital intensive nature
of operations, leveraged capital structure and weak debt coverage
indicators, susceptibility of profitability margins to volatility
in the raw material prices and highly competitive business
segment due to presence of numerous organised and unorganized
players. However, the ratings derive comfort from experienced
promoters in trading of Steel products and growth in total
operating income year-on-year.

Going forward, the company's ability to improve its scale of
operations, profitability margins, capital structure and debt
coverage indicators and efficiently utilize its working capital
requirements remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with fluctuating and thin
profitability margins: Kaizen has a small size of operations
marked by low net-worth base of INR7.32 crore as on March 31,
2018 (CA Certified, Prov.) and total operating income of INR
94.92 crore in FY18 (CA Certified, Prov.) compared to other peers
in the industry. The PBILDT margin of the company has remained
thin in the range of 3.04%-4.02% due to trading nature of
business where margins are relatively low due to competitive
steel trading business due to presence of numerous organised and
unorganised players. The PAT margin also stood thin and volatile
between 0.36% - 0.78% over the last three years due to
fluctuation in the operating profit.

Working capital intensive nature of operations: The company
operates in trading of iron & steel products which requires
average inventory holding of 3-4 months to mitigate price
fluctuation and cater requirements of customers' on time
resulting in working capital intensive business.

The company allows credit period of 20-50 days to its customers
in order to secure flow of orders due to competitive business
segment. The company gets the credit period of around 30-60 days
to makes payments to its suppliers based on the debtors
realisation. Overall, the operating cycle of the company stood at
114 days in FY18 (CA Certified, Prov.) as compared to 144 days in
FY17. The company utilises cash credit facilities to manage day
to day operations. The cash credit facility was utilized at 80%
over the last 12 months ended December 31, 2018.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of Kaizen remains leveraged with an overall
gearing of 3.06 times as on March 31, 2018 (CA Certified, Prov.)
although improved from 3.78 times as on March 31, 2016 mainly on
account of decreases in term loans from NBFCs and lower working
capital utilization as on balance sheet dates. Furthermore, debt
service coverage indicators of the company remained weak with
total debt to GCA of 39.51x and interest coverage of 1.33 times
in FY18 (CA Certified, Prov.) due to thin profitability and cash
accruals along with high debt levels.

Susceptibility of profitability margins to volatility in the raw
material prices: The primary traded products of Kaizen is HR
coils/Sheets and CR Coils/Sheets other steels TMT Bars, channels
etc. whose prices are dependent on prevailing international
commodity price fluctuation. Change in the steel price in
commodity market on day to day basis has a direct impact on the
prices of steel products and risk of lag in passing on the same
to customers could in turn affect the profitability of the
concern. Furthermore, 90% of the purchases of Kaizen are made
from domestic suppliers based on the market demand and
availability of the products.

Highly competitive business segment due to presence of numerous
organised and unorganised players: The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in India.
Kaizen faces direct competition from various organized and
unorganized players in the market. There are a number of small
and regional players who are located in India and catering to the
same market.

Key Rating Strengths

Experienced promoters in trading of Steel products: The overall
affairs of Kaizen are managed by Mr Raghav Saraf and his brother
Mr. Rahul Saraf. They have an extensive experience in this
trading of steel products like HR coils/Sheets and CR Coils /
Sheets other steels TMT Bars, channels etc. of more than three
decades. Both of them look after the overall management of the
company.

Growth in total operating income year-on-year: The total income
of Kaizen has grown at a CAGR of 25.28% from INR42.09 crore in
FY15 to INR82.76 crore in FY17 due to increasing sales to
existing customers on account of repeat orders along with
addition of new customers. The total income increased by 14.71%
in FY18 to INR82.75 crore (CA Certified, Prov.) on the back of
increase in the quantum of goods traded.

Liquidity Analysis: The current ratio of the company improved
marginally from 2.06x as of March 31, 2017 to 2.10x as of
March 31, 2018 (CA Certified, Prov.) mainly on account of
increase in the current assets. The cash and cash equivalents
stood at INR0.03 crore in FY18 (CA Certified, Prov.) as against
INR0.04 crore in FY17. For the 12 months ended December 31, 2018,
the unutilized working capital stood at INR1.20 crore.

Kaizen Cold Formed steel Private Limited (Kaizen) was
incorporated in 2009 by Mr. Raghav Saraf and his brother Mr.
Rahul Saraf. The company is located at Chennai, Tamilnadu. Kaizen
deals in trading of wide range of products steels such as HR
coils/Sheets and CR Coils / Sheets other steels TMT Bars,
channels etc.


KOMOLINE AEROSPACE: CARE Lowers Rating on INR3cr Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Komoline Aerospace Limited (KAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.00       CARE B; Stable Revised from
   Facilities                      CARE BB- and removed from
                                   credit watch with negative
                                   implications

   Short-term Bank      7.00       CARE A4 Reaffirmed and
   Facilities                      removed from credit watch
                                   with negative implications

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities of KAL have been removed from
'credit watch with negative implications'. The 'credit watch with
negative implications' was due to pending resolution of the
appeal of KAL before National Company Law Appeal Tribunal
(NCLAT), Delhi against the order of from National Company Law
Tribunal (NCLT), Ahmedabad, in the matter related to re-audit of
financials of FY17 (FY refers to period from April 1 to
March 31). Now, the NCLAT has quashed and set aside the order for
re-audit of financials of FY17. However, there is deterioration
in overall financial risk profile during FY18.

The revision in the long term rating assigned to the bank
facilities of KAL, takes into account decrease in its scale of
operations with significant increase in its net loss, apart from
deterioration in capital structure and debt coverage indicators
during FY18. The ratings, further, continue to remain constrained
on account of working capital intensive nature of operations of
KAL.

The ratings, however, continue to derive strength from the vast
experience of the directors in the weather monitory equipment
business and its association with reputed clientele.

The ability of KAL to increase its scale of operations with an
improvement in profitability and solvency position with better
working capital management are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decrease in scale of operations along with significant increase
net loss during FY18: KAL has reported decrease in its scale of
operations marked by total operating income (TOI) of INR4.79
crore during FY18, a y-o-y decrease by 54.85% (Rs.10.61 crore
during FY17). During FY18, the PBILDT margin has decreased
significantly and stood at 5.76% as compared to 28.95% in FY17
mainly due lower level of operations as against its fixed cost
during FY18. Further, lower level of operating profit coupled
with high interest & depreciation charges resulted into
significant losses of INR1.41 crore during FY18 as against net
loss of INR0.63 during FY17.

Deterioration in capital structure and debt coverage indicators:
As on March 31, 2018, the overall gearing of the company
deteriorated to 5.83x as compared to 2.54x as on March 31, 2017
on account of decrease in net worth due to significant losses in
FY18 coupled with an increase in total debt level. Owing to cash
loss and increase in the debt level, the debt coverage indicators
also remained very weak during FY18.

Working capital intensive nature of operations: As on March 31,
2018, KAL's current ratio continued to remain moderate at 1.31x
as against 1.37x as on March 31, 2017. However, its working
capital cycle elongated to 503 days during FY18 as compared to
306 days during FY17 on account of significant increase in
inventory holding.

Key Rating Strengths

Experienced partners

Experienced directors in the weather monitory equipment business
and its association with reputed clientele: Mr. Bharat Patel,
Director of the company is an Electronics and Communication
Engineer by qualification and is having three decades of
experience in the same industry. He has also pursued research at
Bhabha Atomic Research Centre, Trombay and Indian Space Research
Organization (ISRO). He is currently president with ABS
(Association of British Scholars, a division of British Counsel)
and chairman of startup mission of The Associated Chambers of
Commerce (ASSOCHAM) for west region. He is also a Board Member
with Gujarat Innovation Society and Council Member and Chairman
at Institution of Engineers (India).

The company's clientele includes government organizations like
ISRO, Nuclear Power Corporation of India Ltd. (NPCIL), Physical
Research Laboratory (PRL), Department of fisheries etc. KAL
derives major proportion of its revenue from these government
bodies.

Ahmedabad-based (Gujarat), KAL was incorporated in 1991.
Initially, KAL was engaged in manufacturing of Chip on Board
(COB) and was undertaking job work for ISRO on a very small
scale. However, from 2005 onwards, KAL diversified its operations
and started manufacturing equipment for monitoring the
atmospheric conditions for various government and non-government
organizations. Astra Microwave Products Limited (Astra) was the
Holding company of KAL till June, 2011. However, later on the
stake of Astra was acquired by the GSEC Limited (GSEC). GSEC was
the parent company of KAL having 51% stake in the company as on
March 31, 2013. However, in June 2015, GSEC has divested its
entire 51% stake in the company and the new management led by Mr.
Niraj Shah took over the majority stake in KAL. Mr. Sanjay Attara
was removed from the post of Director on August 28, 2017.
However, Mr. Attara continues to hold 30% stake in KAL. He has
been replaced by Mr. Bharat Patel as the new director of KAL.


KREYA INFRATECH: CARE Lowers Rating on INR6cr LT/ST Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kreya Infratech Private Limited (KIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-      6.00        CARE B; Stable/CARE A4
   term Bank                         Issuer not cooperating;
   Facilities                        Revised from CARE B+;
                                     Stable/CARE A4 on the
                                     basis of best available
                                     information

   Long-term Bank        3.00        CARE B; Stable Issuer not
   Facilities                        cooperating; Revised from
                                     CARE B+; Stable on the
                                     basis of best available
                                     information

Detailed Rationale and key rating drivers

CARE has been seeking information from KIPL to monitor the
rating(s) vide e-mail communications/letters dated December 27,
2018, December 24, 2018, December 17, 2018, October 8, 2018,
September 19, 2018 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on M/s
Kreya Infratech Private Limited bank facilities will now be
denoted as CARE B; Stable / CARE A4 ISSUER NOT COOPERATING.

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

The rating has been revised taking into account non-availability
of information and no due-diligence conducted due to non-
cooperation by Kreya Infratech Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE
views information availability risk as a key factor in its
assessment of credit risk.

The rating takes into account short track record of operations,
leveraged capital structure and working capital intensive nature
of operations. The rating, however, continues to take comfort
from the experienced management and moderate profitability
margins.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of operations: The company started commercial
operations in January, 2016 and has short of track record of
operations in this industry as compared to other established
players. FY17 (refer to period April 01 to March 31) was first
full year of operations for the company. Furthermore, the scale
of operations was small marked by total operating income of
INR13.29 crore during FY17 (FY refers to the period April 1 to
March 31). The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. During 8MFY18 (refers to the period April 1, 2017 to
November 30, 2017 the company has achieved a total operating
income of the INR 13.60 crores.

Leveraged capital structure: The capital structure of the company
stood leveraged as marked by overall gearing of 1.42x as on March
31, 2017 as against 1.12x as on March 31, 2016 on account of
increase in debt owing to addition of term loan to meet the CAPEX
requirements coupled with higher utilization of working capital
borrowings as on the balance sheet date.

Working capital intensive in nature: The operations are working
capital intensive in nature on account of high dependence on
external borrowings to meet on working capital requirements. KIPL
extends a credit period of one month to its clients. The
suppliers of KIPL extend a credit period of 2-3 weeks. The
company maintains inventory primarily in the form of raw material
for smooth execution of projects resulting in an average
inventory holding of 14 days in FY17.

Competitive nature of industry: BGT operates in a competitive
industry marked by the presence of a large number of players in
the organized and unorganized sector. Hence, going forward, due
to increasing level of competition, the profits margins are
likely to be range bound.

Key Rating Strengths

Experienced management: The operations of KIPL are currently
being managed by Mr. S.K. Chabbra, Mr. Satish Mittal andMr. Manu
Aggarwal. Mr. S.K. Chabbra has more than three decades of
experience in the civil construction industry. Mr. Satish Mittal
and Mr. Manu Aggarwal have around half a decade of experience and
support Mr. Chabbra in managing the business operations.

Moderate profitability margins: The profitability largely depends
on nature of project executed. For FY17 the profitability margins
of KIPL stood moderate as marked by PBILDT margin and PAT margin
of 7.12% and 4.07% respectively. Further, owing to moderate
profitability; the coverage indicators of the firm stood moderate
as marked by interest coverage ratio and total debt to GCA of
7.63x and 2.64x respectively in FY17.

Gurgaon based, Kreya Infratech Private Limited (KIPL) was
incorporated in 2015 by Mr. S.K. Chabbra, Mr. Satish Mittal and
Mr. Manu Aggarwal. The company provides services in architectural
planning, designing, site survey & excavation, interior
furnishings.


KROFTA PAPERS: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Krofta
Papers Private Limited (KPPL) to Issuer Not Cooperating category.

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

   Short term Bank      5.00      CARE D; Issuer not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KPPL to monitor the
rating(s) vide e-mail communications/letters dated December 27,
2018, December 24, 2018, December 18, 2018, November 22, 2018,
and numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on M/s Krofta Papers Private
Limited bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes into account delays in debt servicing.
Detailed description of the key rating drivers

At the time of last rating on August 9, 2018, the following were
the rating strengths and weaknesses.

Key rating weakness

Ongoing delay in debt servicing: There have been delays in
interest servicing of rupee term loan on account of stressed
liquidity position.

KPPL has commenced its operations in May 2017. The company is
being managed by Mr. Raghvendra Khaitan and Mr. Dinesh Kumar
Khaitan. It is engaged in manufacturing of tissue papers.


KVTEK POWER: CARE Lowers Rating on INR7.71cr Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kvtek Power Systems Private Limited (KPSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.71       CARE B; Stable Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable On the basis
                                   of best available information

   Long-term Bank       7.00       CARE B; Stable, CARE A4
   Facilities/                     Issuer Not Cooperating;
   Short-Term Bank                 Revised from CARE B+; Stable/
   Facilities                      CARE A4 On the basis of best
                                   available information

   Short-term Bank      4.30       CARE B; Stable, CARE A4
   Facilities                      Issuer Not Cooperating;
                                   On the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KPSPL to monitor the
rating(s) vide e-mail communications/letters dated December 14,
2018, December 11, 2018 ,December 4, 2018, October 24, 2018, etc.
and numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on M/s Kvtek power Systems
Private Limited bank facilities will now be denoted as CARE B;
Stable/CARE A4 ISSUER NOT COOPERATING.

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

The rating has been revised taking into account no due-diligence
conducted due to non-cooperation by Kvtek Power Systems Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating takes into
account small and fluctuating scale of operations, working
capital intensive nature of operations, foreign exchange
fluctuation risk and competitive nature of industry and tender
driven nature of business. The ratings, however, draw comfort
from experienced management and moderate profitability margins.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations: The scale of
operations continues to remain small marked by a total operating
income and gross cash accruals of INR 31.62 crore and INR 1.76
crore respectively for FY18( FY refers to the period April 01 to
March 31). The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature as marked by
an operating cycle of 223 days in FY18. The collection period of
the company stood elongated for past three financial years i.e.
FY16-FY18 mainly due to delay in realization of the receivables
owing to lengthy clearance process with the customers which takes
around 5-6 months in realization. The company maintains inventory
in form of raw materials for smooth production processes. Also,
the company is in the manufacturing of the customized products
and requires clearance from the customers end before delivery
resulting into inventory in the form of work in progress. All
this led to high inventory holding of 157 days in FY18. The
company received a credit period of around 2-3 months from the
suppliers.

Foreign currency fluctuation risk: The business operations of
KPSPL involve both imports and exports resulting in sales
realization and payments in foreign currency. The company doesn't
have any policy to hedge its foreign currency risk. However,
being importer and exporter, the foreign currency risk is
partially mitigated through a natural hedge. However, the company
has a policy of hedging its partial export receivables which
still exposes the company to any sharp appreciation in the value
of rupee against foreign exchange currency for the uncovered
portion.

Competitive nature of industry and tender driven nature of
business: KPSPL faces direct competition from various organized
and unorganized players in the market due to low entry barriers
and lower capital requirements. There are number of small and
regional players and catering to the same market which can exert
pressure on its margins.

The company undertakes contracts from government departments,
which are awarded through the tender-based system. The company is
exposed to the risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Further, any changes in
the government policy or their spending on projects are likely to
affect the revenues of the company.

Key Rating Strengths

Experienced Management: The operations of the KPSPL are managed
by Mr. Anil Uppal, Mr. Brijesh Aggarwal and Mr. Ravi Sharma. All
the directors have an experience of around a decade in the
manufacturing of electrical equipment through their association
with KPSL. They are further supported by a team of qualified
engineers and managers having good experience in the similar line
of the business.

Moderate PBILDT margins: The products manufactured by the company
are technical in nature for which engineering skills and
precision designing is required. Due to the technical nature of
the job, the entry barriers are high and the company enjoys
comparatively low competition. The PBILDT margins of the company
continues to remain moderate as marked by PBILDT margin which
stood above 13% for the past three financial years i.e. FY16-18.
Further, the PAT margin stood at 4.09% in FY18.

Gurgaon Based Kvtek Power Systems Private limited (KPSPL) was
established on May 9, 2005 by Mr. Anil Uppal, Brijesh Aggarwal
and Mr.Ravi Sharma. KPSPL is engaged in manufacturing of high
voltage testing equipment's such as series, impulse test systems,
partial discharge test systems, capacitance and tangent delta
test systems etc.


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

The instrument-wise rating actions are:

-- INR114 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Lal Baba Industrial was formed by Mr. Babu Lal Dhanuka and Mr.
Murari Lal Dhanuka as a partnership firm in 1961. In 2010, the
firm was converted into a private limited company. The company
manufactures components for wagons and bogies at its four
production units in West Bengal.


MAHALAXMI TECHNOCAST: CARE Assigns B+ Rating to INR25cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahalaxmi Technocast Limited (MTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       25.00      CARE B+, Stable Assigned
   Facilities
   (Cash Credit)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MTL is constrained
by moderate financial performance during FY16 (refers to period
from April 1 to March 31) to FY18, weak financial risk profile,
working capital intensive nature of operation, presence in highly
competitive and fragmented industry, profit susceptible to price
fluctuation in steel products and cyclical nature of steel
industry. The ratings, however, draws comfort from experienced
promoters with long track record in trading business.

Going forward, the ability of the company to improve
profitability margin, improve capital structure and efficient
management of working capital will be the key rating
sensitivities.

Key Rating Strength

Experienced promoters with long track record in trading business:
Mahalaxmi Technocast Limited (MTL) was promoted: by Mr. Rishikesh
Dixit (Age 48, B.Com) in 2002. He has long standing experience of
more than a decade in the field of iron and steel trading. The
day to day affairs of the company is looked after by Mr.
Rishikesh Dixit along with the support from a team of experienced
professional. Mr. Rishikesh Dixit is also associated as an
accounts manager with Raipur based Mahamaya group which is
engaged in manufacturing of heavy section steel.

Key Rating Weakness

Customer concentration risk: Mahalaxmi Technocast Limited (MTL)
has a list of reputed customers. However, majority of the revenue
is derived from Raipur based Mahamaya group. MTL derives ~77% of
the revenue from Mahamaya group.

Moderate Financial Performance: The total operating income of MTL
had increased at a CAGR of 39.71% during FY16 to FY18 mainly due
to increase in volume of traded goods. However, despite increase
in topline PBILDT margin was stable at 0.25% in FY18 as against
0.35% in FY16. On absolute basis the company reported PBILDT of
INR0.46 crore in FY18 as against INR0.23 crore in FY16. Interest
coverage ratio remained below unity during the past three years.
However, the same was served out of benefits from non- operating
income (profit on sale of investment and interest on loans and
advances). MTL reported loss at PAT level in FY18 mainly on
account of loss on sale of shares. MTL incurred cash loss of
INR0.94 crore in FY18 as against cash profit of INR3.45 crore in
FY16 and INR9.00 crore in FY17.

Weak financial risk profile: Overall gearing ratio was stable at
0.53x as on March 31, 2018 as against 0.55x as on March 31, 2016.
However, total debt/GCA significantly deteriorated in FY18 mainly
due to cash loss during the period.

Working capital intensive nature of business: MTL operations are
working capital intensive in nature as the company needs to
extend higher credit period to its clients due to its low
bargaining power attributable to its small size. Further the
company need to make the payment to its suppliers in advance in
order to avail competitive price. The working capital requirement
of the company is met through bank borrowings.

Presence in highly competitive and fragmented industry: The Iron
& steel products trading industry is highly fragmented and
competitive marked by presence of numerous players across India.
The steel sector in India is characterized by existence of large
number of small and medium sized trading players working at
regional level. Accordingly, there is stiff competition.

Susceptibility to price fluctuation in steel products: Prices of
steel products in the domestic market are quite volatile in
nature since they are driven by changes in global prices. Hence,
any adverse fluctuation in the prices can adversely affect the
profitability margins of the company. However, the price
fluctuation is mitigated to an extent as the company maintains
back-to-back order arrangement where company places order with
suppliers only upon receipt of order from its customers.

Cyclical nature of steel industry: The steel industry is
sensitive to the shifting business cycles, including changes in
the general economy, interest rates and seasonal changes in the
demand and supply conditions in the market. However, the Indian
steel sector has been the third largest producer of crude steel
in the world. The Indian Government focus on infrastructure
investment and noteworthy initiatives, like affordable housing,
housing for all by 2022, power for all by 2019, 100 smart cities
by 2022, Atal Mission for Rejuvenation and Urban Transformation
(AMRUT), expansion of railway networks, development of domestic
ship building industry, opening up of defence sector for private
participation and anticipated growth in the automobile sector are
expected to create significant demand for the steel in the
country. Furthermore, the prod ucers of steel & related products
are essentially price-takers in the market, which directly expose
their cash flows and profitability to volatility of the steel
industry

Mahalaxmi Technocast Limited (MTL) was incorporated in January
18, 2000 by Mr. Rishikesh Dixit, Raipur. The company
has been involved in trading of billets, sponge iron, various
steel products and related minerals since FY2015, prior to
which it used to trade in shares. Presently, the day-to-day
affairs of the company are looked after by Mr. Rishikesh Dixit
and his supportive team.


MADHAV COTEX: CARE Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Madhav
Cotex Private Limited (MCPL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      6.00      CARE B+; Stable; Issuer Not
   Facilities                    Cooperating; Based on best
                                 available information

   Short term Bank     4.00      CARE A4; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MCPL to monitor the
rating(s) vide e-mail communications/letters dated December 17,
2018, December 11, 2018, December 4, 2018, October 25, 2018,
October 8, 2018, September 19, 2018, etc. and numerous phone
calls. However, despite our repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Madhav Cotex Private Limited's bank
facilities will now be denoted as CARE B+/CARE A4; Stable; ISSUER
NOT COOPERATING.

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

The ratings assigned to the bank facilities of the company
remained constrained by the small scale of operations coupled
with low net worth base, low profitability margins, leveraged
capital structure along with MCPL's presence in highly
competitive nature of industry. The rating, however, continues to
draw comfort from experienced management and moderate operating
cycle.

Detailed description of the key rating drivers

At the time of last rating on December 26, 2017 the following
were the rating weaknesses and strengths.

Key rating weakness

Small scale of operations with low net worth base: The scale of
operations of the company stood small marked by total operating
income and gross cash accruals of INR42.05 crore and INR1.13
crore respectively for FY18 (FY refers to the period April 1 to
March 31). Further, the company's net worth base stood small at
INR2.87crore as on March 31, 2018. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits.

Low profitability margins and leveraged capital structure: The
profitability margins remained on the lower side i.e. around 3%
and 1% respectively for the past three financial years (FY16-
FY18) owing intense market competition along with limited
barraging power of the company.

Further, the capital structure of the company stood leveraged as
on past two balance sheets date i.e. March 31, '16-'18 mainly on
account of low net worth base. The overall gearing of the company
stood at 1.27x as on March 31, 2018 showing deterioration from
1.22x as on March 31, 2017.

Foreign currency fluctuation risk: The company has been procuring
its raw material (polyols and toluene diisocyanate) by way of
imports. With initial cash out flow occurring in foreign currency
and the realization taking place in domestic currency, the
company is exposed to the fluctuation in the exchange rates.
Moreover, the company does not hedge its foreign exchange
exposure. Hence, any fluctuations in the currency markets may put
pressure on the profitability of the company.

Presence in highly competitive industry: MCPL operates in a
highly competitive industry marked by the presence of a large
number of players in the organized and unorganized sector. The
industry is characterised by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. Hence, the players in the industry
do not have any pricing power and are exposed to competition
induced pressures on profitability.

Key Rating Strengths

Experienced management: MCPL was established in 1997 and has been
operational for almost two decades in foam manufacturing and
trading business. The directors, Mr Sanjay Kumar Jain and Mr
Vipin Jain, have vast experience with regards to the product and
industry through their association with this entity and other
associate concern i.e. Bansal Sales Corp.

Moderate operating cycle: The operating cycle of the company
stood moderate at 21 days for FY18. The company normally
maintains inventory of around two months in the form of raw
material for smooth functioning of the manufacturing process.
Being a manufacturer, the company is also maintains finished good
inventory to meet the immediate demand of its customers. The
company normally allows a credit period of around 1-2 months to
its customers. The raw material procurement is backed by Letter
of credit having usance period up to 90 days resulting into
resulting in an average of 72 days in FY18.

Delhi based Madhav Cotex Private Limited (MCPL), was incorporated
in January, 1997. The company is currently being managed by
Sanjay Kumar Jain and Vipin Jain. MCPL is engaged in trading and
manufacturing of flexible polyurethane foam (PU Foam) which is
used in cushions, mattresses, pillows, automobiles, furniture,
packaging, quilting etc.

Bansal Sales Corp. (estd. In 1990) is an associate concern of
MCPL engaged in trading of PU Foam.


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

The instrument-wise rating action is:

-- INR680 mil. Term loan due on April 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 15, 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 1969 by Mohan Meakin Breweries, The Mohan
Goldwater Breweries manufactures beer under the brand name
Kingfisher for United Breweries Limited.


MOTHER LAM: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE had, vide its press release dated October 09, 2017, placed
the rating(s) of Mother Lam Private Limited (MLPL) under the
'issuer non-cooperating' category as MLPL had failed to provide
information for monitoring of the rating for the rating exercise
as agreed to in its Rating Agreement. MLPL continues to be non-
cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated
October 30, 2018, November 06, 2018, November 13, 2018, November
20, 2018, November 27, 2018, December 12, 2018 and January 02,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      11.58      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating on October 9, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: MLPL has been irregular in
servicing owing to weak liquidity position.

Ahmedabad-based (Gujarat) Mother Lam Private Limited (MLPL) was
incorporated in January 2012 by Mr Mahesh Patel, Mr Nilesh Patel,
Mr Kantilal Patel and Mr Rajesh Gothi. The company is engaged in
the manufacturing of decorative residential and industrial
laminates which is used as an overlay over plywood or other
wooden furniture. MLPL commenced its manufacturing operations
from June 2013 onwards, from its sole manufacturing plant
situated in Sabarkantha (Gujarat) with an installed capacity of
14.40 lakh sheets per annum as on May 18, 2016. MLPL caters
mainly to domestic demand and markets its product under its
flagship brand "NOCTE Lam".


SERVOTECH INDIA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Servotech India
Limited (SIL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits assigned with IND BB+/Stable
     rating; and

-- INR180 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect SIL's small scale of operations, as reflected
from revenue of INR395.64 million in FY18 (FY17: INR629.9
million). The deterioration in revenue was due to a slowdown in
order execution because of the impact of demonetization and GST
implementation. However, the company expects to turn the scale of
operations to a modest level as it has already earned revenue of
INR428.58 million during April 1-December 15, 2018. Also, the
pending work orders of INR633 million (1.63x revenue of FY18)
provide moderate revenue visibility.

The ratings also reflect SIL's moderate credit metrics due to
modest operating margins, due to nature of work and high
competition from its competitors, indicated by gross interest
coverage (operating EBITDA/gross interest expenses) of 1.83x in
FY18 (FY17: 1.78x), net leverage (adjusted net debt/operating
EBITDA) 4.06x (3.61x) and EBITDA margins of 9.10% (6.35%). ROCE
was 12% in FY18. The gross interest coverage improved on account
of a decrease in finance cost and net financial leverage
deteriorated due to deterioration in operating EBITDA, backed by
the decrease in sales. The improvement in margins was because of
a decrease in raw material cost and admin and manufacturing cost.
The company however expects the credit metrics to improve in FY19
with the improvement in revenue. During April 1 - December 15,
2018, gross interest coverage was 2.74x and net financial
leverage was 3.64x (annualized 2.58x).

The ratings factor in SIL's tight liquidity profile, with almost
full use of its fund-based working capital limits during the 12
months ended November 2018. Cash flow from operations was also
negative at INR1.64 million during FY18 and negative INR16.73
million in FY17, due to negative changes in working capital.

However, the ratings are supported by SIL's promoters close to
four decades of experience in the supply of plant and machinery
to the edible oil industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue and overall
credit metrics would lead to a positive rating action.

Negative: A sustained decline in the revenue and overall credit
profile would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, SIL is primarily engaged in the turnkey
supply of plant and machinery to the edible oil industry. The
company is promoted by Mr. Bhagwandas Mundhra. SIL has set-up its
fabrication facility in Tarapur, Maharashtra and has a registered
office in Mumbai, Maharashtra.


SHYAMALI COLD: CARE Hikes Rating on INR5.48cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shyamali Cold Storage Private Limited (SCSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.48       CARE B; Stable Revised from
   Facilities                      CARE B-; Stable; Issuer Not
                                   Cooperating

   Short-term Bank      0.25       CARE A4 Reaffirmed
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SCSPL are
constrained by its small size of operations with low
profitability margins, regulated nature of industry, seasonality
of business with susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers, leveraged capital
structure and moderate debt coverage indicators and competition
from other local players. The ratings, however, derives strength
from the long track record of operations, experienced promoters
and proximity to potato growing area.

Going forward, the company's ability to increase its scale of
operations and improvement in profitability margins and ability
to manage working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations with moderate profitability margins: The
scale of operations remained small marked by total operating
income at INR3.16 crore (INR3.19 crore in FY17) with a net loss
of INR0.04 crore (Rs.0.14 crore in FY17) in FY18. Furthermore,
the net worth base of the company also remained low at INR2.85
crore (INR2.89 crore in FY17) in FY18. Moreover, the company has
reported turnover of INR3.00 crore during 9MFY19.The profit
margins of SCSPL have remained moderate marked by PBILDT margin
of 37.61% in FY18. Moreover, the PAT margin deteriorated
significantly in FY18 due to higher increase in capital charges
and the same remained negative at 1.23% in FY18.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
SCSPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.

Seasonality of business with susceptibility to vagaries of nature
SCSPL's operations are seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having
a preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent
on the basis of quantity stored and the production of potato and
other vegetables is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SCSPL provides interest bearing
advances to farmers. Working capital limits under produce
marketing loan scheme from bank are used to extend advances to
farmers, which are routed to the farmers through SCSPL. Before
the close of the season in November, the farmers are required to
pay their outstanding dues, including repayment of the loan
taken, along with the interest. In view of this, there exists a
risk of delinquency in loans extended to farmers, in case of
downward correction in potato or other stored goods prices as all
such goods are agro commodities.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of SCSPL remained leveraged
marked by overall gearing ratio of 2.15x as on March 31, 2018.
The overall gearing ratio improved marginally as on March 31,
2018 due to scheduled repayment of term loans and moderate
utilization of working capital limits. Furthermore, the debt
coverage indicators remained moderate marked by interest coverage
of 2.94x and total debt to GCA of 7.92x in FY18.

Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit
is low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly
competitive in the potato growing regions of the state as it is
the second largest producer of potato in India. In Burdwan, one
of the major potato growing districts of the state around 107
cold storages is in operation. In view of the same, cold storage
business is highly competitive in this region forcing cold
storage owners to lure farmers by offering them lower rental and
other services.

Key Rating Strengths

Long track record of operations and experienced promoters: SCSPL
is into same line of business since 2004 and thus has a
satisfactory track record of operations of around 14 years. The
directors have an experience of more than a decade in the same
line of business and the company is deriving benefits out of
this. The key promoter, Mr. Ratan Rudra looks after the day to
day operations of the company with appropriate support from other
co-directors.

Proximity to potato growing area: SCSPL is situated in the
Burdwan district of West Bengal which is one of the major potato
growing regions of the state. The favourable location of the
storage unit, in close proximity to the leading potato growing
areas augers well for the company, as it provides it with a wide
catchment and making it suitable for the farmers in terms of
transportation and connectivity.

SCSPL was incorporated on March 3, 2004 by Mr. Ratan Rudra, Mr.
Sukhendu Rudra, Mr. Suvendu Rudra and Mrs. Shyamali Rudra. SCSPL
is engaged in the business of providing cold storage facility
primarily for potatoes to local farmers and traders on rental
basis with an aggregate storage capacity of 255000 quintals per
annum. The cold storage facility is located at Burdwan, West
Bengal. Besides providing cold storage facility, the company also
provides interest bearing advances to farmers for their
agricultural activities against the bonds receipts of potato
stored.

Liquidity

The liquidity position of the entity remained moderately weak
marked by the cash and bank balance at INR0.20 crore and current
ratio of 0.66x as on March 31, 2018. The Gross cash accrual was
INR0.77 crore in FY18.


THEME HOTELS: CARE Reaffirms D Rating on INR1.87cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Theme Hotels Private Limited (THPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       1.87       CARE D Reaffirmed
   Facilities

Detailed Rationale & Key Rating Drivers

The rating of THPL continues to take into account ongoing delays
in servicing of interest and instalment of its term loan owing to
stressed liquidity.

Detailed description of the key rating drivers

Key Rating Weakness

Irregularity in debt servicing due to stressed liquidity
The liquidity position of the company has remained stressed due
to off season of hotel industry in Rajasthan. As per the
bank statement there are delays in repayment of its term loan
upto 2-3 months.

Rajasthan based Theme Hotel Private Limited (THPL) was
incorporated as a private limited company in 2004 by Mr
Prashant Kumar and Mr Giraj Kumar. THPL is engaged in the hotel
business and presently owns and operates a Hotel namely The Theme
Hotel, located in Jaipur (Rajasthan) with total 53 rooms
comprising of 12 executive and 41 deluxe rooms, 3 banquets along
with 4 restaurants and bars. The hotel became operational from
November, 2012. THPL also has various other facilities such as
Gym, gaming zone etc. THPL is a 3-star government approved hotel
situated near the Airport in Jaipur. Further the company also has
agreement with online portals such as Make my trip and GOIBIBO.


THOMAS & COMPANY: CARE Lowers Rating on INR6.50cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Thomas & Company Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.50        CARE B; Stable Issuer Not
   Facilities                      Cooperating Revised from
                                   CARE B+; Stable On the basis
                                   of best available information

Detailed Rationale and key rating drivers

CARE has been seeking information from Thomas & Company Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated December 14, 2018, December 11, 2018 ,December 4,
2018, October 24, 2018, October 8, 2018, September 17, 2018, and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on M/s Thomas & Company
Private Limited bank facilities will now be denoted as CARE B;
Stable ISSUER NOT COOPERATING.

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

The rating has been revised taking into account non-availability
of information and no due-diligence conducted due to non-
cooperation by Thomas & Company Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE
views information availability risk as a key factor in its
assessment of credit risk.

The rating takes into account small scale of operations coupled
with low net worth base, low profitability margins, leveraged
capital structure and weak debt service coverage indicators. The
rating is further constrained by working capital intensive nature
of operations, concentrated order book, business risk associated
with tender based orders and presence in highly competitive
nature of industry. The rating, however; continue to take comfort
from the experienced promoters.

Detailed description of the key rating drivers

Key Rating Weakness

Small Scale of operations coupled with low net worth base: The
scale of operations continues to remain small marked by total
operating income of INR12.57 crore and gross cash accruals of
INR0.23 crores in FY17 (FY refers to the period April 1 to
March 31). The company is a small regional player involved in
executing civil construction and structural engineering projects.
The ability of the company to scale up to larger-sized contracts
and having better operating margins, are constrained by its
comparatively low capital base of INR1.33 crore as on March 31,
2017. The small scale of operations in a fragmented industry
limits the pricing power and benefits of economies of scale.

Low profitability margin and leveraged capital structure: The
company execute varied nature of contracts and profitability
margins are directly associated with complexity level of the work
awarded. During FY17, PBIDLT margin the profitability margin of
the company improved and stood at 7.57% in FY17 as against 0.54%
in FY16 on account of high margin project executed by the
company. However, high interest and depreciation charges
restricted the net profitability of the company and PAT margin
stood at 0.14% in FY17.

The capital structure of the company continues to remain
leveraged marked by overall gearing ratio which stood above 3.50x
as on past three balance sheet dates ending March 2015-17 on
account of high dependence on bank borrowings to meet the working
capital requirements and low capital base.

Working capital intensive nature of operations: The company has
to keep inventory at different sites for smooth execution of
contracts and billing for the same is done the same is approved
by the respective client resulting in average inventory holding
period of 299 days in FY17. Further, TCPL has comfortable
collection period evident from less than 30 days during the last
three financial years (FY15-FY17).The company purchases raw
material from traders and distributors located in and around
Delhi-NCR and enjoys credit terms of around 3-4 months from its
suppliers. On the back of high inventory holding period resulted
into high reliance on outside borrowings in order to support day-
to-day operations.

Business risk associated with tender -based-orders: The company
is exposed to the risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Furthermore, any changes
in the government policy or government spending on projects are
likely to affect the revenues of the company.

Competition from the organized and small/midsized unorganized
players: The Indian construction industry is characterized as
fragmented and competitive in nature as there are a large number
of players at the regional level. Hence, going forward, due to
the increasing level of competition, the profits margins are
likely to be range bound.

Key Rating Strengths

Experienced promoters: TCPL promoted by Mr. Thomas Mathew, Mrs.
Baby Mathew and Dr. Wills Thomas with collective experience of
more than 50 years in the civil construction industry. The
company has developed an expertise in the civil construction
work; this has helped the company in procuring repeat orders from
its customers. All the directors collectively look after the
overall operations of the company.

Delhi based, Thomas & Company Private Limited (TCPL) was
incorporated in 1997. TCPL is engaged in the civil construction
and structural engineering projects for private players such as
construction of institutional and residential buildings,
corporate offices, schools, religious buildings and hotels.


VSP INTERNATIONAL: CARE Lowers Rating on INR9cr Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
VSP International Private Limited (VSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE B+; Stable Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB; Stable on the basis
                                   of best available information

   Short-term Bank       1.00      CARE A4 Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE A4+; on the basis of best
                                   available information

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of VSPL are primarily
constrained by the modest and fluctuating scale of operations
coupled with low profitability margins. The ratings are further
constrained by susceptible to cyclicality of steel industry, raw
material price volatility and competitive nature of industry. The
rating, however, draws comfort from experienced directors,
moderate capital structure, along with moderate operating cycle.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest and fluctuating scale of operations: The scale of
operations remained modest marked by a total operating income
(TOI) and gross cash accruals of INR83.10 crore and INR0.90 crore
respectively during FY17 (FY refers to the period April 1 to
March 31). Further, the company's capital base was relatively
small at INR10.88 crore as on March 31, 2017. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Low Profitability margins: The company had low PBILDT margin of
~1.75% in the last 3 financials (FY15-FY17) as the company
operates in highly competitive nature of industry. Furthermore,
in order to garner market share, the company has to compromise on
its margins. Further, high interest burden on its bank borrowing
also restricts the net profitability of the company. PAT margin
stood below 0.20% for the past three financial years i.e. FY15-
FY17.

Susceptible to cyclicality of steel industry and raw material
price volatility: Prospects of steel industry are strongly co-
related to economic cycles. These key user industries in turn
depend on various macroeconomic factors, such as consumer
confidence, employment rates, interest rates and inflation rates,
etc. in the economies in which they sell their products. When
downturns occur in these economies or sectors, steel industry may
witness decline in demand, which may lead to decrease in steel
prices putting pressure on the entire value chain.

Further, raw material constitutes about average of ~95% the total
cost of production for the last 3 years (FY15-FY17), thereby
making profitability sensitive to raw material prices(primary raw
material is steel). Furthermore, the company has no long-term
contract price with its raw material suppliers and the company
sources the material on need basis as per the price prevailing in
the market. Thus, any adverse change in the prices of the raw
material may affect the profitability margins of the company

Highly Competitive nature of industry: VSPL operates in a
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. Further, with
presence of various players, the same limits bargaining power
which exerts pressure on its margins.

Key Rating Strengths

Experienced promoters: The company is currently being managed by
Mr. Sita Ram Bansal and his son, Mr. Parveen Bansal. Mr. Sita Ram
Bansal; director of VSPL has an overall experience of more than
four decades in iron and steel industry. He has been associated
with the company since inception. Prior to this, he was
associated with Kharkia Alloys Private Limited. Further, Mr.
Parveen Bansal has an experience of around a decade in
manufacturing stainless steel strips and pipes through his
association with this entity.

Moderate capital structure and coverage indicators: As on
March 31, 2017, total debt mainly comprises of unsecured loans
and working capital borrowings. The capital structure of the
company stood moderate marked by overall gearing ratio of 1.22x
as on March 31, 2017. The same deteriorated from 0.86x as on
March 31, 2016 mainly on account of increase in unsecured loans.

Moderate operating cycle: The company maintains an inventory of
around 10-20 days for smooth running of its production process.
Further, being a highly competitive business, the company has to
give credit period of around a month to its customers resulting
in an average collection period of around 33 days during FY17.
The raw material procurement is done on advance basis and at
times backed by letter of credit resulting in an average
creditor's period of 19 days in FY17.

VSPL was incorporated in 2001 by Sh. Sita Ram Bansal and Sh.
Parveen Bansal. It is engaged in manufacturing of wide range of
stainless steel strips and pipes which finds its application in
automotive, electronics and surgical industries.


WHITE HOUSE: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE had, vide its press release dated October 9, 2017, placed
the rating(s) of White House Tiles Private Limited. (WHTPL) under
the 'issuer non-cooperating' category as WHTPL had failed to
provide information for monitoring of the rating for the rating
exercise as agreed to in its Rating Agreement. WHTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated
October 30, 2018, November 6, 2018, November 13, 2018, November
20, 2018, November 27, 2018, December 12, 2018, January 2, 2019
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      13.30      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank      0.75      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

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

Detailed description of the key rating drivers

At the time of last rating on October 9, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: WHTPL has been irregular in
servicing its debt obligation owing to weak liquidity position.

Morbi (Gujarat) based White House Tiles Private Limited (WHTPL),
is a private limited company established in 2007 by four
promoters led by Mr Vimal Patel and Mr Chunilal Bhanvadia. Mr
Vimal Patel and Mr Chunilal Bhanvadia have 20 years and 30 years
of industry experience, respectively. WHTPL is engaged in the
manufacturing of vitrified floor tiles. WHTPL operates from its
manufacturing facility located in ceramic cluster (Morbi) and has
an installed capacity to manufacture 18 lakh boxes per annum of
floor tiles as on March 31, 2016. WHTPL is selling its product
under brand name of "White House".


YANTRA ESOLARINDIA: CARE Reaffirms B Rating on INR19.81cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Yantra eSolarIndia Pvt. Ltd. (Yantra), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          19.81       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of the company
continues to remain constrained by decline in the operating
income during FY18 (Audited) (FY refers to period Apr to Mar),
leveraged capital structure with erosion of net worth on account
of accumulated losses as on March 31, 2018, low plant load factor
PLF levels, weak liquidity profile and inherent risk associated
with solar power project which are susceptible to climate at the
site location. The rating is, however, underpinned by experienced
promoters having a diversified business portfolio, low off-take
and credit risk owing to the long-term Power Purchase Agreement
(PPA) with Gujarat Urja Vikas Nigam Ltd, comfortable collection
period and positive outlook for renewable power industry.

The ability of Yantra to improve its generation & timely
realization of sale proceeds are the key rating sensitivities.
Further, going forward, support from promoters to support debt
servicing in case of lower cash accruals will be critical from
credit risk perspective.

Detailed description of the key rating drivers:

Key Rating Weaknesses:

Decline in the operating income during FY18 due to low PLF
levels: The operating income of the company has declined by 11%
from INR7.31 crore in FY17 to INR6.49 crore in FY18, primarily on
account of low PLF levels. The project has an average PLF of
14.77% for the last 12 months ended September 2018. The company
has reported net loss of INR2.05 crore in FY18 as against net
loss of INR1.91 crore in FY17.

Leveraged capital structure with continuous erosion of net worth:
The capital structure of the company is highly leveraged with
overall gearing at 2.47x as on March 31, 2018 as against 2.30x as
on March 31, 2017. The net worth of the company has eroded due to
continuous losses for the past three years. However, the
promoters have infused INR0.31 crore during FY18 to support the
operations.

Weak liquidity profile: The liquidity profile of the company is
weak marked by current ratio of 0.21x as on March 31, 2018
and a cash balance of INR0.38 crore as on March 31, 2018.
Inherent risk for Solar Power Project: The site receives an
average of solar radiation of 5.305 kWh per meter square per day.
The sunshine hours decides the amount of power generated by the
solar PV power plant. It is continuously variable on a daily
basis with seasonal variation throughout the year and may be
intermittent, influenced heavily by metrological conditions.
Key Rating Strengths:

Experienced promoters: Yantra was promoted by Mr. Santosh
Varalwar (promoter of VVL) and Mr. Nixon Patel. The promoters
possess over more than two decades of entrepreneurial experience
in various domains which include pharmaceuticals, software, real
estate, hospitality and others. They hold executive positions and
have served on boards of various companies. The company has a
qualified and experienced management team working on the project.
However, the promoters lack previous experience in renewable
energy segment. Going forward, support from promoters will be
critical from credit risk perspective in terms of debt servicing
in case cash flows are in-sufficient.

Presence of long term PPA with Gujarat Urja Vikas Nigam Ltd
resulting in low off-take credit risk: The company has
entered into Power Purchase Agreement (PPA) with Gujarat Urja
Vikas Nigam Ltd (GUVNL, rated CARE AA-; Stable/CARE A1+)
in Dec, 2010 for a period of 25 years from Commercial Operation
Date (COD). GUVNL will purchase power at INR 9.98/kWh
for first 12 years and for the subsequent 13 years the power cost
will be INR7/kWh. The project achieved COD on October 23,
2012 as against Scheduled Commercial Operation Date (SCOD) of
Dec. 31, 2011 and the total operating capacity commissioned is
4.95 MW. The financial risk profile of the purchaser is expected
to ensure timely payments for power purchases, largely mitigating
the credit risk of off taker.

Comfortable collection period: The company has been receiving
payments from Discom i.e. GUVNL within an average 5-7 days in
FY18 and H1FY19. Timely collection from off-taker remains
important from credit perspective of the company.

Positive outlook for renewable energy: The Indian renewable
energy sector is the fourth most attractive renewable energy
market in the world. Power generation from renewable energy
sources in India reached 85.65 billion units in FY18 (up to
January 2018).The Government of India has formulated an action
plan to achieve a total capacity of 60 GW from hydro power and
175 GW from other renewable energy sources (excluding large hydro
projects) by March, 2022, which includes 100 GW of Solar power,
60 GW from wind power, 10 GW from biomass power and 5 GW from
small hydro power. Solar installation in India is expected to
increase 360 per cent by 2020. India witnessed highest ever solar
power capacity addition of 5,525.98 MW and 467.11 MW of wind
power capacity addition in 2017-181. 15,000 biogas plants were
installed during the same time period.

Yantra eSolarIndia Pvt. Ltd. (Yantra), incorporated in August
2010, has been promoted by Mr. Santosh Varalwar [MD of Vivimed
Labs Ltd (VLL), who holds shares as nominee of VLL], Mr. Nixon
Patel of RAS Global Ltd and Mr. B. Ravi Kumar of GRV Estates P.
Ltd. The company was established to set up 5 MW Solar
Photovoltaic (PV) Grid Interactive Power plant in Charanka
Village, Santalpur Taluka, Patan Dist of Gujarat. The project
achieved COD on October 23, 2012 as against Scheduled Commercial
Operation Date (SCOD) of Dec. 31, 2011. The project has been
completed at a total project cost of INR 84 crore (as against
proposed cost of INR72.5 crore). The company has entered into
Power Purchase Agreement (PPA) with Gujarat UrjaVikas Nigam Ltd.
for a period of 25 years from Commercial Operation Date (COD).
GUVNL will purchase power at INR 9.98/kWh.



===============
M O N G O L I A
===============


MONGOLIAN MORTGAGE: Moody's Rates Proposed Sr. Unsec. Bonds 'B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Mongolian
Mortgage Corporation HFC LLC's (MIK, B3 stable) proposed USD-
denominated senior unsecured bonds.

The rating on the securities is subject to the receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents that
Moody's has reviewed.

The proposed senior unsecured bond is guaranteed by the parent
company, MIK Holding JSC.

RATINGS RATIONALE

The B3 rating is in line with MIK's long-term foreign currency
issuer rating, as the senior unsecured bonds will constitute a
direct, general, unsubordinated, unconditional, and unsecured
obligation of the issuer. The bonds will be redeemable at
principal on maturity.

WHAT COULD CHANGE THE RATING UP/DOWN

MIK's B3 ratings could be upgraded if the Mongolian government's
B3 rating is upgraded and MIK's standalone credit metrics remain
robust.

MIK's ratings could be lowered if (1) the sovereign rating is
downgraded, or (2) the company expands into new businesses that
will increase its liquidity risk and credit risk.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance
Companies published in December 2018.



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


MADAM WOO: To Close Dunedin Restaurant; 18 Workers to Lose Jobs
---------------------------------------------------------------
Hamish McNeilly at Stuff reports that 18 jobs will be lost when
Dunedin's Madam Woo restaurant closes this week - just three
years after it opened.

The restaurant, which focuses on Malaysian hawker food, will
close on Jan. 17, a note on the window of the Stuart St
restaurant said, Stuff discloses.

"We have loved serving you, your friends and family at Madam
Woo," the note said. "Ongoing skilled labour shortages" were
cited as a reason for the Dunedin closure, Stuff relays.

The business would instead focus on its other restaurants,
located in Queenstown, Christchurch, Hamilton and Takapuna, Stuff
says.

Stuff relates that Michelin-starred chef Josh Emett and his
business partner, Fleur Caulton, announced their plans to open a
Madam Woo branch in Dunedin in mid-September 2015.

It was their third branch of the restaurant, following branches
in Takapuna and Queenstown.

"Josh and I both love the vibe of Dunedin. It has history and a
real sense of itself but it's also progressive and has a great
energy and artistic component that we think will really embrace
Madam Woo," Stuff quotes Ms. Caulton as saying at the time.

Ms. Caulton said on Jan. 15 that 18 affected staff were told of
the company's plan to close the branch on Jan. 14, Stuff reports.

Many had indicated they would take up jobs elsewhere.

The company spent about eight months mulling over the decision,
but ultimately decided to close the restaurant because of ongoing
problems finding senior kitchen staff, she said.

There was a reluctance from such workers to stay in Dunedin or
move to the city from other centres, she said, Stuff relays.


MEDICANN: Medical Marijuana Company Placed in Liquidation
---------------------------------------------------------
Bonnie Flaws at Stuff.co.nz reports that medical marijuana
company Medicann has been liquidated after shareholder disputes
"placed pressures on the cash resources of the company", the
first liquidator's report said.

According to Stuff, Medicann liquidators Paul Manning and Kenneth
Brown said a special meeting of the shareholders agreed to
liquidate the company last year after "ongoing issues and claims
by former shareholders and a former director".

The Tauranga-based firm had licensed 30 strains of European-
registered medical cannabis exclusively from a leading European
supplier, Paradise Seeds, the CEO and founder of which, Luc Krol,
was also a director and shareholder of the holding company, Stuff
discloses. Krol is one of 24 shareholders, along with fellow
director Brendon Ogilvy. The duo respectively owned more than 17
per cent each of the company.

Stuff relates that the company said on its facebook page its key
objective was "to introduce medicinal cannabis into New Zealand
in a safe way" and had the motto "matching strains with pains".

The first liquidators report showed the firm had NZ$662,637 worth
of assets on its books, but owed secured and unsecured creditors
NZ$46,796 including NZ$36,064 to Inland Revenue and NZ$9,107 in
wages, Stuff discloses.

Share capital of NZ$1.4 million and losses of NZ$808,859 left a
surplus of NZ$616,141, the liquidator's report, as cited by
Stuff, said.

Medicann co-founder and self-styled "cannabis visionary" Ross
Smith is a former shareholder of the company, Stuff notes.

Its former directors include a Mount Maunganui woman Solange
Desire, who was removed as a shareholder in November last year
along with Mr. Smith, who previously held 500,000 shares in the
company. Desire shares the same registered address as Smith,
Stuff says citing Companies Office records.

Mr. Smith's LinkedIn profile said he is the current managing
director of Weed Inc, a cannabis genetics company founded In
October 2018 "to nurture and develop New Zealand's old school
cannabis strains," Stuff relays.

Tauranga doctor Dr. Franz Strydom also stepped down as a director
of Medicann in November 2018, though he holds onto a 7 per cent
share of the company.

According to Stuff, Ogilvy and Kroll signed a solvency note in
November saying they believed all debts would be honoured because
the realisable value of Medicann's assets exceeded liabilities.

Competitor Helius Therapeutics noted Medicann's demise online,
saying the industry had claimed its first victim.

The company also liquidated its subsidiaries, Medicann NZ and
Medicann IP, Stuff states.

Stuff relates that Brian Gaynor, head of investments at Millford
Asset Management said the liquidation was probably down to
oversupply in the market.

"The issue with marijuana is that its very easy to grow and
there's a big oversupply of it worldwide and everyone thought
there was going to be a big boom. So you know it's easy to
produce and there are a whole pile of companies setting
themselves up, but I'm not sure the demand is anywhere near the
supply," the report quotes Mr. Gaynor as saying.  "They think
there will be a huge increase in use but it does look like an
awful lot of anticipation and it looks like companies are
struggling to sell. It's a classic example of something that
happens when a new industry starts up."


RCR TOMLINSON: Two New Zealand Businesses Sold
----------------------------------------------
Radio New Zealand reports that one of three New Zealand
subsidiaries of the failed Australian company RCR Tomlinson has
been sold.

RNZ relates that the voluntary administrators from McGrathNicol
have sold the door-making business, Metalbilt and Danks, to
Australian owned building facilities company, ARA Group.

The sale, for an undisclosed price, preserves about 60 jobs, the
report says.

"It is great that the business can continue uninterrupted and
that staff have security," RNZ quotes Geoff Willis, Metalbilt's
general manager, as saying.

Two other New Zealand subsidiaries in the RCR group, including
one involved in design work for the rail project, are still up
for sale, RNZ states.

All the New Zealand businesses were reported to be trading
profitably when their parent failed, the report notes.

RCR Tomlinson was in line for a major contract in Auckland's City
Rail Loop until it collapsed late last November.



=====================
P H I L I P P I N E S
=====================


HANJIN HEAVY: Philippine Unit Gets Nod for Rehabilitation Scheme
----------------------------------------------------------------
Yonhap News Agency reports that Hanjin Heavy Industries &
Construction Co., a midsized South Korean shipbuilder, said on
Jan. 15 that its Philippine affiliate has received approval for a
rehabilitation scheme.

In a regulatory filing, the shipbuilder said a Philippine court
had okayed HHIC-Phil Inc.'s insolvency scheme earlier this week,
the report says.

Korea-based Hanjin Heavy Industries & Construction Co.
established a shipyard in Subic, west of Manila, and delivered
its first vessel from the yard in July 2008. It uses the
Philippine yard to build big ships while its facility in
Korea focuses on smaller vessels.

Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-
Philippines) filed for voluntary rehabilitation on Jan. 8, 2019,
at the Olongapo City Regional Trial Court amid "heavy" financial
losses and debts amounting to about $400 million from local
banks.  The company reported that it also had $900 million in
debts with lenders in South Korea.

The Subic shipyard's assets have been valued at KRW1.84 trillion
(US$1.64 billion), and it employs 4,000 people.



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


HYFLUX LTD: TuasOne to Get SGD23MM Injection from Mitsubishi
------------------------------------------------------------
The Business Times reports that Hyflux would see additional
equity injection of SGD23 million from Mitsubishi Heavy
Industries (MHI) into TuasOne waste-to-energy project if the two
parties enter into a binding agreement by the end of January.

WongPartnership lawyer Manoj Sandrasegara was updating Singapore
High Court on its insolvent client Hyflux's developments in a
case conference on Jan. 14, BT relates.

According to the report, Hyflux and its subsidiary Hydrochem have
signed a non-binding term sheet in December 2018, which is the
precursor to a definitive agreement between the parties for MHI
to pump in another SGD23 million into the TuasOne waste-to-energy
plant - provided that the agreement is signed by Jan 31, 2019.
The deal would allow Hyflux and MHI to commence discussions with
TuasOne lenders on amendments to the project finance agreements
in order for funding to continue.

MHI currently owns 25 per cent in the project and is also a sub-
contractor of Hydrochem, the report notes.

BT says Hyflux, which has been granted an extension of its debt
moratorium till end April, has also embarked on cost-cutting
measures including returning one of its buildings to landlord
Ascendas Reit (A-Reit), and is in negotiations to right-size the
other two buildings in Bendemeer Road and Tuas South Lane.

Meanwhile, Hyflux is meeting its investors and other securities
holders this week in a town hall facilitated and moderated by the
Securities Investors Association (Singapore), the report adds.

                          About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.



                             *********

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.



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