TCRAP_Public/190125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 25, 2019, Vol. 22, No. 018

                            Headlines


A U S T R A L I A

BESTJET TRAVEL: Second Creditors' Meeting Set for Jan. 31
BOHEMIA CRYSTAL: Second Creditors' Meeting Set for Jan. 31
DYNAMIC CONCRETE: Second Creditors' Meeting Set for Jan. 31
EASTERN GOLDFIELDS: Second Creditors' Meeting Set for Feb. 1
NATIONAL SAFETY: First Creditors' Meeting Set for Feb. 6

SYDNEY WATERPROOFING: Second Creditors' Meeting Set for Feb. 4


C H I N A

JIAYUAN INT'L: Moody's Lowers CFR to Caa1, Outlook Negative
KANGDEXIN COMPOSITE: Chairman Offers Personal Guarantee
LANDSEA GREEN: Fitch Affirms 'B' LT IDR, Outlook Positive
REWARD SCIENCE: Moody's Withdraws Ca CFR on Insufficient Info
TAIZHOU HUAXIN: Fitch Affirms 'BB+' LT IDR, Outlook Stable

WUYANG CONSTRUCTION: Faces CNY40.8MM Fine for Forging Accounts
XINHEHUI: Investors Demand Payments on Defaulted Products
YANAN BICON: S&P Raises ICR to 'CCC+' on Refinancing of Bonds


I N D I A

AG8 VENTURES: Ind-Ra Cuts Rating on INR1,379.50BB Loan to 'D'
ANANTA MEDICARE: CRISIL Reaffirms B+ Rating on INR12cr Loan
BABA PURAN: Ind-Ra Affirms 'B' on INR120MM Term Deposits
BEEPEE HOSPITALITY: CARE Assigns 'B' Rating to INR6.40cr LT Loan
BHUMI PLASTIC: CARE Migrates B+ to Not Cooperating Category

CHANDRA AUTOMOBILE: CRISIL Cuts Rating on INR7.15cr Debt to B-
CHHABRA ISPAT: Ind-Ra Affirms BB+ Rating on INR5.85MM Term Loans
ESSAR STEEL: NCLAT Asks NCLT Ahmedabad to Take Decision by Jan 31
FRIENDS ALLOYS: CARE Lowers Rating on INR16cr LT Loan to B+
G KUMARAVEL: CRISIL Reaffirms B Rating on INR6.5cr Cash Loan

GAGAN WINE: CRISIL Maintains B+ Rating in Not Cooperating
GLOBAL CLOUD: Fitch Cuts LT Issuer Default Ratings to CC
GLOBAL DENIMS: CARE Lowers Rating on INR7.17cr LT Loan to D
HILL TRACK: CRISIL Reaffirms B+ Rating on INR6cr Overdraft
INTERNATIONAL LAND: CARE Lowers Rating on INR33.48cr Loan to B+

JOGMA LAMINATES: CRISIL Maintains B- Rating in Not Cooperating
KALI PIGMENTS: CARE Moves B+ Rating to Not Cooperating Category
KETAKI SANGAMESHWAR: CARE Assigns B+ Rating to INR10cr LT Loan
LOKESH MACHINES: CARE Hikes Rating on INR65.69cr Loan From B-
MAHADEV PROFILES: CARE Assigns B+ Rating to INR8.85cr Loan

MATRIX BOILERS: CRISIL Maintains 'B' Rating in Not Cooperating
MORTH INFRA: CRISIL Withdraws B+ Rating on INR6.55cr Cash Loan
NIKKA MAL: CARE Migrates B+ Rating to Not Cooperating Category
OZONE PROJECTS: CARE Reaffirms B Rating on INR126.30cr Loan
PARSVNATH DEVELOPERS: CRISIL Reaffirms INR72.06cr Loan Rating 'D'

PATWARI FORGINGS: CRISIL Assigns B+ Rating to INR5cr Cash Loan
PCM CEMENT: Ind-Ra Moves 'BB+' Issuer Rating to Non-Cooperating
ROBIN P: CRISIL Assigns B+ Rating to INR8.25cr Loans
RPN ENGINEERS: CRISIL Migrates D Rating From Not Cooperating
RUDRAKSH PSYLLIUM: CRISIL Reaffirms B+ Rating on INR5cr Loan

SHREE KONGU: CARE Assigns B+ Rating to INR5.82cr LT Loan
SHRI GIRIRAJ: CARE Reaffirms B+ Rating on INR6.30cr Loan
SKV INFRATECH: CARE Maintains B+ Rating in Not Cooperating
SRI DHARAM: CRISIL Reaffirms D Rating on INR14.5cr LT Loan
SRI LAXMI NARASIMHA: CARE Migrates D Rating to Not Cooperating

SRI SHANDAR: CARE Assigns 'D' Rating to INR7.62cr LT Loan
SV POWER: Ind-Ra Puts Loans with BB- Rating on Watch Evolving
SYNERGY REMEDIES: Ind-Ra Migrates 'D' Rating to Non-Cooperating
TIARA JEWELS: CRISIL Withdraws B+ Rating on INR15cr Loan
TILAK RAM: CARE Maintains B Rating in Not Cooperating Category

WEST GUJARAT: Ind-Ra Lowers Rating on INR1,412.6BB NCD to BB-


N E W  Z E A L A N D

CASINO BAR: Faces Liquidation Over Unpaid Tax Bills
WAIWERA THERMAL: High Court to Hear Liquidation Bid Next Month


P H I L I P P I N E S

HANJIN HEAVY: Gov't. Offers Assistance to Potential Investor


S I N G A P O R E

OBIKE SINGAPORE: Majority of Users Have Not Yet Filed Claims


                            - - - - -


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


BESTJET TRAVEL: Second Creditors' Meeting Set for Jan. 31
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Bestjet Travel Pty Ltd
     - Wynyard Travel Pty Limited
     - Brooklyn Travel Pty Ltd

has been set for Jan. 31, 2019, at 10:30 a.m., 12:00 p.m., and
1:00 p.m., respectively, at "Avro Room" at Royal on the Park
Brisbane, 152 Alice 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. 30, 2019, at 12:00 p.m.

Nigel Robert Markey and Bradley Vincent Hellen of Pilot Partners
were appointed as administrators of Bestjet Travel on Dec. 18,
2018.


BOHEMIA CRYSTAL: Second Creditors' Meeting Set for Jan. 31
----------------------------------------------------------

A second meeting of creditors in the proceedings of Bohemia
Crystal Pty Ltd has been set for Jan. 31, 2019, at 10:00 a.m. at
the offices of DW Advisory, at Level 2, 32 Martin Place, 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. 30, 2019, at 5:00 p.m.

Ronald John Dean-Willcocks and Cameron Hamish Gray of DW Advisory
were appointed as administrators of Bohemia Crystal on Oct. 24,
2018.


DYNAMIC CONCRETE: Second Creditors' Meeting Set for Jan. 31
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dynamic
Concrete Cutting Pty Ltd will be held concurrently on Jan. 31,
2019, at:

     The Executive Centre
     Level 54
     111 Eagle Street
     Brisbane, Queensland
     Time: 10:30 a.m.;

             and

     Level 1
     255 Mary Street
     Richmond, Victoria
     Time: 11:30 a.m.

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. 30, 2019, at 4:00 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Dynamic Concrete on Dec. 14, 2018.


EASTERN GOLDFIELDS: Second Creditors' Meeting Set for Feb. 1
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Eastern Goldfields Limited
     - Monarch Nickel Pty Ltd
     - Monarch Gold Pty Ltd
     - Carnegie Gold Pty Ltd
     - Siberia Mining Corporation Pty Ltd
     - Mt Ida Gold Operations Pty Ltd
     - Ida Gold Operations Pty Ltd
     - Pilbara Metals Pty Ltd
     - Mt Ida Gold Pty Ltd
     - Eastern Goldfields Mining Services Pty Ltd
     - Siberia Gold Operations Pty Ltd

has been set for Feb. 1, 2019, at 10:00 a.m. at the offices of
The Palace Training Room, Ground Floor, at 108 St Georges
Terrace, in Perth, 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. 31, 2019, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson
were appointed as administrators of Eastern Goldfields and
subsidiaries on Nov. 29, 2018.


NATIONAL SAFETY: First Creditors' Meeting Set for Feb. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Safety Agency Ltd will be held on Feb. 6, 2019, at 11:00 a.m. at
the offices of Dye & Co. Pty Ltd, at 165 Camberwell Road, in
Hawthorn East.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co were
appointed as administrators of National Safety on Jan. 24, 2019.


SYDNEY WATERPROOFING: Second Creditors' Meeting Set for Feb. 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Sydney
Waterproofing Pty Ltd has been set for Feb. 4, 2019, at 11:00
a.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 Feb. 4, 2019, at 4:00 p.m.

Andre Lakomy and Jason Tang of Cor Cordis were appointed as
administrators of Sydney Waterproofing on Dec. 18, 2018.



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


JIAYUAN INT'L: Moody's Lowers CFR to Caa1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Jiayuan International
Group Limited's corporate family rating to Caa1 from B2.

At the same time, Moody's has downgraded the senior unsecured
rating of Jiayuan's USD notes to Caa2 from B3.

The outlook on all ratings is negative.

RATINGS RATIONALE

"The downgrade reflects our concerns that Jiayuan's access to
funding will be impaired because the recently sharp declines in
the company's share price and the risk of a change in management
control are likely to undermine investor confidence," says Kaven
Tsang, a Moody's Senior Vice President.

"These developments will increase refinancing risks for Jiayuan's
maturing debt, including the USD400 million of senior notes
puttable in October 2019," adds Tsang.

Jiayuan's heightened near-term refinancing risks position its CFR
at Caa1, despite the fact that it had repaid the USD350 million
of bonds due on January 17.

Moody's notes that Mr. Shum Tin Ching, the chairman and the
largest shareholder, has pledged part of his shareholding in the
company for financing purposes. There was a forced sale of part
of these collateral shares during the sharp decline seen in the
share price on January 17.

Moody's further notes that Mr. Shum held a 52.86% equity interest
in Jiayuan as of January 22, after the forced sale and the
completion of an asset injection by Mr. Shum himself on
January 21.

However, the risks of the liquidation of the collateral shares
held by lenders and hence the triggering of a Change of Control
clause of the USD notes will remain in place if the share
financing is not fully settled and if Jiayuan's share price
declines further.

The triggering of the Change of Control clause could accelerate
the repayment of the company's USD bonds and add pressure to its
liquidity position.

Additionally, trading in the company's share has been suspended
since January 22, and Moody's is concerned that its ability to
raise new funding to support its operations will weaken if the
suspension remains in place.

The Caa2 senior unsecured rating is one notch lower than the CFR
due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the company's operating subsidiaries. These claims have priority
over Jiayuan's senior unsecured claims in a bankruptcy scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination.

As a result, the likely recovery rate for claims at the holding
company will be lower.

The negative outlook reflects uncertainties over the company's
abilities to arrange funding on a timely basis to meet its near-
term refinancing needs.

Jiayuan's ratings could be further downgraded if its liquidity
profile weakens further or it defaults on its debt.

The ratings are unlikely to be upgraded, given the negative
outlook.

However, the outlook could return to stable if 1) the share
pledge ratio of its largest shareholder declines significantly in
a sustained manner, 2) the company demonstrates an ability to
refinance its maturing debt; and 3) the company maintains its
normal operations with healthy operating cash flows.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.


KANGDEXIN COMPOSITE: Chairman Offers Personal Guarantee
-------------------------------------------------------
Caixin Global reports that the chairman of a Chinese auto parts
supplier that defaulted on bonds last week appeared at a creditor
meeting Jan. 22, offering a little relief to investors worried
that they won't be able to get their money back.

Shenzhen-listed Kangdexin Composite Material Group Co. Ltd. is
the latest defaulter in China's wave of bond defaults, the report
says.

According to Caixin, the supplier of automaker BMW AG has failed
to repay principal and interest on a total of CNY1.55 billion
(US$230 million) of debt. Caixin relates that the default has
raised doubts about the credibility of the company's financial
statements, which showed it held more than CNY15 billion in cash
and bank deposits just four months ago.

Kangde Xin Composite Material Group Co., Ltd. engages in
laminating film and photoelectric materials, 3D, and Internet
applications businesses worldwide. It offers printing substrates,
environmental laminating films, 3D grating materials, 3D imaging
technology, automatic coating equipment, and electronic display
equipment under the Kangde Film and KDX brand names for the
printing and packaging, and decoration markets.


LANDSEA GREEN: Fitch Affirms 'B' LT IDR, Outlook Positive
---------------------------------------------------------
Fitch has affirmed China-based residential-property developer
Landsea Green Group Co., Ltd.'s Long-Term Issuer Default Rating
(IDR) at 'B'. The Outlook remains Positive. At the same time,
Fitch has affirmed Landsea's senior unsecured rating and rating
on its outstanding US dollar senior notes at 'B' with a Recovery
Rating of 'RR4'.

The ratings are supported by Landsea's sustained deleveraging
trend, with Fitch estimating leverage at 16% at end-2018 (end-
2017: 25%, end-2016: 42%), after giving 50% equity credit for the
CNY1.6 billion in shareholders' loans. Fitch expects Landsea to
continue deleveraging given that its property sales and projects
under management are mainly in Tier 2 cities in the Yangtze River
Delta region and that a few projects it owns in major US cities
have started to generate sales.

Its ratings are also driven by the rising EBITDAR from its non-
development properties (DP) business, but Fitch expects this
growth to be insufficient to cover its net interest by more than
1.5x in 2018. Fitch may revise the Positive Outlook to Stable if
Landsea fails to show that its non-DP EBITDAR/net interest + rent
coverage can be sustained at more than 1.5x over the next six to
12 months by lowering its cash interest paid while improving its
non-DP EBITDAR, especially earnings from the rental apartment
business.

KEY RATING DRIVERS

Deleveraging Trend Sustained: Fitch expects Landsea's leverage,
measured by net debt to adjusted inventory that proportionately
consolidates joint ventures and associates, to fall below 10% in
2019. The operating cash flows from the project-management
business should rise moderately as the company continues to adopt
an asset-light strategy of holding minority equity interests in
its projects, which should support the deleveraging trend in the
next 18-24 months.

Small, Diversified Operation: Fitch believes the company's
quality land bank and diversified operation will support
contracted sales from equity-stake projects of CNY20 billion,
which it achieved in 2018. Landsea's low attributable exposure to
its development projects, equivalent to under CNY7 billion of
contracted sales in 2018, does not impede its ability to grow its
project-management services. Its attributable land bank was 1.3
million square metres at end-June 2018, smaller than that of 'B'
category peers, but still able to support the company's
development for around four to five years.

The company targets core Tier 2 cities in China, such as Nanjing,
Hangzhou, Wuxi Chengdu, Wuhan and Chongqing, and around 51% of
its land bank is in the Yangtze River Delta. Landsea's 13 US
projects are in coastal areas and represent 4% of its land bank.

Stabilising Margin: Fitch expects Landsea's EBITDA margin,
excluding capitalised interest from cost of sales, to stabilise
at above 20% in 2018-2020, driven by the delivery of profitable
projects sold in the previous two to three years in China, a
sustained improvement in the US business and a contribution from
the higher-margin project-services business. The margin improved
to 21% in 2017, from 13% in 2016 (2015: 37%), following the
delivery of higher-profitability projects in China and US
property businesses turning more profitable.

Slower Non-Development EBITDA Growth: Revenue growth of Landsea's
non-property development businesses, including project-management
services, rental-apartment subleasing and investment-properties,
slowed to 21% yoy to CNY788 million in 2017. Its non-development
margin also weakened to 61%, from 67% in 2016. However, Fitch
expects non-development revenue growth to accelerate to 40% to
50% in 2018 and 2019, comparable to its historical growth rate,
supported by continued expansion in the project-management
services and increase in number of rental-apartments units in
operation in the next 12-18 months; and Landsea's non-property
development EBITDAR/net interest plus rental expense ratio to
reach 1.3x-1.5x in 2018-2020 (2017: 1.3x).

Weaker Project Management Business: Fitch has revised its
expectation for growth in Landsea's total contracted sales to 20%
each in 2019 and 2020, from 30%-50% previously, as Fitch
forecasts industry sales to decline in 2019. Landsea's total
contracted sales reached CNY37 billion in 2018. The continued
growth in contracted sales will continue to support growth of 20%
to 25% in its project-management services income in the next two
years from an estimated CNY1 billion in 2018.

Decreasing Rental-Apartment Losses: Landsea's rental apartment
business posted a loss of CNY13 million in 1H18 from revenue of
CNY27 million given pre-operating expenses were not sufficiently
offset by the slow ramp-up of revenue. Fitch expects the rental
apartment business to continue to post operating losses in 2018
and 2019, which will be a drag on non-DP recurring EBITDAR/net
interest + rent coverage. By end-June 2018, Landsea had secured
over 22,000 rooms (of which 4,286 were in operation) in 75
projects across 13 cities. and management planned to expand to
some 40,000-50,000 rooms by 2018-2019. Fitch expects Landsea's
rental apartment revenue growth to reach over CNY700 million in
2020, at which point this business may turn profitable.

DERIVATION SUMMARY

Landsea's leverage is lower than 'B' rated peers, such as Hong
Yang Group Company Limited (B/Positive), Xinyuan Real Estate Co.,
Ltd. (B/Negative) and Yida China Holdings Limited (B/Stable),
which generally have leverage of 40%-50%. Contracted sales from
equity-held projects are similar to those of peers at about CNY20
billion a year.

The adoption of an asset-light strategy and the monetising of its
experience in green-technology homes differentiates Landsea from
traditional homebuilders and may support its deleveraging. Its
quality land bank in China and diversification into the US will
help the company sustain its contracted sales scale in 2019-2020.
Non-development EBITDAR from the project-management service,
apartment subleasing businesses and investment properties is
about 1x its cash interest and rental expenses, exceeding that of
all 'B' rated peers.

KEY ASSUMPTIONS

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

  - Contracted sales value for equity-held projects at
    CNY20 billion a year in 2019-2020

  - EBITDA margin, excluding capitalised interest from cost of
    sales, at 20%-21% in 2018-2020

  - Non-property development revenue, including project-
    management services, rental-apartment subleasing and
    investment properties, of CNY1.2 billion-2.5 billion in
    2018-2020

  - About 50% of contracted sales to be spent on land
    replenishment to maintain a landbank life of about four
    to five years

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory that proportionately consolidates
    joint venture and associates sustained below 50%. The net
    debt includes loans from Landsea's ultimate shareholder to
    which Fitch has assigned 50% equity credit, in accordance
    with Fitch's Corporate Hybrids Treatment and Notching
    Criteria

  - EBITDA margin, excluding capitalised interest from cost of
    sales, sustained above 20%

  - Non-development EBITDAR/(net interest + rental expenses)
    sustained above 1.5x (2017: 1.3x). Net interest includes
    cash interest from amounts due from and due to joint ventures
    and associates

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

  - Net debt/adjusted inventory that proportionately consolidates
    joint venture and associates above 60% for a sustained period

LIQUIDITY

Adequate Liquidity: Landsea had CNY4.3 billion in available cash
on hand at end-June 2018, which exceeded its short-term debt of
CNY1.0 billion. Landsea has generated positive free cash flow in
the past two years and Fitch expects the trend to continue in the
next two years, supported by healthy sales and its higher-margin
project-management business.


REWARD SCIENCE: Moody's Withdraws Ca CFR on Insufficient Info
-------------------------------------------------------------
Moody's Investors Service has withdrawn Reward Science and Tech.
Industry Grp. Co Ltd's Ca corporate family rating and the Ca
rating on the 7.25% 3-year senior unsecured notes issued by
Reward International Investment Limited and guaranteed by Reward.

At the time of the withdrawal, the ratings outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes
it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.

Headquartered in Beijing, Reward Science and Tech. Industry Grp.
Co Ltd engages in the production and marketing of dairy and other
food products, as well as daily consumer products, and other
businesses, such as the leasing of commercial property and
hotels.


TAIZHOU HUAXIN: Fitch Affirms 'BB+' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Taizhou Huaxin Pharmaceutical
Investment Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'BB+' with a Stable Outlook.

Fitch has also affirmed the 'BB+' rating on the company's USD206
million 6.8% senior unsecured notes due 2021. The bond was issued
by THPI's wholly owned subsidiary, Huaxin Pharmaceutical (Hong
Kong) Co., Limited, under an unconditional and irrevocable
guarantee.

THPI is the flagship entity responsible for the development of
the Taizhou Medical High-tech Industrial Development Zone
(Taizhou HTDZ) in the eastern Chinese province of Jiangsu. THPI's
key mission is to provide an ecosystem to foster the development
of the pharmaceutical industry in Taizhou city. THPI offers
integrated services for enterprises within the HTDZ to attract
investments, ranging from the construction, lease and sale of
properties to the sale, distribution and logistics management of
pharmaceutical products.

KEY RATING DRIVERS

Important GRE in Taizhou Municipality: THPI's ratings are
assessed under the top-down approach of Fitch's Government-
Related Entities (GRE) Rating Criteria, and are credit-linked
with its internal assessment of Taizhou municipality. The linkage
reflects the municipality's ownership and control over THPI, the
government's support track record, as well as the company's
functional role in the development of the Taizhou HTDZ.

Taizhou's Creditworthiness: Taizhou, one of 13 prefecture-level
cities within Jiangsu, has achieved considerable economic success
over the past two years. Taizhou's 2017 gross regional product
(GRP) rose 8.2% yoy, the fastest growth within Jiangsu, and its
GRP per capita was above the peer average. The economic strength
and a stable fiscal performance should mitigate concerns over the
city's moderately high contingent liabilities from its GREs.

'Very Strong' Status, Ownership, Control: The attribute strength
reflects the municipality's ownership and high level of control
over the company. THPI is 71.1%-owned by the Taizhou State-owned
Assets Supervision and Administration Commission (SASAC), which
Fitch expects to gradually repurchase a 28.15% minority stake.
The Taizhou SASAC appoints THPI's chairman and board of
directors, and hence has direct oversight of the company's
strategy and operations, including major corporate events.

'Strong' Support Track Record: Fitch sees the government's
recurring injections and subsidies as a strong indication of the
municipality's commitment to maintain the company's expansion.
THPI has received CNY4.4 billion in capital injections since
2014, while the annual subsidy has averaged 103% of the company's
profit before tax. The company has also benefitted from a CNY3.5
billion debt swap, which the government converted into capital
reserves during 2018.

'Moderate' Social-Political Implications: THPI plays a key role
in the development of the national-level Taizhou HTDZ, which
accounted for 4.9% of the city's GRP and 11.9% of its total
operating revenue (excluding transfers) in 2017. However, Fitch
believes the social impact of a default by the company, while it
may disrupt economic development, will probably be limited to the
Taizhou HTDZ. In addition, there is more than one urban developer
within Taizhou that can serve as a substitute, if needed.

'Strong' Financial Implications: THPI is the largest GRE among
the entities directly controlled by the Taizhou SASAC, accounting
for 35% of the assets and 36% of the total debt of the top five
functional GREs at end-2017. THPI's revenue is mostly from
contracts with the district government, with significant
receivables due. Fitch believes a default of THPI could have a
significant impact on the financing of other GREs and may create
uncertainty over the municipality's credibility.

'Weak' Standalone Profile: Fitch has assessed THPI's financial
profile as weak, with a maximum standalone credit profile in the
'B' rating category, although this did not result in any impact
on the notching outcome under the criteria. THPI has negative
free cash flow, and high leverage with net debt to EBITDA of 33x
at end-2017. The timely repayment of receivables by the local
government should mitigate the company's weak financial profile
and be supportive of short-term liquidity needs.

RATING SENSITIVITIES

A change in Fitch's credit view on Taizhou municipality's ability
to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would lead to a
change in the company's ratings.
Rating action on THPI would lead to similar action on the rating
of the US dollar notes.

A weakening of the municipality's incentive to provide support,
as a result of a dilution in its shareholding or a change in the
company's role, may result in a downgrade. A change in THPI's
standalone credit profile or liquidity position could also result
in a rating change.


WUYANG CONSTRUCTION: Faces CNY40.8MM Fine for Forging Accounts
--------------------------------------------------------------
Caixin Global reports that Wuyang Construction Group Co., which
defaulted on bonds totaling CNY1.36 billion (US$212 million) last
year, is facing a fine of CNY40.8 million for forging its
accounts in bond prospectuses issued to potential investors.

Caixin relates that the China Securities Regulatory Commission
(CSRC) announced its intention to impose the penalty in a
preliminary ruling, Tebon Securities, the underwriter of the
bonds, said in a statement release on Jan. 16.

The final decision will be made after Wuyang Construction and
"related parties" are given the opportunity to put their case to
the regulator, the statement said, Caixin relays.

According to Caixin, an investigation by the commission found
that Wuyang Construction had forged accounts payable and accounts
receivable data, concealed its bad debts and inflated its
profits.

Chen Zhizhang, the chairman of Wuyang Construction, told Caixin
that the company disagreed with the regulator's decision and
would request a hearing to defend itself.

In August, Wuyang Construction failed to repay interest and
principal on its CNY800 million 15 Wuyang bond, which then
triggered a default on another CNY560 million bond issue, 15
Wuyang 02, leaving a combined default of CNY1.36 billion, Caixin
recounts. Both bonds were listed on the Shanghai Stock Exchange.

Caixin notes that Wuyang was the first company to default on a
public bond placement following the implementation in 2015 of the
CSRC's Administrative Measures for the Issuance and Transactions
of Corporate Bonds, regulations governing corporate bonds listed
on the country's two stock exchanges. As such, there is no
precedent to follow and the measures do not contain a clear
procedure for handling the default and the resolution of the
debt. Conflict between the bond issuer, intermediaries and
investors has also held back progress.

But the CSRC's investigation and decision now open the door to
legal action against the company and the intermediaries involved
in the bond sales, including the underwriter, Caixin says.

"The official document (from the CSRC) about the fine gives us
the basis to launch a lawsuit against the company for fraud," one
bondholder told Caixin, declining to be named. Investors are also
considering suing intermediaries such as the bond's main
underwriter Tebon Securities, he said. The securities firm has
not made any public statement about the issue.

Wuyang Construction is a privately owned project engineering and
construction company based in the eastern province of Zhejiang.


XINHEHUI: Investors Demand Payments on Defaulted Products
---------------------------------------------------------
Bloomberg News reports that in the latest sign of turmoil in
China's once booming peer-to-peer lending sector, around 80
investors in failed lender Xinhehui protested outside the
Hangzhou headquarters of a related company on Jan. 22, demanding
a $330 million bailout.

Bloomberg relates that the investors voiced their fury and
scuffled with police at the entrance to the headquarters of Meidu
Energy Corp., which owns about a third of the failed lender.
Though no clear demands could be discerned from videos seen by
Bloomberg, an investor who was there said the demonstrators were
trying to put pressure on the company to pay off the defaulted
products. One could be seen holding a sign saying "Meidu
bailout."

According to Bloomberg, Mrs. Xue, who would only provide a
surname for fear of retaliation, said she arrived at 8:00 a.m.
with around 80 other investors from Zhejiang and neighboring
provinces, demanding payment for CNY2.26 billion ($332 million)
of products that Xinhehui had sold, including CNY860 million
worth that were due for repayment on Jan. 6.

"Our protests have come to no avail, there is still no solution,
and the company is just biding their time, waiting for us to run
out of strength," she said in an interview over WeChat, Bloomberg
relays. She claimed that she and family members had invested
CNY2 million in Xinhehui.

According to a statement on Xinhehui's website dated Jan. 14, a
majority of votes cast approved a restructuring plan, Bloomberg
relays. A customer service representative for the company
contacted on Jan. 22 confirmed this. Mrs. Xue said she knew about
the vote, but didn't participate.

According to another protestor surnamed Cao, police on site asked
them not to display banners or chant slogans, Bloomberg says. In
one of the videos, a woman with a bloody nose is seen receiving
treatment, although there is no indication of how she was
injured. The protest died down in the afternoon, with most of the
participants going home, according to Xue.

Shanghai-listed Meidu Energy said earlier this month that it owns
a 34% stake in Xinhehui, Bloomberg recounts. A company
representative said on Jan. 22 that they couldn't help the
protestors, Bloomberg adds.

"We are purely a stakeholder and there is nothing more we can do
- all of our investments into Xinhehui are already in place," said a
company securities representative who would only provide the surname
Wang, Bloomberg relays. She said by phone that she was aware of the
situation outside the office, but that the demonstration
would achieve nothing more than disrupting the workday.

Bloomberg says Chinese leaders are dramatically shrinking the P2P
market, which spawned the nation's biggest Ponzi scheme, protests
in major cities, and life-altering losses for thousands of savers.
Authorities are planning to wind down small- and medium-sized P2P
lending platforms nationwide, Bloomberg reported late last year.

Xinhehui is a Hangzhou-based P2P operator.


YANAN BICON: S&P Raises ICR to 'CCC+' on Refinancing of Bonds
-------------------------------------------------------------
S&P Global Ratings believes YanAn Bicon Pharmaceutical Listed
Co.'s credit risks have decreased with the refinancing of its
puttable bonds in December 2018. However, the China-based
traditional Chinese medicine (TCM) manufacturer still faces
significant liquidity risks owing to its considerable near-term
debt maturities and negative free cash flows.

S&P is raising its long-term issuer credit rating on YanAn Bicon
to 'CCC+' from 'CCC'. S&P removed the rating from CreditWatch,
where it was placed with developing implications on Nov. 20,
2018.

The upgrade reflects the reduced risk of an immediate default
owing to YanAn Bicon's refinancing of its puttable bonds in
December 2018. The company was able to repay puttable debt of
RMB1.8 billion exercised on Nov. 30 and Dec. 7 in 2018. With the
refinancing, YanAn Bicon does not face meaningful corporate bonds
with bullet maturities within the next 12 months.

S&P said, "YanAn Bicon still faces significant liquidity risk, in
our view. The company has sizable debt maturities over the next
12-24 months, and we expect it to have negative free cash flows
over the period.

"We believe YanAn Bicon refinanced the puttable bonds with short-
term bank debt. While the refinancing has reduced immediate
liquidity risks, it does not resolve the ongoing liquidity
pressure. As of Sept. 30, 2018, the company has about RMB1
billion of cash on its balance sheet and short-term debt of about
RMB2.8 billion. We estimate short-term debt remained at RMB2.5
billion-RMB3 billion on Dec. 31, 2018."

Furthermore, YanAn Bicon has a free cash flow deficit and would
need funds to support ongoing operations. The company is
exploring additional financing options including private bond
issuance and equity injections to improve its debt capital
structure. However, such financing remains uncertain.

S&P said, "We forecast more modest revenue growth of 5%-10% for
YanAn Bicon in 2019, down from our estimate of 55%-65% in 2018.
The lower expected growth rate is based on a significant decline
in acquisitions and investments by YanAn Bicon, and slowing
growth in the TCM industry. We expect the Chinese government's
effort to reduce drug prices to have a moderate negative impact
on industry growth.

"YanAn Bicon's EBIDTA growth is likely to be modest at low-single
digits in 2018-2019 because the majority of the revenue expansion
in 2018 was from the addition of the low-margin pharmaceutical
distribution business. As a result, we estimate the debt-to-
EBITDA ratio to have been 4.5x-5.5x in 2018 and 5.0x-6.0x in
2019, compared with 6.2x in 2017.

"We project that YanAn Bicon will have sizable free cash flow
deficits in 2018-2019. The company had an operating cash outflow
of RMB270 million in 2017 due to higher receivable days related
to the acquisition of the pharmaceutical distribution business.
We estimate that this outflow reversed in 2018. We estimate cash
flow from operations of RMB250 million-RMB350 million in 2018 and
RMB300 million-RMB400 million in 2019. Capital expenditures and
acquisitions will total about RMB1.0 billion in 2019 and about
RMB750 million in 2020, in our view. As a result, we expect free
cash flow deficit (excluding acquisitions) of RMB300 million-
RMB450 million in 2019 and 2020. This deficit will increase the
funding pressure on the company.

"The negative outlook reflects the unsustainability of YanAn
Bicon's capital structure owing to its sizable short-term debt
maturities and the need for ongoing refinancing over the next 12
months. We expect the company's short-term debt to remain high
relative to its cash balance and free cash flow to be negative
over the period.

"We could lower the rating if we view YanAn Bicon as unlikely to
be able to refinance its debt maturities. This could be due to:
(1) a worsening refinancing environment; (2) the company's
inability to obtain new funding, including bank loans; (3) banks
tightening their lending policy; or (4) deterioration in the
company's operating performance.

"We could revise the outlook to stable or raise the rating if the
YanAn Bicon's liquidity significantly improves and the company
lengthens the maturity of its debt profile. This could happen if
YanAn Bicon raises new equity or long-term debt to repay short-
term debt."

YanAn Bicon is a TCM and generic pharmaceutical drug manufacturer
based in Yan'An City in Shaanxi province. The company has more
than 400 drug products, of which about 140 are on the Chinese
government's Essential Drug List as of December 2017. YanAn Bicon
also manufactures specialty chemicals (high-performance
polyethylene), lithium salt material for commercial lithium
batteries, and various other chemical products.



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


AG8 VENTURES: Ind-Ra Cuts Rating on INR1,379.50BB Loan to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded AG8 Ventures
Ltd (AG8) Long-Term Issuer Rating to 'IND D' from 'IND BB-' while
migrating the ratings to the non-cooperating category. The
Outlook was Stable. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Thus, the rating is on the basis of the best
available information. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1,379.50 bil. Long-term loan due on March 31, 2025
    downgraded and migrated to non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the delays in debt servicing by AG8 during
the six months ended December 2018 due to a tight liquidity
position.

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with information related to
the latest audited financials and progress of its four ongoing
residential projects.

RATING SENSITIVITIES

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

COMPANY PROFILE

AG8 was incorporated in 1997 with an objective to develop
residential projects in and around Bhopal.


ANANTA MEDICARE: CRISIL Reaffirms B+ Rating on INR12cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Ananta Medicare Limited (AML). The rating
continues to reflect the improving yet modest scale of
operations, large working capital requirement, and customer
concentration in revenue, along with delay in commercialisation
of capital expenditure. These weaknesses are partially offset by
the extensive experience of the promoters.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          2        CRISIL B+/Stable (Reaffirmed)
   Term Loan           10        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Improving yet average scale of operations: Topline rose to
INR6.45 crore in fiscal 2018, from INR3.95 crore in fiscal 2017.
Revenue should be modest in fiscal 2019, as reflected in sales of
INR6.29 crore recorded in the first half. There has been a delay
in commercialisation of capex undertaken towards the allopathic
drugs unit. Timely ramp-up in scale of operations, especially of
the new unit, remains critical over the medium term.

* Large working capital requirement and customer concentration in
revenue: Gross current assets stood at 352 days as on March 31,
2018 (373 days a year ago), driven by large receivables and
moderate inventory of 186 days and 62 days, respectively. Working
capital requirement is funded through internal cash accrual and
credit from suppliers, leading to moderate dependence on bank
lines. Moreover, the top three customers account for almost the
entire revenue. Delay in receipt of payments can lead to further
stretch in the cycle. Furthermore, as almost entire revenue is
derived from the herbal products segment, it also remains
susceptible to demand and cyclicality in the industry.

Strength

* Extensive experience of the promoters, and their funding
support: The two-decade-long experience of the promoters in the
pharmaceutical industry, through associate concerns and group
companies, and their established relationships with suppliers and
customers, will continue to support the business risk profile.
Their continued funding support should also support working
capital and capex requirements.

Outlook: Stable

CRISIL believes AML will continue to benefit from the extensive
experience of its promoters and their funding support. The
outlook may be revised to 'Positive' if significant growth in
revenue and profitability, aided by commercialisation of the
capex, leads to substantial cash accrual. The outlook may be
revised to 'Negative', if lower-than-expected revenue and
profitability, stretch in working capital cycle, or further delay
in commercialisation of capex, weakens the financial risk
profile, especially liquidity.

Liquidity

Liquidity may remain constrained owing to tightly matched cash
accrual and high bank limit utilisation, though partly aided by
funding support from the promoters. Annual cash accrual of over
INR1.8-2 crore, will be tightly matched against maturing debt of
INR1.71 crore in the medium term. Bank limit of INR2 crore has
been utilised at an average 80-85%.

Established in 2008 by promoters, Mr. Pradeep Jain, Mr. Rajesh
Jain, Mr. Sanjay Jain, and Mr. Sanjeev Kumar, AML manufactures
and exports herbal pharmaceutical products to Ukraine, Moldova,
and Azerbaijan. The company has its manufacturing facility at
Ganganagar, Rajasthan. It is also setting up a new capacity for
allopathic drugs.


BABA PURAN: Ind-Ra Affirms 'B' on INR120MM Term Deposits
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Baba Puran Dass
Financial Services Ltd.'s (BPDFS) term deposits as follows:

-- INR20 mil. Term deposits affirmed with IND B/Stable rating.

KEY RATING DRIVERS

The rating reflects BPDFS's small scale of operations, indicated
by INR43.8 million in assets under management as on September 30,
2018 (FY18: INR43.8 million; FY17: INR36.6 million). Also, its
operations are limited to the Ludhiana district in Punjab. In the
current tight liquidity conditions, non-banking financial
companies' especially small players are facing challenging times
to grow their book. BPDFS has limited funding sources with only
an overdraft facility of INR8 million.

The rating, however, is supported by BPDFS's is healthy asset
quality, as reflected in its zero non-performing loans over FY15-
FY18. The company has the ability to efficiently recover from
delinquencies in the soft buckets (up to 60 days past due).

The rating is also supported by BPDFS's prudent capital
structure. A high equity/asset ratio (FY18: 58.3% FY17: 58.73%;
FY16: 53.25%), along with the absence of credit costs, has
enabled BPDFS to maintain a healthy return on average assets of
1.99%-3.0%% over FY15-FY18. It also has a healthy capital
adequacy ratio, which was 73.56% in September 2018 (FY18: 70.97%;
FY17: 67.8%). There is marginal fall in debt/equity ratio to
0.41x as on March 31, 2018 (March 31, 2017: 0.43x) due to an
equity capital infusion of INR2.5 million by the promoters.

The promoters infused an additional capital of INR20 million into
BPDFS at end-FY18 to open new branches in Punjab. However,
according to Ind-Ra, the promoters would have to infuse
additional capital to scale up operations and meet scheduled
deposit redemptions.

RATING SENSITIVITIES

Negative: Inability to increase the scale of operations and/or
significant deterioration in the asset quality, along with a
substantial increase in leverage, all on a sustained basis, could
result in a negative rating action.

Positive: An increase in the scale of operations, without a
significant impact on the asset quality, diversification of the
funding source base while keeping adequate capitalization and
operating buffers, and the maintenance of adequate liquidity, all
on a sustained basis would lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1995, BPDFS is a deposit-taking non-banking
financial asset finance company. The company primarily finances
used passenger vehicles and new two-wheelers on a hire and
purchase basis.


BEEPEE HOSPITALITY: CARE Assigns 'B' Rating to INR6.40cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Beepee
Hospitality LLP (BHL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.40       CARE B; Stable Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BHL is constrained
by project stabilization risk, nascent & small scale of
operations, low capitalization & weak debt coverage indicators.
The rating is further constrained by highly fragmented nature of
industry and susceptibility of profit margin to adverse
fluctuations in raw material prices. The rating however, derives
strength from experienced along with operational synergies with
associate entities and strategic location with easy access to
semi-finished material and labour. Ability of the entity to
achieve the envisaged turnover, profitability and efficient
management of working capital cycle.

Detailed description of Key rating drivers

Key Rating Weaknesses

Project stabilization risk BHL has successfully completed its
installation of folding machine, hydraulic jigger, lab testing
equipment's, thermic fluid pipeline, hydro extractor,
chamberpinclip stenter machine, rapid jet, steam & drain
pipeline, fire extinguishers, lift and other accessories at
Bhiwandi in Nov 2018 and trial run has started in Dec 2018 at a
cost of INR7 crore which was funded through bank borrowings of
INR5.00 crore and balance through unsecured loan of INR1.00 crore
and owned funds of INR1.00 crore.

BHL leverage ratios are envisaged stood on the higher side as on
March 31, 2018, because of loans for the capex undertaken as well
as the proposed bank borrowings to meet the working capital
requirements. In FY18, the firm has generated the revenue (of
INR1.07 crore) from trading of linen. Further the commercial
production will commence from Jan 2019 hence, FY20 will be the
first full year of operations. PBILDT margin is expected to
remain comfortable on account of the moderately high value
addition to the product.

The overall project has been significantly debt funded, thus its
ability to operate its existing and expanded facilities at
envisaged capacity utilizations and generate sufficient accruals
will be critical for its credit profile.

Nascent & Small Scale of Operations BHL's commercial production
will start from Jan 2019. Thus the overall operations are at a
nascent stage. In FY18 the company earned PAT of INR0.01 crore on
a total of revenue of INR1.07 crore from trading of linen.
Furthermore the repayment of term loan will start from April
2019, which will be repaid through own funds in the initial month
and then firm will start to generate revenue and then the
repayment will be managed through the revenues. Going forward,
its ability to use the capacity at envisaged utilization levels
and generate sufficient accruals to meet the debt obligations
shall be critical from credit perspective.

Low capitalization & weak debt coverage indicators BHL has a
small net worth (amounting to INR0.39 crore as on March 31,
2018), which limits its financial flexibility to meet any
exigency. Moreover, due to low profitability and thereby lower
accruals, the overall debt coverage indicators are also remains
weak.

Presence in highly fragmented industry leading to stiff
competition BHL is engaged in the business of cotton, non-cotton
spinning, combing, cleaning, preparing, packing, weaving and
manufacturing which is highly fragmented with a high level of
competition from both the organized and largely unorganized
sector, along with the susceptibility of margins to volatile raw
material prices.

Key Rating Strengths

Experienced promoters along with operational synergies with
associate entities: BHL is being promoted by Mr. Anup Poddar and
Mr. Anil Poddar having an experience of more than two decades in
the home textile industry through his association with company
and other associate mainly BEPL which is engaged in similar
further, they look after the overall management of the company
with the support of chief promoter of the BeePee group Mr.Chandra
Kishor Poddar he is the founder of the company and he is having
more than three decades of experience in the same line of
industry.

Strategic location with easy access to semi-finished material and
labour BHL processing facility is located at Bhiwandi which is
one of the textile hubs of India. The semi-finished raw material
i.e. raw fabric (both cotton and polyester) is easily available
in Bhiwandi market; thereby the company enjoys proximity to raw
material resulting in lower transportation cost and relatively
easy availability. Moreover, knowledgeable technician's and
skilled labour is also easily available.

Beepee Hospitality LLP (BHL) was established on November 04, 2011
as a Limited Liability Partnership. BHL is being promoted by Mr.
Anup Poddar and Mr. Anil Poddar which is engaged in the business
of processing of fabrics (viz. Polyster and cotton)i.e spinning,
combing, cleaning, weaving and dyeing on job work basis as well
as through own production . The firm was established in 2011;
however commercial operations will commenced from Jan 2019.


BHUMI PLASTIC: CARE Migrates B+ to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Bhumi
Plastic Pipes Private Limited (BPPPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE B+; Stable; Issuer not
   Facilities                     cooperating; Based on best
                                  available information.
                                  Revised from CARE BB-; Stable

   Short-term Bank      1.00      CARE A4 Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BPPPL to monitor the
rating vide e-mail communications/ letters dated July 3, 2018,
July 9, 2018, August 8, 2018, September 21, 2018, November 14,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Bhumi Plastic
Pipes Private Limited's 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.

Detailed description of the key rating drivers

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

Key Rating Weakness

Project implementation risk:  BPPPL is planning to set up a
manufacturing unit for High Density Polyethylene (HDPE) and
Polyvinyl Chloride (PVC) pipes of various sizes ranging from 20
mm to 200 mm and 250 mm to 400 mm under the brand name of
'BHUMI'. The total proposed cost of project is INR11.47 crore
which is proposed to be funded by bank term loan of INR4.75
crore, unsecured loan of INR2.25 crore and balance by promoters'
capital (INR4.47 crore). As on October 17, 2017, the company has
incurred expenses of INR6.73 crore (around 58.67% of the total
project cost) towards purchase of plant & machinery, construction
of plant (including electrical installation, civil works etc.),
and the same was funded by the equity share capital brought in by
the promoters, unsecured loan and bank term loan. The company is
going to install total 4 machines in which 2 machines will
produce HDPE pipes and remaining 2 machines will manufacture PVC
pipes, further the company has already purchase 2 machines each
for HDPE and PVC pipes and paid advance for remaining 2 machines.
The trail run for 2 machines are under process and remaining 2
machines trail run is expected to be completed by mid of November
2017. After successfully installation of the machinery the
commercial operation is expected to commence from November 2017
end.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature, BPPPL will
be required to maintain adequate inventory mainly in the form of
raw material to ensure smooth execution process as well as
maintain stock of finished products in order to meet the
immediate demand of customers. Furthermore, HDPE and PVC pipes
business are very competitive in nature and has low bargaining
power due to less number of suppliers for raw material in the
market. Profitability vulnerable to fluctuation in the raw
material prices Resin (HDPE and PVC), granules are the major raw
material for PVC and HDPE pipes, which is a crude oil derivative
and accordingly the price of the same is extremely volatile in
nature. Since, the raw material cost is the major cost driver for
BPPPL, any upward movement in the same may induce pressure on
profitability.

Key Rating Strengths

Longstanding experience of the promoters for installing HDPE and
PVC pipes: BPPPL is mainly managed by MrVelagapudi Krishna Prasad
and Mr Velagapudi Lakshmana Rao, both are Director of the
company. Both the Directors are Civil Engineer, and had executed
many civil construction projects for irrigation and water supply
over a decade under their associate concerns i.e. Raghuram Hume
Pipes Private Limited (RHPPL) and VelkoInfratek Projects Private
Limited (VIPPL). Further, Mr Velagapudi Lakshmana Rao has a
strong reputation for delivering quality service on time. RHPPL
and VIPPL hold Special Class Civil Contractor status from
Government of Andhra Pradesh (GoAP).

Stable outlook for HDPE and PVC Pipe business in India: India
HDPE pipe market value will escalate in future owing to
government's focus on water infrastructure for potable water
supply and aim of achieving 100% sanitation coverage in India.
India HDPE pipe market is majorly driven by high demand in
domestic market. Recently, the Government of Andhra Pradesh with
has launched AP Drinking Supply Corporation through which the
corporation would supply 100 litres of protected drinking water
to every family apart from monitoring the supply of drinking
water for gram panchayats, urban local bodies and industries.

Moderate order book position: The company has outstanding order
book of about INR83.96 crore as on October 18, 2017 to be
executed over a period of 1-2 years, depending on the complexity
of the order. The company will procure raw material from in and
around Andhra Pradesh which includes resins, granules and others.
The work majorly includes irrigation and water supply (drinking
and drainage) segment water. The orders are from associate
concerns.

Andhra Pradesh based Bhumi Plastic Pipes Private Limited (BPPPL)
was incorporated as Raghuram Concrete Products Private limited
(RCPPL) in January 2012, however, the operations were not started
in 2012 due to change in nature of business plan by the
promoters. Further, RCPPL was renamed as BPPPL on January 16th,
2014. BPPPL is promoted by Mrs. Velagapudi Usha Rani, Mr.
Velagapudi Krishna Prasad, Mr. Velagapudi Lakshmana Rao and Mrs.
VelagapudiAnusha. All the promoters are family members and are
having more than a decade experience in the civil construction
industry (installation of HDPE and PVC pipes) through their
associate concern Raghuram Hume Pipes Private Limited and
VelkoInfratek Projects Private Limited, which are mainly engaged
in civil construction in irrigation and water supply segment.

BPPPL is planning to set up a manufacturing unit at Prakasam
District, Andhra Pradesh-523212 for High Density Polyethylene
(HDPE) and Polyvinyl Chloride (PVC) pipes of various sizes
ranging from 20 mm to 200 mm and 250 mm to 400 mm under the brand
name of 'BHUMI'. The company is planning to install four
machineries with an install capacity of 6000 MTPA. These pipes
will be mainly catering to irrigation, agriculture, potable water
supply, sewerage & drainage systems.


CHANDRA AUTOMOBILE: CRISIL Cuts Rating on INR7.15cr Debt to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Chandra Automobile India Private Limited (CAIPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          2.5      CRISIL B-/Stable (Downgraded
                                 from 'CRISIL B/Stable')

   Long Term Loan       4.65     CRISIL B-/Stable (Downgraded
                                 from 'CRISIL B/Stable')

The downgrade of rating is due to decline in revenue and
operating margin in FY18, since Hyundai has created tuff
competition for CAIPL in Coimbatore. In FY18, CAIPL has reported
revenue at around INR167 crore compared to INR186 crore in FY17,
with decline in the margin owing to existence competition. In
FY18, CAIPL has reported net loss of INR1.5 Crore. Downgrade of
rating also reflects its weak financial profile due to highly
leveraged capital structure (modest networth of INR4.1 crores and
high gearing of 7.81 times). Debt protection metrics is weak with
interest coverage and negative net cash accrual to total debt of
0.75 times and (1%), respectively.

Rating also reflects its weak financial risk profile and its
exposure to intense competition in automobile dealership
industry. These weakness are partially offset by its promoter's
extensive experiences in auto dealership industry.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition in automobile dealership
industry: The passenger cars automotive sector is intensely
competitive with a large number of players present in the mini,
compact, mid-size, executive, premium and luxury passenger car
segments. Also two wheeler automotive sector is intensely
competitive with a large number of players present in the 100cc,
150cc and premium categories.

* Weak financial risk profile: The company's financial risk
profile is marked by a small net worth and high total outside
liabilities to tangible net worth (TOLTNW) ratio. The company had
an estimated net worth of about INR4.1 crore as on March 31,
2018. Its net worth is likely to remain moderate over the medium
term on account of low accretions to reserves because of low
profitability on account of the trading nature of its operations.

Strength

* Promoters' extensive experience in automobile dealership
industry: The promoters have extensive experience in operating
various auto dealerships. The promoters have initially set CAPL
in 1992 as a dealer of two wheelers for Hero Honda Motors Pvt
Ltd. Later in 2005 they have taken up the dealership of HMSI.
After the split of Hero and Honda, the company has taken the
dealership of HMIL.

Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability or any
equity infusion by its promoters, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if CAPL generates low cash accruals or undertakes a
large debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Liquidity Profile

The liquidity profile was modest. The bank limits utilization
were high at around 95% in the last twelve months ending November
2018. The firm has reported negative cash accruals of around
(INR0.20 crores) with repayment obligations of INR1.36 Crore.
Further, the cash accruals is expected to increase in the
forthcoming years.

Set up in 1992, CAPL is an authorised dealer for passenger cars
of Hyundai Motor India Ltd and two-wheelers of Honda Motorcycle &
Scooter India Pvt Ltd in Coimbatore (Tamil Nadu). The company is
promoted by Mrs. R Nandini and her family members.


CHHABRA ISPAT: Ind-Ra Affirms BB+ Rating on INR5.85MM Term Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chhabra Ispat
Pvt Ltd (CIPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR5.85 mil. (reduced from INR12.8 mil.) Term loans due on
     June 2021 affirmed with IND BB+/Stable rating;

-- INR180 mil. Fund-based limits affirmed with IND BB+/Stable
     rating; and

-- INR82 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects CIPL's continued modest scale of
operations and weak credit metrics. The company's revenue rose to
INR1,453.58 million in FY18 from INR944.83 million in
FY17, with its interest coverage (EBITDA/gross interest expense)
and net leverage (net debt/operating EBITDA) enhancing to 1.6x
from 1.0x and 5.5x from 9.2x, respectively. Revenue growth was
driven by a rise in sales volume on account of an increase in
demand for iron and steel products.

The improvement in the leverage was driven by an increase in
operating EBITDA and a decrease in total debt due to schedule
repayment of term loan in FY18. The improvement in the coverage
was due to a proportionately higher rise in operating EBITDA than
that in interest expenses

The ratings reflect a tight liquidity, indicated by a maximum
average bank loan limit use of 96.01% for the 12 months ended
December 2018. CIPL's cash flow from operations improved to
INR14.13 million in FY18 from negative INR47.88 million in FY17,
driven by a rise in cash accruals. However, its cash and cash
equivalents remained low at INR0.97 million at FYE18 compared
with INR1.85 million at FYE17.

The ratings are constrained by a modest EBITDA margin, which
marginally rose to 2.7% in FY18 from 2.6% in FY17 owing to fall
in operating cost. In addition, its return on capital employed
was 7% in FY18 (FY17: 3%).

The ratings are, however, supported by the founders' experience
of over decade in manufacturing and trading MS billets.

RATING SENSITIVITIES

Negative: Any deterioration in the EBITDA interest coverage ratio
could be negative for the ratings.

Positive: A substantial improvement in the revenue and EBITDA
interest coverage could lead to positive rating action.

COMPANY PROFILE

Incorporated in 2005, CIPL manufactures MS billets at its plant
in Burdwan, West Bengal. These billets are used by rolling mills
to manufacture thermos-mechanically treated bars.

The company's registered office is in Kolkata. It is managed by
two directors: Surendra Kumar Jain and Sourav Jain.


ESSAR STEEL: NCLAT Asks NCLT Ahmedabad to Take Decision by Jan 31
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal has directed the Ahmedabad bench of National Company Law
Tribunal to pass an order on the insolvency resolution plan
submitted by Essar Steel's resolution professional, in which
ArcelorMittal emerged as the highest bidder.

A two-member bench of NCLAT, headed by Justice SJ Mukhopadhaya,
said that if the Ahmedabad bench of NCLT does not pass any order
by Jan. 31, then it would call the matter and pass an order
accordingly on the next date of hearing, BloombergQuint says.

BloombergQuint relates that the appellate tribunal has directed
to list the matter on Feb. 4 for next hearing.

"We allow designated authority (NCLT) to pass appropriate orders
by next date, failing which this appellate tribunal will decide,"
the NCLAT said, BloombergQuint relays.

BloombergQuint notes that the appellate tribunal was hearing an
application filed by the committee of creditors seeking an early
decision.

Earlier on Jan. 3, NCLAT had asked the Ahmedabad bench of NCLT to
expeditiously take a final decision in the Essar Steel insolvency
case, where ArcelorMittal emerged as the highest bidder,
BloombergQuint recounts.

It had asked the NCLT bench to take an early decision in the
matter as per the order passed by the Supreme Court in this
regard, relates BloombergQuint.

                         About Essar Steel

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

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

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

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


FRIENDS ALLOYS: CARE Lowers Rating on INR16cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Friends Alloys (FAY), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     16.00      CARE B+; Issuer not cooperating;
   Facilities                    Revised from CARE BB on the
                                 basis of best available
                                 information

   Short term Bank     3.00      CARE A4; Issuer not cooperating;
   Facilities                    Revised from CARE A4+ on the
                                 basis of best available
                                 information

Detailed Rationale and key rating drivers

CARE had, vide its press release dated October 10, 2017, placed
the rating(s) of FAY under the 'issuer non-cooperating' category
as the firm had failed to provide information for monitoring of
the rating. Friends Alloys continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated December 12, 2018.
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.

Detailed description of the key rating drivers

The revision in the ratings takes into consideration the
following weaknesses:

Cyclicality of the steel industry & volatility in raw material
prices: 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. Apart from the demand side fluctuations, the highly
capital intensive nature of steel projects along-with the
inordinate delays in the completion hinders the responsiveness of
supply side to demand movements. This results in several steel
projects bunching-up and coming on stream simultaneously leading
to demand supply mismatch. Furthermore, the price of scrap metal
is volatile in nature and is governed by international metal
prices and quality of scrap. Since, the products manufactured by
FAY face high degree of competition from other organized and
unorganized players which restricts FAY's ability to fully pass
on the volatile material cost to its customers. Thus, FAY's
profitability remains susceptible to risk associated with
volatility in prices of raw material.

Highly fragmented and competitive nature of the industry: There
are a large number of small and unorganized players in the steel
products manufacturing business. Furthermore, the value addition
in the steel construction materials like MS angles and channels
etc. is also low, resulting into low product differentiation in
the market. The producers of steel construction materials are
essentially price takers in the market which directly expose
their cash flows and profitability to volatility in the steel
prices.

Partnership nature of its constitution: FAY's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Friends Alloys (FAY) was established as a partnership firm in
2003 and is currently being managed by Mrs. Chitra Sharma, Mr.
Paras Sharma and Mr. Varun Sharma, sharing profit and loss in the
ratio of 50%, 25% and 25% respectively. The firm is engaged in
the manufacturing of steel products viz. MS ingots and structural
products i.e. MS flats, channels and angles at its manufacturing
facility located at Baddi, Himachal Pradesh with total installed
capacity of manufacturing 19800 tonne per annum of steel ingots
and 33000 tonne per annum of structural products which finds
usage in automotive sector, construction industry and industrial
equipment industry.


G KUMARAVEL: CRISIL Reaffirms B Rating on INR6.5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' ratings on the bank
facilities of G Kumaravel Textiles (GKT).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         6.5       CRISIL B/Stable (Reaffirmed)

CRISIL's rating on the bank facilities of GKT continues to
reflect the firm's modest scale of operations in the fragmented
textile industry, and its below-average financial risk profile
marked by high gearing and weak debt protection metrics. These
weaknesses are partially offset by its proprietor's extensive
industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: GKT's scale of operations is
modest, as reflected by the estimated revenue of around INR12.5
crores for fiscal 2018. The modest players have limited
bargaining powers both with customers and suppliers.

* Below-average financial risk profile: Networth was modest
estimated at INR1.1 crores and the firm has high gearing of 8.74
times as on March 31, 2018. Interest coverage is average at 1.59
time and NCATD remains at 8% for the said fiscal.

Strengths

* Extensive industry experience of the proprietor: The promoter,
Mr. Kumaravel has an industry experience of over 10 years. He has
been associated with the same set of suppliers, for procuring raw
material for more than a decade and his long years of experience
has also enabled them form a list of reputed customers.

Outlook: Stable

CRISIL believes GKT will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if there is revenue growth
and stable profitability, leading to increase in cash accrual and
a better financial risk profile. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual, or
weakening of working capital management, or substantial debt-
funded capital expenditure, leading to deterioration in financial
risk profile.

Liquidity Profile:

The liquidity profile was moderate. The bank limits utilization
was high at around 96% in the last twelve months ending October
2018. The firm has reported sufficient cash accruals of around
INR0.41 crore against repayment obligations of INR0.25 crore.
Further, the cash accruals is expected to increase in the
forthcoming years.

GKT, a proprietorship firm established on 2005, manufactures and
retails lungis in Tamilnadu and Andhra. GKT has integrated
facilities for all processes, such as dyeing, warping, sizing,
tending, weaving, packing, and distributing. The firm is managed
by Mr. G Kumaravel.


GAGAN WINE: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Gagan Wine Trade
and Financers Limited (GWTFL) for obtaining information through
letters and emails dated June 28, 2018 and December 10, 2018
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          17       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

   Proposed Long         8       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                COOPERATING)
   Facility

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of GWTFL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

GWTFL is a closely-held public limited company, based in Delhi.
It was incorporated in 1996 by promoter, Mr. Shiv Lala Doda, who
has experience of over two decades in the liquor distribution
business.


GLOBAL CLOUD: Fitch Cuts LT Issuer Default Ratings to CC
--------------------------------------------------------
Fitch Ratings has downgraded Global Cloud Xchange Limited's Long-
Term Foreign- and Local-Currency Issuer Default Ratings to 'CC'
from 'CCC'.

Fitch has also downgraded the rating on GCX Limited's USD350
million 7% senior secured notes due 2019 to 'CCC' from 'B-', with
a Recovery Rating of 'RR2'.

The downgrade reflects Fitch's view of very high levels of credit
risk regarding refinancing of the secured notes - given GCX's
poor access to capital markets, due to default and break-up of
its parent, Reliance Communications Limited (Rcom). Fitch
believes that default looks probable in light of significant
uncertainties about the willingness of investors to lend new debt
to - or to acquire - GCX amid legal and other procedural delays
in Rcom's exit from the strategic debt restructuring (SDR)
process in India.

The notes, issued by subsidiary GCX Limited, are rated two
notches higher than GCX's Issuer Default Rating (IDR) due to its
bespoke recovery analysis, which indicates recoveries of between
71%-90% on senior secured notes in a default scenario. The notes
are secured by the assets and equity interests of GCX and its key
subsidiaries and are guaranteed by GCX and its key operating
subsidiaries, which generate most of the group's revenue and
EBITDA.

KEY RATING DRIVERS

Default is Probable: GCX faces extremely high levels of
refinancing risk on its USD350 million secured notes due on
August 1, 2019 given its poor access to new debt amid tighter
capital market conditions. The secured notes are currently
trading at around 83-84 cents to the dollar, yielding around 47%-
48%. Improved financial performance in the financial year ending
March 2019 (FY19) alone would not be sufficient to address the
refinancing risk. Only a binding sale agreement of GCX to a
stronger shareholder or a definitive agreement for new debt would
be positive for the ratings.

Uncertainty on GCX's Sale: Fitch believes that Rcom's ability to
sell its 100% stake in GCX is uncertain as it may require Rcom to
exit successfully from the SDR process. Rcom, which agreed on an
asset-monetisation plan in December 2017, is unable to sell its
assets due to legal and other procedural delays. However,
management expects to either find an investor to refinance the
bonds or sell GCX to a stronger shareholder before the bonds's
due date. Fitch believes that either of these will be difficult,
but its ratings may be revised upwards should either occur.

Private Refinancing a Long Shot: GCX's management is evaluating
several options to refinance the bonds, including refinancing
through a private lender. Fitch believes that the company will
face significant difficulties closing this financing, and Fitch
will only incorporate the benefit of such a deal into its rating
when it becomes practically unconditional. Even if successful,
the private option could significantly raise interest costs and
other related costs, leaving the capital structure unsustainable.

Non-Payment by Rcom: GCX will lose about USD15 million-20 million
in working capital, due mainly to non-payment of revenue billed
to Rcom. Net revenue billed to Rcom has declined to USD13 million
in FY19 (FY18: USD32 million) after it discontinued services to
Rcom's former wireless business. GCX has been unable to resolve
receivables of USD136 million due from its parent, which requires
Rcom lenders' approval.

Better Liquidity at FYE19: Fitch expects GCX's cash balance to
increase to over USD50 million (end-September 2018: USD19
million) due to better-than-expected indefeasible right of usage
(IRU) sale of USD70 million in the year ending March 2019 (FY19).
Fitch expects FY19 EBITDA to be stable at around USD77 million
(FY18: USD77 million). Management expects the cash balance to be
around USD70 million-75 million on higher IRU sales in 4QFY19,
and to generate FCF of over USD20 million in FY19. Fitch expects
GCX to generate small positive FCF as its CFO of USD33 million-35
million will sufficiently fund its capex of around USD30 million.
However, this improvement is insufficient to alleviate concerns
about repayment of the bond principal.

Recovery Rating of 'RR2': Fitch uses the going-concern value
approach to calculate the post-restructuring enterprise value, as
the liquidation approach is not appropriate - as GCX's assets are
of little use if dismantled and liquidated.

Fitch estimates post-restructuring cash flow of around USD62
million, USD12 million lower than the previous year due to the
loss of Rcom's revenue. This assumes the depletion of the current
position to reflect the distress that provoked a default, and a
level of corrective action that Fitch assumes would have occurred
during restructuring. Fitch assumes a cash flow multiple of 4.5x
as Fitch believes that Rcom may settle for a lower value for GCX,
due to its weak liquidity and cash requirements. The adjusted
going-concern enterprise value after administrative claims of
USD251 million is then applied to the USD350 million of secured
notes, giving an estimated 72% recovery.

DERIVATION SUMMARY

GCX's 'CC' IDR reflects Fitch's assessment that the company is
exposed to very high refinancing risk on its USD350 million
secured notes due on August 1, 2019. Fitch believes that default
appears probable - given significant uncertainties about GCX's
ability to refinance the notes or be sold to a stronger acquirer
amid delays in Rcom's exit from the SDR process. GCX's financial
performance is exposed to lumpy IRU sales amid an oversupplied
industry that is characterised by frequent price erosion. GCX
will struggle to refinance the notes in a timely manner, in light
of its poor access to capital.

KEY ASSUMPTIONS

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

  - Revenue to decline by around 8%-10% in FY19.

  - Cash EBITDA of around USD77 million with an IRU sale of
    around USD70 million in FY19.

  - Rcom will not pay for net sales of around USD13 million
    during FY19.

  - Annual capex of around USD30 million.

RATING SENSITIVITIES

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

  - Visibility on GCX's ability to refinance its 2019 secured
    notes.

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

  - Default is imminent or inevitable, or the issuer is in
    standstill

  - In Fitch's opinion, the company has experienced an uncured
    payment default

  - Announcement by the company, or its agent, of a distressed
    debt exchange.

LIQUIDITY AND DEBT STRUCTURE

Poor Access to Market: GCX's cash balance and internal cash
generation is insufficient to repay the USD350 million notes due
on August 1, 2019. However, Fitch expects GCX to pay the USD12
million coupon on February 1, 2019 from its cash balance. Its
cash balance will improve to over USD50 million at end-March 2019
following receipts from IRU sales in 3QFY19 and receipts from
annual operating and maintenance revenue billed to its customers
in 4QFY19. However, the cash balance could be lower if management
choses to pay a dividend to support USD13 million of loans due at
its immediate parent, Reliance Global BV, whose stake in GCX is
pledged for the loan.


GLOBAL DENIMS: CARE Lowers Rating on INR7.17cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Global Denims Private Limited (GDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       7.17       CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
GDPL is primarily due to irregularity in servicing its debt
obligations owing to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position of
the company.

Surat (Gujarat) based GDPL was incorporated in August 2012 as a
private limited company by Mr. Sushil Somani, Mr. Rakesh Somani
and Mrs. Neelam Somani, with the main object of manufacturing of
grey fabrics. The commercial production of the company started
from March 2017. It has installed capacity of 3240 Metric Tonne
Per Annum as on March 31, 2018.


HILL TRACK: CRISIL Reaffirms B+ Rating on INR6cr Overdraft
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Hill Track Constructions Private Limited
(HCPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Overdraft            6        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect HCPL's modest scale of operations
amid intense competition, geographical concentration in revenue,
average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by the
experience of the promoters in the civil construction industry.

Analytical Approach

CRISIL has treated unsecured loans (outstanding at INR0.47 crore
as on March 31, 2018) extended to HCPL by the promoters as debt.
That's because these loans are expected to be repaid over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: Small
scale of operations, with revenue of INR15.85 crore in fiscal
2018, amid intense competition limits pricing power with
suppliers and customers, thereby constraining profitability.

* Geographical concentration in revenue: Although HCPL has been
in operations for 15 years, it derives its revenue almost
entirely from projects implemented in Kerala.

* Average financial risk profile: Adjusted gearing was at 2.50
times as on March 31, 2018. Debt protection metrics are moderate
and interest coverage ratio is expected at 2.5 times over the
medium term.

* Large working capital requirement: Inventory is sizeable and
receivables stretched. However, this is mitigated by bill
discounting based on promissory notes from government of Kerala.

Strength

* Experience of promoters: The directors have been in the
business for over 20 years. The company undertakes contracts for
hostels, colleges, and shopping malls, offices for Public Works
Department and Central Public Works Department in Kerala, along
with other private companies. Also, established track record in
the civil construction business, and high-quality and timely
project execution resulted in winning government tenders.

Outlook: Stable

CRISIL believes HCPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in revenue,
profitability and cash accrual, along with efficient working
capital management strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital cycle, or large, debt-funded
capital expenditure weakens financial risk profile and liquidity.

Liquidity

Liquidity is supported by adequate cash accrual against debt
repayment obligation and moderate bank limit utilisation. Bank
limits of INR6 crore from Federal Bank are utilised at an average
of 80% over the last 12 months through October 2018. Timely
enhancement of facilities for meeting the incremental working
capital requirement with new orders will be a key rating
sensitivity factor. Working capital requirement is also met
through bill discounting based on promissory notes from
government of Kerala.

HCPL, established in June 2001 at Wayanad (Kerala) and promoted
by Mr. P A Devasia, undertakes contracts for civil construction
work for buildings such as hostels, colleges, shopping malls, and
offices.


INTERNATIONAL LAND: CARE Lowers Rating on INR33.48cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
International Land Developers, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-fund-based-    33.48      CARE B+; Issuer not cooperating;
   LT Bank                       Revised from CARE BB-; Stable
   Guarantees

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from International Land
Developers to monitor the rating vide e-mail communications dated
Dec 13, 2018, Dec 11, 2018, Nov 23, 2018 and Nov 20, 2018 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
International Land Developers Pvt. Ltd.'s bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

The rating have been revised on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

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

Detailed description of the key rating drivers

At the time of last rating on Mar 27, 2018, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

High project execution risk with ongoing projects at nascent
stages of development: ILDPL is currently developing two group
housing projects namely, 'ARETE' located at Sector 33, Gurgaon
and 'GSR Drive' located at Sector 36, Gurgaon. For ARETE project,
the company has incurred only 43% of the total cost of the
project as on December 31, 2017 (34% as on March 27, 2017);
majorly comprising of land cost, statutory fees for approvals and
excavation. In 'GSR Drive', the company has incurred INR60 cr out
of total estimated project cost of INR739 cr as on 31, December,
2017 i.e. about 8% of total cost. The slowdown in construction
can be attributed to lower sales & collections owing to lower
demand as a result of overall slowdown in the real estate sector.
Overall, the company remains exposed to execution risk and the
completion of projects within envisaged cost and timelines remain
a key rating sensitivity. Moreover, with most part of balance
cost to be incurred is planned to be funded through customer
advances, the funding risk for the projects also continues to
remain at high level.

Significant project off-take risk: The projects of ILDPL are at
nascent stage of operation and carry off-take risk. ARETE project
was launched in January, 2014 and as on Dec 31, 2017 the company
has sold 4.06 lsf of area as compared to 3.98 lsf as on Jan 31,
2017, out of a total saleable area of 8.65 lsf. The company has
sold only 0.06 lsf area during last 11 months ending Dec 31, 2017
on account of low demand due to slowdown in industry. GSR Drive
has been recently launched with about 0.73 lsf area sold till
Dec-17 out of a total saleable area of 15.55 lsf. With slow sales
progress, the offtake risk of the projects remains high. Also,
with the current demand slowdown in the real estate market
especially in the Delhi and NCR region, the ability of the
company to sell the inventory as envisaged remains crucial for
timely completion of this project.

Inherent risk associated with the real estate industry: Industry
Risk: The real estate sector is moving towards a more rational
regime where developers now focus on project execution and
delivery. 2018 is expected to gradually move towards better home
sales and see a spurt in launches in some locations. The year
will also see the sector moving from an investor-driven to an
end-user driven cycle.  As per market sentiments the India Real
Estate Market may not witness a sharp reversal in 2018 but its
long term the growth prospects remain strong. As the sector
continues to remain troubled with issues of high unsold
inventory, delayed delivery of projects and financial stress on
developers, the broader market opinion is that while the long
term story for residential market remains strong; the short term
is expected to be sluggish.

Key Rating Strength

Experienced promoters and proven track record of project
execution: ILDPL was promoted by Mr. Alimuddin Rafi Ahmed with
experience of more than 12 years in the real estate industry. The
company belongs to ILD group involved in real estate business.
Other companies of the group are ALM Infotech City Private
Limited and ILD Millenium Private Limited. In the past the group
have completed and delivered two real estate projects including
an Industrial Township in Manesar and a commercial project in
Gurgaon with the total saleable area of 83lsf.The group is
currently executing four residential group housing project in its
group companies: ILD Grand, Gurgaon (ALM Infotech City Pvt.
Ltd.), ILD Spire Greens, Gurgaon (ILD Millennium Pvt. Ltd.),
Arete, Gurgaon and GSR Drive at Sector 36, Gurgaon (ILD).

Incorporated in July 2006, International Land Developers Pvt.
Ltd. (ILDPL) is a Gurgaon based real estate developer promoted by
Mr. Alimuddin Rafi Ahmed. The company is a part of ILD group.
Other companies of the group are ALM Infotech City Private
Limited (Withdrawn in Mar-16 at CARE BB) and ILD Millenium
Private Limited (Withdrawn in Mar-16 at CARE BB) are also engaged
in real estate development. In the past, the group has delivered
two real estate projects including an industrial township in
Manesar (58 lsf) and ILD Trade Centre, Gurgaon (25 lsf). ILDPL is
currently developing two group housing project located at Sector
33, Gurgaon and Sector 36, Gurgaon.


JOGMA LAMINATES: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Jogma Laminates
Industry Private Limited (JLIPL) for obtaining information
through letters and emails dated June 28, 2018 and December 10,
2018 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit           8       CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING)

   Proposed Long         0.2     CRISIL B-/Stable (ISSUER NOT
   Term Bank Loan                COOPERATING)
   Facility

   Term Loan             6.8     CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JLIPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

JLIPL was incorporated in 2009 in Nagpur (Maharashtra), promoted
by Mr. Jagdish Patel, Mr. Vijay Patel, Mr. Dinesh Patel, and Mr.
Manoj Kumar Patel. It commenced operations during June 2010.
JLIPL manufactures decorated laminates used in furniture. The
company sells to various distributors of laminates in
Maharashtra, Andhra Pradesh, Rajasthan, Gujarat, Karnataka, and
Tamil Nadu.


KALI PIGMENTS: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE has been seeking information from Kali Pigments Private
Limited to monitor the ratings vide letters/e-mails
communications dated October 12, 2018, October 26, 2018, November
16, 2018 and January 8, 2019 and numerous phone calls. However,
despite our repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the ratings on the
basis of the publicly available information, which however, in
CARE's opinion is not sufficient to arrive at fair ratings. The
ratings on Kali Pigments Private Limited's bank facilities will
now be denoted as CARE B+; Stable/A4; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       2.70       CARE B+; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

   Short-term Bank      3.50       CARE A4; Issuer not
   Facilities                      cooperating; based on best
                                   available information

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

The rating takes into account its relatively small scale of
operation with low profitability margin, volatility associated
with raw material prices, working capital intensive nature of
business and leveraged capital structure with moderately weak
debt coverage indicators and intense competition industry.
However, the aforesaid constraints are partially offset by
satisfactory track record and reasonable experience of promoters
in iron & steel industry.

Going forward, the ability of the company to grow its scale of
operations along with improvement in profitability margins will
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margin: KPPL is
a small player in lead oxide Industry vis-a-vis other players
marked by its total operating income of INR27.18 crore (Rs.12.82
crore in FY17) with a PAT of INR0.02 crore (Rs.0.01 crore in
FY17) in FY18. Furthermore, the tangible networth base of the
company also remained low at INR2.23 crore (Rs.2.21 crore as on
March 31, 2017) as on March 31, 2018. The small size restricts
the financial flexibility of the company in terms of stress and
deprives it from benefits of economies of scale. The
profitability margins of the company deteriorated and the same
remained low marked by PBILDT margin of 1.98% (4.95% in FY17) and
PAT margin of 0.08% (0.10% in FY17) in FY18.

Volatility associated with raw material prices: KPPL procures its
basic raw materials (i.e. lead ingot) from Kolkata and sometimes
imports them depending on the price and availability. Since the
raw-material is the major cost driver for the company and the
prices of which are volatile in nature, the profitability of the
company is susceptible to fluctuation in raw-material prices in
an intensely competitive industry scenario.

Working capital intensive nature of operations: The operation of
the company is working capital intensive in nature as reflected
by its working capital cycle of 53 days (FY17: 141 days) in FY18.
High working capital cycle was mainly on account of high
inventory period and high average collection period. The average
utilization of working capital limit was around 60% during last
twelve months ended on December 31, 2018.

Leveraged capital structure with moderately weak debt coverage
indicators: The capital structure of the company though improved
marginally remained leveraged marked by overall gearing ratio of
2.62x (FY17: 2.78x) as on March 31, 2018. The interest coverage
remained moderately weak at 1.30 times in FY18. However, total
debt to GCA improved due to improvement in debt levels as on
March 31, 2018 and the same stood at 51.15x in FY18.

Intensely competitive industry: The operating space in which the
company is presence is highly competitive and fragmented due to
presence of numerous small players. Due to intense competition in
the industry, the profitability margins of the company are under
pressure.

Key Rating Strengths

Satisfactory track record and reasonable experience of promoters:
KPPL is into manufacturing of lead oxides, lead sub oxides,
litharge and red lead since 1982 and thus has satisfactory
operational track record. Mr. Kamal Kishore Kejriwal has around
two decades of experience in the same line of business, looks
after the day-to-day operations of the company supported by other
directors.

Incorporated in June 1982, Kali Pigments Pvt. Ltd. (KPPL) was
promoted by Mr. Kamal Kishore, Mr. Pradeep Kejriwal, Mr. Shraddha
Kejriwal and Mr. Vinamrata Kejriwal, based out of Kolkata, West
Bengal. Since its inception, the company has been engaged in
manufacturing of Lead Oxides with an installed capacity of 170
MTPM at its plant located at Cossipore, Kolkata, West Bengal.
KPPL is involved into manufacture and supply of Lead, Lead Sub-
oxide, Litharge and Red Lead which is used in numerous industries
like Lead Acid Battery, Chemicals, Paints, Glass etc.


KETAKI SANGAMESHWAR: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ketaki
Sangameshwar Industries (KSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            10        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KSI are tempered by
short track record and small scale of operations, leveraged
capital structure and weak debt coverage indicators , working
capital intensive nature of operations, susceptibility of profits
to volatile price fluctuation and seasonality associated with
availability of cotton, highly fragmented industry with intense
competition from large number of players, partnership nature of
constitution with inherent risk of withdrawal of capital. The
rating, however, derives comfort from the experienced partners,
achieved reasonable revenue and profit margin within 5 months of
operations, location advantage with presence in cluster.

Going forward, ability of the firm to increase its scale of
operations with improvement in the profitability margins and
ability of the firm to improve the capital structure and debt
coverage indicators.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: KSI started its
commercial operations from November 20, 2017. Hence, it has a
short track record of operations. Furthermore, the scale of
operations of the company marked by total operating income
remained small at INR35.76 crore in FY18 as compared to other
peers in the industry.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged marked by debt
equity ratio and overall gearing of 6.15x and 11.36x as on March
31, 2018 due to low networth and higher outstanding balance of
working capital facility as on account closing date along with
term loan facility availed for setting up of the cotton ginning
unit.

The total debt/GCA of the firm was high at 9.42x in FY18 due to
lower cash accruals on account of only 5 months of operations in
FY18. The interest coverage ratio stood satisfactory at 2.47x in
FY18. Total debt / CFO of the firm stood at 5.16x as on March 31,
2018 due to low cash flow from operations at the back of high
sundry debtors.

Working capital intensive nature of operations: The operating
cycle of the firm as on March 31, 2018 remained moderate at 30
days. The firm receives payment from its customer within 5-10
days and makes the payment to its suppliers in 1-5 days due to
low bargaining power. The inventory days remained 25 days as on
March 31, 2018 as the cotton is being agro commodity its
production is seasonal (harvesting) from November to March in a
year. Apart from that cotton ginners usually have procure raw
cotton in bulk quantity to get better discount from its
suppliers.

Susceptibility of profits to volatile price fluctuation and
seasonality associated with availability of cotton: The cotton
prices are volatile in nature and depend upon factors like,
monsoon condition, area under cultivation, yield for the year,
international demand supply scenario, export policy decided by
the government and inventory carry forward of last year. Cotton
being a seasonal crop is sown upto October and harvesting is done
between January and May in peninsular part of India. Prices of
cotton are at their lowest in harvesting season and trend up
thereafter, depending upon supply-demand dynamics, which results
into a higher inventory holding period for the business.
Furthermore, the quantum of cotton produced in a particular year
is dependent on factors such as rainfall and vagaries of nature
and government policies.

Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of cotton
bales which is highly fragmented industry due to presence of
large number of organized and unorganized players in the industry
resulting in huge competition.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: KSI, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Key Rating Strengths

Experienced promoter for more than one decade in cotton
processing business: KSI is promoted by Mr. Raghavendra B Bacha
who has more than 10 years of experience in cotton ginning and
pressing. He was also associated with an associate concern
engaged in cotton ginning and pressing Viz. Om Industries.
Through the long experience of partners in cotton ginning and
pressing, the firm has established a long standing relationship
with the customers and suppliers who are farmers supplying raw
cotton over the past.

Achieved reasonable revenue and profit margins within 5 months of
operations: The total operating income of the company stood at
INR35.76 crore in FY18 during first year of operations. In 9MFY19
(Prov), the firm achieved a total operating income of INR10
crore. The PBILDT margin and PAT margin stood at 2.67% and 0.38%
respectively in FY18.

Location advantage with presence in cluster: KSI is located in
one of the major cotton growing areas in Telangana. Availability
of raw material is abundant and the firm procures raw material
(raw cotton) from the traders located in and around Sangareddy
(Dist). KSI enjoys proximity to the cotton producing belt of
Telangana which results in ease of access to raw material with
low transportation cost.

Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide
spectrum of variations from 24% to 42%.The purpose of ginning is
to separate cotton fibers from the seed. The ginning process is
the most important mechanical treatment that cotton undergoes
before it is converted into yarns and fabrics. Any damage caused
to the quality of fibers during ginning cannot be rectified later
in the spinning or subsequent processes. Most of the ginneries in
India were in primitive condition and running with poor
efficiency. There are over 3500 factories in India dispersed in
nine major cotton-growing states. Out of these, over 2600
factories perform only ginning operation and over 2000 factories
has installed capacity of as small as 6-12 double roller gins.
With these developments, ginning infrastructure in the country
seems to be well on its way to secure a firm foundation. The
cotton textile industry in India can look forward to meet its
major raw material requirements through indigenous supply of
clean cotton.

Liquidity Analysis
The current ratio of the firm is above unity and stood at 1.26x
as on March 31, 2018 due to relatively high current assets as
compared to current liabilities mainly on account of high sundry
debtors and inventory as on closing balance sheet. The cash and
cash equivalents of the firm is 0.01 crore and on and average the
firm has 10% of cash credit facility to meet the liquidity
requirements.

Telangana based, Ketaki Sangameshwar Industries (KSI) was
established on April 3, 2017 and started commercial operations
from November 20, 2017. The firm was established as a partnership
firm by Mr. Raghavendra B Bacha (Managing Partner) along with his
family members. Mr. Raghavendra B Bacha manages the overall
business operations of KSI. The firm is engaged in the cotton
ginning and pressing activity with a total installed capacity of
350 bales per day and 1200 quintals for cotton seeds per annum.
The firm procures raw cotton from farmers located at Sangareddy
dist and final product (Bales) are sold to customers in
Tamilnadu, Mumbai, Gujarat, Hyderabad etc. The manufacturing unit
of the firm is located at Sangareddy Dist, Telangana.


LOKESH MACHINES: CARE Hikes Rating on INR65.69cr Loan From B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lokesh Machines Limited (LML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      65.69       CARE BB; Stable Revised from
   Facilities                      CARE B-; Stable

   Short-term Bank
   Facilities          19.50       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of LML
takes into account improved financial performance of the company
during FY18 (FY refers to the period from April 1 to March 31)
and H1FY19 with increased revenue and profits, improvement in the
capital structure of the company, improved liquidity position and
increased order book position. The ratings also favorably factor
further infusion of funds in the form of equity during FY18. The
ratings continue to take into account experienced promoters, long
track record of the operation and long term relationship with key
clients and tie-ups with international companies. The ratings are
however tempered by small scale of operations, declining
operating margins however the same remained at moderate levels,
high reliance on bank borrowings and cyclical nature of industry.
The ability of the company to improve its profitability margins
and reduce its reliance on bank borrowings are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Improved financial performance: During FY18, the total operating
Income (TOI) of LML increased notably by 32.76% to INR175.24
crore from INR132.00 crore in FY17. The increase in TOI in FY18
was on account of increase in sales of General Purpose machines
(GPM) and connecting rods at the back of improved demand. For
FY18, the net profit of the company increased by more than two
folds and was INR4.70 crore. Further, TOI for H1FY19 (Rs.83.37
crore) also increased vis-Ö-vis H1FY18 (Rs.78.08 crore) on
account increased demand. PBILDT margin for H1FY19 (16.87%) was
on a similar level vis-Ö-vis H1FY18 (16.70%). PAT margin for
H1FY19 (2.91%) improved vis-Ö-vis H1FY18 (1.59%) on account of
reduction in interest obligations.

Improved capital structure: The capital structure of the company
remains comfortable which witnessed further improvement as on
March 31, 2018. The overall gearing ratio improved from 0.76x as
on March 31, 2017 to 0.61x as on March 31, 2018. Overall gearing
ratio has improved in the last year on account of repayment of
long term debt.

Improved liquidity position with improved operating cycle; albeit
high reliance on bank borrowings owing to working capital-
intensive nature of operations: The liquidity position of the
company witnessed improvement backed by reduction in operating
cycle. LML reported operating cycle of 226 days in FY18 (against
320 days in FY17) due to reduction in inventory holding levels.
The company had cash and bank balances to the tune of INR3.08
crore (incl. margin money deposits) as on March 31, 2018.
Further, as on March 31, 2018, the current ratio of the company
was 1.15x.

Improving order book: The company has on outstanding order book
of INR95.88 crore as on October 30, 2018 vis-Ö-vis INR63.62 crore
as on September 30, 2017, which is an increase of 50.71% in that
span of 12 months. Experienced promoters who are extending
financial support: Lokesh Machines Limited (LML) is promoted by
Mr M. Lokeswara Rao, who has four decades of experience in
Machines Tools industry. He was earlier associated with KCP
limited and HMT. He worked for 11 years in Hindustan Machines
Tool (HMT) before starting LML. The company also derives strength
and managerial capabilities from the experience of the other
promoters i.e. Mr. Kishore Babu, Mr M Srikrishna and Mr. M
Srinivas who also have rich experience in the Machine Tools
design and manufacturing segment.  The promoters have been
supporting the operations of the company by equity infusion.
During FY17, there was infusion of INR16.37 crore and during FY18
there has been an infusion of INR4.15 crore.

Long track record of operations and relationship with key
clients: LML has long term relationship with Mahindra & Mahindra
and Ashok Leyland. The company has set up a dedicated component
division at Pune for meeting the demand from Mahindra & Mahindra
(M & M). Since 2006, LML is supplying to Ashok Leyland (ALL).
Apart from these two clients, LML has also supplied its products
to many reputed clients like TATA Motors, Azad Engineering Pvt
Ltd.

Continued international tie-ups: During FY17, the company has
entered into strategic alliance with Tongtai Machine & Tool
Company Ltd. Taiwan (One of the leading machine tool
manufacturing companies in the world) to manufacture Hi- Speed
Vertical Machining center model EZ5 for the Indian Market. With
respect to the same, 2 machines are under testing phase, with
clearance expected over the next year. Further during FY17,
company had entered an agreement with EMCO GmbH for manufacturing
and selling their machines in India. For the same, the company is
currently in process of manufacturing 2 machines which will
subsequently be put under testing phase shortly.

Key Rating Weaknesses

High reliance on bank borrowings: The operating cycle of company
remained elongated despite improvement on account of high
inventory period which is due to nature of the business. This has
led to the company having high reliance on bank borrowings. The
average working capital utilization was on higher side of over
90%.

Small scale of operations: Even though scale of operations have
been improving over the years, the scale of operations of LML
continues to remain small with Total Operating Income of
INR175.24 crore for FY18 (INR132.00 crore in FY17) and net worth
base of INR137.48 crore as on March 31, 2018 (INR128.61 crore as
on March 31, 2017). Reducing operating margins; however the same
continued to remain at moderate levels: During FY18, PBILDT
margin declined by 484 bps to 16.48% in FY18 from 21.23% in FY17
on account of increase in material costs. Despite the decline,
the operating margin of the company was at moderate levels for
FY18. Further, falling PBILDT margins didn't affect PAT margins,
and PAT margin for FY18 stood improved at 2.68% vis-Ö-vis 1.66%
for FY17 owing to lower interest cost.

Lokesh Machines Ltd (LML) incorporated in December 1983 is
promoted by Mr. M Lokeswara Rao and company started commercial
production from 1986. The company has five manufacturing
locations with four in Hyderabad and one in Pune with an
installed capacity of 900 Machines per annum. The company's
operations can be segregated into two divisions namely Machines
and Components division. The company initially started the
operations by doing job works for Hindustan Machine Tools Limited
(HMT) later on moved to manufacturing of machines. Under
machinery division, LML manufactures Special Purpose Machines
(SPM) and General Purpose Machines (GPM). Under component
division, the company manufactures automobile components viz.,
cylinder heads, and cylinder blocks and also executes job work
for automobile manufacturers like Mahindra & Mahindra (M&M) and
Ashok Leyland.


MAHADEV PROFILES: CARE Assigns B+ Rating to INR8.85cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahadev Profiles Private Limited (MPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          8.85        CARE B+; Stable Assigned

   Short-term Bank
   Facilities          5.15        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MPPL is constrained
by its small scale of operations along with fluctuating total
operating income, elongated working capital cycle and stretched
liquidity position, moderately leveraged capital structure and
weak debt coverage indicators, profitability margins being
susceptible to fluctuation in raw material prices and fragmented
and competitive nature of the industry. The rating however
derives strength from its experienced promoters, increasing
PBILDT margins albeit thin PAT margins during the review period,
medium-term revenue visibility from order book position of
INR55.58 crore and stable outlook of steel industry.

Going forward, ability of the company to improve its scale of
operations, profitability margins and capital structure, timely
receipt of payments from customers and accordingly managing
working capital requirements effectively will be the key rating
sensitivities.

Detailed Description of Key Rating Drivers

Key Rating Weaknesses

Small scale of operations along with fluctuating total operating
income: Despite the long track record, the scale of operations of
the company is small marked by total operating income (TOI) of
INR40.81 crore in FY18. Furthermore, the total operating income
of MPPL is seen fluctuating during the review period. The revenue
decreased from INR43.80 crore in FY16 to INR40.80 crore in FY17
due to lesser projects executed by the company. Furthermore, in
7MFY19, MPPL has achieved total operating income of INR16.50
crore. Apart, the networth of the company is small at INR4.03
crore as on March 31, 2018 as compared to other peers in the
industry.

Elongated working capital cycle and stretched liquidity position:
The operating cycle of the company elongated from 55 days in FY16
to 63 days in FY18 due to stretched average collection days and
inventory holding period. The average inventory holding period
increased from 68 days in FY16 to 116 days in FY18 as the company
maintained sufficient stock of raw materials, in order to
manufacture finished goods. The company receives payments from
its customers as 10% in advance and remaining 90% after
completion of the project.  However, in FY18, the payment got
delayed from customer end due to which the average collection
days have elongated to 111 days when compared to 61 days in FY16.

Furthermore, the company makes the payment to its suppliers
within 60 to 75 days and sometimes based on the realization from
debtors due to which the average creditor days have elongated to
164 days in FY18 from 73 days in FY16. This has resulted in
elongation of working capital cycle indicating working capital
intensive nature of operations. Furthermore, the company has
utilized its working capital to the extent of 60%- 70% for the
last 12 months ended October 2018.

The current ratio of the company stood below unity during the
review period indicating stretched liquidity position. The
current assets of the company stood at INR31.24 crore as against
current liabilities of INR32.88 crore as on March 31, 2018. The
current assets majorly consist of receivables less than six
months amounting to INR13.76 crore.

Moderately leveraged capital structure and weak debt coverage
indicators: The financial position of the company stood weak
marked by leveraged gearing and weak debt coverage indicators
during the review period. The debt equity ratio deteriorated from
0.93x as on March 31, 2016 to 1.05x as on March 31, 2018 on
account of increase in term loans. However, the overall gearing
improved from 3.19x as on March 31, 2016 to 2.92x as on March 31,
2017 at the back of decrease in debt levels.  Furthermore, it
improved marginally to 2.89x as on March 31, 2018, on account of
increase in tangible net worth.

The debt protection metrics of the company marked by TD/GCA stood
weak, though improved from 14.14x in FY16 to 10.83x in FY17 on
account on decrease in debt levels. However, TD/GCA deteriorated
to 12.70x in FY18 due to the increase in total debt and decrease
in gross cash accruals. Furthermore, due to decrease in interest
expense and increase in PBILDT levels in absolute terms, the
interest coverage ratio improved from 1.39x in FY16 to 2.04x in
FY17. In FY18, owing to increase in interest expense, interest
coverage ratio has further deteriorated to 1.85x. Furthermore,
the total debt to cash flow from operations stood weak at 5.96x
in FY18 when compared to 3.15x in FY17 due to decrease in cash
flow from operations as a result of increase in receivables and
inventory levels.

Profitability margins are susceptible to fluctuation in raw
material prices: The raw material is the major cost driver for
MPPL and raw material prices of steel are volatile in nature
which is driven by the global prices. Hence, the profitability
margin of the company is susceptible to fluctuation in raw
material prices (steel) and any adverse fluctuation in the prices
can adversely affect the profitability margins of the company.

Intense competition due to fragmented nature of industry: MPPL
faces intense competition from various regional and unorganized
players of steel industry. The spectrum of the industry is highly
fragmented and competitive marked by presence of numerous players
in India, in view of low entry barriers. Hence, the players in
the industry do not have pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced promoters in steel and construction industry: MPPL
was incorporated in 2007 by Mr. G. Mahadeva Naidu along with his
family members. Mrs. G. M N Sridevi, managing director of the
company has satisfactory experience working in steel sector. The
other promoters of the company are well qualified, who have
worked in different segments and has a decade long experience.
The top management is supported by a team of professionals with
adequate experience in the similar line of industry.

Increasing PBILDT margins albeit thin and fluctuating PAT margins
during the review period: The PBILDT margin of MPPL has been
improving during the review period from 3.96% in FY16 to 5.73% in
FY18 owing to decrease in overhead expenses incurred by the
company. However, the PAT margin of the company was very thin and
fluctuating, marked at 0.88% in FY16 which decreased to 0.69% in
FY18 on account of decrease in PAT levels due to under absorption
of depreciation and interest expenses.

Medium-term revenue visibility from order book position of
INR55.58 crore: Currently, the company has orders in hand worth
INR55.58 crore from TATA Projects Private Limited which is
expected to be executed by May 2019, thereby indicating medium-
term revenue visibility from order book position.

Liquidity Analysis: The current ratio of the company stood below
unity during the review period indicating stretched liquidity
position. The current assets of the company stood at INR31.24
crore as against current liabilities of INR32.88 crore as on
March 31, 2018. The current assets majorly consist of receivables
less than six months amounting to INR13.76 crore.

Mahadev Profiles Private Limited (MPPL) is an ISO 9001:2008
certified company incorporated in 2007, promoted by Mr. G.
Mahadeva Naidu along with his family members. MPPL manufactures
complete range of steel structures including design, engineering
and manufacturing. MPPL also manufactures and sells metal
buildings components like roof and wall cladding, Z sections,
louvers, ridge vents, flashings and turbo ventilators. Apart,
MPPL also integrates customer specified mezzanines and canopies
in the building design. The company mainly provides manufacturing
services to its customers located in the state of Telangana,
Andhra Pradesh, Tamil Nadu and Karnataka. The company procures
raw material such as steel coils, HR coils, zinc, and chemicals
from Telangana and Maharashtra. The installed capacity of the
plant is 25,000 MT per annum.


MATRIX BOILERS: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Matrix Boilers
Private Limited (MBPL) for obtaining information through letters
and emails dated June 28, 2018 and December 10, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       1        CRISIL A4 (ISSUER NOT
                                 COOPERATING)

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

   Foreign Bill
   Discounting          0.5      CRISIL A4 (ISSUER NOT
                                 COOPERATING)

   Letter of Credit     0.5      CRISIL A4 (ISSUER NOT
                                 COOPERATING)

   Packing Credit       1        CRISIL A4 (ISSUER NOT
                                 COOPERATING)

   Proposed Long Term   4        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MBPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

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

MBPL, set up in 2006, fabricates boiler and boiler components at
its facility in Pudukottai (Tamil Nadu). It is promoted by Mr N
Pandian, Mr A Sekar, Mr R Neelamegam, and Mr K Murugesan.


MORTH INFRA: CRISIL Withdraws B+ Rating on INR6.55cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Morth
Infrastructure Private Limited (MIPL) on the request of the
company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       7.5      CRISIL A4 (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL A4'; Rating Withdrawn)

   Cash Credit          6.55     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B+/Stable'; Rating
                                 Withdrawn)

   Proposed Long Term   .95      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING; Migrated from
                                 'CRISIL B+/Stable'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with MIPL for obtaining
information through letters and emails dated December 19, 2018,
and December 24, 2018, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
MIPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of MIPL to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 2010 and headquartered in Mathura, MIPL is
promoted by Mr Om Veer Singh and his family. It undertakes civil
construction. The company primarily executes road construction
projects for various government departments in Uttar Pradesh.


NIKKA MAL: CARE Migrates B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Nikka
Mal Pyare Lal Jain (NMP) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      11.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Short-term Bank      3.00       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

CARE has been seeking information from NMP to monitor the
rating(s) vide e-mail communications/letters dated December 21,
2018 and numerous phone calls. However, despite CARE's  repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Nikka Mal Pyare Lal
Jain's 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 ratings take into account small scale of operations, weak
financial risk profile and working capital intensive nature of
operations. The ratings are further constrained by partnership
nature of constitution and highly fragmented and competitive
industry. The ratings however, derive strength from experienced
partners and positive long-term outlook for the gems and
jewellery industry.

Detailed description of the key rating drivers

At the time of last rating on October 31, 2017, the following
were the rating strengths and weaknesses

Key Rating Weaknesses

Small scale of operations: The firm's scale of operations has
remained small marked by Total Operating Income (TOI) of INR54.44
crore in FY17 (refers to the period April 1 to March 31) and
tangible net worth of INR4.03 crore as on March 31, 2017. The
small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

Low profitability margins: The profitability margins of the firm
stood low marked by PBILDT margin and PAT margin of 3.05% and
0.47% respectively in FY17. The PBILDT margin of the firm
moderated from 4.05% in FY15 to 3.05% in FY17 owing to higher
proportion of sales to retailers (relatively lower margin giving
segment) However, PAT margin improved from 0.27% in FY15 to 0.47%
in FY17 owing to a decrease in interest and depreciation expenses
in FY17.

Weak solvency position: The capital structure of the firm
continues to be leveraged as reflected by overall gearing ratio
of 2.64x as on March 31, 2017. The same, however, improved from
3.13x as on March 31, 2015 mainly on account of lower utilization
of working capital limits as on last balance sheet date.

Working capital intensive nature of operations: The working
capital cycle of NMP remained elongated at 101 days for FY17
majorly due to high inventory period. Being in wholesale and
retail business, the firm has to maintain high levels of finished
goods inventory, which consists of varying designs for display
and resulted in average inventory period of 83 days for FY17. The
average utilization of the working capital limits stood at 80%
for last 12 months period ended September 2017. The interest
coverage ratio improved from 1.14x in FY15 to 1.24x in FY17 due
to decrease in interest expenses in FY17. The total debt to GCA
ratio continued to remain weak at 32.56x for FY17.

Partnership nature of constitution: NMP's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Highly fragmented and competitive industry: The Indian gems and
jewellery industry is highly fragmented as majority of the market
share is spread across a large number of unorganized players.
Increasing prices of gold and aggressive strategy of the modern
retail players to increase their market share would further
intensify the competition in the industry. Thus, increasing
competition might have an additional downside pressure on the
profitability margins of jewellery entities like NMP.

Key Rating Strengths

Experienced partners: NMP got established in 2010 and is
currently being managed by Mr. Ashok Jain, Mr. Ashwani Jain, Mr.
Akshmat Jain, Mr. Arihant Jain, Mr. Abhishek Jain and Ms. Vaneeta
Jain. The partners have an experience of around three decades in
the gems and jewellery business. The partners have adequate
acumen about various aspects of business which is likely to
benefit NMP in the long run.

Positive long-term outlook for the gems and jewellery industry:
Retail jewellery segment in the country is expected to see double
digit growth rates in revenue in FY18 on back of regulatory
headwinds fading out and continued favorable demographics.
Margins of retail players are expected to see improvement over
medium term with availability of gold metal loans and increase in
share of higher margins diamond and precious stone studded
jewellery. Overall domestic gems & jewellery demand would see a
growth of 6%-7% in volume terms over a medium term.

Nikka Mal Pyare Lal Jain (NMP), a partnership concern, was
established in April 2010. However, the firm commenced its
operations from June 2011. NMP is engaged in bullion trading and
manufacturing of gold and diamond jewellery at its retail
outlet/showroom located at Ludhiana, Punjab. (Income from trading
constituted 20% of the total income for FY17.)

The firm procures pure gold bars from Bank of Nova Scotia while
diamond gems and studs are purchased from wholesalers based in
Mumbai, Delhi and Surat. The customer profile of the firm mainly
comprises of retailers and individual customers located in Punjab
and nearby regions.


OZONE PROJECTS: CARE Reaffirms B Rating on INR126.30cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ozone Projects Pvt. Ltd. (OPPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-Convertible     126.30     CARE B(SO); Stable Removed from
   Debentures                     Issuer Not Cooperating and
   Issue-1@                       Reaffirmed

   Non-Convertible       2.99     CARE B; Stable Removed from
   Debentures                     Issuer Not Cooperating and
   Issue-2                        revised from CARE D; Issuer
                                  Not Cooperating

@The rating of NCD-I is based on credit enhancement in the form
of (1) NCD structuring where the cash flows from sale of 72
unsold-identified units & 44 sold units to be used to repay the
NCD and (2) Debt Service Reserve Account (DSRA) maintenance equal
to one coupon payment and (3) 2x security cover.

Detailed Rationale & Key Rating Drivers

The revision in rating of NCD-2 factors in the delay free track
record of repayment for the 8 months (refers to period May'18 to
Dec'18). The rating however, remains constrained on account of
revenue de-growth and significant drop in sales velocity and
collections in FY18 (refers to period April 2017 to March 2018)
and H1FY19 (refers to period April 2018 to December 2018), risk
associated with timely completion of project which has already
seen inordinate delays and high reliance on customer advances to
fund the project. These rating weaknesses are partially offset by
strength from experienced promoters and advantageous project
location with all statutory approvals in place and advanced stage
of completion with around 80% of construction cost already
incurred.

Going forward, ability of the company to improve the sales and
collection efficiency and to sell the remaining residential
apartments on time with timely inflow of receivables and project
execution without any further delay would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Revenue de-growth and significant drop in sales velocity and
collections: OPPL witnessed a significant drop in the income over
the past 3 FY's owing to non-realization of money from the sold
units due to delay in the construction progress. The operating
income of the company declined to INR97.15 crore in FY18 from
INR105.46 crore in FY17 (FY16: INR219.17 crores). Metrozone is
exposed to high saleability risk owing to high ticket size
ranging from INR11,000 - INR14,000 per sf. Sales velocity has
slowed down significantly since FY15. Company sold 1.2 lsf during
FY18 and Q1FY19 as against 2.89 lsf during FY17.

For the NCD-I investor, the risk is relatively higher as
redemption will be out of the cash flows generated from the sale
of 72 unsold units and collections from 44 sold units. At present
the company has not sold any identified unit nor collected
receivable from sold units.

Execution risk associated with ongoing projects with high
reliance on customer advances: Out of the total project cost 73%
is proposed to be funded through customer advances. Company had
so far sold 44.58 lsf out of total saleable area of 51.60 lsf.
The company has incurred 79.63% of the total construction cost
implying moderate execution risk.

Cyclicality associated with the real estate industry: The
capital-intensive real estate industry is highly cyclical in
nature. Weak macro-economic scenario characterized by weak demand
following demonetization and RERA implementation in the real
estate and construction industry. Ability of the company to
improve sales momentum and collection efficiency and extent of
investments in commercial space would be critical.

Key Rating Strengths

Repayment track record of NCD for 8M (May'18-Dec'18): Company had
earlier delayed the repayment of NCD, which fell due on April 30,
2018 which was subsequently paid in May'18. Since then, company's
repayments are being done on due dates.

Credit enhancement for NCD-1 in the form of ESCROW mechanism,
DSRA maintenance, Security cover & Shortfall undertaking albeit
option to withdraw cash post interest servicing weakening the
structure: The company has mortgaged 72 units (identified units)
aggregating 1.69 lsf and hypothecated pending receivables
(INR40.73 crore) of another 44 units which are already sold (sold
units) against the NCDs. The receivables from these identified &
sold units post deduction of permitted charges would be deposited
in the Escrow Account with first charge in favour of the
Debenture trustee. Further, the company maintain a minimum
balance in the account equal to the interest due on the following
due date. The company also needs to maintain security cover equal
to 2x the subscription amount at all times. If at any time, the
trustee feels the cover is inadequate, the issuer shall provide
either cash or other security (acceptable to the trustee) to make
up for the shortfall in security cover within two days of
receiving notice from the
trustee.

Experienced promoters and group's established presence in real
estate: Ozone Group is engaged in the real estate development
including Information Technology (IT) parks, commercial space,
malls, hotels, service apartments, residential apartments and
townships. Ozone Propex Private Limited is the group's flagship
company promoted by Mr. S. Vasudevan, Mr. C.P. Bothra and Urban
Infrastructure Venture Capital Fund. Mr. S. Vasudevan, Chairman
and MD of the Ozone Group, is an architect and has over two
decades of experience in property design and development. The
group since its inception has executed seven projects and has
nine ongoing projects in Bangalore, Chennai and Goa.

Advantageous project location: Metrozone project is being
developed at Anna Nagar, Chennai. Anna Nagar contains several
hotels, restaurants, shopping stores, IT companies, schools,
hospitals that contribute to the commercial profile of the region
and is well connected to other parts of the city. The land is
situated close to Koyembedu bus stand and Padi railway station.
While the location is favourable declining sales momentum and
competition from other projects in the vicinity remain a credit
concern.

Incorporated in 2005, Ozone Projects Pvt. Ltd. (OPPL) is promoted
by the Bengaluru based Ozone group. Ozone Group is engaged in the
real estate development including Information Technology (IT)
parks, commercial space, malls, hotels, service apartments,
residential apartments and townships.


PARSVNATH DEVELOPERS: CRISIL Reaffirms INR72.06cr Loan Rating 'D'
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Parsvnath Developers Limited (PDL) at 'CRISIL D'. The rating
on the proposed long-term bank facility of INR175.44 crore,
however, has been withdrawn at the company's request and based on
the revised sanctions from the banks. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
facilities.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             72.06      CRISIL D (Reaffirmed)
   Long Term Loan           2.50      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     141.04      CRISIL D Withdrawn

The reaffirmation reflects delays in servicing the rated debt on
account of stretched liquidity. PDL is also exposed to
cyclicality inherent in the real estate sector. However, it
benefits from the extensive experience of its promoters in the
real estate industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PDL and its subsidiaries and
associates. This is because all these entities, collectively
referred to as PDL, are managed by the same promoters and have
fungible cash flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: PDL has delayed paying instalments on
its term loan following lower-than-expected cash flow from its
projects. However, the company benefits from its available land
bank which, in the past, it had monetised for meeting debt
obligation. Ability to do so in the future as well will remain a
key rating sensitivity factor.

* Susceptibility to cyclical demand inherent in the real estate
sector: The real estate sector in India is cyclical and volatile,
resulting in fluctuations in cash flow because of changes in
realisations. In contrast, cash flow, related to project
completion and servicing debt, is relatively fixed, and could
lead to substantial mismatches. The residential real estate
sector has remained under pressure due to weak demand and bearish
consumer sentiment over the past few years, resulting in
refinancing needs. Demonetisation and RERA have also impacted
demand as buyers adopt a 'wait and watch' attitude, increasing
the funding challenges for developers.

Strength

* Promoters' extensive experience: Healthy track record of over
two decades in the real estate sector has enabled the promoters
to develop a well-diversified portfolio, which includes
residential apartments and townships, commercial and retail
space, special economic zones (SEZs), information technology (IT)
parks, and hotels. It is also engaged in the construction
contracting business.

Liquidity

Liquidity is weak due to the slowdown in sales and flow of
customer advances from projects.

Incorporated in 1990, PDL develops real estate projects and has a
well-diversified portfolio of residential apartments, integrated
townships, commercial and retail projects, SEZs, IT parks, and
hotels. It is also engaged in the construction contracting
business. While the company has delivered about 3.17 crore square
feet (sq ft) through its 65 completed projects, the ongoing
project portfolio comprises around 40 projects spread over about
5.15 crore sq ft. It has pan-India presence, but has undertaken
majority of projects in Delhi and the National Capital Region.


PATWARI FORGINGS: CRISIL Assigns B+ Rating to INR5cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
loan facilities of Patwari Forgings Private Limited (PFPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5        CRISIL B+/Stable (Assigned)

The rating reflects small scale of operations, working capital
intensive nature of operations and modest financial risk profile.
These weaknesses get partially offset by extensive experience of
the promoters in the said industry.

Analytical Approach

CRISIL has not consolidated the business and financial risk
profiles of PFPL and Patwari Steel Private Limited on account of
absence of any operational and financial linkages between them.

Key Rating Drivers & Detailed Description

Weakness

* Small Scale of operations: The company's scale of operations
though has improved on a y-o-y basis but the scale of operations
continue to remain modest and the same is expected to continue
over the medium term.

* Working capital Intensive operations: The company's line of
operations remain working capital intensive in nature primarily
on account of high inventory days. The same remained at 137 daus
as on March 2018

* Modest Financial risk profile: The financial risk profile is
constrained on account of small networth, the same remained at
INR2.49 crore as on March 2018 which led to high gearing of 1.71
times as on March 2018. The debt protection metrics remained
moderate with interest coverage ratio of 1.71 times and net cash
accrual to debt ratio of 0.07 times for fiscal 2018

Strength

* Extensive experience of Promoters: The promoters have more than
three decade experience in the said industry and the same is
expected to support the overall operations of the company over
the medium term.

Outlook: Stable

CRISIL believes PFPL will continue to benefit from its promoters'
extensive experience in the industry. The outlook may be revised
to 'Positive' if there is a sharp growth in revenue, while
maintaining its operating profitability and working capital
management. The outlook may be revised to 'Negative' if low
revenue or profitability, or large, debt-funded capital
expenditure, or stretch in working capital cycle weakens the
financial risk profile and liquidity

Liquidity
The liquidity risk profile of the company remains adequate on
account of modest accruals of around INR0.50 crore over the
medium term against no repayment obligations. Also the average
utilization of its cash credit limit of INR5 crore remained at
83% for past 9 months ending November 2018.

PFPL incorporated in 1999 is engaged in manufacturing steel
structures and angles used in manufacturing of sheds and windows
through its manufacturing capacity in Patna.


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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR920 mil. Non-fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / INDA4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 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 1991, PCM Cement is engaged in sleeper
manufacturing, flash butt welding, infrastructure works, and
media and communications.


ROBIN P: CRISIL Assigns B+ Rating to INR8.25cr Loans
----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Robin P Alex (RPA).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Working Capital
   Demand Loan           3.25       CRISIL B+/Stable (Assigned)

   Bank Guarantee        1.75       CRISIL A4 (Assigned)

   Cash Credit           5.00       CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operations,
exposure to intense competition in the highly fragmented civil
construction industry, and average financial risk profile. These
weaknesses are partially offset by the extensive experience of
its proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition in fragmented industry: RPA
faces intense competition in the civil construction industry,
which has large organised as well as unorganised players.

* Modest scale of operations: The modest scale is indicated by
operating income of INR10 crore in fiscal 2018 and networth of
INR2.4 crore as on March 31, 2018.

* Average financial risk profile: Capital structure was moderate
with gearing of 1.16 times as on March 31, 2018; However,
interest coverage ratio was at around 1.8 times in fiscal 2017
and fiscal 2016. Interest coverage ratio in fiscal 2018 has seen
an improvement because of lower utilisation of bank lines; but
going forward with increasing interest coverage ratio is expected
to moderate again to around 1.8 to 2.5 times

Strength
* Extensive industry experience of the proprietor: The proprietor
has been in the civil construction industry for over two decades,
and has established relationships with raw material suppliers.
The firm benefits from its proven track record for execution of
projects for public entities, when bidding for tenders.

Outlook: Stable

CRISIL believes RPA will continue to benefit from the experience
of its proprietor in the civil construction industry. The outlook
may be revised to 'Positive' if revenue and profitability
increase significantly and sustainably, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if the firm undertakes large, debt-funded capital expenditure, or
if its revenue and operating profitability decline, or if its
working capital cycle lengthens, or if significant capital
withdrawal weakens its financial risk profile.

Liquidity
Cash accrual of INR65-75 lakh is expected to be adequate to meet
debt obligation of INR14 lakh over the medium term. Bank limit
utilisation averaged 60-75% over the 12 months through December
2018.

Set up in 1994, RPA is a proprietorship firm involved in civil
construction works, such as construction of roads and bridges in
Kerala.


RPN ENGINEERS: CRISIL Migrates D Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of RPN Engineers Chennai
Private Limited (RPN) to 'CRISIL D/CRISILD Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of RPN from ' CRISIL
D/CRISIL D Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.76      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Cash Credit           1.25      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Inland/Import         2.50      CRISIL D (Migrated from
   Letter of Credit                'CRISIL D ISSUER NOT
                                   COOPERATING')

   Term Loan              .02      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

The ratings continue to reflect devolvement of the letter of
credit limits and associated with overdrawals in the working
capital facilities continuously for a period of over 30 days.

The ratings also reflect RPN's small scale of operations in the
intensely competitive civil construction industry and large
working capital requirements. These weaknesses are partially
offset by the extensive experience of the promoters in the civil
construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in an intensely competitive civil
construction industry: The civil construction industry is
intensely competitive and highly fragmented. Large companies such
as Larsen & Toubro Ltd and Gammon India Ltd dominate the sector.
Further, the scale of operations is small as reflected in a
turnover of around INR6 crore for fiscal 2018.

* Large Working Capital requirements: RPN's operations are
working capital intensive as reflected in the high Gross Current
Asset (GCA) of over 555 days as on March 31, 2018. The GCA days
were high due to large inventory holding period of around 286
days during the said period.

Strength

* Extensive Experience of promoters in the civil construction
industry: RPN has been promoted by Mr.Luqman Basha who has an
experience of over 2 decades in the civil construction industry.
The company is expected to benefit from the extensive industry
experience of the promoters over the medium term

Liquidity

The bank limits have been fully utilised with instances of
overdrawals in the working capital facilities for over 30 days
continuously on account of the working capital intensive nature
of operations. The company reported cash accruals of INR0.23
crores in 2018 with no major repayment obligations. Further, the
need based funding support from the promoters provide some
comfort to liquidity profile.

RPN was incorporated as partnership firm 'Lookmans Engineers and
Contractors' during 1995. The partnership firm was converted into
a Private Limited Company in May 1999. The company is promoted by
Mr.Laqman Basha.


RUDRAKSH PSYLLIUM: CRISIL Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Rudraksh Psyllium Private Limited (RPPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit         1        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations, average financial risk profile, and vulnerability to
fluctuations in raw material prices. These weaknesses are
partially offset by proximity to the psyllium seed-growing belts
in Rajasthan.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: Revenue
was modest at INR18.32 crore in fiscal 2018, mainly due to small
capacity in the highly fragmented industry, which has a large
number of unorganised players.

* Average financial risk profile: Gearing was high at 6.15 times
as on March 31, 2018, and debt protection metrics average, with
interest coverage and net cash accrual to total debt ratios at
1.7 times and 0.04 time, respectively, for fiscal 2018.

* Vulnerability to fluctuations in raw material prices: The
company procures 40-50% of the raw material (psyllium seeds) in
the season (March to June) based on the performance of the
previous year and expected demand. It faces inventory risk as any
decline in raw m price after procurement will negatively affect
profitability.

Strength

* Advantageous location in terms of raw material supply: The
plant is in Jodhpur, Rajasthan, which is among India's main
psyllium seeds producing region. The advantageous location
ensures adequate raw material supply at low transportation cost.

Outlook: Stable

CRISIL believes RPPL will continue to benefit from healthy demand
for psyllium husk and its favorable location. The outlook may be
revised to 'Positive' if a significant increase in revenue
results in higher-than-expected cash accrual and better financial
risk profile. The outlook may be revised to 'Negative' if larger-
than-expected working capital requirement or debt-funded capital
expenditure leads to deterioration in the financial risk profile
and liquidity.

Liquidity

Liquidity is adequate. Cash accrual is expected at INR0.23 crore
against nil debt obligation in fiscal 2019 (as the term loan was
repaid by the end of December 2018). Bank limit of INR5 crore
(enhanced in February 2018) was utilised extensively at an
average of 91% over the 10 months through October 2018.

RPPL was established in 2011, promoted by Mr Mukul Soni and his
family members, who have experience of six years in the
agricultural sector. The company processes psyllium seed
(popularly known as isabgol). Its major products are psyllium
husk and powder, organic psyllium, and psyllium cattle feed. The
manufacturing unit at Jodhpur has capacity of 16 tonne per day,
which is currently utilised at 60%.


SHREE KONGU: CARE Assigns B+ Rating to INR5.82cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Kongu Velalar Educational Trust (SKVET), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.82       CARE B+; Stable Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SKVET are primarily
tempered by relatively small scale of operations with leveraged
capital structure and weak debt coverage indicators albeit
improvement, project implementation and stabilisation risk, high
level of competition from other established institutes in
the region and uneven cash flow associated with educational
institutes. However, the rating derives comfort from vast
experience of the trustee members, growth in gross receipts and
increase in SBID margins and surplus margins.

Going forward, the trust's ability to improve its profitability,
capital structure and debt coverage indicators and scale up
its operational and admitting more students by increasing the
divisions and grades offered in the future and completion
of ongoing expansion.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations: The Trust has relatively
small scale of operations marked by gross receipts of INR4.11
crore during FY18 and moderate corpus fund of INR5.91crore as on
March 31, 2018. The gross receipts are increasing marginally,
year on year, owing to increase in the headcounts during the
review period and the corpus fund has been increasing on the back
of internal accruals of the trust, however remained small as
compared to other peers in the industry.

Leverage capital structure and weak debt coverage indicators
albeit improvement: The capital structure marked by overall
gearing deteriorating year-on-year and stood leveraged at 2.07x
as on March 31, 2018, against 1.85x as on March 31, 2017 and
1.07x as on March 31,2016 respectively, mainly on account of tem
loans raised for the expansion of school building premises.
Further the debt coverage indicators marked by total debt/gross
cash accruals moderately improved but stood weak at 12.75x as on
March 31,2018 as against 21.86x as on March 31, 2017 and -12.13x
as on March 31,2016 respectively on account of improved cash
accruals, although increase in debt levels. The interest expense
was met through trustee contribution. Since the trust had not
incurred any surplus during FY16, the interest coverage ratio
stood at 0.00x in FY16. However, the ratio improved from 1.73x in
FY17 to 1.80x in FY18 on account of increase in profit by
absolute term and timely repayment of debt.

On-going Capex: The trust is constructing a building in order to
accommodate the students in the higher secondary school. The
trust plans to construct 3 wings initially which is likely to be
completed by April 2019. The total cost of the project is INR15
crore of which INR7 crore is funded through term loan and the
balance through corpus fund. INR8 crore has been incurred till
date which was financed through term loan of INR7 crores and
balance through trustees contribution. The site is under
construction. The area of the land is 2.75acres (approx.) which
is going to be utilised for construction of electricity board
room, hostels, and extension for school building. However,
ability of the trust to complete the project without any cost and
time over run will remain critical from credit perspective. The
land for the same has been given by one of the trustees.

High level of Competition from other established institutes in
the region: The educational sector is highly competitive. The
demand for CBSE schools is increasing, and the schools run under
the trust are operated under the CBSE as well as state board of
Tamil Nadu. Due to the presence of other established institutions
in the vicinity offering state board as well as CBSE curriculum,
SKVET face competition with respect to filling of seats.

Uneven cash flow associated with educational institutes: The
revenue stream of the trust is skewed towards the beginning of
the academic year when the bulk of the tuition fees and other
related income is collected whereas the trust incurs regular
stream of payments for meeting staff salary, maintenance
activities, interest expenses amongst others

Key Rating Strengths

Vast experience of the trustee members: The Chairman of the
trust, Dr. T.K. Muthusamy and Executive Director Dr. A.K.
Tamilarasi has around four decades of work experience as a
lecturer in a government aided schools. The Richmond
Matriculation higher secondary school is operated under the trust
and is managed by the Principal, Mr. M. Lakshmanan who has been
the principal for five years and has about a decade experience in
the teaching field followed by Richmond Public school which is
also operated under the trust is managed by the Principal Mrs. S.
Renuga. The teaching members of all the schools are well
qualified and distinguished personalities in their respective
fields.

Growth in Gross receipts: The gross receipts of SKVET has been
increasing year-on-year from INR0.80 crore in FY16 to INR4.11
crore in FY18 on account of increase in the overall students
strength from 1078 students during the academic year 2016-17 to
1856 students during the academic year 2018-19 which resulted in
higher receipt of tuition fee.

Increase in SBID margins and surplus margins: The SBID margins of
the trust improved from -0.14% in FY16 to 52.61% in FY18 and
stood comfortable mainly on account of mainly on account of
increase in gross receipts which led to absorption of overheads
during the review period. Due to nascent stage of operations, the
trust has incurred deficit in FY16. The surplus margins also
stood in line with SBID margin from -50.67% in FY16 to 23.35% in
FY18 on account increase in operating profit and surplus revenue
received from operations, on the back of increasing student
strength during the review period.

Liquidity Analysis

The current ratio of the firm marginally increased from 0.07x as
of March 31, 2017 to 0.11x as of March 31, 2018 mainly
on account of increase in the current asset related to
operations. The cash and cash equivalents stood at INR0.06crore
as on March 31, 2018.

Shree Kongu Velalar Educational Trust (SKVET) is a public
charitable trust which was formed in the year 2014, by Mr.
T.K.Muthusamy to render educational services at Erode, Tamil
Nadu. The trust commenced its operations by establishing an
primary school, Richmond Public School in 2015, which is
affiliated to Central board of secondary education (CBSE) and
higher secondary school, Richmond Matriculation school, which is
affiliated to state board of Tamil Nadu. SKVET is granted by
Right to Education Act (RTE) from State government and offers
Scholarship programme for matriculation school student in Erode
(Dt.), Tamil Nadu. The trust consists of well qualified and
expertized principal and administrative team, 140 teaching
faculties and 40 non-teaching staffs.


SHRI GIRIRAJ: CARE Reaffirms B+ Rating on INR6.30cr Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shri Giriraj Cold Storage Private Limited (SGCSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.30       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGCSPL is
constrained by its small size of operations, risk of delinquency
in loans extended to farmers, competition from local players,
working capital intensive nature of business. However, the
aforesaid constraints are partially offset by its experienced
management and long track record of operations, proximity to
forest produce growing area, moderate leverage ratios with
moderate debt protection metrics.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small size of operations: SGCSPL is a relatively small player in
the cold storage business having total operating income and PAT
of INR2.77 crore and INR0.33crore in FY18. The total capital
employed was also low at around INR9.86 crore as on March 31,
2018. During Q3FY19, the company has achieved total operating
income of INR2.00 crore. Small scale of operations with low net
worth base limits the credit risk profile of the company in an
adverse scenario. PBILDT margin which was high at 54.01% in FY18
primarily on the back of better operating efficiency translated
from absorption of fixed overheads.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SGCSPL provides interest bearing
advances to the farmers & traders. In view of this, there exists
a risk of delinquency in loans extended, in case of downward
correction in stored goods prices, as all such goods are agro
commodities.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
cold storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored forest produces which
augments the business risk profile of the companies involved in
the trade.

Working capital intensive nature of business: SGCSPL is engaged
in the cold storage business, accordingly its operation is
working capital intensive. The same is reflected by the higher
working capital requirement for the company and the average
utilization for the same remained at about 90% during the last 12
months ended December 31, 2018.

Key Rating Strengths

Experienced management and long track record of operations:
SGCSPL started its commencement from 1999 and thus has long track
record of operations. Mr. Uttam Kumar Jain (Managing Director)
looks after overall management of the company. Mr. Uttam Kumar
Jain has more than three decades of experience in cold storage
business and is supported by other directors and a team of
experienced professionals who have rich experience in the same
line of business.

Proximity to forest produce growing area: SGCSPL's storing
facility is situated in the Kondahaon district of Chhattisgarh
which is one of the major forest produce growing regions of the
state. The favorable location of the storage unit, in close
proximity to the leading forest produce growing areas provides it
with a wide catchment and making it suitable for the farmers in
terms of transportation and connectivity.

Comfortable leverage ratios with moderate debt protection
metrics: The capital structure of the company improved and
remained comfortable as on Mar.31, 2018 marked by debt equity and
overall gearing ratio of 0.70x and 0.92x, respectively, as
against 0.86x and 1.37x, respectively, as on Mar. 31, 2017 in
view of higher accretion of profits to reserve and infusion of
equity capital by promoters amounting to INR1.38 crore in FY18.
The debt coverage indicators represented by total debt to GCA
have also improved in FY18 over FY17 and remained moderate at
5.50x as on March 31, 2018. The same have improved mainly on
account of higher amount of GCA in FY18. The interest coverage
ratio has remained satisfactory over the period at 2.78xin FY18.

Shri Giriraj Cold Storage Private Limited. (SGCSPL), incorporated
in the year 1998, is a Chhattisgarh based company, promoted by
the Jain family. It is engaged in the business of providing cold
storage services to forest produce like mahua, jiggery, maca,
tamarind etc. having an storage capacity of 150000 quintals in
NH-30, Kondahaon, Chattisgarh-494226. Mr. Uttam Kumar Jain
(Managing Director) looks after overall management of the
company. Mr. Uttam Kumar Jain has more than three decades of
experience in cold storage business and is supported by a team of
experienced professionals who have rich experience in the same
line of business.

Liquidity

The liquidity position of the company remained satisfactory
marked by current ratio and quick ratio of 2.07x respectively as
on March 31, 2018. The cash and bank balance amounting to INR0.09
crore remained outstanding as on March 31, 2018. The Gross cash
accruals also remained adequate at INR0.86 crore as on March 31,
2018.


SKV INFRATECH: CARE Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CARE had, vide its press release dated October 11, 2017 placed
the rating SKV Infratech Private Limited under the 'issuer
non-cooperating' category as SKV Infratech Private Limited had
failed to provide information for monitoring of the rating
SKV Infratech Private Limited continues to be non-cooperative
despite repeated requests for submission of information
through e-mails, phone calls and email dated 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     3.50      CARE B+; Issuer Not Cooperating;
   Facilities                   Based on best available
                                information

   Short-term Bank   10.50      CARE A4, 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).

The ratings of the company remained constrained by small scale of
operations, thin profitability margins, leveraged capital and
weak debt coverage indicators, working capital intensive nature
of operations and competitive nature of industry. The ratings,
however, continue to draw comfort from long track record of
operations coupled with experienced director.

Detailed Description of Key Rating Drivers

At the time of last rating on October 11, 2017, following were
the rating strengths and weaknesses:

(Updated for the information available from the Registrar of
companies)

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
remained small as marked by total operating income and gross cash
accrual of INR85.53 crore and INR2.23 crore for FY18. The small
scale limits the company's financial flexibility in times of
stress and deprives it of scale benefits. Weak profitability
margins and leverage capital structure: The profitability margins
of the company continues to remain low as marked by PBILDT margin
and PAT margin of 4.36% and 2.03% respectively in FY18. The
capital structure of the company stood leveraged marked by
overall gearing of 2.14x as on March 31, 2018. The debt coverage
indicators remained moderate marked by interest coverage ratio
and total debt to GCA ratio of 6.62x and 4.89x respectively for
FY18.

Competitive nature of industry: SKV faces direct competition from
various organized and unorganized players in the market. There
are a number of small and regional players in the industry which
has limited the bargaining power of the company and has exerted
pressure on its margins. Furthermore, the award of contracts are
tender driven and the lowest bidder gets the work. Hence, going
forward, due to increasing level of competition and aggressive
bidding, the profits margins are likely to be under pressure in
the medium term.

Key Rating Strengths

Experienced management: SKV is currently being managed by Mr.
Satish Singh and Mr. Varun Garg. Mr. Satish Singh has vast
experience of over two decades in the construction business
through his association with SKV and earlier with SK Builders. He
is supported by Mr. Varun Garg who has an experience of almost a
decade through his association with SKV and earlier with SK
Builders. Both look after the overall functions of the company.

Delhi-based SK Builders was established in early 90's by Mr.
Satish Singh as a partnership firm which was later reconstituted
into the company in August 2012 and its name was changed to SKV
Infratech Pvt. Ltd. The company is engaged in construction works
which involve construction of roads and development work like
construction of drains and culvert. SKV executes contracts mainly
for government departments like New Okhla Industrial Development
Authority, Yamuna Expressway Industrial Development Authority and
Greater Noida Industrial Development Authority. The main raw
material for the company includes crushed stone, mota pathar,
cement, bricks, stone metal and tar, which the company procures
mainly from local dealers where the project is located.


SRI DHARAM: CRISIL Reaffirms D Rating on INR14.5cr LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Sri
Dharam Educational Trust (SDET) at 'CRISIL D'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan      14.5      CRISIL D (Reaffirmed)

The rating reflects instances of delay by SDET in servicing its
term debt, owing to weak liquidity. The rating also factors in
the small scale of operations and intense competition from other
institutes in the vicinity. However, the trust benefits from the
management's extensive experience in the educational sector.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and intense competition: The trust
derives its revenue mainly from the nursery school- Aakrutii, and
primary school- Sri Dharamchand Jain School affiliated to Central
Board for Secondary Education (CBSE) in Tindivanam (Tamil Nadu).
Intense competition from other established local schools, and
time required to ramp up operations of the new school, limit the
trust's ability to scale up.

Strength

* Extensive experience of the trustee: The decade-long experience
of the founder, Mr H Bablasa, and the track record and
operational capabilities of all trustees, will continue to
support the business risk profile.

Liquidity

* Low NCA against Repayment obligations: The net cash accruals
generated by the trust is less than the repayment obligations.
Due to shrunken buisness profile, NCA is expected not to be
sufficient for repayment obligations over the medium term.

* Low Cash balance: The cash balance maintained is low at around
INR1 to 5 lakh, which remains insufficient to support liquidity.

Set up in 2013, SDET runs a nursery school in Tindivanam (Tamil
Nadu), Aakrutii School and a secondary school (Sri Dharamchand
Jain School) affiliated to CBSE. Daily operations are overseen by
the key promoter-trustee, Mr Bablasa.

On a provisional basis, net loss of INR2.3 crore was reported on
total revenue of INR0.2 crore in fiscal 2017, vis-a-vis INR2.4
crore and INR0.1 crore, respectively, in fiscal 2016.


SRI LAXMI NARASIMHA: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sri
Laxmi Narasimha Rice Industry (SLN) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE D, Issuer Not Cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SLN to monitor the rating
vide e-mail communications dated December 7, 2018, December 11,
2018 and December 18, 2018 and numerous phone calls. However,
despite our repeated requests, the firm has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information, which however, in CARE's opinion
is not sufficient to arrive at fair rating. The rating on Sri
Laxmi Narasimha Rice Industry's bank facilities will now be
denoted as CARE D; Issuer not Cooperating; 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.

Detailed description of the key rating drivers

At the time of last rating on October 31, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weakness

Delay in debt servicing obligations: As per interaction with the
banker, there are on-going delays in in repayment of term loan
installment, interest obligations with over drawals in cash
credit facility.

Sri Laxmi Narasimha Rice Industry (SLN) is a partnership firm
established in April 2015. The firm started with its commercial
operations from April 2016 onwards. The partners of the firm are
Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha
Reddy and Mr. S. Ramesh. The mill is located in Sriguppa in
Bellary district of Karnataka.


SRI SHANDAR: CARE Assigns 'D' Rating to INR7.62cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Shandar Snacks Private Limited (SSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.62       CARE D Assigned

   Short-term Bank
   Facilities           0.38       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSPL takes into
account the delay in the servicing of interest and principle of
term loan availed by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing and weak financial risk profile of the
entity: As per banker interaction and as reflected in the bank
statements, there are delays in servicing of interest and
principal of the term loan availed by the entity. The same was
mainly on account of delays in achieving Commercial Operations
Date and receipt of subsidy. Furthermore, the financial risk
profile is characterised by subdued growth in total operating
income, suppression at PBILDT levels on account of increase in
cost of major raw materials and advertising expenses, leveraged
capital structure with erosion of net-worth due to losses
registered during the last three financial years ended FY18.

Kashipur, (Uttarakhand) based SSPL was established in the year
2013 by Mr. Kamal Agarwal and Mr. Banwarilal Agarwal. The company
is engaged in the manufacturing and processing of nachos in
various flavours and sells the same under the brand name
'Tastilo'. The manufacturing facility of the firm is located at
IDBE Industrial Estate, Mahuvakhera Ganj, Kashipur with an
installed capacity to manufacture 3.5 MTPD (Metric Tonnes per
day).


SV POWER: Ind-Ra Puts Loans with BB- Rating on Watch Evolving
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed SV Power Private
Limited's (SVPL) bank loans on Rating Watch Evolving (RWE) as
follows:

-- INR2.590 bil. Term loan March 15, 2028 placed on RWE with IND
     BB-/RWE rating;

-- INR200 mil. Fund-based working capital limit placed on RWE
     with IND BB-/RWE rating; and

-- INR100 mil. Non-fund-based working capital limit placed on
    RWE with IND A4+/RWE rating.

KEY RATING DRIVERS

The RWE reflects lack of clarity regarding the outcome of the
ongoing amalgamation of SVPL and Spectrum Coal & Power Limited
(SCPL; 'IND A+'/Stable) with their ultimate sponsor, ACB (India)
Ltd ('IND A+'/Stable). SVPL has filed a petition with the
National Company Law Tribunal for the amalgamation approval; some
formalities including a no-objection certificate from the secured
creditor is pending. Ind-Ra will resolve the RWE following the
conclusion of the amalgamation and its related impact on SVPL's
ratings.

Power generation at SVPL's power plant had stopped since May 2017
due to a fire, thus requiring refurbishment of the plant. ACB
(India) has provided an undertaking to meet any funding
shortfalls with regard to the refurbishment of the plant and
recommence operations at optimal capacity levels.

The company has a stressed liquidity position attributable to the
stoppage of operations. The capex towards restoration work,
estimated by an independent engineer, is INR1,180 million. SVPL
expects to receive INR846.9 million under insurance claims. The
project is likely to start operations by end-January 2019 as per
the management. The absence of a debt service reserve is a
structural weakness. The company claims that it has closed the
fund-based and non-fund-based working capital limits. Ind-Ra is
awaiting a no-dues certificate from the bankers; therefore, the
ratings on these facilities are also placed on RWE.

However, SVPL received a financial assistance of INR369.9 million
in the form of share capital from SCPL and INR375.6 million in
the form of inter corporate deposits (ICDs) from a non-banking
financial company in November 2018. As on November 30, 2018, the
company had INR419.6 million of ICDs and INR190.7 million of
unsecured loans outstanding. SVPL claims that the ICDs and
unsecured loans shall be serviced from the residual cash flow
after servicing the secured bank loans.

RATING SENSITIVITIES

The RWE indicates that the rating may be upgraded, downgraded or
affirmed. Ind-Ra will resolve the RWE upon confirmation of
completion of the amalgamation process.

COMPANY PROFILE

SVPL operates a coal washer with a beneficiation capacity of 2.5
million tons per annum and a 63MW coal washer reject-based
thermal power plant in Korba, Chhattisgarh. SVPL was acquired
from KVK Group on March 10, 2015 by SCPL, a wholly-owned
subsidiary of ACB (India) Limited.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit (Long-
    term/Short-term) migrated to non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limit (Short-term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR143.9 mil. Term loans (Long-term) due on March 2024
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 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 2011, Synergy Remedies manufactures active
pharmaceutical ingredients at a 413 tons/year plant in Chittoor
district, Andhra Pradesh.


TIARA JEWELS: CRISIL Withdraws B+ Rating on INR15cr Loan
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Tiara
Jewels Private Limited (TJPL) on the request of the company and
after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          12       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B+/Stable'; Rating
                                 Withdrawn)

   Proposed Long         3       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                COOPERATING; Migrated from
   Facility                      'CRISIL B+/Stable'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with TJPL for obtaining
information through letters and emails dated December 28, 2018
and January 3, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TJPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
TJPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of TJPL to
' CRISIL B+/Stable Issuer not cooperating' from 'CRISIL
B+/Stable'.

CRISIL has withdrawn its rating on the bank facilities of TJPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

TJPL was incorporated in 2009 by the Chandigarh-based Jain
family. Mr Jawahar Lal Jain and his sons, Mr Rohit Jain and Mr
Neeraj Jain, are the key promoters. TJPL retails gold, diamond,
platinum, and silver jewellery through its single showroom in
Chandigarh.


TILAK RAM: CARE Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
CARE had, vide its press release dated October 27, 2017, placed
the rating(s) of Tilak Ram Babu Ram Private Limited (TRBR) under
the 'issuer non-cooperating' category as the company had failed
to provide information for monitoring of the rating. Tilak Ram
Babu Ram Private Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 12, 2018. 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      15.00      CARE B; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed description of the key rating drivers

At the time of last rating in June 2016, the following were the
rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters in the textile industry: TRBR is a private
limited company incorporated in May 2012 and is currently being
managed by Mr. Raj Kumar Garg and Mrs. Dimple Garg. Mr. Raj Kumar
Garg has a total experience of around two and a half decades
while Mrs. Dimple Garg has work experience of around one a half
decades in textile industry. The directors are supported by a
team of highly qualified and experienced professionals having
varied experience in the fields of technical, finance and
marketing aspects of business.

Growing scale of operations: The scale of operations of the
company witnessed an increasing trend as the TOI of the company
increased from INR48.75 crore in FY16 to INR193.71 crore in FY18.

Moderate operating cycle: The operating cycle of the company
stood moderate at 8 days as on March 31, 2018. The company has to
offers a credit period of up to one month resulting into average
collection period of 9 days for FY18. On the procurement side,
the company receives a similar credit period resulting into
average creditor period of 8 days for FY18. Furthermore, the
company is required to maintain inventory mainly in the form of
raw material to ensure smooth execution of production process
which resulted in average inventory period of 7 days as on
March 31, 2018.

Key Rating Weaknesses

Weak Financial risk profile: The financial risk profile of the
company is weak as marked by low profitability margins, leveraged
capital structure and weak debt coverage indicators. The
profitability margins of the company stood low marked by PBILDT
margin and PAT margin of 0.81% and 0.08% respectively in FY18.
The company's profitability margins have been on the lower side
owing to majority income from trading business (relatively lesser
margin giving segment) and intense market competition given the
highly competitive nature of the industry. This apart, interest
burden on working capital borrowings restricts the net
profitability of the company and resulted into below unity PAT
margin during last three financial years. The capital structure
of the company remained leveraged with overall gearing ratio of
4.36x as on March 31, 2018. Furthermore, the debt coverage
indicators remained weak characterized by interest coverage ratio
of 1.18x in FY18 and total debt to GCA ratio stood at 102.20x as
on March 31, 2018

Fragmented cotton ginning industry with low entry barriers
leading to stiff competition: The Indian cotton textile value
chain involves four stages - cultivation, ginning, spinning and
weaving. The cotton is grown across the country and on account of
large number of units operating in cotton ginning business
characterized by low entry barriers and low level of product
differentiation due to minimal technological inputs, the industry
is highly fragmented and competitive in nature thus resulting
into lower profitability margins of the entities operating in
this industry.

Tilak Ram Babu Ram Private Limited (TRBR) is an ISO 9001:2008
certified company, incorporated in May, 2012 and promoted by Mr.
Raj Kumar Garg and Mrs. Dimple Garg. TRBR is primarily engaged in
trading of cotton bales (income from trading constituted ~70% of
the total operating income in FY16). The company also undertakes
cotton ginning & pressing at its processing facility located in
Tohana, Haryana having an installed capacity of manufacturing 300
cotton bales per day.


WEST GUJARAT: Ind-Ra Lowers Rating on INR1,412.6BB NCD to BB-
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded West Gujarat
Expressway Limited's (WGEL) non-convertible debentures' (NCDs) to
'IND BB- (SO)' from 'IND A (SO)' and maintained it on Rating
Watch Negative (RWN) as follows:

-- INR1,412.6 bil. (INR1,289.80 bil. outstanding on December 31,
     2018) Senior, secured, redeemable NCDs* downgraded and
     maintained on RWN with IND BB-(SO)/RWN.

* Details in annexure

KEY RATING DRIVERS

The rating action reflects the stance taken by WGEL through its
letter to the trustee requesting them to desist from making
further debits from the company's account for servicing any debt
obligations in light of the National Company Law Appellate
Tribunal's (NCLAT) order dated October 15, 2018. The debenture
holders have written to the company stating that the letter is
untenable as the NCLAT order is being misread in light of the
legal opinion being received which states that the regular
principal and interest payments of the existing debentures are
not to be affected in the said order. However, the ambiguity in
interpretation of the order may result in inaction in making
payments on the due date on January 31, 2019. This was the case
in Jharkhand Road Projects Implementation Company Limited
(JRPICL, 'IND D (SO)'), where despite availability of funds the
payment was not made to the investors. Failure to honor payments
on the due date will lead to a further rating downgrade to 'IND
D' in line with The Securities and Exchange Board of India's
regulations which direct credit rating agencies to recognize
defaults on  the 'one day one rupee' principle.

Furthermore, the management has indicated that pursuant to the
NCLAT order, they are testing each special purpose vehicle for a
solvency test. The solvency test undertaken considers the
subordinated loans provided by the sponsor - IL&FS Transportation
Networks Limited (ITNL; 'IND D') or other sponsor group companies
for its computation. While in Ind-Ra's initial analysis these
loans from the sponsors were considered fully subordinated, the
new stance of the management to consider the same loans for
testing solvency reduces the repayment capability of the loans.
While this is against the spirit of the financial agreements
including the ring fencing mechanism, if such a consolidation is
followed, it indicates inability of the project to pay off both
senior NCDs and subordinated loans from the sponsor that could
ultimately lead to a default.

Although the traffic and toll collection till November 2018 is in
line with Ind-Ra's estimates, there are deficiencies pointed out
in the maintenance activities as per the independent engineer's
report of November 2018. The report has recommended imposing
penalties of INR28.6 million accumulated till November 30, 2018
on WGEL for poor maintenance and non-compliance of operation and
maintenance (O&M) obligations, reflecting on high O&M risks due
to the weakened credit profile of the O&M contractor, ITNL.
According to the company, the project has cash of INR70 million
in debt service reserve account and cash of INR47.5 million
(including INR20.9 million in escrow account) as on December 31,
2018.

RATING SENSITIVITIES

Ind-Ra will resolve the rating watch upon NCLAT's judgment on
legal position of the ring fencing of special purpose vehicles,
tenability of stance on consolidation of subordinated loan from
sponsors and actions undertaken by the trustees and the escrow
bank towards timely debt payment.

COMPANY PROFILE

WGEL is a special purpose vehicle, set up to develop, design,
finance, construct, operate and maintain a 68km Jetpur Gondal and
Rajkot bypass section (National Highway 8B including Rajkot
bypass) in Gujarat. The project was awarded by National Highways
Authority of India ('IND AAA'/Stable)and involves widening the
existing Jetpur-Gondal section  (two to four laning, 26km),
improving the existing four-lane Gondal-Rajkot Section (32km),
and widening the existing Rajkot bypass (two to four laning,
10km).



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


CASINO BAR: Faces Liquidation Over Unpaid Tax Bills
---------------------------------------------------
Dominic Harris at Stuff.co.nz reports that the company behind
Christchurch's only strip club faces going bust after failing to
pay the government tens of thousands of dollars in tax.

Casino Bar Ltd, which runs Calendar Girls on Victoria St, owes
the Inland Revenue Department (IRD) almost NZ$75,000 in unpaid
taxes stretching back to April last year, Stuff discloses.

Stuff relates that after the firm failed to stump up NZ$64,000 in
September, the IRD declared it insolvent and unable to pay its
debts, and in November filed papers with the High Court in an
effort to have Casino Bar Ltd liquidated.

But the company's national general manager Scott McCormick denied
it is insolvent, blaming its debts on having to deal with an
accountant he said had wrongly taken NZ$127,000 from the firm
over the last year, Stuff relays.

He told Stuff a bill for NZ$18,000 in unpaid PAYE tax deductions
was settled earlier this month, another NZ$47,000 would be paid
on Jan. 28 and the remainder dealt with in the coming weeks.

"It is not a case of being insolvent. It's a case that we haven't
been able to see our accounting position because of that
accountant," Stuff quotes Mr. McCormick as saying.

The firm does not owe any other money and staff had been paid, he
said, promising there was no danger of the club having to shut
its doors.

"Staff and all the supporters have always been paid and they have
been for 22 years."

Police refused to say whether they had investigated the firm over
the debts, the report notes.

The IRD's application to have the company liquidated will be
heard at the High Court in Christchurch on February 5, Stuff
discloses.

But Mr. McCormick said the outstanding debts will be settled
ahead of the hearing, and that the firm has a new accountant.

"We won't be going to court because everything will be just paid.
We might seek an adjournment for the final payment, but at this
stage our timeframes are well within the timeframe of having it
paid," Stuff relays.

Casino Bar Ltd is a Christchurch business registered in the name
of a single director, Vicki Samson, who also has links with other
Casino Bar companies.  Its sole shareholder is Alan Samson Ltd,
which is also owned by Vicki Samson.


WAIWERA THERMAL: High Court to Hear Liquidation Bid Next Month
--------------------------------------------------------------
Radio New Zealand reports that the former managers of the Waiwera
Thermal Resort are in more hot water, with court papers lodged to
try and have their company liquidated.

RNZ relates that the water park has been closed for nearly a year
and the lease was cancelled after the managers failed to pay the
bills.

According to RNZ, the former lease holder company, Waiwera
Thermal Resort Limited, is being taken to court by the wholesale
food distributor Bidfood Limited, which is seeking to liquidate.

Bidfood's application is to be heard in the High Court at
Auckland next month, the report says.

Waiwera Thermal Resort earlier withdrew its court challenge to
try and overturn the decision to cancel the lease, RNZ says.

It is understood arbitration is ongoing with the land owners.

Waiwera Thermal Resort Limited held the lease to use the resort
since 2010.  It is owned by California-based diamond tycoon Leon
Fingerhut, who earlier this month bought the shares of his
business partner, the Russian billionaire Mikhail Khimich.

The property owners, Waiwera Properties Limited, previously said
they had expressions of interest by potential new managers for
the pools.

The once-famous tourist destination has been closed since
February, apparently for renovations. But nothing's happened and
it is now falling into disrepair.



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


HANJIN HEAVY: Gov't. Offers Assistance to Potential Investor
------------------------------------------------------------
Mary Grace Padin at The Philippine Star reports that the
Philippine government is ready to provide assistance should a
private entity decide to invest in the embattled Hanjin Heavy
Industries and Construction Philippines (HHIC), the Department of
Budget and Management (DBM) said Jan. 23.

In an interview, Budget Secretary Benjamin Diokno said the
government would not simply stand by while Hanjin's issue
persists, given its impact on the Philippine economy, the report
relates.

"There's no complete plan yet but we will not allow it to just
fold without any contingency plan . . . Meaning there will be a
white knight who will take over with our assistance," the report
quotes Mr. Diokno as saying on the sidelines of his weekly press
briefing.

According to the report, Mr. Diokno said one possible solution to
address Hanjin's problem is for a private entity to tie up with
shipbuilding experts, such as France, and invest in the shipyard,
with financing assistance from government financial institutions.

"One option is somebody from the private sector may tie up with
some foreign countries like maybe France or Israel. They can join
forces and then we will help them through government banks. They
will borrow, we'll provide the money," he said.

Mr. Diokno warned that the possible closure of Hanjin would have
an adverse impact not only on employment, but also on the
Philippine economy, the report relays.

"That would have a big impact on employment if it closes. Most of
those skilled workers will only go abroad," the budget chief
said.  "That will also have an impact on the economy. And we need
that kind of technology here rather than abroad. It would be
disadvantageous if we lose it," he added.

Meanwhile, Finance Secretary Carlos Dominguez said the government
was also ready to assist the local creditor banks in recovering
their loan exposure to Hanjin, The Philippine Star reports.

"We are ready to help, but they have to tell us what they need.
The banks are currently examining the documentation, they are
talking to Hanjin and whoever else the creditors are. We'll wait
until they come up with a solution that satisfies them," the
report quotes Mr. Dominguez as saying.

The Philippine Star relates that the finance chief, however, said
there are no discussions yet among Cabinet members on the
proposal to take over the shipyard.

But he said the Department of Labor and Employment and the Bases
Conversion and Development Authority are planning to hold a job
fair for workers who will be displaced due to Hanjin's problems,
and transfer them to assist in the development of the New Clark
City, the report adds.

                           About Hanjin

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).  HHIC-Philippines employs about 4,000 people.



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


OBIKE SINGAPORE: Majority of Users Have Not Yet Filed Claims
------------------------------------------------------------
Toh Ting Wei at The Strait Times reports that the majority of
oBike users have not yet filed claims to retrieve their deposits,
the firm's liquidators revealed on Jan. 23.

But even for those who have filed claims, there is no timeline
yet as to when they can get their money back, as liquidator FTI
Consulting continues debt settlement talks with oBike's new
majority shareholder, The Strait Times says.

According to the report, the bicycle operator ended its Singapore
operations unexpectedly last June, after about 18 months of
operation. Its sudden exit had left users wondering whether they
would get a refund of the deposit of up to $49 which they had to
make in order to use the bikes, the report states.

As of Jan. 22, deposit holders have lodged only $438,878.43 worth
of claims, a small percentage of the $8.91 million that the firm
registered in its records, The Strait Times discloses.

"Quite a lot of deposit holders are yet to file their claims with
the liquidators," the report quotes FTI's senior managing
director Joshua Taylor as saying.

According to oBike's records, it has more than 220,000 deposit
holders in Singapore, the report discloses.

The Strait Times says the liquidators did not announce a
breakdown of the number of people who have already filed for
refunds at the meeting with oBike's creditors at Shaw Tower on
Jan. 23.

About 18 people, made up of both oBike users with unrefunded
deposits and companies, which are owed money, attended the
42-minute session.

In contrast to the fraction of oBike users who are looking to
retrieve their deposit, a much larger proportion of other
creditors have already filed claims against the company, the
report says.

As of Jan. 22, trade creditors, vendors, regulatory agencies and
town councils have filed about $768,700 worth of claims against
oBike, a higher number than about $497,700 of outstanding claims
stated in the firm's records.

According to the Strait Times, Mr. Taylor also revealed that FTI
had recovered about $541,000 from oBike through selling its
bicycles and recovering funds held by third-party service
providers.

Creditors are unlikely to receive a payout from this sum, he said
in response to a question from an attendee, the report relays.

"That is an option, but if you look at it, there's cost and
expenses associated with liquidation . . . so if we did that I
don't think there will be a great return at all to creditors,"
the report quotes Mr. Taylor as saying.

A lifeline for creditors, however, could come in the form of
oBike's new owners, Costa Rican investment group OSS Inversiones,
the report notes.

The Strait Times relates that FTI said it is working with OSS to
agree on the proposed terms for the latter to settle outstanding
claims against oBike.

"We will continue to liaise with the investor on an agreement,
and hopefully at some point in the near future, we will make a
public announcement with the investor regarding whether an
agreement has been reached," Mr. Taylor said, The Strait Times
relays.

He added that FTI had already provided additional information on
claims against oBike to OSS, as requested by the group.

But a representative from OSS, Mr. Samuel Chaves, told The
Straits Times later on Jan. 23 that it had yet to receive such
information.

For former oBike users with unrefunded deposits, they can still
file their claims against oBike at www.obikedepositholders.com/

As previously reported in the Troubled Company Reporter-Asia
Pacific, the Strait Times said bicycle-sharing operator
oBike announced on June 25, 2018, that it will cease operations
immediately in Singapore.  In a statement shared via its app,
oBike cited difficulties in meeting the new requirements and
guidelines by the Land Transport Authority (LTA) to curb
indiscriminate parking.

Headquartered in Singapore, oBike is a stationless bicycle-
sharing system with operations in several countries.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***