TCRAP_Public/190128.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

           Monday, January 28, 2019, Vol. 22, No. 019

                            Headlines


A U S T R A L I A

ABV CRAFT: First Creditors' Meeting Set for Feb. 6
AMJ TRANSPORT: Second Creditors' Meeting Set for Feb. 1
BERKELEY CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 5
BESTJET TRAVEL: Equipment Removed Before Administration
BIG FISH: Second Creditors' Meeting Set for Feb. 1

EASTERN GOLDFIELDS: May Have Been Trading While Insolvent
LAGUNA GOLD: Second Creditors' Meeting Set for Feb. 5
PPR SYDNEY: Second Creditors' Meeting Set for Feb. 1
ROBAYNE PTY: First Creditors' Meeting Set for Feb. 5
WALFORD & SHAW: Second Creditors' Meeting Set for Feb. 1


C H I N A

CHINA MINSHENG: Sees Bond Plunge on Liquidity Fears
SHARING ECONOMY: Cancels Four Proposed Acquisitions
SHARING ECONOMY: SEIL Cancels Agreement with Gagfare Shareholder
WINTIME ENERGY: Misses CNY1.7BB Payment on Debt Due Jan. 22


I N D I A

ADISHAKTI ALLOYS: ICRA Maintains D Rating in Not Cooperating
AGASTI SSK: CRISIL Migrates B- Rating to Not Cooperating
AISHWARYA FEEDS: Ind-Ra Rates INR4.3MM Loans Due August 2019 BB-
AISHWARYA FEEDS: CRISIL Migrates B+ Rating to Not Cooperating
ARUN MATHEW: CRISIL Withdraws B- Rating on INR6cr Loans

BALAJI INFRAVENTURES: ICRA Moves D Rating to Not Cooperating
BARAKA OVERSEAS: ICRA Reaffirms B+ Rating on INR18cr Loan
BRAHMAPUTRA INFRA: ICRA Withdraws D Rating on INR893.80cr Loans
CARAMIA GRANITO: ICRA Hikes Rating on INR19.50cr Loan to B+
DURGA AUTOMOTIVES: ICRA Keeps D Loan Rating in Not Cooperating

G G EXPORT: Ind-Ra Assigns 'B-' LT Issuer Rating to INR100MM Loan
HAZARIBAGH RANCHI: Ind-Ra Cuts Rating on NCDs to 'BB'
JOMSONS ENTERPRISES: CRISIL Migrates B Rating to Not Cooperating
JORBAT SHILLONG: Ind-Ra Lowers Rating on INR8.8BB NCDs to BB-
LOVATO CERAMIC: ICRA Withdraws B+ Rating on INR5cr Cash Loan

MOUNT VELOUR: CRISIL Lowers Rating on INR10cr Loans to B
NAV VIDYA: ICRA Lowers Rating on INR54.35cr Loan to D
PANALE INFRA: CRISIL Keeps B- on INR2.6cr Debt in Not Cooperating
PARANKUSH FOOD: ICRA Maintains B+ Ratings in Not Cooperating
PARASAKTI ORTHOCARE: CRISIL Migrates B+ Rating to Not Cooperating

PUJA QUENCH: CRISIL Migrates 'B' Ratings to Not Cooperating
R.K.R. GOLD: Ind-Ra Rates INR650MM Loan BB+, Outlook Stable
RAIGARH FOODS: ICRA Gives D Ratings to INR14.50cr Loans
RATNA COT: CRISIL Maintains B+ Rating in Not Cooperating Category
RAVANI TIMBER: Ind-Ra Withdraws 'B+' LT Rating on INR15MM Loan

RENUKA OIL: CRISIL Retains B+ Rating in Not Cooperating Category
SAHARA ENGINEERING: Ind-Ra Moves 'BB' Rating to Non-Cooperating
SHREE VAISHNAV: CRISIL Lowers Rating on INR35cr Loan to D
SHRI NIRMLANAND: CRISIL Migrates B Rating to Not Cooperating
SONATANI FOOD: CRISIL Maintains B Rating in Not Cooperating

SRI VENKATESWARA: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
SSPDL LIMITED: Ind-Ra Affirms BB on INR61.15MM Loan


I N D O N E S I A

LIPPO KARAWACI: S&P Cuts LT ICR to 'CCC+', Outlook Negative
STEEL PIPE: Fitch Withdraws B LT IDR for Commercial Reasons


J A P A N

TEPCO HOLDINGS: S&P Raises Long-Term ICR to 'BB+', Outlook Stable


N E W  Z E A L A N D

FINEST FOOD: Placed Into Receivership


P A K I S T A N

PAKISTAN: Unveils Reforms Plan in Move for IMF Aid


V I E T N A M

NAM A BANK: Moody's Assigns B2 LongTerm Issuer Ratings


                            - - - - -


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


ABV CRAFT: First Creditors' Meeting Set for Feb. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of ABV Craft
Pty Ltd, trading as ABV Craft Merchants, will be held on Feb. 6,
2019, at 11:00 a.m. at the offices of BPS Reconstruction and
Recovery, a Level 5, Suite 6, 350 Collins Street, in Melbourne,
Victoria.

Simon Patrick Nelson of BPS Reconstruction was appointed as
administrator of ABV Craft on Jan. 24, 2019.


AMJ TRANSPORT: Second Creditors' Meeting Set for Feb. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of AMJ Transport
NSW Pty Ltd has been set for Feb. 1, 2019, at 10:30 a.m. at
Level 27, 259 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2019, at 4:00 p.m.

Trent Andrew Devine and Peter John Moore of Jirsch Sutherland
were appointed as administrators of AMJ Transport on Jan. 7,
2018.


BERKELEY CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 5
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Berkeley
Constructions Pty Ltd will be held on Feb. 5, 2019, at 10:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, at Level
40, 2 Park Street, in Sydney, NSW.

Blair Pleash and Joanne Keating of Hall Chadwick were appointed
as administrators of Berkeley Constructions on Jan. 23, 2019.


BESTJET TRAVEL: Equipment Removed Before Administration
-------------------------------------------------------
Jamie McKinnell and Kevin Nguyen at ABC News report that
computers and security equipment were removed from Bestjet's
offices before administrators swooped on the failed online
booking portal, a creditors report has claimed.

The explosive report by Bestjet's administrators Pilot Partners
said former Air Australia boss Michael James may have been a
"shadow director" at Bestjet, ABC News discloses.

According to ABC News, Bestjet customers were left out of pocket
when the company went into voluntary administration before
Christmas.

Mr. James helped run Air Australia before it folded in February
2012, leaving debts of nearly AUD100 million, ABC News notes.

Bestjet was set up in his wife Rachel's name about two weeks
later, ABC News relates.

In 2013, ASIC banned Mr. James from managing corporations for
three years.

He has consistently denied being a de facto Bestjet director.

According to ABC News, the Pilot Partners report said initial
investigations into Bestjet's finances had proved "unnecessarily
difficult".

The report claimed security equipment had been removed from the
company's Brisbane headquarters and that Queensland Police had
been notified, ABC News relays.

"It is currently unclear who removed this equipment from the
company's premises," joint administrator Nigel Markey said in the
report.

ABC News says Pilot Partners' report also claimed some of
Bestjet's records were "largely incomplete".

The company changed hands in November and according to the
report, Bestjet's new director, Robert McVicker, referred
questions about the company's operation to Mr. James, who denied
having any records, ABC News states.

ABC News notes that company records indicate there are 4,684
ordinary unsecured creditors lining up with claims estimated to
be worth almost AUD10.8 million.

According to ABC News, the report said that Bestjet was
liquidated by Mr. McVicker after an affiliated company - Bestjet
Singapore - failed to stump up a AUD3.2 million payment.

Pilot Partners said as that company was registered in Singapore,
they had no control over it, ABC News says.

Bestjet appeared to have been trading while insolvent from early
December, the report, as cited by ABC News, said.

The next creditors meeting will be held in Brisbane on
January 31, adds ABC News.

Bestjet Travel was an online travel agency. Nigel Robert Markey
and Bradley Vincent Hellen of Pilot Partners were appointed as
administrators of Bestjet Travel Pty Ltd, Wynyard Travel Pty
Limited and Brooklyn Travel Pty Ltd on Dec. 18, 2018.


BIG FISH: Second Creditors' Meeting Set for Feb. 1
--------------------------------------------------
A second meeting of creditors in the proceedings of Big Fish Golf
Australia Pty Ltd has been set for Feb. 1, 2019, at 11:00 a.m. at
the offices of Veritas Advisory, at Level 5, 123 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2019, at 4:00 p.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Big Fish on Dec. 17, 2018.


EASTERN GOLDFIELDS: May Have Been Trading While Insolvent
---------------------------------------------------------
Josh Chiat at The West Australian reports that administrators of
Eastern Goldfields said their preliminary investigations into the
Michael Fotios-led company show it may have been trading while
insolvent for as long as 15 months before its collapse in
November.

A report from Ferrier Hodgson's Martin Jones and Andrew Smith
shows the company could have fallen into insolvency as early as
August 2017, when operations began at the Davyhurst mine near
Kalgoorlie, with cash flows failing to cover operating costs and
trade payments, according to The West Australian.

From that point - the same month the company spent one day in the
hands of court-appointed administrators after falling foul of a
wind-up application - its financial troubles deepened, The West
Australian says.

"Reputational damage" from the wind-up order led some suppliers
to demand the company pay for services on delivery. It also faced
difficulty raising capital and Davyhurst failed to live up to
production forecasts, the report says.

According to The West Australian, the report also revealed
Eastern Goldfields' directors engaged accounting firm Ernst &
Young in August, two weeks before then-executive chairman Mr.
Fotios' resignation from the board, for advice on Safe Harbour
protection - Corporations Act provisions that shield company
directors from liability in insolvent trading claims.

Ernst & Young's engagement was terminated before it could
finalise its advice but a draft report suggested the company did
not meet the criteria, The West Australian states.

The West Australian says Ferrier Hodgson has recommended
creditors vote up a proposal from US investors Hawke's Point to
revive the fallen Davyhurst gold mine owner at a second meeting
of creditors scheduled for Feb. 1.

Hawke's Point, which emerged as a cornerstone investor in Eastern
Goldfields in November 2017 and took on its main secured debt
last year, has proposed a deed of company arrangement so it could
raise AUD22 million to salvage the company and relist it on the
ASX, The West Australian discloses.

It is supported by eight creditors representing 52.9 per cent of
the money owed to unsecured creditors, including GR Engineering,
which would convert 40 per cent of their claims to equity and
receive 22 cents in the dollar on the other 60 per cent,
according to The West Australian.

A AUD7.3 million trust would be established from the raising to
pay creditors. Employees would have entitlements paid in full.
Small unsecured creditors chasing debts of under AUD50,000 would
be paid in full. Unsecured creditors with debts above that would
get AUD50,000 plus a portion of the remaining funds in the trust.

The administrators said creditors were unlikely to see a better
return in a liquidation, The West Australian relays.

If the DOCA fails and liquidators are called in, they could
investigate claims of insolvent trading, with Ferrier Hodgson
estimating as much as AUD8.4 million in possible unfair payments
may have been made from the end of August 2017, The West
Australian adds.

                     About Eastern Goldfields

Based in Balcatta, Australia, Eastern Goldfields Limited operates
as a gold exploration and production company. It owns 100%
interest in the Davyhurst and the Mt Ida gold projects, which are
located to the north-west of Kalgoorlie. It also holds interests
in Siberia, Riverina, Callion, Waihi, and LOI projects. The
company was formerly known as Swan Gold Mining Limited and
changed its name to Eastern Goldfields Limited in December 2015.

Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
Administrators of the following Companies on Nov. 29, 2018,
pursuant to Section 436A of the Corporations Act 2001:

- 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


LAGUNA GOLD: Second Creditors' Meeting Set for Feb. 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of Laguna Gold
Limited has been set for Feb. 5, 2019, at 4:30 a.m. at the
offices of PricewaterhouseCoopers, Level 19, 2 Riverside Quay, in
Southbank Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 4, 2019, at 3:00 p.m.

Craig Crosbie and Michael Fung of PricewaterhouseCoopers were
appointed as administrators of Laguna Gold on Dec. 19, 2018.


PPR SYDNEY: Second Creditors' Meeting Set for Feb. 1
----------------------------------------------------
A second meeting of creditors in the proceedings of PPR Sydney
NSW Pty Ltd has been set for Feb. 1, 2019, at 3:00 p.m. at the
offices of Mackay Goodwin, at Level 2, 10 Bridge Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2019, at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of
Mackay Goodwin were appointed as administrators of PPR Sydney
on Dec. 18, 2018.


ROBAYNE PTY: First Creditors' Meeting Set for Feb. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Robayne
Pty Ltd will be held on Feb. 5, 2019, at 11:00 a.m. at
Theatrette, Central Park Business Centre, 152-158 St Georges
Terrace, in Perth, WA.

Ian Charles Francis and Daniel Hillston Woodhouse of FTI
Consulting were appointed as administrators of Robayne Pty on
Jan. 23, 2019.


WALFORD & SHAW: Second Creditors' Meeting Set for Feb. 1
--------------------------------------------------------
A second meeting of creditors in the proceedings of Walford &
Shaw Pty Ltd, trading as 'walford & Shaw' and 'Mayrah' has been
set for Feb. 1, 2019, at 3:00 p.m. at the offices of Mackay
Goodwin, Level 2, 10 Bridge Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2019, at 4:00 p.m.

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



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CHINA MINSHENG: Sees Bond Plunge on Liquidity Fears
---------------------------------------------------
Peng Qinqin and Leng Cheng at Caixin Global report that a plunge
in the bonds of China Minsheng Investment Group Corp. Ltd. (CMIG)
on Jan. 23 sparked by default fears is the latest scare to hit
the world's second-largest debt market, as the government's
campaign to curb leverage exposes companies that overextended
themselves in the good times.

CMIG, an investment group owned by 59 private Chinese companies,
saw the price of a three-year CNY4.48 billion (US$659.4 million)
bond traded on the Shanghai Stock Exchange plummet as much as
28.4% to CNY50.1, Caixin discloses. Although the bond, which
matures in December 2020, recovered to CNY64 on Jan. 24, that's
still significantly below the average trading price of CNY85 to
CNY90 over the past few months, Caixin discloses.

Caixin relates that trading in the bonds, which pay an interest
rate of 7%, is usually thin - just a few hundred change hands
each day. But volumes started to surge on Jan. 22 and continued
into Jan. 23, with more than 130,000 traded. The issue was
underwritten by Huarong Securities Co. Ltd., the brokerage arm of
state-owned bad-assets bank China Huarong Asset Management Co.
Ltd. which is embroiled in scandal.

Caixin says the sudden sell-off reflects mounting concerns that
the company is facing a liquidity crisis. CMIG has been heavily
dependent on short-term loans from banks and on bond issuance to
grow its investment business. But that funding model has come
under increasing pressure after regulators put the squeeze on the
financial sector to control leverage and rein in risks, and CMIG
is struggling to roll over its old debts.

According to Caixin, the company received a quota of CNY10
billion in outstanding super-short-term commercial paper, or
those with maturities of under 270 days, in 2018, expressly to
repay debt. CMIG noted in the prospectus of a CNY1.5 billion
short-term bond issued in July that two-thirds of the funds would
be used to pay down a maturing bond, with the remainder repaying
loans from financial institutions.

                          Increased Risks

The slump in the exchange-traded bond on Jan. 23 could have been
triggered by sales ordered by the risk management departments of
some institutional holders, such as private-fund managers, an
executive with the fixed-income department of a brokerage firm in
a eastern region of China told Caixin. A private-fund manager in
northern China attributed the slump to a delayed response by
investors trading CMIG bonds on the Shanghai Stock Exchange to
the increased risks surrounding the company. Other CMIG bonds
traded on the interbank market didn't see a large decline, Caixin
relays.

In a statement to Caixin late Jan. 24, CMIG said that the trading
volume of the bond on Jan. 23, amounting to CNY7.67 million, only
represented some 0.15% of the total principal. That suggests
sales did not come from institutional investors, whose holdings
usually amount to at least CNY50 million, but from retail
investors, who tend to trade on mood swings, the company said.

Established in May 2014 with registered capital of CNY50 billion,
CMIG is owned by 59 private Chinese companies including Beijing-
based Tianan Life Insurance Co. Ltd. of China, Shanghai-based
Zhongtai Trust Co. Ltd., and Shandong Dongyue Chemical Co. Ltd.

According to its website, CMIG focuses on emerging sectors linked
to people's livelihoods and actively promotes industrial
upgrading and economic transformation. It invests in solar
energy, manufacturing, sustainable energy, renewable energy, real
estate, and business-jet services.

CMIG had total assets of more than CNY300 billion and interest-
bearing debts surpassing CNY170 billion at the end of 2017, but
its debts had surged to CNY232 billion by the end of September
2018. Sources have told Caixin that the company's troubles have
been compounded by a complicated web of internal investment
departments, and large exposure to deals involving the private
placement of shares in listed companies that have incurred heavy
losses. To raise cash, CMIG tried to sell two high-quality land
parcels in Shanghai, Caixin has learned.

The jury is still out on whether CMIG will default on the
exchange-traded bond, Caixin says. "Although the bond price has
dropped a lot, it's still hard to say whether it will default or
not at the end of the day," a bond market source told Caixin. He
said CMIG has some solid assets on its books such as financial
assets, property, aircraft and solar power stations, and that its
main problem is high costs - in management, manpower and
fundraising.

CMIG has 16 outstanding bond issues - five listed on the Shanghai
Stock Exchange, and 11 on the interbank market. Of the total, 12
are due to mature in 2019, according to data compiled by Caixin.
One three-year bond has matured and been repaid, and CMIG will
need to find CNY12.33 billion to pay back the other 11.

                       About China Minsheng

China Minsheng Investment Group is a private equity firm. The
firm seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business
jet services. The firm seeks to invest in Europe and the United
States.


SHARING ECONOMY: Cancels Four Proposed Acquisitions
---------------------------------------------------
Sharing Economy International Inc. said that these previously
announced proposed acquisitions have been terminated for the
following reasons:

1) Target: Pandoodle

   Contract: Entered into an Exclusivity Agreement dated
   February 8, 2018

   Reason for Terminating Contract: The parties have decided to
   discontinue negotiations.

2) Target: Icon Property Limited

   Contract: Entered into MOU on March 14, 2018

   Reason for Terminating Contract: The period allowed for the
   parties to enter into a definitive agreement has expired.

3) Target: Oob Media HK

   Contract: Entered into Exclusivity Agreements on May 10, 2018
   and June 26, 2018

   Reason for Terminating Contract: The parties have decided to
   discontinue negotiations

4) Target: Jidam

   Contract: Entered into an Exclusivity Agreement dated June 29,
   2018

   Reason for Terminating Contract: The parties have decided to
   discontinue negotiations.

                     About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry.  The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global
development of sharing through economical rental business models.
Throughout 2017, the Company made significant changes in the
overall direction of the Company.  Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related
rental businesses within the company.  These initiatives are
still in an early stage.  The Company did not generate
significant revenues from its sharing economy business
initiatives in 2017.

RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016.  As of Sept. 30, 2018, the
Company had $59.80 million in total assets, $9.46 million in
total liabilities and $50.33 million in total equity.


SHARING ECONOMY: SEIL Cancels Agreement with Gagfare Shareholder
----------------------------------------------------------------
Sharing Economy International, Inc.'s wholly-owned subsidiary,
Sharing Economy Investment Limited, has cancelled the Sale and
Purchase Agreement entered into on Aug. 17, 2018 with the
shareholder of Gagfare Limited, according to a Form 8-K filed
with the Securities and Exchange Commission.

                     About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry.  The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global
development of sharing through economical rental business models.
Throughout 2017, the Company made significant changes in the
overall direction of the Company.  Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related
rental businesses within the company.  These initiatives are
still in an early stage.  The Company did not generate
significant revenues from its sharing economy business
initiatives in 2017.

RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016.  As of Sept. 30, 2018, the
Company had $59.80 million in total assets, $9.46 million in
total liabilities and $50.33 million in total equity.


WINTIME ENERGY: Misses CNY1.7BB Payment on Debt Due Jan. 22
-----------------------------------------------------------
Caixin Global reports that Wintime Energy Co. Ltd., one of
China's biggest debt defaulters, has once again failed to repay
some of its debt because its controlling shareholders could not
get their hands on enough cash.

Following waves of defaults last year, the debt-ridden Shanghai-
listed company announced Jan. 23 that it was incapable of
repaying CNY1.07 billion (US$158 million) in one-year commercial
paper due Jan. 22, Caixin discloses citing a statement (link in
Chinese) on the company's website.

The guarantors of the commercial paper, including the company's
controlling shareholder Wintime Group Co. Ltd. and its actual
controller Wang Guangxi, were unable to meet their obligations to
repay the debt due to "liquidity constraints," according to the
statement.

In a letter to its creditors last year, Wintime Energy
acknowledged that it still had about CNY70 billion of unpaid debt
plus interest on its books, Caixin recounts. The company's
financial difficulties come as a number of Chinese firms have
also defaulted on debts following the government's increased
scrutiny on corporate debt amid a national deleveraging campaign.

Wintime Energy, however, doesn't have much control over its
capital, one of its senior executives said in a conference call
to creditors earlier this month, adding that banks hold a large
amount of its assets as collateral, Caixin relates.

Caixin says the company's core assets include power generation
and coal production facilities - with the former now controlled
by policy bank China Development Bank, a member of the creditor
committee. China Citic Bank, another member of the committee, has
applied to regulators for control over the company's coal assets.

Last year, Wintime Energy rolled out a plan to deal with its
enormous debt, Caixin says. Pei Yuyi, head of the company's
financing department, said the creditor committee may announce
the newest debt restructuring plan after the Lunar New Year
holiday, which falls in early February this year.

At the end of September, Wintime Energy had CNY79 billion in
total liabilities, nearly 73% of its total assets, Caixin
discloses citing Wintime's third quarter financial report.

                       About Wintime Energy

China-based Wintime Energy Co., Ltd., engages in the power,
mining, petrochemical, logistics and investment, and other
businesses in China. The company generates power; mines and
produces coking coal; and processes shale gas. It has an electric
power installed capacity of 10.94 million kilowatts; a total of
14 producing mines; and shale gas exploration rights. The company
is also involved in the new energy business; and distribution of
petrochemicals. In addition, it invests in strategic emerging
industry projects, financial sector, coking coal and thermal coal
projects, and power and new energy projects.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2018, Reuters said Wintime Energy Co. had defaulted on
principal and interest payments on a puttable medium-term note
after investors exercised their options to sell bonds back to the
company. The payments, worth a total of CNY1.49 billion ($214.74
million), were due Oct. 22, the company said in a statement on
the website of the Shanghai Clearing House, Reuters relates.
In a separate statement, the company said the default had
triggered cross-protection clauses in six of its other
outstanding debt instruments.



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ADISHAKTI ALLOYS: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the bank facilities of Adishakti Alloys
Private Limited (AAPL) continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-Fund     7.25      [ICRA]D ISSUER NOT COOPERATING;
   based Limit-                 Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Short-term-Non-    14.45     [ICRA]D ISSUER NOT COOPERATING;
   fund-based limit             Ratings continue to remain under
                                'Issuer Not Cooperating' category

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

Adishakti Alloys Pvt Ltd, incorporated in 1995, is involved in
manufacturing of aluminium alloy ingots and billets from recycled
aluminium scrap. AAPL's manufacturing facility is in West Bengal
and its products are used in power transmission, auto components
and other engineering units.


AGASTI SSK: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Agasti
S.S.K. Limited (ASSKL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working        17       CRISIL B-/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ASSKL 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 ASSKL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on ASSKL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

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

ASSKL, set up in 1989, is a co-operative society manufacturing
sugar. It is based in Akole (Maharashtra) and has sugar cane
crushing capacity of 2500 tonnes per day.


AISHWARYA FEEDS: Ind-Ra Rates INR4.3MM Loans Due August 2019 BB-
----------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Aishwarya Feeds
(AFS) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR4.3 mil. Long-term loans due on August 2019 assigned with
    IND BB-/Stable rating; and

-- INR290 mil. Fund-based facilities assigned with IND BB-
    /Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect liquidity pressures on AFS, despite sharp
revenue growth in FY18. The company's use of the fund-based
facilities was 100% over the 12 months ended November 2018. The
cash flow from operations turned negative in FY18, due to
incremental working capital requirements, which were funded by
through debt. The working capital cycle remains long, despite
reducing to 59 days in FY18 (FY17: 63 days), primarily on account
of high debtor days of 77 days (77 days). As on November 2018,
the firm had an outstanding term loan of INR4.3 million that will
be repaid fully by August 2019.

Also, although the revenue increased 18.4% yoy in FY18 to
INR2,807 million on account of an increase in the number of
orders executed, the scale of operations is medium. AFS has
achieved revenue of INR1,968.8 million during 8MFY19. The
management expects the increasing trend in revenue to continue in
FY19 on account of continues orders from existing customers.

The ratings also reflect AFS's stretched credit metrics due to
modest EBITDA margins and high debt levels, with interest
coverage (operating EBITDA/gross interest expense) of 1.2x in
FY18 (FY17: 1.3x) and net leverage (adjusted net debt/operating
EBITDAR) of 7.5x (6.3x). The credit metrics deteriorated in FY18
due to an additional short-term debt availed as adhoc limit
during March 2018.

The modest margins are a result of the fragmented nature of the
poultry industry which results in high competition. Also, the
industry is susceptible to potential disease outbreaks. EBITDA
margins fell to 2.0% in FY18 (FY17: 2.3%), on account of an
increase in raw material price. The return on capital employed
was 10% in FY18.

However, the ratings are supported by the company's promoter's
experience of more than four decades in the production of poultry
feeds and egg sales, leading to longstanding relationships with
customers and suppliers.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position while
maintaining the scale of operations and profitability leading to
an improvement in the credit metrics, all on a sustained basis,
could be positive for the ratings.

Negative: Any further stress on the liquidity position
/substantial decline in the profitability leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

AFS is a Namakkal (Tamil Nadu) based partnership concern
incorporated in 1975. It is involved in the production of poultry
feeds and egg sales.


AISHWARYA FEEDS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on the bank facilities of
Aishwarya Feeds (AF) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           25        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         0.73     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit         4.00     CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AF for obtaining
information through letters and emails dated December 18, 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 AF. 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 AF
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of AF to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL has withdrawn its rating on the Rs.25 crore Cash Credit
facility of AF 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.

Set up in 1996 and based in Namakkal (Tamil Nadu), AF
manufactures poultry and cattle feed. It is also engaged in the
trading of eggs. Its operations are managed by the managing
partners, Mr. R Gunasekaran and his family members.


ARUN MATHEW: CRISIL Withdraws B- Rating on INR6cr Loans
-------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Arun
Mathew (AM) 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            5          CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

   Long Term Loan         1          CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

CRISIL has been consistently following up with Arun Mathew (AM)
for obtaining information through letters and emails dated
December 18, 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 AM. 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 AM
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 AM to
'CRISIL B-/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of AM 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.

AM was set up in 1960 by the proprietor, Mr K T Mathew; it was
taken over by his son, Mr Arun Mathew, in 1980. The firm runs a
nursery, Kinattukara Nutmeg Plantation and Nursery, which
supplies nutmeg budded plants to farmers and government agencies.
The firm has over nine acres of farm in Kerala and eight acres of
farm in Karnataka. AM is certified ISO: 2001, National Seed
Corporation, National horticulture board and directors of
horticulture Tamil Nadu, Karnataka, and Kerala.


BALAJI INFRAVENTURES: ICRA Moves D Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Balaji Infraventures Private Limited (BIPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Fund-based-       5.00      [ICRA]D ISSUER NOT COOPERATING;
   Limit-cash                  Rating moved to the 'Issuer Not
   Credit                      Cooperating' category

   Fund-based-       7.00      [ICRA]D ISSUER NOT COOPERATING;
   Limit-term                  Rating moved to the 'Issuer Not
   loan                        Cooperating' category

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

Incorporated in 2009, Balaji Infraventures Private Limited is
promoted by Mr. Nitish Agarwal, Mr. Naresh Agarwal and Mr. Shiv
Kumar Agarwal. BIPL has built a commercial complex containing
mall, multiplex, restaurant, food court and gaming zone under the
name of "Grand Mall" at Gouri Shanker Mandir, Raigarh.


BARAKA OVERSEAS: ICRA Reaffirms B+ Rating on INR18cr Loan
---------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Baraka
Overseas Traders at [ICRA]B+ (Stable).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-
   Fund-based          18.00      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating remains constrained by the firm's leveraged capital
structure owing to relatively high reliance on external
borrowings coupled with moderation in the firm's net worth
position over the recent past on account of withdrawals by the
partners. The rating considers the highly fragmented nature of
the Indian sea-food industry, which results in intense
competition among players and restricts the firm's pricing
flexibility. The rating also factors in the inherent risks
prevailing in the seafood industry such as susceptibility of
seafood availability to diseases, climate changes and government
regulations. The rating also considers the vulnerability of the
firm's profit margins to fluctuations in foreign exchange rates,
to the extent of the unhedged exposure.

The rating, nevertheless, derives comfort from the long track
record of the promoters in the sea-food processing business for
more than three decades. The rating positively factors in the
firm's long-term association with its key customers, which has
ensured repeat orders and aided in revenue stability. The rating
continues to favourably factor in the proximity of the firm's
processing plant to the West coast, ensuring adequate supply of
sea food with lower delivery time and transportation cost. The
rating also positively factors in the healthy growth in operating
income in the past two years, supported by improved customer
demand.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that BOT will
continue to benefit from the extensive experience of the
promoters in the seafood industry and the firm's long-term
association with its key customers. The outlook may be revised to
Positive if the firm's liquidity position and capital structure
improve, aided by better working capital management and limited
withdrawals by the partners, respectively. The outlook may be
revised to Negative if cash accruals are lower than expected or
if any substantial cash withdrawals by the partners or
deterioration in the working capital cycle, weakens the liquidity
position of the firm.

Key rating drivers

Credit strengths

Significant experience of promoters in the seafood industry: The
promoters of the firm have extensive experience of more than
three decades in the seafood industry. Long experience of the
promoters, coupled with proven track record of the firm, has
enabled it in establishing strong ties with its customers and
suppliers.

Strategic location of the processing facility in the West coast:
The firm's processing facility is strategically located in
Mangalore and the same ensures adequate fish supply of desired
quality, with low delivery time and transportation cost.

Healthy growth in operating income: The firm's operating income
grew by 22.1% in FY2018, primarily aided by healthy flow of
export orders from its existing customers as well as newly
acquired customers. Besides, the long-term association with key
customers has ensured repeat orders and aided in revenue
stability over the years.

Credit challenges

Exposed to risks inherent to the seafood industry: The firm's
operations are exposed to certain risks inherent to the seafood
industry such as susceptibility to disease outbreaks and adverse
agro-climatic conditions, among others.

Intense competition owing to highly fragmented nature of the
seafood industry: The seafood industry is highly fragmented in
nature, characterised by the presence of many players. This has
resulted in intense competition among the players, thereby
restricting the pricing flexibility of the firm. Besides, low
value-additive nature of operations also results in thin profit
margins.

Vulnerability of profit margins to fluctuation in foreign
exchange: With the firm deriving more than 95% of its revenues
from exports, its profit margins are susceptible to fluctuations
in foreign exchange to the extent of its unhedged foreign
exchange exposure.

Risk of cash withdrawal associated with the partnership nature of
the firm: Given the partnership nature of the firm, any
substantial cash withdrawals by the partners is likely to have an
adverse impact on the capital structure, as witnessed in the
past.

Liquidity position

BOT's liquidity position remained moderate as characterised by
the limited availability of unutilised working capital
borrowings, high working capital intensity of operations and low
cash balances as of March-end.

Baraka Overseas Traders was established as a partnership firm in
1979. The firm is involved in exports of frozen seafood with the
United States, Mauritius, France and the UK as key export
destinations. Major varieties of seafood exported by the firm
include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid,
among others. The firm's processing facility is in Ullal,
Mangalore district of Karnataka.

The firm reported an operating income of INR62.25 crore and a net
profit of INR0.76 crore in FY2018 as against an operating income
of INR50.98 crore and a net profit of INR0.94 crore in FY2017.


BRAHMAPUTRA INFRA: ICRA Withdraws D Rating on INR893.80cr Loans
---------------------------------------------------------------
ICRA has withdrawn the ratings on the bank facilities of
Brahmaputra Infrastructure Limited.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund    145.98      [ICRA]D; ISSUER NOT COOPERATING;
   Based/CC                      Withdrawn

   Long Term- Fund   269.74      [ICRA]D; ISSUER NOT COOPERATING;
   Based TL                      Withdrawn

   Short Term-Non    478.08      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Withdrawn

Rationale

The rating withdrawal is in accordance with ICRA policy on
Withdrawal and Suspension of Credit Ratings, request from the
client for withdrawal of rating and NOCs and No Overdues provided
by the client.

Key rating drivers

Key Rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

Liquidity Position:

In the absence of requisite information/cooperation from the
client, liquidity position has not be analysed

Originally established as a proprietorship firm in 1987 and
incorporated in September 1998, Brahmaputra Infrastructure
Limited (earlier Brahamputra Consortium Limited) is a
construction company executing mining, civil construction, roads
& highway projects. Over the years, BIL has executed several
contracts in various segments like building construction, roads,
mining, tunnels, other civil construction works etc. mainly for
public sector undertakings (PSUs) and Government departments.


CARAMIA GRANITO: ICRA Hikes Rating on INR19.50cr Loan to B+
-----------------------------------------------------------
ICRA has revised the rating on the bank facility of Caramia
Granito LLP to [ICRA]B+(Stable).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           19.50       [ICRA]B+(Stable); upgraded
                                   from [ICRA]B(Stable)

   Cash Credit          9.00       [ICRA]B+(Stable); upgraded
                                   from [ICRA]B(Stable)

   Bank Guarantee       1.50       [ICRA]A4; reaffirmed

Rationale

The rating upgrade factors in the sales ramp up in 6MFY2019 (June
2018 to November 2018) post stabilisation of operations, though
the firm's overall scale of operation remains small. Further, the
ratings continue to positively factor in the adequate experience
of the promoters in the ceramic industry, the benefits derived
from its associate concern's marketing and distribution network
and the proximity of CGL's plant to raw material sources by
virtue of its presence in Morbi (Gujarat).

The ratings, however, continue to be constrained by the firm's
weak financial risk profile, marked by losses at the net level,
leveraged capital structure and below-average debt coverage
indicators in FY2019. The ratings also factor in the highly
fragmented ceramic tile industry, which results in intense
competition. Moreover, the firm's profitability is vulnerable to
volatility in raw material and fuel prices and cyclicality in the
real estate industry, which remains its main end-user sector.

Outlook: Stable

ICRA expects CGL to continue to benefit from the extensive
experience of its promoters in the ceramic industry. The outlook
may be revised to Positive if substantial growth in revenue and
profitability and better working capital management strengthen
the financial risk profile. The outlook may be revised to
Negative if lower-than-expected cash accrual delays the debt
servicing obligations or any major debt-funded capex or lower
infusion of capital by partners or a stretch in working capital
cycle weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in ceramic industry: The
promoters have decade-long experience vide their association with
other companies in the ceramic industry. CGL benefits from the
established marketing channels of Group entities.

Location-specific advantage: The location of the firm's
manufacturing facility in the ceramic tiles manufacturing hub of
Morbi enables it to procure quality raw materials at a
competitive price and save on transportation cost.

Successful commissioning and stabilisation of operations: The
firm completed the project within the estimated cost and
commenced commercial production in June 2018. CGL has
successfully stabilised its operations, mirrored from its revenue
of INR9.64 crore in 6MFY2019 (June 2018 to November 2018-
Provisional figure).

Credit challenges Small-scale operation: CGL commenced production
of soluble salt vitrified tiles from June 2018 and reported an
operating revenue of INR9.64 crore till November 30, 2018. The
firm's scale of operation is expected to remain that of a small
ceramic player, with an estimated revenue of INR~25 crore by the
end of fiscal FY2019.

Weak financial risk profile: The firm's financial risk profile is
expected to remain weak in the near to medium term because of the
debt-funded capex and the impending debt repayments. The gearing
of the firm is estimated to remain ~2.10 times, DSCR of ~1.10
times and Total debt/OPBIDTA of 7.64 times in FY2019.

Profitability susceptible to pressure from intense competition
and cyclicality in real-estate industry: The ceramic tile
manufacturing industry is fragmented, which results in intense
competition and exerts pressure on the profit margins. Further,
the real estate industry is the major consumer of ceramic tiles,
and hence CGL's profitability and cash flows are likely to remain
vulnerable to the cyclicality in the real-estate industry.

Vulnerability of profitability to fluctuations in raw material
prices: Raw material and fuel are the two major manufacturing
cost components determining the cost competitiveness of a player
in the ceramic industry. CGL has limited control over the prices
of its key input such as coal and raw material. Hence, the firm's
margin is vulnerable to movement in raw material and gas/coal
prices and relies on the firm's ability to pass on any adverse
movement to customers.

Liquidity position

The firm has been sanctioned fund-based limits of INR9.00 core to
support its working capital requirements. Going forward, CGL's
liquidity will depend on the successful ramp-up of operations,
coupled with its ability to generate adequate cash accruals to
meet its high debt repayment obligations.

Established in April 2017, CGL manufactures soluble salt
vitrified tiles at its facility in Morbi (Gujarat). The unit has
an estimated installed capacity of producing ~56,700 MT of tiles
annually. The unit became fully operational in June 2018.


DURGA AUTOMOTIVES: ICRA Keeps D Loan Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the bank facilities of Durga
Automotives Pvt Ltd (DAPL) continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          12.00       [ICRA]D ISSUER NOT
   Limit-Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

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

Durga Automotives Pvt Ltd was incorporated in 1998. It is an
authorised dealer of HMIL for sales of passenger cars and an
authorised dealer of Piaggio for sales of commercial vehicles in
Siliguri, West Bengal. Apart from vehicle sales, DAPL is also
involved in sales of spare parts and accessories and providing
after sales services. DAPL started its operations with a single
showroom in Siliguri and has gradually expanded its operations.


G G EXPORT: Ind-Ra Assigns 'B-' LT Issuer Rating to INR100MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G G Export (GGE)
a Long-Term Issuer Rating of 'IND B-'. The Outlook is Stable.

The instrument-wise rating action is:

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

KEY RATING DRIVERS

The ratings reflect GGE's stressed liquidity position as
indicated by several instances of overutilization of the fund-
based working capital limits for up to three weeks during the 12
months ended November 2018. At FYE18, the firm had a cash balance
of INR0.6 million (FYE17: INR2.6 million).

The ratings are also constrained by GGE's small scale of
operations. Revenue plunged to INR110 million in FY18 (FY17:
INR319 million) due to the government's ban on sale of cattle
meat. GGE recorded revenue of INR120 million during 8MFY19.
EBITDA margin was modest and ranged between 3.0% and 10.4% during
FY16-FY18 (FY18: 10.4%, FY17: 3%). The firm's return on capital
employed was 7% in FY18.

GGE's credit metrics were weak as reflected by a low interest
coverage (operating EBITDA/gross interest expense) of 1.3x in
FY18 (FY17: 1.2x) and a high net leverage (total adjusted net
debt/operating EBITDAR) of 8.7x (10.1x). The improvement in the
credit metrics was attributed to an increase in absolute EBITDA
to INR11 million in FY18 (FY17: INR10 million).

The ratings are also constrained by GGE's elongated working
capital cycle of 533 days in FY18 (FY17: 104 days). The
elongation was due to a long inventory holding period of 376 days
in FY18 (FY17: 48 days), resulting from lack of orders.

However, the rating also benefits from GGE's partners' experience
of more than two decades in the trading of cattle meat.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position or an
improvement in the credit profile, all on a sustained basis,
could be positive for the ratings.

Negative: Any further stress on the liquidity position or stretch
in the credit profile will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2015, GGE exports buffalo meat and basmati rice.
V.R.Gunasekaran, S.Gopalakrishnan, K.Sugumar and T.Arulselvi are
the partners.


HAZARIBAGH RANCHI: Ind-Ra Cuts Rating on NCDs to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings on
Hazaribagh Ranchi Expressway Limited's (HREL) non-convertible
debentures (NCDs) to 'IND BB (SO)' from 'IND AAA (SO)' while
revising the Rating Watch status to Rating Watch Evolving (RWE)
from Rating Watch Negative (RWN) as follows:

-- INR5.380 bil. (outstanding INR4.580 bil. as on date) Senior
     NCDs* downgraded; Rating Watch Revised to Evolving from
     Negative with IND BB (SO)/RWE; and

-- INR1.770 bil. (outstanding INR1.430 bil. as on date)
     Subordinate NCDs* with downgraded; Rating Watch Revised to
     Evolving from Negative with IND BB (SO)/RWE.

* Details in annexure

KEY RATING DRIVERS

The rating action reflects the IL&FS group's management's
indication that pursuant to the National Company Law Appellate
Tribunal's (NCLAT) interim stay order dated October 15, 2018,
they are testing each special purpose vehicle (SPV) for a
solvency test. The solvency test undertaken considers the
subordinated loans provided by the sponsor, IL&FS Transportation
Networks Limited's (ITNL; 'IND D'), 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 sponsor loans for testing solvency reduces the
repayment capability of the project. While this is against the
spirit of the financial agreements, including the ring fencing
mechanism, 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.

Some ITNL's SPVs, including Jharkhand Road Projects
Implementation Company Limited (JRPICL, debt rated 'IND D (SO)'),
have taken a stance, through their letters to the trustees to
desist from making further debits from the SPVs' accounts for
servicing any debt obligations in light of the NCLAT order. The
debenture holders of JRPICL have written to JRPICL, stating that
the letter is untenable as the NCLAT order has been misread in
light of the legal opinion being received, which quoted that the
regular principal and interest payments of the existing
debentures are not to be affected.

Although Ind-Ra has not received any such letter for HREL yet,
there is heightened uncertainty of future debt servicing by HREL
as well. This follows the precedence from JRPICL, where despite
the availability of funds to pay the senior bondholders the bonds
defaulted.

The ratings assess the ability to pay, and although there are
adequate cash flows to meet the debt service obligations, the
demonstration of a default in the instance of JRPICL (despite
availability of funds to process the debt service payment) poses
the risk related to HREL's debt payment issues, and hence, the
ratings are severely impacted.

Failure to honor payments on the due date of April 12, 2019 will
lead to a further rating downgrade to 'IND D' in line with The
Securities and Exchange Board of India's regulations that direct
credit rating agencies to recognize defaults on  the 'one day one
rupee' principle.

HREL has so far received 12 annuity payments. The 12th annuity of
INR634 million was received on September 28, 2018 against the
scheduled date of September 15, 2018. HREL had an INR563.9
million debt service reserve and INR263.2 million worth of
investments in liquid mutual funds as on December 26, 2018, of
which INR33.9 million is for a major maintenance reserve. The
cash and bank balance of INR6.83 million is also being
maintained.

RATING SENSITIVITIES

The RWE indicates that the rating may be upgraded, downgraded or
affirmed. Ind-Ra will resolve the RWE once there is greater
visibility about NCLAT's judgment on the legal position of the
ring fencing of the SPVs, tenability of the stance on the
consolidation of the subordinated loan from the sponsor and the
actions undertaken by the trustees and the escrow bank towards
timely debt payment.

COMPANY PROFILE

HREL is an SPV created by ITNL for the purpose of designing,
constructing and maintaining the four-lane Hazaribagh-Ranchi
section of NH33 to 114km from 40.5km in Jharkhand on a build-
operate-transfer-annuity basis. National Highways Authority of
India ('IND AAA'/Stable) awarded the project to HREL under a
competitive bidding process and has agreed to pay a semi-annual
annuity of INR640.80 million over the concession period of 18
years. The company has also received the final completion
certificate effective April 1, 2015. HREL achieved provisional
completion on September 15, 2012 and received the first annuity
in July 2013. The project was completed 134 days ahead of the
scheduled project completion date, which entitled HREL to receive
an early completion bonus of INR470 million.


JOMSONS ENTERPRISES: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jomsons
Enterprises (India) Private Limited (JE; part of the Jomsons
group) to 'CRISIL B/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         11         CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       9.5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JE for obtaining
information through letters and emails dated December 18, 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 JE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JE is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JE and Bestin Plast (BP). This is
because both the entities, together referred to as the Jomsons
group, are in the same line of business, have operational and
financial linkages, and are managed by the same promoter.

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

The Jomsons group trades in PVC panel profiles and is venturing
into customised printing in 3D texture on doors, ceilings,
floors, and other surfaces. JE, formerly known as Jomsons
Plastics, was established in 2011 and BP in 1993. Both entities,
based in Thrissur (Kerala), are managed by Mr Bestin Joy.


JORBAT SHILLONG: Ind-Ra Lowers Rating on INR8.8BB NCDs to BB-
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jorbat
Shillong Expressway Limited's (JSEL) senior and subordinated non-
convertible debentures' (NCDs) ratings to 'IND BB- (SO)' from
'IND AAA(SO)' while revising the Rating Watch Status to Rating
Watch Evolving (RWE) from Rating Watch Negative as follows:

-- INR6.412 bil. Senior NCDs* downgraded; Rating Watch Revised
    to Evolving from Negative with IND BB (SO)/RWE; and

-- INR2,421.6 bil. Subordinate NCDs* downgraded; Rating Watch
     Revised to Evolving from Negative with IND BB (SO)/RWE.

* Details in annexure

KEY RATING DRIVERS

The rating action reflects the IL&FS group's management's
indication that pursuant to the National Company Law Appellate
Tribunal's (NCLAT) interim stay order dated October 15, 2018,
they are testing each special purpose vehicle (SPV) for a
solvency test. The solvency test undertaken considers the
subordinated loans provided by the sponsor, IL&FS Transportation
Networks Limited's (ITNL; 'IND D'), 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 sponsor loans for testing solvency reduces the
repayment capability of the project. While this is against the
spirit of the financial agreements, including the ring fencing
mechanism, it indicates the inability of the project to pay off
both senior NCDs and subordinated loans from the sponsor that
could ultimately lead to a default.

Some ITNL's SPVs, including Jharkhand Road Projects
Implementation Company Limited (JRPICL), whose debt is rated 'IND
D (SO)'), have taken a stance, through their letters to the
trustees to desist from making further debits from the SPVs'
accounts for servicing any debt obligations in light of the NCLAT
order. The debenture holders of JRPICL have written to JRPICL,
stating that the letter is untenable as the NCLAT order has been
misread in light of the legal opinion being received, which was
quoted that the regular principal and interest payments of the
existing debentures are not to be affected.

Although Ind-Ra has not received any such letter for JSEL yet,
there is heightened uncertainty of future debt servicing by JSEL
as well. This follows the precedence from JRPICL, where despite
the availability of funds to pay the senior bondholders, the
bonds defaulted.

The ratings assess the ability to pay, and although there are
adequate cash flows to meet the debt service obligations, the
demonstration of a default in the instance of JRPICL (despite
availability of funds to process the debt service payment) poses
the risk related to JSEL's debt payment issues, and hence, the
ratings are severely impacted.

Failure to honor payments on the due date of 1 March 2019 will
lead to a further rating downgrade to 'IND D' in line with The
Securities and Exchange Board of India's regulations that direct
credit rating agencies to recognize defaults on the 'one day one
rupee' principle.

JSEL has received five annuities until date. The next annuity is
due on January 28, 2019. However, there are deficiencies pointed
out in maintenance activities in the independent engineer's
report for November 2018. The report has indicated imposing
penalties for the non-completion of balance works, poor
maintenance and non-compliance with operation and maintenance
obligations, reflecting on high operation and maintenance risks
due to the weakened credit profile of the operation and
maintenance contractor, ITNL. According to the company, the
project had a cash of INR595 million in the debt service reserve
account and a cash of INR90 million as on December 31, 2018.

RATING SENSITIVITIES

The RWE indicates that the rating may be upgraded, downgraded or
affirmed. Ind-Ra will resolve the RWE once there is greater
visibility about the NCLAT's judgment on the legal position of
the ring fencing of the SPVs, the tenability of the stance on the
consolidation of the subordinated loan from the sponsor and the
actions undertaken by the trustees and the escrow bank towards
timely debt payment.

COMPANY PROFILE

JSEL is a SPV that was incorporated to implement a lane expansion
project under the build-operate-transfer annuity model. JSEL has
a 20-year concession (expiring in January 2031) from National
Highways Authority of India ('IND AAA'/Stable) to design,
construct, develop, finance, operate and maintain a 61.8km
stretch between Jorbat (Assam) and Barapani (Meghalaya) on NH 40.


LOVATO CERAMIC: ICRA Withdraws B+ Rating on INR5cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ with a Stable
outlook and the short term rating of [ICRA]A4 assigned to the
INR9.31 crore bank facilities of Lovato Ceramic Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits-    5.00       [ICRA]B+ (Stable); Withdrawn
   Cash Credit

   Fund based limits-    2.71       [ICRA]B+ (Stable); Withdrawn
   Term Loan

   Non fund based
   Limits                1.60       [ICRA]A4; Withdrawn

Rationale

The ratings assigned to Lovato Ceramic Private Limited have been
withdrawn at its request based on the no due certificate provided
by its bankers.

Outlook: Not applicable

Key rating drivers:

Key Rating drivers has not been captured as the rated
instrument(s) are being withdrawn.

Liquidity position:

Liquidity position has not been captured as the rated
instrument(s) are being withdrawn.

Incorporated in June 2009, Lovato Ceramic Private Limited (LCPL)
commenced commercial production of ceramic wall tiles in February
2010. Its plant is located at Morbi in Rajkot district of
Gujarat. LCPL is managed by Mr. Jaydeep Patel. The company
currently manufactures wall tiles of sizes 12"x12", 12"x18" and
12"x24" and has established 'Lovato' brand for selling its
product.


MOUNT VELOUR: CRISIL Lowers Rating on INR10cr Loans to B
--------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Mount Velour Rubber Works Private Limited (MVRWL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term     2         CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The downgrade reflects continued pressure in MVRWL's liquidity
position reflected in high bank limits utilization of 99% for
twelve months trailing September 2018. The working capital cycle
has seen increase in terms of the debtor days increasing to 22
days from the historical 7-11 days resulting in overall increase
in GCA days. CRISIL believes that MVRWL's liquidity will remain
under pressure over the medium term.

The rating continues to reflect its modest scale of operations,
exposure to intense competition in the rubber and tyre industry,
and below-average financial risk profile because of a small net
worth. These weaknesses are partially offset by the extensive
experience of its promoters and established customer
relationship.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in competitive segment: With revenue
of INR75.72 crore in fiscals 2018, scale remains small due to
intense competition in the rubber and tyre industry.

* Below-average financial risk profile: Net worth and gearing
were weak at INR3.11 crore and 2.69 times, respectively, as on
March 31, 2018.

Strengths

* Extensive experience of promoters and reputed clientele:
Industry presence of around four decades has enabled the
promoters to build a strong network of reputed customers.

Outlook: Stable

CRISIL believes MVRWL will continue to benefit over the medium
term from the extensive experience of its promoters in the rubber
industry. The outlook may be revised to 'Positive' if improvement
in scale of operations and operating profitability leads to a
better financial risk profile. The outlook may be revised to
'Negative' if financial risk profile deteriorates on account of
lower sales and profitability or large debt-funded capital
expenditure.

Liquidity

MVRWL has sufficient liquidity as seen in the cash accruals
against no debt obligations. Bank Limit Utilization is high
marked by fully utilized bank lines as seen in the average bank
limit utilization of 99% for the last 12 months ended Sep
2018.Current ratio are moderate as on March 31,2018.

Set up in 1977 as a partnership firm by Mr M Usman and his
associates and reconstituted as a private limited company in
2005, MVRWL manufactures block rubber. The company is based in
Nilambur, Kerala.


NAV VIDYA: ICRA Lowers Rating on INR54.35cr Loan to D
-----------------------------------------------------
ICRA has revised the ratings on the bank facilities of Nav Vidya
Society for Education Research & Training to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based/          54.35      [ICRA]D; Downgraded from
   Term Loan                       [ICRA]BB (Stable)

Rationale

The rating downgrade takes into account the delays in debt
servicing by Nav Vidya Society for Education Research & Training,
due to cash flow mismatches and lack of timely financial support
from the promoters coupled with sizeable repayment obligations.
The rating continues to be constrained by the society's exposure
to competitive pressures and regulatory risks. Going forward, a
track record of the timely debt servicing will be the key rating
sensitivity.

Key rating drivers

Credit challenges

Delays in debt servicing: The society delayed its term loan
repayments by approximately 15 days for the month of December
2018.

Liquidity Position:

NVSERT's liquidity profile remains weak given high debt
repayments. The society has been facing a sizeable cash flow
shortfall resulting in debt servicing delays.

NVSERT runs the GD Goenka Public School in Gurgaon. The school
commenced operations in April 2013. The promoter group has
significant experience in the education sector, as it already
operates the Rohini branch and Sarita Vihar branch of GD Goenka
Public School since 2007 and 2015, respectively.

In FY2017, the society reported a net surplus of INR0.02 crore on
revenue receipts of INR37.57 crore compared with net losses of
INR3.78 crore on revenue receipts of INR24.64 crore in the
previous year.


PANALE INFRA: CRISIL Keeps B- on INR2.6cr Debt in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Panale
Infrastructures Private Limited (PIPL) 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        3          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.6        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 PIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PIPL 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 PIPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

PIPL was incorporated in 2009 by Mr. Pundik Vitthalrao Panale. It
undertakes construction of roads, bridges and buildings for
government and private players in Maharashtra. PIPL is registered
with the Public Works Department, Maharashtra, and the
Maharashtra Irrigation Department.


PARANKUSH FOOD: ICRA Maintains B+ Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the bank facilities of Parankush Food
Processing & Rice Mill (P) Limited (PFPRM) continue to remain
under 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           1.75       [ICRA]B+ (Stable) ISSUER NOT
   Limit-Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund based           3.68       [ICRA]B+ (Stable) ISSUER NOT
   Limit-term                      COOPERATING; Rating continues
   loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund-            0.18       [ICRA]A4 ISSUER NOT
   based-limit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in August 2008, Parankush Food Processing & Rice
Mill (P) Limited started commercial operations in August 2012 as
a rice milling unit in the district of Hooghly, West Bengal. The
company has a milling capacity of 120 MT per day; translating
into an annual milling capacity of 36000 MT. The promoters have
significant experience in rice trading over the years.


PARASAKTI ORTHOCARE: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Parasakti
Orthocare (PO) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          1        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PO for obtaining
information through letters and emails dated October 22, 2018,
November 28, 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 PO, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PO is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

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

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

Set up in 2008, PO is a partnership firm of Mr V Yuvarajan and
his brothers. The firm distributes orthopaedic implants of J&J in
the Chennai and Vellore districts.


PUJA QUENCH: CRISIL Migrates 'B' Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Puja Quench
Distributors India Private Limited (PQPL) 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            3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

'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 PQPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PQPL 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 PQPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

The Delhi-based PQPL was set up as a proprietorship concern in
2003 and reconstituted as a private limited company in 2010. The
company is primarily engaged in trading bulk milk and soft-
drinks. It is a carrying and forwarding agent for Coca Cola India
Pvt Ltd, for soft-drinks, and supplies milk in bulk quantities to
co-packers, milk traders and dairies.


R.K.R. GOLD: Ind-Ra Rates INR650MM Loan BB+, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R.K.R. Gold
Private Limited (RKRGPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating; and

-- INR650 mil. Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect RKRGPL's moderate credit metrics owing to
high working capital requirements. As per unaudited financials
for FY18, RKRGPL's interest coverage (operating EBITDA/gross
interest expense) was stable at 1.3x (FY17: 1.3x), while its net
financial leverage (adjusted net debt/operating EBITDAR)
deteriorated marginally to 5.8x (4.8x) due to an increase in
short-term debt utilization at end-March 2018, which pushed up
the total debt to INR789.9 million (INR734.2 million).

The ratings also take into consideration RKRGPL's modest and
volatile operating margins due to the commoditized nature of raw
material. The margins hovered between 3.6% and 4.6% in the four
years ended FY18. The company's return on capital employed was
13.3% in FY18 (FY17:14.4%) and its EBITDA margin was average at
4.2% (4.6%).

The ratings also factor in RKRGPL's tight liquidity position, as
indicated by the almost full utilization of its fund-based
working capital facilities and 53% utilization of its non-fund-
based facilities during the 12 months ended December 2018. Its
cash flow from operations turned to a negative INR110.2 million
in FY18 (FY17:INR80.4 million) owing to high working capital
requirements and lower EBITDA. As of March 2018, the company had
a cash balance of INR24 million. Net cash conversion cycle
improved to 47 days in FY18 (FY17: 48 days).

The ratings are supported by the company's large scale of
operations, with revenue of INR3,107.1 million in FY18 (FY17:
INR2,987.5 million). Revenue increased in FY18 because the
company expanded its customer base and increased its product
offerings by introducing new designs during FY18-FY19. The
revenue is estimated to increase further in FY19, as RKRGPL is
expanding its manufacturing capacity by adding Unit III , which
is  expected to commence operations from 4QFY19. Revenue declined
15.6% yoy in FY17 due to the strike against the imposition of
excise duty during April-June 2016, which affected the operations
at the company's manufacturing facilities, and the impact of
demonetization during November 2016-January 2017. RKRGPL
generated revenue of INR2,671.3 million in the first seven months
of FY19.

The ratings also benefit from the company's established market
position, with an operational track record of over 30 years, and
the promoter's experience of more than two decades in the jewelry
manufacturing business. Additionally, the company has strong
relationships with its clients and also has a robust base of
suppliers.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2006 in Coimbatore, Tamil Nadu, RKRGPL
manufactures and distributes gold jewelry.


RAIGARH FOODS: ICRA Gives D Ratings to INR14.50cr Loans
-------------------------------------------------------
ICRA has reassigned the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING for the bank
facilities of Raigarh Foods & Hotel Business Private Limited
(RFHBPL). ICRA has also reassigned the short-term rating to
[ICRA]D ISSUER NOT COOPERATING from [ICRA]A4 ISSUER NOT
COOPERATING for the non-fund based bank facility of RFHBPL. The
ratings continue to be in the 'Issuer Not Cooperating' category.
The ratings are now denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        7.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Reassigned from [ICRA]B+ (Stable)
                                ISSUER NOT COOPERATING

   Unallocated        1.00      [ICRA]D ISSUER NOT COOPERATING;
   Limit                        Reassigned from [ICRA]B+ (Stable)
                                ISSUER NOT COOPERATING

   Non-fund based     6.00      [ICRA]D ISSUER NOT COOPERATING;
   Limit-Bank                   Reassigned from [ICRA]A4
   Guarantee                    ISSUER NOT COOPERATING

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

Rationale

The ratings take into consideration the irregularity in debt
servicing by RFHBPL, as confirmed by its lender to ICRA.

RFHBPL was incorporated as a private limited company in 1996 by
Mr. Subhash Agarwal based in Raigarh, Chhattisgarh. The company
is primarily engaged in the milling of raw and par-boiled rice.


RATNA COT: CRISIL Maintains B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Ratna Cot Fibers
(RCF) 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            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.8       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 RCF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCF 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 RCF continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

RCF was set up as a partnership firm in June 2014 by Mr. Om
Prakash Agarwal, Mr. Shivam Shyam Sunder Agarwal, and Mr. Ajay
Agarwal. It gins and presses raw cotton. Its unit at Sendhwa,
Madhya Pradesh, has capacity of 200 bales per day and commenced
operations from February 2015.


RAVANI TIMBER: Ind-Ra Withdraws 'B+' LT Rating on INR15MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s Ravani
Timber Traders' Long-Term Issuer Rating in the non-cooperating
category and simultaneously withdrawn it as follows:

-- The IND B+ rating on the INR15 mil. Fund-based working
    capital limits* maintained in non-cooperating category and
    withdrawn; and

-- The IND A4 rating on the INR50 mil. Non-fund-based working
    capital limits# maintained in non-cooperating category and
    withdrawn.

* Maintained in 'IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn

# Maintained in 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The company did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Ind-Ra is no
longer required to maintain the ratings, as the agency has
received a no objection certificate from the rated facilities'
lenders.

COMPANY PROFILE

Established in 1985, M/s Ravani Timber Traders is a
proprietorship firm engaged in the trading of processed and raw
timber.


RENUKA OIL: CRISIL Retains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Renuka Oil
Industries (ROI) 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        0.25       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3.50       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.50       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line of       0.50       CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Term Loan             6.50       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 ROI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ROI 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 ROI continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

ROI, a partnership firm set up by Mr. Sundersingh Juneja and Ms.
Harbanskaur Juneja in 2005, extracts cotton seed oil,
manufactures cotton seed oil cakes, and processes cotton bales.
The firm's manufacturing facility and warehouse with a storage
capacity of 250,000 quintal is located in Khamgaon and Badnera,
respectively, both in Maharashtra. The warehouse has been leased
to Food Corporation of India Ltd since October 2012.


SAHARA ENGINEERING: Ind-Ra Moves 'BB' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sahara
Engineering 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:

-- INR120 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR2.5 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 25, 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 2000, Sahara Engineering provides comprehensive
shipping services of clearing and forwarding, cargo handling and
transportation services at various ports on the east coast of
India.


SHREE VAISHNAV: CRISIL Lowers Rating on INR35cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Shree
Vaishnav Ispat Private Limited (SVIPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            35        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SVIPL for
obtaining information, through letters and emails dated
December 14, 2018 and December 19, 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 ratings assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they have been arrived at without
any management interaction, and are based on best available,
limited or dated information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
did not receive any information, indicating either the financial
performance or strategic intent of SVIPL. This restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes information available on SVIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the latest publically available information, CRISIL has
downgraded its ratings to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'. The rating downgrade
takes into account the instance of irregularity in servicing of
working capital debt, of over 30 days during last 3 months.

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

Incorporated in 1995, SVIPL is promoted by Mr. Pravin Khade, Mr.
Rajesh Grover and Mr. Narendra Sharma. Company is engaged in
trading of MS structural steels (angles, plates, channels TMT
bars etc.) and has started manufacturing of TMT bars.


SHRI NIRMLANAND: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri
Nirmlanand Steels Casting Private Limited (SNSCPL) to 'CRISIL
B/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          4        CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Term Loan            2        CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SNSCPL for
obtaining information through letters and emails dated
December 18, 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 SNSCPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SNSCPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation,

SNSCPL, incorporated in 2007 and based in Raigarh, Chhattisgarh,
is promoted by Mr Kamal Jindal and his brother Mr Raman Kumar
Agarwal. The company manufactures mild steel ingots and thermo-
mechanically treated (TMT) bars. Its daily operations are managed
by Mr Kamal Jindal's son, Mr Ashish Jindal.


SONATANI FOOD: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Sonatani Food
Industries Private Limited (SFIL) 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        0.17        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           3.00        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    2.23        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan             3.6         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 SFIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SFIL 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 SFIL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

SFIL, incorporated in 2013, mills and processes paddy into par
boiled rice. Its rice mill is near Bolpur in West Bengal. Its
daily operations are managed by Mr. Manas Chandra.


SRI VENKATESWARA: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Venkateswara
Spintex Private Limited (SVSPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+ rating;

-- INR115.9 mil. Term loan due on June 2022 assigned with
    IND BB/Stable rating; and

-- INR7.5 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SVSPL's small scale of operations, and modest
operating margins and credit metrics. Its revenue increased to
INR735.1 million in FY18 (FY17: INR639.5 million), driven by an
increase in sales along with increased realization. Its EBITDA
margin was volatile at 7.7%-11.3% over FY15-FY18 due to raw
material price fluctuations. Its net leverage (adjusted net
debt/operating EBITDA) improved to 6.3x in FY18 (FY17: 10.0x),
driven by an increase in absolute EBITDA, and interest coverage
(operating EBITDA/gross interest expenses) slightly deteriorated
to 2.0x (2.1x), due to an increase in the interest expenses In
FY17, interest expenses decreased to INR23.61 million (FY16:
INR48.46 million), because of a one-time interest subsidy
received by the government of Andhra Pradesh. The return on
capital employed of SVSPL was 10% in FY18 (FY17: 6%).

SVSPL is present in the highly fragmented cotton yarn
manufacturing industry, and faces intense competition from both
organized and unorganized players. It also faces forex risk,
given export sales accounted for over 70% of its revenue from
FY16-FY18.

The ratings also reflect SVSPL's moderate liquidity, indicated by
a 93% fund-based limit utilization during the 12 months ended
December 2018. Its cash and cash equivalent stood at INR0.3
million in FY18 (FY17: INR0.4 million).

The ratings, however, are supported by SVSPL's locational
advantage. The firm procures raw materials at a competitive price
because its facility is located in Guntur, Andhra Pradesh.

The ratings are also supported by the promoter's experience of
over three decades in the yarn business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or the operating
profitability, leading to deterioration in the credit metrics and
liquidity, all on a sustained basis, will be negative for the
ratings.

Positive: Any rise in the revenue, along with an increase in the
profitability, leading to an improvement in the credit metrics,
will lead to a positive rating action.

COMPANY PROFILE

SVSPL was incorporated in 2010 and commenced its operations in
December 2011, and has an installed spindle capacity of 17,280
spindles. The company produces cotton yarn in the count range of
21s-40s.


SSPDL LIMITED: Ind-Ra Affirms BB on INR61.15MM Loan
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SSPDL Limited's
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR61.15 mil. Term loan due on July 2027 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects delayed construction of SSPDL's phase
one of BHEL Retreat Project in Hyderabad, along with an increase
in project cost to INR2,118.64 million from INR1,898.64 million
due to changes in engineering work. The first phase of the
project, which was scheduled to complete in March 2018, was
completed in January 2019.

SSPDL completed construction work for 1,155 houses under the
first phase. About 88.12% of the construction work is completed
for the ongoing phases (Phase II: construction of 110 houses,
Phase III: construction of 180 flats for economically weaker
section and Phase IV: construction of 100 flats for lower income
group) and 86% of the customer advances have been received until
December 2018 and 100% of the saleable area of all the ongoing
phases is booked The company expects the construction work of the
ongoing phases to complete by September 2019.

However, the ratings benefit from SSPDL's promoters' more than
two decades of experience in the real estate industry.

RATING SENSITIVITIES

Positive: Timely completion of the ongoing projects within the
projected cost outlay could be positive for the ratings.

Negative: Any slowdown in customer advances leading to cash flow
shortfall could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1994, SSPDL is a real estate developer listed on
BSE Limited.



=================
I N D O N E S I A
=================


LIPPO KARAWACI: S&P Cuts LT ICR to 'CCC+', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
the Indonesian property company to 'CCC+' from 'B-'. S&P also
lowered its long-term issue ratings on the company's outstanding
guaranteed U.S. dollar notes to 'CCC+' from 'B-'.

S&P said, "The downgrade reflects our view of the increasing
liquidity pressure on PT Lippo Karawaci Tbk. (Lippo). We expect
the company to face modest operating cash flows, high financial
charges, maturing debt, and a depleting cash balance. This would
keep the company highly dependent on external fundraising that
can be challenging and susceptible to external market conditions.

"At the holding company level, besides daily operational costs,
we forecast Lippo has two key expense items a year: Indonesian
rupiah (IDR) 1 trillion for the payment of rental to First REIT,
the company's hospital REIT; and about IDR1.2 trillion in
interest expenses. The debt burden is escalating with the
impending maturities of its US$50 million syndicated loan due
April 2019 and a US$75 million bond due in June 2020.
Nevertheless, we believe that Lippo will likely extend its US$50
million syndicated loan by another 12 months to April 2020.

"We estimate liquidity at the holding company will be
insufficient to cover Lippo's needs, barring substantial and
timely asset sales. This is even if we assume the rollover of the
syndicated loan. As of Sept. 30, 2018, cash and cash equivalents
were about IDR800 billion at the holding company level (which
bears most of its consolidated debt, including the company's
US$910 million notes). Lippo has since sold two assets: a partial
stake in First REIT; and a hospital in Myanmar.

"We note that Lippo has been contemplating selling its Puri Mall
(a large retail mall in the Jakarta area) to its listed retail
REIT, Lippo Malls Indonesia Retail Trust (LMIRT). This asset,
which we estimate to be worth about IDR3.5 trillion to IDR4
trillion, is large for LMIRT to absorb. The mall would represent
nearly 30% of the trust's book value and nearly 60% of its
current market capitalization. Debt financing will also depend on
funding availability and funding costs, coupled with an equity
raising exercise. Hence, the completion timeline may take longer
to materialize.

"We believe that the sale of Puri Mall, even if successful would
be insufficient to bolster Lippo's liquidity beyond 12 months and
would not be enough to cover its US$75 million bond maturing in
June 2020. In our view, equity raising will be challenging given
the decline in equity prices of the company's group wide listed
entities. We also note that there is no other asset in Lippo's
stable that is as large as Puri Mall.

"Lippo may continue to dispose of its existing property inventory
in the broader market, but we believe Indonesia's property market
will be subdued in the first half of 2019 due to the presidential
elections. The company may also consider selling other assets
including stakes in listed REITs or landbanks. But sizable
divestments would deplete Lippo's liquid assets and dividend
stream. Furthermore, meaningful land sales could deplete the
company's long-term income stream. Finally, we believe Lippo is
yet to demonstrate a willingness to rapidly dispose of assets at
discounted levels, even to bolster liquidity."

Lippo does not have multiyear committed credit facilities it can
draw upon and is unable to raise additional debt under the
covenants on its bonds. Against this backdrop of tightening
liquidity and reduced financial flexibility, S&P views it as
increasingly difficult for Lippo to execute a credible asset-
monetization plan to substantially and sustainably bolster its
liquidity position.

S&P said, "Given the current scenario, we believe that assessing
Lippo at the holding company level best reflects its true
economic substance. We believe that its current listed
subsidiaries are on an expansionary path, and will not be
contributing any dividends in the near term. Deconsolidating also
gives us a better understanding of the true liquidity situation
at Lippo's holding company level, where all the U.S. dollar debt
is issued. We have deconsolidated the listed entities, a change
in approach that has resulted in lower coverage ratios on debt.

"Under this new scope of deconsolidation, we project Lippo's
EBITDA interest coverage will be below 1.0x unless it is
bolstered by material actions including asset sales amid broadly
stable consolidated debt levels.

"The negative outlook reflects Lippo's persisting refinancing
risk, and interest servicing burden, and the prospect of a
further downgrade in the next nine months in the absence of a
timely execution of material measures such as asset sales."

S&P could lower the rating by one notch or more if:

-- Lippo does not raise about IDR1 trillion in three months.

-- Lippo does not raise another IDR4 trillion in the subsequent
    six months thereafter, via substantive measures such as asset
    sales.

S&P will also likely lower the rating if the company undertakes
any capital market transactions related to its existing notes
that we assess as constituting a distressed exchange, including
capital market purchases below par.

A revision to stable outlook would be contingent on Lippo
significantly improving its cash flow and liquidity position at
the holding company to meet its ongoing funding requirements for
the next 24 months.


STEEL PIPE: Fitch Withdraws B LT IDR for Commercial Reasons
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Steel Pipe Industry
of Indonesia Tbk's Long-Term Foreign-Currency Issuer Default
Rating at 'B'. Fitch Ratings Indonesia has also affirmed Spindo's
National Long-Term Rating at 'BBB+(idn)'. The Outlook on the
ratings is Negative. The agency has simultaneously chosen to
withdraw the ratings of Spindo for commercial reasons.

Spindo's ratings are supported by its position as Indonesia's
leading steel-pipe manufacturer. However, the ratings are
constrained by the company's small scale relative to global
steel-product manufacturers and lack of vertical integration.
Spindo's performance in 2018 was also weaker than Fitch's
expectations, which was evident from its high leverage and lower
profitability due to a delay in some infrastructure projects and
the rupiah's depreciation against the US dollar. Fitch expects
Spindo to reduce its leverage to below 4.0x within the next two
years on the back of a sales volume recovery after the 2019
Indonesian election, improving inventory levels and the
finalisation of the company's significant capex programme. The
Negative Outlook reflects the margin pressure Spindo continues to
face from raw-material price volatility, which would slow the
pace of deleveraging.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However,
changes in circumstances or economic conditions are more likely
to affect the capacity for timely repayment than is the case for
financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

Weaker-Than-Expected Performance: Spindo's revenue rose 24.9% yoy
by end-September 2018, slower than Fitch's expectation of around
30%. Its EBITDA margin fell to around 11% by end-September 2018
(2017: 11.9%), causing Spindo's net debt/annualised EBITDA to
increase slightly to 5.7x (2017: 5.5x). The slower-than-expected
performance was driven by pressure on demand due to increasing
raw-material costs and the rupiah's sharp depreciation against
the US dollar in 3Q18, hampering Spindo's sales volume and
profitability.

Strong Domestic Position; Small Globally: Spindo's domestic scale
allows it to manufacture a wide range of products with better
cost efficiency than local competitors. However, the company is
small compared with global peers. Spindo's economies of scale in
manufacturing expenses partly offset its lack of vertical
integration and control over prices of its raw materials, mainly
steel coils. Indonesian regulations also provide some protection
against pressure from imports. Domestic manufacturers receive
priority for government projects and there are minimum local-
content requirements for sectors such as oil and gas, which
support demand for locally produced steel pipes.

Strong Revenue Growth, Risks Remain: Fitch expects mid-single-
digit sales volume growth and steady margin improvement over the
next 18-24 months. Its demand outlook is supported by its
expectation for steady GDP growth and the government's focus on
infrastructure projects ahead of the 2019 elections. Fitch also
forecasts Spindo's EBITDA margin will improve to around 12% over
the next 18-24 months on the back of its effort to improve
production efficiency.

However, Fitch believes continuously high raw-material prices and
the US dollar appreciation that will eventually undermine demand
growth remain the key risk factors that may hold back a sustained
recovery in Spindo's sales volume and profitability.

Improving Inventory Levels: Fitch expects Spindo's inventory days
to continue improving at a gradual pace over the next 18-24
months. Fitch estimates Spindo reduced its inventory to below 250
days in 2018, from 284 days in 2017, and shortened its working-
capital cycle by almost 50 days. This was achieved by a focus on
selling inventory and reducing the share of imports in raw-
material purchases to around 62% in 2018, from around 70% in
2017. Local purchases benefit Spindo as they can be made with
smaller order sizes and shorter delivery times than imports. The
company aims to further decrease its inventory levels by
increasing the sales of fast-moving products in 2019.

Capex Moderation; Cash Flow Improvement: Spindo has significant
unutilised capacity and therefore its capex requirements over the
next two to three years will be maintenance related. The
company's capex fell by 41% yoy by end-September 2018, reducing
its capital intensity to 1.1% from 5.8% in 2017. Fitch expects
Spindo's low capex to help return its free cash flow to positive
over the next 18-24 months.

Deleveraging Likely, Price Risks Remain: Fitch expects Spindo's
leverage, measured by net debt/EBITDA, to moderate to around 4.0x
by 2019 (2018 estimate: 5.4x) and around 3.0x thereafter and the
company to start generating positive free cash flow in 2019. This
is based on faster EBITDA growth, driven by higher sales volume
and better margins, a sustained shortening of Spindo's working-
capital cycle and the absence of additional large capacity
expansion investments. However, steel-price volatility, which
could dampen demand and impede further improvement in inventory
levels, is a key risk to its forecasts.

DERIVATION SUMMARY

Integrated steel producers under Fitch's coverage enjoy a better
business profile than Spindo on account of their larger scale,
greater product diversity and a higher degree of vertical
integration. As a result, they are rated higher in general, with
most of them in the 'BB' category.

Fitch rates two Brazilian steel companies in the 'B' category:
Companhia Siderurgica Nacional (CSN) (B-/Rating Watch Negative)
and Usinas Siderurgicas de Minas Gerais S.A. (Usiminas)
(B+/Positive). CSN's lower rating reflects a stressed financial
profile, despite a significantly larger scale and integrated
steelmaking operations (2017 revenue; CSN: USD5.8 billion vs
Spindo: USD0.3 billion). Its forecast net debt/EBITDA of above
5.0x is slightly higher than Spindo's 3.0x-4.0x. CSN also faces
elevated refinancing risk from a high share of debt due in the
short-to-medium term. Meanwhile, Usiminas's better rating
reflects its larger scale and lower leverage with revenue of
USD3.4 billion and net debt/EBITDA of 3.0x in 2017. Usiminas is
Brazil's leading flat-steel producer and Fitch expects its
leverage to remain below 2.0x over the next two years.

Spindo can be compared with national peers such as PT Sulfindo
Adiusaha (Sulfindo, BBB-(idn)/Stable) and PT Aneka Gas Industri
Tbk (Aneka Gas, A-(idn)/Positive). Fitch expects Sulfindo to
deleverage to a similar leverage level as Spindo in the medium
term. However, Spindo's stronger market position in its industry
and considerably lower refinancing risk warrant the two-notch
differential with Sulfindo. Aneka Gas is a leading industrial-gas
supplier that has a strong position in the industry with more
than 30% market share. Aneka Gas has stronger profitability with
EBITDA margin of above 30% relative to that of Spindo of around
11%-12%. Its leverage, measured by net debt/EBITDA, stood at 3.8x
in 2017 (Spindo: 5.5x). Its business profile also benefits from
long-term contracts with customers that stipulate a cost-pass-
through mechanism. These factors justify the one-notch rating
differential with Spindo.

KEY ASSUMPTIONS

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

  - Total sales volume to grow by 4%-6% annually from 2019.

  - EBITDA/tonne of sales margin of IDR1.5 million in 2019,
    IDR1.6 million in 2020 and IDR1.7 million in 2021 (2017:
    IDR1.4 million).

  - Annual capex of around IDR80 billion over 2019-2021.

  - Net working capital days of 235 from 2019.

  - No dividend payment throughout 2019-2021.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

LIQUIDITY

Manageable Liquidity, Risks Remain: Spindo had cash of IDR204
billion and total debt of IDR3.1 trillion as of 9M18. Its debt
comprised IDR2.2 trillion of working-capital loans and IDR0.9
trillion of long-term debt. All of its debt was secured and as of
9M18, the company had around IDR3.2 trillion in unused working-
capital facilities. Spindo's tight liquidity is counterbalanced
by its expectations of the improvement in cash flow on the back
of the declining inventory days, recovering profitability, lower
capex and the availability of unused bank loan facilities.

Spindo's weaker operating performance may have led to a breach of
its financial covenant in its bank loan agreements for the
reporting period ended December 2018, which would have tested its
debt service cover. Fitch notes that its banks previously
provided waivers for the June 2018 test date, and further waivers
and an extension of the expiry date may be forthcoming given the
company's good banking relationships and its potentially stronger
cash flow. However, Fitch thinks the company would face liquidity
pressure if it is unable to extend the bank-loan facilities.



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


TEPCO HOLDINGS: S&P Raises Long-Term ICR to 'BB+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said it has raised to 'BB+' from 'BB' its
long-term issuer credit rating on Japan-based regulated electric
utility company Tokyo Electric Power Company Holdings Inc. (TEPCO
Holdings). S&P said, "At the same time, we affirmed our 'B'
short-term issuer credit and commercial paper (CP) program
ratings on TEPCO Holdings. We also affirmed our 'BB+' issue
rating on senior secured bonds issued by the former Tokyo
Electric Power Co. Inc. The outlook on the long-term issuer
credit rating is stable."

S&P said, "The upgrade reflects our view that the TEPCO group has
materially improved its funding stability given its accumulated
record of sizable public bond offerings in the past two years on
the back of stabilized financial performance. The upgrade also
reflects our view of good progress toward the transfer of the
group's thermal power generation businesses to affiliated
electric power company JERA Co. Inc. as planned.

"We believe TEPCO group has significantly improved its funding
stability over the past two years through public bond issuances.
Following the Fukushima nuclear disaster, the TEPCO group relied
on bank loans for virtually all its funding for several years
before regaining access to public bond markets in 2017 through
electric power transmission and distribution subsidiary TEPCO
Power Grid Inc. TEPCO has successfully raised nearly JPY1
trillion since March 2017, mainly through five- to 10-year public
bond issuances at relatively low cost. We also believe TEPCO
Holdings' main creditor banks remain just as supportive as
before. Large short-term debt makes TEPCO's weighted average
maturity of debt currently shorter than usual ahead of the
scheduled transfer of thermal power generation business to JERA
in April 2019. However, we presume TEPCO will be able to
refinance them gradually with long-term debt.

"Moreover, we believe TEPCO Holdings is likely to continue to
generate solid recurring profit of about JPY200 billion a year in
the next year or two, although it is unlikely to swiftly resume
operations at its cost-competitive Kashiwazaki-Kariwa nuclear
reactors. This is because we think TEPCO Holdings can cut costs
further; we assume oil prices are unlikely to soar and push up
fuel costs materially for the next year or two; and we see
ongoing strong support from the government that enables TEPCO to
take a long-term approach to payments for compensation, cleanup,
and decommissioning costs related to the Fukushima nuclear
disaster.

"We see little immediate risk on our ratings on TEPCO Holdings'
from the transfer of the thermal power generation business to
JERA. We view JERA as an insulated subsidiary of the TEPCO group
and treat it as an equity affiliate in our analysis of TEPCO
Holdings (see "TEPCO Holdings' Business Will Stay Stable Even
After It Spins Off Its Thermal Power Generation Business,"
published Dec. 10, 2018) Still, TEPCO Holdings' ownership and
operational integration with JERA lead us to believe the TEPCO
group is likely to benefit from quasi-vertical integration for
the next two to three years.

"We have affirmed our 'BB+' issue rating on senior secured bonds
issued by the former TEPCO and which we now equalize with the
long-term issuer rating on TEPCO Holdings. We used to notch up
the issue rating from the long-term issuer rating, reflecting a
lower likelihood of a default on senior secured general mortgage
bonds than on unsecured bank borrowings, in our opinion. However,
having raised our issuer credit rating to 'BB+', we no longer
view the possibility of bank loan waivers as necessary to
consider.  The stable outlook reflects our expectation that TEPCO
Holdings will continue to generate relatively stable profits over
the next year or two.

"For us to consider upgrading TEPCO Holdings, it needs to further
improve stability of its cash flow by making itself less
sensitive to external factors such as fluctuations in crude oil
prices. We believe a restart of the TEPCO group's Kashiwazaki-
Kariwa nuclear reactors could produce such a scenario, and we
think an upgrade is unlikely in a year or two.

"Conversely, we may lower the long-term issuer rating if TEPCO
Holdings' recurring profit significantly deteriorates to markedly
below JPY200 billion and remains weak for a protracted time. We
think a surge in crude oil prices or intensifying competition
owing to full liberalization of retail electricity sales could
trigger this scenario. We could also consider a downgrade if
support from the government or TEPCO Holdings' main creditor
banks materially weakens."



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


FINEST FOOD: Placed Into Receivership
-------------------------------------
Debrin Foxcroft at Stuff.co.nz reports that Finest Food Product
Limited has been placed into receivership after a significant
trans-Tasman deal failed to live up to expectations.

The company produced milkshake syrups, essences and coffee syrups
for supermarkets and hospitality companies under several brands,
including Supreme, The Goodness and Kapiti Kitchen, the report
says.

Stuff relates that Tony Maginness, one of the two receivers
involved in the receivership said significant cash flow issues
had developed over the last six months.

"They had a major customer in Australia that they signed a
contract with. The company had been placing orders but not as
fast or as large as expected," Stuff quotes Mr. Maginness as
saying.  "[Finest Foods] had geared up a new plant, with new
machinery and unfortunately they have experienced some cash flow
issues and run out of cash."

According to Stuff, Mr. Maginness said the company was continuing
to trade as a buyer was sought.

"The time of the year is quite bad for trading the business so we
have kept minimal staff to continue filling orders but we are not
manufacturing anything at the moment," Mr. Maginness, as cited by
Stuff, said.  "It's got some really good customers and some
really good products, we are confident we will get a good price
for it."

Of the 16 employees, four had been retained until a new buyer
could be found, Stuff notes.

Based in Mangere Bridge, Finest Food Products manufactured a
range of syrup and essence products distributed both in
New Zealand and in Australia. Entrepreneur Andrew Brodie, who
sold Roasted Addiction Coffee in 2011, held a majority stake in
the 35-year-old syrup company after purchasing it in 2013.



===============
P A K I S T A N
===============


PAKISTAN: Unveils Reforms Plan in Move for IMF Aid
--------------------------------------------------
Farhan Bokhari at The Financial Times reports that Pakistan's
finance minister announced a range of measures on Jan. 23 to
narrow fiscal and trade deficits as prime minister Imran Khan
prepares to present the government's case to the IMF for a loan
to rebuild confidence in the country's economy.

The FT relates that in a speech in the lower house of parliament,
Asad Umar unveiled a cut in import duty on industrial raw
materials to raise industrial productivity and help ease a
chronic energy crisis that has caused repeated power outages and
gas supply interruptions.

He also proposed a series of tax measures for investors in the
stock market, as well as proposals to cut red tape and lower
taxes for small and medium-sized businesses, the FT relays.

"We need to bring a balance in revenue and expenditure as it is
vital for growth," the report quotes Mr. Umar as saying. "Our
imports are touching a dangerous point. We have to increase
exports and bring reforms in agriculture and other sectors".

Since he was elected in August, Mr. Khan has focused on staving
off a balance of payments crisis. In the year before Mr. Khan's
election, liquid foreign currency reserves fell to the equivalent
of about eight to nine weeks of imports, down from more than 12
weeks, mainly due to a widening current account deficit.

Under Mr. Khan's leadership, the country has secured at least $11
billion in combined loans from Saudi Arabi a, the United Arab
Emirates and China to meet its foreign payments in the financial
year to June this year. But it has also drawn up plans to seek a
bailout from the IMF.

Economists said an IMF loan was the only way for Pakistan to
rebuild confidence and persuade multilateral lenders such as the
World Bank and the Asian Development Bank to extend loans to the
country.

With overall economic growth during this financial year set to
fall to 4 per cent of GDP down, from 5.8 per cent in the last
financial year, Mr Khan was risking popular anger, they said.

"Across Pakistan, there is a lot of bitterness among businesses
and generally people feel that there is a definite slowdown," one
senior western economist said, the FT relays. "As Pakistan heads
into an IMF programme, the slowdown will continue."

According to the FT, Mr. Umar announced cuts in import duty for
five years on imported equipment for renewable energy generation
as well as machinery for manufacturing in special economic zones.

He also said taxes on imported luxury cars would be raised.

But analysts warned that the outlook for the economy depended on
how far Mr Khan's government could successfully tackle areas in
need of reform, the FT relays.

"As we go forward, much depends on how far the government can
deal with long-term issues central to the economy," the FT quotes
Abid Sulehri, member of a government economic advisory council,
as saying.

Pakistan has one of the world's worst systems of tax collection
where less than 1 per cent of the population pays an income tax,
the FT states.



=============
V I E T N A M
=============


NAM A BANK: Moody's Assigns B2 LongTerm Issuer Ratings
------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings and assessments to Vietnam-based, Nam A Commercial Joint
Stock Bank:

1. Long-term local and foreign currency deposit ratings of B2;
stable outlook

2. Long-term local and foreign currency issuer ratings of B2;
stable outlook

3. Short-term local and foreign currency deposit and issuer
ratings of Not Prime

4. Baseline Credit Assessment (BCA) and adjusted BCA of b3

5. Counterparty Risk Assessments of B1(cr)/NP(cr)

6. Long-term local and foreign currency Counterparty Risk Ratings
of B1

7. Short-term local and foreign currency Counterparty Risk
Ratings of Not Prime

The outlook on the bank is stable.

RATINGS RATIONALE

The B2 long-term ratings assigned to Nam A Bank reflect its BCA
of b3, and a one-notch uplift based on Moody's expectation of a
moderate probability of support from the Government of Vietnam
(Ba3 stable) to the bank in times of need.

The b3 BCA assigned to Nam A Bank is based on the good progress
the bank made in recovering legacy problem assets, and the
improvement in profitability. At the same time, Nam A Bank
pursues an aggressive loan growth, which could weaken its asset
quality and capitalization over time. The bank's funding quality
is moderate due to its small deposit franchise in Vietnam.

Nam A Bank's asset quality has improved markedly since 2016,
because of healthy cash recoveries on legacy problem assets. As a
result, its problem loan ratio fell to 4.4% at June 30, 2018 from
11.3% in 2017 and 25.5% in 2016. Moody's definition of problem
loans for Vietnam banks includes loans classified as special
mention and non-performing under Vietnamese accounting standards,
and gross Vietnam Asset Management Company (VAMC) securities.
Moody's expects that Nam A Bank's asset risk will remain elevated
over the next 12-18 months, because of its rapid loan growth of
33% (annualized) in the first nine months of 2018 and 51% in
2017; rates which were much higher than that of other Moody's-
rated banks in Vietnam.

Nam A Bank has a corporate-centric loan portfolio, with corporate
loans making up 70% of the bank's gross loans at June 30, 2018,
and retail loans the remaining 30%. The bank's corporate loan
portfolio has concentrations in the real estate and construction
sectors, which Moody's views as credit negative. That said, the
bank is gradually reducing its exposure to the real estate and
construction sectors, and diversifying into other sectors namely
green energy and manufacturing.

As a result of its rapid loan growth and still weak internal
capital generation, Nam A Bank's capitalization has been on a
declining trend. Tangible common equity to risk-weighted assets
fell to 6.3% at June 30, 2018 from 6.8% in December 2017 and 8.7%
in December 2016. While Moody's expects profitability to improve
as the burden of high credit costs reduces, rapid loan growth
will outpace internal capital generation and continue to strain
the bank's capitalization.

Nam A Bank's funding is moderate. Customer deposits funded 75% of
the bank's tangible banking assets, while market funds,
predominantly interbank borrowings, funded 15% of tangible
banking assets at June 30, 2018. Although the bank's deposit base
is centered on individual depositors, its small market share in
system deposits and limited branch network put it at a
disadvantage in terms of cost of deposits when competing with
other larger banks in the system. Nam A Bank's deposit base also
has concentration to large retail deposits -- deposit size of
more than VND1 billion made up 63% of the bank's retail deposit
base.

The bank's liquidity is comfortable, with liquid resources
representing 27% of tangible banking assets at June 30, 2018 (24%
at the end of 2017). Of the total tangible banking assets, the
higher-quality liquid assets, such as cash, balances with the
central bank and government securities, constituted 11% at June
30, 2018. However, the composition of the liquid resources is
somewhat weakened by the VND2 trillion of government securities
(12% of total liquid resources) that the bank pledged for
borrowings at June 30, 2018.

In terms of government support for Nam A Bank, Moody's applies
the same moderate support assumption as for other private-sector
banks in Vietnam. As a result, Nam A Bank's B2 long-term ratings
incorporate one notch of uplift from its BCA of b3. The moderate
support assumption is mainly underpinned by the bank's market
share of around 0.6% of system assets at the end of 2017.

WHAT COULD CHANGE THE RATING UP

Moody's could upgrade Nam A Bank's long-term bank deposit and
issuer ratings if Vietnam's sovereign rating is upgraded, and the
bank posts improved standalone credit metrics that lead to a
higher BCA.

Moody's could upgrade the bank's BCA if: (1) the bank shows
material improvements in its asset quality and capitalization,
and (2) the bank diversifies its loan portfolio away from real
estate and construction loans, which Moody's considers of higher-
risk than other loans in Vietnam.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade the long-term ratings of Nam A Bank if
the bank's BCA is downgraded, due to a significant deterioration
in its financial fundamentals. If all other rating factors are
constant, the BCA would come under pressure if the bank reports a
significantly increased problem loan ratio or significantly
reduced capitalization. A material deterioration in funding and
liquidity could also be negative for the ratings.




                             *********

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
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                 *** End of Transmission ***