TCRAP_Public/190204.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, February 4, 2019, Vol. 22, No. 024

                            Headlines


A U S T R A L I A

BRAZA MIRANDA: First Creditors' Meeting Set for Feb. 8
DRIVERS EDGE: First Creditors' Meeting Set for Feb. 11
EASTERN GOLDFIELDS: Creditors Back AU22 Million Rescue Plan
FERNBREW PTY: First Creditors' Meeting Set for Feb. 11
IPILOT AUSTRALIA: First Creditors' Meeting Set for Feb. 11

NAPOLEON PERDIS: Beauty Business Enters Into Administration
NAPOLEON PERDIS: First Creditors' Meeting Set for Feb. 12
OBRIEN SAFETY: First Creditors' Meeting Set for Feb. 8
UNIVERSAL DRONES: First Creditors' Meeting Set for Feb. 11


C H I N A

361 DEGREES: S&P Alters Outlook to Negative & Affirms 'BB' ICR
YIHUA ENTERPRISE: Moody's Lowers CFR to B3, Outlook Negative
YIDA CHINA: S&P Cuts ICR to CCC+ on Weak Liquidity


I N D I A

AGRO PULPING: CRISIL Migrates B+ Rating to Not Cooperating
BAJRANG STEEL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
DIWANKA ENERGY: CRISIL Hikes Rating on INR7cr Cash Loan to B
G M COLD: CRISIL Reaffirms B+ Rating on INR11cr Loans
HLM EDUCATIONAL: CRISIL Cuts Rating on INR9cr Term Loan to D

J. NIZAR: CRISIL Migrates B Rating in Not Cooperating Category
KEEN AND CORE: CRISIL Withdraws B- Rating on INR6cr Cash Loan
LIMENAPH CHEMICALS: CRISIL Migrates B+ Rating to Not Cooperating
MAHARAJA AGROFOODS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
NATIONAL HOTELS: Ind-Ra Raises Long Term Issuer Rating to 'B+'

P. L. ASSOCIATES: CRISIL Maintains B Rating in Not Cooperating
PATIL AND COMPANY: CRISIL Withdraws D Rating on INR23cr Loans
POOJA INDUSTRIES: CRISIL Maintains D Rating in INR6cr Loans
PUNJAB LIQUORS: CRISIL Maintains B+ Rating in Not Cooperating
PUPNEJA RICE: CRISIL Maintains D Rating in Not Cooperating

RELIANCE COMMUNICATIONS: To File for Insolvency
SAJJALA BIO: CRISIL Withdraws B+ Rating on INR9.35cr Loans
SASWAD MALI: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
SATKAR PAPER: CRISIL Maintains B Rating in Not Cooperating
SEETA INTEGRATED: CRISIL Keeps B+ Rating in Not Cooperating

SREE GURU: CRISIL Maintains B Rating in Not Cooperating Category
SRI GOKUL: CRISIL Maintains B Rating in Not Cooperating Category
SUNSAT INFOTECH: CRISIL Maintains B+ Rating in Not Cooperating
SUPREME GLAZES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
TIRUMALLA OIL: CRISIL Maintains B+ Rating in Not Cooperating

VASUNDHARA CHEM: CRISIL Assigns 'B+' Rating to INR9cr Loans
WATER SYSTEMS: CRISIL Migrates B+ Rating to Not Cooperating


I N D O N E S I A

SAWIT SUMBERMAS: Moody's Alters Outlook on B1 CFR to Negative


N E W  Z E A L A N D

CHRISTIAN SAVINGS: Fitch Hikes IDR to BB, Outlook Stable


S I N G A P O R E

EZRA HOLDINGS: Unit Placed Under Creditors Voluntary Liquidation
NO SIGNBOARD: Net Loss Widens to SGD573,643 in Q1 Ended Dec. 31


S O U T H  K O R E A

HYUNDAI HEAVY: Posts KRW633 Billion Net Loss in 2018


                            - - - - -


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A U S T R A L I A
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BRAZA MIRANDA: First Creditors' Meeting Set for Feb. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Braza
Miranda Pty Ltd will be held on Feb. 8, 2019, at 11:00 a.m. at
Level 27, 259 George Street, in Sydney.

Andrew John Spring of Jirsch Sutherland was appointed as
administrator of Braza Miranda on Jan. 29, 2019.


DRIVERS EDGE: First Creditors' Meeting Set for Feb. 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Drivers
Edge Pty Ltd will be held on Feb. 11, 2019, at 10:30 a.m. at the
offices of Wild Apricot Corporate Insolvency & Advisory Services
at Level 1, 5 Everage Street, in Moonee Ponds, Victoria.

Altan Djenab of Wild Apricot was appointed as administrator of
Drivers Edge on Jan. 30, 2019.


EASTERN GOLDFIELDS: Creditors Back AU22 Million Rescue Plan
-----------------------------------------------------------
Peter Milne at The West Australian reports that failed Eastern
Goldfields will be looking to raise at least AUD22 million and
return to share trading after creditors approved a rescue plan on
Jan. 31.

The Michael Fotios-backed company, which owns the Davyhurst and
Mt Ida gold projects north-west of Kalgoorlie, fell into
administration in November, days after a AUD75 million
recapitalisation plan was withdrawn, the report says.

According to the West Australian, creditors at the Perth meeting
chaired by administrator Martin Jones of Ferrier Hodgson voted to
accept the deed of company arrangement for all Eastern Goldfields
entities.

The report says the motion for the parent company Eastern
Goldfields Limited was approved by 40 creditors owed AUD55
million and opposed by eight owed AUD15 million.

The West Australian relates that the DOCA proponent, US investor
Hawke's Point, plans to recapitalise Eastern Goldfields and
relist it on the Australian Securities Exchange.

Forty per cent of debts to unsecured creditors will be converted
to equity, with 22 cents in the dollar paid on the remaining
60 per cent, the report discloses.

A AUD7.3 million trust will be set up to pay creditors, the West
Australian adds.

A report by administrators said the miner could have fallen into
insolvency as early as August 2017, when operations began at the
Davyhurst mine, the West Australian relays.

                  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


FERNBREW PTY: First Creditors' Meeting Set for Feb. 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Fernbrew
Pty. Limited will be held on Feb. 11, 2019, at 9:00 a.m. at the
Wilarra Room, The Grace Hotel, at 77 York Street, in Sydney, NSW.

David Ingram, Richard Albarran and Brent Kijurina of Hall
Chadwick Chartered Accountants were appointed as administrators
of Fernbrew Pty on Jan. 30, 2019.


IPILOT AUSTRALIA: First Creditors' Meeting Set for Feb. 11
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ipilot
Australia Pty Ltd will be held on Feb. 11, 2019, at 12:30 p.m. at
the offices of SM Solvency Accountants, at Level 8/490 Upper
Edward Street, in Spring Hill, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Ipilot Australia on Jan. 31, 2019.


NAPOLEON PERDIS: Beauty Business Enters Into Administration
-----------------------------------------------------------
Matthew Elmas at SmartCompany reports that beauty business
Napolean Perdis has appointed administrators, becoming the second
national retailer this month to fall victim to difficult market
conditions.

Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency
Accountants were appointed as administrators of the business on
Jan. 31, SmartCompany discloses.

All 56 of the company's stores remained closed for stocktake
Jan. 31 before re-opening on Feb. 1 as a sale process is
undertaken.

SmartCompany says the administrators have so far been unable to
confirm the number of employees working for the business.

According to SmartCompany, the eponymous brand was started by
Australian makeup artist Napoleon Perdis in 1995 with an initial
concept store in Sydney which expanded out of a makeup academy.
It grew to international prominence, particularly in the United
States, where it traded for over a decade until 2015, when it was
forced to pull out of the market.

SmartCompany relates that the troubles continued from there, with
Mr. Perdis signalling a restructuring last year by closing stores
and pulling products out of David Jones in an attempt to right-
size the business.

He pivoted to Australian Pharmaceutical Industries' (API)
Priceline business, inking a nationwide distribution deal last
year, and was even speaking to potential investors about
reentering the US, as well as expanding into Asia, SmartCompany
notes.

SmartCompany says Priceline has vouched support for the brand
through the administration process.

In a statement released by Worrels on Jan. 31, Mr. Perdis did not
delve into the specific circumstances behind the collapse but
said the brand is still in "high demand" among customers.

"The brand is still in high demand from our customers and is more
innovative than ever, so by restructuring the business in this
manner, we believe, puts it in a prime position to continue to
evolve through continued trade or in a sale," the statement
reads, SmartCompany relays.

"My family and I are 100 per cent committed to achieving the best
outcome for all stakeholders. We are fortunate that throughout
our business, we have staff and teams who have not only
underpinned the business success, but who are our extended
family."

The beauty category has become fiercely competitive amid the
entry of international competitors such as Mecca and Sephora.

Last year, Priceline was forced to cycle between promotions, some
of which wiped up to 50% off, to maintain sales growth, with
executive Richard Vincent blaming a decline in comparable sales
on price deflation last April.

"We expect the appointment will generate significant interest in
the sale of the business. The Napoleon Perdis brand touts pioneer
achievements and accolades, which encompasses spearheading
industry benchmarks as an educator, trailblazer, and award-
winners."

No store closures have been flagged yet, but Worrels said it
would undertake daily assessments of the network throughout the
administration, SmartCompany adds.


NAPOLEON PERDIS: First Creditors' Meeting Set for Feb. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Napoleon
Perdis Cosmetics Pty Limited and Napoleon Perdis Cosmetics
Australia Pty Ltd will be held on Feb. 12, 2019, at 2:30 p.m. at
the offices of:

   - Fraser Room, 33 Erskine St, in Sydney, NSW;
   - Level 8, 102 Adelaide Street, in Brisbane, Queensland;
   - Level 15, 114 William St, in Melbourne, Victoria; and
   - Level 4, 15 Ogilvie Rd, in Mount Pleasant, WA,

Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency &
Forensic Accountants were appointed as administrators of Napoleon
Perdis on Jan. 31, 2019.


OBRIEN SAFETY: First Creditors' Meeting Set for Feb. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of OBrien
Safety and Environmental Systems Pty Ltd will be held on Feb. 8,
2019, at 2:30 p.m. at the offices of Worrells Solvency & Forensic
Accountants, at Level 15, 114 William Street, in Melbourne,
Victoria.

Ivan Glavas and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of OBrien Safety on
Jan. 29, 2019.


UNIVERSAL DRONES: First Creditors' Meeting Set for Feb. 11
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Universal
Drones Pty Ltd will be held on Feb. 11, 2019, at 2:00 p.m. at the
offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.

Anne Meagher of SV Partners was appointed as administrator of
Universal Drones on Jan. 30, 2019.



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C H I N A
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361 DEGREES: S&P Alters Outlook to Negative & Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook on 361 Degrees
International Ltd to negative from stable. At the same time, S&P
affirmed its 'BB' long-term issuer credit rating on 361 Degrees
and its 'BB' long-term issue rating on the company's senior
unsecured notes.

S&P said, "We revised the outlook to negative to reflect our view
that 361 Degrees International Ltd.'s growth prospects and market
position could continue to weaken, given intensifying competition
in China's sportswear industry. This is likely to push the
company's debt-to-EBITDA ratio to breach our downgrade trigger of
3.0x in 2018-2019, from 2.9x in 2017. That said, 361 Degrees has
ample liquidity to manage its debt leverage profile, if it
chooses to."

361 Degrees could continue to lose market share to global brands
and leading domestic sportswear brands over the next 12 months
due to lack of product differentiation and limited pricing power.
Competition in the sportswear industry in China is intensifying,
given global brands' penetration into lower-tier cities and
leading domestic brands' store expansion. According to market-
research group Euromonitor, 361 Degrees' market share declined to
3.2% in 2018, from 3.6% in 2017 and 4.1% in 2016.

S&P said, "We expect 361 Degrees' revenue growth to decelerate to
0%-4% over the next 12 months, from about 8% in the first half of
2018, underperforming the industry growth of 7%-9%. This is
following the company's weaker-than-expected sales in 2017 due to
a one-off delayed delivery of about Chinese renminbi (RMB) 400
million of orders to distributors. Nevertheless, our base case
assumes a moderate recovery in the company's revenue growth in
2020, driven by its efforts to shift its product mix toward more
functional sportswear and faster penetration into the online
sales channel. The company changed the operation of its e-
commerce business from distributorship to self-operation by
acquiring its online sales distributor in August 2016.

"We anticipate that 361 Degrees' EBITDA margin will fall slightly
to 16%-17% in 2019 and 2020, from our estimate of about 17% in
2018, given intense competition and likely rising production and
distribution costs. Annual operating cash flow will moderate to
RMB400 million-RMB500 million in 2018-2020, from about RMB718
million in 2017, because of moderating sales growth.

"We affirmed the rating because we expect 361 Degrees to remain
one of larger sportswear brands in China despite the slight
market share loss and maintain good profitability over the next
12 months. Furthermore, we see a possibility that the company may
choose to use its liquidity to manage its debt leverage profile,
given the U.S.-dollar-denominated notes will become callable
after June 3, 2019.

"The negative outlook reflects our expectation that 361 Degrees'
growth prospects and market position could continue to weaken due
to intensifying competition in the sportswear industry in China.
The company's debt-to-EBITDA ratio could increase to slightly
above 3.0x over the next 12 months amid slower revenue growth,
breaching our downgrade threshold.

"We could lower the rating if 361 Degrees' debt-to-EBITDA ratio
exceeds 3.0x without the prospect of a quick reversal. This could
happen if the company's revenue growth continues to be slower
than our expectation or its margin deteriorates due to intense
competition.

"We could also lower the rating if 361 Degrees' market position
weakens materially. Ongoing slower-than-industry sales growth or
a decline in market share could indicate such weakening.

"We could revise the outlook back to stable if 361 Degrees'
operating results are better than our expectations, such that its
market share stabilizes and debt-to-EBITDA ratio sustains
meaningfully below 3.0x."


YIHUA ENTERPRISE: Moody's Lowers CFR to B3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded Yihua Enterprise (Group)
Co., Ltd.'s corporate family rating to B3 from B2.

At the same time, Moody's has downgraded to Caa1 from B3 the
rating on the backed senior unsecured notes issued by Yihua
Overseas Investment Ltd and guaranteed by Yihua Group.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrade of the ratings reflects our concerns that the
volatility in the group's projected earnings coincides with Yihua
Group's high refinancing needs; factors which will add to the
group's liquidity risk over the next 12-18 months," says
Stephanie Lau, a Moody's Vice President and Senior Analyst.

The volatility in Yihua Group's projected earnings is mainly
driven by the weakened performance of Yihua Lifestyle - a key
listed operating subsidiary of Yihua Group - and which accounted
for 67% of Yihua Group's total revenue in the nine months between
January and September 2018.

On January 15, 2019, Yihua Lifestyle issued a profit warning on
the Shanghai Stock Exchange. The company expects that its net
profit will decline by 26%-36% year-on-year in 2018.

Yihua Group's liquidity is weak. Moody's points out that Yihua
Group has high refinancing needs in the coming 12-18 months.

At the end of 3Q 2018, the company had RMB5.9 billion of cash and
projected annual operating cash flow of around RMB1.5 billion in
the next 12 months. However, it has debt obligations maturing
over the next 12 months, namely a total of RMB8.6 billion in
short-term bank borrowings, as well as long-term bank borrowings
due within one year and maturing onshore bonds, in addition to
RMB1.0 billion in onshore puttable bonds.

Beyond the next 12 months, the company has to refinance RMB1.5
billion in onshore bonds due in 4Q 2019 and RMB1.7 billion of
puttable bonds in the same period.

Moody's notes that Yihua Group and Yihua Healthcare issued a
total RMB1.9 billion of domestic corporate public and private
bonds in Q4 2018.

Moody's expects that the volatility in the group's operations
will impair its access to funding, thereby increasing its
refinancing risk.

Moody's also says that it is uncertain as to whether or not the
group can monetize its alternative liquid sources to meet its
near-term refinancing needs.

Moody's will monitor the company's cash balances and ability to
monetize its physical and financial assets in the next two to
three months.

Yihua Group's B3 CFR reflects the company's high refinancing
needs and liquidity risks, as well as the projected earnings
volatility in the next 12-18 months. It also reflects its status
as a private company, with partial shareholdings in its key
furniture and healthcare businesses. On the other hand, the
rating also accounts for the group's recurring investment income
and property earnings that provide some support to its cash flow,
and diversified funding access.

The ratings outlook is negative, reflecting Moody's expectations
that Yihua Group will continue to show operational volatility and
high refinancing needs; adding uncertainty to its liquidity
position.

The company is not under any ratings upgrade pressure, given the
negative ratings outlook.

Nevertheless, the ratings outlook could return to stable if Yihua
Group (1) improves its liquidity to an adequate level; and (2)
arrests the decline in its revenue, profit margin and operating
cash flow on a sustained basis.

Downward ratings pressure could emerge if (1) Yihua Group cannot
refinance its debt obligations; and/or (2) its operating and
financial profiles deteriorate further.

Yihua Enterprise (Group) Co., Ltd. was established in April 1995
and is based in Shantou, China. Yihua Group is a diversified
private company that operates in four key segments: (1) furniture
manufacturing, (2) healthcare, (3) property development, and (4)
financial investment.


YIDA CHINA: S&P Cuts ICR to CCC+ on Weak Liquidity
--------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Yida to 'CCC+' from 'B-' and the long-term issue rating on the
company's senior unsecured notes to 'CCC' from 'CCC+'.

S&P said, "We downgraded Yida China Holdings Ltd. because we
believe the company's capital structure is unsustainable in the
longer run. Yida has a small cash balance and sizable short-term
debt maturities. Although the company has rolled over some debt
over the past six months, its liquidity is likely to remain very
tight.

"We believe Yida will continue to rely heavily on refinancing to
address its near-term debt maturities, leaving little room for
error. The company's borrowings of about Chinese renminbi (RMB)
6.2 billion, (37% of the total) will be due in 2019. This
includes RMB2 billion in domestic corporate bonds to be repaid in
March, which we expect Yida to be able to refinance. In contrast,
the company's unrestricted cash balance is low, at RMB1 billion
as of Dec. 31, 2018, due to delay in collection for land sale at
the Dalian Tiandi project."

Yida's liquidity is likely to remain exceptionally weak in 2020
without new funding or a significant improvement in cash
generation. In 2020, another RMB7.6 billion of borrowings will be
due for repayment, excluding any short-term refinancing in 2019,
which may further add to maturities in 2020.

Yida's sub-par cash generation should also result in high
leverage over the next two years. While the company's contracted
sales grew 18% in 2018 and it had good cash collections, they
were mainly driven by a one-off land sale of the Dalian Tiandi
project to Longfor Group Holdings Ltd. Excluding the land sale,
Yida's contracted sales were RMB6 billion, 18% lower than in
2017. S&P expects sales growth to be 30%-35% in 2019 and 5%-10%
in 2020.

While Yida's strategy to expand outside of Dalian may allow it to
boost sales from more projects, it also brings significant
execution risk because the company has limited experience in
markets outside Dalian. S&P said, "We do not expect Yida to
deleverage in the coming two years, given its geographical
expansion and continued capital expenditure on investment
properties. We forecast the company's debt-to-EBITDA ratio to
remain at 12x-14x in 2019 and 2020."

S&P said, "We continue to view China Minsheng Investment Group's
cancellation in 2018 of its plan to subscribe to new shares of
Yida as an indication of its lack of support for Yida. We believe
any future equity injection from existing shareholders is
unlikely, which leads to further uncertainty on Yida's liquidity
and leverage."

Yida has further delayed dividend payments due to its
insufficient offshore funding. In addition to poor liquidity,
this demonstrates the company's weak internal control and lack of
strategic planning. Therefore, S&P continues to assess Yida's
management and governance as weak.

S&P said, "The negative outlook on Yida reflects our view that
the company faces increasing refinancing challenges, although
they are unlikely in the next 12 months. We believe Yida's
capital structure, with limited cash balance and weak liquidity,
is unsustainable in the longer run and is vulnerable to adverse
market conditions.

"We could lower the rating on Yida if the company fails to
present a feasible refinancing plan or if its operating cash
flows weaken beyond our expectation, such that it faces
difficulty in repaying its upcoming debt maturities. Such a
scenario could arise if the company's access to the onshore
capital market and bank borrowings weakens, or its proceeds from
property sales are lower than we expect.

"We may raise the rating if Yida can significantly improve its
liquidity to a more sustainable level. This could happen if the
company raises new equity or long-term funding, or disposes
assets to improve its capital structure. Yida will also need to
demonstrate an improving ability to generate cash to maintain a
significantly higher unrestricted cash balance. An indication of
such improvement could be the ratio of liquidity sources to uses
being close to 1x."



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AGRO PULPING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Agro Pulping
Machinery Private Limited (APMPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       1.3       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          1.5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Bill        2.0       CRISIL A4 (ISSUER NOT
   Discounting                    COOPERATING; Rating Migrated)
   Facility

   Proposed Letter      5.0       CRISIL A4 (ISSUER NOT
   of Credit                      COOPERATING; Rating Migrated)

   Proposed Long        0.2       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

   Proposed Packing     3.0       CRISIL A4 (ISSUER NOT
   Credit                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APMPL for
obtaining information through letters and emails dated August 23,
2018, 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 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 APMPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on APMPL 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 APMPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

Incorporated in 1991, APMPL manufactures pulping and paper
manufacturing equipment. The company also specialises in chemical
recovery from the wastes of paper mills. The company, promoted by
Mr. S Raghavan, has its manufacturing facility in Chennai.


BAJRANG STEEL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bajrang Steel
and Alloys Limited's (BSAL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR140 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects BSAL's continued medium scale of
operations as indicated by revenue of INR883.03 million in FY18
(FY17: INR750.02 million). The rise in revenue was on account of
increased demand for steel products. The company's return on
capital employed was 4% in FY18 and EBITDA margin was modest at
2.5% (FY17: 2.3%). The marginal improvement in the margin was
because of a decline in operating expenses.

The ratings continue to factor in BSAL's modest credit metrics as
reflected by gross interest coverage (operating EBITDA/net
interest expenses) of 2.1x in FY18 (FY17: 1.9x) and net financial
leverage (total adjusted net debt/operating EBITDA) of 1.4x
(2.8x). The improvement in the credit metrics was on account of
an increase in absolute EBITDA and a decline in total debt.

The ratings also reflect BSAL's modest liquidity position with
70.16% average use of its fund-based limits during the 12 months
ended December 2018. The company's cash flow from operations
increased to INR29.46 million in FY18 (FY17: INR17.25 million),
due to an improvement in net working capital cycle to 57 days (80
days). At FYE18, the company's cash and cash equivalents stood at
INR102.2 million.

However, the ratings remain supported by the company's promoters'
two decades experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: An increase in the revenue driven by growth in sales
volume, along with a sustained improvement in the credit metrics
will be positive for the ratings.

Negative: Any decline in the revenue or EBITDA margin leading to
deterioration in the credit metrics on a sustained basis will be
negative for the ratings.

COMPANY PROFILE

Incorporated in December 1998, BSAL manufactures mild steel
ingots and mild steel structures at its plant in Rourkela
(Odisha). The site has an installed capacity of 25,400 tons per
annum of mild steel structures and 32,000 tons per annum of mild
steel ingots. It is also engaged in the trading of crushed slags,
mild steel structures and mild steel scrap. The company is
managed by directors Mr. Ramesh Kumar Aggarwal, Mr. Ashok Kumar
Kansal and Mr. Ashok Kumar Agarwal.


DIWANKA ENERGY: CRISIL Hikes Rating on INR7cr Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its ratings on bank facilities of Diwanka
Energy Private Limited (DEPL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable', short term rating reaffirmed at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit      1.5       CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in financial risk profile of
DEPL, especially liquidity. The improvement in liquidity is
reflected by sufficient cash accruals generation of INR1.88 crore
in fiscal 2018 which is further expected to increase to INR3.9-4
crore in fiscal 2019 against term debt repayments of INR1 crore,
moderate bank limit utilization of around 70-80 per cent thereby
providing additional cushion to liquidity and continued support
from promoters in the form of unsecured loans of 20 crore as on
31st March 2018.

The ratings continue to reflect the below-average financial risk
profile, marked by a small networth, high gearing and weak debt
protection metrics, and exposure to intense competition in the
steel industry, and cyclicality in demand from end-user
industries. These rating weaknesses are partially offset by the
extensive experience of the promoters and established customer
relationships.

Key Rating Drivers & Detailed Description

Weakness

* Below-average debt protection metrics: Debt protection metrics
are below-average, with interest coverage and net cash accrual to
total debt ratios at 1.4 times and 0.06 time, respectively, in
fiscal 2018, mainly led by higher reliance on working capital
debt.

* Exposure to intense competition: The steel manufacturing
industry is highly fragmented because of low entry barrier.
Furthermore, this segment is inherently cyclical as prices are
linked to the growth of the primary end-user segments such as
infrastructure, real estate, and automobiles; any slowdown in
which may adversely affect demand for steel products. Hence,
revenue and operating margin will remain susceptible to intense
competition, large capacity addition by primary players, and
cyclicality in end-user industries.

Strengths

* Extensive experience of the promoters and established customer
relationship: Benefits from the two decade-long presence of the
promoter, Mr Priyank Diwanka, in the steel trading business, and
his experience in manufacturing of ingots, billets, and thermo-
mechanically treated (TMT) bars through other entities, will
continue. Due to its wide product profile, company had been able
to establish a diversified network of customers consisting of
brokers, dealers and traders. The diversified customer base also
helps mitigate the cyclical risk of various industries to an
extent.

Outlook: Stable

CRISIL believes DEPL will continue to benefit from the extensive
experience of its promoter, and the established customer
relationships. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability, leads to higher
cash accrual and moderate liquidity. The outlook may be revised
to 'Negative' if decline in profitability or revenue, or stretch
in the working capital cycle results in lower-than-expected cash
accrual, thus constraining the financial risk profile especially
liquidity.

Liquidity

Liquidity is moderate, reflected in net cash accrual of INR1.88
crore in fiscal 2018. Bank limit was moderately utilized at 74%
during the 12 months ended December 2018 on account of working
capital-intensive operations. Accruals are expected to be at
around INR3.9-4 crore against debt obligation of ~Rs 1 crore in
fiscal 2019. However liquidity is supported by unsecured loan of
20 crore as on March 31, 2018, which is expected to remain in the
firm over the medium term.

Incorporated in 2009, DEPL trades in a variety of steel products,
including hot- and cold-rolled coils and plates, angles,
channels, sponge iron, and TMT bars. The Nagpur-based company has
also started manufacturing billets, strips and pipes since July
2015, and has total capacity of 60,000 tonne per annum.
Operations are managed by Mr Priyank Diwanka.


G M COLD: CRISIL Reaffirms B+ Rating on INR11cr Loans
-----------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of G M Cold Storage Private Limited
(GMCSPL).

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

   Proposed Fund-
   Based Bank
   Limits               3.05      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility             1.95      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's exposure to intense
competition in the cold storage industry and weak financial risk
profile. These weaknesses are partially offset by promoters'
extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition and government regulations: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association, with rental rates are fixed
by the department of agricultural marketing, West Bengal. Fixed
rental will continue to limit players' ability to earn profits
based on their respective strengths and geographical advantages.
Pressure to offer discounts to ensure healthy utilisation of
storage capacity, especially given the intense competition, will
also constrain profitability.

* Weak financial risk profile: Networth remained small at INR4.12
crore as on March 31, 2018, despite marginal improvement in
recent years on account of accretion to reserve. Gearing and
total outside liabilities to tangible networth ratio were high at
1.94 times and 2.04 times, respectively, because of loans
extended to farmers, especially around end of fiscal. Debt
protection metrics are likely to remain moderate: interest
coverage and net cash accrual to total debt ratios were 3.97
times and 0.06 time, respectively, in fiscal 2018.

Strength

* Promoters' extensive experience: Presence of around three
decades in the cold storage segment has enabled the promoters to
establish healthy relationship with farmers and traders, thereby
ensuring healthy utilisation of storage capacity.

Outlook: Stable

CRISIL believes GMCSPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if scale of operation increases along with increase
in the cash accrual and working capital management improves. The
outlook may be revised to 'Negative' if considerably low cash
accrual, or significant, debt-funded capital expenditure further
weakens financial risk profile, especially liquidity.

Liquidity

Liquidity is adequate. Net cash accrual was around INR47 lakh
against nil term loan repayment in fiscal 2018. Unencumbered cash
and bank balance was INR1.6 crore as on March 31, 2018. However,
bank limit remains highly utilised during March-April as these
two months are the peak season for cold storage owners. Current
ratio remained moderate at 1.37 times as on March 31, 2018.

Incorporated in 1986 and promoted by Kolkata-based Gorai family,
GMCSPL provides cold storage facilities to potato farmers and
traders and also trades in potatoes. Unit is located in Bankura,
West Bengal.


HLM EDUCATIONAL: CRISIL Cuts Rating on INR9cr Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
HLM Educational Society (HLM) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          3.5       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Overdraft               4.03      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Term Loan      3.47      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan               9         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delays (of around 60 days) by HLM in
repayments of term loan due to cash flow mismatches.

The ratings are also constrained by small scale of operations.
These weaknesses are partially offset by the experience of the
trustee and his funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing interest and repayment of term obligation:
HLM had availed of a term loan of INR4.4 crore. Since the society
has been irregular in repayment of this debt, the bank has
classified HLM's account as special mention account 2.

* Small scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was modest at INR5.83 crore in fiscal 2018.

Strengths

* Experience of the trustee and his funding support: Benefits
from the trustee's experience of over a decade in education
sector. Further, the trustees infused INR1.75 crore of unsecured
loan for the liquidity support.

Liquidity
Liquidity is likely to remain stretched over the medium term.
Bank limit was almost fully utilised for over 12 months through
Oct'18. Also, cash accrual has been inadequate to meet maturing
debt.

                      About the Society

HLM was set up in 2005 by Mr Sunil Miglani (Chairman of the
Migsun group) in the memory of his late father, Mr Harbans Lal
Miglani. The Ghaziabad based society provides education courses
such as law, business management and Medical.


J. NIZAR: CRISIL Migrates B Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of J. Nizar
(JN) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       3.1       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Bill Discounting     2.0       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          4.9       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JN for obtaining
information through letters and emails dated September 7, 2018,
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 JN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JN 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 JN to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

J. Nizar is a proprietorship firm involved in civil construction
works like construction of roads, bridges and construction and
maintenance for irrigation facilities in   Kerela. The firm is
being managed by Mr J. Nizar.


KEEN AND CORE: CRISIL Withdraws B- Rating on INR6cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Keen
and Core Developers (KCD) on the request of the company and after
receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          10       CRISIL A4/Issuer Not
                                    Cooperating (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

   Cash Credit              6       CRISIL B-/Stable/Issuer Not
                                    Cooperating (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with KCD for obtaining
information through letters and emails dated March 28, 2018,
April 10, 2018, April 16, 2018, and December 31, 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 KCD. 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
KCD is consistent with 'Scenario LL' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has Continues the ratings on the bank facilities of KCD to
'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

Set up as a proprietorship firm in June 2008 by Mr. Satyabeer
Singh, KCD undertakes civil, building, and road construction
projects in Uttar Pradesh and Madhya Pradesh.


LIMENAPH CHEMICALS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Limenaph
Chemicals Private Limited (LCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Letter of Credit    1.25     CRISIL A4 (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Proposed Long       1.75     CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan               COOPERATING; Rating Migrated)
   Facility

CRISIL has been consistently following up with LCPL for obtaining
information through letters and emails dated September 28, 2018,
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 LCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LCPL 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 LCPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

Established in 1983 and based in Chennai, LCPL manufactures lime
powder and other paint-related products. Operations are managed
by the director, Mr P B Jeyasubramanian.


MAHARAJA AGROFOODS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Maharaja
Agrofoods Private Limited's (MAFPL) Long-Term Issuer Rating to
'IND D' from 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based limits (Long-term/Short-term)
    downgraded with IND D rating; and

-- INR80 mil. Term loan (Long-term) due on October 2019
    Downgraded with IND D rating.

KEY RATING DRIVERS

The downgrades reflect ongoing delays in debt servicing by MAFPL
owing to a stressed liquidity position, resulting from increased
working capital requirement.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in an upgrade.

COMPANY PROFILE

Incorporated in 2011 by Mr. Sunder Singh and Mr. Bijendra Nagar,
MAFPL is engaged in the processing and packaging of milk for
Mother Dairy. The company is also involved in the trading of raw
milk. It has an installed processing capacity of 0.5 million
liters per day at its unit in Bhiwadi, Rajasthan.


NATIONAL HOTELS: Ind-Ra Raises Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded National Hotels
Limited's (NHL) Long-Term Issuer Rating to 'IND B+' from
'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital facilities Long-term
    rating upgraded and short-term rating affirmed with
    IND B+/Stable/IND A4 rating; and

-- INR39.441 mil. (reduced from INR50 mil.) Term loan due on
    April 2026 upgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects NHL's improved operating performance during
FY18. Revenue grew to INR113.96 million in FY18 (FY17: INR81.31
million) and EBITDA margin to 16.7% (5.15%), on account of
increased occupancy rate of its hotel of 52.45% (37%). Also,
gross coverage (operating EBITDA/gross interest expense) rose to
1.65x in FY18 (FY17: 0.32x) and net leverage (adjusted net debt /
operating EBITDAR) reduced to 7.97x (36.55x), due to improved
EBITDA of INR19.03 million (INR4.19 million). The improvement in
revenue would have been more if not for the fall in average
revenue generated/room to INR3,505 in FY18 (FY17: INR4,351). The
company achieved revenue of INR66.427 million in 9MFY19.

However, the scale of operations remains small, margins modest
due to competition and metrics moderate due to high debt levels.

The company had inter-company deposits of INR85 million (FY17:
INR67 million) in FY18; excluding which net leverage stood at
3.9x in FY18 (FY17: 21.1x). The management does not anticipate
any major debt-led capex in the near-medium term. Ind-Ra thus
expects the credit metrics to improve in FY19, on account of
higher EBITDA and lower long-term debt.

The ratings are factor in NHL's modest liquidity, with its
average utilization of fund-based limits being 87% for the 12
months ended December 2018. The company has scheduled debt
repayment of INR9.83 million during FY19, which likely to meet by
internal accruals. The company had INR7.49 million (FY17: INR2.28
million) of cash and cash equivalent at FYE18; moreover, the
company has inter-company deposits to support its liquidity.

The ratings are further supported by the company's promoter's
decade-long experience in the hospitality business.

RATING SENSITIVITIES

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

Positive: Sustained growth in the revenue and EBITDA margin
leading to an improvement in overall credit metrics, on a
sustained basis, would lead to positive rating action.

COMPANY PROFILE

Incorporated in 2006, Gujarat-based NHL provides hospitality
services. It owns The Ummed Hotel in Jodhpur, Rajasthan. NHL is
managed by Mr. Harshendra Pandya and Mr. Ashwin Patel.


P. L. ASSOCIATES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with P. L. Associates
(PL) 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             1.5       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Foreign Letter          5.0       CRISIL B/Stable (ISSUER NOT
   of Credit                         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 PL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PL 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 PL continue to be 'CRISIL B/Stable Issuer not
cooperating'.

PL, set up in 2010 in Gandhidham, is promoted by Mr Salabh Kumar
Agarwal. It processes and trades in pine wood logs and lumbers.


PATIL AND COMPANY: CRISIL Withdraws D Rating on INR23cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Patil
and Company (PAC) on the request of the company and after
receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Bank Guarantee          15      CRISIL D/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit              8      CRISIL D/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PAC 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.

'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 PAC. 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
PAC is consistent with 'Scenario LL' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has Continues the ratings on the bank facilities of PAC to
'CRISIL D/CRISIL D Issuer not cooperating'.

PAC was established in 1974, by Mr Basanna Tipanna Yelure and
subsequently other family members joined in. It undertakes end-
to-end execution of projects related to construction of roads,
primarily for government undertakings in Maharashtra and
Karnataka.


POOJA INDUSTRIES: CRISIL Maintains D Rating in INR6cr Loans
-----------------------------------------------------------
CRISIL has been consistently following up with Pooja Industries
(Indore) (PI) 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          5         CRISIL D (ISSUER NOT
                                  COOPERATING)
   Term Loan            1         CRISIL D (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 PI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PI 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 PI continues to be 'CRISIL D Issuer not
cooperating'.

PI established in 1991 is a partnership firm engaged in the
manufacturing and trading of torches and torch parts. Mr. Jagdish
Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to
day operations of the firm. PII has its manufacturing facility at
Indore, Madhya Pradesh and sells its torches under the 'Cosmos'
brand.


PUNJAB LIQUORS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Punjab Liquors
Private Limited (PLPL) 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
   ----------       -----------    -------
   Proposed Cash          7        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    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 PLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PLPL 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 PLPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

The Delhi-based company distributes both Indian Made Foreign
Liquor (IMFL) and country liquor, primarily in Haryana. PLPL was
incorporated in 2006 and promoted by Mr. Shiv Lala Doda, Mr.
Gagan Doda and Mr. Arun Deep Doda.


PUPNEJA RICE: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Pupneja Rice Mills
(PRM) 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           13.15       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          .2        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Warehouse Financing    6.0        CRISIL D (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 PRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PRM 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 PRM continues to be 'CRISIL D Issuer not
cooperating'.

PRM was established in 1982 as a partnership firm in Jalalabad,
Punjab. The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In
2006, Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm,
and subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and
Mr. Rajan Pupneja took over the business. PRM hulls and mills
paddy rice. It has a processing mill with a capacity of 5 tonne
per hour.


RELIANCE COMMUNICATIONS: To File for Insolvency
-----------------------------------------------
BloombergQuint reports that Reliance Communications Ltd. said it
will approach the National Company Law Tribunal to seek debt
resolution under the insolvency law after the Anil Ambani-
controlled company failed to make progress on its own.

"The board noted that, despite the passage of over 18 months,
lenders have received zero proceeds from the proposed asset
monetisation plans, and the overall debt resolution process is
yet to make any headway," it said in a stock exchange filing,
BloombergQuint relays. "RCom and only two of its subsidiaries,
Reliance Telecom Ltd. and Reliance Infratel Ltd., will take
appropriate steps shortly to implement the board decision."

BloombergQuint relates that the company, with a debt of more than
INR47,000 crore in the previous financial year, had invoked
strategic debt restructuring in June 2017. BloombergQuint says
the telecom operator was expected to sell spectrum, towers, fibre
and other assets worth INR25,000 crore to older brother Mukesh
Ambani's Reliance Jio Infocomm Ltd. It's not clear if the deal
with Reliance Jio stands as the company awaited approval from the
Department of Telecommunications.

It planned to repay an additional INR10,000 crore by selling 125-
acre real estate in Navi Mumbai, BloombergQuint notes.

According to BloombergQuint, RCom said lack of consensus and
approval among its over 40 lenders "despite the passage of 12
months and over 45 meetings" as mandated by the Reserve Bank of
India still remains an unresolved challenge for debt resolution.
Numerous pending legal issues at high courts, Telecom Disputes
Settlement and Appellate Tribunal, and the Supreme Court are also
impeding progress, it said.

The company said there will be no impact on business and
operations of its other subsidiaries, BloombergQuint relates.


SAJJALA BIO: CRISIL Withdraws B+ Rating on INR9.35cr Loans
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sajjala
Bio Labs Private Limited (SBLPL) 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          2         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Long Term Loan       7.35      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SBLPL for
obtaining information through letters and emails dated
May 31, 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 SBLPL. 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
SBLPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB' rating
category or lower. Based on the last available information,
CRISIL has Continues the ratings on the bank facilities of SBLPL
to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2015, by Dr. Y Srinivasulu, SBLPL is a private
limited company that specialises in the manufacture of biogeneric
formulations. It commenced commercial operations at its plant in
Hyderabad in April 2016, and is managed by Dr. Y Srinivasulu and
Mr. S Ramakrishna.


SASWAD MALI: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Saswad Mali
Sugar Factory Ltd.'s Long-Term Issuer Rating at 'IND D' and
simultaneously migrated the rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency. Thus,
the rating is based on the best available information. Investors
and other users are advised to take appropriate caution while
using the rating. The rating will now appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR764.7 mil. Cash credit limits (Long-term) affirmed and
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR864.23 mil. Term loans (Long term) due on March 2019 -
    August 2025 affirmed and migrated to non-cooperating category
    with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continuous delays in debt servicing by
the company during the 12 months January 2018 due to tight
liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

The Saswad Mali Sugar Factory, located at Malinagar in Solapur
district, Maharashtra was incorporated in 1932. The company has
daily sugarcane crushing capacity of 3,500 metric tons. In
addition, it has a 60,000 liters/day distillery capacity and
14.8MW co-generation capacity.


SATKAR PAPER: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Satkar Paper Mills
Private Limited (SPMPL) 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            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             11.14      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 SPMPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SPMPL 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 SPMPL continue to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in May 1989 and promoted by Mr. Gurmit Singh, Mr.
Gagandeep Singh, and Mr. Avnit Singh, SPMPL manufactures kraft
paper at its existing unit in Ludhiana and is setting up another
kraft paper plant for enhancing its production capacities.


SEETA INTEGRATED: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Seeta Integrated
Steel & Energy Limited (SISEL) for obtaining information through
letters and emails dated June 28, 2018 and December 10, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8.5       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 SISEL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality.

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

SISEL was set up in 2002 as Seeta Sponge Iron Ltd by Joshi
family; it was renamed in 2008. In April 2010, Mr. Ashok Agarwal,
Mr. Bajrang Kumar Agarwal, Mr. Rahul Mittal, and Mr. Ajay Kumar
Goel acquired the company from the Joshi family. SISEL
manufactures sponge iron at its facility in Rourkela, which has
installed capacity of 45,000 tonnes per annum.


SREE GURU: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Sree Guru Renuka
Rice Industries (SGRRI) 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            5.62       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility      .03       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 SGRRI, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SGRRI 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 SGRRI continue to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up as a proprietorship firm in 2006 by Mr. B M Nanjiah, SGRRI
processes paddy into rice. It has an installed milling capacity
of about 500 tonne per day at Davangere, Karnataka.


SRI GOKUL: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Sri Gokul Kannan
Modern Rice Mill (SGK) 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          6         CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Long Term Loan       2         CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long        1         CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING)
   Facility

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGK 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 SGK continue to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2007, SGK mills and processes paddy. The firm is
managed by Mr. S A Ramar.


SUNSAT INFOTECH: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Sunsat Infotech
Private Limited (SIPL) 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
   ----------      -----------     -------
   Term Loan           16.25       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 SIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIPL 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 SIPL continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

SIPL, based in Delhi, was incorporated in 2008. The company's
operations are managed by its director, Mr Satpal Singh. It has
set up a warehouse facility, which has been rented out for
e-retailing. Commercial operation is expected to start from
August 2016.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Term loans due on March 2020 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2004 in Bharuch (Gujarat), Supreme Glazes
manufactures ceramic glaze frits used for providing glaze in
ceramic tiles. The unit has an installed frit production capacity
of 21,170 metric tons per annum). Mr. Kalpesh B Patel, Mr. Jigar
B Patel, Mr. Dashrath B Patel and Mr. Shailesh B Patel are the
promoters.


TIRUMALLA OIL: CRISIL Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Tirumalla Oil
Refinery Private Limited (TORPL) 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          11.3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan             5.5       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 TORPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on TORPL 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 TORPL continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in January 2015, TORPL refines crude edible oil and
sells it under own brand 'Tirumalla'. It is promoted by Mr.
Suresh Kute and Mrs. Archana Kute, and its manufacturing unit is
located at Beed (Maharashtra). It has started operations from
April 2016.


VASUNDHARA CHEM: CRISIL Assigns 'B+' Rating to INR9cr Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vasundhara Chem Plast Industries (VCPI).

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

   Proposed Long Term
   Bank Loan Facility      1         CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of VCPI's operations in the
intensely competitive plastic industry, and an average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the partners.

Analytical Approach

Unsecured loans (outstanding at INR1 crore as on March 31, 2018)
extended to VCPI by the partners and their families have been
treated as neither debt nor equity. That is because these
interest-free loans are expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was modest at INR21.41 crore in fiscal
2018.

* Average financial risk profile: Networth was low at INR3.23
crore as on March 31, 2018, with high gearing of 3.20 times. Debt
protection metrics were also weak, with interest coverage and net
cash accrual to adjusted debt ratios of 1.5 times and 0.05 time,
respectively, in fiscal 2018.

Strengths:

* Extensive experience of the partners: Benefits from the
partners' experience of over three decades, their strong
understanding of local market dynamics, and healthy relations
with customers and suppliers should continue to support the
business.

Outlook: Stable

CRISIL believes VCPI will continue to benefit from the extensive
experience of the partners. The outlook may be revised to
'Positive' if a substantial and sustainable increase in revenue,
profitability, and cash accrual strengthens the financial risk
profile, especially the capital structure. Conversely, the
outlook may be revised to 'Negative' if significantly low cash
accrual, or any larger-than-expected, debt-funded capital
expenditure weakens the financial risk profile and liquidity.

Liquidity

* High bank limit utilization: Utilisation - around 101% for the
12 months ended December 31, 2018 -- is expected to remain high
over the medium term due to large working capital requirement.

* Cash accrual and debt obligation: Cash accrual projected at
over INR1 crore per annum over the medium term should comfortably
meet the yearly maturing debt of INR0.26 crore; the surplus cash
will enhance financial flexibility.

* Low current ratio: The ratio was 0.89 time as on March 31,
2018.

* Funding support from partners: The partners are expected to
continue extending timely, need-based unsecured loans to aid
financial flexibility.

VCPI was set up in 1997 as a partnership between Mr. Ravi Gupta,
Vinod Gupta and Pista Devi Gupta. The Daman-based firm
manufactures and supplies die cut handle bags, loop handle bags,
T-shirt bags, trash can liners and garbage bags.


WATER SYSTEMS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Water
Systems India Private Limited (WSIPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

   Letter of Credit       0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     0.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with WSIPL for
obtaining information through letters and emails dated September
28, 2018, 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 WSIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on WSIPL 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 WSIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

Set up by Mr N Krishnan in 2000, WSIPL is an engineering company
based in Chennai. It undertakes turnkey projects and offers
start-to-end solutions in water purification and management,
wastewater treatment plants, recycling and revamping of effluent
treatment plants, and rejuvenation of water supply projects. It
caters to government and private sector entities.



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


SAWIT SUMBERMAS: Moody's Alters Outlook on B1 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Sawit Sumbermas Sarana Tbk (P.T.) and the B1 senior
unsecured rating on the $300 million notes issued by its wholly
owned subsidiary, SSMS Plantation Holdings Pte. Ltd.

At the same time, Moody's has revised the outlook on these
ratings to negative from stable.

RATINGS RATIONALE

"The change in SSMS' ratings outlook to negative reflects our
expectation that SSMS' credit metrics will remain weak for its B1
ratings over the next 12-18 months, in light of higher than
expected borrowings and the limited likelihood of a material
increase in earnings through organic growth," says Maisam
Hasnain, a Moody's Analyst.

"We also expect SSMS' credit metrics to remain materially outside
of our range for the ratings in the absence of debt reduction or
an earnings accretive acquisition" adds Hasnain, also Moody's
lead analyst for the company.

SSMS' CFR reflects the credit quality of its parent, Citra Borneo
Indah (P.T.) (CBI), which consolidates SSMS. CBI's credit metrics
have weakened in recent years, in part due to elevated capital
spending to construct a palm oil refinery and industrial park.

CBI started its refinery operations in mid-2018, which will help
increase scale and diversification over the longer term. However,
CBI remains exposed to execution and operational risks, and
higher start-up costs for the refinery will continue to weigh on
CBI's earnings and cash flows. Moody's expects CBI to generate
negative operating cash flow in 2018, with adjusted leverage - as
measured by adjusted debt to EBITDA - to increase to 4.7x in 2018
from 3.0x in 2016.

As a result, upstream operations of oil palm cultivation and
crude palm oil (CPO) production at SSMS will continue to generate
a majority of CBI's consolidated earnings over the next 12
months, and CBI will remain exposed to volatile CPO prices, which
fell around 20% in 2018.

CBI's liquidity is strong, with a large cash balance of around
IDR2.2 trillion at September 30, 2018. Such a situation provides
some financial flexibility. However, Moody's does not expect that
the company will use these funds to repay debt. Instead, Moody's
expects that CBI will use excess cash to make earnings-accretive
acquisitions of palm oil plantations.

"Any plantation acquisitions will take time and entail execution
risk, as the company integrates the new businesses into its
operations," adds Hasnain.

In the absence of such acquisitions, Moody's expects CBI's
adjusted leverage will be around 4.5x through 2019, continuing to
breach the downward trigger for its B1 CFR of 4.0x.

The negative ratings outlook reflects Moody's expectations that
CBI's credit metrics will remain weak for its current ratings, in
light of elevated debt levels, and in the absence of a material
increase in earnings.

Upward ratings pressure is unlikely, given the negative ratings
outlook. Nevertheless, the outlook could revert to stable if CBI
shows improved earnings or reduced debt, while maintaining
prudent financial policies.

Credit metrics indicative of a change in the ratings outlook to
stable include adjusted debt/EBITDA below 4.0x and adjusted
EBITA/interest above 2.5x on a sustained basis.

Moody's could downgrade SSMS' ratings if: (1) CBI fails to
implement its business plan, in particular, for its downstream
business, such that earnings growth is adversely affected; (2)
SSMS undertakes large debt-funded acquisitions for growth, with
such acquisitions materially weakening its credit profile; or (3)
there is evidence of cash leakage outside of CBI.

Credit metrics indicative of downward ratings pressure include
adjusted debt/ EBITDA above 4.0x and adjusted EBITA/interest
expense below 2.5x, both on a sustained basis.

The principal methodology used in these ratings was Global
Protein and Agriculture Industry published in June 2017.



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


CHRISTIAN SAVINGS: Fitch Hikes IDR to BB, Outlook Stable
--------------------------------------------------------
Fitch Ratings has upgraded Christian Savings Limited's Issuer
Default Rating to 'BB' from 'BB-', as a result of its improved
capitalisation and stronger earnings and profitability outlook
over the next few years. At the same time, Fitch has affirmed the
ratings of Wairarapa Building Society (WBS) and First Credit
Union. The Outlook is Stable for all three institutions.

The IDRs and Viability Ratings of these institutions reflect
their small market shares in the New Zealand market system,
meaning they are generally "price takers" and which is unlikely
to change. However, their competitive positions are typically
stronger in their local or niche markets as a result of community
or member support.

These institutions typically maintain capital ratios above their
larger peers, and in moderate excess of their regulatory
minimums. However, Fitch considers this prudent in light of their
high concentration risks, small absolute size and (with the
exception of CSL) limited access to new common equity.

Deposits remain the key source of funding, as they generally have
only limited access to wholesale funding sources and with no
access to the Reserve Bank of New Zealand's repo facility. All
three entities have some form of concentration within their
deposit base, whether by geography or sector.

KEY RATING DRIVERS

IDRS AND VIABILITY RATINGS

CSL

Fitch expects CSL's capitalisation to remain broadly stable over
the next 12 months, but could see some modest improvement if
capital-raising activities continue and growth remains moderate.
CSL's Fitch Core Capital (FCC) ratio improved significantly as a
result of capital-raising activities, which commenced in late
2017 and continued through 2018. CSL also redeemed its existing
preference shares and converted some of this into common equity,
which boosted the FCC ratio further.

CSL's earnings and profitability continued to rise at a faster
rate than Fitch had anticipated, driven by an ongoing focus on
margin management and expense control. Fitch expects a softening
in profitability in 2019 as CSL has indicated that it intends to
raise investment expenditure, but its profitability should remain
stronger than 2017 levels.

CSL's lending activities are fully funded by a combination of
church and household deposits, and reinvestment rates remained
strong in 2018. Its loan/deposit ratio remains stronger than at
most of its peers, which Fitch expects will continue.

CSL has improved its risk appetite in recent years through
tighter risk controls and underwriting although it continues to
lag some larger peers, partly a reflection of its niche focus on
the church-lending segment and high concentration. Strong growth
in recent years has been driven mainly by an expansion of its
target market rather than through aggressive lending practices.

WBS

WBS's Viability Rating reflects its small absolute size and
moderate franchise, which constrains its ratings. This is partly
offset by the benefit from strong community support through its
service-oriented model, but the society remains susceptible to
competition and is generally a price taker.

Conservative underwriting standards are reflected in low
loan/value mortgages across its loan book, which supports asset
quality. Loan impairments have historically been low, but are
prone to some spikes due to its small size and higher single-name
concentration compared with its peers. Strong loan growth has
resulted in earnings growth and a reduction in the cost-to-income
ratio. However, slower loan growth and rising regulatory and
compliance costs could pressure profit growth over the next 12-24
months. The property-investment portfolio has historically
provided stable rental returns, but adds potential volatility
through fair-value market adjustments.

Loan growth over the last four years has outpaced the rise in
equity levels, and resulted in a reduction in capital ratios.
However, WBS remains adequately capitalised with a satisfactory
level of buffers over its regulatory minimum requirements for its
size, and is likely to maintain the current levels. The funding
structure is sound, consisting mainly of member deposits, but
geographic deposit concentration is high - reflecting its
business model. WBS's modest on-balance-sheet liquidity is stable
and managed appropriately.

FCU

FCU's ratings reflect its higher risk appetite relative to most
other deposit-taking institutions in New Zealand. As a result,
Fitch believes asset quality is likely to be more volatile
through the cycle. The ratings also take into account the credit
union's modest profitability relative to its risk profile and
higher liquid-asset holdings relative to peers.

Risk appetite is evident through the loan portfolio composition.
Consumer loans, which have a higher risk profile than residential
mortgages, make up about 45% of the loan portfolio, which is
unlikely to change in the foreseeable future. In addition, FCU's
concentration of residential mortgages with a loan/value ratio
greater than 80% is higher than at most of its peers.

Fitch believes FCU's earnings and profitability are low relative
to the risk it has undertaken. This limits FCU's ability to
absorb higher loan losses and generate capital. Profitability was
particularly affected in 2018 as a result of implementation costs
and investment. However, Fitch expects profitability to improve
in 2019 as the implementation of the new core banking system and
establishment of its insurance business is now largely complete.

Fitch believes some deterioration in FCU's Fitch Core Capital
(FCC) ratio is possible in 2019 as a result of additional capital
being put aside for the insurance operations and potential write-
down of its base capital note holdings in New Zealand Association
of Credit Unions. Any write-down of the notes is unlikely to
impact FCU's regulatory capital ratios as these investments are
already deducted from the capital base. Fitch expects that FCU's
FCC ratio will continue to remain at the top end of peers and
provides some offset to its risks.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor of these three
institutions reflect its view that while support from the New
Zealand sovereign (AA/Stable) is possible, it cannot be relied
on. The institutions are not part of the Open Bank Resolution
Scheme (OBR), which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the OBR in
conjunction with the institutions' low systematic importance will
make sovereign support unlikely.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

CSL

CSL's ratings are sensitive to a weakening in its franchise or a
loss of support from its target market as this would ultimately
have a significant impact on its financial profile. Negative
rating action may be taken if CSL's risk appetite weakens through
a loosening in underwriting standards, controls or aggressive
growth. Positive rating action on the IDR and VR would require a
significant improvement in CSL's franchise and risk appetite.

WBS

WBS's IDRs and Viability Rating would be sensitive to an increase
in its risk appetite, possibly from weaker underwriting or
continued strong growth, which could result in a deterioration of
its asset quality, profitability or capitalisation. WBS's IDR is
unlikely to be upgraded due to its limited franchise, small
absolute capital base, concentration risks, and limited access to
additional liquidity sources such as the central bank's repo
facility.

FCU

FCU's IDRs and Viability Rating are sensitive to a change in the
credit union's risk appetite and earnings. The ratings may be
upgraded if there is a sustained tightening in risk appetite,
possibly through lower-risk underwriting or a stronger risk-
control framework, while maintaining strong capital ratios and
high liquidity. Positive rating action may also occur if earnings
become more commensurate with the level of risk assumed by FCU.

Alternatively, the ratings would be likely to face downward
pressure if there is a weakening in FCU's risk appetite, possibly
due to a deterioration in underwriting standards that increases
the risk of significant deterioration or greater volatility in
key financial metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floors are sensitive to any
changes in assumptions around the propensity of the New Zealand
government to provide timely support.

The rating actions are as follows:

Christian Savings Limited

Long-Term Foreign-Currency IDR upgraded to 'BB' from 'BB-';
Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Long-Term Local-Currency IDR upgraded to 'BB' from 'BB-'; Outlook
Stable

Short-Term Local-Currency IDR affirmed at 'B'

Viability Rating upgraded to 'bb' from 'bb-'

Support Rating affirmed at '5'

Support Rating Floor affirmed at 'No Floor'

Wairarapa Building Society

Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable

Short-Term Local-Currency IDR affirmed at 'B'

Viability Rating affirmed at 'bb+'

Support Rating affirmed at '5'

Support Rating Floor affirmed at 'No Floor'

First Credit Union:

Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Long-Term Local-Currency IDR affirmed at 'BB'; Outlook Stable

Short-Term Local-Currency IDR affirmed at 'B'

Viability Rating affirmed at 'bb'

Support Rating affirmed at '5'

Support Rating Floor affirmed at 'No Floor'



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


EZRA HOLDINGS: Unit Placed Under Creditors Voluntary Liquidation
----------------------------------------------------------------
Splash247 reports that Ezra Holdings has announced that
subsidiary Emas Energy Services was placed under creditors'
voluntary liquidation on Jan. 31.

The move comes after a resolution was passed at an extraordinary
general meeting and confirmed by creditors, Splash247 says.

According to Splash247, KPMG Services have been appointed to act
as liquidators for the purpose of winding up the subsidiary,
which specialised in well intervention as well as plug and
abandonment.

Splash247 says Ezra Holdings has been in a state of limbo since
it filed for chapter 11 protection in the Southern District of
New York in March 2017. Shipbuilding subsidiary Triyards is also
under court protection in Singapore while it looks to
restructure, while Emas Offshore is negotiating a restructuring
with a potential investor from the Philippines, Splash247
discloses.

                        About Ezra Holdings

Founded in 1992, Ezra Holdings Limited --
http://www.ezraholdings.com/-- is an offshore contractor and
provider of integrated offshore solutions to the global oil and
gas industry.  Ezra is incorporated in Singapore with its
registered office at 15 Hoe Chiang Road #28-01 Tower Fifteen
Singapore 089316. Its shares were listed on the SGX Sesdaq on
Aug. 8, 2003, and moved to the Mainboard of the Singapore
Exchange since Dec. 8, 2005.  It also issued certain notes
(S$150,000,000 4.875% Notes due 2018 comprised in Series 003)
which have been listed on the Singapore Exchange since 2013.

Ezra established and maintains an office in the United States
located at 75 South Broadway, Fourth Floor, Office Number 489,
White Plains, New York 10601.  Ezra also has a wholly owned New
York subsidiary, Ezra Holdings (NY) Inc., which was incorporated
in the United States of America with 200 shares at a nominal
issue price per share.

EMITS, a wholly owned subsidiary of Ezra, provides supporting
information technology services to each of the Ezra Group's
business divisions.  Ezra Marine, another wholly owned subsidiary
of Ezra, has a leasehold interest in the marine base in Singapore
located at 51 Shipyard Road, Singapore 628139 and leases out the
base's facilities and provides various support services in
connection with the marine base to the Ezra Group's operating
entities.

Ezra Holdings and two affiliates -- Ezra Marine Services Pte.
Ltd. and EMAS IT Solutions Pte Ltd -- filed voluntary Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 17-22405) on
March 18, 2017, before the Honorable Robert D. Drain.  In the
petition signed by Tan Cher Liang, director, Ezra Holdings
estimated $500 million to $1 billion in assets and $100 million
to $500 million in liabilities.  The Debtors' Chapter 11 Cases
are being jointly administered for procedural purposes only.

Lawyers at Saul Ewing, led by Sharon L. Levine, Esq., serve as
the Debtors' Chapter 11 counsel.  The Debtors tapped as general
Singapore counsel Drew & Napier LLC; and claims and noticing
agent, Prime Clerk LLC.  Foxwood LLC also serves as special
counsel.

The Ezra Group's joint venture, EMAS CHIYODA Subsea Limited, and
certain of its affiliate companies filed voluntary Chapter 11
petitions (Bankr. S.D. Tex. Lead Case No. 17-31146) on Feb. 27,
2017.  ECS' wholly-owned subsidiary, EMAS-AMC AS, has also been
placed under members' voluntary liquidation in Norway.

Ezra guaranteed substantial charter hire liabilities of the ECS
Group, as well as certain loans owed by the ECS Group to
financial
institutions, Ezra faces potentially significant contingent
liability if the creditors call on the guarantees.

Ezra received statutory demands from Svenska Handelsbanken AB
(Publ), Singapore Branch and Forland Subsea AS on Jan. 24, 2017,
and Feb. 6, 2017, respectively. These statutory demands have
since expired under Singapore law and these two creditors may
commence winding up applications against Ezra.  Ezra also
received a statutory demand from VT Halter Marine, Inc. on
March 9, 2017.


NO SIGNBOARD: Net Loss Widens to SGD573,643 in Q1 Ended Dec. 31
---------------------------------------------------------------
The Strait Times reports that catalist-listed seafood restaurant
operator No Signboard Holdings sank deeper in the red with a net
loss of SGD573,643 for the first quarter ended Dec 31, 2018, from
a restated loss of SGD416,366 a year ago.

This comes as the numbers from a year ago were significantly
restated after the company adopted the latest accounting rules,
the Strait Times says.

Under the new accounting framework, the group reported a restated
net loss of SGD416,366 for the fiscal first quarter ended
December 2017, a marked difference from the SGD1.4 million net
profit it had initially reported under the old accounting rules,
the report discloses.

In the latest quarter, revenue fell 16.1 per cent to SGD5.6
million, as a result of loss of revenue from the closure of a
seafood restaurant outlet for a month to carry out major repair
works, a drop in average spending per customer in the restaurant
business, as well as the termination of non-performing sales
contracts of customers in the entertainment establishments as
part of the beer business restructuring exercise, according to
the Strait Times.

Loss per share stood at 0.12 cents for the quarter, compared to
0.09 cents a year ago, the report discloses.

No dividend was declared, the Strait Times notes.

According to the Strait Times, the group said in a filing to the
Singapore Exchange (SGX) on Feb. 1 that it expects to open two
more outlets under the Hawker brand and planned to open one
outlet under Mom's Touch brand, in which it has secured under an
exclusive master franchise agreement to development and operate
in Singapore and Malaysia.

The Strait Times relates that No Signboard said that it is
continuing to work on the development of new brands, as well as
its overseas expansion plans.

"With the completion of the beer business restructuring exercise,
the beer business will work on expanding the distribution
channels for the beer in according with the new sales strategy,"
said the group.

On Jan. 31, No Signboard halted trading in its shares after the
morning session which saw the stock surge nearly 24 per cent,
prompting a query from SGX, the report says. It also requested a
trading halt pending an announcement at 12:30 p.m. on Jan. 31.

The company has not yet responded to the market regulator's
queries, the Strait Times notes.

No Signboard Holdings Ltd., an investment holding company,
manages and operates food and beverage outlets in Singapore. The
company operates a chain of seafood restaurants under the No
Signboard Seafood brand that serve various seafood cuisine
prepared in Chinese and Singapore styles. It owns and operates
three restaurants, as well as operates one restaurant under a
franchise agreement. The company also produces, promotes, and
distributes beer under the Draft Denmark brand; and distributes
various third party brands of beer, as well as operates as an OEM
beer supplier for third party brands. In addition, it produces
and distributes ready meals through a network of vending
machines. Further, the company engages in leasing financial
intangible assets, such as patents, trademarks, brand names, etc.



====================
S O U T H  K O R E A
====================


HYUNDAI HEAVY: Posts KRW633 Billion Net Loss in 2018
----------------------------------------------------
Yonhap News Agency reports that Hyundai Heavy Industries Co., the
world's largest shipbuilder by sales, said on Jan. 31 that it
posted a net loss last year due to higher thick steel plate
prices and less work.

According to Yonhap, the shipyard said it posted a net loss of
KRW633 billion (US$569 million), compared with KRW93.4 billion in
the red a year earlier.

Hyundai Heavy blamed the loss on higher costs in building vessels
and less demand for specialty ships, Yonhap says.

Yonhap relates that the shipbuilder said it also logged an
operating loss of KRW474 billion, shifting from an operating
income of KRW14.6 billion.

Sales dropped 15.2 percent on-year to KRW13.1 trillion, the
company said, Yonhap relays.

Hyundai Heavy Industries builds ships for commercial, and
military purposes. The Company manufactures oil tankers, cargo
and passenger vessels, and warships. Hyundai Heavy Industries
also produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.



                             *********

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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