/raid1/www/Hosts/bankrupt/TCRAP_Public/190206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, February 6, 2019, Vol. 22, No. 026

                            Headlines


A U S T R A L I A

ADVANCED MANPOWER: First Creditors' Meeting Set for Feb. 13
BESPOKE FORMWORK: First Creditors' Meeting Set for Feb. 13
BEVEX DISTRIBUTION: First Creditors' Meeting Set for Feb. 13
CANRAISE PTY: First Creditors' Meeting Set for Feb. 13
CAPITAL WASTE: Second Creditors' Meeting Set for Feb. 13

RAPTOR FIRE: First Creditors' Meeting Set for Feb. 14
STEELVISION: Owes AUD10.1MM to Creditors, Administrators Report
VASSECO PTY: First Creditors' Meeting Set for Feb. 13


C H I N A

GUORUI PROPERTIES: S&P Cuts ICR to CCC on Refinancing Uncertainty
XINJIANG GUANGHUI: S&P Affirms 'B' Long-Term ICR, Outlook Stable


I N D I A

AMI ESTATES: CRISIL Withdraws B+ Rating on INR60cr Loans
ARYAN CHARITABLE: CRISIL Reaffirms B- Rating on INR5.5cr Loan
AURANGABAD THERMOCOL: CRISIL Cuts Ratings on INR8cr Loans to D
AZINE HEALTHCARE: ICRA Maintains B Rating in Not Cooperating
BHUSHAN POWER: NCLAT Rejects Tata Steel Move to Block Rival Bids

BUDHIA AGENCIES: Ind-Ra Hikes Rating on INR195MM Loan to BB+
DAX AGRI: ICRA Withdraws B+ Ratings on INR16cr Loans
DEORANI DEVI: ICRA Lowers Rating on INR14.13cr Term Loan to D
DILIGENT SCM: ICRA Withdraws 'D' Ratings on INR12.5cr Loans
EMBIOTIC LABORATORIES: CRISIL Migrates B+ From Not Cooperating

GLOBCON INDUSTRIES: ICRA Reaffirms B+ Rating on INR8.70cr Loan
IL&FS GROUP: Spanish Unit to Start Voluntary Insolvency Process
ILA HOME: CRISIL Withdraws B Rating on INR3.7cr Proposed Loan
JANA SMALL: ICRA Reaffirms D(SO) Rating on 7 Securities
JHARKHAND ROAD: CRISIL Cuts Rating on INR438cr NCD to D

KAILASH RICE: CRISIL Migrates B+ Rating to Not Cooperating
KLG JEWELLERS: CRISIL Reaffirms B+ Ratings on INR27.1cr Loans
MEENAKSHI ASSOCIATES: CRISIL Reaffirms B- Rating on INR7cr Loan
MILI STEELS: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
PRATIBHA INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating

PVS MEMORIAL: CRISIL Assigns 'B' Rating to INR7.5cr Loan
RADIANT TEXTILES: CRISIL Withdraws B+ Rating on INR101cr Loans
RAJASHRI FOODS: CRISIL Reaffirms B+ Rating on INR20cr Loans
RAJIV PETROCHEMICALS: Ind-Ra Affirms BB- on INR190MM Debt
RAUNAQ EPC: CRISIL Cuts Rating on INR86.60cr LT Loan to B+

RAYALASEEMA EXPRESSWAY: Ind-Ra Ups Rating on INR7BB Loans to BB
RELCOM TECHNOLOGY: ICRA Maintains B Rating in Not Cooperating
RELIANCE COMMUNICATIONS: Moves NCLAT to Withdraw Ericsson Appeal
RIGHTEDGE INFRASTRUCTURES: CRISIL Rates INR7.15cr Loan B+
RUBBER MATTERS: ICRA Assigns B Rating to INR15.40cr Loans

SAI KRUPA: CRISIL Withdraws B+ Rating on INR15cr Term Loan
SAN MARINE: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
SANTOSH STARCH: ICRA Withdraws B+ Rating on INR10cr Loan
SHREEPATI JEWELS: ICRA Maintains D Rating in Not Cooperating
SIVARAJ HOLIDAY: CRISIL Reaffirms B+ Rating on INR7.64cr Loan

SPUNWEB NONWOVEN: ICRA Withdraws B+ Rating INR8.04cr Loan
SUNNY EXPORTS: ICRA Lowers Rating on INR5cr Loan to D
SUTARIYA GEMS: CRISIL Withdraws D Ratings on INR26cr Loans
TIRUPATI AGENCIES: CRISIL Reaffirms B- Rating on INR7cr Cash Loan
UMIYA INDUSTRIES: ICRA Maintains B Rating in Not Cooperating

VASUNDHARA DEVELOPERS: ICRA Maintains B Rating in Not Cooperating


N E W  Z E A L A N D

TARATAHI AGRICULTURAL: Formally Placed in Liquidation


S I N G A P O R E

AGV GROUP: Net Loss Widens to SGD12.1MM in 2018


                            - - - - -


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


ADVANCED MANPOWER: First Creditors' Meeting Set for Feb. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Advanced
Manpower Services Pty Ltd (formerly known as JMD Security Pty
Ltd) will be held on Feb. 13, 2019, at 10:00 a.m. at Level 13, 5
Martin Place, in Sydney, NSW.

Nicarson Natkunarajah -- nic.raja@rogerandcarson.com.au -- of
Roger and Carson Pty was appointed as administrator of Advanced
Manpower on Jan. 31, 2019.


BESPOKE FORMWORK: First Creditors' Meeting Set for Feb. 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bespoke
Formwork Pty Ltd (formerly trading as Ezytube Pty Limited) will
be held on Feb. 13, 2019, at 10:00 a.m. at Level 27, 259 George
Street, in Sydney, NSW.

Sule Arnautovic and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of Bespoke Formwork on Feb. 1, 2019.


BEVEX DISTRIBUTION: First Creditors' Meeting Set for Feb. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bevex
Distribution Pty Ltd will be held on Feb. 13, 2019, at 11:30 a.m.
at Suite 1, Level 15, 9 Castlereagh Street, in Sydney, NSW.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Bevex Distribution
on Feb. 1, 2019.


CANRAISE PTY: First Creditors' Meeting Set for Feb. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Canraise
Pty Ltd, trading as Chasence, will be held on Feb. 13, 2019, at
10:30 a.m. at the offices of Mackay Goodwin, at Level 2, 10
Bridge Street, in Sydney, NSW.

Thyge Trafford-Jones and Domenic Calabretta of Mackay Goodwin
were appointed as administrators of Canraise Pty on Feb. 1, 2019.


CAPITAL WASTE: Second Creditors' Meeting Set for Feb. 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Capital Waste
Pty Ltd, trading as Capital Waste Services & Capital Waste Skips,
has been set for Feb. 13, 2019, at 11:00 a.m. at the offices of
Ernst & Young, at Level 11, 121 Marcus Clarke Street, in
Canberra, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2019.

Michael Slaven & Aaron Torline of Ernst & Young were appointed as
administrators of Capital Waste on Jan. 8, 2019.


RAPTOR FIRE: First Creditors' Meeting Set for Feb. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Raptor
Fire Services Pty Ltd will be held on Feb. 14, 2019, at 11:00
a.m. at the offices of Cor Cordis, at One Wharf Lane, Level 20,
171 Sussex Street, in Sydney, NSW.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Raptor Fire on Feb. 4, 2019.


STEELVISION: Owes AUD10.1MM to Creditors, Administrators Report
---------------------------------------------------------------
Latrobe Valley Express reports that administrators have been
appointed to take over Steelvision after its sole director last
month declared the company - which received more than half a
million dollars in Victorian taxpayer money less than 12 months
ago - was insolvent.

A creditors' claim summary report obtained by The Express shows
412 creditors are owed AUD10.1 million, excluding many Latrobe
Valley businesses which are owed more than AUD1 million
collectively by the embattled company.

It comes as a former Latrobe City economic development officer
criticised Regional Development Victoria, the body responsible
for handing over the funding, labelling the situation "a joke,"
the report says.

Documents seen by The Express suggest Steelvision owner-director
David Gooley sought help from administrators Hamilton Murphy as
early as September 2018, six months after the company was brought
before the Supreme Court of Victoria for unpaid payroll tax
concerns.

The Express says the company was placed into voluntary
administration on Jan. 29 -- less than 24 hours before it was due
to face a wind up notice in court, which was later adjourned.

Hamilton Murphy is also acting as administrators for two
companies; Dynamic Concrete Cutting Pty Ltd, whose sole director
is Vanessa Verduci - the partner of David Gooley - and CSG
Modular Pty Ltd, which is also owned by Mr. Gooley, the Express
adds.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Steelvision Pty on Jan. 22, 2019.


VASSECO PTY: First Creditors' Meeting Set for Feb. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Vasseco
Pty Ltd will be held on Feb. 13, 2019, at 11:00 a.m. at the
offices of Farnsworth Shepard, at Level 5, 2 Barrack Street, in
Sydney, NSW.

Benjamin Michael Carson of Farnsworth Shepard was appointed as
administrator of Vasseco Pty Ltd on Feb. 1, 2019.



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


GUORUI PROPERTIES: S&P Cuts ICR to CCC on Refinancing Uncertainty
-----------------------------------------------------------------
S&P Global Ratings, on Feb. 4, 2019, lowered its long-term issuer
credit rating on Guorui Properties Ltd. to 'CCC' from 'B-'.

S&P said, "At the same time, we lowered our long-term issue
rating on the China-based property developer's outstanding senior
unsecured notes to 'CCC-' from 'CCC+'. We placed the ratings on
CreditWatch with developing implications."

S&P downgraded Guorui and put the ratings on CreditWatch with
developing implications to reflect the uncertainty over the
company's refinancing plan for its imminent debt maturities.

S&P said, "Guorui's execution of its refinancing plan is slower
than our expectation, especially its potential offshore issuance.
The company is still working on completing these deals. However,
we believe repayment risks are increasing because two payments
are due in March 2019. The company has US$250 million of offshore
bonds due on March 1. Put options on another US$300 million in
bonds are exercisable on March 20."

Guorui's readily available liquidity sources in the form of
offshore unrestricted cash are limited, although the company is
in the process of transmitting cash offshore. In addition to
offshore issuances, the company is targeting to fill the
liquidity gaps in the next two months through transmitting
onshore funds, cash collections from sales, onshore loans, and
debt issuances. Even if Guorui can arrange for sufficient
channels to remit funds offshore, S&P sees risks that the
refinancing could be delayed, given the large notional amounts.

S&P said, "We expect to resolve the CreditWatch placement
following Guorui's repayment of offshore maturities, likely
before the end of March 2019, including if we believe the company
has secured sufficient offshore funds for refinancing.

"We could lower the rating by one or more notches if we do not
believe the company will complete its refinancing plans prior to
its bond maturity on March 1, 2019.

"We could raise the rating if the company executes its
refinancing plans and enhances its capital structure and
liquidity."


XINJIANG GUANGHUI: S&P Affirms 'B' Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Guanghui. S&P said, "We also affirmed our 'B-' long-
term issue rating on the China-based auto distributor's U.S.
dollar-denominated senior unsecured notes. At the same time, we
removed all the ratings from CreditWatch, where they were placed
with developing implications on Sept. 28, 2018."

S&P said, "We affirmed the ratings because we expect Xinjiang
Guanghui Industry Investment (Group) Co. Ltd.'s (Guanghui)
leverage to improve following a capital injection of Chinese
renminbi (RMB) 7.8 billion from Evergrande Group. The company's
higher EBITDA stemming from a recovery in the energy business
will further support the improvement. We believe the capital
injection provides Guanghui with additional liquidity and allows
it to temporarily reduce some debt. That said, we continue to
view the company's reliance on short-term borrowing as a risk.
China-based property developer Evergrande injected the capital as
part of its strategic agreement with Guanghui.

"In our view, Guanghui's capital structure management remains a
challenge due to the company's high reliance on short-term
borrowing, even after the capital injection. Guanghui plans to
gradually decrease its short-term debt ratio to below 50%, from
around 60% as of June 30, 2018. But we believe the goal is
challenging because the auto retailing business requires large
working capital and short-term funding. The funds from Evergrande
are not significant when compared to Guanghui's short-term debt
of RMB62.9 billion as of June 30, 2018. We forecast the company's
average debt maturity to be less than two years.

"We expect Guanghui to control its debt leverage at 5x or below
following its recent debt repayment using the new capital
injection and likely improved EBITDA from a turnaround in the
energy business. We forecast the company's weighted average debt-
to-EBITDA ratio to improve to 4.4x after the capital injection,
from 5.1x previously, mostly because of strong EBITDA growth.
Ramp up of production and positive energy market sentiment
supported Guanghui's revenue growth, with over 120% year-over-
year revenue growth for the energy segment in the first half of
2018. This accounted for 7% of the group's revenue. The company
spent over RMB5.5 billion of the RMB7.8 billion injection on debt
repayment, with close to half of that going toward short-term
debt. It has saved the rest for working capital funding.

"We do not expect Guanghui's business strategy or market position
to alter significantly after Evergrande comes onboard.
Evergrande's collaboration with Guanghui is part of its plan to
expand into the automobile business. While Guanghui's property
business may share some resources with Evergrande, we expect the
benefit may be more from efficiency improvements rather than an
enhanced market position.

"The stable outlook reflects our expectation that Guanghui will
continue to shift its focus to higher-margin after-sales auto
services and maintain its satisfactory position in China's auto
retailing market over the next 12 months. We also expect
Guanghui's debt leverage to remain high, given its track record
of debt-funded expansion and the ongoing capital needs of the
auto business. The stable outlook also reflects Guanghui's
continued reliance on short-term debt financing, partially
tempered by its diversified funding channels and good bank
relationship.

"We could lower the rating if Guanghui's liquidity deteriorates
materially due to increased reliance on short-term debt, higher
funding costs, or weakening access to credit markets. We could
also lower the rating if the company's market position or
profitability weakens due to intensifying competition. In
addition, we could downgrade Guanghui if its appetite for debt-
funded expansion becomes more aggressive than we expect, such
that its debt-to-EBITDA ratio exceeds 5x.

"We could raise the rating if Guanghui significantly improves its
capital structure, including extending the average debt maturity
consistently to over two years. We could also raise the rating if
the company materially improves its leverage on the back of
stronger profitability or more disciplined capital expenditure,
such that its debt-to-EBITDA ratio declines to below 4.0x on a
sustainable basis.

"In a less likely scenario, we could upgrade Guanghui if the
company demonstrates a prolonged track record of stabilizing
performance in the more volatile energy and property segments."



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


AMI ESTATES: CRISIL Withdraws B+ Rating on INR60cr Loans
--------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Ami Estates LLP (AEL) to
'CRISIL B+/Stable Issuer not cooperating'. CRISIL has withdrawn
its rating on bank facility of AEL following a request from the
company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL is migrating the ratings on bank
facilities of AEL from 'CRISIL B+/Stable Issuer Not Cooperating
to 'CRISIL B+/Stable'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          54       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Migrated from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Proposed Long Term       6       CRISIL B+/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Migrated from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

AEL is a limited liability partnership firm between Mr. Sunil
Kothari and Mrs Sneha Kothari. The firm is currently developing a
residential project called Le Reve at Kharadi, Pune. The firm is
based out of Pune, Maharashtra.


ARYAN CHARITABLE: CRISIL Reaffirms B- Rating on INR5.5cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facility of The Aryan Charitable Trust KTL (Aryan).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            5.5        CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect Aryan's early stage of
operations, expected below-average financial risk profile and
susceptibility to regulatory changes in the education sector.
These weaknesses are partially offset by the extensive experience
of the trustees in the education industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Early stage and small scale of operations in the intensely
competitive education industry: Since commercial operations
started in April 2018, occupancy levels are low at 30% and are
expected to improve only gradually over the medium term. This
will likely lead to low revenue in fiscal 2019. Furthermore, the
trust is expected to face intense competition in the education
industry from already established players in the region.

* Below-average financial risk profile: The financial risk
profile is expected to be constrained by a weak capital structure
and subdued debt protection metrics. The gearing may be high at
over 10.9 times and debt protection metrics will likely be weak
as of March 2019.

* Regulatory risks associated with educational institutes: The
school faces regulatory risks, as it is governed by the Central
Board for Secondary Education (CBSE). The syllabus has to be
designed as per the board's requirement. The affiliation has to
be renewed annually, and any delays in receiving approvals can
adversely impact completion of expansion projects and thus,
affect incremental revenue. The agencies also conduct regular
inspection and checks on the facilities, infrastructure, content
and courses provided by the trust; any mismanagement or shortfall
on the mandated requisites can trigger action against
institutions.

Strength

* Trustees' extensive experience: Operations are managed by Mr.
Parduman Singh and his family who have experience of over two
decades in the education industry through their two other schools
in the region. Their extensive experience should benefit Aryan
over the medium term.

Liquidity

Net cash accrual is expected to be inadequate to service term
debt: accruals are expected at INR0.31 crore and INR0.16 crore in
fiscals 2019 and fiscal 2020, while maturing term debt is of
INR0.6 crore per annum. However, infusion of equity and unsecured
loans should continue to support operations and debt servicing.

Outlook: Stable

CRISIL believes Aryan will continue to benefit over the medium
term from its trustees' extensive experience. The outlook may be
revised to 'Positive' if higher occupancy and fees lead to
substantial cash accrual. Conversely, the outlook may be revised
to 'Negative' if low occupancy and fees, or delays in project
execution constrain cash accrual and liquidity.

Aryan, a not-for-profit organisation, has set up a middle school,
Aryan International School, affiliated with the Central Board of
Secondary Education (CBSE) at village Katwad, Kaithal (Haryana).
Operations are managed by its chairman Mr. Parduman Singh.
Operations began in April 2018.


AURANGABAD THERMOCOL: CRISIL Cuts Ratings on INR8cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Aurangabad Thermocol Plates & Containers Private Limited
(ATTPL) to 'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1         CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Rupee Term Loan       7         CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects delay in repayment of term loan by ATTPL,
due to stretched liquidity.

The rating is also constrained by below average financial risk
profile and subdued profitability, these weaknesses are partially
offset by the promoters' experience.

Key Rating Drivers & Detailed Description

* Delays in servicing maturing debt: The downgrade reflects delay
in debt servicing by ATTPL due to stretched liquidity.

Weakness

* Below-average financial risk profile: Financial risk profile is
weak, because of high gearing (9.35 times as of March 2018) and
average debt protection metrics (interest coverage ratio and net
cash accrual to total debt ratios were 1.7 times and 0.08 time,
respectively, in fiscal 2018).

* Subdued Profitability: Change in government policy and lower
utilization of capacities has resulted in subdued profitability
during fiscal 2018. Profitability is expected to be on similar
level over medium term due to sluggish demand.

Strength

* The promoters' experience: The promoters have experience of
around two decades in the disposable kitchenware industry through
other companies. This supports ATTPL's business risk profile.

Liquidity

Change in government policy, overall reduction in demand and
drawings by partners in fiscal 2018 has resulted in tightly match
cash accruals in fiscal 2018. Further Bank Limit remained
Utilised at around 100% in past 12 months, this has resulted in
overall stretched liquidity, and delay in term loan payment.
CRISIL expected liquidity to remain stretched over the medium
term.

ATTPL is a private limited company incorporated in 2013. The
company manufactures thermocol disposable plates, cups, food
packing containers, and electronic goods packaging. Its
manufacturing facility is in Chitegaon, Aurangabad (Maharashtra).


AZINE HEALTHCARE: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR8.00-crore bank facilities of
Azine Healthcare Pvt. Ltd. (AHPL) remain under the Issuer Not
Cooperating category. The rating is denoted as [ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          1.65       [ICRA]B (Stable); ISSUER NOT
   Term Loan I                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          2.95       [ICRA]B (Stable); ISSUER NOT
   Term Loan II                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          2.50       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based-     (0.75)      [ICRA]A4; ISSUER NOT
   FLC-DA/DP^#                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based-      0.50       [ICRA]A4; ISSUER NOT
   ILG^                            COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated Limits   0.40       [ICRA]B (Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

* Issuer did not co-operate; based on best available information
^ FLC- Foreign and Inland Letter of Credit, ILG- Letter of
  Guarantee
# Sublimit of Cash Credit facility

Rationale

ICRA has been trying to seek information from the entity to
monitor its performance with repeated reminders for the payment
of an overdue surveillance fee. Despite repeated requests by
ICRA, the entity's management has remained non-cooperative. The
current rating action has been taken by ICRA based on the best
available/dated/limited information on the issuer's performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution, while using this
rating, as it may not adequately reflect the credit risk profile
of the entity.

Azine Healthcare Private Limited (AHPL) was established in 2002
as a private limited company and is involved in the manufacturing
of formulations. The company has its corporate office in
Ahmedabad and manufacturing unit in Kerala GIDC, Bavla. Company
focuses on therapeutic segments i.e. gastro, respiratory,
infection, gynaecology, ortho, nutrition and pain. The company
was initially engaged in trading and marketing of formulations,
mainly tablets and capsules. Later in 2009, AHPL started the in-
house manufacturing of tablets, syrups and ORS. The company is
owned and managed by Mr. Shyamsundar Agarwal and Mrs. Rekha
Agarwal.


BHUSHAN POWER: NCLAT Rejects Tata Steel Move to Block Rival Bids
----------------------------------------------------------------
Reuters reports that an Indian appeals tribunal has ruled against
Tata Steel Ltd's effort to dismiss rival bids for Bhushan Power
and Steel, boosting JSW Steel Ltd's offer to buy the indebted
steel maker.

According to Reuters, the National Company Law Appellate Tribunal
(NCLAT) said the plea by Tata Steel was "not maintainable" as it
was up to the committee of creditors of Bhushan Power and Steel
to accept a debt resolution plan that could maximize asset value.

Reuters relates that the tribunal said it would not interfere
with JSW Steel's bid because more than 97 percent of the indebted
firm's creditors had approved the plan.

Tata Steel and JSW Steel, India's top two steelmakers, as well as
British metals and industrial firm Liberty House submitted bids,
Reuters discloses.

Reuters says Tata Steel challenged Liberty's bid, which it said
was submitted after the deadline, and also JSW Steel's revised,
higher offer, which was also submitted after the deadline.

Tata bid INR170 billion (US$2.4 billion) for the east Indian
steel plant, which has capacity to produce 3.5 million tonnes a
year. Liberty's offer was INR190 billion, while JSW Steel's
revised, higher offer was about INR197 billion, Reuters notes.

According to Reuters, Tata Steel said it was reviewing the court
order and had no further comment. JSW Steel and Liberty did not
respond to Reuters emails seeking comment.

Tata Steel can still challenge the ruling in the Supreme Court,
the report notes.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


BUDHIA AGENCIES: Ind-Ra Hikes Rating on INR195MM Loan to BB+
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Budhia Agencies
Private Limited's (BAPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR195 mil. Fund-based limits upgraded with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The upgrade reflects a substantial rise in the revenue and an
improvement in the credit metrics of BAPL in FY18. The scale of
operation of BAPL was medium-to-large. BAPL's revenue was
INR1,963 million in FY18 (FY17: INR1,841 million). BAPL recorded
INR2,417.7 million in revenue for 8MFY19. Revenue growth in FY18
was driven by an increase in demand and the opening of three new
showrooms. In addition, BAPL's credit metrics were modest. Its
EBITDA interest coverage (operating EBITDA/gross interest
expense) enhanced to 1.9x in FY18 (FY17: 1.7x), with its net
leverage (adjusted net debt/operating EBITDAR) improving to 4.2x
(5.2x). The improvement in credit metrics was driven by a
proportionately higher rise in absolute EBITDA than that in
interest expenses and debt.

The ratings continue to benefit from BAPL being an authorized
dealer of Tata Motors Limited and its promoters' experience of
over a decade in the automobile dealership business.

The ratings are supported by a healthy EBITDA margin, which rose
to 2.15% in FY18 from 1.6% in FY17 on account of a decline in
material cost. In addition, its return on capital employed was
15% in FY18 (FY17: 11%)

The ratings, however, continue to reflect the weak liquidity
position of BAPL, indicated by an average 98.2% use of the
working capital limits during the 12 months ended December 2018.
In addition, its cash flow from operations was negative at
INR16.91million in FY18 (FY17: INR35.18million). Moreover, it had
a cash balance of INR11.66 million at FYE18 (FYE17: INR22.07
million).

RATING SENSITIVITIES

Negative: Any decline in the overall credit profile may lead to a
negative rating action.

Positive: Any improvement in the credit metrics and the liquidity
can lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2002, BAPL is an authorized dealer of Tata Motors
based in Jharkhand. It undertakes the sale of light commercial,
medium and heavy commercial vehicles. It has 15 outlets,
including five sales-service-spares centers, in Jharkhand. Its
promoters are Mentu Budhia, Rajendra Prasad Budhia, Rahul Budhia
and Babita Budhia.


DAX AGRI: ICRA Withdraws B+ Ratings on INR16cr Loans
----------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook assigned to the INR16.00 crore bank facilities of Dax
Agri Impex (DAI).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          14.50      [ICRA]B+(Stable); Withdrawn

   Fund based-
   Term Loan             1.50      [ICRA]B+(Stable); Withdrawn

Rationale

The rating assigned to Dax Agri Impex has been withdrawn at its
request based on the no objection certificate provided
by its banker.

Outlook: Not applicable

Established in May 2017, Dax Agri Impex has set up a Greenfield
project at Junagadh district in Gujarat to process groundnuts and
other agro-commodities. The firm commenced trading operations
from November 2017 and is expected to commence processing from
February 2018. The partners of the firm have extensive experience
in the agro commodities business by virtue of their association
with Varsha Industries Private Limited which is also involved in
the same line of business.


DEORANI DEVI: ICRA Lowers Rating on INR14.13cr Term Loan to D
-------------------------------------------------------------
ICRA has reassigned the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING for the bank
facilities of Deorani Devi Memorial Trust (DDMT). ICRA has also
reassigned the short-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]A4 ISSUER NOT COOPERATING for the bank
facility of DDMT. The ratings continue to be in the 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]D/
[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       14.13      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Reassigned from [ICRA]B+
                                (Stable) and continues to remain
                                in issuer not cooperating
                                category

   Untied Limit       0.87      [ICRA]D/[ICRA]D ISSUER NOT
                                COOPERATING; Reassigned from
                                [ICRA]B+(Stable)/[ICRA]A4 and
                                continues to remain in issuer
                                not cooperating category

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

Rationale

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

Deorani Devi Memorial Trust is a public charitable trust formed
in March 2010. It currently runs a school in the name of 'Open
Minds - a Birla K-12 School' in Patna, Bihar. It is in a
franchisee agreement with Birla Edutech Limited, which has other
similar ventures like Shloka School, Globe Tot'ers (Preschool),
SPEED (for sports and physical education of children), Birla
Institute for Teacher Training, in the sphere of education. The
school commenced its operations from the academic session 2010-
11.


DILIGENT SCM: ICRA Withdraws 'D' Ratings on INR12.5cr Loans
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D ISSUER NOT
COOPERATING and short-term rating of [ICRA]D ISSUER NOT
COOPERATING assigned to the INR12.50 crore bank limits of
Diligent SCM Solutions Private Limited (DSSPL).

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         6.14       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Withdrawn

   Unallocated        0.45       [ICRA]D ISSUER NOT COOPERATING;
   Limits                         Withdrawn

   Unallocated        5.91       [ICRA]D/[ICRA]D ISSUER NOT
   Limits                         COOPERATING; Withdrawn

Incorporated in 2005, Diligent SCM Solutions Private Limited is
involved in designing, developing, testing, manufacturing
and sourcing of precision engineered components. Mr. Dantuluri
Phani Varma, the Managing Director, has over two decades of
global experience in different phases of mechanical and electro-
mechanical product development. The company is also involved in
development and validation of alternate manufacturing processes,
handling super alloys and meeting the process requirements for
different sectors. However, the focus, as of now, has been on the
power generation segment. DSSPL has entered into annual agreement
with General Electric International INC. (GE) through its GE
Power & Water Business and has been recognised by GE as a
strategic supplier with respect to a key component used in gas
turbine, namely cloth seals. Apart from cloth seals, the company
is also a supplier of spares for turbines, which are used during
overhaul and maintenance.


EMBIOTIC LABORATORIES: CRISIL Migrates B+ From Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Embiotic Laboratories
Private Limited (ELPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of ELPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.

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

CRISIL rating on the long-term bank facility of ELPL continue to
reflect ELPL's modest scale of operations in a fragmented
pharmaceuticals industry and its exposure to risks relating to
customer concentration. The rating also factors in the working
capital-intensive operations and the below-average financial risk
profile because of modest net worth and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of the promoters in the pharmaceuticals industry and
their established presence and long track record in the contract
manufacturing industry.

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of promoters and their
established presence and long track record in the contract
manufacturing industry: Mr. Kantilal V. Jain, the Managing
Director was instrumental in steering the company right from the
year of its establishment; 1987. The rich experience of in the
field of pharmaceutical trading of more than 40 years, made him
to start the manufacturing unit to present quality medicines to
the suffering humanity. His technical expertise and extensive
experience enabled ELPL to sustain its scale of operations over
the years. The qualified management team and its track record of
delivery have enabled consistent orders from clients. The company
also derives benefits from established supplier relationships.
CRISIL believes that ELPL will benefit from its promoter's
industry experience, over the medium term.

Weakness

* Modest scale of operations in a fragmented pharmaceuticals
industry: ELPL manufactures pharmaceutical formulations, the
market for which is highly fragmented in terms of number of
manufacturers and variety of products. According to CRISIL
Research, there are 300 to 400 organised players and around
15,000 unorganised players in the domestic formulations market.
Moreover, organised players dominate the formulations market, in
terms of sales. ELPL's scale of operations is modest reflected in
its revenue of around INR26.90 crores in FY18. CRISIL believes
that the business risk profile of the company will be constrained
on account of its modest scale of operations, over the medium
term.

* Working-capital-intensive operations: ELPL's operations are
working capital intensive, marked by gross current assets (GCAs)
of around 290 days as on March 31, 2018. The GCA days have been
high, since the company maintains raw material inventory of 3 to
4 months and debtors ranging from 3-5 months. ELPL's working
capital cycle is partly supported by credit of around 70 days,
from its suppliers. However, CRISIL believes that the company
will continue to depend on external bank borrowings to meet its
working capital requirements, because of moderate profitability
and cash accruals, as indicated by high bank limit utilisation of
around 98 per cent. CRISIL believes that efficient working
capital management will remain a rating sensitivity factor.

* Below-average financial risk profile because of modest net
worth and weak debt protection metrics: ELPL's net worth has
remained low at around INR4.32 crores as on March 31, 2018. The
net worth is expected to increase modestly over the medium term
on account of high dependence on bank lines to fund the business
thereby increasing the interest and financial charges and
limiting the accretion to reserves. ELPL has moderate gearing of
3 times as on March 31, 2018, because of its small net worth and
reliance on bank borrowings to meet its working capital
requirements. The gearing is expected to remain at similar levels
over the medium term in the absence of any major debt funded
capex plans.

ELPL has weak interest coverage and net cash accruals to total
debt (NCATD) of 1.60 times and 5% respectively. Interest coverage
and NCATD are expected to remain around current levels over the
medium term on account of modest scale of operations and moderate
operating profitability.

Liquidity

* High bank limit utilization: Bank limit utilisation is around
98 percent for the past twelve months ended October, 2018. CRISIL
believes that bank limit utilization is expected to remain high
on account of large working capital requirement.

* Cash accrual to meet debt obligation: Cash accrual are expected
to be around INR0.80-1.25 Cr. which are sufficient against modest
debt obligations of around INR0.03-0.45 crores over the medium
term. In addition, it will be act as cushion to the liquidity of
the company.

Outlook: Stable

CRISIL believes ELPL will maintain its business risk profile
aided by the promoters' extensive industry experience and
established relations with customers. The outlook could be
revised to 'Positive' if there is substantial improvement in the
financial risk profile backed by sustained improvement in
operating performance and profitability. Conversely, the outlook
may be revised to 'Negative' if there is further deterioration in
the financial risk profile led by large, debt-funded capital
expenditure or lengthening of ELPL's working capital cycle.

Set up in 1987, ELPL produces various pharmaceutical formulations
in the form of oral solid dosages and liquids. It is based in
Bengaluru and also undertakes contract manufacturing.


GLOBCON INDUSTRIES: ICRA Reaffirms B+ Rating on INR8.70cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Globcon
Industries Private Limited (GIPL) at [ICRA]B+(Stable).

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based          8.70      [ICRA]B+(Stable); Reaffirmed
   Limits

Rationale

The rating reaffirmation continues to remain constrained by GIPL
moderate scale of operations and weak financial risk profile
characterised by declining operating margins, leveraged capital
structure and high working capital intensity. The rating further
remains constrained by the stiff competition in the autoclaved
aerated concrete (AAC) blocks manufacturing business due to
presence of other organised players as well as availability of
substitutes. GIPL's operations also remain vulnerable to the
cyclicality in the real estate sector.

The rating, however, derives comfort from the stable demand
outlook for AAC blocks with increasing acceptance in the domestic
market and location-specific advantages due to its proximity to
raw material sources, and consumption centres in Gujarat and
Maharashtra.

Outlook: Stable

ICRA believes that GIPL will continue to benefit from the steady
demand for AAC block. The outlook may be revised to Positive if
substantial growth in revenue and profitability leads to higher-
than-expected net cash accruals, which coupled with equity
infusion and better working capital management strengthens the
financial risk profile. Conversely, the outlook may be revised to
Negative if substantial decline in sales and profitability leads
to lower-than-expected cash accruals; or if any debt-funded
capital expenditure or stretch in the working capital cycle
weakens the capital structure and the overall liquidity.

Key rating drivers

Credit strengths

Stable demand outlook for AAC blocks in the Indian market: The
demand outlook of AAC blocks remains favourable in view of
increased acceptance of the product in the domestic real estate
and construction sector. The overall capacity utilisation of the
unit witnessed improvement to 91% in FY2018 from 62% in FY2017,
primarily driven by increase in volume following steady demand.

Proximity to major raw material sources and consumption centres:
The major raw materials required for manufacturing AAC blocks are
fly ash, cement, gypsum and chemicals such as aluminium powder
and caustic soda. GIPL procures fly ash from Ukai Thermal Power
Plant, which is located in close vicinity. Furthermore, cement is
procured locally and lime powder is procured from Rajasthan.
Moreover, GIPL has established relationship with key customers,
most of whom are reputed builders based in Mumbai and Surat,
ensuring close proximity to major consumption centres. This
provides location-specific advantage in terms of proximity to raw
material suppliers as well as from customers.

Credit challenges

Weak financial risk profile: Despite of healthy growth in
operating income (OI) by 47% to INR32.90 crore in FY2018 from
INR22.36 crore in FY2017, its scale of operation continues to
remain moderate. The operating margins have been declining
continuously to 12.67% in FY2017 from 17.62% in FY2015 with a
decline in realisations and further moderated to 9.01% in FY2018
on account of bad debts worth INR1.40 crore, which were written
off. However, the net margins improved considerably to 1.06% in
FY2018 from 0.02% in FY2017 with a decline in depreciation and
interest expense. The capital structure continued to remain
aggressive at 4.18 times in FY2018 due to high debt level and low
net worth. However, the same has moderated from 5.57 times in
FY2017. The working capital intensity continued to remain high,
though improved with NWC/OI at24% in FY2018 as against 34% in
FY2017. The debtor days moderated to 119 days in FY2018 from 197
days in FY2017, though it continued to remain high due to the
stiff competition. Further, to support the liquidity, the
creditors also remained stretched at 93 days in FY2018 compared
to 96 days in FY2017.

Intense competition due to fragmented industry structure: The
company faces competition both from Surat-based large organised
AAC blocks manufacturers as well as from the new entrants. The
stiff competition in the industry is likely to remain high, given
the relatively moderate technical and capital requirements.
Exposure to cyclicality associated with real estate and
infrastructure sector: The demand for AAC blocks depends
primarily on the fortunes of the real estate, construction and
infrastructure development activity, which is cyclical in nature.

Liquidity position

GIPL's fund flow from operations (FFO) remained positive in
FY2018, though its free cash flow (after the debt repayment) was
negative due to high repayments and capital expenditure towards
installation of adhesive plant. The company's overall liquidity
position remained modest with moderate utilisation at 58% of the
working capital limits during September 2017 to November 2018
period. Going forward, the fund flow from operations is expected
to remain positive, however, the debt repayments and capital
expenditure may pressurise the overall liquidity position. Hence,
timely support from promoters through equity infusion/unsecured
loans remains critical in case any cash flow mismatch.

GIPL was initially established as a partnership firm - Globcon
Industries in 2012 and was subsequently converted into a private
limited company in November, 2013. The company manufactures AAC
blocks, which are used in the real estate industry. GIPL's
manufacturing facility is located at Pipodara in Mangrol Taluka
near Surat with an installed capacity of 1,50,000 cubic meter per
annum.

In FY2018, the company reported a net profit of INR0.35 crore on
an operating income (OI) of INR32.90 crore as against a net
profit of INR0.01 crore on an OI of INR22.36 crore in FY2017.


IL&FS GROUP: Spanish Unit to Start Voluntary Insolvency Process
---------------------------------------------------------------
The Economic Times reports that troubled IL&FS Group said on
Jan. 31 the board of Elsamex SA of Spain have unanimously agreed
for initiation of voluntary insolvency proceedings in Spain in
view of lack of liquidity.

IL&FS arm IL&FS Transportation Networks (ITNL) had acquired
Elsamex SA of Spain, a road maintenance, operation and management
company, ET discloses.

"The Board of Directors of Elsamex SAU, Spain, a material
subsidiary of IL&FS Transportation Networks Ltd, has conducted a
detailed analysis of the evolution of Elsamex, the financial
risks, the lack of liquidity to meet the due dates and the latest
court resolutions.

"Pursuant to the aforementioned analysis, the Board of Directors
of Elsamex have unanimously agreed for initiation of voluntary
insolvency proceedings in Spain," IL&FS Transportation said in a
BSE filing, the report relays.

ET notes that the company is part of the crisis-hit IL&FS group,
which has defaulted on debt repayments due to financial
mismanagement. The total debt of the group was pegged at
INR94,215.6 crore as of October 8, ET discloses.

                           About IL& FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a
series of its debt payments. This was said to be an attempt to
restore the confidence of financial markets in the credibility
and solvency of the infrastructure financing and development
group.


ILA HOME: CRISIL Withdraws B Rating on INR3.7cr Proposed Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Ila
Home Fashions (IHF) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bills Payable       3.5        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Packing Credit      4.8        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Fund-      3.7        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with IHF for obtaining
information through letters and emails date April 30, 2018 and
October 30, 2018, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IHF. This restricts CRISIL's
ability to take a forward IHF is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of IHF
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Based in Panipat (Haryana) and established in 2003, IHF is
promoted by Mr. Devesh Gupta and Ms. Ruchi Gupta. The firm
manufactures and exports home furnishing products such as floor
covering, and specialising in hand-tufted rugs, hand-woven rugs,
leather rugs, and bathroom floor coverings.


JANA SMALL: ICRA Reaffirms D(SO) Rating on 7 Securities
-------------------------------------------------------
ICRA has reaffirmed the ratings for Pass-Through Certificates
(PTCs) issued under 7 securitisation transactions originated by
Jana Small Finance Bank Limited (JSFB). The Smith, Goldstein,
Syme, Oceania and Moses transactions are backed by the Small
Group (SG) loans while the Raphael and Leonardo transactions are
backed by Jana Kisan (JK) loan contracts offered by JSFB. The
transactions involved 'at Par' transfer of receivables to the
respective trusts. The PTCs carried an eventual promise of
principal payouts and monthly promise of interest payouts.

                                Amount
  Issuer Name    Instrument    (INR cr)   Ratings
  -----------    ----------    --------   -------
  Smith IFMR     PTC Series A2    5.38    [ICRA]D(SO) Reaffirmed
  Capital 2016

  Goldstein      PTC Series A2    4.10    [ICRA]D(SO) Reaffirmed
  IFMR Capital
  2016

  Syme IFMR      PTC Series A2    1.58    [ICRA]D(SO) Reaffirmed
  Capital 2016

  Oceania IFMR   PTC Series A3   20.56    [ICRA]D(SO) Reaffirmed
  Capital 2016

  Moses IFMR
  Capital 2016   PTC Series A2    7.26    [ICRA]D(SO) Reaffirmed


  Raphael IFMR   PTC Series A1   37.02    [ICRA]D(SO) Reaffirmed
  Capital 2016   PTC Series A2    2.06    [ICRA]D(SO) Reaffirmed

  Leonardo IFMR
  Capital 2016   PTC Series A2    1.78    [ICRA]D(SO) Reaffirmed

Rationale

The rating reflects the inadequacy of the pool collections and
the credit enhancement available in the transactions to meet the
promised payouts to the PTC investors on the scheduled maturity
date.

Key rating drivers

Credit challenges

* Weak collection performance in the pools leading to higher
than expected delinquency levels

* Pool collections together with the available credit
enhancements were insufficient to meet the promised payout to the
PTC investors on their respective maturity dates

Description of key rating drivers:

The collection performance of the underlying loans was healthy
till October 2016 collection month. However, post the
demonetisation event, the monthly collection levels declined
significantly. Collections from overdue contracts have also been
poor. Due to the sustained weaker-than-expected pool
performances, there was a shortfall in meeting the scheduled
payouts to the PTC investors even after the utilisation of the
entire credit enhancement available in the transactions. However,
collections from overdue contracts post default have helped
redeem the senior series of PTCs (PTC Series A2 in case of the
Oceania transaction) in 6 of the 7 live transactions.

Performance of past rated pools: ICRA has rated 12 pools
originated by Jana Small Finance Bank Limited (Erstwhile
Janalakshmi Financial Services Ltd) and has ratings outstanding
on 7 pools as on 31st December 2018. All the live pools have
defaulted on the payments promised to PTC investors.

Jana Small Finance Bank (Erstwhile Janalakshmi Financial Services
Ltd (JFSL)) is a Bangalore-based NBFC-MFI catering to the
financial needs of urban poor women through the Joint Liability
Mechanism. The company was founded in 2006 by Mr. Ramesh
Ramanathan as Janalakshmi Social Services (JSS), whose portfolio
was taken over by JFSL in 2008. The promoter shareholding
continues to be in JSS (now called Jana Urban Foundation or JUF);
the corpus funds in JUF are used for social activities. As on
February 2018, JFSL had a portfolio of about INR7,742 crore. The
company has a diversified presence across 18 states and 2 union
territories in India with the share of the top 3 states of Tamil
Nadu, Karnataka and Maharashtra comprising of about 50% of the
overall portfolio as on February 2018. JFSL registered a high
compounded growth of 110% over the last four years ended FY2017.
The company raised INR1,030 crore equity during Apr-Nov 2017 from
existing and new investors. In FY2017, JFSL reported a net profit
of INR170.0 crore on a total managed asset base of INR15,729.8
crore as against a net profit of INR160.3 crore on a total
managed assets base of INR13,345 crore during FY2016. During
H1FY2018, JFSL reported a loss of Rs.1,192 crore on a managed
asset base of INR10,332 crore. ICRA has a rating outstanding of
[ICRA]BBB-(Negative) on the bank lines and NCD programme of Jana
Small Finance Bank Ltd.


JHARKHAND ROAD: CRISIL Cuts Rating on INR438cr NCD to D
-------------------------------------------------------
CRISIL has downgraded its rating on the non-convertible
debentures (NCDs) of Jharkhand Road Projects Implementation
Company Limited (JRPICL) to 'CRISIL D' from 'CRISIL BB(SO)/Watch
Negative'. JRPICL is a subsidiary of IL&FS Transportation
Networks Ltd (ITNL), and a part of the Infrastructure Leasing and
Financial Services Ltd (IL&FS) group.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible       438.00      CRISIL D (Downgraded from
   Debentures                        'CRISIL BB(SO)/Watch
                                     Negative')

The downgrade reflects non-payment of interest and principal
obligations on CRISIL-rated NCDs that were due on January 21,
2019, as confirmed by the trustee (IDBI Trusteeships Ltd) and
investors. This is on account of non-adherence to the structured
payment mechanism, despite adequate funds in JRPICL's escrow
account.

CRISIL had earlier highlighted heightened risk of default due to
reversal in the IL&FS management's earlier stance of maintaining
the integrity of JRPICL's ring-fenced structure and structured
payment waterfall. This had spawned untested legal risks for
bankruptcy-remote special purpose vehicles (SPVs) such as JRPICL
(Refer CRISIL's rating rationale on JRPICL dated January 18,
2019).

With its strong track record of smooth operations, JRPICL has
enough wherewithal to comfortably service the NCDs from its own
cash flow. As on December 31, 2018, the company had INR345 crore
of liquid funds available for debt servicing (around 4.5 times
the quarterly debt obligation of INR76 crore due in January
2019). The default is a manifestation of change in the
management's willingness to pay and the emergence of sharply
increasing legal risks over the interpretation of National
Company Law Appellate Tribunal's (NCLAT) interim stay order of
October 15, 2018.

The IL&FS management had earlier confirmed that their proposed
resolution plan for the group will not compromise JRPICL's ring-
fenced structure and the structured payment waterfall (refer to
CRISIL's rating rationale on JRPICL dated November 05, 2018).

Invocation of NCLAT's stay order by JRPICL to withhold regular
debt payment is not only a reversal of the management's previous
stance, but also challenges the legal standing of the ring-fenced
nature and bankruptcy-remoteness of the SPV. Because of this,
despite having adequate cash surplus, JRPICL has defaulted on its
debt obligation.

The rating factors in non-payment of debt obligations, heightened
legal risks and exposure to risks relating to operation and
maintenance (O&M). These weaknesses are partly offset by the
benefits that JRPICL derives from the annuity nature of its cash
flows and its  healthy operational track record.

Key Rating Drivers & Detailed Description

* Non-payment of interest and principal on due date: JRPICL has
not paid the interest and principal obligations of INR76 crore
due on January 21, 2019 (while actual due date was January 20,
2019, it being a Sunday, the payment was due on the next working
day). Despite adequate funds in the escrow account of the SPV and
timely instruction sent by the trustee to make the payment to
investors, the escrow bank did not process the payment.

Weakness

* Increased legal risks to ring fenced bankruptcy remote
structure: Despite presence of robust payment waterfall
mechanism, the recent letter sent by JRPICL to the trustee and
the investors (dated January 4, 2019) highlights change in
management's earlier stance of protecting the integrity of the
ringfenced payment structure and ensuring timely debt servicing
to NCD holders from project cash flows.

As per the letter sent by JRPICL to the trustee, the company
believes that the NCLAT stay order encompasses normal debt
servicing as well. In the trustee's view, the stay is only
against lender action (unauthorised set-offs, etc). However,
escrow bank has taken a view that payment should be put on hold
till clarity emerges on NCLAT's stay order. Consequently, the
escrow bank did not transfer the funds on the scheduled payment
date despite sufficient availability of funds.

* Exposure to O&M risk: If JRPICL does not meet the prescribed
standards of maintenance, it faces the risk of reduction in the
annuity payments from the government of Jharkhand (GoJ). Frequent
material breaches in the O&M requirement may also result in the
contract being terminated by GoJ. However, these risks are
mitigated by the routine, low-cost nature of O&M expenses, and
the fixed-rate O&M contract with pre-determined escalation
percentages. JRPICL has ongoing major maintenance work, which is
expected to be completed by the end of fiscal 2020.

Strengths

* Stable revenue profile, given annuity-based model: The rating
reflects the benefits that JRPICL derives from the annuity nature
of its cash flows. It has received 52 annuity payments thus far
for its five road stretches, following an average processing time
of 10 days. Dependence on any single annuity payment is low as
the company receives 10 semi-annual annuities for the five road
stretches on different dates across 8 months.

* Adequate debt service reserve account (DSRA) and longstanding
relationship with GoJ mitigate counterparty risk: Officials from
GoJ are represented on the board of Jharkhand Accelerated Road
Development Company Ltd (JARDCL), a joint venture between GoJ and
IL&FS, overseeing the monitoring of the project and recommending
annuity payment. GoJ assures annuity payment through its own
budgetary provisions.

Additionally, a DSRA of nine months supports liquidity in the
event of delays in annuity payments, mitigating the counterparty
risk profile of GoJ.

Liquidity

As on December 31, 2018, JRPICL had cash and equivalent of INR456
crore maintained in permitted investments such as mutual funds
and fixed deposits as well as bank accounts of the five road
assets. Of these, the company is maintaining an major maintenance
reserve (MMR) of INR109 crore as per the Debenture Trust Deed.
The remaining surplus cash and DSRA balance of INR345 crore is
equivalent to around 4.5 times the quarterly debt obligation of
INR76 crore due in January 2019. The company is likely to
generate net cash accrual of INR147 crore in fiscal 2020 against
principal obligation of INR133 crore. However, CRISIL would like
to highlight that the management has chosen not to service debt
repayments in this SPV despite adequate liquidity.

                        About the Company

ITNL and IL&FS hold 93.43% and 6.57%, respectively, in JRPICL,
the SPV set up to develop five stretches of roads under Jharkhand
Accelerated Road Development Programme (JARDP). The five road
stretches are: the Ranchi Patratu-Dam Road, the Patratu Dam-
Ramgarh Road, the Ranchi Ring Road, the Chaibasa Kandra-Chowka
Road, and the Adityapur Kandra Road. All these stretches have
begun commercial operations, and have been receiving annuity
payments.

                            About ITNL

ITNL was incorporated in 2000 by IL&FS to consolidate its road
infrastructure projects and to pursue new ones in surface
transportation infrastructure through public-private partnership.
ITNL is primarily engaged in the development, operation, and
maintenance of national and state highways. It has diversified
into other transportation segments such as mass rapid transport
system, urban transportation infra system, car parking, and
border check-post.

ITNL's credit profile deteriorated on account of increased debt.
ITNL and many of its SPVs have defaulted on their debt servicing
in the past 6-9 months.

                           About IL&FS

IL&FS is one of India's leading infrastructure development and
finance companies. The company was promoted by the Central Bank
of India ('CRISIL A+/CRISIL A/Stable'), Housing Development
Finance Corporation Ltd ('CRISIL AAA/FAAA/Stable/CRISIL A1+') and
Unit Trust of India. Over the years, IL&FS has broad-based its
shareholding and inducted Institutional shareholders including
State Bank of India ('CRISIL AAA/CRISIL AA+/FAAA/Stable/CRISIL
A1+'), Life Insurance Corporation of India, ORIX Corporation -
Japan, and Abu Dhabi Investment Authority.

IL&FS and its group companies (including ITNL) are going through
severe financial stress. IL&FS has been defaulting on some of its
debt since August 2018. In the wake of continued financial stress
at both the sponsor, ITNL, and the ultimate parent IL&FS, the
Government of India had, on October 1, 2018, replaced the board
of directors at IL&FS. The move was an effort to turn around the
group and restore the confidence of financial markets after the
spate of recent defaults by IL&FS and its group companies.


KAILASH RICE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated the
ratings on the bank facilities of Kailash Rice and General Mills
Private Limited (KRGM) to 'CRISIL B+/Stable ; Issuer not
cooperating' on August 16, 2018. However, the management has
subsequently shared information necessary for a comprehensive
review of the ratings. Consequently, CRISIL is migrating the
ratings to 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12.1      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Fund-
   Based Bank Limits        .08     CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')


   Term Loan                .02     CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

Analytical Approach

CRISIL has treated unsecured loans of INR2.42 crore (as on
March 31, 2018) from the promoter, as neither debt nor equity, as
these loans are expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operation: Intense competition and limited
milling capacity of 6 tonne per hour should continue to keep
scale of operation modest'revenue was INR19.66 crore and INR21.75
crore in fiscals 2018 and 2017, respectively.

* Working capital-intensive operations: Gross current assets were
high at 337 days as on March 31, 2018, driven by sizeable
inventory of 197 days and stretched receivables of 135 days. The
rice industry is working capital intensive as operations involve
large inventory storage. Paddy, the major raw material, is
primarily available in the crop season, and therefore players
procure their next year's requirement during this period. Paddy
is procured through mandis with limited credit of 60-80 days.
Large inventory with limited credit period from suppliers
increases dependence on working capital debt.

* Weak financial risk profile: Networth was small at INR3.44
crore as on March 31, 2018, driven by low accretion to reserve
due to weak profitability and small scale of operation. While
gearing stood high at 4.37 times. Interest coverage and net cash
accrual to total debt ratios were 1.4 times and 0.03 time,
respectively, in fiscal 2018. Financial risk profile is likely to
remain stable over the medium term.

Strength

* Extensive experience of the promoter: Benefits from the
promoter's over two decades of experience and established
relations with customers and suppliers should continue to support
the business.

Liquidity

High GCAs should keep bank limit fully utilised'at 100% during
the 12 months through December 2018. Cash accrual of INR0.43
crore covered maturing debt of INR0.028 crore in fiscal 2018.
Liquidity is supported by unsecured loans from the promoter,
standing at INR2.42 crore as on March 31, 2018, and no major
debt-funded capital expenditure plan over the medium term.

Outlook: Stable

CRISIL believes KRGM will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if efficient working capital management, equity
infusion or increase in cash accrual strengthens financial risk
profile. The outlook may be revised to 'Negative' if decline in
cash accrual or increase in working capital requirement weakens
liquidity.

Incorporated in 2001, KRGM, promoted by Mr. Vipan Gupta, is
engaged in milling, manufacturing and trading of basmati and
other varieties of rice. It operates a rice mill in Kapurtala,
Punjab. The company derives its entire sales from the domestic
market with 70% to export houses. No direct exports are
undertaken.


KLG JEWELLERS: CRISIL Reaffirms B+ Ratings on INR27.1cr Loans
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of KLG Jewellers (KLG) at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer       18       CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Proposed Long Term
   Bank Loan Facility       9.1     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its modest networth and moderate
leverage, small scale of operations, and geographical
concentration in revenue. These weaknesses are partially offset
by promoters' extensive experience and funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest networth and moderate leverage: Networth was INR6.63
crore as on March 31, 2018, due to capital withdrawal. Total
outside liabilities to tangible networth (TOLTNW) ratio was weak
at 2.03 times. With increasing reliance on external borrowing,
TOLTNW ratio is expected to deteriorate to 3.0-3.5 times over the
medium term.

* Geographical concentration in revenue and exposure to intense
competition: Entire revenue comes from a single showroom in
Patiala, Punjab. This exposes business risk profile to any change
in the purchasing power of customers in that region. Moreover,
the jewellery industry is highly fragmented with many unorganised
players dominating the market.

* Modest scale of operations: With turnover of INR82.41 crore in
fiscal 2018, scale remains small. This, despite a 44% increase in
revenue in fiscal 2018.

Strengths

* Experience of promoters: Presence of over 20 years has enabled
the promoters to develop strong insight into trends in gold and
diamond jewellery.

* Strong brand and favourable market position: Tanishq is a
trusted name in the jewellery business and is renowned for its
hallmarked jewellery collection. KLG has maintained healthy
relationship within the gems and jewellery industry in Patiala.
It also caters to large corporate houses through promotional and
incentive schemes.

Liquidity

Bank limit remained fully utilised during past twelve months
ended December 2018 on account working capital intensive nature
of operations. Further, partners has withdrawn INR2.36 crore in
the fiscal 2018 for the purchase of property. However, no
withdrawals are expected over the medium term. Liquidity is
supported by promoters funding as equity and unsecured loans.
Partners had infused equity of INR1.52 crore as on March 31,
2017, and are expected to continue to extend need-based financial
aid.

Outlook: Stable

CRISIL believes KLG will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if more-than-expected cash accrual due to
significant increase in revenue and operating profitability leads
to a better financial risk profile. The outlook may be revised to
'Negative' if decline in revenue and profitability, stretch in
working capital cycle, or large, debt-funded capital expenditure
further weakens financial risk profile.

Set up as a partnership firm in September 2013 by Patiala-based
Mr. Pawan Goyal and his son, Mr. Kashish Goyal, KLG has
dealership of Tanishq jewellery in Patiala.


MEENAKSHI ASSOCIATES: CRISIL Reaffirms B- Rating on INR7cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Meenakshi Associates Private Limited
(MAPL). CRISIL has also withdrawn its rating on the term loan of
INR0.97crore and proposed long-term bank facility of INR0.08
crore based on the company's request and on receipt of
independent confirmation from the banker, which is in line with
CRISIL's policy on withdrawal of debt instruments.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)

   Cash Credit              7       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit         5.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        .08    CRISIL B-/Stable (withdrawn)

   Term Loan                1.00    CRISIL B-/Stable (withdrawn)

The ratings continue to reflect MAPL's below-average financial
risk profile, modest scale of operations, and large working
capital requirement. These weaknesses are partially offset by the
experience of the promoters and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
expected to remain constrained by the large working capital debt.
Total outside liabilities to tangible networth ratio was high at
4.28 times as on March 31, 2018 (4.09 times as on March 31,
2017). Besides, debt protection metrics were average, with
interest coverage and net cash accrual to total debt ratios of
1.35 times and 0.04 time, respectively, for fiscal 2018.

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was INR31.47 crore in fiscal 2018 (Rs 27.98 crore in fiscal 2017)
and is likely to increase by 4-5% during fiscals 2019 and 2020.

* Large working capital requirement: Operations may remain
working capital intensive over the medium term due to the
projected scale up of operations. Gross current assets were 418
days as on March 31, 2018 (454 days as on March 31, 2017), driven
by inventory and receivables of 313 days and 196 days,
respectively (333 days and 134 days). Against this, credit from
suppliers was 196 days.

Strengths

* Extensive experience of the promoters and their funding
support: Benefits from the promoters' experience of three
decades, their strong understanding of the local market dynamics,
healthy relations with customers and suppliers, and timely, need-
based unsecured loans (outstanding at INR6.06 crore as on
March 31, 2018) should continue to support the business.

Liquidity

Liquidity is likely to remain stretched over the medium term.
Cash accrual is projected at INR0.80-0.90 crore per annum in
fiscals 2019 and 2020, against yearly maturing debt of INR0.04
crore. The fund-based limit of INR12.50 crore has been
extensively utilised, averaging 98% over the 12 months through
December 2018. Cash and bank balance was INR0.52 crore as on
March 31, 2018.

Outlook: Stable

CRISIL believes MAPL will continue to benefit from the extensive
experience of the promoters and their funding support. The
outlook may be revised to 'Positive' if substantial cash accrual
and efficient working capital management strengthen the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if a steep decline in profitability or a stretch in
the working capital cycle weakens liquidity and capital
structure.

MAPL, incorporated in 1985 at Noida, fabricates pressure vessels,
heat exchangers, storage tanks, and chemical gas cylinders mainly
for the petroleum refining and chemical industries. Mr. Ish Kumar
Narang and family are the promoters.


MILI STEELS: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mili Steels
Private Limited's (Mili) Long-Term Issuer Rating to 'IND BB' from
'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160.00 mil. Fund-based working capital limits Long-term
     rating downgraded; Short-term rating affirmed with IND
     BB/Stable/IND A4+ rating; and

-- INR80.00 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a significant decline in Mili's revenue to
INR863.48 million in FY18 (FY17: INR1,155.82 million), driven by
lower receipt of orders, primarily on account of the
implementation of the Goods and Services Tax and a shift in the
company's focus towards domestic sales from merchant exports. The
company's scale of operations continues to be medium. As of
December 2018, Mili booked a total revenue of INR630 million.

The company's return on capital employed was 10% in FY18 (FY17:
11%) and the margins were modest at 4.21% (3.35%). Despite the
revenue decline, the margins improved on account of a decline in
consumption cost, resulting from the lower receipt of orders.

The credit metrics continued to be weak with interest coverage
(operating EBITDA/gross interest expense) of 1.40x in FY18 (FY17:
1.35x) and net leverage (adjusted net debt/operating EBITDA) of
5.91x (5.22x). The marginal improvement in the interest coverage
was on account of a decline in interest expense, while the net
leverage deteriorated because of an increase in debt at the end
of the year. The promoter infused INR58.62 million in the form of
preference shares and an unsecured loan, thus providing comfort
to the leverage.

The ratings are also constrained by Mili's stretched working
capital cycle of 123 days in FY18 (FY17: 93 days), due to a long
collection and inventory holding period of 186days in FY18 (FY17:
181 days) and 61days (45 days), respectively. The ratings also
factor in the company's stressed liquidity position with 96.23%
average maximum utilization of its fund-based limits for the 12
months ended January 2019. Cash and cash equivalents was low at
INR1.19 million at FYE18 (FYE17: INR1.08 million).

The ratings, however, benefit from the promoter's four decades of
experience in the manufacturing of stainless steel kitchen
utensils.

RATING SENSITIVITIES

Positive: A substantial rise in the revenue and an improvement in
the credit metrics on a sustained basis could lead to a positive
rating action.

Negative: Any further decline in the revenue and/or deterioration
in the credit metrics, could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1995, Mumbai-based Mili manufactures stainless
steel kitchen utensils. It is headed by Mr. Tarachand Gosar since
1983. Mili initially operated as a proprietorship firm in 1983
and engaged in the trading of utensils under the brand Mili
Metals. It has sales offices in New Delhi and Ahmedabad.


PRATIBHA INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pratibha
Industries Limited (PIL) to 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Short Term Loan       2.74       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan           108.83       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been following up with PIL for getting information
through letter and emails, dated October 29, 2018 and December
12, 2018 apart from various telephonic communication. However,
the issuer continues to be 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 PIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PIL to 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1982, PIL, promoted by Mr. Ajit Kulkarni,
undertakes infrastructure development with a focus on water
supply and environment engineering projects, and urban
infrastructure projects. In the urban infrastructure segment, it
is engaged in building and modernisation of airports and railway
stations, and construction of roads, high-rise buildings, mass
housing projects, and shopping malls. In the water supply
segment, it executes laying of water pipelines; construction of
sewerage treatment plants, water reservoirs, and water storage
systems; and tunnelling projects.


PVS MEMORIAL: CRISIL Assigns 'B' Rating to INR7.5cr Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities PVS Memorial Hospital Private Limited
(PMHPL). The rating reflects exposure to geographical
concentration risks and intense competition, and below-average
financial risk profile. These strengths are partially offset by
the promoters' extensive experience and the hospital's efficient
working capital management.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft               2.5      CRISIL A4 (Assigned)
   Proposed Overdraft
   Facility                7.5      CRISIL B/Stable (Assigned)

Analytical Approach

Unsecured loans of INR1.95 crore that PMHPL has received from the
promoters in fiscal 2018 have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to geographical concentration risks and intense
competition: Operations are concentrated in Kochi, unlike those
of large healthcare chains that have multiple hospitals in
various locations. The geographical concentration of PMHPL
restricts the company's clientele and renders it vulnerable to
the dynamics of a single market and entry of any big player in
the region. Moreover, due to its geographical concentration, the
company faces increased local competition from private hospitals,
and also from government hospitals.

* Below average financial risk profile: The financial risk
profile is weak, with a high gearing. Debt protection metrics are
weak, too, with interest coverage of 0.58 time and net cash
accruals to adjusted debt of 0.04 time in fiscal 2018.

Strengths

* Extensive experience of promoters in the healthcare industry
and established market position: PMHPL's promoter has 25 years of
experience in the health care industry. The company's panel
includes highly qualified and specialist doctors. These benefits
have helped the hospital establish its market position.

* Efficient working capital management: Working capital cycle
remains prudently managed, with moderate debtors and high
creditors. Gross current assets (GCAs) were at 80 days as on
March 31, 2018.

Liquidity

Liquidity remains stretched, with annual cash accrual that is
just about adequate for debt servicing. Working capital limit
utilisation was high, exceeding 95% in the 12 months through
November 2018. However, there are no large capex plans for the
medium term.

Outlook: Stable

CRISIL believes PMHPL will continue to benefit over the medium
term from its established market position and the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial and sustainable improvement in revenue
and profitability, or a sizeable equity infusion strengthens
financial metrics. The outlook may be revised to 'Negative' if a
sharp decline in profitability, any large capital expenditure, or
stretch in working capital cycle weakens the financial risk
profile, including liquidity.

Incorporated in 1992, PMHPL operates a multispecialty hospital in
Kochi.  Mr. PV Chandran, Mr. PV Gangadharan, Mr. PV Nidish, Ms PV
Mini and Mr. Jayagovind P are the promoters.


RADIANT TEXTILES: CRISIL Withdraws B+ Rating on INR101cr Loans
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Radiant Textiles
Limited (RTL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating' and simultaneously withdrawn facilities amounting to
34.54 Cr from Punjab national bank (Term Loan of 9.04 Cr and Cash
Credit of 25.50Cr) on basis on No objection certificate.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             50        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Corporate Loan           6        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Long Term      20.26     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Withdrawn)

   Term Loan               24.74     CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with RTL for obtaining
information through letters and emails dated February 28, 2018
and August 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 they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RTL. This restricts CRISIL's
ability to take a forward RTL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of RTL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating' and
simultaneously withdrawn facilities amounting to INR34.54 Cr from
Punjab national bank (Term Loan of INR9.04 Cr and Cash Credit of
INR25.50Cr) on basis on No objection certificate.

CRISIL has also migrated its rating to 'CRISIL B+/Stable' and
simultaneously withdrawn the bank facilities (Cash Credit of
INR24.50Cr, Term Loan of INR15.70Cr and Corporate Loan of
INR6.00Cr from Oriental Bank of Commerce and Proposed Long Term
Bank Loan Facility of INR20.26Cr) on basis of No dues certificate
and the request of the company. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

RTL was set up in October 2005 by Mr. Ramesh Kumar, Mr. Mohan
Lal, Mr. Gian Chand, Mr. Rajesh Goyal, and Mr. Varun Kumar. It
commenced commercial production in January 2008. The company
manufactures cotton yarn at its plant in Samana (Punjab).


RAJASHRI FOODS: CRISIL Reaffirms B+ Rating on INR20cr Loans
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
loan facilities of Rajashri Foods Private Limited (RFPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/
   Overdraft facility     0.6       CRISIL B+/Stable (Reaffirmed)

   Foreign Currency
   Term Loan              0.5       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        17.87      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.03      CRISIL B+/Stable (Reaffirmed)

CRISIL ratings on the bank facilities of RFPL reflect company's
modest scale of operations, and below-average financials risk
profile. These weaknesses are partially offset by the experience
of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations has increased
with new manufacturing facility set up at Hiriyur fully
operational but remains small with revenue of INR22 crore in
fiscal 2018. Intense competition limits pricing power with
suppliers and customers thereby constrains profitability.

* Below-average financial risk profile: Networth was modest at
INR0.42 crores as on March 31, 2018, while gearing was high at
69.29 times. Interest coverage and net cash accrual to total debt
ratios were weak at 1.52 times and 0.02 time, respectively, in
fiscal 2018.

Strengths

* Experience of promoters: Benefits derived from the promoters'
experience of over 20 years, their understanding of the local
market dynamics, and healthy relations with suppliers and
customers should continue to support the business.

Liquidity

* Moderate bank limit utilization: Bank limit utilisation is
moderate at around 78% for the past 8 months ended September 30,
2018. CRISIL believes that bank limit utilization is expected to
increase on account of increasing working capital requirements
with increasing scale of operations.


* Cash accrual sufficient to meet debt obligation: Cash accrual
are expected to be around INR4.7-7.0 crores which should be
sufficient against term debt obligation of INR0.5-3.5 crores over
the medium term. In addition, it will be act as cushion to the
liquidity of the company.

* Low current ratio: Current ratio is low at 0.47 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes RFPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in scale of
operations and profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue and operating margin, stretched working capital cycle
weakens financial risk profile.

RFPL, incorporated in 1990, manufactures animal feeds and
veterinary supplements catering to cattle, poultry and aqua
culture. It has a manufacturing facility at Bengaluru and is
setting up another one at Hiriyur. Mr. M R Arvind and his
brother, Mr. M R Rajiv, are the promoters.


RAJIV PETROCHEMICALS: Ind-Ra Affirms BB- on INR190MM Debt
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rajiv
Petrochemicals Private Limited's (RPPL) Long-Term Issuer Rating
at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR190 mil. (reduced from INR210 mil.) Fund-based limit
     affirmed with IND BB-/Stable rating; and

-- INR280 mil. (reduced INR336 mil.) Non-fund-based limits
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RPPL's medium scale of operations and
modest credit metrics.

The company's revenue declined to INR830 million in FY18 (FY17:
INR966 million) due to a fall in consignment sales and the
discontinuation of business with Finoflex Industries Ltd. The
RoCE was 12% (13%) and the EBITDA margin increased to an average
9.2% (7.8%) owing to healthy growth in operating income. The
margin has been volatile, ranging between 6.1% and 9.2%, during
FY15-FY18 because of fluctuations in sources of operating income,
such as commission income.

The interest coverage (operating EBITDA/gross interest coverage)
improved slightly to 1.6x in FY18 (FY17: 1.5x) due to a decline
in financial costs. However, the net financial leverage (adjusted
net debt/operating EBITDA) deteriorated to 5.8x (5.5x) because of
high working capital utilization towards the year-end.

RPPL's liquidity profile has been modest, with average maximum
utilization of 94% during the 12 months ended December 2018. The
working capital cycle remained long at 213 days in FY18 (FY17:155
days) on account of high debtor day of 313 days (247 days). The
cash and cash equivalent fell to INR61 million in FY18 (FY17:
INR81 million) due to an increase in the working capital cycle.

The ratings, however, continue to be supported by the promoter's
decade-long experience in the petrochemical trading business.

RATING SENSITIVITIES

Positive: A significant improvement in the working capital cycle
and credit profile will be positive for the ratings.

Negative: Any deterioration in the working capital cycle will be
negative for the ratings.

COMPANY PROFILE

Incorporated in October 1993 by Mr. Rajiv Vastupal Mehta, RPPL is
part of the Gujarat-based Rajiv Group. It is engaged in the
trading of poly vinyl chloride resins, low-density polyethylene
and high density polyethylene polymers and polyester films.


RAUNAQ EPC: CRISIL Cuts Rating on INR86.60cr LT Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Raunaq
EPC International Limited (REIL; part of the REIL group) to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        46.73      CRISIL A4 (Downgraded
                                    'CRISIL A4+')

   Cash Credit            3.67      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term    86.60      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade reflects continued weakening of the REIL group's
business risk profile in fiscal 2019, owing to stagnant revenue
and decline in operating margin, driven by reduced business in
REIL. Consolidated revenue in FY 19 should be in line with levels
seen in fiscal 2018, even as operating margin is expected to
fall. The company reported operating losses during the first half
of fiscal 2019. Operating margin declined due to fluctuations in
raw material prices, tender-based nature of business, and low
sales in comparison to the fixed cost.

The downgrade also factors in stretch in the group's receivables,
and its below-average financial risk profile, driven by weak debt
protection metrics. While interest coverage ratio may remain
weak, net cash accrual may also be insufficient to service the
term debt. However, support from promoters to service debt
obligations should continue over the medium term.

The ratings continue to reflect the stagnant business performance
of the group and large working capital requirements. These
ratings weaknesses are partially offset by the extensive
experience of the group's promoters, and its comfortable net
worth.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of REIL and its wholly-owned subsidiary,
Xlerate Driveline India Ltd (XDIL). Both the companies, together
referred to as the REIL group, are under a common management.

Key Rating Drivers & Detailed Description

Weakness:

* Stagnant business performance: The group recorded operating
income of INR74.7 crore in fiscal 2018, as against INR75.3 crore
in the previous fiscal.  On standalone basis, operating income
for REIL dropped to INR42 crore from INR55 crore during the same
period.

* Large working capital requirement: Gross current assets were
high at 231 days as on March 31, 2018, driven by receivables of
297 days, as against 201 days a year before.

Strengths

* Extensive experience of the promoters: The group has been
executing mechanical and civil engineering contracts for over two
decades. Its activities include detailed engineering,
procurement, inspection and supply, quality assurance,
construction and installation, testing and commissioning, and
supervision.

* Comfortable networth: Networth stood at INR45 crore as on
March 31, 2018, and may remain moderate over the medium term.

Liquidity

Liquidity is marked by high bank limit utilization averaging 93%
for the 12 months ending September 30, 2018. Net cash accrual is
also likely to insufficient to cover the term debt. However, the
group also receives support from its promoters, via unsecured
loans.  However, the current ratio was weak at 0.8 time as on
March 31, 2018.

Outlook: Stable

CRISIL believes the REIL group will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if revenue and profitability in the automobile
clutch business increases considerably, or turnover from the
engineering, procurement, and construction (EPC) business rises.
The outlook may be revised to 'Negative' if revenue or
profitability declines substantially, or if financial risk
profile weakens because of any large capital expenditure.

REIL was set up, by Mr. Raunaq Singh, as part of the SP Kanwar
group in 1964. The company undertakes mechanical engineering
works, mainly related to laying of pipes on turnkey basis. The
company participates in power and water supply projects for the
public and private sectors.

In fiscal 2013, REIL set up XDIL, which has an assembly line in
Faridabad (Haryana). XDIL manufactures automotive clutches for
the replacement market in the heavy vehicles segment.


RAYALASEEMA EXPRESSWAY: Ind-Ra Ups Rating on INR7BB Loans to BB
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating of
Rayalaseema Expressway Private Limited's (REPL) bank loans and
placed the rating on Rating Watch Evolving (RWE) as follows:

-- INR7.03 bil. Senior project bank loans (long-term) upgraded;
     placed on RWE with IND BB/RWE rating.

KEY RATING DRIVERS

The upgrade reflects timely debt servicing by REPL since November
2018 and the prepayment of the INR2,000 million of additional
loans (which are not rated by Ind-Ra) by the new sponsor,
Brookfield Asset Management Inc. (Brookfield).

The RWE reflects the acquisition of a 90% stake on November 6,
2018 by Kinetic Holdings 1 PTE Ltd., an investment company of
Brookfield; the probable changes the new management to undertake
on the operation and maintenance of the project; and the possible
change in undertakings as a part of the loan agreement. Ind-Ra
expects the sponsor to provide timely financial support to the
project in times of distress.

The ratings are supported by Brookfield's established track
record of owning and operating infrastructure assets globally
across utilities, transportation, energy, communications
infrastructure and sustainable resources. In the Indian road
segment, Brookfield has three toll projects, including REPL, and
four annuity projects. Brookfield acquired these projects over
February 2016-November 2018.

The ratings are supported by the independent engineer's report
for December 2018 that the cumulative physical progress of REPL
was 95.53% against the scheduled progress of 100%. The
construction was delayed due to land acquisition delays. The
independent engineer has recommended extension of time up to 30
June 2019 for the completion of balance works. Of the four toll
plazas (TP), three are operational. The provisional commercial
operation date (PCOD) certificates for TP1 and TP2 were received
on 10 January 2016 and for TP4 on March 26, 2018.

Pursuant to the commencement of operations at TP4, there has been
substantial increase in traffic and toll revenue. The combined
average traffic per day in terms of passenger car units increased
to about 54,000 in 9MFY19 from about 36,000 in FY18. The average
daily revenue for the three toll plazas was INR2.93 million in
9MFY19 (FY18: INR1.58 million for two toll plazas).

The ratings, however, are constrained by the inherent risks in
toll-based projects such as future traffic growth rate estimate,
uncertainty over regulatory changes and resistance towards toll
hikes. However, as observed in the past four years of the
operational history of REPL, traffic and toll collection have
substantially risen. The commencement of operations at TP3 may
result in an increase in toll collection, leading to improved
coverage metrics.

The ratings are constrained by a moderate debt structure. The
rated debt of INR7,030 million will amortize in 50 structured
quarterly installments ending December 2030. The additional term
loans have a scheduled amortization up to March 2031 in 44
structured quarterly installments. The rating factors in the
reduction in REPL's additional debt by the prepayment of INR2000
million and the subsequent improvement in the project's leverage
by the sponsor. As on January 31, 2019, the cash balance in the
escrow account of REPL was INR27.67 million. Furthermore, the
creation of reserves, as stipulated in financing documents, will
ease the liquidity concerns. Ongoing sponsor support for
improvement in operational and financial performance of the
project will remain key a rating sensitivity.

RATING SENSITIVITIES

The RWE indicates the ratings will be upgraded, downgraded or
affirmed. Ind-Ra will resolve the RWE once there is more clarity
about the new management's business and financial plans for REPL.
Ind-Ra will monitor timely support from sponsor towards any
shortfall in debt servicing, reserve creation and operating
expenses.

COMPANY PROFILE

REPL is a special purpose vehicle that was incorporated to
implement a 188.75km lane expansion (two to four) on the Kadapa-
Mydukur-Kurnool part of National Highway 18 in Andhra Pradesh,
under a 30-year concession from National Highways Authority of
India ('IND AAA'/Stable).


RELCOM TECHNOLOGY: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR12.75-crore bank facilities of
Relcom Technology Pvt Ltd (RTPL) continue to remain under 'Issuer
Not Cooperating' category. The ratings are denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING and [ICRA]A4; ISSUER NOT
COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       5.00       [ICRA]B (Stable); ISSUER NOT
   Based/Term Loan                 COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       6.75       [ICRA]B (Stable); ISSUER NOT
   Based/Cash                      COOPERATING; Continues to
   Credit                          remain under the 'Issuer Not
                                   Cooperating' category

   Short Term-Non-      1.00       [ICRA]A4 ISSUER NOT
   fund Based                      COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

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

Incorporated in the year 2008 by members of the Birhman family,
RTPL is engaged in the business of PVC rexine manufacturing. The
affairs of the company are being managed by Dr. Ran Singh Birhman
and his son Mr. Amit Birhman. The company's manufacturing
facility is located in Bahadurgarh (Haryana) wherein it commenced
commercial operations in the month of October 2012.


RELIANCE COMMUNICATIONS: Moves NCLAT to Withdraw Ericsson Appeal
----------------------------------------------------------------
Reliance Communications Limited on Feb. 4, 2019, moved the
National Company Law Appellate Tribunal (NCLAT) for withdrawal of
its appeal, to pursue the resolution plan through National
Company Law Tribunal (NCLT) process.

Accepting RCOM's application for withdrawal of the said appeal,
the NCLAT directed Ericsson to file its reply in the matter by
Feb. 8, 2019. NCLAT further listed the matter for hearing on
Feb. 12, 2019.

"The Hon'ble NCLAT also prohibited RCOM's Guarantors and any
Third Party from invoking any guarantee, mortgate or any other
instrument, without NCLAT's or Supreme Court's prior permission,"
the company said in a statement.

"RCOM or any Third Party not to sell, transfer or alienate any of
its assets (movable and immoveable), without the NCLAT's or the
Supreme Court's permission."

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 4, 2019, BloombergQuint said Reliance Communications Ltd.
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.
"RCom and only two of its subsidiaries, Reliance Telecom Ltd. and
Reliance Infratel Ltd., will take appropriate steps shortly to
implement the board decision."

The company, with a debt of more than INR47,000 crore in the
previous financial year, had invoked strategic debt restructuring
in June 2017, according to BloombergQuint.

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.


RIGHTEDGE INFRASTRUCTURES: CRISIL Rates INR7.15cr Loan B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Rightedge Infrastructures Private Limited
(RIPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.85        CRISIL A4 (Assigned)
   Cash Credit           7.15        CRISIL B+/Stable (Assigned)

The ratings reflect RIPL's modest scale of operations in highly
fragmented civil construction industry, and it's below average
financial risk profile. These weaknesses are partially offset by
the extensive experience of its promoters in the civil
construction industry.

Analytical Approach

Unsecured loan of INR80 lakhs as on March 31, 2018 is treated as
debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: RIPL has modest scale of operations
indicated by operating income of Rs22.5 crore in fiscal 2018.
Turnover is also susceptible to the quantum of tenders floated
and the company's ability to bid successfully. RIPL faces intense
competition in the civil construction industry, from both
organized as well as unorganized players.

* Below Average Financial risk Profile: RIPL's capital structure
is marked by low net worth of less than INR2 crore and gearing of
5.34 times as at March 31, 2018. Debt protection metrics are
average with interest coverage and NCATD of 1.42 and 0.05 time
respectively during fiscal 2018.

Strength

* Extensive industry experience of the promoter: The promoter has
been associated with the civil construction industry for over two
decade, and has established significant relationships in the
industry. Company benefits from its proven track record for
execution of projects for public entities, when bidding for
tenders.

Liquidity

Liquidity of the company is expected to be sufficient with
accruals of around INR0.6 crores for repayment obligation of
around INR0.4 crores over the medium term. However working
capital limit of INR7.15 crores is highly utilized at an average
of 99% for 9 months ended September 2018. The current ratio is
0.9 times as on March 31, 2018.  Liquidity is supported by
unsecured loan of INR0.8 crores as at March 31, 2018.

Outlook: Stable

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

Incorporated in 2010, RIPL is involved in civil construction
works, such as construction of buildings in Kerala. The company
is managed by Rakesh Roshan Sinha, Reji Mannarkuzhiyil Jacob,
Girish Santhan and Shyam Kumar Menon.


RUBBER MATTERS: ICRA Assigns B Rating to INR15.40cr Loans
---------------------------------------------------------
ICRA has assigned [ICRA]B(Stable) ratings to the bank facilities
of Rubber Matters Private Limited (RMPL):

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term, Fund-
   Based-Term Loan     13.38       [ICRA]B(Stable); Assigned

   Long Term, Fund-
   Based-Cash Credit    2.00       [ICRA]B(Stable); Assigned

   Long Term-
   Unallocated          0.02       [ICRA]B(Stable); Assigned

Rationale

The rating assigned takes into account the limited operational
track record of RMPL, exposing it to execution risks pertaining
to delays in commencement and stabilisation of operations.
Although the promoters of the company have interests across
diversified fields, they presently have limited experience in the
rubber industry. Therefore, establishing a strong customer and
supplier base will be critical for the stabilization of business.
The ratings also factor in the debt-funded nature of capex (~73%
of the project is funded through external debt), which is likely
to keep the credit metrics stretched in the medium term. While
RMPL stands exposed to regulatory risks and risks pertaining to
governmental clearances such as pollution control board clearance
owing to its nature of business, once operational the
profitability will remain exposed to adverse price changes in key
raw materials such as waste rubber and tyres, and limited pricing
flexibility owing to intense competition prevalent in the
industry.

The rating, however, factors in the derived demand for reclaimed
rubber from nearby and well-established industrial clusters in
the Pune region, which is expected to support revenue visibility
and project feasibility over the medium term. The easy and cheap
availability of key raw material (waste rubber and tyres) in the
nearby region of the manufacturing plant is also expected to
boost profitability by containing raw material procurement costs.
Going forward, given that the project is currently facing an
execution delay of over 12 months; any further delay in execution
or cost overruns could lead to cash flow mismatch.

Outlook: Stable

ICRA believes RMPL will benefit from the successful commissioning
of its manufacturing facility and demand for reclaimed rubber
from the nearby industrial clusters. The outlook may be revised
to Positive if operational performance is better than anticipated
and satisfactory stabilization of operations in the proposed
facility without any material time and cost overrun leads to
significant ramp up in revenues and cash accruals generation in
the near term. The outlook may be revised to Negative if material
time and cost overruns occur due to execution-related challenges
which could impact the viability of the project or if the project
fails to meet the estimated operating parameters post
commissioning. Lower than expected cash accruals or weakening of
liquidity from any stretch in the working capital cycle will lead
to cash flow mismatches and will also be a negative rating
trigger.

Key rating drivers

Credit strengths Derived demand for reclaimed rubber from well-
established industrial clusters from the Pune region: RMPL is
presently setting up a green field project for manufacturing
reclaimed rubber from rubber waste and anticipates commercial
operations to commence from Q1FY2020. The manufacturing facility
of RMPL is situated at Kurkumbh industrial area near Pune. The
company is expected to gain from the location advantage in terms
of derived demand for reclaimed rubber from nearby and well-
established industrial clusters in the Pune region. Reclaimed
rubber is required for various usages across several industries
such as chemicals, automobiles, real estate, etc. which is
expected to provide revenue visibility and project feasibility.
The company would offer rubber sheets and rubber crumbs after
reclaiming from waste rubber (tyre). RMPL plans catering to the
domestic market initially and subsequently enter the overseas
markets post stabilization of business as substantial demand is
forecasted by the company from global markets.

Easy and cheap availability of key raw material: Waste rubber
forms the key raw material for RMPL. As the manufacturing plant
of RMPL is situated in Pune region characterized by presence of
several suppliers and traders of rubber material, there is easy
and cheap availability of waste rubber for the company. Raw
material procured at cheaper rates contains the cost of
manufacturing and thus supports profitability of the company.

Credit challenges

Limited track record of operations in the rubber industry:
Although the promoters of RMPL come from diversified backgrounds
and hold experience across difference industries, they presently
have limited experience in the rubber industry. However, the
manufacturing plant is being setup with the help of technical
experts having ample experience working in the field of rubber
manufacturing, which provides some comfort. Stabilization of
operations in the proposed facility without any material time and
cost overruns and establishing strong customer and supplier base
will be critical to ramp up operations in the near term.

Sizeable repayment obligations over the medium term to exert
pressure on coverage indicators: RMPL has availed term loan of
INR13.38 crore (~73% of project funding) for undertaking the
construction of its manufacturing facility. As a result, the
company has sizeable repayment obligations lined up over the near
to medium term which is expected to exert pressure on the
coverage indicators of RMPL. Scaling up the operations and
ensuring generation of adequate cash accruals therefore remain
key deliverables for RMPL in order to comfortably meet the
outflows in the nature of overheads and debt obligations.

Margins remain exposed to adverse movement in raw material
prices: The margins of RMPL remain partially exposed to any
adverse movement in the prices of key raw materials viz. waste
rubber and tyres. As the company has limited pricing flexibility
owing to intense competition in the industry, any adverse
movement in raw material costs could directly affect the margins
of RMPL. However, prices of waste rubber are less volatile as
compared to prices of commoditized rubber which provides some
comfort against the said risk.

Exposure towards regulatory risks and appropriate clearances by
authorities: RMPL stands exposed to regulatory and policy risks
which could even impact the business model of the company.
Moreover, as the company operates in rubber industry, it is
subjected to various clearances which are required to ensure
uninterrupted operations. Any issue related to acquiring such
clearance could therefore hamper the operations and thus could
impact the operations, top line as well as profitability of the
company. However, the company has presently acquired critical
approvals from the government authorities concerned such as
Maharashtra Industrial Development Corporation (MIDC) and
Maharashtra Pollution Control Board (MPCB), which provides
cushion against the said risk.

Liquidity Position: The liquidity position of RMPL is expected to
remain stretched over the near to medium term, owing to sizeable
long-term debt repayment obligations and working capital
requirements during the nascent stage of operations. However, the
liquidity position is expected to exhibit gradual improvement as
the company scales up its operations and stabilizes business over
the medium to long term.

Incorporated in year 2015, Rubber Matters Private Limited is
presently setting up a green field project of manufacturing
reclaimed rubber, crumb rubber and rubber powder from waste
rubber. The company was established under the name R D Deshpanday
Healthcare & Pharmaceuticals Private Limited in 2015 and was
subsequently renamed as Rubber Matters Private Limited in 2016.
The manufacturing plant of RMPL will be set up in Kurkumbh, Pune
with a proposed production capacity of 9000 MTPA. The promoters
of RMPL - Mr. Mayur Bubna and Mrs. Sarika Bagaria have
diversified business interests, across diverse fields such as
rice processing, operations and maintenance services, launching
online trading platforms, etc.


SAI KRUPA: CRISIL Withdraws B+ Rating on INR15cr Term Loan
----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Sai
Krupa Developers (SKD) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             15       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SKD for obtaining
information through letters and emails dated December 14, 2018,
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

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

Detailed Rationale

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

Formed in 2010 as a partnership firm, SKD is engaged in
undertaking real estate projects. The firm is currently executing
a residential project in Neral. It is promoted by Mr. Ratilal
Patodia and Mr. Mansukh Timbadia


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

The instrument-wise rating actions are:

-- INR1 mil. Term loans due on April 2023 migrated to non-
    cooperating category with IND B- (ISSUER NOT COOPERATING)
    rating;

-- INR135 mil. Fund-based working capital facilities migrated
    to non-cooperating category with IND B- (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR12 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Kerala-based San Marine Exports is a
partnership firm engaged in the processing and export of sea
food.


SANTOSH STARCH: ICRA Withdraws B+ Rating on INR10cr Loan
--------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ with a Stable
outlook, ISSUER NOT COOPERATING and the short term rating of
[ICRA]A4, ISSUER NOT COOPERATING assigned to the INR13.66 crore
bank facilities of Santosh Starch Products Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          10.00       [ICRA]B+ (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Withdrawn
   Credit

   Fund based           3.66       [ICRA]B+ (Stable) ISSUER NOT
   Limits-Term                     COOPERATING; Withdrawn
   Loan

   Non fund based      (9.00)      [ICRA]A4 ISSUER NOT
   Limits                          COOPERATING; Withdrawn

Rationale

The ratings assigned to Santosh Starch Products Limited have been
withdrawn at its request based on the no objection certificate
provided by its bankers.

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

Santosh Starch Products Limited (SSPL), incorporated in 1983, is
promoted by Santosh Group. The company, till the first half of FY
2013, was engaged in the trading of maize starch and other starch
by products. SSPL has set up a facility for manufacturing of
specialty starch and starch derivatives at Ahmedabad, Gujarat
with the manufacturing operations commenced from December 2013.
The promoters of SSPL have an extensive experience spanning six
decades in starch and agro based industry by virtue of their
association with the group concern, Santosh Limited.


SHREEPATI JEWELS: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR100.00 crore bank facilities of
Shreepati Jewels continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, Fund-     100.00       [ICRA]D ISSUER NOT
   based term loan                   COOPERATING; Rating
   limits                            continues to remain in the
                                     'Issuer Not Cooperating'
                                     Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.  In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Shreepati Jewels was incorporated in 2003 for the construction of
a residential project in Girgaum, Mumbai. The Shreepati Group is
promoted by Mr. Rajendra Chaturvedi. The Group is engaged in the
redevelopment of residential real estate projects, primarily in
South Mumbai.


SIVARAJ HOLIDAY: CRISIL Reaffirms B+ Rating on INR7.64cr Loan
-------------------------------------------------------------
CRISIL rating on the long-term bank facility of Sivaraj Holiday
Inn Private Limited (Sivaraj) continue to reflect the company's
modest scale of operations and susceptibility to economic
downturn. These weaknesses are partially offset by the experience
of its promoters in the hospitality industry and moderate capital
structure.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Term Loan      7.64      CRISIL B+/Stable (Reaffirmed)

Analytical Approach

Unsecured loans of INR6.51 crore from promoters as on March 31,
2018, have been treated as neither debt nor equity as these loans
are expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: With turnover of about INR9.58
crore for fiscal 2018, scale remains small. Also, majority of
sales were generated from a single property, leading to
geographical concentration in revenue.

* Susceptibility to economic downturns: The hotel industry is
vulnerable to changes in the domestic economy. Typically, the
industry follows a six-year cycle. Business is linked to global
economic conditions, and tourism traffic is linked to
discretionary budgets.

Strengths:

* Extensive experience of promoters: The promoters have been in
the hospitality industry for over 10 years, and has established
their hotel with moderate brand recall and occupancy levels.

* Moderate capital structure: The company's capital structure
remains moderate, reflected in gearing of 1.18 times as on 31
March, 2018.

Liquidity
Cash accrual are expected to be around INR2.4-2.6 crore in the
next two years, which will be tightly matched against repayments
of about INR2.3 crore. Any short fall in accruals during the
tenor of the loan is expected to be met by funding support of
promoters. The company does not have any working capital limit
from its lenders. Liquidity is expected to improve post closure
of the term loan in fiscal 2021.

Outlook: Stable

CRISIL believes Sivaraj will continue to benefit over the medium
term from long standing experience of the promoters in the
hospitality industry. The outlook may be revised to 'Positive' if
significant improvement in revenue due to rise in occupancy rate,
and healthy operating margin result in higher cash accrual and
better debt protection metrics. The outlook may be revised to
'Negative' if adverse impact on occupancy rate and average room
rates because of competitive pressure weakens financial risk
profile.

Incorporated in 2009 and promoted by Mr. Sivakumar and his
family, Sivaraj operates a hotel in Salem, Tamil Nadu.


SPUNWEB NONWOVEN: ICRA Withdraws B+ Rating INR8.04cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook and short-term rating of [ICRA]A4 assigned to the
INR15.05 crore bank facilities of Spunweb Nonwoven Pvt. Ltd.
(SNPL).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-
   Cash Credit          6.50      [ICRA]B+(Stable); Withdrawn

   Fund based-
   Term Loan            8.04      [ICRA]B+(Stable); Withdrawn

   Non fund based-
   Bank Guarantee       0.45      [ICRA]A4; Withdrawn

   Unallocated          0.06      [ICRA]B+(Stable)/A4; Withdrawn

Rationale

The ratings assigned to Spunweb Nonwoven Pvt. Ltd. have been
withdrawn at its request based on the no objection certificate
provided by its banker.

Outlook: Not applicable

Incorporated in August 2015, Spunweb Nonwoven Private Limited
(SNPL) is engaged in manufacturing Polypropylene (PP) non-woven
fabric that finds application in healthcare products, packaging
for agro commodities, automotive and medical products, etc.
SNPL's plant is located in the Morbi region of Gujarat, with an
installed capacity of 4800 MTPA, wherein it manufactures fabric
ranging from 8-200 GSM with a width of 3.2 meters.


SUNNY EXPORTS: ICRA Lowers Rating on INR5cr Loan to D
-----------------------------------------------------
ICRA has revised the ratings on the bank facilities of Sunny
Exports to [ICRA]D/ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Fund-        5.00      [ICRA]D ISSUER NOT
   based limits                     COOPERATING; Downgraded
                                    from [ICRA]B+(Stable) and
                                    continues to remain in
                                    issuer not cooperating
                                    category

   Long Term/Short       (2.25)     [ICRA]D/[ICRA]D; ISSUER NOT
   Term-Inter-                      COOPERATING; Downgraded
   changeable limit                 from [ICRA]B+(Stable)/
                                    [ICRA]A4 and continues to
                                    remain in issuer not
                                    cooperating category

  Unallocated limit      10.00      [ICRA]D/[ICRA]D ISSUER NOT
                                    COOPERATING; Downgraded
                                    from [ICRA]B+(Stable)/
                                    [ICRA]A4 and continues to
                                    remain in issuer not
                                    cooperating category

Rationale

The revision in ratings of Sunny Exports takes into account the
recent instance of delay in servicing of interest on cash credit
facility, as confirmed by the banker. The liquidity position of
the company remained stretched owing to stretched receivables and
high inventory. The ratings favorably factors in the established
track record of the partners in the gems and jewellery industry.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the gems and jewellery
business: The promoters of the firm constitute Mr. Atul Parikh
and Mr. Shailesh Parikh, who have been in the diamond industry
for more than three decades. The other partner, Mr. Sunny Parikh
also has an experience of more than 10 years in the gems and
jewellery sector.

Credit challenges

Recent delays in debt servicing: As confirmed by the banker, SE
has reported instances of delay in servicing of interest on the
cash credit facility in November and December 2018, due to
stretched liquidity position.
Liquidity position: Not applicable

Established in 2000, Sunny Exports is a partnership concern
involved in manufacturing polished diamonds of sizes up to 2
carats and trading of polished diamonds of 2 to 10 carats. The
partners of the firm are Mr. Shailesh Parikh, Mr. Atul Parikh and
his son, Mr. Sunny Parikh. The firm has its manufacturing
facility in Navsari (Gujarat) and its marketing offices in
Mumbai.


SUTARIYA GEMS: CRISIL Withdraws D Ratings on INR26cr Loans
----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Sutariya Gems Private Limited (SGPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Line of Credit          16        CRISIL D/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Long Term
   Bank Loan Facility       10       CRISIL D/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with SGPL for obtaining
information through letters and emails dated Nov. 27, 2017 and
Dec. 13, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGPL. This restricts CRISIL's
ability to take a forward SGPL 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, the rating on bank facilities of
SGPL continues to be 'CRISIL D Issuer Not Cooperating'.

SGPL was set up in 1986 as a partnership firm- Sutaria Brothers,
and was reconstituted as a private limited company in 2009.
Sutariya is engaged in cutting and polishing of diamonds. The
company is headquartered in Mumbai (Maharashtra) and its
processing facilities are located in Surat (Gujarat).


TIRUPATI AGENCIES: CRISIL Reaffirms B- Rating on INR7cr Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' rating on
the bank facilities of Tirupati Agencies Private Limited (TAPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         .6        CRISIL A4 (Reaffirmed)

   Cash Credit           7.0        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect TAPL's small scale and working
capital intensity in operations, and weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the roller bearing trading business.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: Operating income was a modest
INR11.69 crore in fiscal 2018 on account of trading in ball
bearings of odd sizes, which have limited market unlike those of
regular sizes. The modest scale restricts benefits of economies
of scale and profitability. Moreover, geographical concentration
in revenue is high as the entire revenue comes from local markets
of Kolkata and Mumbai.

* Weak financial risk profile: Working capital-intensity has led
to high reliance on external borrowings. This, along with modest
net worth base has resulted in high gearing (2.6 times as on
March 31, 2018). Debt protection metrics are weak: net cash
accrual to total debt and interest coverage ratios were 0.01 time
and 1.1 times, respectively, for fiscal 2018 (0.02 time and 1.1
time, respectively, for fiscal 2017).

* Working capital intensity in operations, and stretched
liquidity: Gross current assets were high around 655 days as of
March 2018 (352 days a year ago), primarily on account of
sizeable inventory and investment in group companies.  Bank limit
utilisation was high around 93% in the 10 months through November
2018.

Strengths:

* Promoters' extensive experience: The promoters have been in the
roller ball bearing trading business for over five decades. This
has helped the company establish a strong regional presence, and
healthy relations with suppliers, and maintain business risk
profile.

Liquidity
Liquidity is weak, with bank limit of INR7 crore averaging a high
93% in the ten months through November 2018, owing to pressure on
working capital. Cash accrual is expected around INR0.20 to 0.23
crore over the medium term, which, though modest, should cover
maturing debt-of INR0.13 crore per annum.

Outlook: Stable

CRISIL believes TAPL will continue to benefit from the promoters'
extensive experience. The outlook may be revised to 'Positive' if
a substantial and sustained increase in scale and accrual, along
with improved working capital management, strengthens financial
risk profile, particularly liquidity. The outlook may be revised
to 'Negative' if low cash accrual, stretch in working capital
cycle, or any large capital expenditure weakens the financial
risk profile.

TAPL, incorporated in 1981, trades in roller ball bearings of odd
sizes. The company currently has four warehouses, one in Kolkata
and the others in Mumbai. Operations are managed by the promoter-
director Mr. Chandra Kant Khemka.


UMIYA INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of
Umiya Industries continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term, Fund-      3.00      [ICRA]B(Stable) ISSUER NOT
   Based Limits-                   COOPERATING; Ratings continue
   Overdraft Limits                to remain in the 'Issuer Not
                                   Cooperating' category

   Short-term, Non-      3.00      [ICRA]A4 ISSUER NOT
   Fund Based Letter               COOPERATING; Ratings continue
   of Credit/Buyers                to remain in the 'Issuer Not
   Credit Limits                   Cooperating' category

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

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

Established by Mr. Kantibhai Khanpara as a partnership firm in
2004, Umiya Industries is engaged in manufacturing Polypropylene
(PP) woven sacks. Later in FY2016, the firm also started trading
in plastic resins and polymers.


VASUNDHARA DEVELOPERS: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Vasundhara Developers continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B
(Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           10.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

Rationale

The rating is based on limited information on the entity's
performance since the time it was last rated in December 2015.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with Vasundhara Developers, ICRA has been trying to
seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Vasundhara Developers (VD) is a partnership firm founded in 2014
and is engaged in the business of construction of residential
apartments with its head office is located in Guntur District of
Andhra Pradesh. The firm has developed Vasundhara Orchids in
Vijayawada on a land area of 4360 sq Yards.



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


TARATAHI AGRICULTURAL: Formally Placed in Liquidation
-----------------------------------------------------
Stuff.co.nz reports that a line has been drawn under 99 years of
history for the Taratahi Agricultural Training Centre, which will
be formally wound up following orders made in the High Court.

According to Stuff, an interim liquidation, made late in 2018,
was made final in the High Court at Wellington on Feb. 5, at the
request of the centre's board of trustees. The associate judge
making the order remarked on the passing of an era.

"It's rather sad," Stuff quotes Judge Kenneth Johnston as saying.

Lawyer Steve Flynn replied: "Yes sir, 99 years of history in this
thing and there's a little bit for the liquidators to do," Stuff
relays.

Stuff relates that outside court, Mr. Flynn said the liquidators
would now work out how to best realise the assets of the
Wairarapa-based training centre, and what could be preserved.

The liquidators are due to make their first report into the
affairs of the centre in six months, Stuff says.

The liquidation is expected to affect 250 jobs, the report says.

Stuff notes that a drop in student numbers had reduced the amount
of funding Taratahi was to receive. Even with government
subsidies and income from farming, the cost of educating the
students still exceeded the money available.

In 2014, Taratahi was ordered to pay back NZ$8.6 million it had
been paid for courses it failed to deliver. In May 2018, the
Tertiary Education Commission said half had been paid back.

A PricewaterhouseCoopers financial report on Taratahi revealed
the extent of its debt leading up to the December interim
liquidation, Stuff discloses.

It failed to attract as many students as hoped in 2018,
increasing the amount it had to pay the Tertiary Education
Commission (TEC) for not delivering the services promised and
further compounding its problems.

According to the PwC financial appraisal produced for the TEC and
Ministry of Education, the institution was carrying NZ$6 million
from 2018, as well as the NZ$4 million for the past under-
delivery.

It also owed NZ$12.6 million to Westpac Bank and was looking at
selling Mangarata farm in Wairarapa.  However it also had NZ$42
million of assets on its balance sheet as at September 2018, adds
Stuff.

Wairarapa-based Taratahi Agricultural Training Centre has
campuses across New Zealand, and owned, leased, or managed eight
farms. Taratahi had 2,850 students in 2018.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 21, 2018, BusinessDesk said that the Taratahi Agricultural
Training Centre has been placed into interim liquidation at the
request of its board of trustees as declining student numbers saw
its funding drop faster than it could cut costs.

The High Court on Dec. 19 appointed David Ruscoe and Russell
Moore of Grant Thornton as interim liquidators after the board
sought to protect the position of its staff, students, creditors
and other stakeholders, the accounting firm said, BusinessDesk
relates.



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


AGV GROUP: Net Loss Widens to SGD12.1MM in 2018
-----------------------------------------------
The Strait Times reports that a surge in zinc prices and
structural damage to its zinc kettle dragged down AGV Group's
results for the full-year ended Sept 30, with its net loss almost
tripling from a year ago.

The Strait Times relates that the group on Jan. 31 posted a net
loss of SGD12.1 million, from a net loss of SGD4.1 million a year
earlier. This translated to a loss per share of 10.88 cents, from
a loss per share of 3.40 cents in the year-ago period.

No dividend has been declared, the report says.

Revenue for the 12-month period more than halved to SGD8 million,
down from SGD18 million in the preceding year.

According to The Strait Times, AGV noted that fiscal 2018 was a
difficult year for the group due to two main reasons:

- a sharp increase in zinc prices by up to 44 per cent over
   the previous year had led to a significant increase in its
   unit cost of production, as a major component of the group's
   consumables used is zinc, it said. However, the group was
   unable to pass on the incremental costs successfully.

- structural damage to the zinc kettle requiring repair works
   and subsequent replacement of the kettle had caused work
   disruptions that led to a slower production rate. This
   resulted in overall lower production levels, which in turn
   affected the revenue generated during the financial year.

Finance costs also increased from SGD325,000 in FY2017 to SGD1.1
million in FY2018, mainly due to the consolidation of its
Malaysia subsidiary AGV Galvanizing (M) Sdn Bhd, as well as
additional borrowings from private lenders, The Strait Times
relays.

In November last year, the group announced that it has been
negotiating with existing creditors to extend the tenure of
repayment, the report recounts.

According to the report, AGV said negotiations have been
"favorable" and it looks forward to agreeing on revised terms so
as to ease the group's cash flow.

The group's total liabilities rose by 15.3 per cent to SGD25.6
million in FY2018 due to an increase in total borrowings and
finance leases, The Strait Times discloses.

AGV Group Limited, an investment holding company, provides hot
dip galvanizing services to steel and iron fabrication industries
in Singapore and Malaysia. The company also engages in
consultation and contract works relating to galvanization. It
serves customers in public and transport sectors.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***