TCRAP_Public/190208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, February 8, 2019, Vol. 22, No. 028

                            Headlines


A U S T R A L I A

BIAS INDUSTRY: Second Creditors' Meeting Set for Feb. 15
BR CONSULTING: First Creditors' Meeting Set for Feb. 19
HORSFIELD TRANSPORT: Second Creditors' Meeting Set for Feb. 18
L ASHLEY: Second Creditors' Meeting Set for Feb. 14
PERTH RESTAURANT: First Creditors' Meeting Set for Feb. 15

PICTON PRESS: ATO Tax Case Adjourned for 4 Weeks
SHOPITIZE PTY: First Creditors' Meeting Set for Feb. 18


I N D I A

ABDUL JALEEL: CRISIL Moves B Ratings to Not Cooperating Category
ASKLEPIOS REMEDIES: CRISIL Assigns B+ Ratings to INR1.5cr Loans
BHARTI AIRTEL: Moody's Cuts Rating on Unsec. Notes to Ba1
BHUSHAN AUTOMOBILES: CRISIL Migrates B+ Rating to Not Cooperating
BLESSINGS RESORTS: CRISIL Migrates D Rating to Not Cooperating

BVA AUTO: CRISIL Reaffirms B+ Ratings on INR17cr Loans
CHANDULAL CHANDRAKAR: CRISIL Migrates D Rating to Not Cooperating
CHENNAI WATER: Ind-Ra Affirms D on INR3.78BB Project Bank Loans
CHERISH AGRO: CRISIL Withdraws B+ Rating on INR13.5cr Loans
COTTON BLOSSOM: Ind-Ra Affirms BB Rating on INR161.5MM Loans

DEWAN HOUSING: Keen on Selling Assets to Improve Liquidity
DHEEPTI EXPORTS: Ind-Ra Raises Long Term Issuer Rating to 'B+'
EKTA DAIRY: CRISIL Migrates B+ Rating to Not Cooperating Category
ESSEL GROUP: Get Extension to Clear Debt Until September
ESES BIO-WEALTH: CRISIL Migrates D Rating to Not Cooperating

FALCON GLASS: CRISIL Migrates B+ Rating to Not Cooperating
G. NAGESWARAN: CRISIL Migrates 'D' Ratings to Not Cooperating
GOVINDAM KNIT: CRISIL Reaffirms B+ Ratings on INR8.15cr Loans
GUJARAT ENTERPRISE: CRISIL Migrates B+ Rating to Not Cooperating
HARI OM: CRISIL Migrates D Rating to Not Cooperating Category

IVRCL INDORE: Ind-Ra Affirms D on INR11,785BB Project Bank Loan
JOYFUL PLASTICS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
KUMAR JEWELLERS: CRISIL Reaffirms 'B+' Ratings on INR10cr Loans
KUMARAPALAYAM TOLLWAYS: Ind-Ra Affirms D on INR1,463BB Bank Loan
MODEL RAG: CRISIL Raises Rating on INR7cr Cash Loan to B+

MULTITECH AUTO: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
NAGREEKA HYDROCARBONS: CRISIL Migrates B+ to Not Cooperating
NIRALA INFRACITY: CRISIL Reaffirms D Rating on INR17.5cr Loan
NORTELS SERVICE: CRISIL Maintains B- Rating in Not Cooperating
ONEUP MOTORS: Ind-Ra Rates INR195MM Loan 'BB', Outlook Stable

PARADIGM TUNNELING: CRISIL Lowers Rating on INR3cr Cash Loan to C
PRAGANA DANWAR: CRISIL Maintains 'B-' Ratings in Not Cooperating
PV KNIT: CRISIL Withdraws 'D' Ratings on INR10cr Loans
RISHI ICE: Ind-Ra Rates INR79.7MM Term Loan Due 2020 'BB'
ROSEWOOD LAMINATES: CRISIL Reaffirms 'B+' Ratings on INR9cr Loans

SALEM TOLLWAYS: Ind-Ra Affirms D on INR1.083BB Project Bank Loan
S.M.T. HI-TECK: CRISIL Reaffirms D Rating on INR6.75cr Loan
SHREE VENKATESHWARA: CRISIL Assigns B+ Rating to INR3.5cr Loan
SMSG AUTOMART: CRISIL Withdraws 'B' Ratings on INR7cr Loans
STAR CITY: CRISIL Migrates B+ Rating to Not Cooperating Category

THANGAMMAN EXPORTS: CRISIL Migrates C Rating to Not Cooperating
TNR CONSTRUCTIONS: CRISIL Moves B+ Loan Rating to Not Cooperating
UNITY FABTEXT: CRISIL Withdraws 'D' Rating on INR10cr Loans
VASHU YARN: CRISIL Migrates D Rating to Not Cooperating Category


S I N G A P O R E

ACESIAN PARTNERS: Inks Deal to Dispose Equity in unit Acesian Sun
ORIENTAL GROUP: In Talks with Potential Investors


T H A I L A N D

STRATEGIC HOSPITALITY: Fitch Assigns BB+ National LT Rating


                            - - - - -


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


BIAS INDUSTRY: Second Creditors' Meeting Set for Feb. 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Bias Industry
Group Pty Ltd has been set for Feb. 15, 2019, at 10:30 a.m. at the
offices of BRI Ferrier Western Australia, at Level 1,
99 - 101 Francis Street, in Northbridge, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 14, 2019, at 4:00 p.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Bias Industry on Jan. 10, 2019.


BR CONSULTING: First Creditors' Meeting Set for Feb. 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of BR
Consulting Services Pty Ltd will be held on Feb. 19, 2019, at
11:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot
Street, in Brisbane, Queensland.

Nick Combis of Vincents was appointed as administrator of BR
Consulting on Feb. 7, 2019.


HORSFIELD TRANSPORT: Second Creditors' Meeting Set for Feb. 18
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Horsfield
Transport Pty. Ltd. has been set for Feb. 18, 2019, at 11:00 a.m.
at the offices of Rodgers Reidy, Level 3, 326 William Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 15, 2019, at 4:00 p.m.

Brent Leigh Morgan of Rodgers Reidy was appointed as administrator
of Horsfield Transport on Dec. 17, 2018.


L ASHLEY: Second Creditors' Meeting Set for Feb. 14
---------------------------------------------------
A second meeting of creditors in the proceedings of L Ashley Pty
Ltd as Trustee for the L Ashley Unit Trust has been set for
Feb. 14, 2019, at 2:00 p.m. at Level 31, 525 Collins Street,
Rialto South Tower, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 13, 2019, at 4:00 p.m.

Craig Peter Shepard of KordaMentha was appointed as administrators
of L Ashley on Dec. 3, 2018.


PERTH RESTAURANT: First Creditors' Meeting Set for Feb. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Perth
Restaurant Pty Limited, trading as Hurricane's Grill Hillarys Boat
Harbour, will be held on Feb. 15, 2019, at 10:30 a.m. at the
offices of Worrells Solvency & Forensic Accountants, at Level 4,
15 Ogilvie Road, in Mount Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Perth Restaurant on Feb. 5,
2019.


PICTON PRESS: ATO Tax Case Adjourned for 4 Weeks
------------------------------------------------
Sheree Young at ProPrint reports that the Australian Taxation
Office has agreed to a four-week adjournment in the case it
launched to reclaim AUD1.3 million in unpaid tax from Perth
printer Picton Press.

ProPrint relates that the case was due to go before the Federal
Court in Perth last on Feb. 1 but was adjourned to a later date so
Picton Press directors Gary Kennedy and Dennis Hague could meet
with department officials and negotiate a resolution to enable
them to continue to trade.

Picton Press went into voluntary administration in May 2018 with
AUD9 million debts but was able to continue trading and keep 30
people employed after creditors agreed to a Deed of Company
Arrangement (DOCA) dependent on certain conditions, according to
ProPrint.

At the time, AUD6.8 million was owed to secured creditors, made up
of a number of banks, with AUD3.5 million due to unsecured
creditors and AUD660,000 in outstanding staff entitlements,
including redundancy pay and superannuation, ProPrint discloses.

Under the DOCA unsecured trade creditors owed less than AUD10,000
would receive full repayment, while those exceeding AUD10,000,
including the ATO and a key paper supplier, would get just one to
two cents in each dollar.

ProPrint says the agreement was that Picton would pay AUD205,000
to an unsecured creditors account four weeks after the vote, with
a further AUD275,000 due on November 28, 2019.

This plan was put into action last November after the vote but hit
a roadblock on December 21 when the ATO re-launched action to wind
up the company over the unpaid tax debt, ProPrint notes.

"The case was meant to be heard last Friday but it was adjourned
for a month with a view to trying to resolve the issues that the
ATO has continued to have," Cor Cordis administrator Jeremy Nipps,
who constructed the DOCA with the Picton directors, told ProPrint.

According to ProPrint, Kennedy and Hague had sought the
adjournment and Mr. Nipps said the fact the ATO has agreed to it
is a good sign as it shows a willingness to try and find a
resolution without incurring legal costs to wind up the troubled
printer.

"We will meet with the ATO to try and understand further and in a
little bit more detail what their concerns are with a view to try
and resolve their concerns commercially but obviously if they
can't be resolved then that's when the court needs to get involved
and for them to form a view," ProPrint quotes Mr. Nipps as saying.

ProPrint relates that Mr. Nipps is hopeful the matter can be
sorted out without having to go to court to save money on court
costs which would be of detriment to creditors.

"There is still uncertainty because they ATO has the application
so it's impacting not just the trade but the employees are also
uncertain about what is going to happen with job security. The
implications and the course of action that has been taken impact
many people."

Mr. Nipps said further adjournments could be applied for if
necessary, ProPrint adds.


SHOPITIZE PTY: First Creditors' Meeting Set for Feb. 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Shopitize
Pty Ltd will be held on Feb. 18, 2019, at 11:00 a.m. at the
offices of Farnsworth Shepard, Level 5, 2 Barrack Street, in
Sydney, NSW.

Benjamin Michael Carson of Farnsworth Shepard was appointed as
administrator of Shopitize Pty on Feb. 6, 2019.



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


ABDUL JALEEL: CRISIL Moves B Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Abdul Jaleel
MM (AJ) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    4.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             2.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AJ for obtaining
information through letters and emails dated October 16, 2018 and
November 28 ,2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AJ. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AJ is consistent
with 'Scenario 6' 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 AJ to 'CRISIL B/Stable Issuer not cooperating'.

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

AJ is a proprietorship firm involved in civil construction works
such as construction of roads, bridges and construction and
maintenance for irrigation facilities in Kerala. The firm is
managed by Mr. Abdul Jaleel MM.


ASKLEPIOS REMEDIES: CRISIL Assigns B+ Ratings to INR1.5cr Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Asklepios Remedies Private Limited (ARPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             0.5       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      1.0       CRISIL B+/Stable (Assigned)

The rating reflects a modest scale, and working capital-incentive
nature, of operations. These weaknesses are partially offset by
the extensive experience of the promoters in the pharmaceuticals
industry and a comfortable financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale, and with working capital-intensive nature, of
operations: Revenue was modest at INR3.30 crore with an operating
margin of 5.66% in fiscal 2018. Revenue is expecting to remain at
INR3.40-3.45 crore per fiscal over the medium term.

Gross current assets were high at 147 days, driven by large
receivables of 84 days and moderate inventory of 42 days, as on
March 31, 2018.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of over 35 years in the pharmaceutical
industry. This has given them a sound understanding of the
industry dynamics. The main promoter, Mr. Nand Kishore Prasad has
more than 25 years of experience in manufacturing and marketing of
pharmaceutical products. The established relationship with
customers results in regular orders.

* Comfortable financial risk profile: The gearing and total
outside liabilities to tangible networth ratio were low at 0.31
time and 0.50 time, respectively, despite the small networth of
INR1.43 crore, as on March 31, 2018, owing to limited dependence
on bank borrowing. The debt protection metrics have remained above
average, with interest coverage and net cash accrual to total debt
ratios at 4.24 times and 0.27 time, respectively, for fiscal 2018.
The financial metrics are likely to remain comfortable over the
medium term.

Liquidity

Liquidity is adequate, reflected in cash and cash equivalents of
INR0.43 crore as on March 31, 2018. Also, though cash accrual is
expected to remain modest at INR0.13-0.14 crore in fiscal 2019,
there is no debt obligation. Bank limit utilisation averaged 71%
in the 10 months through December 2018. With no large capital
expenditure plan over the medium term, cash accrual and cash and
cash equivalent will be utilised to meet incremental working
capital requirement.

Outlook: Stable

CRISIL believes ARPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significantly higher-than-expected
revenue and profitability, leading to an increase in cash accrual.
The outlook may be revised to 'Negative' if sales or profitability
is lower than expected, the working capital cycle is stretched,
the capital structure and debt protection metrics weaken, or there
is any large, debt-funded capital expenditure, weakening the
financial risk profile, particularly liquidity.

Established in March 1989 by Mr Nand Kishore Prasad and others,
ARPL manufactures pharmaceutical formulations in the form of
capsules, tablets, and oral liquid products. The manufacturing
facility is in Patna, and sales are made in Bihar and Jharkhand.


BHARTI AIRTEL: Moody's Cuts Rating on Unsec. Notes to Ba1
---------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
senior unsecured rating for Bharti Airtel Ltd. as well as the
backed senior unsecured notes issued by Bharti's wholly owned
subsidiary, Bharti Airtel Int'l (Netherlands) B.V.

At the same time, Moody's has assigned a Ba1 corporate family
rating to Bharti and withdrawn the company's Baa3 issuer rating.

The ratings outlook is negative.

This rating action concludes the review for downgrade initiated on
November 8, 2018.

RATINGS RATIONALE

"The downgrade reflects uncertainty as to whether or not the
company's profitability, cash flow situation and debt levels can
improve sustainably and materially, given the competitive dynamics
in the Indian telco market," says Annalisa DiChiara, a Moody's
Vice President and Senior Credit Officer.

Bharti reported EBITDA of INR265 billion for the 12 months ending
December 31, representing a 15.5% year-over-year contraction.
Moreover, the profitability of its core Indian mobile segment --
which contributes around 37% of EBITDA -- remained low, generating
just INR98 billion over the same period.

"A significant recovery in cash flow from the core Indian mobile
segment is needed to strengthen the company's credit quality and
support greater financial flexibility," adds DiChiara, also
Moody's lead analyst for Bharti.

At the same time, the Ba1 CFR reflects the company's solid market
position in the high growth Indian mobile market. It also
considers Bharti's aim to reduce debt levels significantly through
asset sales and the secondary IPO of its African operations.

Moody's estimates the profitability of Bharti's Indian mobile
segment will remain low over the next several quarters in the
absence of a fundamental change in the pricing of mobile services,
together with proportional shift in the composition Bharti's
subscriber base to high-end 4G customers. However, the company has
taken steps to improve revenues and profitability including its
minimum recharge plans.

In addition, Moody's estimates that Bharti's adjusted consolidated
leverage registered 4.5x at December 31, 2018 remaining above
levels consistent with a Baa3 rating.

Finally, although debt levels may fall as the company executes on
its capital raising initiatives, Bharti's operating cash flows
will become more reliant on its Indian operations.

The outlook is negative. Although significant level of capital-
raising over the near-term could be used to reduce debt levels,
weak cash flow generation of the core mobile operations will
likely keep leverage elevated.

The negative outlook also reflects that expected asset sales are
subject to market timing and/or require regulatory and shareholder
approvals, therefore raising execution risks with respect to the
amount of proceeds ultimately raised, as well as the timing of
their completion. That said, Moody's recognizes the company has
already raised $1.45 billion from the Pre-IPO of its African
operations, with around $1 billion used to repay debt on a
consolidated basis.

The rating outlook could be stabilized if Bharti strengthens its
credit profile, with a stabilization of its core Indian mobile and
non-mobile services.

A significant reduction in debt, such that consolidated
leverage -- as measured by adjusted debt/EBITDA reflecting the
deconsolidation of Infratel -- is sustained under 3.5x, would also
support stabilization of the outlook.

Downward ratings pressure would arise if capital-raising
activities fail to materialize as planned or earnings and cash
flow deteriorate further, or market share, on a revenue basis,
contracts materially. Such a development would be exemplified by
1) adjusted consolidated debt/EBITDA remaining above 4.5x (or
above 5.0x reflecting the deconsolidation of Infratel) or 2)
adjusted EBITDA margins falling below 35% on a sustained basis.


BHUSHAN AUTOMOBILES: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhushan
Automobiles Private Limited (BAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      1.4      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BAPL for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

BAPL was set up in 2005, by the promoter, Mr. Bhushan Kumar and
his family members. The company is a distributor of Escorts' farm
vehicles in Bihar.


BLESSINGS RESORTS: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Blessings
Resorts Private Limited (BRPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee       3       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Term Loan           29       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with BRPL for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2011 by Mr. Harpinder Singh Gill and Mr. Rajesh
Aggarwal, BRPL is setting up a 3-star, 80-room hotel with banquet
in Phagwara under the 'Park Inn by Radisson' brand. The company
has tied up with Carlson Hotels Asia Pacific Pty Ltd.


BVA AUTO: CRISIL Reaffirms B+ Ratings on INR17cr Loans
------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of BVA Auto Private Limited (BVAPL).

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

   Long Term Loan       6.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits    4.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the nascent stage of BVAPL's
operations leading to modest scale amid intense competition in the
automotive dealership business, and weak liquidity. These
weaknesses are partially offset by the experience of the promoters
and benefits derived from association with Maruti Suzuki India Ltd
(MSIL).

Analytical Approach

Unsecured loans (outstanding at INR2.81 crore as on March 31,
2018) extended to BVAPL by the promoters have been treated as
debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest stage of operations amid intense competition: The company
started its showroom operations only in August 2017. Revenue of
INR30.25 crore was reported in fiscal 2018, and is projected at
around INR60 crore in fiscal 2019. Further, intense competition
and low bargaining power with MSIL may continue to constrain
scalability, pricing power, and profitability.

* Low bargaining power with the principal supplier, and exposure
to intense competition: The company's low bargaining power with
MSIL because of the latter's strong market position constrains its
operating profitability. Furthermore, it faces intense competition
from other nearby dealers.

Strengths

* Experience of the promoters: Benefits from the promoters'
experience of over a decade in the automobile dealership business,
their strong understanding of local market dynamics, and healthy
relations with customers and the key supplier (MSIL) should
continue to support the business.

* Benefits derived from association with MSIL: BVAPL is an
authorised dealer for the vehicles of MSIL under the Nexa brand,
which is a leader in the passenger vehicle segment. Furthermore,
with the regular launch of new vehicles by MSIL, BVAPL's business
growth is expected to remain sound.

Liquidity

Liquidity is likely to remain constrained over the medium term;
however, it will be aided by the promoters' timely funding
support. Cash accrual projected at INR0.58 crore per annum over
the medium term is inadequate to meet the yearly maturing debt of
INR0.71 crore. Bank limit utilisation averaged 74% for the 12
months through November 2018.

Outlook: Stable

CRISIL believes BVAPL will continue to benefit from the experience
of the promoters and an established relationship with MSIL. The
outlook may be revised to 'Positive' if a substantial and
sustainable increase in revenue and profitability, or sizeable
capital infusion strengthens the financial risk profile and risk
absorption capacity. Conversely, the outlook may be revised to
'Negative' if a stretch in the working capital cycle, a steep
decline in profitability, or any large, debt-funded capital
expenditure weakens the financial risk profile and liquidity.

BVAPL, established in 1989 at Faridabad initially manufactured
parts and accessories for motor vehicles and their engines
(brakes, gear boxes, axles, and road wheels). It closed
manufacturing operations, and from August 2017, started authorised
dealership of MSIL's Nexa range. Operations were started in
August, 2017.


CHANDULAL CHANDRAKAR: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chandulal
Chandrakar Memorial Hospital Private Limited (CCMHPL) to 'CRISIL D
Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Term Loan         130       CRISIL D (ISSUER NOT COOPERATING;
                               Rating Migrated)

CRISIL has been consistently following up with CCMHPL for
obtaining information through letters and emails dated October 16,
2018 and November 28 ,2018 among others, apart from telephonic
communication. However, the issuer has remained
Non-cooperative.

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

Detailed Rationale

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

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

CCMHPL was set up in 1997 by Dr Mangal Prasad Chandrakar. It runs
a 200-bed multi-speciality hospital in Bhilai and a 500-bed
hospital-cum-medical college in Durg (both in Chhattisgarh).


CHENNAI WATER: Ind-Ra Affirms D on INR3.78BB Project Bank Loans
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings of
Chennai Water Desalination Ltd.'s (CWDL) bank facilities as
follows:

-- INR3.780 bil. Senior project bank loans (long-term) affirmed
     with IND D rating; and

-- INR50 mil. Performance security (executed in the form of a
     bank guarantee) (long-term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
CWDL due to a tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

CWDL is a special purpose vehicle that was incorporated to design,
construct, operate and maintain a 100-million-litre-per-day
seawater desalination plant in Minjur, about 35km north of
Chennai. At FYE18, IVRCL Limited and its nominees held a 75% stake
in CWDL, followed by Befesa Construccion Y technologia SA (4.82%),
and Abengoa Water SL and its nominees (20.18%).


CHERISH AGRO: CRISIL Withdraws B+ Rating on INR13.5cr Loans
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Cherish
Agro Impex Private Limited (Cherish) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

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

   Packing Credit          5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term      3.5     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with Cherish for
obtaining information through letters and emails dated
November 30, 2018, October 16, 2017, and January 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

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

Detailed Rationale

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

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

Set up in 2011 in New Delhi as a proprietorship firm (Cherish
Foods Impex) and reconstituted as a private limited company in
2013, Cherish primarily trades and exports basmati rice to the
Middle East and Europe. Operations are managed by Mr. Raj Sareen.


COTTON BLOSSOM: Ind-Ra Affirms BB Rating on INR161.5MM Loans
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Cotton Blossom
(India) Private Limited's (CBIPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR161.5 mil. (reduced from INR210.9 mil.) Long-term loans
    due on June 2024 affirmed with IND BB/Stable rating;

-- INR900 mil. Fund-based facilities affirmed with IND
     BB/Stable/IND A4+ rating; and

-- INR100 mil. (increased from INR80 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CBIPL's continued moderate credit metrics
as reflected by EBITDA interest coverage (operating EBITDA/gross
interest expense) of 1.6x in FY18 (FY17: 1.9x) and net leverage
(Ind-Ra adjusted net debt/operating EBITDAR) of 5.9x (5.2x). The
deterioration in credit metrics was due to a decline in operating
EBITDA to INR209.9 million in FY18 (FY17: INR255.4 million),
resulting from raw material price fluctuations and cost pressures
driven by wage inflation. Ind-Ra expects the credit metrics to
improve in FY19, on account of a likely improvement in the
operating EBITDA.

The company's return on capital employed was 7% in FY18 (FY17: 9%)
and EBITDA margin was modest at 6.4% (7.4%). Ind-Ra expects the
margin to improve in FY19 because of an improvement in operational
efficiency, supported by relocation of some of its units to areas
with lower labor cost.

In FY18, revenue dipped marginally to INR3,291 million (FY17:
INR3,454 million), on account of slow order execution and impact
of the implementation of the Goods and Services Tax. Despite the
drop in revenue, the scale of operations is medium. As of January
2019, the company had INR1,385.4 million of export orders in hand,
to be executed by end-May 2019. It achieved a turnover of
INR2,361.6 million during 8MFY19. Ind-Ra expects the revenue to
grow in FY19 owing to its increased focus on the US markets.

The ratings also factor the CBIPL's tight liquidity position as
reflected by full utilization of its fund-based facility over the
12 months ended December 2018. Its net cash conversion cycle
improved to 113 days in FY18 (FY17: 134 days), although remained
modest, primarily on account of an increase in creditor period to
64 days (49 days). The company's cash flow from operations turned
positive to INR87 million in FY18 (FY17: negative INR39 million),
due to better working capital management. It has debt repayments
of INR93 million and INR95 million in FY19 and FY20, respectively.
At March 31, 2018, CBIPL's cash balance stood at INR34 million.

However, the ratings are supported by the promoters' over 10 years
of experience in the garment manufacturing business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue along with an
improvement in the profitability, leading to an improvement in the
credit metrics on a sustained basis will be positive for the
ratings.

Negative: Deterioration in the profitability leading to sustained
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

CBIPL was established as a partnership firm in 1999 and was
reconstituted as a private limited company in 2004. CBIPL
manufactures garments and exports to Germany, the US, the UK and
Dubai.


DEWAN HOUSING: Keen on Selling Assets to Improve Liquidity
----------------------------------------------------------
Reuters reports that Dewan Housing Finance Corp Ltd shares rose on
Feb. 4 following five consecutive sessions of decline, after the
Indian home loan provider said it was keen to sell assets and some
of its businesses to improve liquidity.

The stock rose as management tried to assuage liquidity concerns
on a conference call with investors, media and analysts, Reuters
says.

According to Reuters, Dewan lost nearly half of its market value
over five sessions ending Feb. 1, its worst week since listing,
hit by claims of financial mismanagement - which it has denied -
and broader sectoral woes.

Reuters relates that the decision to explore the sale of its non-
core businesses comes amid a slew of allegations by investigative
media outlet Cobrapost, which said Dewan diverted loans from state
banks to shell companies, including those linked to its
controlling shareholders.

Dewan denied diverting loans to shell companies and said it had
not received any communication from the government in relation to
any investigation, the report notes.

Reuters says the allegations are the latest setback in the shadow
banking sector after a liquidity squeeze and a string of defaults
at market leader IL&FS, triggering sharp falls in stock and debt
markets last autumn.

On Feb. 2, Dewan said it would sell 9.15 percent of Aadhar Housing
Finance Ltd to private equity funds managed by Blackstone Group
LP, Reuters reports.

It also said its controlling shareholders - Wadhawan Global
Capital, headed by Dewan Chairman Kapil Wadhawan - would not sell
their stake in Dewan at the current valuation, Reuters adds.

Reuters relates that the executives also said Dewan has not
delayed any payments to creditors, a day after CARE Ratings placed
some of Dewan's bonds, deposits and loans on "credit watch with
developing implications".

Dewan said it will approach the credit-ratings firm for a review,
but did not elaborate, the report says.

                            About DHFL

Dewan Housing Finance Corporation Limited operates as a housing
finance company in India. The company's deposit products include
fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home
improvement loans, home construction loans, home extension loans,
plot loans/land loans, plot and construction loans, and balance
transfer of home loans, as well as home loans for the self-
employed; small and medium enterprise loans, including property
term, plant and machinery, medical equipment, and business loans;
mortgage loans, such as loans against property, loan for purchase
of commercial premises, and loan through lease rental discounting;
and NRI home loans. As of March 31, 2018, the company operates
through a network of 347 locations, including 187 branches, 135
micro branches, 20 zonal/ regional / CPU offices, 2 disbursement
hubs, and 1 collection center in India, as well as overseas
representative offices in London and Dubai.


DHEEPTI EXPORTS: Ind-Ra Raises Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Dheepti Exports
and Imports' (Dheepti) Long-Term Issuer Rating to 'IND B+' from
'IND B'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR54.0 mil. Fund-based limits Long-Term Rating Upgraded /
     Short-Term Rating affirmed with IND B+/Stable/IND A4 rating;
     and

KEY RATING DRIVERS

The upgrade reflects an improvement in Dheepti's scale of
operations and EBITDA margin. Revenue rose to INR300.0 million in
FY18 from INR259.0 million in FY17, driven by business
diversification and new customer addition, though the scale of
operations remains small. Dheepti booked INR290.9 million in
revenue for 9MFY19. As of December 2018, the firm had an order
book of INR105 million that will be executed by end-March 2019,
indicating near-term modest revenue visibility.

EBITDA margin improved to 3.2% in FY18 from 2.1% in FY17 due to
the firm's diversification into high-margin jewelry business,
though the margin remains at a modest level. In addition, its
return of capital employed was 9% in FY18 (FY17: 6%). The firm
booked an EBITDA margin of 4.5% for 9MFY19.

The ratings are supported by Dheepti's comfortable liquidity,
indicated by an average 85% utilization of the working capital
limits for the 12 months ended December 2018. The firm had a cash
balance of INR9 million at FYE18 (FYE17: nil). Its cash flow
operations stayed negative at INR22.0 million in FY18 (FY17:
negative INR7.0 million) due to a change in working capital due to
business diversification. Also, the firm does not have any term
loan.

The ratings continue to be supported by over 15 years of
experience of the promoter in the spice processing industry.

The ratings, however, are constrained by Dheepti's weak credit
metrics. EBITDA interest coverage (operating EBITDA/gross interest
expenses) was 1.2x in FY18 (FY17: 1.3x) and net leverage (net
debt/operating EBITDA) was 9.1x (FY17: 12.5x). The improvement in
the leverage was due to a proportionately higher rise in EBITDA
than that in debt.

RATING SENSITIVITIES

Positive: Substantial revenue growth, along with a rise in the
profitability, leading to an improvement in the credit metrics, on
a sustained basis, could lead to a positive rating action.

Negative: A fall in the EBITDA margin, leading to deterioration in
the credit metrics, all on a sustained basis, could be negative
for the ratings.

COMPANY PROFILE

Formed in 2006 by Mr. Amarnath Jeyaraj, Dheepti is a
proprietorship firm that is primarily engaged in the processing of
spices and lentils. The firm has diversified into the jewelry
business in August 2017.

The firm generated 50% of its revenue from the spice processing
business and the rest 50% from the jewelry business in FY18.


EKTA DAIRY: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ekta Dairy
Private Limited (EDPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          9        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Cash        3.5      CRISIL B+/Stable (ISSUER NOT
   Credit Limit                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with EDPL for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2007 and promoted by Mr Narendra Kumar Sacchan,
EDPL processes milk and its byproducts. The company's plant,
located in Fatehpur (Uttar Pradesh), processes 0.25 million litres
of milk per day. EDPL also does jobwork for Gujarat Co-operative
Milk Marketing Federation Ltd and other companies.


ESSEL GROUP: Get Extension to Clear Debt Until September
--------------------------------------------------------
Business Today reports that Essel Group said on Feb. 4, 2019, that
it has sealed a formal agreement with its lenders to keep it
afloat, under which it gets time till September to deleverage or
pare its debt.

The report relates that the agreement is with those lenders who
have taken pledged shares of the group flagship and listed
entities, Zee Entertainment Enterprises and Dish TV India.

On January 27, the group had confirmed that an understanding with
the lenders had been achieved, which was finalised on Feb. 4, the
report says.

According to Business Today, the agreement was not to declare the
company a defaulter as it had admitted that it could service the
debt only up to December.

"As per the consent, the lenders have agreed that there will not
be any event of default declared till September 30, 2019, due to
the movement in the stock price of Essel Group's mentioned listed
corporate entities," the company said in a statement, Business
Today relays.

"This consent provides the required amount of time for the
management to complete the strategic sale process of its key
assets without any compromise on the value," the statement added.

Business Today adds the management led by promoter Subhash Chandra
reassured the lenders that within the time frame a complete
resolution will be achieved, leveraging the stake sale process,
the company said.

The lenders have showed full co-operation and have agreed to
support the management as a team, the statement claimed, Business
Today relays.

The group of lenders, including banks, mutual funds and non-
banking financiers agreed to support the management, it said.

"I am glad that a formal consent with the lenders has been
achieved today which seals and justifies their belief and trust in
us and the intrinsic value of our assets.

"As one team, we are now positively focused on completing the
strategic sale process, with the esteemed support of our lenders.
We thank them for their trust, patience and above all for their
complete co-operation extended, enabling us to take the next steps
towards resolution," Chandra was quoted as saying in the
statement.

The company, which has high debt, defaulted on some of the
payments, which led to the share pledge, Business Today says.

According to Business Today, Chandra had on January 25 issued an
apology to lenders through a public statement, stating that the
company intended to pay back all of its debt, which came on a day
when the group shares were puntered on the market plunging between
17 and 30 percent.

He had admitted that his company was in a financial mess, and
blamed it on aggressive bets on infra, which has gone out of
control since the IL&FS crisis, and acquisition of Videocon's D2H
business.

Apologising to lenders, he also alleged that some negative forces
were out to sabotage his efforts to raise money through a
strategic sale in the flagship company Zee Entertainment
Enterprises, Business Today adds.

                         About Essel Group

Essel Group, a business conglomerate, operates in media,
entertainment, packaging, infrastructure, education, precious
metals, lifestyle and wellness, and technology sectors. The
company's activities include operating news and entertainment
television channels; DNA, an English-language broadsheet;
amusement parks and lifestyle malls; operating a chain of
commercial complexes, housing complexes, construction business,
and multiplex cinema-cum-family activity centers; digital screens;
a food and lifestyle television channel; and a chain of K-12
schools and pre-schools. The company also provides direct-to-home
entertainment services and information technology infrastructure
outsourcing services.


ESES BIO-WEALTH: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of ESES BIO-
Wealth Private Limited (EBPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan        8       CRISIL D (ISSUER NOT COOPERATING;
                                 Rating Migrated)

   Proposed Term Loan    4       CRISIL D (ISSUER NOT COOPERATING;
                                 Rating Migrated)

CRISIL has been consistently following up with EBPL for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

EBPL has set up its manufacturing facility in Morigaon district,
Assam with a capacity of 3600 tonne per annum and started its
commercial operations from April 2017 onwards.


FALCON GLASS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Falcon Glass
Palace (FGP; part of the Al-fas group) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         3.25       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit    3.25       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FGP for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of FGP to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Al-Fas Trading International Pvt Ltd
(ATIPL; part of the Al-fas group) and FGP. The entities,
collectively referred to as the Al-fas group, have operational and
financial linkages, the same management, and a common marketing
network.

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

Al-fas group is owned by Mr Shibu Aboobacker and his wife, Ms.
Leefa Shibu. The day-to-day operations are handled by Mr Shibu
Abookbacker.

FGP and ATIPL were set up in 1998 and 2013 respectively. Both the
entities are dealer/distributor of medium density fibre board
(MDF), glass, and plywood, based out of Trivandrum (Kerala).


G. NAGESWARAN: CRISIL Migrates 'D' Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G. Nageswaran
(GN) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      0.5       CRISIL D (ISSUER NOT COOPERATING;
                                 Rating Migrated)

   Secured Overdraft   9.4       CRISIL D (ISSUER NOT COOPERATING;
   Facility                      Rating Migrated)


CRISIL has been consistently following up with GN for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

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

GN was set up as a proprietorship firm in 1985, by Mr G
Nageswaran. The firm undertakes civil construction works, mainly
for the Government of Tamil Nadu and the National Highways
Authority of India.


GOVINDAM KNIT: CRISIL Reaffirms B+ Ratings on INR8.15cr Loans
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Govindam Knit Fab (GKF) at 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .54     CRISIL B+/Stable (Reaffirmed)

   Term Loan               2.11     CRISIL B+/Stable (Reaffirmed)

CRISILs rating on the long-term bank facilities of GKF continues
to reflect modest scale of operations amid intense competition and
below average financial risk profile marked by leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of partners in the textile industry.

Analytical Approach

CRISIL has treated unsecured loans from promoters (Rs2.67 crore as
on March 31, 2018) as debt as these are need based support.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: Scale of
operations is modest, reflected in revenue of INR36 crore in
fiscal 2018, due to intense competition and fragmented nature of
textile industry which restricts bargaining power of firm with its
customers and suppliers.

* Below-average financial risk profile: Small networth of INR2.2
crore, leveraged capital structure of 4.67 times and moderate debt
protection metrics marked by interest coverage and net cash
accrual to total debt ratios of 2.2 times and 0.10 times,
respectively, in fiscal 2018 represents below average financial
risk profile.

Strengths:

* Extensive experience of the partners: GKF benefits from its
partners' industry experience of over 2 decades, which has
resulted in steady orders from customers and longstanding
relationships with its suppliers.

Liquidity

* High bank limit utilization: Net cash accrual is expected to be
over INR1.1 crore to INR12 million in fiscal 2019 and fiscal 2020.
As against this, term debt repayment obligation is expected to be
around INR7.5 million in fiscal 2019 and fiscal 2020. Bank limit
utilization has been high at around 96 percent for the past twelve
months ended March 31, 2018, and is expected to continue to remain
so, on back of large working capital requirement. Current ratio is
low at 1.16 times as on March 31, 2018. Partners have infused
funds in the past in form of unsecured loans, which was at
INR2.67 crore as on March 31, 2018. Incremental fund support from
the partners would be critical to meet incremental working capital
requirements, given the high bank limit utilization levels and low
current ratio.

Outlook: Stable

CRISIL believes GKF will continue to benefit over medium term from
the extensive experience of its partners. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profit margin leads to high cash accruals or in case of
substantial capital infusion leading to improvement its financial
risk profile. The outlook may be revised to 'Negative' if decline
in cash accruals, or elongation in working capital requirements,
or sizeable, debt-funded capital expenditure further or more than
expected capital withdrawal deteriorates financial risk profile
particularly liquidity.

Set up in March 2014, GKF is engaged into knitting and
texturizing. The firm has two partners, Mr. Nikhil Kumar Megotia
and Ms. Vibha Devi Megotia.


GUJARAT ENTERPRISE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gujarat
Enterprise - Mumbai (GEM) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           20       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GEM for obtaining
information through letters and emails dated September 7, 2018,
December 28, 2018 and January 3, 2019 among others, apart from
telephonic communication. However, the issuer has remained
Non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GEM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GEM is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Established in 2000, GEM undertakes real estate projects and sale
of plots in Mumbai region. Currently, firm has one ongoing project
'Samriddhi'.


HARI OM: CRISIL Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hari Om Rice
Mill Private Limited (HRMPL) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          20       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HRMPL for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

Chhattisgarh-based HRMPL, incorporated in 2006, mills and
manufactures non-basmati rice. Mr. Subhash Aggarwal is the
promoter.


IVRCL INDORE: Ind-Ra Affirms D on INR11,785BB Project Bank Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings of
IVRCL Indore Gujarat Tollways Limited's (IIGTL) bank facilities as
follows:

-- INR11,785.65 bil. Long-term senior project bank loan (long-
     term) affirmed with IND D rating; and

-- INR70 mil. Bank guarantee (long-term) affirmed with IND D
     rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
IIGTL due to liquidity issues, as confirmed by the management.

IIGTL did not provide Ind-Ra the FY18 annual report.

RATING SENSITIVITIES

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

COMPANY PROFILE

IIGTL is a special-purpose company that was incorporated to
undertake a 155.15km expansion of a stretch between Indore and
Gujarat to four lanes from two and a capacity augmentation project
on a design, build, finance, operate and transfer basis, both
under a 25-year concession from National Highways Authority of
India ('IND AAA'/Stable) The project achieved provisional
commercial operation date on 6 November 2018.


JOYFUL PLASTICS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Joyful Plastics Private Limited's (Joy) Long-Term Issuer Rating of
'IND BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB- rating on the INR17.69 mil. Term loan* due on
     December 31, 2019 affirmed and withdrawn; and

-- The IND BB- rating on the INR80.5 mil. Fund-based limits#
     affirmed and withdrawn.

* Affirmed at 'IND BB-'/Stable before being withdrawn

# Affirmed at 'IND BB-'/Stable/'IND A4+' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects Joy's continued small scale of
operations. The revenue increased to INR346 million in FY18 (FY17:
INR242 million) on account of increased orders from existing
customers.

The company's credit metrics remained moderate in FY18, though
they improved on account of higher profitability. The EBITDA
interest coverage (operating EBITDA/gross interest expense)
improved to 2.3x in FY18 (FY17: 1.9x), and the net leverage (total
adjusted net debt/operating EBITDAR) improved to 3.0x (4.2x).

The ratings also factor in Joy's tight liquidity position, as
reflected by 96% average utilization of its fund-based facilities
for the 12 months ended December 2018. The company's cash flow
from operations rose to INR28 million in FY18 (FY17: INR11
million), as the operating EBITDA increased to INR50 million
(INR34 million) due to a fall in raw material prices. Its cash
balance stood at INR2 million at end-FY18.

The ratings, however, are supported by a healthy EBITDA margin of
14.4% in FY18 (FY17: 14.1%). The return on capital employed was
16% (11%).

The ratings also benefit from the promoters' three decades of
experience in the manufacturing of plastic-ware products.

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no-dues certificate from the lenders. This
is consistent with the Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1995, Joy manufactures plastic-ware products. The
company's plant in Daman has 35 injection molding machines and two
blow molding facilities.


KUMAR JEWELLERS: CRISIL Reaffirms 'B+' Ratings on INR10cr Loans
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Kumar Jewellers (KJ).

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

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

The rating reflects a modest scale of operations in an intensely
competitive industry and weak financial risk profile. These
weaknesses are partially offset by the extensive industry
experience of the promoters.

Analytical Approach

Unsecured loan of 2.55 crores have been treated as neither debt
nor equity (NDNE).

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in an intensely competitive industry:
Revenue was a modest INR15.5 crore in fiscal 2018. Owing to a
modest scale of operations and exposure to intense competition in
the gold jewellery retailing industry, bargaining power with
customers and suppliers is limited, leading to pressure on the
operating margin.

* Weak financial risk profile: The networth was INR3.4 crores as
on March 31, 2018, due to low accretion to reserves given the
modest scale of operations. The networth is likely to remain at a
similar level over the medium term. The debt protection metrics
were subdued: the interest coverage ratio was 1.2 times and net
cash accrual to adjusted debt ratio of less than 0.1 time in
fiscal 2018.

Strength

* Extensive industry experience of the promoters: The main
promoter has an experience of three decades in the industry; this
has helped him to identify trends in jewellery designs, build a
strong customer base, and win the trust of consumers, which is an
important factor influencing purchases This is expected to lead to
healthy growth in revenue in fiscal 2019.

Liquidity

* Liquidity will remain modest, with annual cash accrual expected
at INR0.3-0.5 crore over the medium term, against no debt
obligation in 2018-19.

* Bank limit utilisation was high, averaging 92 percent for the 12
months through October 2018.

Outlook: Stable

CRISIL believes KJ will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an improvement in the scale of operations
while steady operating profitability is maintained, leading to
higher cash accrual. The outlook may be revised to 'Negative' if
liquidity deteriorates due to significant debt-funded capex, a
stretched working capital cycle, or a decline in revenue or
profitability leading to lower-than-expected cash accrual.

Based in Nellore, Tamil Nadu, KJ retails gold jewellery. The firm
was established by Mr Sukumar D Vas a proprietary concern in 1992
and reconstituted as a partnership firm in February 2016 when his
brothers also joined the business.


KUMARAPALAYAM TOLLWAYS: Ind-Ra Affirms D on INR1,463BB Bank Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings on
Kumarapalayam Tollways Ltd.'s (KTL) bank facilities as follows:

-- INR2,463.48 bil. (reduced from INR2,568 bil.) Long-term
    senior project bank loan (long-term) affirmed with IND D
    rating; and

-- INR163.86  mil. (reduced from INR172 mil.) Subordinated loan
    (long-term) affirmed with IND D rating.

KEY RATING DRIVERS

The rating continues to reflect the projected inadequacy of
project accruals to honor debt obligations over the near term.
While the management has confirmed that debt obligations were
serviced timely for the three months ended December 2018, project
accruals are not adequate for future debt servicing in line with
Ind-Ra's base case assumption. The debt servicing capability of
KTL remains a challenge, given the presence of a weak promoter,
IVRCL Limited ('IND D (ISSUER NOT COOPERATING)') Based on Ind-Ra's
discussions with the management, KTL was unable to perform major
maintenance due to liquidity constraints. The project had INR382
million in the form of a fixed deposit in a debt service reserve
account as on December 31, 2018.

RATING SENSITIVITIES

Positive: A sustained increase in revenue, resulting in coverage
ratios higher than Ind-Ra's base case estimates, would result in
rating upgrade.

COMPANY PROFILE

KTL, which is wholly owned by IVRCL, is a special purpose company
that was set up to widen, operate and maintain a 48km road stretch
on the National Highway-47 between Kumarapalayam and Chengappalli
in Tamil Nadu. Salem Tollways Limited (debt rated 'IND D') is a
project company that was set up to undertake the upgrade and
operation of the adjoining 53km of the same highway. KTL and Salem
Tollways have a cross-default clause in the financing agreements
of both projects.


MODEL RAG: CRISIL Raises Rating on INR7cr Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities of
Model Rag Exports (MRE) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

The upgrade reflects steady improvement in the business risk
profile. The company has reported a stable revenue in the last
three fiscals ending 2018. The margins have improved to around 5
percent in 2018 as against 4.5 percent in the previous fiscal.
Further, the financial risk profile is expected to gradually
improve in the medium term marked by steady accretion to reserves
leading to better capital structure. Also, the interest coverage
and net cash accruals to total debt (NCATD) was 1.5 times and 5
percent respectively in fiscal 2018.

The rating reflect MRE's modest scale of operations in the highly
fragmented and competitive tobacco industry. The rating weakness
is partially offset by the extensive experience of the firm's
promoters in the tobacco industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented and
competitive tobacco industry: MRE's scale of operations are small,
as indicated by its revenues of INR27.9 crore in fiscal 2018.
Also, the firm operates in the highly competitive and fragmented
tobacco trading business. Hence, it is likely to remain
susceptible to intense competition from large established players.

Strength

* Promoter's extensive experience in tobacco industry: The firm is
promoted by Mr.Shabbir Ahmad who has experience of close to around
two decades in the tobacco business. Over the years they have
developed strong relationships with major suppliers and customers.

Liquidity

The firm has highly utilized its bank limit utilization at around
98% in the last 12 months ending September 2018. The firm has
reported a net cash accruals of INR0.32 crores against nil
repayment obligations during 2018. Further, the need based funding
support from management supports the liquidity profile in the
medium term.

Outlook: Stable

CRISIL believes MRE will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
increase in scale of operations coupled with sustained improvement
in working capital management, resulting in better liquidity on
the back of sizeable equity infusion. The outlook may be revised
to 'Negative' in case of a steep decline in revenues or
profitability margins, or significant deterioration in the firm's
capital structure caused most likely by a further stretch in the
working capital cycle.

Set up in 2012 as a sole proprietorship concern by Mr Shabbir
Ahmad, MRE trades in and processes unmanufactured tobacco. Its
processing facilities are in Guntur, Andhra Pradesh.


MULTITECH AUTO: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Multitech Auto Private Limited's (MAPL) Long-Term Issuer Rating of
'IND BB+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR55 mil. Fund-based limits*
     affirmed & withdrawn; and

-- The IND BB+ rating on the INR75 mil. Term loan* affirmed &
     Withdrawn.

*Affirmed at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

Analytical Approach: Ind-Ra has taken a consolidated view of the
MAPL group, comprising MAPL and Mal Metalliks Private Limited
(MMPL), as the latter is a subsidiary of MAPL and also provides
around 90% of MAPL's total raw material requirement.

KEY RATING DRIVERS

The affirmation reflects the MAPL group's medium scale of
operations. The revenue increased to INR851.35 million in FY18
(FY17: INR707.18 million) because of an increase in demand.  On a
standalone basis, MAPL recorded revenue of INR838.87 million in
FY18 (FY17: INR657.27 million).

The ratings also factor in the moderate credit metrics. The
operating EBITDA interest coverage (EBITDA/gross interest)
improved to 9.92x (4.05x) as the EBITDA improved to INR102.99
million in FY18 (FY17: INR67.10 million) because of a fall in raw
material cost. Meanwhile, the net leverage (net debt/EBITDA)
deteriorated to 1.36x (1.22x) owing to a rise in total debt. On a
standalone basis, the company's interest coverage improved to 7.7x
(3.90x) and net leverage deteriorated to 1.76x (1.21x).

The cash flow from operations declined to INR44.58million in FY18
(FY17: INR73.69 million) due to a rise in working capital
requirements. The cash and cash equivalents stood at INR0.44
million at end-FY18 (end-FY17: INR0.60million). On a standalone
basis, the company's liquidity position was strong, with 60.4%
average utilization of the working capital limits during the 12
months ended December 2018. The cash flow from operation declined
to INR 2.09million in FY18 (FY17: INR58.51 million) due to a rise
in working capital requirements. The cash and cash equivalents
stood at INR0.22 million at end-FY18 (end-FY17: INR0.20 million).

The ratings, however, are supported by a rise in the EBITDA margin
to a healthy 12.10% in FY18 (FY17: 9.49%) due to the decline in
raw material cost. The return on capital employed was 28.80%
(22.23%). On a standalone basis, the company's EBITDA margin rose
to a healthy 6.51% (5%) and the return on capital employed was
24.42% (21.37%).

Also, the promoters have experience of over three decades in the
manufacturing of auto-parts and supplying the same to all the
plants of Tata Motors Limited in India.

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no-objection certificate from the lender.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1995, Jamshedpur-based Multitech Auto manufactures
automobile parts for Tata Motors Limited.


NAGREEKA HYDROCARBONS: CRISIL Migrates B+ to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nagreeka
Hydrocarbons Private Limited (NHPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         0.82      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft             10.00      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3.18      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NHPL for obtaining
information through letters and emails dated October 16, 2018 and
November 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NHPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NHPL is
consistent with 'Scenario 6' 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 NHPL to 'CRISIL B+/Stable Issuer not cooperating'.

NHPL, formerly Goyal Coaltar Private Limited (GCPL), was
incorporated in 2006. Nagreeka group acquired the company in March
2011. NHPL manufacturers coal tar pitch. It has a favourable
location in Sambalpur, Odisha, given the presence of steel and
aluminium plants in the vicinity.


NIRALA INFRACITY: CRISIL Reaffirms D Rating on INR17.5cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Nirala Infracity (Ajmer) Private Limited (NIAPL; part of the
Nirala India group) at 'CRISIL D'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           17.5       CRISIL D (Reaffirmed)

The reaffirmation reflects delays in debt servicing due to weak
liquidity following lower-than-expected sales and collections in
the company's residential project.

The group also remains exposed to cyclicality inherent in the real
estate sector. However, it benefits from promoters' experience.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NIAPL, Nirala Projects Pvt Ltd, and
Nirala InfraProject Pvt Ltd. This is because all these entities,
collectively referred to as the Nirala India group, are in the
same business, share significant business synergies, and have
common promoters and fungible cash flow. CRISIL has also
consolidated Nirala Housing Pvt Ltd, a 50:50 joint venture between
the Nirala India group and Span Buildtech Pvt Ltd, to the extent
of Nirala India group's holding in the company.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing due to weak liquidity: Business risk
profile has weakened significantly following slow sales in the
group's residential real estate project, which is compounded by
demonetisation and Real Estate (Regulation and Development) Act,
2016. Furthermore, promoters had not extended financial support on
time to help meet debt obligation.

* Susceptibility to cyclicality inherent in the real estate sector
The real estate segment is cyclical, resulting in fluctuations in
cash inflow due to volatility in realisations and saleability;
cash outflow (relating to project costs and debt repayment), on
the other hand, is relatively fixed, which can lead to substantial
cash flow mismatches. Moreover, the residential real estate sector
has been constrained by weak demand and bearish consumer sentiment
over the past few years, resulting in refinancing needs.

Furthermore, the group has limited revenue diversity, with two of
the three ongoing projects concentrated in Greater Noida, exposing
it to volatility in demand in that area. Also, small scale renders
operations more vulnerable to economic cycles.

Strength

* Experience of promoters: The group's promoters have been in the
real estate business since 1996. Prior to setting up their own
brand, they were engaged in real estate construction on
contractual basis for other developers.

The Nirala India group has three active real estate projects:
Nirala Greenshire and Nirala Aspire in Greater Noida, and Nirala
Hills in Ajmer. Nirala Aspire project is complete and completion
certificate has been received. Nirala Hills has also received
completion certificate. Occupancy certificate for possession has
been applied for Nirala Greenshire. The group plans to develop a
commercial complex with service apartments in Lucknow.

Liquidity

Liquidity is weak. Given slowdown in sales, cash generation
ability has been curtailed, thereby weakening liquidity.
Consequently, the group relied on promoters to aid in debt
servicing. The support was not extended in a timely manner in the
past, which resulted in delays in meeting debt obligation.

The promoters had originally set up Nirala Developers Pvt Ltd
(NDPL) in 2004. Under NDPL, the promoters developed Eden Park
Phases 1 and 2 in Indirapuram (Uttar Pradesh), which had total
sales value of INR250 crore. Phases 1 and 2 had 94 and 336 units,
respectively, with total plot area of 15,846 square metres (sq m).
In 2013, promoters realigned their business, with Mr Rakesh
Mahajan and Mr Iftikhar Ahmed managing the Nirala India group and
Mr S K Garg managing the Nirala World group.

The Nirala India group acquired AV Quetzal Infrastructure Pvt Ltd
and renamed it as NIAPL in 2013. The company is developing Nirala
Hills, a residential project with 150 units in a plot covering
6,500 sq m.


NORTELS SERVICE: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Nortels Service
Apartments Private Limited (NSAPL) for obtaining information
through letters and emails dated June 28, 2018 and December 10,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         5.7        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     4.3        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

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

NSAPL, incorporated in 2000, manages service apartments in
Chennai. The company is promoted by Mr. Sri Krishnan, Mr. Sunil
Nair, Mr. A Murugappan, Mr. S Narayanan, and Mr. Lui Ki.


ONEUP MOTORS: Ind-Ra Rates INR195MM Loan 'BB', Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Oneup Motors
India Pvt Ltd (ONEUP) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR40.3 mil. Term loan due on March, 2023 assigned with IND
     BB/Stable rating; and

-- INR195 mil. Fund-based limit assigned with IND BB/Stable
     rating.

KEY RATING DRIVERS

The ratings reflect ONEUP's medium scale of operations as
indicated by revenue of INR1,797.15 million in FY18 (FY17:
INR1,547.27 million). The revenue rose due to stable demand for
passenger vehicles and growing customer preferences for high-end
cars.

The ratings are constrained by ONEUP's weak credit metrics due to
high debt levels. The interest coverage (operating EBITDA/gross
interest expenses) was 1.6x in FY18 (FY17:1.7x) and the net
leverage (adjusted net debt/ operating EBITDA) was 4.2x (FY17:
3.9x). The metrics deteriorated because of an increase in the
total debt due to high utilization of the working capital limits
to fund the increase in the scale of operations.

The ratings factor in ONEUP's tight liquidity profile, as evident
from the two instances of overutilization of its fund-based limit
up to two days during the 12 months ended December 2018. The
company's cash and cash equivalents stood at INR51.70 million at
FYE18 (FYE17: INR59.72 million). Further, cash flow from
operations turned negative at INR72.95 million in FY18 (FY17:
INR62.65 million) on account of higher working capital
requirements.

However, the ratings are supported by a healthy EBITDA margin of
4.6% in FY18 (FY17: 4.5%), with return on capital employed of 17%
(16%).

Also, the ratings benefit from ONEUP's established relationship
with Maruti Suzuki India Limited, the leading automobile
manufacturer in India, and the promoter's experience of around
three decades in the automobile dealership business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and deterioration in the
overall credit metrics would be negative for the rating.

Positive: Any substantial rise in the revenue, along with any
improvement in the overall credit metrics, will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2006, ONEUP has an automobile dealership of Maruti
Suzuki India in Lucknow, Uttar Pradesh. The company has three
showrooms (including a Maruti Arena showroom that opened in
December 2018) and four workshops in and around Lucknow.
Furthermore, ONEUP sells spare parts and accessories. The
company's promoter director is Mr. Kamlesh Prasad.


PARADIGM TUNNELING: CRISIL Lowers Rating on INR3cr Cash Loan to C
-----------------------------------------------------------------
CRISIL has revised its rating on the long term bank facilities of
Paradigm Tunneling Private Limited (PTPL) to 'CRISIL C Issuer Not
Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating' while
its short term rating continues to be 'CRISIL A4 Issuer Not
Cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       8        CRISIL A4 (ISSUER NOT
                                 COOPERATING)

   Cash Credit          3        CRISIL C (ISSUER NOT COOPERATING:
                                 Revised from 'CRISIL B-/Stable
                                 ISSUER NOT COOPERATING')

   Letter of Credit     3        CRISIL A4 (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with PTPL for obtaining
information through letters and emails dated April 18, 2017,
May 9, 2017 and June 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Based on the publicly available information, CRISIL has revised
its rating on the long term bank bank facilities of PTPL to
'CRISIL C Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer
Not Cooperating' while its short term rating continues to be
'CRISIL A4 Issuer Not Cooperating'. The rating revision takes into
account irregularity of more than 30 consecutive days in the
working capital limits in December quarter 2018 of bank facilities
that are not rated by CRISIL.

Incorporated in 2013, PTPL commenced commercial operations in
2015-16 (refers to financial year, April 1 to March 31). It
undertakes contracts for water drainages, tunnelling, and water
pipelining projects. It is jointly promoted by Mr. Sydney
Kairanna, Mr. Vinay Shetty, and Indel Corporation Pvt Ltd.


PRAGANA DANWAR: CRISIL Maintains 'B-' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Pragana Danwar Food
Processor Private Limited (PDFPPL) for obtaining information
through letters and emails dated June 28, 2018 and December 10,
2018 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         0.8        CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

   Term Loan           6.0        CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

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

Detailed Rationale

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

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

Incorporated in September 2011, PDFPPL is engaged in the business
of milling of non-basmati rice. It also mills rice on job work
basis for Food Corporation of India. The directors of the company
are Mr. Nag Banish Singh, Mrs. Raj Mani Devi, Mr. Vivek Singh Nag
and Mr. Vishal Singh Nag. The manufacturing facility is located in
Patna, Bihar.


PV KNIT: CRISIL Withdraws 'D' Ratings on INR10cr Loans
------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of PV Knit
Fashions (PVF) on the request of the company and after receiving
no objection certificate from the bank. The rating action is in-
line with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .15       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Bill Discounting     3.0        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan       1.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Packing Credit       4.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term   0.85       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PVF for obtaining
information through letters and emails dated April 26, 2018,
May 14, 2018 and May 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

Established in 1989 by Mr. Raamasamy as a partnership firm in
Tiruppur, Tamil Nadu, PVF manufactures and exports knitted
garments. It undertakes knitting, printing, cutting, sticking, and
packaging in-house.


RISHI ICE: Ind-Ra Rates INR79.7MM Term Loan Due 2020 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rishi Ice & Cold
Storage Private Limited (RICSPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR79.4 mil. Term loan due on March 2020 assigned with IND
     BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect RICSPL's medium scale of operations as
indicated by revenue of INR122 million in FY18 (FY17: INR101
million). The increase in revenue was on account an increase in
realizations. RICSPL's return on capital employed was below 10%
and EBITDA margin was modest at 40.7% in FY18 (FY17: 52%, FY16:
49%). The decline in the margin was owing to an increase in
employee cost.

The ratings also factor in RICSPL's presence in a highly
competitive cold storage business. The company is also exposed to
agro-climatic risks, with its performance being entirely dependent
upon commodities such as spices, grains, pluses and dates. RICSPL
has a limited bargaining power as rent for facility is determined
by a local Cold & Storage Association; thus, the company a price-
taker in the value chain.

However, the ratings benefit from the company's strong liquidity
position. RICSPL received a subsidy of about INR80 million from
the government in FY18, which was used to prepay its term loan and
unsecured loan from the director. Ind-Ra believes RICSPL's
liquidity profile is likely to remain healthy in the medium term
because of no major debt-led capex plans.

The term loan prepayment led to an improvement in its gross
interest coverage (operating EBITDA/gross interest expense) to
2.6x in FY18 (FY17: 1.1x) and net leverage (total adjusted net
debt/operating EBITDA) to 2.06 (3.37x). The credit metrics were
strong. Ind-Ra expects the credit metrics improve further in the
medium term, on account of absence of major debt-led capex plans.

The ratings are also supported by the company's promoters' two
decades of experience in the cold storage business through it
associate companies.

RATING SENSITIVITIES

Negative: Lower-than-expected improvement in the top line and/or
EBITDA margins could be negative for the ratings.

Positive: An improvement in the revenue and profitability margin,
along with an improvement in the credit metrics, all on a
sustained basis, could be positive for the ratings.

COMPANY PROFILE

Set up on 24 April 2002 by Nanda family, RICSPL is engaged in cold
storage business.


ROSEWOOD LAMINATES: CRISIL Reaffirms 'B+' Ratings on INR9cr Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Rosewood Laminates Private Limited (RLPL) at 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.5       CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest, though improving, scale
of operations, large working capital requirement, and exposure to
competition. These weaknesses are partially offset by the
extensive experience of the promoters in the laminates industry,
their funding support, and established relationships with
customers and suppliers.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR8.54 crore from the directors, shareholders, and their family
members as on March 31, 2018, as neither debt nor equity, as the
loans are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest, though improving, scale of operations in a competitive
industry: Despite increasing, revenue remained modest at INR25.72
crore in fiscal 2018, due to competition in the laminates industry
given the low entry barrier and capital requirement.

* Large working capital requirement: Gross current assets were
high at 286 days, primarily driven by stretched receivables and
sizeable inventory of 189 days and 106 days, respectively, as on
March 31, 2018. The working capital requirement was partly funded
through creditors of 113 days. Operations are likely to remain
working capital intensive over the medium term. Any stretch in the
working capital cycle will adversely affect liquidity and will
hence remain a key monitorable.

Strengths

* Extensive industry experience of the promoters and established
customer relationships: The promoters, Mr Dinesh Kavar, Mr Ashwin
Rabara, and Mr Rajesh Garala, have an experience of around two
decades in the laminates industry. This has given them a sound
understanding of the dynamics of the local market, and resulted in
established relationships with suppliers and customers.

* Funding support from the promoters: In fiscal 2018, the
promoters, shareholders, and their family members extended
unsecured loans of INR2.30 crore (taking overall unsecured loans
to INR8.54 crore as on March 31, 2018) to meet shortfall in cash
accrual against debt obligation and to fund incremental working
capital requirement.

Liquidity

Bank limit utilisation was around 91% during the 12 months through
November 2018 and is expected to remain high over the medium term
on account large working capital requirement. Cash accrual is
expected at over INR1.31 crore, against term debt obligation of
INR1.17 crore, per fiscal over the medium term and the excess
should act as a cushion to liquidity. The current ratio was
moderate at 1.78 times as on March 31, 2018. The promoters have
extended unsecured loans (Rs 8.54 crore as on March 31, 2018) and
are likely to continue such support to meet working capital
requirement.

Outlook: Stable

CRISIL believes RLPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if revenue and
profitability improve, leading to higher-than-expected cash
accrual, and if working capital management is efficient. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, a stretch in the working capital cycle, or any large,
debt-funded capital expenditure weakens the financial risk
profile, particularly liquidity.

Incorporated in July 2013, RLPL manufactures laminates at its
facility in Morbi, Gujarat, with an installed capacity of 9 lakh
sheets per annum.


SALEM TOLLWAYS: Ind-Ra Affirms D on INR1.083BB Project Bank Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Salem Tollways Ltd.'s (STL) bank facilities:

-- INR1.083 bil. (reduced from INR1472.04 bil.) Long-term senior
    project bank loan (long-term) affirmed with IND D rating; and

-- INR131.7 mil. (reduced from INR156.71 mil.) Subordinated loan
     (long-term) affirmed with IND D rating.

KEY RATING DRIVERS

The rating continues to reflect the projected inadequacy of
project accruals to honor debt obligations over the near term.

While STL's management has confirmed that the debt obligations
were serviced in a timely manner during the three months ended
December 2018, the project accruals are not adequate for future
debt servicing in line with Ind-Ra's base case assumption. The
company's debt servicing capability is constrained further by the
weak profile of the promoter, IVRCL Limited (IND D (ISSUER NOT
COOPERATING)), and absence of a debt service reserve account.
According to Ind-Ra's discussions with the management, STL was
unable to carry out major maintenance activities due to liquidity
constraints.

RATING SENSITIVITIES

Positive: A sustained increase in revenue, resulting in coverage
ratios higher than Ind-Ra's base case estimates, would result in a
rating upgrade.

COMPANY PROFILE

STL, which is wholly owned by IVRCL, is a special purpose company
set up to widen, operate and maintain a 53km stretch on the
National Highway-47 between Kumarapalayam and Salem in Tamil Nadu.
There is a cross default clause in the financing documents of STL
and Kumarapalayam Tollways Limited ('IND D'), a special purpose
company set up by IVRCL to widen, operate and maintain a 48km road
stretch on the National Highway-47 between Kumarapalayam and
Chengappalli in Tamil Nadu.  Kumarapalayam Tollways had INR382
million in the form of a fixed deposit in a debt service reserve
account as on December 31, 2018.


S.M.T. HI-TECK: CRISIL Reaffirms D Rating on INR6.75cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating to the bank facilities
of S. M. T. Hi-Teck Polymer (SMT).

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit        6.75        CRISIL D (Reaffirmed)

The rating continues to reflect the weak liquidity as reflected in
instances of delay in repayment of term loan and below average
financial risk profile. This weakness is partially offset by the
industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The financial risk profile is weak
marked by high gearing at around 2.12 times accounting to low
profitability and modest scale of operations. The debt protection
metrics is modest marked by interest coverage and NCATD at 1.39
times and (5) % respectively. Going ahead the financial risk
profile is expected to stay at similar level.

* Geographical concentration in revenue profile: Most of the sales
is made in Tamil Nadu and any adverse government regulations can
affect the buisness risk of the firm strongly.

Strengths

* Experience of the proprietor in rice and sugar mill industry:
The promoter have an experience of around two decades in the rice
and sugar mill industry and have developed strong relations with
customer and supplier from these industries, who are the primary
end customers of the current business.

Liquidity

* High BLU: Bank limit utilization is almost fully utilized, owing
to working capital requirement. BLU for the last twelve months
ended on December 2018 is almost 100%. Going ahead BLU is expected
to stay at similar levels.

* Tight NCA VS RO CUSHION: Net cash accruals of INR 47 lakh is
modest against RO of around INR 20 lakh in FY 2018. With business
growth not improving, NCA cushion is expected to stay stretched
over the medium term.

SMT was established as a proprietorship firm by Mrs.Tulasi Rani in
2012 in Muthukrishnaperi, Tamil Nadu. The firm is engaged in the
manufacturing of poly-phenylene oxide (PPO) bags for the sugar,
rice, cement and flour industries.


SHREE VENKATESHWARA: CRISIL Assigns B+ Rating to INR3.5cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Venkateshwara Infrastructure Private
Limited (SVIPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      4         CRISIL A4 (Assigned)

   Cash Credit         3.5       CRISIL B+/Stable (Assigned)

   Proposed Bank
   Guarantee           1.5       CRISIL A4 (Assigned)

The ratings reflect the company's modest scale of operations in
the competitive infrastructure construction segment and large
working capital requirement. These weaknesses are partially offset
by moderate financial risk profile because of comfortable gearing
and adequate debt protection metrics, and extensive experience of
promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment: With a
turnover of INR23.84 crore in fiscal 2018, scale remains small in
the highly fragmented infrastructure industry. This restricts
ability to bid for large projects. Also, operations are tender-
based, thereby reducing pricing flexibility.

* Large working capital requirement: Gross current assets were 229
days as on March 31, 2018, due to stretched receivables, retention
money, and large loans and advances in the form of security
deposits.

Strengths

* Moderate financial risk profile: Networth was at INR9.38 crore
and gearing at 0.49 time, as on March 31, 2018. Further with
moderate profitability, the debt protection metrics is moderate,
with interest coverage and net cash accrual to total debt ratios
of 4.03 times and 35%, respectively, during fiscal 2018. Metrics
are expected to remain steady over the medium term.

* Extensive experience of promoter: Presence of over 15 years in
the civil construction segment has enabled the promoter to bid
successfully and execute projects in an efficient manner.

Liquidity

Cash accrual is expected to be more than INR1.94 crore in fiscal
2019, against nil term debt repayment over the medium term.
However, bank limit utilisation was 95% for the 12 months ended
December 31, 2018. The trend is likely to continue over the medium
term, and will cushion liquidity.

Outlook: Stable

CRISIL believes SVIPL will benefit over the medium term from
moderate growth prospects in the infrastructure and construction
industry. The outlook may be revised to 'Positive' in case of
significant improvement in operating profitability and revenue.
The outlook may be revised to 'Negative' if financial risk profile
weakens because of delays in receivables collection, sizeable
debt-funded capital expenditure, or lower-than-expected cash
accrual.

Incorporated in February 2003 in Navi Mumbai and promoted by Mr. R
Mani Raju, SVIPL constructs roads, drains, and small bridges, and
undertakes other civil work for The City and Industrial
Development Corporation of Maharashtra Ltd and Navi Mumbai
Municipal Corporation. The company is a 'Class 1A' contractor for
these clients and is eligible to bid directly for large contracts
without a cap on contract value.


SMSG AUTOMART: CRISIL Withdraws 'B' Ratings on INR7cr Loans
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of SMSG
Automart Private Limited (SAPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

   Term Loan              3.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SAPL for obtaining
information through letters and emails dated 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 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 SAPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SAPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of SAPL to
'CRISIL B/Stable Issuer not cooperating'.

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

Incorporated in May 2015 and promoted by Mr. Sanjay Kumar Singh
and his family members, SAPL is setting up an auto dealership
business for passenger vehicles of Renault Indian Pvt Ltd at
Asansol and Durgapur, West Bengal. The company is the sole dealer
for Renault in six districts of West Bengal.


STAR CITY: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Star City
Multispeciality Hospital Private Limited (SCMHPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     9.2       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              5.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCMHPL for
obtaining information through letters and emails dated
November 26, 2018, January 4, 2019 and January 10, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SCMHPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SCMHPL is
consistent with 'Scenario 4' 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 SCMHPL to 'CRISIL B+/Stable Issuer not cooperating'.

SCMHPL, incorporated in 2010, runs a 50-bed multi-speciality
hospital in Kalyan. The company is promoted by Dr. Chandrakant D
Shivsharan (laparoscopic surgeon), Dr. Pravin P Bhujbal, Dr.
Pradeep B Shelar, Dr. Bhavesh J Chauhan, Dr. Umesh V Kapuskar, Dr.
Chandan R Singh, and Dr. Rajesh Pastaria.


THANGAMMAN EXPORTS: CRISIL Migrates C Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thangamman
Exports (TE) to 'CRISIL C/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bills Receivable        1        CRISIL A4 (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)

   Long Term Loan          0.3      CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit          3        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      1.7      CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Short Term Bank         1        CRISIL A4 (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TE for obtaining
information through letters and emails dated October 29, 2018,
December 28, 2018 and January 3, 2019 among others, apart from
telephonic communication. However, the issuer has remained
Non-cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of TE to 'CRISIL C/CRISIL A4 Issuer not cooperating'.

TE was established in 1985 by Mr Chandrasekaran as a
proprietorship firm in Tiruppur, Tamil Nadu. The firm manufactures
and exports readymade garments. It undertakes knitting, cutting,
stitching, and packaging of garments at its unit in Tiruppur.


TNR CONSTRUCTIONS: CRISIL Moves B+ Loan Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of TNR
Constructions India Private Limited (TNR) to 'CRISIL B+/Stable
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      43.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with TNR for obtaining
information through letters and emails dated December 26, 2018 and
December 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2011 by Mr T Narsimha Rao, TNR undertakes residential
real estate development in Hyderabad.


UNITY FABTEXT: CRISIL Withdraws 'D' Rating on INR10cr Loans
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Unity
Fabtext Industries Private Limited (UFIPL) on the request of the
company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Letter of Credit        0.6       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Long Term      1.9       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Withdrawn)

   Term Loan               6.0       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with UFIPL for obtaining
information through letters and emails dated September 7, 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 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 UFIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
UFIPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of UFIPL to
'CRISIL D Issuer not cooperating'.

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of UFIPL and Unity Industries (UI). This
is because the two entities, together referred to as the Unity
group, have strong financial and operational linkages, and are
under a common management.

The Unity group, promoted by Mr Jagdish Karande, manufactures non-
woven products such as designer carpets, shoe liners, industrial
filters, and geo textiles; it also manufactures seat covers, trim
pads, moulded headliners, moulded floor mats, and sun visors. UI
was established in 1985, and UFIPL was incorporated in 2012.


VASHU YARN: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vashu Yarn
Mills India Private Limited (VYPL) to 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        9.32      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Letter of Credit   1.00      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Term Loan          4.68      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with VYPL for obtaining
information through letters and emails dated September 7, 2018,
December 28, 2018 and January 3, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam, Tamil Nadu, has installed capacity of 18,000
spindles. The company also generates wind power, and has installed
capacity of 2.35 megawatt.



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


ACESIAN PARTNERS: Inks Deal to Dispose Equity in unit Acesian Sun
-----------------------------------------------------------------
The Strait Times reports that Acesian Partners Limited on Feb. 7
said it had on Feb. 1, 2019, signed a non-binding memorandum of
understanding (MOU) with Metro Transit Solutions Pte Ltd (MTS) to
dispose of its entire equity interest in its wholly-owned
subsidiary, Acesian Sun Pte Ltd.

There was no consideration disclosed, the report relays.

"The parties intend to enter into a definitive agreement after MTS
has done its due diligence and the company has obtained clearance
of all applicable regulatory requirements, no later than Feb. 28,
2019," it said, the Strait Times relays.

In June last year, Acesian Star and Japanese firm Takenaka Corp
were reported to be proceeding for arbitration over a long-drawn
out payment dispute relating to Changi Airport's Terminal 4.

Meanwhile, a writ of summons had been filed in the High Court by
judicial manager KordaMentha and Acesian Star against Acesian
Partners, AcesianEngineering, Active Building Technologies (ABT)
and four employees, relating to certain payments that were made to
the companies, the report adds.

                     About Acesian Partners

Acesian Partners Limited supplies and installs environment-control
exhaust systems in Singapore. It operates through three segments:
Manufacturing, Engineering Services, and Distribution and
Services. The company manufactures ethylene tetrafluoroethylene
coated stainless steel ducts under the CMT brand; uncoated
stainless steel ducts; galvanized and stainless steel ductworks
and accessories for use in heating, ventilation, and air-
conditioning systems; and other specialized exhaust system
components, as well as offers laboratory air flow products.

In January 2017, the Singapore High Court Acesian Star (S) Pte Ltd
(ASPL), wholly owned subsidiary of Acesian Partners, in judicial
management, and Mr. Tam Chee Chong and Mr. Lim Loo Khoon, of
Deloitte & Touche LLP appointed as the joint and several Judicial
Managers.

In October 2017, the High Court approved the application by
Takenaka Corp for the appointment of Ms. Muk from KordaMentha as
additional judicial manager of ASPL.


ORIENTAL GROUP: In Talks with Potential Investors
-------------------------------------------------
Nisha Ramchandani at The Business Times reports that the judicial
manager of Oriental Group said that the company is currently in
discussions with potential investors.

However, if talks cease, the company will be unable to justify an
application for a further extension of the Judicial Management
Order and the judicial manager will file an application to wind up
the company, the judicial manager said in a filing to the
Singapore Exchange (SGX) on Feb. 7, the Business Times relates.

It expects to receive further clarity on the potential investments
before the third week of February, the report says.

Trading in the company's shares has been suspended, the Business
Times notes.

In June last year, SGX admonished Oriental Group, as well as eight
connected individuals - a current director, six past directors
including its former chairman and chief executive officer, and a
former group financial controller - for misconduct in relation to
three fundraising activities and unauthorised transactions, the
report recalls.

According to the report, the reprimand came after several breaches
of listing rules by the company and the individuals, including
misleading and inaccurate announcements on the fundraising
exercises, unauthorised corporate guarantees extended in favour of
interested persons and/or unauthorised interested person
transactions.

Oriental Group Ltd (SGX:5FI) -- http://www.orientalgroup.com.sg/
-- is a steel manufacturing and trading company. The principal
activities of the Company are procurement, supply and provision
of value added services of metal products, such as mild steel
round bars, high tensile deformed bars, angle bars and flat bars
used in the industrial and construction industries. The Company
operates in three geographical areas: Singapore, which includes
the Company's operations relating to trading of steel products,
investment holding and rental of investment property; People's
Republic of China, which includes the Company's operations
relating to manufacture and sale of steel products, and Malaysia,
which includes the Company's operations relating to trading of
steel products.



===============
T H A I L A N D
===============


STRATEGIC HOSPITALITY: Fitch Assigns BB+ National LT Rating
-----------------------------------------------------------
Fitch Ratings (Thailand) Limited has assigned Strategic
Hospitality Extendable Freehold and Leasehold Real Estate
Investment Trust a final National Long-Term Rating of 'BB+(tha)',
which has been downgraded from the 'BBB(tha)(EXP)' expected rating
assigned in July 2018. The Outlook is Stable.

The downgrade reflects SHREIT's failure to complete the planned
asset acquisitions, which has resulted in a smaller-than-expected
portfolio size (three hotels instead of eight) with higher-than-
expected asset-concentration risk. SHREIT had initially planned on
acquiring five, with a total investment of about THB8 billion.

KEY RATING DRIVERS

Small and Concentrated Portfolio: SHREIT's small asset scale
constrains its rating. It has investment properties worth about
THB4 billion, consisting of one hotel in Jakarta, Indonesia and
two in Ho Chi Minh City, Vietnam. The Jakarta hotel contributes
74%-76% of total revenue.

Less Volatile Occupancy: Most of SHREIT's hotels have moderate
volatility in occupancy rates. For its largest asset, the hotel in
Jakarta, corporate customers comprise 40%-50% while about 40% are
domestic guests who are less influenced by country-specific risks
such as terrorism. The Jakarta hotel has had an occupancy rate of
75%-80% over the past two years, higher than its Jakarta peers'
average at less than 60%.

Strategic Locations: Most of SHREIT's hotels have no direct
competitors in its catchment areas. Its Jakarta hotel, the only
five-star internationally branded hotel in the west of the city,
is part of a 22-hectare mixed-use project with the largest
shopping mall in the area. The hotel is equipped with the second-
largest ballroom in Jakarta. Its two hotels in Ho Chi Minh City
are also the only two internationally branded hotels that are
adjacent to the largest and only international standard exhibition
and convention centre in the city.

Moderate FX Risk: Fitch believes SHREIT's moderate foreign-
exchange (FX) exposure could cause volatility in its financial
profile. Its assets are offshore and generate local-currency
revenue while the REIT's loan exposures are in euros with about
50% hedged against US dollars. In addition, its dividend payments
are in Thai baht. The REIT has no policy at present to hedge the
FX loans against local currencies. In light of the recent sharp
depreciation of the Indonesian rupiah against the US dollar in
2018, it can be shown that SHREIT's FX risk could be mitigated to
some extent by adjustments in room rates from time to time - to
reflect the exchange-rate fluctuations between the dollar and
local currencies.

Moderate Financial Leverage: Fitch expects SHREIT's net debt to
investment-property value (LTV) to be at 39%-40% over the next one
to two years, assuming no additional investment. The LTV has
increased from its  initial expectation at about 35% due to FX
translation of the appraisal values of assets in local currencies
into dollars. The financial leverage in terms of LTV could also
increase if the REIT uses higher debt financing for new asset
acquisitions, as it operates a policy of maintaining the LTV at
35%-45%.

DERIVATION SUMMARY

SHREIT is the only hospitality REIT in Thailand that has all its
assets located offshore. SHREIT's portfolio size and EBITDA are
significantly smaller than those of Frasers Property Thailand
Industrial Freehold & Leasehold Real Estate Investment Trust
(FTREIT, A(tha)/Stable) (formerly, TICON Freehold and Leasehold
Real Estate Investment Trust, TREIT), the largest industrial REIT
in Thailand. SHREIT also has lower earnings visibility, given the
nature of the hospitality sector, than FTREIT, which has medium-
to long-term contracts with its tenants. SHREIT has a higher
financial leverage both in terms of net debt to EBITDA and LTV.
These factors justify a higher rating on FTREIT.

SHREIT has a smaller portfolio and generates lower EBITDA than
Siam Future Development Public Company Limited (SF,
BBB(tha)/Stable), a leading community-mall developer in Thailand.
SHREIT's properties are located in two countries while almost all
of SF's assets are concentrated in Bangkok and its suburbs.
However, SHREIT's asset concentration is significantly higher, and
it has a smaller number of assets. SF has better earnings
visibility than SHREIT, from medium- to long-term contracts with
its tenants. Both should have a similar level of financial
leverage over the medium term. However, SHREIT is more exposed to
FX risk. Therefore, SHREIT is rated below SF due to its weaker
business profile.

KEY ASSUMPTIONS

  - EBITDA to increase slightly, to THB290 million-300 million
    a year in 2019-2020

  - No new investment, new development or significant maintenance
    capex in 2019-2020

RATING SENSITIVITIES

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

  - Fitch does not expect positive rating action until SHREIT
    achieves a stronger business profile in term of size and
    asset composition without a deterioration in financial
    profile.

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

  - Aggressive debt-funded investment leading to net debt to
    investment properties of over 40%;

  - Two-year consecutive significant decline in revenue due to
    a weakening competitive position and/or cost efficiency
    of the hotels in its asset portfolio;

  - EBITDA to interest expense at below 3.0x on a sustained
    basis.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Risk in 2021: SHREIT will have a large refinancing
need in 2021 as its existing term loans of about EUR45.8 million
are due with bullet repayment. SHREIT refinanced its 13-year term
loan with a three-year grace period on principal repayment with a
three-year term loan in June 2018. SHREIT's liquidity over the
next two to three years is manageable, assuming no instalment
repayment.




                             *********

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 ***