/raid1/www/Hosts/bankrupt/TCRAP_Public/190212.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, February 11, 2019, Vol. 22, No. 30

                           Headlines



A U S T R A L I A

BASSEM PHARMACY: First Creditors' Meeting Set for Feb. 20
DIAL A DOCTOR: Second Creditors' Meeting Set for Feb. 18
DURAL DEVELOPMENTS: Ferrier Hodgson Appointed as Receivers


I N D I A

ARCHIS PACKAGING: CRISIL Lowers Rating on INR7cr Loans to D
AROWANA EXPORTS: CARE Maintains D Rating in Not Cooperating
BHUSHAN POWER: NCLAT Allows JSW Steel's Revised Bid
BLACK BIRD: CRISIL Reaffirms B+ Rating on INR7.6cr Cash Loan
CINEVISTA LIMITED: CRISIL Migrates B+ Rating to Not Cooperating

EXCEL VINYL: CRISIL Lowers Rating on INR1.4cr Cash Loan to D
HARINA BIOCULTURE: CRISIL Moves B+ Rating to Not Cooperating
ICED DESSERTS: CRISIL Assigns B Rating to INR15cr Term Loan
M R DIAMOND: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
MANCHUKONDA AGROTECH: Ind-Ra Hikes LT Issuer Rating to 'BB+'

NARAYAN INDUSTRIES: CRISIL Assigns B+ Ratings to INR14cr Loans
NEELKANTH COAL: CRISIL Migrates B+ Rating to Not Cooperating
NEERAJ PAPER: Ind-Ra Affirms BB+ Rating on INR400MM Loan
OMM STEEL: CRISIL Maintains B Rating in Not Cooperating Category
PAFETECH ENTERPRISES: Ind-Ra Affirms BB- Rating on INR50MM Debt

PATDIAM JEWELLERY: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
R. SHELADIA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
S J EXPORTS: Ind-Ra Hikes Long Term Issuer Rating to 'BB-'
SHRI CHHOTEY: CRISIL Assigns B Rating to INR5cr Cash Loan
SRINIVAS INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to BB+

TATA MOTORS: Fitch Puts BB LT IDR on Rating Watch Negative


M A L A Y S I A

PRIME GLOBAL: ShineWing Australia Raises Going Concern Doubt
SCOMI GROUP: On the Brink of Being Classified as a PN17


P H I L I P P I N E S

BAGONG BANGKO: Placed Under PDIC Receivership
HANJIN HEAVY: To Sack 3,000 Jobs Due to Lack of Working Capital

                           - - - - -


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

BASSEM PHARMACY: First Creditors' Meeting Set for Feb. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bassem
Pharmacy Services Pty Ltd, trading as Healthpoint: Mackay Day &
Night Advantage Pharmacy and Red Apple Chemist, will be held on
Feb. 20, 2019, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, Suite 5A, Level 5, 34 East Street, in
Rockhampton City, Queensland.

Morgan Lane of Worrells Solvency & Forensic Accountants was
appointed as administrator of Bassem Pharmacy on Feb. 8, 2019.


DIAL A DOCTOR: Second Creditors' Meeting Set for Feb. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Dial A Doctor
Cairns Pty Ltd and Medical Services Perth Pty Ltd has been set for
Feb. 18, 2019, at 2:00 p.m. at the offices of SV Partners, 22
Market Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 15, 2019, at 5:00 p.m.

Terry Grant van der Velde and Adam Kersey of SV Partners were
appointed as administrators of Dial A Doctor on Jan. 11, 2019.


DURAL DEVELOPMENTS: Ferrier Hodgson Appointed as Receivers
----------------------------------------------------------
Ryan Eagle and Phil Quinlan of Ferrier Hodgson were appointed
Receivers and Managers to the assets and undertakings of Dural
Developments Pty Limited and Linking Business Pty Limited ("the
Companies") on Jan. 30, 2019, by Westpac Banking Corporation.

"The Receivers now control the Companies' assets and operations,
including the property at 5-13 Ormond Street, North Gosford, NSW,"
Ferrier Hodgson said in a statement.




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

ARCHIS PACKAGING: CRISIL Lowers Rating on INR7cr Loans to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Archis Packaging India Private Limited (APIPL) to 'CRISIL D'
from 'CRISIL BB-/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     .75       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')


   Working Capital       6.25       CRISIL D (Downgraded from
   Facility                         'CRISIL BB-/Stable')

The downgrade reflects overdues/overdrawals beyond 30 days in
working capital facilities.

The rating is also constrained due to APIPL's working
capital-intensive and small scale of operations, stretched
liquidity, and is exposed to intense competition in the packaging
industry. However, it benefits from promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets were
273 days because of sizeable inventory and stretched receivables of
210 days and 44 days, respectively, as on March 31, 2017.

* Modest scale of operations: With revenue of INR21.5 crore in
fiscal 2017, scale remains small in the intensely competitive
packaging industry.

Strength
* Extensive experience of promoters: Presence of around two decades
in the Packaging industry, will supports business risk profile.

Liquidity

The liquidity of the company is weak due to expected low cash
accruals for fiscal 2018. The working capital limits are also
overutilized resulted in stretched liquidity.

APIPL was set up as a proprietorship firm in 1998 and reconstituted
as a private limited company in 2003 with Mr Balasaheb Sudam Karle
and Mr Sudam V Karle as the new directors. The firm manufactures
corrugated boxes and cartons (100 gram to 2 kilogramme range) using
kraft paper. Plant is in Talegaon, Pune, and operations are managed
by Mr Navnath Sudam Karle, son of Mr Sudam V Karle. Boxes are
priced at INR20-150 per unit.


AROWANA EXPORTS: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE had, vide its press release dated September 11, 2017, placed
the rating(s) of Arowana Exports Private Limited (AEPL) under the
'issuer non-cooperating' category as Arowana Exports Private
Limited had failed to provide information for monitoring of the
rating. Arowana Exports continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated January 11, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short term Bank      7.00      CARE D; Issuer not cooperating;
   Facilities                     Based on the best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating on September 11, 2017, the following
were the rating strengths and weaknesses and updated for data
available:

Key Rating Weakness

Delay in debt servicing: The account has been classified as NPA by
its banker Bank of India. As informed by management, due to
increase in factory overheads resulting in liquidity crunch led to
delay in debt servicing.

Incorporated in September 2014, as a private limited company, by
Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde,
Arowana Exports Private Limited (AEPL) is a 100% export oriented
unit and is engaged in processing and export of sea foods, majorly
shrimps. The company has commenced operations from September, 2014.
The company exports products under the brand name of "Arowana"
mainly to South Africa, Spain, Germany, Australia, Portugal, China,
Hong Kong, Vietnam and Malaysia and procures fish from local
fishermen operating in western and eastern coastline of India.

BHUSHAN POWER: NCLAT Allows JSW Steel's Revised Bid
---------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal ruled that JSW Steel Ltd.'s revised offer for Bhushan
Power & Steel Ltd. is valid under the Insolvency & Bankruptcy Code.


BloombergQuint relates that the appellate tribunal was hearing a
petition filed against the revised offer by Tata Steel Ltd., the
highest bidder for the asset in the first round of bidding.

In its revised offer, JSW Steel had bid INR19,300 crore for Bhushan
Power compared with INR19,000 crore offered by Liberty House UK.
Tata Steel's bid is close to INR17,000 crore, people in the know
said, BloombergQuint relays.

The NCLAT bench headed by SJ Mukhopadhya had reserved the judgment
on Dec. 20 after hearing all the parties. The appellate tribunal
had ordered all the three bidders to submit revised bids with
improved financial offers, the report adds.

                        About Bhushan Power

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

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

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


BLACK BIRD: CRISIL Reaffirms B+ Rating on INR7.6cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facility of
Black Bird Retail India Private Limited (BBR) at 'CRISIL
B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          7.6       CRISIL B+/Stable (Reaffirmed)

The ratings reflect large working capital requirement and
below-average financial risk profile which is expected to improve
due to the infusion of equity. These rating weaknesses are
partially offset by extensive experience of the promoters in the
retail trading segment.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations are working capital
intensive as reflected in GCA days of 303 days as on March 31,
2018, primarily led by large inventory, driven by stacking up in
new retail outlets being opened and wide product portfolio.
However, CRISIL believes the credit from suppliers mitigates
working capital intensity.

* Below-average financial risk profile: Financial risk profile is
characterized by low net worth of INR1.37 crores and a high TOL/TNW
of 27 times as on March 31, 2018. However, with additional equity
of INR0.28 crores infused in FY19 and further equity infusion
expected over the medium term, the TOLTNW is expected to see a
gradual improvement. Additionally franchise deposits of about
INR8.99 crores as on March 31, 2018 continue to support the
liquidity and overall financial risk profile of the company.

Strengths

* Extensive experience of the promoters in the apparel retail
segment: The two decade long experience of the promoters in the
apparel retail and wholesale business, established brand recall in
Karnataka and established relationship with suppliers will continue
to support business risk profile.


Liquidity
Bank limit utilisation is high around 90 percent for the past
twelve months ended Oct 31, 2018. CRISIL believes that bank limit
utilization is expected to remain high on account of large working
capital requirement. The net cash accruals of more than INR30 lakhs
is sufficient to meet repayment obligation of INR17 lakhs in 208-19
and 2019-20. The current ratio is low at 0.96 times as on 31st
March, 2018.

Outlook: Stable

CRISIL believe BBR will benefit from the experience of its
promoters in the apparel retail industry. The outlook may be
revised to 'Positive' if a significant growth in revenue and
profitability or sizeable capital infusion from the promoters,
strengthen capital structure and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm
reports a substantial decline in its revenue and profitability, or
if the capital infusion does not happen as per expectations or it
undertakes any large debt funded capex leading to deterioration in
its financial risk profile.

BBR is primarily a men's apparel retail chain in Karnataka. It
sells apparels under the brand name 'Black Bird' through franchise
stores located across Karnataka.


CINEVISTA LIMITED: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Cinevista
Limited to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          14.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

   Term Loan             6.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Cinevista 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 Cinevista. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Cinevista
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 Cinevista to 'CRISIL B+/Stable Issuer not
cooperating'.

Cinevista, incorporated in 1993 by Mr. Prem Kishan Malhotra and Mr.
Sunil Mehta, is engaged in production of television serials and
commercial advertisements. The company currently has one serial on
air and is planning to launch 3 new serials in fiscal 2019. It also
owns a studio in Kanjurmarg, Mumbai. The company is listed on the
Bombay and National Stock Exchanges.

EXCEL VINYL: CRISIL Lowers Rating on INR1.4cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Excel
Vinyl Coatings Private Limited (EVCPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4'.  The downgrade
reflects delays by the firm in servicing debt obligations. The same
was on account of stretch in receivables.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          1         CRISIL D (ISSUER NOT
                                     COOPERATING: Downgraded
                                     from 'CRISIL A4')

   Cash Credit             1.4       CRISIL D (ISSUER NOT
                                     COOPERATING: Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        3         CRISIL D (ISSUER NOT
                                     COOPERATING: Downgraded
                                     from 'CRISIL A4')

   Packing Credit          0.75      CRISIL D (ISSUER NOT
                                     COOPERATING: Downgraded
                                     from 'CRISIL A4')

   Rupee Term Loan         2.85      CRISIL D (ISSUER NOT
                                     COOPERATING: Downgraded
                                     from 'CRISIL A4')

CRISIL has been consistently following up for information with
EVCPL for obtaining information through letters and emails dated
October 16, 2018 and December 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'. The ratings lack a forward
looking component as they have been arrived at without any
management interaction, and are based on best available, limited,
or dated information on the company'.

Detailed Rationale

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

Incorporated in 2012, EVCPL, based in Chennai, manufactures
synthetic leather. It is promoted and managed by Mr. K Natarajan.

HARINA BIOCULTURE: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Harina
Bioculture Private Limited (HBPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with HBPL 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 HBPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HBPL 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 HBPL 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.

Incorporated on October 14, 2013, and promoted by Mr Harilal
Revabhai Patel, Mr Jigar Haribhai Patel, and Mr Tushar Harilal
Patel, HBPL is a non-government company that operates fish
hatcheries and fish farms.


ICED DESSERTS: CRISIL Assigns B Rating to INR15cr Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Iced Desserts and Food Parlours (India) P.Ltd.
(IDAF).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Term Loan             15         CRISIL B/Stable (Assigned)

The rating reflects the company's weak financial risk profile
because of leveraged capital structure, subdued debt protection
metrics, and stretched liquidity; and susceptibility to changes in
regulatory framework governing the liquor business. These
weaknesses are partially offset by promoter's extensive experience
and funding support.

Analytical Approach

Unsecured loans of INR16 crore from promoter have been treated as
neither debt nor equity as these are to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Total outside liabilities to
adjusted networth was high at 3.5 times as on March 31, 2018. Debt
protection metrics were subdued, with interest coverage and net
cash accrual to adjusted debt ratios of 1.1 times and 0.01 time,
respectively, for fiscal 2018. However, networth was moderate at
INR21.1 crore as on March 31, 2018. Financial risk profile is
likely to remain subdued over the medium term because of low cash
accrual.

* Susceptibility to changes in regulatory framework: The liquor
industry is highly regulated and any unfavorable regulatory change
could adversely affect players in the value chain. The industry has
a complex structure of duties and taxes that differ from
state-to-state. Any change in the duty structure is likely to hit
demand-supply dynamics in a region and hence business and earnings
of players.

Strengths

* Promoter's extensive experience: Presence of more than three
decades in the liquor distribution business has enabled the
promoter to establish healthy relationship with principals and
customers and spread operations across Maharashtra and Telangana.
Promoter has also been extending regular funding support to meet
liabilities and working capital requirement.

Liquidity
Liquidity is stretched with very tightly matched accruals against
scheduled repayment obligations, however there has been committed
fund support from promoters which cushions liquidity partly.
Company's annual cash accrual is expected to be less than INR1.0
crore against yearly debt obligation of over INR3 crore. Hence,
meeting debt obligation will depend on timely funding support from
promoter. Furthermore, IDAF has sizeable receivables from United
Breweries Ltd (UBL) for expenses borne earlier, realisations of
which remain critical.

Outlook: Stable

CRISIL believes IDAF will continue to benefit from the extensive
experience and funding support of its promoter. The outlook may be
revised to 'Positive' if cash flow improves significantly due to
higher income or realisation of receivables, thus alleviating
liquidity pressure. The outlook may be revised to 'Negative' if
financial risk profile, especially liquidity, weakens further owing
to a decline in cash accrual or delay in receipt of promoter
funding.

IDAF was incorporated in 1994 and is promoted by Mr Neeraj Rawal.
Effective April 1, 2016, the company is a del credere agent for the
distribution of UBL in Maharashtra (except Mumbai) and Telangana.
Prior to that, IDAF had operated as a super distributor for UBL and
United Sprits Ltd. It also has two warehouse depots in Maharashtra.

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

The instrument-wise rating action is:

-- INR120 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 8, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2015 as a partnership firm in Surat, M R Diamond
manufactures cut and polished diamonds.

MANCHUKONDA AGROTECH: Ind-Ra Hikes LT Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Manchukonda
Agrotech Private Limited's (MAPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR288.8 mil. (reduced from INR366.5 mil.) Term loan due on
     March 2022 upgraded with IND BB+/Stable rating; and

-- INR400 mil. (reduced from INR406.25 mil.) Fund-based limit
     Long-term rating upgraded; Short-term rating affirmed with
     IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a sustained improvement in MAPL's scale of
operations to medium from small, leading to a sustained improvement
in the net leverage. During FY18, revenue surged to INR1,340
million (FY17: INR718 million, FY16: INR628 million) on the back of
an increase in receipt of orders, mainly from new customers. Ind-Ra
expects a significant improvement in the top line in FY19, given it
recorded revenue of INR1,650 million in 10MFY19.

Net leverage (net debt/operating EBITDA) improved to 3.9x in FY18
(FY17: 6.1x, FY16: 25.0x) due to improvement in absolute EBITDA.
However, interest coverage (operating EBITDA/gross interest
expenses) deteriorated to 2.1x in FY18 (FY17: 2.6x, FY16: 5.6x) due
to an increase in interest expenses, resulting from higher
utilization of the fund-based limits. The credit metrics remain
modest.

The company's return of capital employed was 8% and EBITDA margin
was modest at 11.5% in FY18 (FY17: 14.2%, FY16: 2.8%). The decline
was due to raw material price fluctuations.

However, the ratings are supported by MAPL's comfortable liquidity
position as indicated by 71% average utilization of the working
capital limits during the 12 months ended December 2018. The
company had unutilized credit lines of INR64 million and cash
balance of INR2 million at FYE18. Its cash flow operations turned
positive to INR18 million in FY18 (FY17: negative INR177 million)
due to better working capital management and the rise in operating
EBITDA. The net cash conversion cycle improved to 116 days in FY18
(FY17: 171 days), primarily on account of a reduction in inventory
holding period to 85 days (162 days), driven by timely execution of
orders.

The ratings are also supported by the company's promoter's over 30
years of experience in the trading and processing of rice.

RATING SENSITIVITIES

Positive: A substantial improvement in the top line while
maintaining profitability, leading to an improvement in the
interest coverage above 2.5x in FY19 could be positive for the
ratings.

Negative: A sustained decline in the operating profitability
leading to deterioration in the credit metrics on a sustained basis
could be negative for the ratings.

COMPANY PROFILE

MAPL was incorporated in 2009 in Miryalaguda, Telangana. The
company processes rice to produce raw rice, steam rice and par
boiled rice. The company has an installed capacity of
36tonnes/hour. It has also installed a 5MW co-generation power
plant, mainly for captive consumption.


NARAYAN INDUSTRIES: CRISIL Assigns B+ Ratings to INR14cr Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Narayan Industries - Allahabad (NIA).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Warehouse Financing    7.5       CRISIL B+/Stable (Assigned)
   Cash Credit            4         CRISIL B+/Stable (Assigned)
   Term Loan              2.5       CRISIL B+/Stable (Assigned)

The rating reflects its modest scale of operations in a competitive
industry, susceptibility to volatility in raw material prices, and
weak financial risk profile. These weaknesses are partially offset
by the experience of the partners in the rice industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Scale of
operations remain modest with revenue of around INR12.75 Cr for
FY18. Intense competition in the rice mill industry further
restricts the firm's bargaining power with customers, and precludes
any benefits from economies of scale.

* Exposure to volatility in raw material prices: Profitability is
linked to raw material prices, as raw material cost, mainly cotton,
accounts to 80-85% of operating income. Thus, any sharp fluctuation
in raw material cost can adversely impact the operating margin.

* Weak financial risk profile: Networth remained modest at around
INR1 crore as on March 31, 2018 and led to high gearing of around 9
times. Debt protection metrics were average, with interest coverage
and net cash accrual to total debt ratios of 1.77 times and 0.05
times respectively.
Strength

* Experience of partner: The partner have longstanding experience
of over a decade in the rice industry through their group firms,
Benefits from their experience, strong understanding of the local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Liquidity

* High bank limit utilization: Bank limit utilisation is high
around 97 percent for the past six months ended December, 2018.
CRISIL believes that bank limit utilization is expected to remain
high on account large working capital requirement.

* Cash accrual sufficient to meet debt obligation: Cash accrual are
expected to be over INR0.5-INR0.8 crores for FY19 and FY20, which
are sufficient against term debt obligation of INR0.45 crores each
year. In addition, it will be act as cushion to the liquidity of
the company.

* Moderate current ratio: Current ratio was low at 0.91 as on March
31, 2018.

Outlook: Stable

CRISIL believes NIA will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised to
'Positive' if financial risk profile strengthens because of
sizeable capital infusion or substantial increase in scale of
operations, profitability and cash accrual. Conversely, the outlook
may be revised to 'Negative' if financial risk profile weakens due
to any large, debt-funded capital expenditure, or steep decline in
scale of operations, profitability and cash accrual.

NIA was set up in 2015 at Allahabad (UP) by Mr Kesharwani and
family. The firm undertakes rice milling and shelling.


NEELKANTH COAL: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Neelkanth Coal
Manufacturing Private Limited (NCMPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NCMPL 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 NCMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NCMPL 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 NCMPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in December 2003, NCMPL is part of Gandhidham-based
Neelkanth group. The company's present management consists of Mr
Arjan Kangad, Mr Naran Sorathiya and their families.  NCMPL was
initially formed for manufacturing of low ash meteorological coke.
However, from 2012, it manufactures industrial salt. The
manufacturing facility at Gandhidham, Gujarat, has an installed
capacity of over 1 lakh tonne per annum.


NEERAJ PAPER: Ind-Ra Affirms BB+ Rating on INR400MM Loan
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Neeraj Paper
Marketing Limited's (NPML) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR400 mil. (reduced from INR600 mil.) Fund-based working
     capital limits Rating affirmed; Outlook revised to Negative
     from Stable with IND BB+/Negative/IND A4+ rating; and

-- INR150 mil. (reduced from INR200 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The Outlook revision reflects Ind-Ra's expectations of a
deterioration in NPML's credit metrics in FY19 because of a decline
in the top-line and operating EBITDA margins. The scale of
operations remained medium and the revenue fell to INR3,285.83
million in FY18 (FY17: INR3,724.21 million). The revenue declined
because income from waste paper sales, which had been a major
revenue driver till FY17, fell to INR1,263.8 million (INR2,672.64
million). Ind-Ra expects the revenue to fall further in FY19
because of a decrease in paper imports due to weakening of the
rupee against the dollar.

The ratings reflect the modest, albeit stable, EBITDA margin and
moderate-to-weak credit metrics, as the company operates in the
highly competitive paper industry. In FY18, the ROCE stood at
11.67% (10.95%) and the EBITDA margin rose to 3.34% (FY17: 2.84%)
owing to a fall in raw material costs. This led to an improvement
in the credit metrics. The gross interest coverage (operating
EBITDA/gross interest expense) improved to 1.18x (1.13x) and net
leverage (total adjusted net debt/operating EBITDA) improved to
5.88x (6.23x).

The ratings also factor in the company's tight liquidity, indicated
by an average 97% utilization of the working capital facilities for
the 12 months ended December 2018. Further, the cash and cash
equivalents stood at INR4.31 million in FY18 (FY17: INR10.85
million).

The ratings, however, are supported by the promoters' experience of
over two decades in the trading business.  

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins, leading to interest
coverage ratio remaining below 1.4x, or any further deterioration
in the company's liquidity position would be negative for the
ratings.

Positive: The revenue being sustained along with stable EBITDA
margins, with interest coverage at or above 1.4x, would lead to the
Outlook being revised to Stable.

COMPANY PROFILE

Delhi-based NPML is a public limited company listed on the Bombay
Stock Exchange. It was incorporated by established and experienced
promoters and their associates in 1995. It is engaged in the
trading and commissioning of all kinds and classes of paper,
paperboards, paper pulp, allied products and others.

According to the interim financials for 1HFY19, the revenue was
INR1,342.73 million (1HFY18: INR1,600.77 million), the EBITDA
margin was 3.29% (2.99%), interest coverage was 1.22x (1.26x) and
net leverage was 6.91x (10.40x).


OMM STEEL: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Omm Steel Suppliers
(OSS) for obtaining information through letters and emails dated
June 28, 2018 and December 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            8.48       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 OSS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OSS 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 OSS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

OSS, a partnership firm, was established in 2013 by
Bhubaneswar-based Mr. Abinash Das and Mr. Bijan Choudhury. The firm
primarily provides transportation and logistics services to MCL,
dealers of Jindal Steel & Power Ltd (JSPL), and other companies. It
is also a dealer for steel and cement for JSPL for the districts of
Bhubaneswar, Cuttack, Balasore, and Bhadrak, all in Odisha. Prior
to transportation services, the partners traded in steel and
cement.


PAFETECH ENTERPRISES: Ind-Ra Affirms BB- Rating on INR50MM Debt
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pafetech
Enterprises Private Limited's (PEPL; formerly Viva Servitrade
Private Limited) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR50 mil. (reduced from INR100 mil.) Fund-based facilities
     affirmed with IND BB-/Stable rating; and

-- INR200 mil. (increased from INR150 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PEPL's improved revenue, though the scale
of operations remains small, as well as a modest EBITDA margin due
to the trading nature of the business. PEPL's revenue raised to
INR966 million in FY18 from INR940 million in FY17, driven by an
increase in orders due to new customer addition. The company booked
INR700.0 million in revenue for 1HFY19. As of January 2019, PEPL
had an order book of INR206 million, which will be executed before
FYE19, providing modest short-term revenue visibility. PEPL's
EBITDA margin fell to 2.59% in FY18 from 2.83% in FY17 due to an
increase in variable cost. Its return on capital employed was 8% in
FY18 (FY17: 9%).


The ratings also reflect the modest credit metrics of PEPL. Its net
leverage (total debt/operating EBITDA) deteriorated to 6.0x in FY18
from 5.1x in FY17 due to an increase in debt and a fall in EBITDA.
Meanwhile, its EBITDA interest coverage (operating EBITDA/gross
interest expense) marginally deteriorated to 1.3x in FY18 from 1.4x
in FY17.

The ratings further reflect tight liquidity, indicated by an almost
full utilization of the fund-based working capital facilities over
the 12 months ended December 2018. Moreover, cash flow from
operations was negative INR8 million in FY18 (FY17: negative INR14
million), primarily owing to a stretch in the working capital
cycle. The net cash conversion cycle was elongated at 73 days in
FY18 (FY17: 68 days).

The ratings, however, continue to be supported by the promoters'
experience of over a decade in the trading business.

RATING SENSITIVITIES

Negative: The negative rating action would result from any decline
in the profitability that deteriorates the credit metrics.

Positive: The positive rating action would result from any
significant increase in the revenue and the profitability that
leads to any improvement in the credit metrics.

COMPANY PROFILE

Incorporated in February 2012, Mumbai-based PEPL is engaged in the
trading of electronics products. It is managed by Mr. Sagar Raut
and Mr. Sidhant Vaze.

PATDIAM JEWELLERY: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patdiam Jewellery
Limited's (PJL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR210 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PJL's continued small scale of operations,
modest EBITDA margin and weak credit metrics owing to a small
customer base.

PJL's revenue was INR530 million in FY18 (FY17: INR448 million).
Revenue growth was driven by an increase in orders. PJL recorded
INR600 million in revenue for 9MFY19. As of December 2018, it had
orders worth INR55 million, which will be executed before February
2019, thereby providing modest near-term revenue visibility. The
company's EBITDA margin fell to 5.2% in FY18 from 7.6% in FY17,
primarily due to an increase raw material price and variable cost.
In addition, its return on capital was modest at 5% in FY18 (FY17:
6%).

Moreover, PJL's net financial leverage (adjusted net debt /
operating EBITDA) was 9.2x in FY17 (FY16: 8.1x) and gross interest
coverage (operating EBITDA/gross interest expense) was 1.6x (2.2x).
The deterioration in the credit metrics was primarily due to a
decrease in absolute EBITDA.

The ratings continue to reflect PJL's modest liquidity due to high
working capital intensity. The net cash conversion cycle, though
improved, was still long at 364 days in FY18 (FY17: 424 days). The
improvement was a result of a fall in debtor days to 103 in FY18
(FY17: 286). The company's use of the fund-based facilities was an
average 82% for the 12 months ended January 2019. The company had a
cash balance of INR16.5 million, a restricted cash of INR0.7
million and an unutilized credit line of INR52 million at FYE18.

The ratings continue to factor in the INR120 million corporate
guarantee extended by PJL to its group company M/s Patdiam Jewels.

The ratings, however, continue to be supported by over 30 years of
experience of the founders in jewelers manufacturing and a steady
supply of raw materials, i.e. polished diamonds, from M/s Patdiam
Jewels.

The ratings also continue to be supported by the strong business
model of the company in terms of manufacturing high-end specialty
jewelers (such as diamond-studded jewelers), which is a high-margin
product. Also, the company faces limited competition, leading to
greater dependence of overseas clients.

RATING SENSITIVITIES

Negative: A significant decline in the operating profitability or a
large increase in working capital requirements, with a consequent
continued liquidity pressure, could lead to a negative rating
action

Positive: Any significant improvement in PJL's revenue and
liquidity, while maintaining the profitability, could lead to a
positive rating action.

COMPANY PROFILE

PJL was incorporated in 2004 and is a part of the Patdiam Group.
PJL manufactures and exports high-end specialty diamond studded
jewelers. The group comprises two other companies: M/s Patdiam
Jewels (similar line of business) and M/s Patdiam (processing of
diamonds).


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

The instrument-wise rating action is:

-- INR175 mil. Term loan due on September 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2015, R. Sheladia Construction is a partnership firm
engaged in the construction of commercial shops and office spaces.


S J EXPORTS: Ind-Ra Hikes Long Term Issuer Rating to 'BB-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded S J Exports' (SJE)
Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR175 mil. (reduced from INR180 mil.) Fund-based facilities
     upgraded with IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in the credit profile of SJE,
which now stands at a modest level, driven by an increase in global
demand for diamond jewelers. SJE's revenue rose to INR899 million
in FY18 from INR832 million in FY17 on account of increased order
execution. SJE recorded INR600 million in revenue for 9MFY19.
However, its scale of operations stayed modest. As of January 2018,
SJE had an order book of INR100 million, which will be executed
before end of February 2019, indicating modest near-term revenue
visibility.

EBITDA margin improved to 3.6% from 2.9% during FY17 due to a
decrease in raw material price. The firm's return on capital
employed was 6% in FY18 (FY17: 5%).

SJE's net financial leverage (total adjusted net debt/operating
EBITDA) improved to 5.9x in FY18 from 8.1x in FY17, with its gross
interest coverage (operating EBITDA/gross interest expense)
enhancing to 1.9x from 1.4x. The improvement in the metrics was
primarily due to an increase in absolute EBITDA, a fall in debt and
stable interest expenses.

The ratings continue to be supported by the founder's experience of
over three decades in diamond cutting and polishing.

The ratings, however, continue to reflect the firm's tight
liquidity due to high working capital requirements. Its fund-based
facility was almost fully used during the 12 months ended January
2019. As of March 2018, the company had a cash balance of INR7.5
million and an restricted cash of INR15 million.

RATING SENSITIVITIES

Negative: A decline in the revenue or profitability, leading to
deterioration in the credit metrics, on a sustained basis, or a
stretch in the liquidity will lead to a negative rating action.

Positive: Any substantial revenue growth, while maintaining the
profitability, and an improvement in the liquidity, leading to an
improvement in the credit metrics, all on a sustained basis, will
lead to a positive rating action.

COMPANY PROFILE

SJE is a partnership firm that was founded by Mr. Atman Shah, Mr.
Jayantilal Shah, Mr. Sanjay Shah and Mr. Sunil Shah. The firm cuts
and polishes diamonds. It has a processing facility in Surat
(Gujarat) and a sales office in Mumbai (Maharashtra).

SHRI CHHOTEY: CRISIL Assigns B Rating to INR5cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shri Chhotey Lal Cold Storage And A.I. (SCLCSAI).

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

The rating reflects a small scale of operations in the highly
fragmented cold storage industry and a below-average financial risk
profile. These weaknesses are partially offset by the industry
experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a highly fragmented industry: The
operating income was modest at INR1.21 crore in fiscal 2018.
Intense competition may continue to restrict any significant
scalability of operations and limit pricing power with customers.

* Below-average financial risk profile: The networth was small at
INR1.96 crore and the gearing high at 2.38 times, as on March 31,
2018. The debt protection metrics were average, with net cash
accrual to total debt ratio of 0.03 time and interest coverage
ratio of 1.16 times in fiscal 2018.

Strength

* Extensive industry experience of the partners: The partners have
an experience of over 20 years in the cold storage businesses.

Liquidity
Average bank limit utilisation was around 65% during the 12 months
through November 2018, and is expected to remain moderate over the
medium term to meet working capital requirement. Cash accrual is
expected at around INR0.18 crore, against term debt obligation of
INR0.04 crore, per fiscal over the medium and will act as a cushion
to liquidity. The current ratio was moderate at 1.5 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes SCLCSAI will continue to benefit from the industry
experience of its partners. The outlook may be revised to
'Positive' if there is significant improvement in the scale of
operations and profitability, leading to sizable cash accrual. The
outlook may be revised to 'Negative' if the financial risk profile,
particularly liquidity, deteriorates due to pressure on
profitability, a stretch in the working capital cycle, or
unanticipated, large capital expenditure.

SCLCSAI is an Uttar Pradesh-based partnership firm providing cold
storage facilities for potatoes, fruits, and milk.


SRINIVAS INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Srinivas
Infrastructure Private Limited's (SIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB- (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR70 mil. (increased from INR50 mil.) Fund-based facilities
     downgraded with IND BB+/Stable rating;

-- INR100 mil. (increased from INR70 mil.) Non-fund-based
     facilities downgraded with IND A4+ rating;

-- INR30 mil. (reduced from INR40 mil.) Proposed fund-based
     facilities* downgraded with Provisional IND BB+/Stable
     rating; and

-- INR100 mil. (increased from INR40 mil.) Proposed non-fund-
     based facilities* downgraded with Provisional IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SIPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects elongation of SIPL's working capital cycle
and weakening liquidity position. The net working capital cycle
elongated to 121 days in FY18 (FY17: 54 days), on account of an
increase in debtor collection period to 138 days (59 days), given
all its customers are government departments resulting in delayed
payments. Its fund-based facilities were fully utilized, while its
non-fund-based facilities had an average utilization of 87.2%
during the 12 months ended December 2018. There were also four
instances of utilization of a temporary overdraft limit during the
12 months ended December 2018 to meet the additional working
capital requirements.

The ratings also factor in SIPL's medium scale of operations as
indicated by revenue of INR651 million in FY18 (FY17: INR734
million). The fall in revenue was attributed to lower execution of
orders in hand, as well as delay in receipt of payment for the
bills raised. As of 9MFY19, the company achieved revenue of INR482
million. As on 6 February 2019, it had an order book of INR2,199.98
million (3.38x of the FY18 revenue), to be executed during
FY19-FY21. Of the total order book, new work orders were worth
INR1,121.6 million.

The ratings also factor in the geographical concentration risk as
all of SIPL's ongoing and pipeline projects are in Andhra Pradesh
and Telangana.

However, the ratings are supported by the company's comfortable
credit metrics as indicated by interest coverage (operating
EBITDA/gross interest expense) of 3.8x in FY18 (FY17: 4.3x) and net
leverage (total adjusted net debt/operating EBITDAR) of 1.5x
(1.5x). The reduction in the interest coverage was on account of an
increase in interest expense to INR19 million in FY18 (FY17: INR16
million).

The company's return on capital employed was 22% and EBITDA margins
were healthy at 11.3% in FY18 (FY17: 9.6%). The improvement in
EBITDA margins resulted from a reduction in the cost of raw
materials consumed and lower operating expenses.

The ratings are further supported by SIPL's promoters' more than
two decades of experience in the construction industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and EBITDA margin, leading to
deterioration in the credit metrics, all on a sustained basis, will
be negative for the ratings.

Positive: A substantial increase in the revenue and profitability
margin, along with an improvement in the working capital cycle and
liquidity profile, leading to an improvement in the credit metrics,
all on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, SIPL executes civil construction contracts in
Andhra Pradesh and Telangana.


TATA MOTORS: Fitch Puts BB LT IDR on Rating Watch Negative
----------------------------------------------------------
Fitch Ratings has placed Tata Motors Limited's (TML) Long-Term
Issuer Default Rating (IDR) of 'BB' on Rating Watch Negative (RWN)
to reflect the increasing risks of a disorderly Brexit for its
fully owned subsidiary Jaguar Land Rover Automotive plc (JLR,
BB/RWN).

JLR, which accounts for the majority of TML's EBITDA generation,
has a significant production bias to the UK despite a reasonable
degree of geographic diversification in its sales mix. Trade
barriers and logistic issues arising upon a disorderly Brexit could
have an impact on JLR's competitive positioning, and lead to
significantly lower sales and profitability and higher
working-capital needs. This is likely to outweigh improving
operating performance in TML's India business, and lead to
significantly lower cash generation and higher leverage than its
rating case. The rating action follows a similar action on JLR's
rating on February 4, 2019.

Fitch aims to resolve the RWN in the next few months, when Fitch
will have more clarity over the outcome of Brexit negotiations and
its impact on TML. This could lead to a downgrade by at least one
notch.

KEY RATING DRIVERS

Rising Risk of Disorderly Brexit: Production imbalance in the JLR
business exposes TML's credit profile to a no-deal Brexit scenario,
whose likelihood has risen over the past few weeks. JLR sells about
20% of its vehicles in both continental Europe and the US, but
manufactures them quasi-exclusively in the UK. This exposes it to
increased tariffs and supply-chain disruptions from a disorderly
Brexit, which could undermine its competitive positioning and
affect cash generation. JLR's efforts to diversify its production
base will ease the imbalance in the medium term but vulnerabilities
remain high in the short term.

The JLR business also faces risks from a fluid global tariff
situation, its weakening competitive positioning in China, and the
impact of tightening emission regulations on its product portfolio
which is focused heavily on diesel.

Improving Indian Business: TML's India business has continued to
grow in both the commercial and passenger vehicle segments. Sales
volume rose by 31% yoy in medium and heavy commercial vehicles and
by 22% in light commercial vehicles during nine months ended
December 31, 2018 (9MFY19), on the back of continued GDP growth and
infrastructure spending. Passenger vehicle volume grew by 21%,
reflecting continued progress in the company's strategy to regain
lost market share. Fitch expects continued growth of TML's
passenger-vehicle business as the company aims to launch new models
to expand its market coverage.

Material Impact on Financial Profile: The potential impact of a
disorderly Brexit on cash generation would outweigh growth in the
India business, resulting in a substantially weaker TML
consolidated financial profile. Fitch estimates that TML's free
cash flow (FCF) will be significantly lower over FY19 and FY20 in a
"Hard Brexit" scenario compared with its rating case. This is due
to a combination of lower profitability, higher working-capital
needs and substantial capex, despite management's restructuring
measures. In Fitch's view, TML has only a limited flexibility to
cut its capex meaningfully at JLR as it will be essential to
maintain JLR's long-term positioning in view of emerging sector
trends.

Fitch estimates TML's consolidated net leverage - as measured by
adjusted net debt/EBITDAR, excluding TML's auto-financing
subsidiary, TMF Holdings Limited - to rise above 3.0x in FY19 and
FY20, from 1.4x in FY18, should a "Hard Brexit" scenario
materialise.

Strategic Importance to Parent: TML's rating benefits from a
one-notch uplift due to moderate linkages with its strong
shareholder, Tata Sons Limited (TSOL), as per Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch believes TSOL is likely
to continue supporting TML, if required, due to TML's strategic
importance to the group and the reputational risk arising from the
shared Tata brand. TSOL subscribed in full to its share of TML's
INR74.3 billion rights issue in FY16, and has provided financial
support to TML in the past. Any weakening of linkages between the
group and TML or deterioration in TSOL's ability to provide
support, is likely to affect TML's ratings.

DERIVATION SUMMARY

TML's standalone rating of 'BB-' reflects its leading position in
India's commercial-vehicle segment and its premium offerings in the
JLR business, which help it compete against large carmakers in the
profitable premium segment, despite a smaller scale and limited
product portfolio. TML has a weaker financial profile than its
peers, which has been exacerbated further by adverse market
developments in JLR's key markets. Fitch expects TML's financial
profile to remain weak versus its peers as it continues to expand
capacity and product range amid a challenging operating and
competitive environment. TML faces considerably higher risk from a
disorderly Brexit than its peers, due to the significant production
imbalance in its JLR business.

Fiat Chrysler Automobiles N.V. (BBB-/Stable) has much larger scale
and greater diversification than TML. This, and its stronger
financial profile, supports its rating at three notches higher than
TML's standalone rating. Peugeot S.A. (BBB-/Stable) has a larger
scale and much stronger capital structure than TML, which puts it
in a favourable position to withstand industry conditions in its
key European market, despite its largely mass-market-focused
business.

KEY ASSUMPTIONS

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

  - TML consolidated revenue (excluding financial services
business) to decline by the low single digits in FY19 and FY20 in
the case of a disorderly Brexit, driven by a mid- to
high-single-digit decline in the JLR business, partly offset by
mid- to high-single-digit growth in the India business.

  - TML consolidated EBITDA margins to narrow to 7% in FY19 and 9%
in FY20 in the case of a disorderly Brexit, due mainly to a
deterioration in JLR's profitability.

  - Capex/revenue to average around 13% in FY19 and FY20.

  - Resumption of dividend payments from FY20, increasing to INR7.0
billion by FY21.

RATING SENSITIVITIES

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

  - Positive rating action on JLR

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

  - Negative rating action on JLR

  - TML's consolidated net adjusted debt/EBITDAR, excluding its
auto-financing subsidiary, exceeding 2.0x on a long-term basis

  - Weakening of linkages between Tata group and TML

Rating sensitivities for JLR are as follows:

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

  - Orderly Brexit outcome, limiting the negative impact on credit
metrics

  - Further product diversification and an increase in scale
towards GBP30 billion revenue, combined with a rebuilding of a
positive track record in maintaining robust profitability and
financial structure

  - Operating margin above 4%

  - FCF margin sustainably above 0.5%

  - FFO adjusted net leverage remaining below 0.5x

  - Refinancing of maturing bonds for a higher amount to compensate
for the expected negative FCF

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

  - Evidence of a disorderly Brexit hurting JLR's financial
profile, leading to a further delay in recovery of the operating
and FCF margins

  - Material weakening of JLR's liquidity position

  - Further deterioration in key credit metrics including FFO
adjusted net leverage increasing to 1.5x

  - Problems with implementation of new product introduction and
production footprint expansion or decreasing market share

LIQUIDITY

Comfortable Liquidity; Risks from Disorderly Brexit: TML's readily
available cash balance of INR390 billion at FYE18 was adequate to
meet INR180 billion of debt (both excluding the financial-services
business) maturing in FY19. The liquidity profile is further
supported by a balanced debt-maturity profile, recent refinancing
activities in JLR and undrawn committed credit facilities -
including GBP1.9 billion available to JLR (INR178 billion) and
INR20 billion to TML as of September 30, 2018.

Fitch expects TML's liquidity to comfortably cover a moderate level
of negative FCF forecast for FY19. Nonetheless, a disorderly Brexit
could lead to significantly lower profitability and working-capital
build-up, which could lead to deterioration in free cash generation
and put pressure on liquidity.




===============
M A L A Y S I A
===============

PRIME GLOBAL: ShineWing Australia Raises Going Concern Doubt
------------------------------------------------------------
Prime Global Capital Group Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $553,962 on $1,529,586 of net revenues for the year
ended Oct. 31, 2018, compared to a net loss of $960,069 on
$1,265,521 of net revenues for the year ended in 2017.

The audit report of ShineWing Australia states that the Company
reported a net loss of $553,962, net current assets deficiency with
its current liabilities exceeded its current assets by $1,291,599,
accumulated deficit of $4,277,137 as of October 31, 2018 from
recurring net losses and significant short term debt maturing in
less than one year. All these factors raise substantial doubt about
its ability to continue as a going concern.

The Company's balance sheet at Oct. 31, 2018, showed total assets
of $44,972,744, total liabilities of $17,927,183, and a total
stockholders' equity of $27,293,393.

A copy of the Form 10-K is available at:

                        https://is.gd/N0diku

Prime Global Capital Group Incorporated, through its subsidiaries,
is engaged in the operation of a durian plantation, leasing and
development of the operation of an oil palm plantation, commercial
and residential real estate properties in Malaysia.

SCOMI GROUP: On the Brink of Being Classified as a PN17
-------------------------------------------------------
theedgemarkets.com reports that the Scomi Group was once an
investor favourite but over the years, it seems to have lost its
lustre.

The group sailed through the oil price surge from 2008 but faltered
shortly after, dragged down by a lack of efforts to recapitalize by
the shareholders as well as other external factors,
theedgemarkets.com relates.

According to theedgemarkets.com, Scomi Group is on the brink of
being classified as a PN17 company, a category for cash-strapped
entities under Bursa Malaysia's listing rules, and its other units
are not doing too well either.  

Just last month, what seemed like infighting broke out between
Scomi Group Bhd and its 65% subsidiary Scomi Energy Services Bhd
over certain related-party transactions involving loans between the
two, theedgemarkets.com recalls. The matter is now the subject of
an investigation, the report notes.

Aside from this, there are other issues as well, such as Scomi
Engineering Bhd and its joint-venture partner being terminated from
an operations and maintenance contract at the Mumbai Monorail
project in India, theedgemarkets.com adds.

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.




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

BAGONG BANGKO: Placed Under PDIC Receivership
---------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc.
from doing business in the Philippines. Under Resolution No. 159
dated January 24, 2019, the MB directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
January 25, 2019. Notice of Closure was served and confirmed via
electronic mail by the Bank's Compliance Officer on January 25,
2019.

Bagong Bangko Rural ng Malabang is a single-unit rural bank located
at 593 Bayan St., Brgy. China Town (Pob.), in Malabang, Lanao del
Sur.

Latest available records show that as of September 30, 2018, Bagong
Bangko Rural ng Malabang had 1,382 deposit accounts with total
deposit liabilities of PhP62.35 million. Total insured deposits
amounted to PhP37.26 million equivalent to 59.76% of total
deposits.

PDIC assures depositors that all claims for valid deposits shall be
processed accordingly and will be paid up to the maximum deposit
insurance coverage of PhP500,000.00 through the designated
servicing branches of Land Bank of the Philippines. Depositors are
advised to prepare the following documents when filing claims for
deposit insurance:

Duly accomplished Claim Form which can be secured from the Mayor's
Office in Malabang, Lanao del Sur;

Original evidence of deposit such as Savings Passbook, Certificate
of Time Deposit, used or unused checks, bank statement, or ATM
card; and

Photocopy of one (1) valid photo-bearing identification document
(ID) containing the signature of the depositor.

In addition to these general requirements, depositors who are below
eighteen (18) years old are required to submit original copy of
their Birth Certificate from the Philippine Statistics Authority
(PSA) or a duly certified copy issued by the Local Civil Registrar,
and valid ID of their parent. If the claimant is not the signatory
in the bank records, he/she should prepare an original copy of a
notarized/authenticated Special Power of Attorney (SPA) of
depositor or parent of a minor depositor. A sample form of the SPA
may be downloaded from the PDIC website,
www.pdic.gov.ph/files/spa_claims.pdf

Depositors are further advised to send all the documents as soon as
completed via mail or private courier to this address: THE PUBLIC
ASSISTANCE DEPARTMENT, Philippine Deposit Insurance Corporation
(PDIC), 6th Floor SSS Building, 6782 Ayala Avenue corner V.A.
Rufino Street, 1226 Makati City.

A notice of payment shall be sent not later than February 26, 2019
to all depositors with valid claims and complete address received
on or before February 18, 2019. All claims received after February
18, 2019 shall be processed within five (5) working days and
letters notifying status of claims and/or payment shall be issued
accordingly.

For more information, depositors may visit www.pdic.gov.ph, or call
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02)
841-4631 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for
those outside Metro Manila, or mobile numbers 0917-1035421 and
0961-3663813. Inquiries may also be sent by e-mail to
pad@pdic.gov.ph or via private message to the official PDIC
Facebook account at www.facebook.com/OfficialPDIC


HANJIN HEAVY: To Sack 3,000 Jobs Due to Lack of Working Capital
---------------------------------------------------------------
Janina C. Lim at BusinessWorld reports that with over 3,000 workers
set to be laid off this week, Hanjin Heavy Industries and
Construction Philippines Inc. (HHIC-Phil) is facing a total
shutdown due to the lack of working capital.

According to BusinessWorld, HHIC-Phil's rehabilitation receiver
Stefani C. Sano on Feb. 8 said the company's hopes of staying
afloat is pinned on securing additional loans.

BusinessWorld relates that during the initial hearing at the
Olongapo Regional Trial Court Branch 72, HHIC-Phil said claims from
banks, suppliers and other service providers reached over PHP48
billion as of Feb. 1.  However, the amount does not include those
from least two more companies that filed claims beyond the said
date, and a few more that have not determined the full amount of
their claims, according Mr. Sano.

Mr. Sano said HHIC-Phil's on-going negotiations with creditor-banks
are aimed at securing additional loans to be used for the
completion of four more ships which will generate cash flow and
payment to Hanjin's obligations, BusinessWorld relays.

"Whether or not the vessel will be constructed, we're still
undergoing negotiations with banks," BusinessWorld quotes Pocholo
L. Poso, HHIC-Phil's in-house legal counsel, as saying during the
hearing.

Asked how this will affect workers, Mr. Sano said: "Malalayoff
actually sa (Feb.) 15. Mahigit 3,000 malalayoff. Matitira 300.
[They will be laid off on Feb. 15. Over 3,000 will be laid off.
Only 300 will remain]," BusinessWorld relays.

With only 300 workers left, Mr. Sano noted HHIC-Phil will
"definitely not" be able to build a ship.

"One possibility is for a bank outside of the creditor-banks to
extend a loan. My suggestion is to provide funds per ship, then
there will be an agreement that the buyer will pay the bank
directly. Then the bank will remit the funds to Hanjin to build
another ship)," the report quotes Mr. Sano as saying.

Mr. Sano remains as rehabilitation receiver pending the appointment
of a new one by the court. He resigned last week over opposition
from creditor-banks.

HHIC-Phil's five creditor-banks have pushed for the appointment of
their own nominee, a certified lawyer, to be the rehabilitation
receiver.

During the hearing, the lawyers of the five banks said they will
nominate lawyer Rosario S. Bernaldo, managing director of RS
Bernaldo & Associates, as receiver.

"(Ms. Bernaldo) is really experienced in rehab," Charlemagne Rae P.
Chavez, who represented Metropolitan Bank Trust & Co. which filed
opposition to Mr. Sano's appointment, told BusinessWorld.

Should HHIC-Phil discontinue operations, its rehabilitation program
will be rendered useless.

"There will be no more talks if it stopped operations," Mr. Sano
said.

During the brief watch of Mr. Sano, HHIC-Phil saw its $412 million
debt to local creditors trimmed with the remittance of $45 million
from Korea Development Bank for the payment of two vessels,
BusinessWorld says.

BusinessWorld notes that some $32 million covered the security for
the loan granted by Metrobank to HHIC-Phil, while the remaining
amount will be used by HHIC-Phil for administrative expenses.

This brings HHIC-Phil's debt to Metrobank to $38 million from the
$70 million before the rehabilitation procedure.

HHIC-Phil's debts to others are unchanged: Rizal Commercial Banking
Corp. at $145 million; Land Bank of the Philippines, reported at
$85 million; BDO Unibank, Inc. at $60 million; and the Bank of the
Philippine Islands at $52 million, the report adds.

                            About Hanjin

Korea-based Hanjin Heavy Industries & Construction Co. established
a shipyard in Subic, west of Manila, and delivered its first vessel
from the yard in July 2008. It uses the
Philippine yard to build big ships while its facility in Korea
focuses on smaller vessels.

Hanjin Heavy Industries and Construction Philippines, Inc.
(HHIC-Philippines) filed for voluntary rehabilitation on Jan. 8,
2019, at the Olongapo City Regional Trial Court amid "heavy"
financial losses and debts amounting to about $400 million from
local banks.  The company reported that it also had $900 million in
debts with lenders in South Korea.

The Subic shipyard's assets have been valued at KRW1.84 trillion
(US$1.64 billion).  HHIC-Philippines employs about 4,000 people.



                           *********


S 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,
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Information contained herein is obtained from sources believed
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