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       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

          Thursday, February 14, 2019, Vol. 22, No. 33

                           Headlines



A U S T R A L I A

BIOCOAL GROUP: Second Creditors' Meeting Set for Feb. 21
COUNTRY WELLNESS: Second Creditors' Meeting Set for Feb. 21
DREAM OF GREEN: Second Creditors' Meeting Set for Feb. 19
HALIFAX INVESTMENT: Mixed Up Almost AUD60MM in Customer Money
KS BUILD: First Creditors' Meeting Set for Feb. 21

LIGHT FACTORY: First Creditors' Meeting Set for Feb. 21
MEI & PICCHI: First Creditors' Meeting Set for Feb. 22
NAPOLEON PERDIS: Expressions of Interest to Close on Feb. 15
SPECIAL FERTILISER: Second Creditors' Meeting Set for Feb.19


C H I N A

CHINA BAT: Regains Compliance with Nasdaq's Bid Price Requirement
GUORUI PROPERTIES: Fitch Places 'B' LT IDR on Watch Negative
TIMES CHINA: Fitch Gives 'BB-(EXP)' Rating to Proposed USD Notes


I N D I A

ASPEN SHAVING: CRISIL Cuts Rating on INR5cr LT Loan to D
BABA NAGA AGRO: CRISIL Withdraws B+ Ratings on INR34.5cr Loans
BABA NAGA OVERSEAS: CRISIL Withdraws B+ Rating on INR18.1cr Loan
BAJRANG COTEX: CRISIL Reaffirms B+ Ratings on INR5.74cr Loans
CHEM CORP: CRISIL Reaffirms B Rating on INR1.25cr Loan

DHOOT RESORTS: CRISIL Withdraws D Ratings on INR50cr Loans
EMAAR DEVELOPERS: CRISIL Reaffirms B+ Rating on INR20cr Loan
IL&FS GROUP: NCLAT Allows 22 Units to Service Debt Obligations
INDO LAMINATES: CRISIL Moves 'D' on INR29 Debt to Not Cooperating
M R INDUSTRIES: CRISIL Moves B+ Ratings to Not Cooperating

M.K.R. TRADERS: CRISIL Moves B+ Ratings to Not Cooperating
MOGALS EDUCATIONAL: CRISIL Migrates D Ratings to Not Cooperating
N V KHAROTE: CRISIL Migrates 'D' Ratings to Not Cooperating
NAGARWALA ENTERPRISES: CRISIL Moves B+ Rating to Non-Cooperating
NATURAL ORGANIC: CRISIL Moves B Ratings to Not Cooperating

NOMAX ELECTRICAL: CRISIL Moves B on INR16cr Debt to Not Cooperating
NOVO MEDI: CRISIL Withdraws B+ Ratings on INR10cr Loans
OMKAR NESTS: CRISIL Withdraws B+ Rating on INR60cr Term Loan
PARASMAL PAGARIYA: CRISIL Migrates B+ Ratings to Not Cooperating
PARWANI BUILDERS: CRISIL Moves B+ on INR6cr Debt to Non-Cooperating

RANAR AGROCHEM: CRISIL Migrates 'D' Ratings to Not Cooperating
RAVELS APPARELS: CRISIL Moves B+ on INR7cr Loans to Not Cooperating
RENGANAYAGI VARATHARAJ: CRISIL Moves D Rating to Not Cooperating
ROAR RESORT: CRISIL Migrates 'B' on INRcr Loan to Not Cooperating
RUCHI SOYA: Court Dismisses Standard Chartered's Petition in Case

SAKTHI VINAYAGA: CRISIL Moves B+ on INR6cr Debt to Not Cooperating
SHAKAMBARI POLYMERS: CRISIL Withdraws B Ratings on INR7.5cr Loans
SHEYN INTERNATIONAL: CRISIL Migrates B- Rating to Not Cooperating
SHIV TOOLS: CRISIL Moves D on INR12cr Loans to Not Cooperating
SHIVANI CONSTRUCTION: CRISIL Assigns B Rating to INR1.5cr Loan

SHREE MORAYA: CRISIL Moves B+ on INR8cr Loans to Not Cooperating
SHREENIDHI METALS: CRISIL Lowers Ratings on INR5.84cr Loans to D
SIISA: CRISIL Moves B+ Rating on INR15 Loan to Not Cooperating
SRIMATHI SUNDARAVALLI: CRISIL Cuts Rating on INR53cr Loan to D
UMA GLASS: CRISIL Withdraws 'D' Ratings on INR12cr Loans

VRC AGRO: CRISIL Migrates D Rating From Not Cooperating Category
VSC INFRA: CRISIL Lowers Ratings on INR18cr Loans to D
[*] CHINA: Private Firms Hit by Default Contagion


S I N G A P O R E

ART STAGE: Placed Under Provisional Liquidation


S O U T H   K O R E A

HANJIN HEAVY: Stock Trading Suspended Amid Capital Erosion

                           - - - - -


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A U S T R A L I A
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BIOCOAL GROUP: Second Creditors' Meeting Set for Feb. 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Biocoal Group
Pty Limited  has been set for Feb. 21, 2019, at 10:00 a.m. at the
offices of OBrien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2019, at 4:00 p.m.

Liam Thomas Bailey of O'Brien Palmer was appointed as administrator
of Biocoal Group on Jan. 17, 2018.


COUNTRY WELLNESS: Second Creditors' Meeting Set for Feb. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Country
Wellness Pharmacy Toowoomba Pty Ltd has been set for Feb. 21, 2019,
at 10:00 a.m. at the offices of BRI Ferrier, at Level 4, 307 Queen
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. 20, 2019, at 5:00 p.m.

Ian Alexander Currie and Stefan Dopking of BRI Ferrier were
appointed as administrators of Country Wellness on Aug. 27, 2018.


DREAM OF GREEN: Second Creditors' Meeting Set for Feb. 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of Dream of Green
Pty Ltd has been set for Feb. 19, 2019, at 11:00 a.m. at the
offices of Newpoint Advisory, Suite 14.03 'MLC Centre' 19 Martin
Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 18, 2019, at 5:00 p.m.

Costa Nicodemou of New Point Advisory was appointed as
administrator of Dream of Green on Jan. 21, 2019.


HALIFAX INVESTMENT: Mixed Up Almost AUD60MM in Customer Money
--------------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that
administrators picking through the wreckage of one of Australia's
largest online broking houses Halifax Investment Services have
found that AUD57 million in money invested by clients has been
mixed up with funds belonging to the company.

Halifax collapsed before Christmas, freezing AUD210 million
invested by its 12,000 plus clients as Ferrier Hodgson was brought
in by the company to review its books and records.

Ferrier Hodgson is trying to pinpoint the amount of investor funds
that has gone missing, SMH relates.
The administrators said they had located around AUD185 million of
the AUD210 million of investor funds, the report relays.

According to SMH, Ferrrier Hodgson partner Morgan Kelly said the
administrators had recently increased their estimate, saying the
shortfall of funds could top AUD25 million, compared to an earlier
prediction that between AUD15 million and AUD20 million of investor
money was gone.

Halifax's problems with having a shortfall of investor funds began
at least two years ago, according to administrators.

"Investor funds have been co-mingled in such a way that the taint
affects the claims of all investors on all three platforms in both
the Australian and New Zealand businesses," SMH quotes Mr. Kelly as
saying.  "The process of allocating and tracing individual investor
funds will likely be a complex and lengthy process."

The mixing of investments, or "co-mingling" of funds, can be a
serious breach of companies law, the report notes.

"We're working closely with ASIC on all aspects of the
investigation," Mr. Kelly said, the report notes.

Hallifax operated and offered three trading platforms --
Interactive Brokers, MetaTrader 4 and the MetaTrader 5 platforms.
Interactive Brokers, which has a stockbroking licence, is a third
party online trading platform that provides a white label product
to Halifax.

The platforms allowed Halifax's clients to invest in a range of
products and equities foreign exchange derivatives, equity
derivatives and indexed contracts for difference, SMH notes.

The majority of the client funds lie with Interactive Brokers -
with AUD110 million on the platform in Australia and a further
AUD44 million in the platform in New Zealand. The remainder was
invested in the MT4 and MT5 platforms, according to SMH.

"We have been considering strategies for the timely return of
investor funds, the options are currently a Deed of Company
Arrangement or placing Halifax into liquidation," Mr. Kelly, as
cited by SMH, said.

Halifax's sole director at the time of its collapse was Gold Coast
businessman Jeff Worboys. The group had offices in Sydney,
Melbourne, Auckland and the Gold Coast.  Only the Auckland and
Sydney offices remain open, SMH notes.

According to SMH, minutes of a meeting of committee of creditors
reveal that it is unlikely Mr. Worboys will propose a Deed of
Company Arrangement (DOCA).

The administrators have also been in discussions with Andrew Gibbs,
the director of Halifax's New Zealand arm, about a potential DOCA,
SMH notes.

The corporate watchdog suspended the financial licence of Halifax
in January after discussions with administrators. Investors will
still be able close out their trades despite the suspension.

Halifax was the subject of an enforceable undertaking with ASIC in
2013 following regulatory action by the Australian Securities and
Investments Commission (ASIC) over a slew of concerns about the
operations of the business.

                           About Halifax

Halifax Investment Services Pty Ltd was a financial services
licensee headquartered in Sydney with a partially-owned subsidiary
in Auckland, New Zealand.

Morgan Kelly, Stewart McCallum, and Phil Quinlan of Ferrier Hodgson
were appointed as joint voluntary administrators of Halifax,
appointed on Nov. 23, 2018.  They were also appointed
administrators of Halifax New Zealand on Nov. 27, 2018.


KS BUILD: First Creditors' Meeting Set for Feb. 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of KS Build Pty
Ltd will be held on Feb. 21, 2019, at 11:00 a.m. at the offices of
Romanis Cant, at Level 2, 106 Hardware Street, in Melbourne,
Victoria.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of KS Build on Feb. 12, 2019.


LIGHT FACTORY: First Creditors' Meeting Set for Feb. 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Light
Factory Trade & Commercial Pty Ltd, trading as The Light Factory,
will be held on Feb. 21, 2019, at 11:00 a.m. at Level 4, 12 Pirie
Street, in Adelaide, SA.

Andrejs Janis Strazdins of BRI Ferrier was appointed as
administrator of Light Factory on Feb. 11, 2019.


MEI & PICCHI: First Creditors' Meeting Set for Feb. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mei & Picchi
(Aust.) Pty. Ltd. will be held on Feb. 22, 2019, at 11:00 a.m. at
Level 17, 200 Queen Street, in Melbourne, Victoria.

Peter Gountzos and Michael Carrafa at SVP Partners were appointed
as administrators of Mei & Picchi on Feb. 12, 2019.


NAPOLEON PERDIS: Expressions of Interest to Close on Feb. 15
------------------------------------------------------------
Sue Mitchell at The Australian Financial Review reports that
cosmetics king Napoleon Perdis will learn by the weekend whether
his eponymous make-up empire has attracted interest from potential
buyers.

Expressions of interest for Napoleon Perdis Cosmetics, which is
seeking buyers or external investors, are due to close on Feb. 15,
according to AFR.

AFR relates that Worrells partner Simon Cathro, who was appointed
voluntary administrator on January 31, said the
expression-of-interest campaign was going well and the support of
trade creditors had helped Napoleon Perdis' 28 remaining stores
continue to trade.

According to AFR, Mr. Cathro said the administrators are ordering
more stock from suppliers to meet current and future demand and the
brand's partnership with API's Priceline chain was "thriving".

Creditors met for the first time at simultaneous meetings in
Sydney, Brisbane, Melbourne and Perth on Feb. 13 and agreed to
appoint a committee of inspection comprising representatives from
three separate creditors, AFR says.

"A committee of inspection will benefit all creditors to the
administration so that the process to make certain decisions and to
call meetings of creditors can occur more easily and at a lesser
expense to the administration," AFR quotes Mr. Cathro as saying.


AFR says creditors were issued a report outlining the company's
position before the appointment and after the initial
restructuring. However, Mr. Cathro declined to say how much
creditors were owed and whether the company had a net assets
deficiency.

Documents lodged with the Australian Securities and Investments
Commission last week revealed that Napoleon Perdis had been
teetering on the brink of insolvency for almost a year before it
went into administration last month, AFR discloses.

AFR says Mr. Cathro met Napoleon Perdis and his brother Emanuel,
the company's managing director, and advisers at least nine times
between March 2018 and January 2019 to discuss the company's
financial position, insolvency options and a sale process that had
been under way for several months through boutique investment bank
Allier Capital and FTI Consulting.

Major creditors include the Australian Taxation Office, ANZ bank,
API, Stockland, Toshiba, BMW, Crown Equipment and suppliers Ross
Cosmetics, Natural Beauty Care, Livingstone International and Power
Packaging, according to the document cited by AFR.

AFR relates that Mr. Cathro plans to seek court approval to extend
the convening period for the second meeting of creditors for three
months. At that meeting, creditors will decide whether to accept an
offer or deed of company arrangement or place the company into
liquidation.

Napoleon Perdis Cosmetics was once one of Australia's top 500
private companies, with sales of more than AUD100 million a year,
85 concept stores, 100 department-store counters and 750
independent stockists.  However, the company lost market share to
Jo Horgan's Mecca Cosmetica, LVMH's Sephora and scores of niche
beauty brands and struggled to stay afloat without an injection of
new capital.

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

SPECIAL FERTILISER: Second Creditors' Meeting Set for Feb.19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Special
Fertiliser Products Pty Ltd has been set for Feb. 19, 2019, at
10:00 a.m. at Regus Brisbane, at Level 22, 127 Creek 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. 18, 2019, at 4:00 p.m.

Christopher John Baskerville of Jirsch Sutherland was appointed as
administrator of Special Fertiliser on Jan. 14, 2018.




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C H I N A
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CHINA BAT: Regains Compliance with Nasdaq's Bid Price Requirement
-----------------------------------------------------------------
China Bat Group, Inc. received on Feb. 7, 2019, a written
notification from the NASDAQ Stock Market Listing Qualifications
Staff indicating that the Company has regained compliance with the
periodic filing requirement for continued listing on the NASDAQ
Capital Market pursuant to NASDAQ Listing Rule 5500(a)(2) based on
the closing bid price of the Company's common stock being at $1.00
per share or greater for ten consecutive business days, from
January 17 through Feb. 6, 2019.

On Sept. 5, 2018, the Company received a notification letter from
Nasdaq notifying the Company that the minimum bid price per share
for its common shares has been below $1.00 for a period of 30
consecutive business days and the Company therefore no longer meets
the minimum bid price requirements set forth in Nasdaq Listing Rule
5550(a)(2).

                       About China Bat Group

China Bat Group, Inc., formerly known as China Commercial Credit,
currently engages in used luxurious car leasing. The used luxurious
car business is conducted under the brand name "Batcar" by the
Company's VIE entity, Beijing Youjiao Technology Limited.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58 million
for the ended Dec. 31, 2016. As of Sept. 30, 2018, the Company had
US$5.34 million in total assets, US$1.63 million in total
liabilities, and US$3.70 million in total shareholders' equity.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory paragraph
stating that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


GUORUI PROPERTIES: Fitch Places 'B' LT IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed Guorui Properties Limited's 'B' Long-Term
Foreign-Currency Issuer Default Rating (IDR), and its senior
unsecured rating and ratings on its outstanding notes of 'B' with
Recovery Ratings of 'RR4' on Rating Watch Negative (RWN).

The RWN reflects the risk that Guorui will not be able to refinance
its offshore debt totalling USD550 million (CNY3.6 billion) due in
March 2019. Guorui has told Fitch it has a refinancing plan in
place, but execution risks remain.

Resolution of the RWN will depend on repayment of the offshore debt
in March. Failure to refinance the offshore debt will lead to a
multiple-notch downgrade of Guorui's ratings. The ratings may be
affirmed at 'B' with Stable Outlook if Guorui repays the offshore
debt in March and it demonstrates improvement in its debt maturity
profile without sacrificing onshore liquidity.

Guorui's credit profile is supported by Fitch's expectation that
its sales proceeds remain sufficient to meet its operational and
refinancing cash flow needs. Guorui's business performance has
improved with higher contracted sales of CNY21.9 billion in 2018,
stable investment-property rental income and a quality land bank
that is large enough to support sustained improvement in contracted
sales. Fitch also expects Guorui's leverage, as measured by net
debt/adjusted inventory, to decrease to around 50%-55% by 2019-2020
from 59% at end-2017 as growth in contracted sales accelerated in
the second half of 2018.

KEY RATING DRIVERS

March 2019 Debt Refinancing Risk: The offshore debt that needs to
be repaid in March 2019 consists of a USD250 million bond maturing
on March 1 and a USD300 million bond with put option that may be
exercised on March 20. Guorui's management says its current cash
position exceeds its end-June 2018 balance of CNY1.8 billion, but
this is still insufficient to cover the maturing debt.

Refinancing Plans in Place: Guorui has communicated to Fitch the
details of its refinancing plan, which involves remittance of funds
from onshore to offshore and new offshore debt issuance to a small
group of investors. The refinancing plan appears feasible, in
Fitch's view. However, there are execution risks surrounding the
completion of its offshore fund remittance and the successful and
timely issuance of offshore senior notes.

Fitch will closely monitor the progress of the refinancing plan
shared with us. Failure to execute any of the steps required may
derail the refinancing of its offshore debt, which will lead to a
multiple-notch downgrade on Guorui's ratings.

Improving Business, Onshore Bonds Repaid: Guorui's total contracted
sales rose 48% yoy to CNY21.9 billion in 2018, stronger than
Fitch's expectation of CNY18 billion, driven by a 43% yoy increase
in gross floor area sold to 1.3 million square metres (sq m), and a
4% rise in contracted average selling price (ASP) to CNY16,804 per
sq m. Guorui had land reserves of over 14.3 million sq m as of
end-June 2018, of which over 50% in saleable value is in China's
top-tier cities, where housing demand is resilient. These should
allow Guorui to maintain annual contracted sales at CNY20 billion
per year in 2019-2020.

In November and December 2018, Guorui completed the repayment of
CNY3 billion of onshore bonds that were issued in 2015 after
investors exercised their option to sell these bonds to the issuer.
Guorui used internal funds, supported by its growing sales, to
repay the bonds.

Manageable Debt Profile After Refinancing: Fitch believes Guorui's
sales collection from its CNY12 billion of contracted sales in the
last quarter of 2018 will strengthen its liquidity position in
1H19. This, together with undrawn credit facilities of CNY10
billion as of end-December 2018, appear sufficient for Guorui to
repay another CNY5 billion-6 billion of capital market and project
financing debt due in the next six to 12 months; as well as to meet
its operating cash flow needs.

DERIVATION SUMMARY

Fitch has compared Guorui to several small to mid-scale
homebuilding peers with similar contracted sales, size of land bank
and geographical diversification in the 'B-', 'B' and 'B+'
categories. The peers include Ronshine China Holdings Limited
(B+/Stable), Hong Yang Group Company Limited (B/Positive) and
Oceanwide Holdings Co. Ltd. (B-/Stable).

The factors that support Guorui's 'B' rating relative to its peers
are its improving recurring EBITDA/interest coverage due to the
ramp-up of its high-quality investment-property portfolio,
especially in Beijing. Its recurring EBITDA interest coverage ratio
is low, but compares favourably against that of other property
developers rated at the same level. At the same time, Guorui's 'B'
rating relative to its peers is constrained by its higher
leverage.

In terms of contracted sales and profitability, the closest peer is
Oceanwide. Both have large land banks to support future sales.
However, Oceanwide has a lower churn rate than Guorui. Both
companies have high leverage, but Guorui's leverage of 55% is lower
than Oceanwide's more than 80% at end-2017.

KEY ASSUMPTIONS

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

  - Contracted sales of CNY20 billion per year in 2019-2020
    (2018: CNY21.9 billion)

  - EBITDA margin remains at over 30% in 2018-2019 (2017: 39%)

  - Land premiums (net) of CNY11 billion per year in 2019-2020

Recovery rating assumptions

  - Guorui would be liquidated in a bankruptcy because it is
    an asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch applied a haircut of 30% to accounts receivable

  - Fitch applied a haircut of 25% on adjusted inventory,
    which is higher than that applied to its domestic peers
    as its EBITDA margin is higher than the industry norm and
    reflects the high quality and low cost of its land reserves

  - Fitch applied a haircut of 40% to investment properties

  - Fitch applied a haircut of 50% to property plant and equipment

Based on its calculation of the Guorui's estimated liquidation
value after administrative claims of 10%, Fitch estimates the
recovery rate of the offshore senior unsecured debt to be 100%,
which corresponds to a Recovery Rating of 'RR1'. However, Guorui
operates in China, which Fitch classifies as under Group D of
jurisdictions where the law is not supportive of creditor rights or
there is significant volatility in application of law and
enforcement of claims. As a result, the Recovery Rating for
Guorui's senior debt is capped at 'RR4'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action, Potentially a Multiple-Notch Downgrade:

  - Failure to progress towards refinancing offshore debt maturing
    in March as per plans communicated to Fitch

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

  - Repayment of offshore debt maturing in March, resulting in a
    better debt maturity profile without sacrificing onshore
    liquidity position

LIQUIDITY

Tight Liquidity: Guorui had roughly CNY1.8 billion in cash on hand
at end-June 2018, which was insufficient to cover its short-term
debt of about CNY16.8 billion. Guorui is highly reliant on secured
bank borrowings (80% of total borrowings) and the assets pledged to
secure certain borrowings amounted to CNY35.4 billion (compared
with gross debt of roughly CNY30.2 billion) at end-June 2018.

According to Guorui, the company still has an approved undrawn
credit line of about CNY10 billion at end-December 2018.


TIMES CHINA: Fitch Gives 'BB-(EXP)' Rating to Proposed USD Notes
-----------------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-(EXP)'
expected rating.

The proposed notes will be rated at the same level as Times China's
senior unsecured rating because they will constitute its direct and
senior unsecured obligations. The final rating is subject to the
receipt of final documentation conforming to information already
received.

Times China's ratings are supported by its significant increase in
scale without compromising its financial profile. The company has
expanded quickly within Guangdong province, while keeping leverage
below 40% and its EBITDA margin at around 20%. Fitch believes Times
China's strong sales and healthy financial profile are commensurate
with those of 'BB-' rated peers. Fitch also expects the company to
remain under pressure to expand its land bank in its core market of
Guangdong to support growth.

KEY RATING DRIVERS

Slower Sales Growth: Fitch expects Times China's contracted sales
to slow in 2019 on deteriorating market sentiment. Sales increased
by 46% yoy to CNY61 billion in 2018 (2017: 42% increase), 10%
higher than the company's target, with support from a 32% rise in
gross floor area sold and 10% rise in the average selling price.
Times China aims to reach CNY100 billion in annual sales in the
medium term, driving Fitch's expectation that sales will continue
increasing over the next three years, albeit at a slower pace.

Rising Contribution from Joint Ventures: Times China is
increasingly using joint-venture structures to boost its scale.
Fitch estimates that the company's attributable sales fell to below
80% of total reported sales in 2018 and expects the ratio to remain
at 75%-80%. Fitch will consider proportionate consolidation of
Times China's joint ventures and associates if the attributable
percentage falls below its expectations.

Redevelopment Alleviates Land-Acquisition Pressure: Fitch estimates
that Times China's saleable resources are only sufficient to
support sales for the next three years, placing pressure on the
company to expand its land bank. However, redevelopment projects
may relieve some pressure to compete for costly sites at land
auctions. The company has a competitive advantage in obtaining
low-cost urban redevelopment projects, particularly in Guangzhou
and Foshan, which will help it control land costs and ease
land-acquisition pressure.

Times China had 18 million square metres (sq m) of land at end-June
2018, with 33% of the area in its core cities of Guangzhou, Foshan
and Zhuhai, and another third in Qingyuan, a tier 3 city in
Guangdong. Times China saw lower new-land costs of CNY3,623/sq m in
1H18, compared with CNY5,367/sq m in 2016, by increasing land bank
in some tier 3 cities. It acquired or signed preliminary agreements
for 68 projects that totalled 19 million sq m of redevelopment land
in 2017, of which 5.6 million sq m is likely to be converted to
available-for-sale land in 2018-2020. Management planned to convert
1.2 million sq m in 2018.

Controlled Leverage: Times China has kept leverage, measured by net
debt/adjusted inventory, below 40% during its expansion and, while
Fitch expects the metric to increase as the company continues to
expand, it should stay below 45%. Fitch estimates that leverage
increased to around 43% at end-June 2018, from 38% in 2017, after
taking into consideration adjustments from joint ventures and
associate investments as well as the amount due to and from
non-controlling interest shareholders.

Lower Cash Collection: Fitch expects Times China to face increasing
challenges in balancing financial discipline and fast growth to
maintain its healthy financial profile due to current credit
conditions. The company collected around CNY18 billion of cash from
sales in 1H18, or around 70% of its reported contracted sales;
lower than its 75% cash collection rate in 2017 and 85% before
2016. Fitch believes this is due to a tight onshore credit
environment starting in 2H17. Tighter credit may result in buyers
experiencing delays in obtaining mortgage loans, slowing cash
collection for the market.

Concentration in Guangdong: Fitch expects Times China to focus on
expanding within Guangdong province in southern China rather than
into other provinces in the near term. The company is a regional
property developer focused on Guangdong, with the cities of
Guangzhou, Foshan and Zhuhai together accounting for more than 83%
of total contracted sales in 1H18 and more than 85% before that.

DERIVATION SUMMARY

Times China enjoyed a CAGR of 41% in 2013-2018 to reach reported
sales of over CNY60 billion, which is similar to that of 'BB'
category peers, such as Yuzhou Properties Company Limited's
(BB-/Stable) CNY56 billion. Times China has significantly boosted
its scale and increased its saleable resources, while keeping
leverage below 40%, which is also in line with similarly rated
companies.

KEY ASSUMPTIONS

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

  - Attributable contracted sales sustained above CNY40 billion
    in the next three years (2017: CNY32 billion)

  - Gross profit margin, including capitalised interest,
    maintained at 20%-25% over 2018-2019 (2017: 23%)

  - Attributable land premium at around 55% of sale proceeds in
    the next three years (2017: 55%)

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above CNY50
    billion

  - Net debt/adjusted inventory sustained below 35%

  - Contracted sales/total debt sustained above 1.2x (2017: 1.2x)

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

  - Net debt/adjusted inventory above 45% for a sustained period

  - EBITDA margin below 20% (2017: 23%) for a sustained period

  - Land bank insufficient for three years of development

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY21 billion, including restricted cash, as of end-June 2018,
against CNY10 billion in short-term debt. The company's average
funding cost fell to 7.6% in 2017, from 9.6% in 2015. The company
expected a funding cost of below 8% in 2018.




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

ASPEN SHAVING: CRISIL Cuts Rating on INR5cr LT Loan to D
--------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had earlier migrated the
ratings on Aspen Shaving Products (ASP) to 'CRISIL B+/Stable/CRISIL
A4/Issuer Not Cooperating' vide its release dated June 8, 2018.
However, the company's management has subsequently started sharing
requisite information necessary for carrying out a comprehensive
review of the ratings. Consequently, CRISIL is downgraded its
rating from 'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating to
'CRISIL D/CRISIL D'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          0.5        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

   Letter of Credit     1.0        CRISIL D (Downgraded from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Long Term Loan       5.0        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Fund-
   Based Bank Limits    1.5        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

The ratings reflect delay in loan servicing because of stretched
liquidity.

The rating also reflects a modest scale of operations in the
intensely competitive double-edged blades (DE blades) segment and a
below average financial risk profile. These weaknesses are
partially offset by the extensive industry experience of the
proprietor and healthy demand prospects in the global market.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The company has been delaying in the
repayment of term loan instalment by about 30 days due to stretched
liquidity resulting from start up nature of operations.

* Below-average financial risk profile: The networth was small at
INR0.57 crore and the gearing high at 11.71 times, as on March 31,
2018. The debt protection metrics were subdued, with interest
coverage ratio at 0.62 time and a negative net cash accrual to
total debt ratio in fiscal 2018.

* Modest scale pf operations in an intensely competitive segment:
Revenue was modest at INR5.46 crore in fiscal 2018 in a competitive
segment. The safety razor blade market comprises of major players
such as Laser Shaving India Pvt Ltd (LSPL; rated 'CRISIL
A-/Stable/CRISIL A2+'), Gillette India Ltd, and Supermax Personal
Care Pvt Ltd, as well as regional and unorganised players.

Strengths

* Extensive industry experience of the proprietor: The proprietor,
Mr Vijaya Sekhar Kasivi, has three decades of experience in the
industry. He was working as chief executive till 2015 in a company
that manufactured stainless steel safety razors and razor blades.

* Healthy demand prospects in the global market: Most of the
production is to be exported, primarily to African and Middle-East
countries. Most of these countries have a large demand for DE
blades and are price sensitive. ASP envisages entering these
markets. The strategy to be adopted is to enter into a long-term
arrangement with local suppliers/distributors for supply of
products.

Liquidity

Liquidity is stretched. Cash accrual is expected to be modest
against repayment obligation of INR0.6 crore per fiscal in the
medium term. The bank limit of INR0.5 crore was almost fully
utilised during the 12 months through December 2018.

ASP is a proprietorship firm of Mr Kasivi, who manages operations.
The firm is into manufacturing of DE blades with a plant near
Hyderabad. DE blades are cost-effective and commonly used in
shaving and hair cutting saloons. The company started its operation
from fiscal 2018.


BABA NAGA AGRO: CRISIL Withdraws B+ Ratings on INR34.5cr Loans
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Baba Naga
Agro Private Limited (BNAPL) 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             15        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

   Proposed Long Term       3.9      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

   Term Loan               15.6      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

CRISIL has been consistently following up with BNAPL for obtaining
information through letters and emails dated January 15, 2019 and
January 21, 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 BNAPL. 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 BNAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of BNAPL to 'CRISIL
B+/Stable Issuer not cooperating'.

BNAPL, promoted by Mr Sunil Chadha, processes rice at Tarn Taran,
Punjab. It has an installed capacity of 18 tph. Commercial
production commenced from April 2015.


BABA NAGA OVERSEAS: CRISIL Withdraws B+ Rating on INR18.1cr Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Baba Naga
Overseas (BNO) 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
   ----------      -----------     -------
   Term Loan            18.1       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B+/Stable'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with BNO for obtaining
information through letters and emails dated January 15, 2019 and
January 21, 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 BNO. 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 BNO is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of BNO to 'CRISIL
B+/Stable Issuer not cooperating'.

BNO, a partnership concern, was set up in 2008 by the Chadha family
in Amritsar. The firm leases warehouses. It has warehouse capacity
of 60,000 tonne, currently leased to PUNGRAIN for storing rice and
wheat.


BAJRANG COTEX: CRISIL Reaffirms B+ Ratings on INR5.74cr Loans
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Bajrang Cotex (BCT).

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         4.5        CRISIL B+/Stable (Reaffirmed)

   Term Loan           1.24       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the small scale of BCT's
operations, exposure to fluctuations in raw material price, and a
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the partners in the
cotton industry and their funding support.

Analytical Approach
Unsecured loans (outstanding at INR0.84 crore as on March 31, 2018)
extended to BCT by the partners have been treated neither debt nor
equity as these are expected to remain in the business and are
subordinated to bank debt

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and vulnerability to fluctuations in
raw material prices: Intense competition and volatile raw material
price may continue to constrain scalability, pricing power, and
profitability. Revenue was INR23.17 crore in fiscal 2018, while the
operating margin has been 5-5.9% for the past four fiscals.

* Below-average financial risk profile: Networth was low at INR2.84
crore as on March 31, 2018, with high total outside liabilities to
adjusted networth ratio of 2.36 times. Debt protection metrics were
also weak, with interest coverage ratio of 1.8 times in fiscal
2018.

Strengths

* Extensive experience of the partners and their funding support
Benefits from the partners' experience of two decades, their strong
understanding of the local market dynamics, healthy relations with
customers and suppliers, and timely, need-based unsecured loans
should continue to support the business.

Liquidity

* High bank limit utilization: Utilisation -- around 98% for the 12
months ended October 31, 2018 -- is expected to remain high over
the medium term due to large working capital requirement.

* Cash accrual against no repayment obligations: Cash accrual is
projected over INR0.45-0.50 crore per annum in fiscals 2019 and
2020, against nil yearly maturing debt; hence, the entire cash can
be used as working capital. Cash accrual was negative in fiscal
2018 due to sizeable capital withdrawal by the partners for
personal use; however, no such withdrawal is expected over the
medium term.

* Moderate current ratio: The ratio was 1.4 times as on March 31,
2018

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

Outlook: Stable

CRISIL believes BCT will continue to benefit from the extensive
experience of the partners and their funding support. The outlook
may be revised to 'Positive' if a substantial and sustainable
increase in revenue and cash accrual along with prudent working
capital management strengthens the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
significantly low cash accrual or a stretch in the working capital
cycle weakens the financial risk profile.

BCT was set up 2012 as a partnership between Mr Ramesh Dayma and Mr
Vijay Goyal. The Parbhani (Maharashtra)-based firm gins and presses
cotton with installed capacity of 7,000 tonne per annum.


CHEM CORP: CRISIL Reaffirms B Rating on INR1.25cr Loan
------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Chem
Corporation (CC) at 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            .75        CRISIL B/Stable (Reaffirmed)

   Letter of Credit      4.00        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.25        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect CC's small scale of operations,
volatile operating margin and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its proprietor in the chemical trading business.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operation: Limited product basket, moderation in
demand and intense competition is expected to continue to constrain
scale of operation over the medium term revenues were INR4.74 crore
in fiscal 2018.

* Fluctuating operating margin: Exposure to foreign exchange
(forex) risk and also fluctuation in crude oil prices kept
operating margin at 7-10% in the 4 years ending March, 2018. With
forex exposure remaining unhedged, operating margin is expected to
remain volatile.

* Large working capital requirement: Gross current assets (GCAs) of
323 days as on March 31, 2018 reflect large working capital
requirement.

Strengths:

* Extensive experience of the proprietor: Benefits from the
proprietor's over two decades of experience in the industry and
established relationships with customers and suppliers should
support business. The benefits include expanding product profile
and customer base to 10-12 major chemicals, and 300 clients,
respectively

Liquidity

Liquidity is reflected by moderate cash accrual generation of
INR0.17 crore in fiscal 2018 and expected to be around INR0.10-0.15
crore against no debt obligation over the medium term. Cushion in
bank lines which was utilized at 7% during the 12 months ended
November 2018 provides comfort.

Outlook: Stable

CRISIL believes CC will continue to benefit from the extensive
experience of, and financial support received from, the proprietor.
The outlook may be revised to 'Positive' if significant ramp-up in
scale of operation, efficient working capital management, or
sizeable capital infusion, strengthens financial risk profile. The
outlook may be revised to 'Negative' if low cash accrual, or
stretch in working capital cycle weakens liquidity.

Set-up in 1994, CC is a proprietorship firm of Mr Hitesh Shah. The
firm, sells imported organic chemicals, mainly hydrocarbons, in the
domestic market. It caters to end-user industries such as
pharmaceuticals, rubber, and agro-chemicals.


DHOOT RESORTS: CRISIL Withdraws D Ratings on INR50cr Loans
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Dhoot
Resorts and Spa Private Limited (DRSPL) 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        2        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Term Loan            48        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with DRSPL for obtaining
information through letters and emails dated November 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 DRSPL. 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 DRSPL 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 DRSPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

DRSPL, was incorporated in 2011; it operates The Gateway Resort in
Damdama Lake, Gurgaon (Haryana).

The Dhoot group was set up by Mr Kedar Nath Dhoot in 1962 with
business interests of trading in garments, hardware, and electrical
appliances, and manufacturing industrial tools and components. The
group also has presence in the education and healthcare businesses.
Mr Pawan Dhoot, the current managing sdirector, initiated the
group's entry into the real estate business and incorporated Dhoot
Developers Pvt Ltd (DDPL) in 1999. DDPL undertakes construction on
a contract basis. In 2003, the group diversified into
infrastructure development and established Dhoot Infrastructure
Projects Limited (DIPL) to undertake residential and commercial
real estate projects.


EMAAR DEVELOPERS: CRISIL Reaffirms B+ Rating on INR20cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of EMAAR Developers And Builders Private
Limited (EDBPL).

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           20         CRISIL B+/Stable (Reaffirmed)

The rating reflects the extensive experience of EDBPL's promoters
and exposure to moderate project risk. These strengths are
partially offset by susceptibility to cyclicality in the real
estate industry.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to cyclicality in the industry: The domestic real
estate industry is marked by cyclicality, opaque transactions, and
intense fragmentation because of the presence of a large number of
regional players.

* Exposure to moderate project risk: EDBPL is currently setting up
a residential cum commercial project'Ratan City'in Nagpur. While
the project is almost 71% complete, the booking and advances
received as percentage of realisation have remained modest at 39%
and 48%, respectively, thus, reflecting moderate project risk. The
timely completion of project and flow of advances for the same will
remain key monitorable given the upcoming repayment obligations.

Strengths:

* Extensive experience of the promoters: The company will continue
to benefit from the longstanding presence of its promoters in
Nagpur's real estate segment, and their funding support.

Liquidity

Liquidity is weak. Total advances expected at INR34.74 crore from
fiscals 2019 and 2020 are tightly matched against balance
construction cost of INR19 crore and repayment obligation of INR15
crore. The cash buffer ratio is expected to be at 1.1 times. Any
delay in receipt of advances and slowdown in sale of units may
impact liquidity and hence, will remain key monitorable given the
large upcoming repayment obligations.

Outlook: Stable

CRISIL believes EDBPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if more-than-expected sale realisation from ongoing
project, leads to substantially large cash inflow. The outlook may
be revised to 'Negative' in case of any delay in execution of
project or in receipt of customer advances, or if any large,
debt-funded project, weakens financial risk profile.

Incorporated in 1997, EDBPL, promoted by Mr Madan Balaji Ratan and
family, undertakes residential and commercial real estate
development in Nagpur. It is presently developing Ratan City, a
residential-cum-commercial project.


IL&FS GROUP: NCLAT Allows 22 Units to Service Debt Obligations
--------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal on Feb. 11 allowed 22 companies of crisis-hit IL&FS group
to service their debt obligations.

Moreover, a two-member bench headed by Justice S J Mukhopadhaya
approved appointment of former Supreme Court judge Justice D K Jain
to supervise resolution process of IL&FS group, according to
Livemint.com.

Livemint.com relates that the appellate tribunal also lifted
moratorium and allows 133 IL&FS firms incorporated outside India to
continue with the resolution process.

"We allow (companies under green categories) the board to permit
the company to service debt obligations as per schedule," the firm
said, Livemint.com relays.

The report notes that the NCLAT was hearing the government plea
over IL&FS group.

Earlier this month, the corporate affairs ministry submitted the
debt resolution plan for IL&FS, Livemint.com recalls.

Livemint.com notes that the entire resolution process would be
based on the principles enunciated in the Insolvency and Bankruptcy
Code, as per the ministry.  

Under the plan, the government has categorised IL&FS group
companies into green, amber and red based on their respective
financial positions, Livemint.com discloses.

According to the report, companies under the green category would
be those that continue to meet their payment obligations.

Amber category would be for those companies that would not be able
to meet their obligations but can meet only operational payment
obligations to senior secured financial creditors.

Amber category entities "are permitted to make only payments
necessary to maintain and preserve the going concern".

"Companies falling in the red category are the entities which can
not meet their payment obligations towards even senior secured
financial creditors," as per the plan, Livemint.com relays. Such
companies would be permitted to make payment necessary to maintain
and preserve the going concern status.

                           About IL& FS

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

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


INDO LAMINATES: CRISIL Moves 'D' on INR29 Debt to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Indo Laminates
Private Limited (ILPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          15         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      5         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             9         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ILPL for obtaining
information through letters and emails dated October 22, 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 ILPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ILPL 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 ILPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Established in 1985, ILPL manufactures laminates. It is based in
Delhi and its plant is in Bahadurgarh, Haryana. Its daily
operations are managed by Mr Rahul Goyal and Mr Subhash Goyal.


M R INDUSTRIES: CRISIL Moves B+ Ratings to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M R Industries
- Jaipur (MRI) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Term Loan              5.35    CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MRI for obtaining
information through letters and emails dated October 22, 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 MRI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MRI 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 MRI to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 1992 as a proprietorship firm by Ms Manju Gupta, MRI
manufactures mild steel billets and ingots at its facilities in
Jaipur. It also trades in machine parts, consumables, and
components related to the iron and steel industry.


M.K.R. TRADERS: CRISIL Moves B+ Ratings to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.K.R. Traders
Private Limited (MKR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          18        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan        0.72     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit          3.28     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MKR for obtaining
information through letters and emails dated October 22, 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 MKR. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MKR 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 MKR 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.

Based in Sholingur, Tamil Nadu, MKR trades in provisions such as
rice, maida, oil, and grams. It procures from mills, farmers, and
agents, and sells to retailers in Sholingur. In August 2016, MKR
entered the retail segment and opened a retail outlet in Sholingur.
It plans to expand further, in the retail business, over the medium
term.


MOGALS EDUCATIONAL: CRISIL Migrates D Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mogals
Educational and Charitable Trust (MECT) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan       16        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Overdraft             1        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    1        CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MECT for obtaining
information through letters and emails dated October 22, 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 MECT. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MECT 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 MECT to 'CRISIL D Issuer not cooperating'.

MECT, based in Nagercoil (Tamil Nadu), was established in 2004 by
Mr Mohamed Eakieem. The trust offers undergraduate, graduate, and
post-graduate courses in engineering, and teacher training courses
through MET College of Education, MET Engineering College, and MET
Teacher Training College.


N V KHAROTE: CRISIL Migrates 'D' Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of N V Kharote
Constructions Private Limited (NVKCPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       7.83      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          6         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   0.17      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NVKCPL for obtaining
information through letters and emails dated October 22, 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 NVKCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NVKCPL 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 NVKCPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

NVKCPL, incorporated in 1992, executes turnkey water supply and
lift irrigation projects for government agencies. The Pune-based
company specialises in manufacturing and laying out of pipes along
with related civil, electrical and fabrication activities.


NAGARWALA ENTERPRISES: CRISIL Moves B+ Rating to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nagarwala
Enterprises (NE) 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 NE for obtaining
information through letters and emails dated October 22, 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 NE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NE 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 NE 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 in 1980, NE is a partnership concern. The firm is
engaged into ginning and pressing of the raw cotton and crushing of
cotton seeds. The factory is situated in Wani, Maharashtra.


NATURAL ORGANIC: CRISIL Moves B Ratings to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Natural
Organic Farms (NOF) to 'CRISIL B/Stable Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         14       CRISIL B/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Term Loan            .92     CRISIL B/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NOF for obtaining
information through letters and emails dated October 22, 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 NOF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NOF 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 NOF to 'CRISIL B/Stable Issuer not cooperating'.

NOF is a sole proprietorship that gins and presses cotton. Mr.
Manjeet Chawla is the proprietor. The firm's ginning unit is at
Kesinga (Kalahandi District, Odisha).


NOMAX ELECTRICAL: CRISIL Moves B on INR16cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nomax
Electrical Steel Private Limited (NESPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Cash Credit          16       CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NESPL for obtaining
information through letters and emails dated October 22, 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 NESPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NESPL 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 NESPL to 'CRISIL B/Stable Issuer not cooperating'.

Established in 1981 as a proprietorship firm (Eastern Electricals)
by Mr. Moinuddin Mondal and reconstituted as a private limited
company in April 2, 2007, NESPL manufactures cold-rolled
grain-oriented silicon steel transformer cores for low and high
frequency distribution and power transformers. Facilities
admeasuring 90,000 square feet are in Kolkata and are ISO 9001:
2000 accredited. The cores are processed as per customer
specifications.


NOVO MEDI: CRISIL Withdraws B+ Ratings on INR10cr Loans
-------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Novo Medi
Sciences Private Limited (NMS) 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           9        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

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

CRISIL has been consistently following up with NMS for obtaining
information through letters and emails dated October 22, 2018,
November 16, 2018 and November 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 NMS. 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 NMS 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 NMS to 'CRISIL
B+/Stable Issuer not cooperating'.

NMS was incorporated in 2013, but commenced operations only in
March 2016. The company trades in and markets the chickenpox
vaccine (Nexipox) in India, and has a 10-year agreement with the
Chinese manufacturer. Mr Vipulkumar Bhagat and Ms Anju Kaundnya are
the promoters.


OMKAR NESTS: CRISIL Withdraws B+ Rating on INR60cr Term Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Omkar
Nests Private Limited (ONPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           60        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)   

CRISIL has been consistently following up with ONPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2000, ONPL is a Delhi based company engaged in real
estate development. ONPL is owned by Mr. Omkar Nath, Mr. Kamal
Krishan and Mr.Vimal Kumar who have an experience of more than a
decade in constructing multi-storey building in National Capital
Region and Jammu. ONPL has taken two residential and township
projects, i.e., Royal Nest (Greater Noida) and Royal Nest (Jammu).


PARASMAL PAGARIYA: CRISIL Migrates B+ Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Parasmal
Pagariya and Sons (PPS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with PPS for obtaining
information through letters and emails dated October 29, 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 PPS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PPS 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 PPS to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 1994, Parasmal Pagariya & Sons (PPS) promoted by Mr.
Ulhas Pagariya. PP& Sons is engaged into wholesale trading of food
grains, spices and edible oil. PP & Sons is part of the Pagariya
group. Pagariya group has been in the whole sale food grains,
spices and edible oil trading business from past 40 years.


PARWANI BUILDERS: CRISIL Moves B+ on INR6cr Debt to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Parwani
Builders Private Limited (PBPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         6        CRISIL B+/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PBPL for obtaining
information through letters and emails dated October 29, 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 PBPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PBPL 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 PBPL 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.

Established in 2003 and based in Pune, PBPL undertakes civil
construction works related to irrigation and railways. Mr Ajay
Parwani and Mr Alok Parwani are the promoters.


RANAR AGROCHEM: CRISIL Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ranar Agrochem
Limited (RAL) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Letter       18         CRISIL D (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

   Term Loan            29.1       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RAL for obtaining
information through letters and emails dated October 29, 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 RAL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RAL 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 RAL to 'CRISIL D/CRISIL D Issuer not cooperating'.

RAL manufactures single super phosphate (SSP), di calcium phosphate
(DCP), and nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilizers. The company's manufacturing units are located at
Visakhapatnam (AP).


RAVELS APPARELS: CRISIL Moves B+ on INR7cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ravels
Apparels Private Limited (RAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting     3.5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Export Packing       3.5        CRISIL B+/Stable (ISSUER NOT
   Credit                          COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RAPL for obtaining
information through letters and emails dated October 29, 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 RAPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RAPL 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 RAPL to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 1983 as a partnership firm, Ravels International, it was
reconstituted as a private limited company with the current name in
July 1993. RAPL is promoted by Mr Vinod Kapahi and family.


RENGANAYAGI VARATHARAJ: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Renganayagi
Varatharaj College of Engineering (RVCE) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Long Term Loan          20      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RVCE for obtaining
information through letters and emails dated October 29, 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 RVCE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RVCE 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 RVCE to 'CRISIL D Issuer not cooperating'.

RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by
the KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunelveli, and accredited to
All-India Council for Technical Education. The college is managed
by Chairman Mr V Kesavan, Secretary Mr V Ragavan, and
correspondent, Ms Brindha J Ragavan.


ROAR RESORT: CRISIL Migrates 'B' on INRcr Loan to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Roar Resort
Private Limited (RRPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Proposed Term Loan     10       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RRPL for obtaining
information through letters and emails dated October 29, 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 RRPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RRPL 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 RRPL to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2015, RRPL is promoted by Mr Raghav Gupta and Ms
Rupesh Gupta. The company is engaged in the hospitality business
and operates a resort (four-star category) in Jim Corbett National
Park. The resort started operations in April 2016.


RUCHI SOYA: Court Dismisses Standard Chartered's Petition in Case
-----------------------------------------------------------------
Livemint.com reports that the Mumbai bench of the National Company
Law Tribunal (NCLT) on Feb. 7 dismissed Standard Chartered Bank's
petition to reclassify it as a financial creditor to Ruchi Soya
Industries Ltd, stating the lender is too late in seeking such a
change.

According to Livemint.com, Standard Chartered, which had filed the
case on September 3, is trying to recover US$52.5 million (around
INR375 crore) from Ruchi Soya, which is undergoing insolvency
resolution.  

Livemint.com says the company owes more than INR10,000 crore to
banks and financial institutions. "There was a tripartite agreement
between Standard Chartered Bank, Ruchi Soya, and its subsidiary
Avanti Industries. Under this agreement, Ruchi Soya received the
money from Standard Chartered to supply goods to Avanti, and
subsequently, Standard Chartered had to collect money from Avanti,"
Shyam Kapadia, counsel for Standard Chartered, told NCLT,
Livemint.com relays. "The nature of the debt was working capital
and hence it qualifies as financial debt," Kapadia said.

Livemint.com relates that the Hong Kong branch of Standard
Chartered had given a trade finance facility to Ruchi Soya to
supply goods to Avanti and the company had agreed to repay the
money along with interest, which is purely a financial transaction,
the Standard Chartered counsel argued. Kapadia said that $105
million was disbursed of which $52.5 million is outstanding.
However, the NCLT bench of judicial member V.P. Singh and technical
member Ravikumar Duraiswamy, in its oral order, dismissed the plea,
observing that the resolution professional had called for claims in
January but the lender chose to come to court only in September.

On Feb. 7, the tribunal also directed Ruchi Soya's resolution
professional to comply with the Supreme Court order to hold a fresh
meeting of the committee of creditors to decide on the resolution
plans, Livemint.com relays.

NCLT will next hear the case on March 5 after lenders decide on a
successful bidder, Livemint.com discloses.

On January 31, the Supreme Court had allowed a former Ruchi Soya
director to participate in the fresh meeting of the company's
lenders and directed the resolution professional to provide copies
of resolution plans, adds Livemint.com.

                         About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution. On December 2, the NCLT bench
admitted the company for insolvency resolution process under the
IBC. The company owes more than INR12,000 crore to various
entities.


SAKTHI VINAYAGA: CRISIL Moves B+ on INR6cr Debt to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sakthi
Vinayaga Gin and Pressing Mills (SVG) to 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           6        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVG for obtaining
information through letters and emails dated October 29, 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 SVG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVG 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 SVG to 'CRISIL B+/Stable Issuer not cooperating'.

Established in 2009, SVG is a partnership firm. It gins and presses
cotton and also sells cotton lint and cotton seeds.


SHAKAMBARI POLYMERS: CRISIL Withdraws B Ratings on INR7.5cr Loans
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Shakambari Polymers Private Limited (SPPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              1        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Foreign Letter
   of Credit                0.5      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Long Term Loan           6.0      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with SPPL 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 they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company.

Detailed Rationale

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

CRISIL has withdrawn its ratings on the bank facilities of SPPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 2009, SPPL manufactures plastic caps. The
manufacturing unit is in Bengaluru. Operations of the company are
managed by key promoter, Mr. Shailesh Saraf.


SHEYN INTERNATIONAL: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sheyn
International School (SIS) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan       7.25      CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SIS for obtaining
information through letters and emails dated October 29, 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 SIS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIS 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 SIS to 'CRISIL B-/Stable Issuer not cooperating'.

SIS was set up in 2013 as a unit of Shaurya Jyoti Foundation (also
set up in 2013); it runs two schools, one each in Mango and Kandra,
both in Jamshedpur (Jharkhand). Mr Avinash Singh manages the
operations.


SHIV TOOLS: CRISIL Moves D on INR12cr Loans to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shiv Tools
Engineering Private Limited (STEPL) to 'CRISIL D Issuer not
cooperating'.

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

   Long Term Loan       1       CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with STEPL for obtaining
information through letters and emails dated October 29, 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 STEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STEPL 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 STEPL to 'CRISIL D Issuer not cooperating'.


STEPL was set up in 1996 as a proprietorship firm by Mr Bhikkan
Singh and was reconstituted as a private limited company in 2004.
The company is managed by Mr Singh, his wife, and their two sons.
STEPL initially manufactured dyes, paints, and tools for
automobiles and tractors. It has now diversified into manufacturing
external body parts for automobiles and tractors. Its registered
office is in Faridabad (Haryana).


SHIVANI CONSTRUCTION: CRISIL Assigns B Rating to INR1.5cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shivani Construction - Sarguja (SCS)

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5.0       CRISIL A4 (Assigned)
   Cash Credit             1.5       CRISIL B/Stable (Assigned)

The ratings reflect exposure to intense competition in the
fragmented civil construction industry, and a modest scale, and
working capital-intensive nature, of operations. These weaknesses
are partially offset by the extensive industry experience of the
partners and an above-average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition in a fragmented industry and a
modest scale of operations: The civil construction industry
comprises large organised players and several unorganised ones. The
firm's operating income was modest at INR9.27 crore for fiscal 2018
and Rs. 8 crore in the nine months through December 2018. Revenue
is expected at INR12 crore for fiscal 2019.

* Working capital-intensive operations: Gross current assets were
high 227 days, driven by inventory of 43 days and debtors of 0
days, as on March 31, 2018.  Bills are generally raised every month
and government payment is received within 25-30 days thereafter.
Further, inventory of around two months is maintained.

Strengths:

* Extensive industry experience of the partners: The partners have
been associated with the civil construction industry for over two
decades through group firms, and have established a strong
relationship with raw material suppliers.

* Above-average financial risk profile: The total outside
liabilities to adjusted networth ratio was low at 0.96 time on a
modest networth of INR3.88 crore, as on March 31, 2018. The debt
protection metrics were comfortable, with interest coverage and net
cash accrual to adjusted debt ratios of 3.2 times and 0.10 time,
respectively, in fiscal 2018.

Liquidity

The bank limit was fully utilised during the 12 months through
December 2018, and even over utilised at month ends as interest was
charged on the last day. Utilisation is expected to remain high
over the medium term on account of working capital-intensive
operations. However, expected cash accrual of around INR70 lakh,
would be sufficient to meet term debt obligation of INR16 lakh, per
fiscal over the medium term, and the excess would act as a cushion
to liquidity. Liquidity remains supported by promoter funding in
the form of equity and unsecured loans to meet working capital
requirement and repayment obligation.

Outlook: Stable

CRISIL believes SCS will continue to benefit from the industry
experience of its partners. The outlook may be revised to
'Positive' if revenue and profitability increase significantly and
sustainably, leading to better cash accrual. The outlook may be
revised to 'Negative' in case of large, debt-funded capital
expenditure, a decline in revenue and operating profitability, a
stretch in the working capital cycle, or significant capital
withdrawal, weakening the financial profile.

SC, based in Sarguja, Chhattisgarh, undertakes civil construction
projects.


SHREE MORAYA: CRISIL Moves B+ on INR8cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Moraya
Polymers Private Limited (SMPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          2        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Rupee Term Loan      6        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMPPL for obtaining
information through letters and emails dated October 29, 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 SMPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPPL 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 SMPPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in February 2013, Pune-based SMPPL manufactures PET
bottles for Bisleri International Pvt Ltd. The company started
commercial operations from September 2013. The company is promoted
by Mr. Santosh Sawant, Mr. Ajay Galande and Mr. Rohidas Landhghe.


SHREENIDHI METALS: CRISIL Lowers Ratings on INR5.84cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Shreenidhi
Metals Private Limited (SMPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been delay in repayment of term loan.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Inland/Import        1.0        CRISIL D (ISSUER NOT
   Letter of Credit                COOPERATING; Downgraded
                                   from 'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Term Loan            2.34       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SMPL for obtaining
information through mails dated 28-Nov-17 and 12-Dec-17 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 SMPL. 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 SMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

Based on the last available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating', as there has been delay
in repayment of term loan.

SMPL is engaged in the manufacturing and trading of aluminum
Circles, Squares, and Hexagon plates. The company was formed by
promoters Mr. Prahlad Maloo and Family. SMPL was formed in the year
2013 and started operations in August 2014. SMPL had an installed
capacity of 1,800 metric ton per annum (MTPA) at its manufacturing
plant located at Vadodara, Gujarat.


SIISA: CRISIL Moves B+ Rating on INR15 Loan to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SIISA (SIISA;
part of the SIISA group) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SIISA for obtaining
information through letters and emails dated October 29, 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 SIISA. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIISA 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 SIISA to 'CRISIL B+/Stable Issuer not cooperating'.

Established in March 2005 as a partnership firm by Mr Vasaram
Choudhary and his family members, SIISA operates a retail showroom
in Pune.


SRIMATHI SUNDARAVALLI: CRISIL Cuts Rating on INR53cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded the rating of Srimathi Sundaravalli Memorial
Educational Trust (SSMET) to 'CRISIL D' from 'CRISIL BB/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan        53       CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

The downgrade reflects delays in repayment of term loan due to
stretched liquidity. The ratings also reflect vulnerability of SSM
business to regulations in the education sector and to intense
competition and geographical concentration in revenue profile.
These weaknesses are offset by extensive experience of the promoter
in the education industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in repayment of term loan: SSM has delayed its term loan
repayment due to weak liquidity. The same is estimated to be due to
mismatch in cash flow as fee collection is seasonal; however the
trust generates adequate cash accruals on an annual basis.

* Vulnerability to regulations in the education sector: The
establishment and running of CBSE (Central Board for Secondary
Education) educational institutions are governed by various
governmental and quasi-governmental agencies such as the CBSE
board. Each body has detailed procedures for granting permission to
set up new institutions, and approvals need to be renewed
periodically.

* Exposure to intense competition and geographical concentration in
revenue: The brand value of SSMET is confined largely to Tamil Nadu
with majority of the students coming from in and around Chennai.
The business should remain exposed to intense competition from
various schools in the region.

Strength

* Extensive experience of the promoters: The promoters have an
experience of more than three decades in the education industry.
They have developed a strong brand as a provider of quality
education backed by sound infrastructural facilities. In addition,
the institutes have an established market position in the region as
indicated by occupancy of over 90% during the three fiscals through
2018.

Liquidity

The trust has delayed its term loan repayment due to weak
liquidity. The trust is estimated to generate adequate accruals in
the range of 10 to 13 crores over the medium term against repayment
obligation of about INR7.6 crores. However, due to cash flow
mismatch on account of seasonality in fee collection and regular
outflow of funds towards capital expenditure (capex) liquidity
remains constrained. The trust does not have working capital limits
to support the liquidity as well. SSMET is estimated to do capex in
the range of 3 to 5 crores annually over the medium term.

Established as a registered trust in 1985, SSMET runs three schools
in Chennai. Operations are managed by Mr K Santhanam, the managing
trustee. The trust used to run a senior citizen home, SSM Residency
till fiscal 2018.


UMA GLASS: CRISIL Withdraws 'D' Ratings on INR12cr Loans
--------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Uma
Glass Works (UGW) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5.5      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

   Inland/Import        1.65     CRISIL D (ISSUER NOT
   Letter of Credit              COOPERATING; Rating Withdrawn)

   Proposed Term Loan   1.7      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

   Term Loan            3.15     CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with UGW for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

UGW was established in 2011 and was taken over by the current
partners Mr. Gaurav Singhal, Mr. Suresh Chandra Agarwal, and Ms.
Gunjan Singhal in 2009. It manufactures glass products such as
kitchen ware, table ware, and glass ware. It has installed capacity
of 50 tonne per day at its facility in Firozabad Uttar Pradesh, of
which, 70 percent is utilised.


VRC AGRO: CRISIL Migrates D Rating From Not Cooperating Category
----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of VRC Agro Farms Private Limited (VRC) to
'CRISIL D/CRISIL D; Issuer not cooperating' vide rating rationale
dated October 9, 2018. However, management has started sharing
information necessary for a comprehensive review of the ratings.
Consequently, CRISIL is migrating its ratings to 'CRISIL D' from
'CRISIL D; issuer non-cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.7       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.3       CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL D ISSUER NOT
                                    COOPERATING')

The ratings continue to reflect delays in servicing interest on
cash credit limit. The company also has a modest scale of
operations, exposure to risks inherent in the seafood industry, and
below-average financial risk profile because of small networth,
high total outside liabilities to tangible networth (TOLTNW) ratio,
and muted interest coverage ratio. However, VRC benefits from
promoter's extensive experience in the prawns trading and
cultivation industry and established relationship with suppliers
and customers.

Key Rating Drivers & Detailed Description

Delay in servicing interest: The company did not service interest
on cash credit from August-December 2018 owing to stretched
liquidity.

Weaknesses

* Modest scale of operations and exposure to intense competition:
Scale remains subdued, reflected in revenue of INR39.6 crore in
fiscal 2018. This is compounded by intense competition in the
prawns trading and cultivation business.
  
* Exposure to risks inherent in the seafood industry: Business risk
profile remains exposed to uncertainty in the seafood industry,
which is more pronounced on the supply side than on the demand
side. Furthermore, the industry is susceptible to outbreak of
diseases, and natural calamities.

* Below-average financial risk profile: The TOLTNW ratio was high
at 6 times and networth small at INR5.36 crore, as on March, 2018.
Interest coverage ratio was modest at 1.41 times for fiscal 2018.

Strengths

* Extensive experience of promoter: Industry presence of around
three decades has enabled the promoter to scale up operations;
establish a strong market presence in Nellore, Andhra Pradesh; and
forge healthy relationship with suppliers and customers

Liquidity

The company was unable to service interest on cash credit during
August-December 2018 because of low sales in non-peak season

Set up in 1994 as a proprietorship firm (Kanneganti Sea Foods) in
Hyderabad, Telangana by Mr K Ramakrishna and reconstituted as a
private limited company in 2011, VRC cultivates and trades prawns.


VSC INFRA: CRISIL Lowers Ratings on INR18cr Loans to D
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of VSC
Infra Private Limited (VSC) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        12.06       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            5.00       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Bank          0.94       CRISIL D (Downgraded from
   Guarantee                         'CRISIL A4+')

The downgrade reflects delay by VSC in payment of interest on the
cash credit facility. The ratings also factor in the large working
capital requirement. However, the company benefits from the
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Delay in payment of interest: Cash accrual remained insufficient
to meet maturing debt, leading to overdue principal and interest
obligation. Hence, utilisation of the cash credit facility has been
high, averaging 101% for the 12 months through June 2018

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term, resulting in
high bank limit utilisation. Gross current assets were 131 days as
on March 31, 2018, driven by high debtors and inventory holding of
86 days and 22 days, respectively.

Strengths

* Experience of the promoters: Benefits from the promoters'
experience of over a decade, their strong understanding of local
market dynamics, and healthy relations with customers and suppliers
should continue to help obtain orders from various government
agencies in Telangana and the Indian Railways.

Liquidity

* High bank limit utilization: Bank limit utilisation is high
around 94 percent for the past twelve months ended October 31,
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 around Rs. 5.crore which are sufficient against term
debt obligation of INR3 crore over the medium term.

* Moderate current ratio: Current ratio is moderate at 1.46 times
on March 31, 2018.

VSC, incorporated in July 2008 at Hyderabad, undertakes power
construction projects; drilling and blasting for rock excavation;
lift irrigation projects; branch canals; earth work; excavation;
embankment; structures of printed circuit board; track conversion
in railways; and construction of embankment of dam project. Revenue
is majorly generated from executing construction work for the
Indian Railways and the Government of Telangana.


[*] CHINA: Private Firms Hit by Default Contagion
-------------------------------------------------
Shu Zhang at Reuters reports that the collapse in China of a
complex web of debt guarantees involving several private firms
highlights risks in its financial system and opens up a potentially
hazardous front for an economy in the grip of its slowest growth in
nearly three decades.

It is the last thing Beijing needs as it tries to fight off
intensifying pressure on growth from a months-long trade dispute
with the United States, Reuters notes. Yet, as the government steps
up economic support measures and moves to loosen gummed-up funding,
it might be inadvertently inflaming financial risks with its call
on state banks to sharply boost lending to the private sector.

According to Reuters, the warning bells are already sounding in the
once-prosperous eastern city of Dongying, a hub for oil refining
and heavy industry in Shandong province. Here, at least 28 private
companies are seeking to restructure their debts and avoid
bankruptcy, mainly due to souring loans that they guaranteed for
other firms, court rulings seen by Reuters show.

Among the 28 firms are Shandong Dahai Group and Shandong Jinmao
Textile Chemical Group, which were on the 2018 top 500 best-run
private enterprises in China, Reuters discloses.

Reuters notes that for a private firm to get bank loans in China,
especially those in traditional, capital-intensive industries, it
often needs substantial collateral or the guarantee of another
company. The guarantor itself is very likely to have taken on loans
guaranteed by other firms.

The private sector mess in Dongying highlights the inherent dangers
in cross-guaranteeing of debt, with defaults quickly cascading
across the system when one loan goes bad, threatening to disrupt
local financial systems and new lending, the report states.

According to Reuters, the concern is that Dongying is just the tip
of the iceberg as cross-guaranteeing of loans is a common practice
across China.

Reuters relates that private firms' funding options are somewhat
constrained because banks are reluctant to lend to the non-state
sector, said Yang Zaiping, secretary-general of Beijing-based Asian
Financial Cooperation Association, which comprises financial
institutions from about 30 countries.

"There is a severe imbalance between private companies'
contribution to the Chinese economy and the financing that they
get. They account for 50 percent of taxes, 60 percent of GDP, 80
percent of urban jobs and 90 percent of new hires, but only receive
25 percent of loans disbursed," Yang, a former Chinese banking
regulatory official, told Reuters.

"If private companies don't have other sources of funds to repay
their debts, or collateral, they have to find guarantees, which
will add 2 to 3 percentage points to their financing costs," he
said.

As of end-June, Shandong Dahai had outstanding guarantees on
CNY2.67 billion ($394 million) of debt for 14 companies, Reuters
discloses citing a company filing in August. The total amount of
guarantees was equivalent to 48 percent of its net assets.

Six of the firms have run into financial or legal trouble and two
have been blacklisted by courts as "dishonest debtors" for their
lack of creditworthiness, Reuters adds.

Reuters notes that resource-rich Dongying, the site of China's
second-largest oilfield Shengli, used to be one of the country's
richest cities thanks to its vibrant private economy, boasting the
highest income per capita in Shandong in 2017.

But excessive lending to local companies during boom times saw
firms diversify into non-profitable, non-core businesses. So when
credit conditions later tightened as Beijing embarked on a
years-long deleveraging campaign, a series of loan and bond
defaults in the region followed, the report relays.

"Bad loans are often extended during good times," said a
Shandong-based official, who declined to be named, Reuters relays.

The consequences are now clear, the report says. Two Dongying banks
- Guangrao Rural Commercial Bank and Dongying Bank - have been hit
by a sudden surge in non-performing loans.

Over 95 percent of Guangrao Rural's bad loans were backed by
guarantees, but the back-stop is mostly useless now because it was
provided by firms that were heavily indebted and some had suspended
production, Reuters reports citing a ratings report in May.

In Dongying, the local government has come to the rescue of the
private companies by pushing through debt restructuring to avoid
bankruptcy, said the Shandong-based official, Reuters adds.




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

ART STAGE: Placed Under Provisional Liquidation
-----------------------------------------------
The Strait Times reports that Art Stage Singapore, the company
behind what was once Singapore's main visual arts fair, was placed
under provisional liquidation on Jan. 31, according to a press
statement from the restructuring consultancy company appointed to
wind it up.

This marks the end for Art Stage Singapore, considered the
country's most influential art fair since 2011. It was cancelled
abruptly on Jan. 16, eight days before its preview opening at the
Marina Bay Sands Expo and Convention Centre, the report says.

The Strait Times relates that a press statement from Acres Advisory
on Feb. 12 announced the provisional liquidation and that Mr. Tee
Wey Lih has been appointed the provisional liquidator. He is
arranging to recover the company's assets and records.

A creditors' meeting has been scheduled for Feb. 28 and the notice
of meeting will be issued to the creditors shortly, according to
the statement cited by The Straits Times.

In an e-mail to The Straits Times, Acres Advisory said the
liquidation process had been initiated by the directors of Art
Stage Singapore and estimated that it will take between 12 and 18
months to complete, assuming no complexities develop.

Asked if all the creditors would be getting their money back, a
spokesman for Acres replied: "We are still evaluating the situation
and in the midst of recovering the company's assets. We would be in
a better position to advise the creditors on the recovery prospect
in due course," The Straits Times relays.

Art Stage Singapore's fair director is company president Lorenzo
Rudolf, and his wife Maria Elena is vice-president. The fair was
backed by the National Arts Council, Economic Development Board and
Singapore Tourism Board.




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

HANJIN HEAVY: Stock Trading Suspended Amid Capital Erosion
----------------------------------------------------------
Yonhap News Agency reports that Hanjin Heavy Industries &
Construction Co., a midsized South Korean shipbuilder, said on Feb.
13 that its stock trading has been suspended until the end of March
due to capital erosion.

According to Yonhap, the shipyard also said its losses snowballed
to KRW1.32 trillion (US$1.18 billion) last year, from a loss of
KRW278 billion a year earlier as it reflected losses from its ties
with its Philippine affiliate, which received approval for a
rehabilitation scheme in January.

Sales reached KRW1.69 trillion last year, up 3 percent from a year
earlier, and operating income swung to KRW61.8 billion from a loss
of KRW1.9 billion a year ago, Yonhap discloses.

Yonhap relates that Hanjin Heavy said its financial status will
improve down the road on the back of debt-for-equity swaps with its
creditors, including state-run Korea Development Bank.

Its Philippine affiliate, HHIC-Phil Inc. which operates the Subic
yard, has been suffering massive losses since 2016, which in turns
hurt its parent, Hanjin Heavy.

Hanjin Heavy and its affiliate have been suffering from a drop in
new orders amid the protracted slump in the global shipbuilding
industry, according to Yonhap.

In 2004, Hanjin Heavy built the shipyard in the Philippines to
boost its overall competitiveness.  The Subic shipyard's assets
have been valued at 1.84 trillion won, and it employs 4,000
people.

Yonhap notes that Hanjin Heavy has been conducting massive
restructuring efforts since 2016 by selling non-core assets. So
far, the shipyard has met 65 percent of the KRW2.1 trillion
restructuring scheme proposed by its creditors.

Headquartered in Busan, South Korea, Hanjin Heavy Industries &
Construction Co., Ltd. provides shipbuilding, construction, and
plant services in South Korea and internationally. The company
builds commercial ships, such as container and gas carriers,
tankers, bulk carriers, and special purpose ships; and special
ships, including landing platform helicopters, multi support
vessels, landing craft utilities, landing ship tankers, patrol
forces, patrol ship killers, offshore patrol/salvage vessels,
landing ship fast, ice breakers, hydrographic vessels, fishery
research vessels, and oceanographic vessels. It also provides
construction and engineering services, which include the
construction of various infrastructure projects.



                           *********


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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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