TCRAP_Public/190218.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, February 18, 2019, Vol. 22, No. 35

                           Headlines



A U S T R A L I A

A.M.I.E INVESTMENTS: First Creditors' Meeting Set for Feb. 25
AUSSIE ADVENTURE: First Creditors' Meeting Set for Feb. 22
CGP BALMAIN: Second Creditors' Meeting Set for Feb. 22
COUNTRY WELLNESS: Second Creditors' Meeting Set for Feb. 25
INFANT NUTRITION: First Creditors' Meeting Set for Feb. 26



C H I N A

CHINA: Launches Inspection of Bond Default Risk
HC GROUP: Moody's Withdraws B3 CFR for Business Reasons
QINGDAO CITY CONSTRUCTION: S&P Cuts Sr. Unsec. Notes Rating to BB+
TIMES CHINA: Fitch Rates USD500M Senior Notes Due 2022 'BB-'


H O N G   K O N G

CENTURY SUNSHINE: Fitch Withdraws 'B(EXP)' Rating on USD Sr. Notes


I N D I A

ANISHA ENTERPRISES: CARE Assigns B+ Rating to INR10cr LT Loan
CAPITAL VENTURES: Ind-Ra Keeps BB- on INR180MM on Non-Cooperating
DHAWAN TRADING: CARE Keeps B on INR22.5cr Debt in Not Cooperating
DNS ELECTRONICS: Ind-Ra Raises Long Term Issuer Rating to BB
GOODWIN JEWELLERS: Ind-Ra Cuts INR700MM Loan Rating to D

HUBLI COTTON: CARE Lowers Rating on INR7.50cr LT Loan to D
IBC LIMITED: CRISIL Reaffirms B- Rating on INR9.5cr Loan
J. KAY AGENCIES: CRISIL Moves B- Rating to Not Cooperating Category
JET AIRWAYS: Close to Getting Lifeline From Lenders
KEDARNATH COTTONS: CRISIL Hikes Ratings on INR20.93cr Loans to B+

KERALA INFRASTRUCTURE: Fitch Rates New Sr. Secured Notes 'BB(EXP)'
KERALA INFRASTRUCTURE: S&P Assigns 'BB' Rating to Masala Bonds
KMS HEALTH: CRISIL Migrates B+ on INR5.5cr Loans to Non-Cooperating
NAINITAL TARAI: CARE Lowers Rating on INR9cr LT Loan to B+
NEPZPACK INDUSTRIES: CRISIL Migrates B+ Ratings to Not Cooperating

NEW FIELD: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
NILKANTH CHAWAL: CARE Hikes Rating on INR5cr LT Loan to B+
OCTAL SALES: Ind-Ra Reassigns LT Issuer Rating to 'B-'
OMRV HOSPITALS: CARE Moves B on INR6.14cr Debt to Not Cooperating
PAL PRATEEK: CRISIL Migrates B+ Rating to Not Cooperating Category

PASUPALA FOODS: CRISIL Migrates B+ Rating to Not Cooperating
PRAGATI AGENCIES: CARE Assigns B+ Rating to INR9.60cr LT Loan
PRAKRUTI LIFE: CRISIL Migrates D Rating to Not Cooperating
PSV PRECAST: CARE Assigns 'B+' Rating to INR10cr LT Loan
RAJESHREE FIBERS: CARE Moves B+ on INR8cr Debt to Not Cooperating

SAI MAATARINI: CARE Reaffirms 'D' Rating on INR1397.35cr Loan
SAI SHIPPING: CRISIL Raises Ratings on INR29cr Loans to B
SHURU STONES: CARE Reaffirms B Rating on INR15cr LT Loan
TRADES WORTH: CARE Moves INR6.5cr Debt to Non-Cooperating
TRADING ENGINEERS: Ind-Ra Migrates D LT Rating to Non-Cooperating

V. I. SHETTY: CRISIL Moves B+ Rating to Not Cooperating Category


P H I L I P P I N E S

HANJIN HEAVY: Lenders Agree on Debt-Rescheduling for Subic Yard


S I N G A P O R E

HYFLUX LTD: Shareholders Face Losses Under Restructuring Plan
KITCHEN CULTURE: Half-Year Net Loss Widens to SGD1.9MM
NEWSTEAD TECHNOLOGIES: In Liquidation; Owes More Than SGD60MM


S O U T H   K O R E A

DOOSAN HEAVY: Posts KRW422BB Annual Net Loss in 2018

                           - - - - -


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

A.M.I.E INVESTMENTS: First Creditors' Meeting Set for Feb. 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of A.M.I.E
Investments Pty Ltd, trading as 'Lux Lounge' and 'Alimento Balwyn',
will be held on Feb. 25, 2019, at 11:00 a.m. at Level 9, 440
Collins Street, in Melbourne, Victoria.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of A.M.I.E Investments on
Feb. 13, 2019.


AUSSIE ADVENTURE: First Creditors' Meeting Set for Feb. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Aussie
Adventure Caravans Pty Ltd, Downunder RV Australia Pty. Ltd.,
Townsville RVS Pty. Ltd., and Coffs Harbour RVS Pty. Ltd. will be
held on Feb. 22, 2019:

Name of Company         Time           Place
---------------         ----           -----
Aussie Adventure        12:00 p.m.     BDO, Collins Square
Caravans Pty Ltd                       Tower Four
                                       727 Collins St, VIC

Downunder RV            12:00 p.m.     BDO, Level 11
Australia Pty.                         1 Margaret Street
Ltd.                                   Sydney, NSW

Townsville RVS          11:00 a.m.     BDO, Level 10/12 Creek St.
Pty. Ltd.                              Brisbane City, QLD

Coffs Harbour RVS        9:00 a.m.     BDO, 38 Station St.
Pty. Ltd.                              Subiaco WA

Nicholas Martin and Andrew Fielding of BDO were appointed as
administrators of Aussie Adventure on Feb. 13, 2019.


CGP BALMAIN: Second Creditors' Meeting Set for Feb. 22
------------------------------------------------------
A second meeting of creditors in the proceedings of CGP Balmain Pty
Ltd, CGP Annandale Pty Ltd and CGP Maroubra Pty Ltd has been set
for Feb. 22, 2019, at 9:00 a.m., 9:30 a.m., and 10:00 a.m. at the
offices of O'Brien 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. 21, 2019, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of CGP
Balmain, CGP Annandale and CGP Maroubra on Jan. 17, 2019.


COUNTRY WELLNESS: Second Creditors' Meeting Set for Feb. 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Country
Wellness Pharmacy Rosanna Pty Ltd, fomerly Trading As "TerryWhite
Chemmart Rosanna" and Country Wellness Pharmacy Wynnum Pty Ltd,
formerly Trading As "TerryWhite Chemmart Selina Street" has been
set for Feb. 25, 2019, at 10:00 a.m. at the offices of BRI Ferrier
Melbourne, at Level 10, 45 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 22, 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.

INFANT NUTRITION: First Creditors' Meeting Set for Feb. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of The Infant
Nutrition Company of Australia Pty Ltd will be held on Feb. 26,
2019, at 10:30 a.m. at Karstens, at 123 Queen Street, in Melbourne,
Victoria.

Laurence Fitzgerald and Michael Humphris of William Buck were
appointed as administrators of Infant Nutrition on Feb. 15, 2019.




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

CHINA: Launches Inspection of Bond Default Risk
-----------------------------------------------
Gabriel Wildau at The Financial Times reports that China's state
planning agency will investigate corporate bond issuers' ability to
repay maturing notes, a sign of Beijing's concern about financial
risks amid a slowing economy and tight liquidity that has made
refinancing difficult for many borrowers.

Chinese bond defaults reached an all-time high last year, and
issuers are facing a wave of maturities in 2019, the FT says.

According to the FT, a series of high-profile defaults in recent
weeks have shaken market confidence. China Minsheng Investment
Group, a privately equity group backed by many of China's largest
private companies, failed to repay principal on a CNY3 billion
(US$442 million) private placement bond late last month.

The National Development and Reform Commission has authority over
so-called "enterprise bonds", which are issued by state-owned
enterprises, the FT says. The commission said its local offices
will inspect companies' ability to repay debt and work to protect
bondholders' rights, the report relates.

The goal of the inspection is to "launch an offensive to guard
against and dissolve major risks," the FT discloses citing a
statement dated February 1 and published on the agency's website
Feb. 13.


HC GROUP: Moody's Withdraws B3 CFR for Business Reasons
-------------------------------------------------------
Moody's Investors Service has withdrawn HC Group Inc.'s B3
corporate family rating (CFR) and the previously stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Established in 1992 and listed on the Hong Kong Stock Exchange in
2003, HC Group Inc. provides integrated business solutions for its
customers.


QINGDAO CITY CONSTRUCTION: S&P Cuts Sr. Unsec. Notes Rating to BB+
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Qingdao City Construction Investment (Group) Ltd.'s (QCCI) to
'BBB-' from 'BBB', and on the company's subsidiary QCCI HK to 'BB+'
from 'BBB-'. S&P also lowered its issue rating on the senior
unsecured notes that QCCI HK issued to 'BB+' from 'BBB-'.

S&P said, "We lowered the ratings because we believe Qingdao City
Construction Investment (Group) Ltd.'s accelerating expansion in
commercial businesses is likely to weaken the likelihood of timely
extraordinary government support to company. We anticipate the
company's offshore financing arm, Hongkong International (Qingdao)
Co. Ltd. (QCCI HK), will remain highly strategic to its parent QCCI
over the next 12 months.

"We expect the government's oversight and monitoring of QCCI to
gradually become more comparable to that of other, more
self-supporting industrial state-owned enterprises (SOEs) in
Qingdao. In our view, the company's original operating model
prioritizes policy and development mandates over profits, and QCCI
is therefore more likely to receive government support than more
commercially focused SOEs. In addition, we believe the Qingdao
government is less likely to support QCCI if the company's
financial distress is due to businesses other than urban
infrastructure or land development."

Over the past few years, QCCI has expanded aggressively into
competitive segments including financial leasing, micro-lending,
solar farms, and private healthcare. Its investments include in
Panda Green Energy Group Ltd. (PGE; CCC+/Watch Neg/--), a Hong
Kong-listed, China-based solar-power operator, and in Qingdao
Hengshun Zhongsheng Group Co. Ltd.

QCCI's investments are in line with the Qingdao government's
initiatives to support industries such as renewable energy.
However, investment decisions are primarily profit driven, and the
company seeks to earn a certain level of returns by taking
advantage of its lower cost of funding. In addition, some of these
projects do not provide direct social benefit to Qingdao.

QCCI's financial leasing segment has been expanding rapidly, and
the majority of its exposure is no longer to local SOEs in Shandong
province. As of June 2018, the company's top regional exposures for
the leasing segment are in the provinces of Guizhou, Sichuan, and
Yunan. In S&P's view, such growing exposure dilutes QCCI's public
welfare role. As of September 2018, the financial services segment,
which is also highly competitive, contributes about 30% of QCCI's
total assets.

S&P said, "In our view, QCCI's increasing foray into commercial
businesses increases the difficulty for the Qingdao municipal
government to effectively monitor the potential risks in these
segments. This shift is also in line with the general trend of
transformation of the business model of Chinese local government
financing vehicles (LGFVs) guided by the local and central
governments."

S&P still expects QCCI to remain a very important SOE under the
Qingdao State-owned Assets Supervision and Administration
Commission (SASAC). The company's significant assets of about
Chinese renminbi (RMB) 200 billion as of end-2018 provide a unique
and important platform to support large infrastructure projects in
Qingdao. Over the past 10 years, QCCI has invested RMB100 billon in
infrastructure construction projects on behalf of the government.
The company has also built social housing and hospitals in the
city.

QCCI is also likely to continue to be part of the Qingdao
government's initiative to move toward high-tech manufacturing and
marine-related technology. The company is responsible for
development of numerous industrial parks to attract electric
vehicle and semi-conductor manufacturers.

In addition, QCCI will continue to benefit from the government in
land development rights and other policy support. For example, the
company received development rights to 2,500 mou (each mou equals
0.165 acre, or 666.5 square meters) of land for relocation of
Qingdao Steel Group, and to 3,000 mou of commercial land for
developing a semi-conductor industrial park. QCCI will also be more
likely to secure and enforce its collateral from clients for its
small loans or leasing business.

S&P said, "We expect QCCI to remain highly leveraged. Ongoing
government support through potential capital injections and asset
transfers, and QCCI's good access to refinancing will be important
for the company's debt-servicing capability in the next few years.

We anticipate that QCCI's cash flow adequacy will remain weak over
2018-2020, given its high debt balance and financing cost. The
company's funds from operations (FFO) cash interest coverage is
likely to be 0.7x-1.0x over 2018-2020, compared with 0.7x in 2017.

"The stable outlook on QCCI reflects our view that the credit
profile of the Qingdao municipal government will remain stable over
the next 12-24 months.

"We expect the government to benefit from a more supportive
inter-governmental fiscal regime. We also anticipate that the
city's fast economic growth and access to funding from the capital
market will mitigate the impact of its large deficits and heavy and
rising debt.

"At the same time, we see an extremely high, albeit weakening,
likelihood that QCCI will receive extraordinary support from the
government over the next 12-24 months.

"The stable outlook on QCCI HK reflects our view that the company
will remain highly strategic to its parent QCCI over the next 12
months. The rating on QCCI HK will move in tandem with that on QCCI
(with a one-notch differential) unless we reassess QCCI HK's group
status.

"We could lower the ratings on QCCI and QCCI HK if we believe the
credit profile of Qingdao government has weakened. This could
happen if Qingdao's economic performance is weaker than we expect,
undermining the government's fiscal sustainability, raising the
debt burden, and constraining its debt servicing capacity. The
government's larger contingent risk than we expect due to its high
debt exposure to the SOE sector could also weaken its credit
profile."

S&P could also lower the rating on QCCI if it believes the
likelihood of extraordinary government support has materially
diminished. This could happen under the following circumstances:

-- Policy risk heightens further, which may prevent the Qingdao
    municipal government from providing extraordinary support in a

    timely manner;

-- The government significantly reduces its ownership of QCCI or
    loosens its supervisory control;

-- A lower proportion of QCCI's assets are in primary land
    development and infrastructure projects.

S&P said, "An upgrade of QCCI and QCCI HK is unlikely, in our view.
However, it could happen if we believe the creditworthiness of the
Qingdao government has improved." This could be triggered by
structural improvement in Qingdao's budgetary performance, such
that after-capital deficits narrow to consistently less than 10% of
total revenue. At the same time, the city should exhibit structural
deleveraging such that tax-supported debt reduces relative to
consolidated operating revenues. This could be due to rising
revenues and slowing debt accumulation by the city government and
its LGFVs.

TIMES CHINA: Fitch Rates USD500M Senior Notes Due 2022 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) USD500 million 7.625% senior notes due 2022
a final rating of 'BB-'.

The notes are rated at the same level as Times China's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The company intends to use the net proceeds
to refinance debt and for general working capital. The final rating
is in line with the expected rating assigned on 12 February 2019.

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 its 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's reported sales enjoyed a CAGR of 41% in 2013-2018 to
reach 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 its 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.




=================
H O N G   K O N G
=================

CENTURY SUNSHINE: Fitch Withdraws 'B(EXP)' Rating on USD Sr. Notes
------------------------------------------------------------------
Fitch Ratings has withdrawn the 'B(EXP)' expected rating assigned
to Century Sunshine Group Holdings Limited's (B/Stable) proposed US
dollar senior unsecured notes, which was assigned on
January 15, 2019. The notes were to have been issued by Century
Sunshine.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as it no longer expects
Century Sunshine's proposed debt issuance to convert to final
ratings, as the company has not proceeded with the note issue
within the envisaged timeline.

Century Sunshine's other ratings are not affected by this
withdrawal.

RATING SENSITIVITIES

Not applicable as the rating has been withdrawn.




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

ANISHA ENTERPRISES: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Anisha
Enterprises (AE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE B+; Stable Assigned
   Facilities          

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of AE are tempered by
short track record and small scale of operations during the review
period, weak debt coverage indicators, elongated operating cycle
and Working capital intensive nature of operations, proprietorship
Nature of entity with inherent risk of withdrawal of capital,
highly fragmented industry with intense competition from large
number of players.  The rating is, however, underpinned by
qualified and experienced promoter in various businesses, moderate
Capital Structure, Satisfactory PBILDT margins albeit thin PAT
margin and stable outlook of agricultural industry.

Going forward, the ability of the firm increase its profitability
margins in competitive environment, improve its capital structure
and manage working capital requirements efficiently, apart, ability
of the firm to diversify its geographical reach would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and Small scale of operations during the review
period: The scale of operations of the firm has been small during
the review period as the entity was established in the year 2017
resulting to short track record. The total operating income of the
firm stood at INR12.41 crore with moderate networth of INR6.59 core
as compared to others peers in the industry. However, the firm
achieved the total operating income of INR7.50 crore in 9M FY19
(Prov.,). The firm has its customer base only from Andhra Pradesh
resulting to customer and geographic concentrated risk.

Weak debt coverage indicators: The firm had weak debt coverage
indicators during review period marked by Total debt/GCA which
stood at 63.26x as on March 31, 2018 due to high debt levels as the
firm had fully utilized the working capital bank borrowings and
availment of unsecured loans from related parties for meeting the
day to day operations of the firm. Further, Interest coverage ratio
& total debt/cash flow from operating activities stood at 2.08x &
30.44x respectively in FY18.

Elongated collection and inventory days resulted in Working capital
intensive nature of operations: The operating cycle of the firm
stood elongated and stood at 372 days mainly on account of high
collection period and inventory period. The firm usually makes the
payments to its suppliers within 90-180 days, whereas it receives
the payments from its customers within 45-90 days. Sometimes, the
firm gets extended credit period from its suppliers, based on long
term relationship. Furthermore, the firm maintains an average
inventory of about 45-60 days in order to meet the customer
requirements. The firm has approximately 80% of debtors and
creditors from its associate concerns resulting to working capital
intensive nature of operations.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's capital
at the time of personal contingency which can affect its capital
structure. Further, partnership concern has restricted access to
external borrowing which limits their growth opportunities to some
extent.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in trading of pulses and
shrimp which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

Qualified and Experienced Promoter in various businesses: Anisha
Enterprises (AE) was promoted as a proprietorship concern by Mr.
Srimannarayana in May, 2017. Mr. Srimannarayana is a Doctor by
qualification and has worked in a hospital. Since 3 years, he
established his own clinic. The entity purchases Channa, Bengal
gram, tur dal etc., and shrimp from local farmers in and around
ongole, Andhra Pradesh and sells the same to the customers located
in the districts of Andhra Pradesh.

Moderate Capital Structure: The capital structure of the firm
remained moderate during the review period marked by debt equity
and overall gearing ratio which stood at 0.11x & 1.66x as on
March 31, 2018 due to availment and fully utilization of working
capital bank borrowings and unsecured loans from related parties
for meeting the day to operations of the firm.

Satisfactory PBILDT margin albeit thin PAT Margins: The
profitability margins of the firm remained satisfactory during the
review period. The PBILDT margin of the firm stood at 2.66% in FY18
due to initial year of operations resulted in under absorption of
raw material and other expenses. Furthermore, PAT margin of the
firm remained above unity during review period and stood at 1.28%
in FY18 due to trading nature of business.

Stable outlook for agriculture industry: The Indian food industry
is poised for huge growth, increasing its contribution to world
food trade every year due to its immense potential for value
addition, particularly within the food processing industry. The
agriculture sector in India is expected to generate better momentum
in the next few years due to increased investments in agricultural
infrastructure such as irrigation facilities, warehousing and cold
storage. Furthermore, the growing use of genetically modified crops
will likely improve the yield for Indian farmers. India is expected
to be self-sufficient in pulses in the coming few years due to
concerted efforts of scientists to get early-maturing varieties of
pulses and the increase in minimum support price.

Liquidity Analysis: The current ratio of the firm is above unity
during the review period and stood at 1.26x as on March 31, 2018
due to high current assets as compared to current liabilities
mainly on account of high debtors and closing stock as on closing
balance sheet date. The cash and cash equivalents of the firm stood
at 0.14 crore and on and average the entity has 2-5% of
overdraft facility to meet the liquidity requirements.

Anisha Enterprises (AE) was established and started the commercial
operations in the year May 2017 by Mr. Srimannarayana as a
proprietorship concern. Initially, the firm was engaged in the
business of trading of Tobacco, Pulses and Shrimp. At present the
firm is engaged in the wholesale and retail trading of different
kinds of pulses and shrimp. The firm generates 95% of the revenue
from the trading of pulses and remaining 5% from sale of shrimp.
The firm sells both pulses and shrimp in the states of Andhra
Pradesh and purchases the same from the farmers located around
Prakasham district, Andhra Pradesh.


CAPITAL VENTURES: Ind-Ra Keeps BB- on INR180MM on Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Capital Ventures
Private Limited's (CVPL) Long-Term Issuer Rating of 'IND BB-
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- The 'IND BB-' rating on the INR180 mil. Fund-based working
    capital limits* maintained in the Non-Cooperating Category
     and withdrawn;

* Maintained in 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

CVPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings as the agency has received a no-objection
certificate from the rated facility's lender.

COMPANY PROFILE

CVPL was founded as a partnership firm by Mr. Vivek Aggarwal and
Mr. Naresh Aggarwal in 2000. It was reconstituted as a private
limited company in 2013. CVPL is engaged in the trading of FMCG
manufactured by Indian and multinational companies. In addition,
the firm trades rice under its Parliament brand.


DHAWAN TRADING: CARE Keeps B on INR22.5cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE had, vide its press release dated November 1, 2017 placed the
rating of Dhawan Trading Company (DTC) under the 'issuer
non-cooperating' category as DTC had failed to provide information
for monitoring of the rating. DTC continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated January 15, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       22.50      CARE B; Issuer Not Cooperating
   Facilities                      Based on best available
                                   Information

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

The rating takes into account small scale of operations, weak
financial risk profile, presence in highly competitive nature of
industry and constitution of the entity being a proprietorship
firm. The rating, however, continues to take comfort from the
experienced proprietor.

Detailed description of the key rating drivers

At the time of last rating in November 1, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations: Despite being operational for nearly two
decades, the scale of operations remained small. The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits.

Weak financial risk profile: The firm's profitability margins have
been historically on the lower side owing to trading nature of
business and intense market competition given the highly fragmented
nature of the industry. The capital structure of the firm stood
leveraged mainly on account of higher debt as compared to its
networth base.The debt service coverage indicators of the firm
remained weak on account of higher debt level coupled with low
profitability.  The firm normally receives the payable
period maximum of around a month from its suppliers. The average
collection period of the firm stood high during past three
financial years i.e. FY13- FY15. The firm extends the credit period
of around 2-3 months to its customers owing to intense
competition.

Highly competitive nature of industry & low entry barriers: The
commodity nature of the product makes the industry highly
competitive, with numerous players operating in the unorganized
sector with very less product differentiation. Due to low entry
barriers in the industry and low value added nature of products,
high competition is the inherent risk associated with the
industry.

Constitution of the entity being a proprietorship firm: DTC is a
proprietorship firm which has the inherent risk of possibility of
withdrawal of the proprietors' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Key Rating Strengths

Experienced proprietor: Mr. Jaspal Malhotra, post graduate by
qualification, has an experience of nearly three decade in rice
industry through his association with this entity and other group
concerns. He handles the overall operations of the firm.

Delhi-based Dhawan Trading Company (DTC), is a proprietorship
concern established in 1996 by Mr. Jaspal Malhotra. The firm is
primarily engaged in trading of rice and paddy. The firm procures
these items from the "Narela Mandi" based in New Delhi. The firm
mainly sells its products to millers located in Delhi and nearby
regions. The firm has two associates concerns namely Rama Krishna
Trading Company and S.K. Agro Sales engaged in trading of rice and
paddy.


DNS ELECTRONICS: Ind-Ra Raises Long Term Issuer Rating to BB
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded DNS Electronics
Private Limited's (DEPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160 mil. (increased from INR152 mil.) Fund-based working
     Capital limits Long-term rating upgraded; short-term rating
     affirmed with IND BB/Stable/IND A4+ rating;

-- INR8 mil. Non-fund-based working capital limits withdrawn (the

     company did not proceed with the instrument as originally
     envisaged);

-- INR78 mil. Fund-based limits* Long-term rating upgraded &
     assigned; short-term rating assigned with IND BB/Stable/IND
     A4+ rating;

-- INR2 mil. Fund-based limits assigned with IND BB/Stable/IND
     A4+ rating; and

-- INR2 mil. Proposed non-fund based Limits withdrawn (the
     company did not proceed with the instrument as originally
     envisaged).

* Long-term rating upgraded to 'Provisional IND BB'/Stable and
assigned final rating. Short-term rating converted to final 'IND
A4+' following the receipt of executed financing documents by
Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects a significant rise in DEPL's revenue, leading
to an improvement in the EBITDA and net leverage in FY18. Revenue
surged to INR7,440.09 million in FY18 (FY17: INR4,578.85 million)
due to healthy demand for smart phones. As a result, the EBITDA
increased to INR103.38 million in FY18 (FY17: INR87.83 million)
This along with less utilization of working capital limits at the
year-end led to an improvement in the net leverage (net
debt/EBITDA) to 1.75x in FY18 (FY17: 2.99x). The interest coverage
(EBITDA/gross interest expenses), though, deteriorated to 2.85x in
FY18 (FY17: 3.15x), as interest expenses increased due to the
infusion of short-term loans to fund the increased working capital
requirements.

However, the scale of operations remains medium and metrics modest.
The latter is because of the average EBITDA and high working
capital requirement.

Also, the trading nature of the business results in low EBITDA
margins. The EBITDA margin declined to 1.39% in FY18 (FY17: 1.92%)
due to the reduction in the distributor margins extended by Vivo
Mobile India Private Limited ('IND BB'/Stable), higher margins
offered to retailers to stimulate off take, and increased expenses
incurred on business promotion. The RoCE, though, was high at 31%
in FY18 (FY17: 30%).

The ratings are also constrained by concentration risk. DEPL
derived 89% of its revenue in FY18 from mobile phone sales.
Moreover, the company continues to be dependent on the phones
manufactured by Vivo Mobile India, which accounted for about 72% of
the company's revenue in FY18 (FY17: 83%; FY16: 34.78%).
Additionally, the scale of operations continued to be medium.

Furthermore, the liquidity position remains tight with the
company's peak average utilization of the fund-based limits being
98% during the 12 months ended January 2019. This is despite cash
flow from operations turning positive to INR112.25 million in FY18
(FY17: negative INR75.29 million) due to the substantial increase
in EBITDA and better working capital management. Ind-Ra expects the
liquidity position to improve over the near term due to the
enhancement of the working capital limit to INR240 million from
INR160 million.

The ratings, however, continue to be supported by the promoter's
experience of over three decades in the trading business and DEPL's
well-established market presence as an electronics and home
appliance distributor in Delhi.

RATING SENSITIVITIES

Negative: Deterioration in the overall liquidity, leading to a
decline in the overall credit metrics, all on a sustained basis,
could be negative for the ratings.

Positive: An improvement in the scale of operations, liquidity and
product diversification, leading to an improvement in the overall
credit metrics, all on a sustained basis, could be positive for the
ratings.

COMPANY PROFILE

DEPL is an exclusive distributor of products such as mobile phones,
home appliances, water geysers, lubricants for companies such as LG
Electronics Limited, VIP Industries Limited, Philips India Limited,
Samsung India Electronics Private Limited, Sony India Private
Limited and Lenovo (India) Private Limited. It supplies to several
wholesalers in Delhi. It was incorporated in 2006 by Mr. Rajan
Dhingra and Mr. Vikas Dhingra.


GOODWIN JEWELLERS: Ind-Ra Cuts INR700MM Loan Rating to D
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Goodwin
Jewellers Private Limited's (GJPL) Long-Term Issuer Rating to 'IND
D' from 'IND BBB-'. The Outlook was Negative.

The instrument-wise rating action is:

-- INR700.00 mil. Fund-based working capital facility (Long-
    term/Short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by GJPL for more
than 30 days owing to tight liquidity, resulting from increasing
working capital requirements and a decline in sales. Revenue fell
to INR2,629.08 million in FY18 (FY17: INR3,048.92 million) on the
back of a decline in consumer demand.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2004, GJPL is engaged in the retailing of gold,
silver and diamond jewelry. The company is a part of Goodwin group,
which has business interests in gems and jewelers, security
solutions and real estate.


HUBLI COTTON: CARE Lowers Rating on INR7.50cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hubli Cotton Industries (HCI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.50       CARE D; Revised from CARE B,
   Facilities                      Stable Issuer not Cooperating,
                                   based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HCI to monitor the rating
vide e-mail communications/ letters dated October 31, 2018, January
7, 2019, January 14, 2019, January 22, 2019 and
January 24, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Hubli Cotton
Industries bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 19, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Default in meeting debt obligations: The account has classified as
NPA, as per the banker interaction. Short track record and small
scale of operations with, net losses in FY17 and low net worth
base.

The firm started its commercial operations from January 2017 and
FY17 was the first year of operations. The firm has a short track
record of around two years, resulted in small scale of operations
i.e, the total operating income (TOI) of the firm remained small at
INR5.68 crore in FY17 with low net worth base of INR0.51 crore as
on March 31, 2017 as compared to other peers in the industry. The
firm has incurred net losses in FY17 due to initial year of
operations resulted in under absorption of overheads like
depreciation and finance cost.

Leveraged capital structure and weak debt coverage indicators: HCI
has leveraged capital structure during review period. The debt
equity ratio of the firm remained leveraged at 7.98x as on
March 31, 2017 due firm availed term loans for setting up of cotton
ginning unit and unsecured loans, working capital bank borrowings
to support the business operations and meet the working capital
requirment. Due to the above said factor the overall gearing ratio
also remained leveraged at 20.03x as on March 31, 2017. Due to
aforementioned reason coupled with low cash accruals the Total
debt/GCA of the firm stood weak at 24.13x in FY17 and PBILDT
interest coverage ratio stood at 2.40x in FY17at the back of high
interest cost and low PBILDT level.

Working capital intensive nature of operations: The firm is
operating in working capital intensive nature of operations. The
operating cycle of the firm stood at 17 days due to comfortable
collection and inventory holding period of 13 days and 12 days
respectively during three months operations in FY17. The firm
maintains an average inventory 1-2 months as the HCI has to
undergoes various stages of manufacturing process of cotton
ginning, cleaning, bailing and packaging. Each process requires
inventory holding for processing. To meet the above working capital
requirements, the reliance on working capital bank borrowings is
high. The average utilization of working capital of the firm
remained about 95% for the last 12 month ended
November 30, 2017.

Highly fragmented industry with intense competition from large
number of player: The cotton industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand supply scenario, export quota decided by the government and
inventory carry forward of the previous year. The cotton processing
operators procure raw materials in bulk quantities to avail
discount from suppliers to mitigate the seasonality associated with
availability of cotton resulting in higher inventory holding
period. Further, the profitability margins of the firm are
susceptible to fluctuation in raw material prices.

Constitution as partnership firm: Constitution as a partnership
firm has the inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which can
adversely affect its capital structure. Furthermore, partnership
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

Key Rating Strengths

Experience of the partners for three decades in cotton industry:
HCI is promoted by Mr. Maheshchandra P Khandelwal along with his
family members. The other partners are Mrs. Manjudevi U Khandelwal,
Mr. Umashankar P Khandelwal, and Mr. Tushar M Khandelwal. All the
partners are qualified graduates and have three decades of
experience as the promoters have worked in private organizations
relating to cotton ginning business. Due to long term presence in
the market by the partners, the firm has good relation with
customer and supplier.

Location advantage: HCI is located in one the major cotton growing
areas of Karnataka. Availability of raw material is not expected to
be an issue as the firm procures raw material (raw cotton) from the
farmers and traders located in and around Haveri. HCI enjoys
proximity to the cotton producing belt of Karnataka which results
in ease of access to raw material with low transportation cost.

Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide spectrum
of variations from 24% to 42%.There are over 3500 factories in
India dispersed in nine major cotton-growing states. Out of these,
over 2600 factories perform only ginning operation and over 2000
factories has installed capacity of as small as 6-12 double roller
gins. It is reported that as many as 860 ginning & pressing
factories have completed modernization out of 1000 projects
approved by Technology Mission on Cotton during its implementation.
With these developments, ginning infrastructure in the country
seems to be well on its way to secure a firm foundation. The cotton
textile industry in India can look forward to meet its major raw
material requirements through indigenous supply of clean cotton.

Karnataka based, Hubli Cotton Industries (HCI) was established on
July 18, 2015 as a partnership firm and its commercial operations
started from January, 2017. The firm is promoted by Mr.
Maheshchandra P Khandelwal along with his family members. The firm
is engaged in processing of cotton lint and seeds. The
manufacturing unit is spread in total area 8 acres located at
Haveri (Karnataka). HCI purchases raw cotton from farmers located
in and around Haveri, Karnataka. The firm processes the raw cotton
and separates the lint and cotton seeds from raw cotton. Later on,
pressing and compressing cotton lint into bales along with packing
the bales is undertaken. HCI sells bales to the customers and
cotton seeds to oil mills located in all over India.


IBC LIMITED: CRISIL Reaffirms B- Rating on INR9.5cr Loan
--------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of IBC
Limited (IBCL) at 'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit             9.5      CRISIL B-/Stable (Reaffirmed)

   Export Packing   
   Credit                 30        CRISIL A4 (Reaffirmed)

   Letter of Credit        4        CRISIL A4 (Reaffirmed)

   Long Term Loan         13        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.5      CRISIL B-/Stable (Reaffirmed)

The rating continue to reflect the company's below-average
financial risk profile and supplier concentration risk in IBCL's
revenue profile, and cyclicality in end-user industry. These rating
weaknesses are partially offset by the extensive experience of
IBCL's promoter in the barytes business.

Analytical Approach
Unsecured loans from the promoters has been treated as part of the
debt

Key Rating Drivers & Detailed Description

Weaknesses

* Below Average Financial risk profile: The debt protection metrics
were modest with interest coverage and Net cash accruals to debt
(NCATD) of 1.14 times and 2 per cent respectively in fiscal 2018.

* Exposure to supplier concentration risk and cyclicality in end
user industry: IBCL is completely dependent upon Andhra Pradesh
Mineral Development Corporation (APMDC) for majority of its supply
requirements resulting in its revenues being vulnerable to vagaries
in supply from APMDC. IBCL will continue to be exposed to risks
relating to cyclicality in the end user industry in the medium
term, due to the significant exposure to oil and gas industry.

Strength

* Extensive experience of IBCL's promoters: The promoters of IBCL
have been in the barytes business for over 3 decades. The company
also benefits from long standing relationships with the end
customers. CRISIL believes that IBCL will continue to benefit from
the experience and competence of the promoters.

Liquidity
Liquidity is stretched with insufficient accruals of around
1.5 - 2 crores expected over the medium term against repayment
obligation of around 4-4.5 crores. IBCL's fund based line were
highly utilized at an average of more than 95% over 12-month period
ended September 2018. However liquidity is supported by infusion of
unsecured loan. Liquidity is expected to remain stretched on
account of higher repayment obligation.

Outlook: Stable

CRISIL believes IBCL will benefit over the medium term from its
promoter's extensive experience in the barytes industry. The
outlook may be revised to 'Positive' in case of significant
improvement in cash accrual while efficiently managing the working
capital requirements. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens on account of low cash accrual, higher-than-expected
working capital requirements, or additional support to associates.

Incorporated as a partnership firm Indian Barytes and Chemicals in
1972, the firm was reconstituted as a public limited company, IBCL,
in 1985. The company mines and processes barytes, and sells it
largely to oil well drilling companies; IBCL derives majority of
its revenue from export. Operations are managed by Mr. Rajamohan
Reddy, the managing director and chief executive officer.


J. KAY AGENCIES: CRISIL Moves B- Rating to Not Cooperating Category
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of J. Kay
Agencies (JKA) to 'CRISIL B-/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         5.45     CRISIL B-/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Proposed Long       2.55     CRISIL B-/Stable (ISSUER NOT
   Term Bank Loan               COOPERATING; Rating Migrated)
   Facility           

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

JKA, a Puducherry-based firm established in 1998, runs a petrol
pump. The firm has a tie up with IOCL. Ms Vanithalakshmi is the
proprietor; operations are managed by her son, Mr K Sanjay Kumar.


JET AIRWAYS: Close to Getting Lifeline From Lenders
---------------------------------------------------
Anurag Kotoky at Bloomberg News reports that lenders to Jet Airways
India Ltd. proposed a bailout of the beleaguered carrier,
potentially paving the way for a revival of the airline that was on
the verge of collapse.

Jet Airways, which needs INR85 billion (US$1.2 billion) to help it
get back on its feet, will be revamped with banks becoming the
biggest shareholders of the company, Bloomberg relates citing a
filing on Feb. 14. The restructuring would involve a mix of
debt-to-equity swap, new capital infusion and asset sales, the
company said, without elaborating, according to Bloomberg.

Bloomberg relates that banks will own 114 million shares of Jet
Airways after the restructuring. The arrangement will reduce the
carrier's debt by only INR1, and a final shareholding structure
will emerge after an equity infusion round is completed following
the swap, Chief Financial Officer Amit Agarwal said in a call with
analysts on Feb. 15. He declined to give details, Bloomberg notes.

According to Bloomberg, the proposal, reached after weeks of
negotiations, may provide a respite to the struggling carrier,
part-owned by Etihad Airways PJSC.  Bloomberg relates that Jet
Airways still faces intense competition from low-cost rivals, high
fuel costs and levies -- conditions that have brought it to its
knees. It has more accumulated losses than any publicly-traded
Asian airline apart from Pakistan International Airlines Corp.

The proposed bailout, advanced by State Bank of India, needs
approvals from all lenders, a banking industry group, Jet Airways'
founder Naresh Goyal and the board of Etihad, according to the
statement cited by Bloomberg. Jet Airways has called for an
extraordinary general meeting on Feb. 21 to seek shareholder
consent for the deal and to name lenders' nominees to the board,
Bloomberg discloses.

Separately, a government fund focused on infrastructure will invest
as much as INR13 billion, the Economic Times reported Friday, while
BTVI television channel said Jet Airways may propose a rights issue
of shares to raise INR45 billion, according to Bloomberg. Etihad
may invest about INR14 billion, ET Now channel said.

Bloomberg adds that the rescue also shows how crucial it is for
Prime Minister Narendra Modi with looming national elections. Any
agreement to avert a disaster would spare him the embarrassment of
a failed business on his watch and help save 23,000 jobs. Modi won
elections in 2014, with creating jobs as one of his key campaign
platforms, the report notes.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a mix
of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from
[ICRA]B. The rating downgrade considers delays in the
implementation of the proposed liquidity initiatives by the
management, further aggravating its liquidity, as reflected in the
delays in employee salary payments and lease rental payments to the
aircraft lessors. Moreover, the company has large debt repayments
due over the next four months (December-March) of FY2019 (INR1,700
crore), FY2020 (INR2,444.5 crore) and FY2021
(INR2,167.9 crore). The company is undertaking various liquidity
initiatives, which includes, among others, equity infusion and a
stake sale in Jet Privilege Private Limited (JPPL), and the timely
implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

KEDARNATH COTTONS: CRISIL Hikes Ratings on INR20.93cr Loans to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kedarnath Cottons Private Limited (KCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          20       CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

   Proposed Long         0.93    CRISIL B+/Stable (Upgraded from
   Term Bank Loan                'CRISIL B/Stable')
   Facility              

The upgrade reflects a steady improvement in KCPL's business risk
profile, driven by steady revenue growth and stable profitability.

Revenue rose to INR79.87 crore in fiscal 2018 from INR68.12 crore
in fiscal 2017, while the operating margin remained stable
resulting in steady accretions. This coupled with a steady working
capital cycle has resulted in lower reliance on debt. Consequently,
the TOLTNW is expected to improve from 3.14 times as on March 31,
2018 to 2.61 times as on March 31, 2019.

The rating also factors in KCPL's below average financial risk
profile and the susceptibility to fluctuation in raw material
price. These weaknesses are partially offset by the extensive
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Below average financial risk profile: Net worth was low at
INR8.76 crore as on March 31, 2018, with gearing of 2.91 times.
Interest coverage and net cash accrual to total debt ratios were
1.40 times and 0.03 time, respectively, in fiscal 2018.

* Susceptibility to fluctuation in raw material price: Since cost
of procuring the major raw material (cotton) accounts for 85-90% of
the production expense, volatility in cotton process can impact
profitability.

Strengths:

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

Liquidity

Bank limit utilisation averaged 96% for the 12 months ended
December 31, 2018. Cash accrual is expected at over INR0.47 crore
in fiscal 2019, against nil yearly maturing debt. Current ratio was
moderate at 1.28 times as on March 31, 2018.The Company has
unencumbered cash balances of Rs.0.41Cr as on March 31, 2018.

Outlook: Stable

CRISIL believes KCPL will continue to benefit from the extensive
experience of the promoter. The outlook may be revised to
'Positive' if there is substantial and sustainable increase in
revenue and profitability, coupled with an improvement in financial
metrics. Conversely, the outlook may be revised to 'Negative' if a
steep decline in revenue or profitability, a stretch in the working
capital cycle, or any large, debt-funded capital expenditure
weakens the credit risk profile.

KCPL, incorporated in 2009 by Mr Kedarnath Padigela, gins cotton in
Adilabad (Telangana).


KERALA INFRASTRUCTURE: Fitch Rates New Sr. Secured Notes 'BB(EXP)'
------------------------------------------------------------------
Fitch Ratings has assigned Kerala Infrastructure Investment Fund
Board's (KIIFB, BB/Stable) proposed senior unsecured notes an
expected rating of 'BB(EXP)'. The proposed notes will be issued
under KIIFB's INR50 billion medium-term note (MTN) programme, which
has an expected rating of 'BB(EXP)'.

The notes may be denominated in Indian rupees or any other
currency. Net proceeds will be used for its infrastructure
project-related activities and other general corporate purposes.

The final rating on the proposed senior unsecured notes is
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

The notes under the MTN programme will be issued by KIIFB directly
and will be unconditionally and irrevocably guaranteed by the
Indian state of Kerala (BB/Stable), acting through the Finance
Department of Kerala.

RATING SENSITIVITIES

Any rating action on KIIFB's IDRs would result in a similar action
on the ratings of the MTN programme and any rated notes under the
programme.


KERALA INFRASTRUCTURE: S&P Assigns 'BB' Rating to Masala Bonds
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to a
proposed drawdown of senior unsecured rupee-denominated offshore
bonds (or "masala bonds") under a Indian rupee (INR) 50 billion
medium-term note (MTN) program of Kerala Infrastructure Investment
Fund Board (KIIFB; BB/Stable/B). S&P equalizes the ratings on the
bonds with the long-term foreign currency issuer credit rating on
the guarantor, the Indian state of Kerala (BB/Stable/B).

The issue rating on the MTN program is based on Kerala's
unconditional, timely, and irrevocable guarantee. Kerala's
obligations as guarantor for the notes under the program are direct
and unconditional, and will at all times rank at least equally with
all other existing and future unsecured and unsubordinated
obligations of the state.


KMS HEALTH: CRISIL Migrates B+ on INR5.5cr Loans to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KMS Health
Center Private Limited (KMS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         4.5       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Term Loan           1.0       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

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

KMS is a Chennai-based contract research organisation (CRO)
offering regulatory testing services for global pharmaceutical and
biopharmaceuticals companies. The company was incorporated in 2011
by Dr. Ganesan.


NAINITAL TARAI: CARE Lowers Rating on INR9cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nainital Tarai Seeds Limited (NTS), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      9.00      CARE B+; Issuer not cooperating;
   Facilities                    Revised from CARE BB;

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 2, 2017 placed the
rating of NTS under the 'issuer non-cooperating' category as NTS
had failed to provide information for monitoring of the rating. NTS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated January 15, 2018. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The revision in the rating takes into account the decline in total
operating income and profit margins. Further, the banker due
diligence could not be undertaken.

Detailed description of the key rating drivers

At the time of last rating on the following were the rating
strengths and weaknesses (updated for the information available
from registrar of companies).

Key Rating Weaknesses

Below Average Financial Risk Profile: The scale of operations of
the company remained small. The small scale limits the company's
financial flexibility in times of stress and deprives it of scale
benefits. The profitability margin continues to remain low owing to
low value addition and its operation in a highly competitive nature
of industry. Further high financial charges restricted the net
profitability of the firm below unity The capital structure of the
firm stood leveraged on account of higher total debt as compared to
its net worth. The debt service coverage indicators of the company
continues to remain weak mainly on account of higher total debt and
low profitability.

Working capital intensive nature of business: The business model of
NTS continues to entails high working capital requirement. The
company purchases breeder seeds (initial level or raw seeds) and
finally processes them into certified seeds which take a conversion
period of around three months.. This requires the company to hold
the high inventory during the months April to December.
Consequently, it needs to rely majorly on working capital
borrowings to fund its day-do-day operations, thereby resulting in
higher utilization of working capital limit. The average fund based
working capital utilization remained almost full.

Presence in Agro Cluster at Kashipur: NTS is favorably located in
the vicinity of major wheat growing areas of the country. Here the
company has easy access to raw material and also to farmers who
germinate seeds for NTS. Its presence in the region gives
additional advantage over the competitors in term of easy
availability of the raw material as well as favourable pricing
terms. Owing to its location, it is in a position to save on the
freight component of incoming of raw material and outgoing finished
goods.

Key Rating Strengths

Experienced promoters: NTS is promoted by Mr Ajay Kumar Agarwal, a
post graduate having more than three decades of experience in this
industry. He is the current director of Kumaun Garhwal Chamber of
Commerce &Industries (KGCCI). He manages the entire operations of
the company.

Kashipur, Uttarakhand based Nainital Tarai Seeds Limited (NTS) was
incorporated in January, 2007 by Mr. Ajay Agarwal, Mr. Priyanshu
Agarwal and Mrs. Priti Agarwal. The company is engaged in
processing and trading of wheat and paddy seeds. The company is
also engaged in milling and processing of paddy. NTS purchases the
breeder seeds (initial level or raw seeds) of wheat and paddy from
the state authorities or Agriculture Universities. These seeds are
sold to farmers for upgradation to foundation seeds. Foundation
seeds are then repurchased back from farmers for further
germination and for producing final seeds as per specifications of
State Certification Agency (for agriculture seed). Post
certification, these certified seeds are sold in packed form to
wholesalers and retailers in Uttar Pradesh, Bihar and West Bengal.
NTS sells these certified seeds under the brand name of 'NTS'.


NEPZPACK INDUSTRIES: CRISIL Migrates B+ Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nepzpack
Industries Private Limited (NIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Buyer's Credit         1.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            1.50      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         3.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit           3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NIPL for obtaining
information through letters and emails dated November 29, 2018,
January 11, 2019 and January 16, 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 NIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NIPL 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 NIPL to 'CRISIL B+/Stable Issuer not cooperating'.

NIPL, set up in 1994 by Mr Sushil Kant Gupta and his friends,
manufactures flexible packaging material such as carry bags,
garbage bags, corrugated boxes, and laminated pouches. It is based
and has a manufacturing facility in Noida, Uttar Pradesh.


NEW FIELD: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned New Field
Industrial Equipment Private Limited (NFIEPL) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR132.5 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR80 mil. Non-fund-based working capital limits assigned with

    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect NFIEPL's small scale of operations, weak credit
metrics and modest EBITDA margin. The company's revenue was
INR138.9 million (FY17: INR234.5 million), interest coverage
(operating EBITDA/gross interest expense) was 1.2x (2.8x; 1.1x) and
net leverage (total adjusted net debt/operating EBITDA) was 8.1x
(2.0x; 6.4x). The decline in revenue was due to a fall in work
orders from existing customers due to the implementation of the
goods and services tax. The deterioration in the credit metrics was
due to a decrease in absolute EBITDA to INR12.5 million (FY17:
INR39.3 million) and an increase in short-term debt to INR101.1
million (INR75.9 million). The company booked INR194.22 million in
revenue for 9MFY18.

Its operating EBITDA margin was 9% in FY18 (FY17: 16.8%). Its
return on capital employed was 4% in FY18 (FY17: 16%; FY16: 6%).

The ratings also reflect NFIEPL's modest revenue visibility, based
on an order book position of INR348.9 million (2.51x of FY18
revenue) as of December 2018.

The ratings further reflect NFIEPL's modest liquidity position,
indicated by an average fund-based limit use of 96.3% for the 12
months ended January 2019. In addition, the company's fund flow
from operations was positive in FY18 (FY18: INR1.8 million; FY17:
INR19.2 million). However, its cash flow from operations turned
negative to INR24.9 million in FY18 (FY17: INR25.9 million) owing
to deterioration in the working capital position.

The ratings, however, benefit from the promoters' experience of
around five decades in the designing and manufacturing of
engineering equipment.

RATING SENSITIVITIES

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

Positive: A substantial increase in the revenue, along with a rise
in the absolute EBITDA, leading to an improvement in credit
metrics, all on a sustained basis, will lead to a positive rating
action.

COMPANY PROFILE

Established in 1971, NFIEPL is primarily engaged in the design and
manufacture of engineering equipment such as heat exchangers,
condensers and gas skids. NFIEPL is managed by Mr. Sumul Patel and
Mr. Ritesh Master. The company largely caters to the power and gas
sector.


NILKANTH CHAWAL: CARE Hikes Rating on INR5cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nilkanth Chawal Mills Private Limited (NCMPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term bank       5.00      CARE B+; Stable Revised from
   Facilities                     CARE B; Stable; ISSUER NOT
                                  COOPERATING

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NCMPL continues to
remain constrained by its relatively small scale of operations with
moderate profit margins, volatile agro-commodity (paddy) prices
with linkages to vagaries of the monsoon, regulated nature of the
industry, working capital intensive nature of business and
intensely competitive nature of the industry with presence of many
unorganized players. The aforesaid constraints are partially offset
by its experienced promoters, long track record of operations,
comfortable leveraged capital structure with satisfactory debt
coverage indicators and proximity to raw material sources and
favorable industry scenario.

Ability of the company to increase its scale of operations with
improvement in profit margins and ability to manage working capital
effectively will be the key ratings sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations with moderate profit margins:
The total operating income witnessed growth during FY18 vis-à-vis
FY17 on account of higher demand of its product. However, the
overall scale of operations remained relatively small marked by
total operating income of INR43.62 crore (FY17: INR36.28 crore)
with a PAT of INR0.36 crore (FY17: INR0.39 crore) during FY18.
NCMPL has achieved turnover of around INR37.16 crore during 9MFY19.
The profitability margins of the company remained moderate marked
by PBILDT margin of 4.81% (FY17:5.65%) and PAT margin of 0.83%
(FY17: 1.08%) during FY18. Moreover, the PBILDT margin deteriorated
during FY18 due to increase in cost of operations. Further, the PAT
margin also deteriorated due to high capital charges during FY18.

Volatile agro-commodity (paddy) prices with linkages to vagaries of
the monsoon: NCMPL is primarily engaged in the processing of rice
products in its rice mills. Paddy is mainly a 'kharif' crop and is
cultivated from June-July to September- October and the peak
arrival of crop at major trading centers begins in October. The
cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high at
season time owing to the requirement for stocking of paddy in large
quantity.

Regulated nature of the industry: The Government of India (GOI),
every year decides a minimum support price (MSP - to be paid to
paddy growers) for paddy which limits the bargaining power of rice
millers over the farmers. The MSP of paddy increased during the
crop year 2018-19 to INR1750/quintal from INR1550/quintal in crop
year 2017-18. The sale of rice in open market is also regulated by
the GoI through the levy of quota, depending on the target laid by
the central government for the central pool. Given the market
determined prices for finished product vis-à-vis fixed acquisition
cost for raw material, the profitability margins are highly
vulnerable. Such a situation does not augur well for the company,
especially in times of high paddy cultivation.

Working capital intensive nature of business: The operations of the
company remained working capital intensive in nature marked by high
inventory period. The average inventory period was around two to
three months during last three years mainly on account of seasonal
availability of its raw materials and the company needs to carry
high level of raw material inventory to ensure uninterrupted
production. The operating cycle marginally improved to 62 days in
FY18 as against 71 days in FY17 on account of higher inventory
period. Moreover, the average utilization of cash credit limit was
almost full during the last twelve months ending December 31,
2018.

Intensely competitive nature of the industry with presence of many
unorganized players: Rice milling industry is highly fragmented and
competitive due to presence of many small players operating in this
sector owing to its low entry barriers, due to low capital and
technological requirements. Gaya and nearby districts of Bihar are
a major paddy growing area with many rice mills operating in the
area. High competition restricts the pricing flexibility of the
industry participants and has a negative bearing on the
profitability.

Key Rating Strengths

Experienced promoters with long track record of operations: The
company is into manufacturing of rice and rice bran since 2005 and
thus has more than a decade of operational track record.
Furthermore, the key promoters; Mr. Arun Kumar, Mr. R.C.P. Sharma
and Mr. Kaushal has more than one decades of experience in the same
line of business; looks after the day to day operation of the
company. He is supported by the other promoters Mrs. Beauty Rai and
Mrs. Manju Kumar who also have more than a decade of experience in
similar industry.

Proximity to raw material sources coupled with rice being a major
staple food grain resulting in stable demand prospects: NCMPL's
plant is located in the Gaya District, Bihar which is in close
proximity to the paddy growing areas of the state. The entire raw
material requirement is met locally from the farmers (or local
agents) helping the company to save simultaneously on
transportation and paddy procurement cost. Furthermore, rice is one
of the major food grains in India and it is considered as the most
widely consumed staple food grain across India. Accordingly the
demand prospect of rice is expected to remain stable throughout the
year due to huge dependence of the majority of Indian population on
rice.

Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure deteriorated as on March 31, 2018
due to higher utilisation of working capital bank barrowings.
However, the same remained comfortable marked by overall gearing
ratio of 0.67x (0.58x as on March 31, 2017) as on March 31, 2018.
The debt coverage indicators also remained satisfactory marked by
interest coverage of 3.09x and total debt to GCA of 4.54x in FY18.
Marginally improvement in interest coverage was on account of
increase in PBILDT during FY18. Moreover, the total debt to GCA
deteriorated marginally in FY18 due to high debt level as on
balance sheet date.

NCMPL, incorporated in September, 2005 was promoted by Mr Sunil
Kumar, Mr R.C.P Sharma and Mr Arun Kumar of Gaya, Bihar to set up a
rice processing & milling unit and sale of its by-products like
husk, bran, khudi etc. in the domestic market. The unit commenced
commercial operation in 2007. Presently the total installed
capacity of the company is 59,000 metric tonnes per annum (MTPA)
generating from its two plants, situated in Gaya district of Bihar,
a major paddy growing area and is in close proximity to local grain
market enabling easy paddy procurement.

Liquidity position: The liquidity position of the company was
moderate marked by current ratio of 1.22x and quick ratio of 0.32x
as on March 31, 2018. The company has cash and bank balance
amounting to  INR0.06 crore as on March 31, 2018. The company has
reported gross cash accrual of INR1.28 crore in FY18. The average
utilization of fund based limit was almost full during last 12
month ended on December 31, 2018.


OCTAL SALES: Ind-Ra Reassigns LT Issuer Rating to 'B-'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Octal Sales
Private Limited's  (OSPL) Long-Term Issuer Rating to 'IND D' from
'IND B (ISSUER NOT COOPERATING)'. The Outlook was Stable.
Simultaneously, Ind-Ra has reassigned OSPL a Long-Term Issuer
Rating of 'IND B-' with a Stable Outlook.

The instrument-wise rating action is:

-- INR70 mil. Fund-based limits downgraded and reassigned with
     IND B-/Stable rating.

*Reassigned 'IND B-'/Stable after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects OSPL's overutilization of working capital
limits for more than 30 days during November 2017-February 2018.
Although the overutilization was regularized within five days
during the ten months ended December 2018, resulting in the
reassignment of the ratings, liquidity remains tight.

The ratings are also constrained by the company's small scale of
operations, as evident from its revenue of INR352.03 million in
FY18 (FY17: INR211.1 million). The RoCE was 11% (FY17: 11%) and the
EBITDA margin fell to a modest 8.4% (13.64%) due to an increase in
raw material costs. Moreover, the company faces intense competition
from unorganized players in the markets.

However, the company's credit metrics are moderate due to low debt.
Its interest coverage reduced to 2.58x in FY18 (2.7x), but the net
financial leverage improved to 4.66x (7.47x), mainly due to a
decline in debt and a slight improvement in the absolute EBITDA.

The ratings are further supported by the director's decade-long
experience in the jute business.

RATING SENSITIVITIES

Positive: Improvement in scale of operations as well as liquidity
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1997, Octal is engaged in the trading of jute. It
also forayed into mining of stones in 2017. The company is managed
by Mr. Sajan Bajaj and its registered office is in Kolkata.

OMRV HOSPITALS: CARE Moves B on INR6.14cr Debt to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of OMRV
Hospitals Private Limited (OMRV) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.14      CARE B; ISSUER NOT COOPERATING
   Facilities                     Revised from CARE B+; Issuer
                                  Not cooperating; Based on no
                                  information available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from OMRV to monitor the rating
vide e-mail communications/letters dated January 19, 2019,
January 21, 2019 and January 23, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on OMRV Hospitals
Private Limited (OMRV) bank facilities will now be denoted as CARE
B; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of OMRV Hospitals
Private Limited continue to be tempered by Declining profitability
margins, Weak debt coverage indicators and Highly fragmented
coupled with competition from existing and upcoming hospitals
However, the rating also takes into account significant increase in
total operating income during FY18. The rating continue to take
into account long track record of the entity and Experienced and
resourceful promoters, Limited track record of operations, Growth
in total operating income during FY16-FY18 and Comfortable capital
structure.  Ability of the hospital to scale up operations with
sustainable profitability margin and maintain comfortable capital
structure, ability of the hospital to complete the project without
any cost or time over run.

Key Rating Weakness

Declining profitability margins: The company has incurred
operational and net losses due to employee cost, interest and
depreciation cost.

Weak debt coverage indicators: The debt coverage indicators of the
company remained weak. The total debt/GCA and PBILDT interest
coverage ratio remained negative in FY18 due to operational and
cash losses.

Highly fragmented coupled with competition from existing and
upcoming hospitals: The healthcare sector is highly fragmented with
a few large players in the organized sector and numerous small
players in the unorganized sector leading to high level of
competition. However, one of the major competitors specialized in
gastroenterology located in Hyderabad is Asian Institute of
Gastroenterology, whereas gastroenterology is one department
in other hospitals like Maxcure Hospital, Kamineni Hospital and
Krishna Institute of Medical Sciences (KIMS).  Despite of the
competition, the OMRV is able to increase the revenue y-o-y on
account of highly qualified doctors with more than two decades of
experience in the medical profession. In light of intense
competition, OMRV's prospects would depend upon its ability to
profitably scale up the operations and success rate in treatment of
complex cases, to attract patients and increase occupancy.

Key Rating Strengths:

Experienced and resourceful promoters: OMRV has been promoted by Dr
Govind Verma {MBBS, MD, DM (Gastroenterology)} and has more than
two decades of experience in the medical profession. Furthermore,
the hospital is managed by team of experts like Dr Shyam Verma
[MBBS, MS, M.ch.(Urology)], Dr Anju Verma and Dr Phani Krishna
among others drawn from various specializations.In 9MFY16
(Provisional), the directors of the hospital have infused equity
share capital of INR2.99 crore to fund capital expenditure.

Limited track record of operations: OMRV was established in the
year 2011 and commercial operations started from April 2012.
Inspite of four years of commercial operations, the hospital earned
total income of INR8.21 crore and INR10.55 crore in FY15 and 9MFY16
(Provisional) respectively with a networth of INR6.97 crore as on
December 31, 2015. The scale of operations remained small as
compared to other industry peers.

Growth in total operating income during FY16-FY18: The total
operating income of the hospital is increasing year-on-year and
stood at INR25.37 cr in FY18.

Comfortable capital structure: The capital structure of the company
marked by debt equity ratio and overall gearing ratio remained
comfortable. The overall gearing ratio deteriorated from 0.59x as
on March 31, 2017 to 0.83x as on March 31, 2018 due to increase in
debt levels.

OMRV Hospitals Private Limited (OMRV) was incorporated in 2011,
promoted by Dr Govind Verma (Managing Director). The hospital is
functioning by the name 'PACE Hospital' in Hyderabad. The hospital
is specialized in 'Gastroenterology and Kidney care'. The hospital
provides diagnostic, outpatient, surgery and inpatient services to
the customers. OMRV is accredited by National Accreditation Board
for Hospitals & Healthcare Providers (NABH) which grants hospitals
certifications based on various quality standards and processes
followed by hospitals. OMRV is managed by a team of experts from
all related fields like Gastroenterology, Urology, Vitreo Retina
and Liver Transplant Surgery.


PAL PRATEEK: CRISIL Migrates B+ Rating to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pal Prateek
Auto Sales Private Limited (PASL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Electronic Dealer     5       CRISIL B+/Stable (ISSUER NOT
   Financing Scheme              COOPERATING; Rating Migrated)
   (e-DFS)               

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

PASL, established in 2012, is an authorised dealer for NMPL's
passenger cars in the Kumaon region (Uttarakhand). It has one
showroom and authorised service station at Haldwani in Nainital
(Uttarakhand). The company is promoted by Mr. Suresh Pal and his
wife, Mrs. Meera Pal. PASL commenced operations in August 2012.


PASUPALA FOODS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pasupala Foods
Private Limited (PFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          7.5      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

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

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

Incorporated in 2009, PFPL is engaged in preparing, packing and
distribution of Spices, Pickles, papads and other instant masalas
under the brand name 'Matha. The company is promoted by Mr. P. Sri
Rami Reddy and his family members. Manufacturing/Processing
facility is located in Anantapur District of Andhra Pradesh.


PRAGATI AGENCIES: CARE Assigns B+ Rating to INR9.60cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Pragati
Agencies (PAS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          9.60        CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of PAS is constrained by
working capital intensive nature of operations, risk associated
with seasonality of the product, presence in fragmented industry
leading to intense competition. The rating, however, draws strength
from experienced management team, comfortable solvency position,
and healthy profitability margins.  Ability of the firm to Ability
of the firm to increase its scale of operations along with
efficiently managing its working capital requirements is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Risk associated with seasonality of product and presence in
fragmented industry: The firm is engaged in the business of
trading (direct and on commission basis) of cotton yarn and power
generation through wind mills. The major revenue is generated from
the trading segment. The availability of cotton yarn is seasonal
which exposes the firm to the risk associated with seasonality
nature of the product. Moreover, due to the low entry barriers
there are large number of players operating in the business of
trading of cotton yarn which increase the competition within the
industry.

Working capital intensive nature of operation: The operations of
the firm are working capital intensive in nature as the firm has to
maintain high inventory to cater to the need of its customer during
off-season. Further, the company offers a credit period of around
30-60 days to its customer and received a credit period of around
one month from its suppliers.  The working capital requirements are
met by the cash credit facility, the average utilization of which
was around 80% for last twelve months ended December 31, 2018.

Key Rating Strengths

Experienced management team: The trustees have an average
experience of around 40 years in the trading of cotton yarn and
around 10 years in the wind power generation. The firm is likely to
benefit from the experience of promoters in running business.

Modest scale of operations and healthy profit margins: The scale of
operations of the firm was modest with total operating income of
INR60.45 crore and total capital employed of INR33.44 crore. The
modest scale limits the financial flexibility of the firm during
the time of financial distress. The profitability of the firm is
healthy owing to the high margins of commission based business and
wind power generation.

Comfortable Capital structure, solvency position and debt: The
capital structure of the firm is comfortable owing to the high net
worth base as compared to the total debt of the firm. Further, with
comfortable gearing levels and healthy profitability, the debt
coverage indicators of the firm stood strong with total debt to GCA
of 1.35x as at the end of FY18.

PAS was established in 1988 under the name Pragati textiles as a
part of Neelabh Trust, managed by Mr. Arun Kumar Goenka, Mrs.
Gayatri Devi Goenka, Mrs. Sunita Goenka and Mr. Neelabh Goenka. PAS
generates revenue from two segments i.e. trading of cotton yarn and
sale of wind power.


PRAKRUTI LIFE: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Prakruti Life
Science Private Limited (PLSPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan       7        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Overdraft            1.03     CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

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

PLSPL, set up in 2012 and based in Udupi, Karnataka, is part of the
Prakruti group. It undertakes contract manufacturing of
pharmaceutical drugs. Operations are managed by Mr M R Shetty.


PSV PRECAST: CARE Assigns 'B+' Rating to INR10cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of PSV
Precast Private Limited (PPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PPPL are tempered by
Limited track record of operations, highly fragmented industry with
intense competition from large number of players and short term
revenue visibility from current order book position. The ratings,
however, derive their strength from experience of the promoter for
more than a decade in construction industry, financial closure
achieved, reputed clientele with sound financial risk profile and
stable outlook for civil construction industry. Going forward, the
ability of the company to stabilize the operations and generate the
revenue and profit levels as envisaged and ability of the company
to increase its scale of operations and improve the profitability
margins in the competitive environment remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record of operations: The company had short track
record of business operations, which is partially offset by two
decade's long presence established by the promoter in the market.

Short term revenue visibility from current order book position: The
company has an order book comprising of INR21.40 crore as on
September 27th 2018.The said order book is relating to precast
elements i.e., columns, beams, hollow core slabs, walls etc. for
various private entities. The firm seems to have a short term
revenue visibility as reported from order book.

Highly fragmented industry with intense competition from large
number of players: The firm is engaged in civil construction which
is highly fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in huge
competition.

Key Rating Strengths

Experienced promoters for more than two decades in construction
industry: PPPL was incorporated in the year 2017 and promoted by
promoted by Mr. Pulli. Harikrishna Srinivas Reddy (Managing
Director) and Ms. P. Sujata(Director), who are currently involved
in business. Both the promoters of the company are well qualified.
Mr. Srinivas reddy, holds Master Degree in Civil Engineering and
has more than two decades of experience in various sectors i.e.,
Infrastructure, Civil construction and Solar. Mr. Srinivas reddy
has worked with reputed government entities i.e., Government
Department of Roads & Building & Public health and private entities
i.e., Meenakshi Infrastructure Private Limited and other private
entities. Whereas, Ms. P. Sujata holds a Bachelor's degree and have
experience in Human resource. PPPL is actively managed by Mr.
Srinivas Reddy.

Reputed clientele with sound financial risk profile: PPPL has
established healthy relationships with its customer base, due to
vast experience of promoter in civil construction industry. The
client which includes such as Inderjit Mehta Constructions Pvt.
Ltd, Preca Solutions India Private Limited, etc. This results in
repeat business and low bad debts for the company.

Stable outlook of construction industry: The construction industry
contributes around 8% to India's Gross domestic product (GDP).
Growth in infrastructure is critical for the development of the
economy and hence, the construction sector assumes an important
role. The Government of India has undertaken several steps for
boosting the infrastructure development and revives the investment
cycle. The same has gradually resulted in increased order inflow
and movement of passive orders in existing order book. The focus of
the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long-run. In the short to medium term (1-3 years),
projects from transportation and urban development sector are
expected to dominate the overall business for construction
companies.

PSV Precast Private Limited (PPPL) was incorporated in the year
2017 for the object of carrying out business of manufacturing,
supply and erection of precast building elements i.e., columns,
beams, hollow core slabs, walls etc., which is used in civil
construction. PPPL was promoted by by Mr. Pulli. Harikrishna
Srinivas Reddy (Managing Director) and Ms. P. Sujata(Director). The
manufacturing unit is located at Yawapur Village, Sadasivpet
Mandal, Sangareddy district, Telangana. PPPL has its owned land
with an area of 5.00 acres with manufacturing plant area size of
45000 sq.ft. The company has all the utility facilities, where the
plant is located, i.e water, electricity, manpower, transportation
among others. The project was started in September 2017 and started
commercial operations in April 2018. The total proposed cost of
project is INR9.87 crore which is proposed to be funded through
bank term loan of INR7.40 crore and equity share capital of INR2.46
crore. The project was completed in April'2018 and simultaneously
started its commercial operations. Also, the company has got orders
from Inderjit Mehta Constructions Pvt. Ltd, Preca Solutions India
Private Limited.


RAJESHREE FIBERS: CARE Moves B+ on INR8cr Debt to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Rajeshree Fibers (RF) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RF to monitor the ratings
vide e-mail communications dated January 15, 2019, January 11,
2019, December 12, 2018, and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. Further, RF has not paid the
surveillance fees for the rating exercise agreed to in its Rating
Agreement. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on RF's bank facilities will now be denoted
as 'CARE B+; Stable, ISSUER NOT COOPERATING'.

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

The rating assigned to the bank facilities of Rajeshree Fibers (RF)
continues to remain constrained on account of its modest scale of
operations coupled with substantially low profit margins. The
rating further takes into cognizance RF's weak debt coverage
indicators and its presence in a highly competitive and fragmented
industry and susceptibility of its margins to volatile cotton
prices. The rating, however, continues to derive strength from the
resourceful and experienced promoters and its proximity to key raw
material producing region providing ease in sourcing of raw
material.  The ability of RF to scale up its operations along-with
improvement in profitability, leverage and debt overage indicators
would be the key rating sensitivities.

Detailed key rating factors:

Modest scale of operations with substantially low profit margins:
During FY17, RF reported a modest scale of operations marked by a
total operating income (TOI) to INR81.51 crore, reflecting the
effect of slowdown in demand as a result of demonetization and
moderation in cotton demand. The profitability of RF remained
substantially low with PBILDT margin at 1.02% and PAT margin of
0.20% during FY17.

Key Rating Weakness

Moderate capital structure and weak debt coverage indicators: RF's
overall gearing remained moderate at 1.64x as on March 31, 2017.
Further, its debt protection indicators continued to remain weak
mainly on back of thin gross cash accruals.

Presence in the highly fragmented cotton ginning industry and
susceptibility of its margins to fluctuation in cotton prices: The
profitability of RF's cotton ginning business depends largely on
the prices of cotton and cotton yarn which are governed by various
factors including area under cultivation, monsoon and international
demand-supply situation. Cotton being the major raw material of
ginning mills, the profitability of cotton ginners is vulnerable to
the spread between the raw material and the finished goods, which
has exhibited a volatile trend.

Key Rating Strengths

Experienced and resourceful partners: The partners of RF have over
two decades of experience in the cotton ginning industry. Mr.
Nilesh Gandhi, key partner, is an engineer by qualification and
looks after the sales and purchase related activities of the firm.
Other partners, viz., Mrs. Rajeshree Mahajan and Mrs. Anita Mahajan
look after the administration related activities of the firm.
Further, the promoter group also manages Rajeshree Cotex (rated
CARE BB-/ CARE A4, Stable, December 2017) and Rajeshree Industries
India Pvt. Ltd. (rated CARE B+, Stable, December 2018) which are
also engaged in cotton ginning and pressing business and have been
operational since 2005 and January 2011 respectively.

Proximity to cotton producing region: The manufacturing facility of
RF is strategically located in Khargone in western part of Madhya
Pradesh (cotton producing belt of Central India), which results in
ease of access to raw material and lower logistic expenditure (both
on transportation and storage).

Established in the year 2001, Rajeshree Fibers (RF) is a
partnership firm established by three partners having equal
profit/loss sharing ratio. The key partner of RF is Mr. Nilesh
Gandhi and the other two partners are Mrs. Rajeshree Mahajan and
Mrs. Anita Mahajan. RF is engaged in ginning and pressing of raw
cotton and its manufacturing facility is located at Khargone,
Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex,
formed in 2005 and Rajeshree Industries India Pvt. Ltd incorporated
in 2011, which are involved in the business of cotton ginning and
pressing. All the partners of Rajeshree Fibers are also partners in
Rajeshree Cotex. Mr. Nilesh Gandhi is also the Managing Director in
RIPL.


SAI MAATARINI: CARE Reaffirms 'D' Rating on INR1397.35cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sai Maatarini Tollways Limited (SMTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     1,397.35     CARE D Reaffirmed
   Facilities         

Detailed Rationale & Key Rating Drivers

The reaffirmation in rating assigned to bank facilities of SMTL is
on account of continuous delays in debt servicing and lower than
envisaged toll collections resulting cash flow mismatches.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Auditor has qualified in the annual
report FY18 that the company has defaulted in payment of interest
to the Banks and Financial Institutions amounting to INR114.22 lac
and principal installment of INR75 lac. As confirmed by lenders,
the account continuous to be NPA.

Lower than envisaged toll collections: The toll revenues are lower
than that envisaged projected revenues at the time of financial
closure on account of:

* Quantum of iron ore production has dropped significantly
   after induction of Shah Commission.

* Due to mining ban as directed by Hon'ble Supreme Court,
   iron ore production has completely stalled.

* In Odisha state carrier buses were not paying the toll fee
   and there was agitation for collecting the same. Claims on
   this account are being submitted to NHAI and approval is
   still pending with NHAI.

* During FY18 the company has collected toll of INR19.03 lakh
   per day against estimated toll collection of INR51.07 lakh
   per day, during 9MFY19 the company has collected INR14.09
   lakh toll per day against estimate of INR76.49 lakh per day.
  
Key rating strengths

Established track record of EPC as a developer of various BOT-based
roads: SMTL has entered into fixed price EPC contract with Gayatri
Projects Limited (CARE BB-; Stable, CARE A4 as on June 21, 2018)
for INR2020 crore. GPL is a prominent infrastructure construction
company with over 40 years of experience in executing various
infrastructure projects, especially road and irrigation segment.

Sai Maatarini Tollways Limited (SMTL), an SPV entered into
Concession Agreement (CA) on September 28, 2011 with National
Highways Authority of India (NHAI)/Authority for developing 4
laning of Panikoili-Remuli section of NH-215 (from 0.00 Km to
163.00 Km; Design Length: 166.17 km.) in the state of Orissa under
DBFOT (toll) basis for a period of 24 years including construction
period of 910 days.The estimated project cost for the stretch is
about INR2306.16 crore, which has been envisaged to be funded by
way of equity/quasi equity of INR360.32 core, Grant from NHAI of
INR548.49 core and balance by way term loans of INR1397.35 crore.

SMTL has entered into fixed price EPC contract with Gayatri
Projects Limited for INR2020 crore. The Company received PCOD on
August 8, 2017 by completing stretch of 145.123 km (87.04%) against
the SCOD of October 28, 2015 on account of delay in RoW from NHAI
and commenced toll collection from August 17, 2017. The company has
approached NHAI for one time fund infusion for completing the
balance works.


SAI SHIPPING: CRISIL Raises Ratings on INR29cr Loans to B
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sai Shipping Company Private Limited (SSCPL; part of Sai Shipping
group) to 'CRISIL B/Stable' from 'CRISIL D'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft               1.5      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term     11.2      CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan              16.3      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects the company's track record of timely repayment
of the term loan since past 90 days. SSCPL had liquidated its fixed
deposit worth INR4 crore in October 2018 and prepaid the term loan
instalments till April 2019. With promoters' funding support
(infused equity worth INR60 lakh in fiscal 2019) and expected cash
profit of INR4 crore per fiscal, debt obligation is likely to
continue to be serviced on time.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSCPL, Sunrise Maritime Pte Ltd
(Sunrise), Sai Shipping Co (Gujarat) Pvt Ltd, and Sai Maritime &
Management Pvt Ltd, collectively referred to as the Sai group. All
the entities have common promoters and management, and fungible
cash flows.

Key Rating Drivers & Detailed Description

Weakness

* Subdued operating performance: The group has reported negative
operating margin of 3.6% in fiscal 2018 owing to pricing pressure
because of intense competition. Margin is expected to gradually
improve but remain low at 2-3%, over the medium term.

* Susceptibility to cyclicality in the shipping industry: The sea
cargo industry is cyclical, and characterised by volatile freight
prices and a highly fragmented structure. Revenue and profitability
will remain exposed to such volatility over the medium term.

* Below-average debt protection metrics: Interest coverage was
negative for fiscal 2018 due to losses, however, net cash accrual
to total debt ratio was 0.12 time owing to cash profit of INR2.39
crore. The metrics are expected to remain muted over the medium
term.

Strength

* Extensive experience of the promoters: More than three-decade
long experience in the shipping industry has helped the group to
build a strong reputation at major ports in the country and
abroad.

Liquidity

Liquidity is weak. Bank limit utilisation was moderate at 77% for
the 12 months ended December 31, 2018 owing to sizeable working
capital requirement. Cash accruals expected to be around INR4 crore
per fiscal, over the medium term, are tightly matched against
annual debt obligation of INR4 crore. However, liquidity is
expected to be supported by promoter funding (infused equity worth
INR60 lakh in fiscal 2019). Also, INR4 crore fixed deposit was
liquidated in October 2018 and prepayment for installments till
April 2019 has been done, thus providing cushion to liquidity. The
amount of cash generated by the group will remain a key rating
sensitivity factor.

Outlook: Stable

CRISIL believes the group will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if increase in profitability leading to high cash
accrual strengthens financial risk profile, especially liquidity.
The outlook may be revised to 'Negative' if decline in
profitability, or lower-than expected cash accrual, or any large
debt-funded capital expenditure, or stretch in working capital
cycle weakens liquidity.

Incorporated in 1977, SSCPL undertakes chartering and freight
forwarding, and stevedoring of bulk cargo and is expected to
acquire a vessel for operations. The other entities of the Sai
group are also in the same line of business and the group has
diversified into the ship-owning business through Sunrise Maritime
Pte Ltd.


SHURU STONES: CARE Reaffirms B Rating on INR15cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shuru
Stones LLP (SSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank  
   Facilities          15.00       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating of SSL is primarily constrained on account of
stabilization risk associated with its recently completed debt
funded project. The rating, further, continues to remain
constrained on account of risk associated with vulnerability of
margins to fluctuation in raw material prices and foreign exchange
rates, its presence in a highly competitive marble industry along
with linkage to cyclical real estate sector and constitution as a
partnership concern. The rating, however, derives strength from
experienced management and location advantage with ease of
availability of raw material and labour. The ability of the firm to
achieve envisaged level of sales and profitability with better
management of working capital would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Stabilization risk associated with its recently completed
greenfield project: SSL completed its project and incurred total
project cost of INR21.86 crore towards the project which was funded
through term loan of INR12.00 crore and promoter's contribution of
INR9.86 crore in form of partner's capital and unsecured loan from
partners. It has commenced its commercials operations from June
2018. The operations of the firm stood at nascent stage of
operations and in 7M of FY19, it has registered Total operating
Income (TOI) of INR2.25 crore. Further, partners have infused the
capital of INR5.42 crore in FY19 to meet out the working capital
requirements.

Vulnerability of margins to fluctuation in raw material prices and
foreign exchange rates: The firm will procure raw materials mainly
from Rajasthan. The profitability of the firm is vulnerable to any
adverse movement in raw material prices as the firm will not be
immediately able to pass on the increased price to its customer.
SSL will be exposed to foreign exchange fluctuation risk
considering that the firm will generates major income in foreign
currency.

Presence in a highly competitive marble industry and linkage to
cyclical real estate sector: The industry is primarily dependent
upon demand from real estate and construction sector across the
globe. The real estate industry is cyclical in nature and is
exposed to various external factors like the disposable income,
interest rate scenario, etc. Any adverse movement in the
macro-economic factors may affect the real estate industry and in
turn
business operations of SSL. In addition, its constitution as a
partnership concern led to risk of withdrawal of capital.

Key Rating Strengths

Experienced management: Mr. Harsh Singhvi and Ms Khushboo are the
partners of the firm. Mr Harsh Singhvi is Graduate by qualification
and has an experience of 7 years. He will look after overall
management, strategy and policy making functions of SSL and will be
supported by Ms Khushboo, who is M.com by qualification. She will
look after accounts function of SSL.

Location advantage with ease of availability of raw material and
labour: SSL's processing facility of marbles is situated in
Rajasthan which has the largest reserve of marbles in India with
estimated reserves of 1,100 million tons accounting of more than
91% of the total marble reserves of the country. There are many
units located in the cities of Rajasthan mainly in Udaipur,
Chittorgarh and Kishangarh which are engaged in the business of
mining and processing of marbles. Further, skilled labour is also
easily available by virtue of it being situated in the marble belt
of India. The company procures marble blocks from domestic market.

Jaipur (Rajasthan)-based Shuru Stones LLP (SSL) was formed in April
2017 as a limited liability partnership by Ms Khushboo and Mr.
Harsh Singhvi with an objective to set up processing of marble and
granite slabs. The plant of the firm has installed capacity of 12
Lakh Square Feet Per Annum (LSFPA) of processing of marble and
granites. The raw material of the firm is marble and granites
stones which are procured from local dealers in Rajasthan and
mainly export in America, Dubai and Canada country.


TRADES WORTH: CARE Moves INR6.5cr Debt to Non-Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Trades
Worth (Steel) Company to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.50       CARE B+; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Trades Worth (Steel) Company
to monitor the ratings vide letters/e-mails communications dated
October 4, 2018, October 22, 2018, November 9, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the entity
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the publicly available information
which however, in CARE's opinion is not sufficient to arrive at
fair ratings. The rating on Entity's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The ratings take into account as constitution as a proprietorship
entity, volatility in prices of traded goods, intense competitive
nature of the industry with presence of many unorganized players,
working capital intensive nature of business. The ratings, however,
continue to draw comfort from its experienced management &
satisfactory track record of operation.

Detailed description of the key rating drivers

At the time of last rating in January 24, 2018, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced management and satisfactory track record of operation:
M/s Trades Worth (Steel) Company has commenced operations from
1994. Since its inception the entity has been engaged in the
trading of building material business. The firm has long track
record of operation. Over the years, M/s Trades Worth (Steel)
Company has been able to grow over the years by constantly
improving its service. Mr. Pramod Singhania (Proprietor) who has
around 38 years of experience in the similar line of business look
after the day to day operation of the entity.

Key Rating Weaknesses

Constitution as a proprietorship entity: M/s Trades Worth (Steel)
Company, being a proprietorship entity, is exposed to inherent risk
of the proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency of
the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Small scale of operation with low profitability margin: Trades
Worth (Steel) Company is a small player in trading business with a
PBILDT of INR1.01 crore and PAT of INR0.42 crore on a total
operating income of INR37.66 crore in FY17. Net worth base of the
entity was INR1.02 crore as on March 31, 2017.

Volatility in prices of traded goods: M/s Trades Worth (Steel)
Company purchases trading goods (i.e. cement, iron, steel,
household pipes and pipe fittings and other building material) from
domestic market for stock & sale basis. Since the prices of the
traded goods are volatile in nature and it is basically determined
by demand supply situation at a particular time. Thus the entity is
exposed to price volatility in the traded goods.

Intensely competitive nature of the industry with presence of many
unorganized players: M/s Trades Worth (Steel) Company is engaged in
the trading of building materials which is primarily dominated by
large players and characterized by high fragmentation and
competition due to the presence of numerous players in India owing
to relatively low entry barriers. High competitive pressure limits
the pricing flexibility of the industry participants which induces
pressure on profitability.

High leverage ratios and moderate debt coverage indicators: Capital
structure of the entity remained leveraged as marked by overall
gearing ratio of 7.17x as on March 31, 2017. However, long term
debt equity ratio was 0.72x as on March 31, 2017. Moreover, the
debt coverage indicators also remained moderate with total debt to
GCA ratio of 16.52x in FY17. However, interest coverage ratio
remained at 1.72x in FY17.

Working capital intensive nature of business: The operations of M/s
Trades Worth (Steel) Company remained working capital intensive
marked by its moderately high inventory period in FY17. Further the
entity maintains stock of traded goods for timely supply to its
clients demand.

M/s Trades Worth (Steel) Company was established in 1994 by Mr.
Pramod Singhania with an objective to enter into the trading of
building materials. Since its inception the entity has been engaged
in trading of building materials like TMT bars, iron rods, cement,
different types of pipes etc. Such building materials are used in
the various types of construction activities. The registered office
of the entity is located at S. J Road, Athgaon, Dist- Kamrup,
Guwahati- 781001. Mr. Pramod Singhania (Proprietor) has around 38
years of experience in trading business looks after the day to day
operations of the entity.

Liquidity: The liquidity position of the company remained moderate
marked by current ratio and quick ratios of 1.10x and 0.08x,
respectively, as on March 31, 2017. The cash and bank balance
amounting to INR0.40 crore remained outstanding as on March 31,
2017. The Gross cash accruals also remained at INR0.44 crore in
FY17.


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


The instrument-wise rating actions are:

-- INR435 mil. Non-fund-based limits (Long-term/Short-term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR492.5 mil. Fund-based limits (Long-term/Short-term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Trading Engineers was formed as a partnership firm in 1949 and was
reconstituted as a limited liability company in 1972. The company
was taken over by Unitech Machines Group in 2001. It has a fully
integrated manufacturing facility for diesel gensets of up to
2,000kVA in Bhagwanpur, Uttarakhand.


V. I. SHETTY: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of V. I. Shetty
and Company (VISC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         3        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with VISC 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 VISC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VISC 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 VISC to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

The firm undertakes civil construction of roads, bridges, and
irrigation projects for the Karnataka, Maharashtra, and Uttar
Pradesh governments.




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

HANJIN HEAVY: Lenders Agree on Debt-Rescheduling for Subic Yard
---------------------------------------------------------------
Yonhap News Agency reports that Hanjin Heavy Industries &
Construction Co., a troubled South Korean shipbuilder, said on Feb.
15 that it has reached an agreement on debt-rescheduling for its
Philippine affiliate.

Yonhap relates that the company said the debt rescheduling scheme
for HHIC-Phil Inc., which operates the yard in Subic Bay, will be
submitted to a court there by the end of the month. The scheme
includes a debt-for-equity swap with Philippine lenders, it added.

Hanjin Heavy is also negotiating with its lenders in South Korea on
the debt-for-equity swap, according to Yonhap.

Yonhap says the shipyard and its affiliate have been suffering from
a drop in new orders amid the protracted slump in the global
shipbuilding industry.

Its Philippine affiliate received approval for a rehabilitation
scheme last month, the report notes.

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

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

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



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

HYFLUX LTD: Shareholders Face Losses Under Restructuring Plan
-------------------------------------------------------------
The Strait Times reports that holders of Hyflux perpetual
securities and preference shares, who are owed $900 million, will
receive a total of SGD27 million in cash and a 10.26 per cent of
the company under a long-awaited restructuring plan filed by the
embattled water treatment firm with the High Court and posted on
the Singapore Exchange website early on Feb. 16.

Hyflux's total debt amounts to almost SGD3 billion. While about
SGD900 million is owed to 34,000 holders of its perpetual
securities and preference shares, its unsecured bank creditors are
owed SGD717 million, and unsecured contingent creditors and
medium-term noteholders have claims of SGD915 million and SGD271
million respectively, the Strait Times discloses.

Under the proposed plan, unsecured creditors who are not holders of
perpetual securities and preference shares will receive 27 per cent
of shares post-reorganisation, and a total cash distribution of
SGD232 million, the report relates.

In her affidavit in which she laid out the restructuring plan,
Hyflux chief executive Olivia Lum said that she and current board
members who are also perpetual securities and preference shares
intend to contribute the distributions that they would have
received as well as ordinary shares in the company that they hold
back into the pool of assets for redistribution, according to the
Strait Times.

These will be distributed solely among the holders of the perpetual
securities and preference shares, she added. Hyflux also reiterated
that in the event no rescue plan is approved and the company is
liquidated, this group of unsecured creditors stand to lose
everything, the report relays.

As for the ordinary shareholders of Hyflux, they will receive 2.74
per cent of shares in total under the restructuring plan, the
Strait Times says.

The Strait Times adds that the bulk of Hyflux's share capital,
post-reorganisation - 60 per cent - will go to SM Investments, a
consortium of Indonesia's Salim Group and energy giant Medco Group,
which has agreed to invest SGD530 million in the company.

For the trade creditors of Hyflux's subsidiaries, SGD13 million
will be set aside to satisfy all the claims against Hydrochem,
Hyflux Engineering and Hyflux Membrane Manufacturing, the report
discloses.

"This amount has been allocated between the three entities based on
an evaluation of the liquidation analysis to allow recovery, at the
first payout date, of at least as much as the high case in the
liquidation scenario," Ms. Lum added in the affidavit.

The proposed scheme, said Ms. Lum, aims to "revitalise its
businesses" and allow the restructuring to take place in an orderly
manner, among other outcomes, the Strait Times relays.

The company and the three subsidiaries have filed applications to
the High Court to convene a scheme meeting with all creditors to
vote on a compromise or arrangement. This will be heard on
Feb. 21 at 2:30 p.m., the report discloses.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.

KITCHEN CULTURE: Half-Year Net Loss Widens to SGD1.9MM
------------------------------------------------------
The Straits Times reports that Kitchen Culture Holdings saw its
half-year net loss widen to SGD1.9 million from its year-ago
deficit of SGD1.7 million, as the supplier of high-end kitchen
systems continued to face a slump in its residential projects, and
distribution and retail segments.

Loss per share was 1.6 cents, versus 1.7 cents for the six months
ended Dec. 31, the group's revenue fell 39.5 per cent to SGD4.7
million from SGD7.8 million in the previous year, according to the
report.

The Strait Times relates that revenue from the residential projects
business dropped by 57.1 per cent to SGD1.8 million, due to fewer
ongoing projects carried forward from calendar year 2016. The
segment has in the last three years faced "significant challenges
due to the dearth of projects in the premium market", said the
group.

Likewise, sales from the retail and distribution segment fell 19.2
per cent to SGD2.9 million, with declines in its Singapore and Hong
Kong businesses, the report adds.

"The group's retail and distribution business had been slow in the
past few years but we are seeing more orders in our overseas
markets, despite the consolidation of our showrooms in Hong Kong,"
Kitchen Culture, as cited by the Strait Times, said.

Looking ahead, the group expects a pickup in residential projects
as it noted the high numbers of en-bloc projects in Singapore in
2018. The Strait Times relates that the company said its order book
pipeline, based on letters of award and intent, currently stands at
SGD16.6 million for two residential projects in Singapore which are
expected to be completed over the next two to three years.

There are also plans to add new brands of appliances to the group's
portfolio of products, Kitchen Culture said, the report relays.

Finally, the group also said it is exploring options to strengthen
its balance sheet and working capital position, including
restructuring its current payment obligations, fundraising and
other financing options, the Strait Times discloses.

Singapore-based Kitchen Culture Holdings Ltd., an investment
holding company, sells and distributes imported kitchen systems,
kitchen appliances, wardrobe systems, and household furniture and
accessories under the Kitchen Culture brand name. It operates
through Residential Projects, and Distribution and Retail segments.

NEWSTEAD TECHNOLOGIES: In Liquidation; Owes More Than SGD60MM
-------------------------------------------------------------
Irene Tham at The Straits Times reports that Newstead Technologies
is winding up its business amid accumulated debts of more than
SGD60 million.

Its debt mountain includes about SGD4.7 million owed to Apple South
Asia, while Newstead employees have around SGD1.6 million
outstanding owed to them, according to a preliminary list of 170
creditors seen by The Straits Times.

Newstead Technologies Pte Ltd is a consumer electronics retailer.




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

DOOSAN HEAVY: Posts KRW422BB Annual Net Loss in 2018
----------------------------------------------------
Yonhap News Agency reports that Doosan Heavy Industries &
Construction Co., a leading desalination plant builder, said on
Feb. 13 that it continued to suffer losses last year due to a slump
in its affiliates' performance.

Net losses reached KRW422 billion (US$376 million) last year,
widening from the previous year's loss of KRW109 billion, the
company said in a regulatory filing, Yonhap relays.

Operating income reached KRW1 trillion last year, up from an
operating income of KRW913 billion the previous year, and sales
rose 6.6 percent to KRW14.76 trillion over the cited period, Yonhap
discloses.

Yonhap says Doosan Infracore Co., South Korea's largest
construction equipment maker by sales, delivered decent profit last
year, but other affiliates suffered extended losses.

The company expects sales of KRW15.96 trillion this year and an
operating income of KRW1.14 trillion. For the year, it aims to
clinch orders worth KRW7.93 trillion, Yonhap notes.

Based in South Korea, Doosan Heavy Industry & Construction Co.
(SEO:034020) -- http://www.doosanheavy.com--  is engaged in
supplying industrial facilities to both domestic and international
plant markets.



                           *********


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

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

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

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

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



                *** End of Transmission ***