TCRAP_Public/190315.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, March 15, 2019, Vol. 22, No. 54

                           Headlines



A U S T R A L I A

BLUTH COMPANY: Second Creditors' Meeting Set for March 22
BUILD-A-BEAR AUSTRALIA: Placed Into Voluntary Administration
CITADEL FINANCIAL: First Creditors' Meeting Set for March 22
ELYARD & STREVENS: Second Creditors' Meeting Set for March 21
EXPO GROUP: Jason Signmakers to Buy Company's Assets

LATITUDE AUSTRALIA 2017-1: DBRS Confirms BB Rating on Cl. E Notes
VSM 3: First Creditors' Meeting Set for March 25


C H I N A

CHINA JINJIANG: S&P Lowers ICR to 'BB-' on Increased Leverage
FUJIAN YANGO: S&P Rates New Guaranteed USD Unsec. Notes 'B-'
SHANGHAI TURBO: 2018 Full-Year Loss Narrows to CNY14 Million


I N D I A

ACE COMMERCIAL: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
ALTAIR INDUSTRIAL: Insolvency Resolution Process Case Summary
ALUMILITE ARCHITECTURALS: ICRA Moves D Ratings to Not Cooperating
ANINDITA STEELS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
API INDUSTRIES: Insolvency Resolution Process Case Summary

ASTER PRIVATE: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
BBF HOME: Insolvency Resolution Process Case Summary
BHAIRAVNATH SUGAR: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
BVL INFRASTRUCTURE: ICRA Lowers Ratings on INR37cr Loans to B
DHANYA TMT: CRISIL Keeps D on INR13cr Loan in Not Cooperating

DIVINE ALLOYS: Insolvency Resolution Process Case Summary
ESSAR STEEL: Standard Chartered May Wind Up Losing Less on Loan
G.G. EXPORTS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
GANGES GARDENS: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
HARDIK INDUSTRIAL: Insolvency Resolution Process Case Summary

HARVEST HOTELS: Insolvency Resolution Process Case Summary
HILLWOOD FURNITURE: CRISIL Migrates D Ratings to Not Cooperating
HUTCH INDIA: ICRA Raises Rating on INR15.55cr Loans to B-
INFOLINK SOLUTIONS: Insolvency Resolution Process Case Summary
JEPPIAAR POWER: Insolvency Resolution Process Case Summary

JYOTI BUILDTECH: Insolvency Resolution Process Case Summary
KAMTANATH FOOD: CRISIL Migrates B+ Ratings to Not Cooperating
KASHVI POWER: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
KESHAV COTTON: CRISIL Migrates B+ Rating to Not Cooperating
KPK ENGINEERING: Insolvency Resolution Process Case Summary

LAKSHMI BALAJI: ICRA Keeps B+ on INR9.5cr Loan in Not Cooperating
LEAPFROG ENGINEERING: ICRA Maintains C Rating in Not Cooperating
LEEDSKEM (INDIA): Insolvency Resolution Process Case Summary
LINERS INDIA: ICRA Maintains 'C' Ratings in Not Cooperating
LOURDES MATHA: CRISIL Lowers Ratings on INR8.5cr Loans to D

M.M. DETERGENTS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
MANN MEDICITI: ICRA Migrates B Ratings to Not Cooperating
MONOREX PVT: Insolvency Resolution Process Case Summary
MV & VAJRA: ICRA Hikes Rating on INR15cr Loans to B+
NAVANIDHI ELECTRONICS: CRISIL Moves D Ratings to Not Cooperating

NET 4 INDIA: Insolvency Resolution Process Case Summary
NIDHI ENGICON: CRISIL Migrates 'B+' Ratings to Not Cooperating
OAISIS ALCOHOL: Insolvency Resolution Process Case Summary
OMEGA TANNERY: CRISIL Withdraws B+ Rating on INR15cr Loan
P V S TEXTILES: Insolvency Resolution Process Case Summary

PARMATAMA FERRO: Insolvency Resolution Process Case Summary
RANGANATHAN RAJESWARI: ICRA Keeps D on INR8cr Loan in NonCooperatin
SADANI OVERSEAS: CRISIL Withdraws B+ Ratings on INR8.75cr Loans
SAFAL FLEXIBOND: CRISIL Lowers Ratings on INR23.5cr Loans to D
SAKAR POULTRY: Insolvency Resolution Process Case Summary

SBS TRANSPOLE: Insolvency Resolution Process Case Summary
SHREE SATYA: CRISIL Withdraws 'D' Ratings on INR20cr Loans
SHRIMAN ENTERPRISES: ICRA Keeps B on INR36cr Loan in NonCooperating
SREE JAYA: ICRA Moves B Rating on INR7.5cr Loan to Not Cooperating
SRI KRISHNA: ICRA Maintains 'D' Ratings in Not Cooperating

SRINIVASA EDUCATIONAL: ICRA Maintains B Ratings in Not Cooperating
SURYA PANEL: CRISIL Moves B on INR15cr Loan to Not Cooperating
TDI INTERNATIONAL: ICRA Cuts Rating on INR47.20cr Loan to D
TEESTAVALLEY POWER: ICRA Reaffirms D Rating on INR962.49cr Loan
TIGER STEEL: CRISIL Migrates D Rating to Not Cooperating Category

UIC CORP: Insolvency Resolution Process Case Summary
UJJAIN PACKAGING: CRISIL Withdraws B Ratings on INR7.78cr Loans
VAKRANGEE FOUNDATION: Ind-Ra Keeps B+ LT Rating in Non-Cooperating
VENKATESWARA CAPITAL: Insolvency Resolution Process Case Summary
VHCL INDUSTRIES: Insolvency Resolution Process Case Summary

VIMLESH PRASAD: CRISIL Lowers Ratings on INR11cr Loans to D
VYANKTESH CORRUGATORS: CRISIL Moves B+ Rating to Non-Cooperating
WALNUT PACKAGING: Insolvency Resolution Process Case Summary
WELCOME DISTILLERIES: Insolvency Resolution Process Case Summary


I N D O N E S I A

ALAM SUTERA: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
DELTA MERLIN: S&P Assigns BB- Issuer Credit Rating, Outlook Stable


J A P A N

MT. GOX: Former CEO Karpeles Faces Court Verdict Today


M A L A Y S I A

AMTEK HOLDINGS: Faces Delisting Risk by End of the Month
BERJAYA MEDIA: Posts MYR7.96MM Net Loss in 3Q Ended Jan. 31


S R I   L A N K A

SRI LANKA: Fitch Gives Final B Rating on $2.4BB Bonds Due 2024/2029

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A U S T R A L I A
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BLUTH COMPANY: Second Creditors' Meeting Set for March 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of The Bluth
Company Pty. Ltd., trading as The Bluth Group Of Companies & Subway
Jesmond, has been set for March 22, 2019, at 10:00 a.m. at Level 1,
14 Watt Street, in Newcastle, 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 March 21, 2019, at 4:00 p.m.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of Bluth Company on Feb. 18,
2019.


BUILD-A-BEAR AUSTRALIA: Placed Into Voluntary Administration
------------------------------------------------------------
Dominic Powell at SmartCompany reports that the Australian arm of
customisable toy retailer Build-a-Bear Workshop has been placed
into voluntary administration, hours after its listed parent
company in the US reported a 7.5% drop in revenue and sluggish
growth in international markets, partially blamed on the collapse
of Toys 'R' Us and issues posed by Brexit.

Matt Sweeny and Gideon Rathner of Lowe Lippman were appointed as
administrators of the company on March 13, which is a franchised
entity of the US company that opened its first store in Bondi 14
years ago in 2004, SmartCompany discloses.

SmartCompany relates that the company has 30 stores and other
retail outlets across Australia, with 10 of those set to close over
the next two weeks. Those stores include the ones at Logan
Hyperdome, Kawana, Mt Ommaney, Werribee, Eastland, Garden City
(WA), Carousel, Marion, Green Hills and Miranda.

The remaining stores will continue to trade normally,
administrators say, and staff will continue to be paid normally.
Gift cards will also continue to be honoured, the report says.

According to SmartCompany, the reasons for the company's collapse
include increased operating costs, such as wages and rent, and a
decrease in shopping centre foot traffic. In a statement, company
chief executive Gavin Port said Build-a-Bear Australia was working
"diligently" on plans to combat those challenges, SmartCompany
relays.

"[We] are taking this action to restructure [Build-a-Bear's] retail
footprint for a more sustainable long-term future for the
Build-a-Bear Workshop brand here in Australia," SmartCompany quotes
Mr. Port as saying.

"We have an incredibly dedicated team, and have an established
brand that resonates with consumers of all ages. We want to thank
our entire team and our valued customers and suppliers who have
been great supporters of the brand over the last 14 years."

"The company will continue to focus on bringing smiles and a unique
experience to our guests."

SmartCompany adds that the administrators said they are currently
conducting a review of the business, considering restructuring and
realisation opportunities.

SmartCompany notes that the collapse of the Australian arm comes
after the US parent company issued its Q4 earnings report,
revealing the business' overall revenue was in decline. Though
figures for the company's Australian franchise were not broken out,
revenue for the company's European operations declined as much as
17%.

According to SmartCompany, the company's chief executive officer
Sharon Price John said the company had run into a number of
"unusual challenges", including Brexit, GDPR laws, and the collapse
of toy retailing giant Toys 'R' Us.

"Waning consumer confidence related to Brexit and new privacy laws
that inhibited consumer communication in our largest international
market, the United Kingdom, resulted in disappointing financial
results for the year on a consolidated basis," she said in a
statement, SmartCompany relays.

"Other impacts for the year included the full-year closure of our
most profitable, multi-million-dollar retail store, the liquidation
of Toys 'R' Us, the impact of new accounting standards and tax
policies, and lower licensed product sales due to the significant
reduction in family-centric movie properties."


CITADEL FINANCIAL: First Creditors' Meeting Set for March 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Citadel
Financial Corporation Pty Ltd will be held on March 22, 2019, at
11:00 a.m. at the offices of Balance Insolvency, at 6.05, 50
Clarence Street, in Sydney, NSW.  

Timothy Cook of Balance Insolvency was appointed as administrator
of Citadel Financial Corporation on March 13, 2019.


ELYARD & STREVENS: Second Creditors' Meeting Set for March 21
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Elyard &
Strevens Pty Ltd, trading as Co-Ordinated Colour Nursery, has been
set for March 21, 2019, at 10:00 a.m. at the offices of Shaw
Gidley, at Level 1, 160 Pacific Highway, in Charlestown, 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 March 20, 2019, at 4:00 p.m.

Paul William Gidley of Shaw Gidley was appointed as administrator
of Elyard & Strevens on Feb. 18, 2019.


EXPO GROUP: Jason Signmakers to Buy Company's Assets
----------------------------------------------------
Wide Format Online reports that Jason Signmakers said in a media
statement that it is negotiating with the administrators of Expo
Document Copy Centre to finalise the purchase of the business
assets of the well-established Loftus Street, Leederville company,
which entered administration on February 12. A second meeting of
creditors is scheduled for March 20.

"Specialising in small and large format printing, Expo Group
[founded 1939] has experienced declining business conditions, as
seen throughout the print industry as digital media becomes more
mainstream," Jason Signmakers said, the report relays. "Jason
Signmakers has established a new entity Expo Signage and Digital
Pty Ltd which will provide current and extended new services to
Expo Group customers and employees."

Wide Format Online relates that John Mancini, managing director of
Jason Signmakers and the newly established Expo Signage and
Digital, said: "I'm really excited to bring together the
complimentary capabilities of these two well-established
businesses. The team at Expo have a wealth of experience in
printing and signage and a strong client list.

"Jason Signmakers is able to provide a strong backing to ensure
their clients and staff can focus on the task at hand and continue
to provide the excellent customer service and quality that they are
known for.

"In the coming months, we look forward to announcing the added
benefits that will be available for clients of both companies
including full fabrication and branding services. I am proud to be
involved in the establishment of a real powerhouse in the signage
and print industry, from business cards to design and construct for
large signage projects – we are truly building a one-stop shop."

Jack Robert James and Paula Lauren Smith of Palisade Business were
appointed as administrators of Expo Document on Feb. 12, 2019.


LATITUDE AUSTRALIA 2017-1: DBRS Confirms BB Rating on Cl. E Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings of the Series 2017-1,
Series 2017-2 and Series 2018-1 Notes issued by Latitude Australia
Credit Card Loan Note Trust as follows:

Series 2017-1:
-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

Series 2017-2:
-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

Series 2018-1:
-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

The ratings of the Notes address the timely payment of interest and
ultimate payment of principal on or before the legal final maturity
date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of charge-off rates, principal
payment rates, yield rates, and delinquencies;

-- The ability to withstand stressed cash flow assumptions;

-- No purchase termination events have occurred;

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective rating levels.

Latitude Australia Credit Card Loan Note Trust is a securitization
of credit card receivables related to credit agreements originated
or acquired by Latitude Finance Australia (Latitude) to customers
in Australia and assigned to the Latitude Australia Credit Card
Master Trust. Each series is currently in its respective revolving
period.

DBRS considers the Australian credit card market to share a similar
consumer credit protection framework to that of European
jurisdictions. Furthermore, the performance and operation of
Latitude's portfolio are deemed comparable with other originators
where DBRS has assigned structured finance ratings. Therefore, DBRS
utilizes its "Master European Structured Finance Surveillance
Methodology" and "Rating European Consumer and Commercial
Asset-Backed Securitizations" methodology when assessing these
transactions.

PORTFOLIO PERFORMANCE AND ASSUMPTIONS

As of February 2019, the monthly principal payment rate (MPPR) was
13.4%, the annualized gross charge-off rate was 4.6% and the
annualized yield rate was 14.6%. The MPPR, charge-off rate and
yield rate have all exhibited stable trends. DBRS has elected to
maintain its base case MPPR, charge-off rate and yield assumptions
at 11.3%, 6.3% and 12.5%, respectively.

Delinquencies have been relatively low and stable. As of February
2019, loans that were two-to three-months in arrears represented
0.8% of the outstanding balance, unchanged from February 2018.
Receivables 90+ days in arrears represented 1.4% of the outstanding
balance, down from 1.5% in February 2018.

CREDIT ENHANCEMENT AND RESERVES

With respect to Series 2017-1 and Series 2017-2, the Class A1 Notes
benefit from CE of 34.5%. With respect to Series 2018-1, the Class
A1 Notes benefit from CE of 32.5%. CE to the Class A2, Class B,
Class C, Class D and Class E Notes is 22.5%, 17.0%, 12.0%, 8.0% and
4.5%, respectively, for all three Series. CE consists of
subordination of the junior notes and the series-specific
Originator variable funding note (VFN) and has remained stable due
to the revolving periods.

The Required Retained Principal Ledgers in respect of each series
and the Originator VFN Required Retained Principal Ledger provide
liquidity support to the transaction. The Series Required Retained
Principal Ledgers are currently funded to AUD 21 million.

Westpac Banking Corporation (Westpac) acts as the account bank for
the transaction. Based on the account bank reference rating of
Westpac at AA, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the Class
A1 Notes for each series, as described in DBRS's "Legal Criteria
for European Structured Finance Transactions" methodology.

Notes: All figures are in Australian dollars unless otherwise
noted.

VSM 3: First Creditors' Meeting Set for March 25
------------------------------------------------
A first meeting of the creditors in the proceedings of VSM 3 star
Hospitality Pty Ltd, trading as Lonestar Ribhouse Joondalup, will
be held on March 25, 2019, at 2:00 p.m. at Level 2, 949 Wellington
Street, in West Perth, WA.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of VSM 3 on March 13, 2019.




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CHINA JINJIANG: S&P Lowers ICR to 'BB-' on Increased Leverage
-------------------------------------------------------------
On March 14, S&P Global Ratings lowered the issuer rating on China
Jinjiang Environment Holding Co. Ltd.'s (CJE), a China-based
waste-to-energy (WTE) company, to 'BB-' from 'BB'. S&P also lower
the long-term issue rating on the company's senior unsecured notes
to 'B+'.

S&P Global Ratings lowered the rating on China Jinjiang Environment
Holding Co. Ltd. (CJE) to reflect its heightened leverage and
weakened operating cash flow generation, with its FFO-to-debt
metrics deteriorating to around 10% in 2018.

CJE's higher-than-expected capital expenditure has materially
increased its outstanding debt and interest expense. CJE's
outstanding reported debt has increased by around 32% year-on-year
(YoY) to Chinese renminbi (RMB) 6.7 billion at end-2018, while
interest paid increased by around 61% to RMB 390 million over the
same period. CJE's waste treatment capacity at end-2018 has
increased by around 3% to 29,240 ton/day.

Technological upgrade of the CJE's eight existing WTE facilities
has temporarily lowered the overall utilization and thereby
weakened its operating cash flow generation ability. The company
recorded a 12.7% YoY decline of electricity sales revenue and a
10.5% YoY decline in the on-grid electricity supplied in 2018,
mainly due to lower utilization rate and a higher internal
consumption rate for the electricity generated by the WTE
facilities. Electricity sales revenue is a material revenue
contributor to CJE, representing approximately 45% of CJE's revenue
in 2017 and 35% in 2018 (excluding construction services revenue
under the build-operate-transfer [BOT] concession agreements). S&P
expects the technological upgrade to be completed by the second
half of 2019.

CJE's weakened operating performance in 2018 is partly mitigated by
stronger contribution from its energy management contracting (EMC)
business, which has a higher margin (62.5% as of 2018), and
contributed approximately a quarter of CJE's revenue (excluding
construction services revenue under BOT concession agreements) in
2018.

S&P said, "We have also lowered our assessment on Hangzhou Jinjiang
Group (HJG), the parent of CJE, to reflect its weakened financial
and liquidity profile in 2018. HJG's FFO Interest Cover metric is
estimated to fall below 2.5x during that period. The weakening
financial profile is mainly due to the increase in raw material
cost from its alumina business, thereby weakened its overall gross
profit and margins. At the same time, we have observed the company
has incurred higher interest expense, and also comes with material
short-term debt maturities.

"Our credit quality assessment on HJG mainly reflects our view of
the group's high exposure on non-ferrous metals production and
trading. We believe HJG has a weaker credit profile than CJE
because its businesses are subject to volatile commodity prices and
overcapacity in China's aluminum industry. Moreover, HJG's
liquidity has also suffered due to its dependence on short-term
financing, while facing a weakened operating cash generation
ability. The assessment also takes into consideration HJG's
position as one of the largest private alumina producers in China.
The company enjoys effective cost controls, mainly from
satisfactory self-sufficiency on power usage."

S&P believes CJE is a strategically important and insulated
subsidiary of parent group HJG. CJE is the primary platform for the
group's pillar energy and environmental segment. It has a close
association with the group's brand name and a record of support
from the group. Nevertheless, its earnings contribution to the
group is very small compared to its core alumina and aluminum
production business.

The negative outlook reflects CJE's commitment to a domestic and
foreign capacity expansion plan that will dampen its financial
metrics such that its FFO-to-debt ratio may stay below 9% over the
next 12 months. The outlook also reflects the increasing refinance
risk of the parent group's debt amid tightening liquidity in the
onshore market.

S&P may lower the rating on CJE if the company's FFO-to-debt ratio
stays consistently below 9%. This could happen if:

-- The progress of the technology upgrade of CJE's eight WTE
facilities is slower than expected or more of its operating WTE
facilities are required to participate in the facility upgrade
process;

-- More of CJE's operating WTE facilities were being requested to
close down due to town planning or other reasons;

-- CJE makes any large acquisitions or investments that are beyond
S&P's expectation, which further increases its interest expense.

S&P may also lower the rating on CJE if the parent group's
liquidity further deteriorates. This could be due to (1) the group
increasing its reliance on short-term borrowing and facing
heightened liquidity and payment risk, or (2) the group's cash flow
generation ability continues to deteriorate or if the group incurs
larger-than-expected capital expenditure.

S&P may also downgrade CJE if negative intervention from the parent
group increases.

S&P may revise the rating outlook on CJE to stable if it expects:

-- CJE to improve its FFO-to-debt ratio at or above 12% over the
next 12 months. This could happen if CJE curbs its capital
expenditure and completes the upgrade of its facilities as
expected, such that the utilization rate and gross margin show
signs of recovery; and  

-- The parent group to maintain its FFO cash interest coverage
consistently above 2.3x and successfully diversifies its capital
structure by increasing proportion of long-term debt.


FUJIAN YANGO: S&P Rates New Guaranteed USD Unsec. Notes 'B-'
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S.-dollar-denominated senior unsecured notes by Yango
(Cayman) Investment Ltd., a subsidiary of Fujian Yango Group Co.
Ltd. (Fujian Yango).

Fujian Yango irrevocably and unconditionally guarantees the notes.
The China-based property developer intends to use the net proceeds
primarily to refinance its debt. The issue rating is subject to our
review of the final issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Fujian Yango (B/Stable/--) to
reflect substantial structural subordination risk. As of June 30,
2018, Fujian Yango's capital structure consists of Chinese renminbi
(RMB) 83.9 billion in secured debt and RMB49.8 billion in unsecured
debt. As such, the secured debt ratio is about 63%, higher than our
notching threshold of 50%.

"We believe Fujian Yango's stand-alone liquidity remains tight due
to the company's weaker cash flows from non-property segments.
However, liquidity on a consolidated basis is better due to the
stronger performance of Fujian Yango's subsidiary Yango Group Co.
Ltd. (Yango; B/Stable/--).

"We believe the proposed notes issuance will ease Fujian Yango's
stand-alone short-term refinancing needs. We also expect the
company to continue to be prudent in non-property acquisitions and
control debt at its level. With Yango, a China-based property
developer, being less aggressive in land acquisitions, we forecast
Fujian Yango's consolidated debt-to-EBITDA ratio will moderately
improve to 9.0x-11.0x in 2019, from 12.5x in 2017. This is
reflected in the stable outlook on Fujian Yango."


SHANGHAI TURBO: 2018 Full-Year Loss Narrows to CNY14 Million
------------------------------------------------------------
The Straits Times reports that Shanghai Turbo Enterprises narrowed
its full-year 2018 net loss to CNY14 million from a restated
year-ago loss of CNY158.1 million as it managed to collect doubtful
trade receivables.

Loss per share for the 12 months ended Dec 31, 2018 was CNY0.51, a
smaller deficit than the loss per share of CNY5.75 the year before,
the report discloses. Shares of Shanghai Turbo, a China-based
precision manufacturer, last traded at $0.99 on Feb 27.

The Straits Times says revenue shrank 23 per cent to CNY30.3
million as the group's on-going legal suits and quality control
issues led a customer to disqualify the group as a vendor and
forced the company to reduce prices. Cost of sales increased 25 per
cent to CNY47.9 million, leading to a gross loss of CNY17.6 million
compared with a gross profit of CNY1.1 million in 2017.

But other operating income swelled to CNY60.6 million from a
year-ago CNY1 million as the company reversed CNY54.1 million of
provisions made in 2017 for trade receivables. Shanghai Turbo said
it managed to collect that debt in 2018.

The Straits Times relates that other operating expenses also fell
to CNY5.4 million from CNY114 million as the company reversed
allowances for doubtful debt and impairment losses of inventory
previously made in 2017. The 2017 impairments and write-offs
comprised CNY69.6 million made to trade receivables, CNY28.8
million to inventories, and CNY4.8 million to fixed assets.

Looking ahead, the company expects a "challenging and highly
competitive" business landscape compounded by uncertainties
surrounding the US-China trade war, The Straits Times relays. The
company has however managed to get reinstated as an approved vendor
by the customer that had disqualified Shanghai Turbo in 2018.
Shanghai Turbo's legal dispute with former executive director Liu
Ming is on-going.

Based in Changzhou, China, Shanghai Turbo Enterprises Ltd, an
investment holding company, manufactures and sells precision vane
products for steam turbine power generator manufacturers in the
People’s Republic of China, Japan, and South Korea. The company
offers stationary and moving vanes, and nozzles, which are used as
components in steam turbine generators for power generation in
power plants, power stations, and/or substations. It also provides
precision vane products related subcontracting services.




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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR302.6 mil. Term loan due on October 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

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

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

COMPANY PROFILE

Incorporated in 1991, ACCPL provides stevedoring and intra-port
transportation services for dry, non-mechanized cargo at Paradip
Port, Odisha.


ALTAIR INDUSTRIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Altair Industrial Technologies Private Limited
        CTS 110-111, Bungalow No. 8
        Kumar Elite Lane No. 4A
        Koregaon Park
        Pune 411001

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: August 25, 2019
                               (180 days from commencement)

Insolvency professional: Sunil Gajanan Nanal

Interim Resolution
Professional:            Sunil Gajanan Nanal
                         8, Priyanjali Apartments
                         Lane No. 6, Dahanukar Colony
                         Kothrud, Pune 411038
                         E-mail: sunil.nanal@kanjcs.com

                         C/o KANJ and Associates, Company
                             Secretaries
                         3-4, Aishwarya Sankul
                         17 G.A. Kulkarni Path
                         Opp. Joshi's Railway Museum
                         Kothrud, Pune 411038

Last date for
submission of claims:    March 12, 2019


ALUMILITE ARCHITECTURALS: ICRA Moves D Ratings to Not Cooperating
-----------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of
Alumilite Architecturals Private Limited (AAPL) to Issuer Not
Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-          3.50       [ICRA]D; ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved
                                  to the 'Issuer Not
                                  Cooperating' category

   Short Term-         3.50       [ICRA]D; ISSUER NOT
   Non Fund Based                 COOPERATING; Rating moved
                                  to the 'Issuer Not
                                  Cooperating' category

ICRA has moved the long-term rating for the bank facilities of
AAPL to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

Alumilite Architecturals Private Limited (AAPL) was incorporated in
1992, and is promoted by Mr. S.K. Damani. The company is involved
in providing façade systems and solutions for doors, windows,
partitions, structural glazing, automatic doors, cladding systems
and skylights for various types of construction projects, including
residential, commercial, and industrial, etc. The manufacturing
facility of the company is located in Bhiwandi, Mumbai.


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

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR33.2 mil. Non-fund-based limits migrated to Non-Cooperating

     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 9, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Anindita Steels was incorporated in 1995 as a financing company
named Anindita Trades & Investment Limited. The company remained
dormant for years before entering into a memorandum of
understanding with the Jharkhand government for setting up an
integrated mini steel plant near Ramgarh, Jharkhand. In 2006,
Anindita Steels started manufacturing sponge iron in Hazaribagh,
Jharkhand.

Mr. Subhash Chand Tulsyanand and Mr. Deepak Rungta are its
promoters.


API INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: API Industries Private Limited
        A/3, Rameshwar Complex
        Ghogha Circle, Bhavnagar
        Gujarat 364002

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
                         608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge, Ashram Road
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    March 19, 2019


ASTER PRIVATE: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aster Private
Limited's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR2.250 bil. Fund-based limits (long-/short-term) maintained
     in Non-Cooperating Category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR11,039.5 bil. Non-fund-based limits (long- /short-term)
     maintained in Non-Cooperating Category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 2, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Aster is a Hyderabad-based tower fabricating and engineering
procurement and construction company that undertakes works in the
power, telecom, and engineering segments.


BBF HOME: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: M/s BBF Home Care Products Limited
        Village Khasi Kalan Tajpur Road
        Ludhiana
        Punjab 141011

Insolvency Commencement Date: February 22, 2019

Court: National Company Law Tribunal, Panipat Bench

Estimated date of closure of
insolvency resolution process: August 21, 2019
                               (180 days from commencement)

Insolvency professional: CA Rakesh Ahuja

Interim Resolution
Professional:            CA Rakesh Ahuja
                         2238, Sector 18
                         HUDA , Panipat
                         Haryana 132103
                         E-mail: rakeshahujaip@gmail.com
                                 cirpbbf@gmail.com

Last date for
submission of claims:    March 14, 2019


BHAIRAVNATH SUGAR: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhairavnath Sugar
Works Limited (BSWL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.460 bil. Long-term loans due on March 2019 - January 2025

     assigned with IND BB/Stable rating; and

-- INR3.54 bil. Fund-based limits assigned with IND BB/Stable
     rating.

KEY RATING DRIVERS

The ratings are constrained by BSWL's weak credit metrics. EBITDA
interest cover (operating EBITDA/gross interest expense) was 2.4x
in FY18 (FY16: 2x) and net leverage (total adjusted net
debt/operating EBITDA) was 8.2x (5.5x). The metrics deteriorated in
FY18 because the company incurred a debt-funded capex of INR1,694
million over FY17-FY18 for the purchase of a sugar manufacturing
and cogeneration plant in Algoen. The additional capacity of 2,500
tons crushing per day (TCD) at the new plant resulted in an
increase in the sugar inventory to INR5,787 million in FY18 (FY17:
INR694 million). Ind-Ra expects an improvement in absolute EBITDA
to reduce the net leverage; however, it will remain around 5x in
FY19 due to debt-funded incremental working capital requirements.

The ratings factor in BSWL's moderate liquidity position, with its
average use of the fund-based facility being around 80% for the 12
months ended January 2019. Also, cash flows turned negative in FY18
with cash flow from operations at negative INR1,851 million (FY17:
INR2,384 million) and free cash flow at negative INR3,545 million
(INR2,122 million) on account of the capex. Ind-Ra expects the
company to generate positive cash flow from operations in FY19 in
view of revenue growth. BSWL has about INR427 million in debt
repayments in FY19, which, Ind-Ra expects, will be met from
internal accruals. At FYE18, cash and cash equivalents stood at
INR580 million (FY17: INR28 million).

The ratings also factor in BSWL's moderate business profile despite
its integrated nature of operations. The company has an overall
sugar capacity of 13,500TCD, a 30,000 LPD distillery unit and
53.5MW cogeneration capacity. The company's scale of operations is
medium, with revenue of INR2,548 million in FY18 (FY17: INR3,651
million) at 111% utilization level with a recovery rate of 9.7%.
The lowers sales are mainly because the company maintained an
inventory in anticipation of a higher price for sugar. However, the
revenue increased substantially to around INR6,000 million during
31-January-2019 in FY19. Ind-Ra expects revenue in excess of
INR7,000 million in FY19 on account of the sale of previous year's
stock and additional crushing capacity. BSWL sells 47.5MW of power
to Maharashtra State Electricity Distribution Limited at
INR6.54/unit and has contracts worth INR235.05 million with Indian
Oil Corporation Limited ('IND AAA'/Stable), Hindustan Petroleum
Corporation Limited ('IND AAA'/Stable) and Bharat Petroleum Limited
for sales of ethanol in FY20.

Moreover, the company's EBITDA margins are at modest levels due to
working capital intensive nature of operations, with return of
capital employed of 5% in FY18 (FY17: 5%). A higher share of
revenue from the cogeneration plant resulted in a rise of EBITDA
margin to 30.9% in FY18 (FY17: 18.2%).

The ratings, however, are supported by the company's promoters more
than two decades experience in the agro-based industry.

RATING SENSITIVITIES

Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led capex leading to deterioration of the net
leverage or liquidity, on a sustained basis, could be negative for
the ratings.

Positive: Any significant and sustainable improvement in the
revenue or operating margin resulting in an improvement in the net
leverage, on a sustained basis, could be positive for the ratings.

COMPANY PROFILE

BSWL was incorporated in 2000 and runs five fully integrated sugar
manufacturing facilities in Maharashtra with a total crushing
capacity of 13,500TCD and cogeneration plants with total capacity
of 53.5MW.


BVL INFRASTRUCTURE: ICRA Lowers Ratings on INR37cr Loans to B
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of BVL
Infrastructure Private Limited (BIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loan           23.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Revised from
                                  [ICRA]B+ (Stable) and moved
                                  to 'Issuer Not Cooperating'
                                  category

   Cash credit         10.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Revised from
                                  [ICRA]B+ (Stable) and moved
                                  to 'Issuer Not Cooperating'
                                  category

   Unallocated          4.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Revised from
                                  [ICRA]B+ (Stable) and moved
                                  to 'Issuer Not Cooperating'
                                  category

ICRA has revised the long-term rating assigned to the INR37.00
crore bank facilities of BIPL to [ICRA]B from [ICRA]B+. ICRA has
moved the ratings to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

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

Rationale
The rating downgrade factors in deteriorated performance of BIPL
with operating income at INR7.6 crore and net loss of INR4.6 crore
in FY2018 owing to reduced sales. The rating also considers weak
financial profile of BIPL with gearing at 116.9 times as on March
31, 2018, interest coverage at 0.4 times, TD/OPBIDTA at 56.5 for
FY2018.

BVL Infrastructure Private limited was incorporated in the year
2007, however it was not operational till FY2015. During FY2016,
the company started the construction of granite processing unit at
Ongole, Andhra Pradesh, spread over an area of 22.07 acres with
overall production capacity of 26,00,000 sq ft./month. BIPL would
be processing and exporting granite. The test production has
started in June 2017 and the commercial production is expected to
start in September 2017. The company is processing Black Galaxy,
Jet Black, Steel Grey, Black Pearl, Moon White, River White, Iskon
White variats of granite. BIPL is part of the BVL Group of
Companies, based in Ongole, Andhra Pradesh, India. The group has
major presence in tobacco processing and export, construction, real
estate and in granite quarrying, processing and exporting.


DHANYA TMT: CRISIL Keeps D on INR13cr Loan in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanya TMT Private
Limited (DTPL) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          13       CRISIL D (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with DTPL for obtaining
information through letters and emails dated July 31, 2018 and
February 14, 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 DTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of DTPL continues to be 'CRISIL D Issuer not
cooperating'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DTPL and Dhanya Steel Industries Pvt Ltd
(DSIPL). This is because the two companies, together referred to as
the Dhanya group, are in similar lines of business and under a
common promoter group, and have significant business and financial
linkages with each other.

Established in 2012, Bengaluru-based DTPL (earlier knows as Amsteel
Industries Private Limited) manufactures thermo-mechanically
treated (TMT) bars.


DIVINE ALLOYS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Divine Alloys & Power Co Limited

        Registered office:
        Block A, 139, Regent Estate
        176/14/139 Raipur Road
        Kolkata 700092, WB

        Head office:
        Divine House, Club Road
        Ranchi 834001
        Jharkhand

Insolvency Commencement Date: March 7, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 2, 2019
                               (180 days from commencement)

Insolvency professional: Rajesh Kumar Agrawal

Interim Resolution
Professional:            Rajesh Kumar Agrawal
                         1, Ganesh Chandra Avenue
                         Room No. 301, 3rd Floor
                         Kolkata 700013
                         E-mail: rajesh521@yahoo.com
                                 cirp.divine@gmail.com

Last date for
submission of claims:    March 21, 2019


ESSAR STEEL: Standard Chartered May Wind Up Losing Less on Loan
---------------------------------------------------------------
Saloni Shukla at Bloomberg News reports that Standard Chartered Plc
may wind up losing less on its biggest bad loan in India.

Bloomberg, citing people with knowledge of the matter, relates that
lenders to bankrupt Essar Steel India Ltd. will consider increasing
a payout to Standard Chartered to expedite the sale of the troubled
Indian mill to ArcelorMittal. That could smooth over a sticking
point in months of court battles as the world's largest steelmaker
tries to open shop in the South Asian nation, the report says.

According to Bloomberg, Standard Chartered has been seeking
repayment on about INR35.6 billion ($513 million) of loans to Essar
Steel. The steel maker is the highest-profile company among the
so-called "dirty dozen" debtors ordered by Indian authorities in
2017 to go through the bankruptcy courts.

Bloomberg relates that a committee of creditors to Essar Steel, led
by State Bank of India, will consider distributing nearly 30
billion rupees to Standard Chartered and operational creditors, the
people said. While the exact amount that would go to the U.K.
lender isn't decided, the amount that the committee had previously
agreed to pay the bank was only INR600 million, the people said.

The move is part of an attempt to complete the sale by the end of
March, the people said, asking not to be identified as the
information isn't public, Bloomberg relays.

Bloomberg says Standard Chartered has filed a plea to India's
National Company Law Appellate Tribunal opposing a decision by a
lower court to sell Essar to ArcelorMittal, world's largest steel
producer.

Standard Chartered is opposing the sale to ArcelorMittal as it
faces losing a substantial part of monies it has extended to Essar
under the deal, according to people familiar with the matter,
Bloomberg relays.  An Indian bankruptcy court last week approved
ArcelorMittal's offer to buy Essar Steel after months of court
battles, Bloomberg notes.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB).


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

The instrument-wise rating action is:

-- INR1.0 bil. Fund-based working capital facilities migrated to

     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2010, G.G. Exports is a partnership firm that is wholly
owned and managed by the Zadaphia family. The firm is engaged in
the cutting and polishing of 0.01-3.00-carat-sized diamonds. The
firm has a manufacturing facility in Surat, Gujarat, and a
registered office in Mumbai, Maharashtra.


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

The instrument-wise rating actions are:

-- INR75 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 13, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in May 1991, Ganges Garden Realtors undertakes both
residential and commercial real estate projects. The company is
managed by Mr. Om Prakash Bhartia and Mr. Nikunj Bhartia.


HARDIK INDUSTRIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hardik Industrial Corporation Private Limited
        A/3, Rameshwar Complex
        Ghogha Circle, Bhavnagar
        Gujarat 364002

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
                         608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge, Ashram Road
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    March 19, 2019


HARVEST HOTELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Harvest Hotels and Serviced Apartments Private Limited
        K-52-A, S/F Kalkaji
        New Delhi, South Delhi
        DL 110019 IN

Insolvency Commencement Date: March 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 28, 2019
                               (180 days from commencement)

Insolvency professional: Navneet Gupta

Interim Resolution
Professional:            Navneet Gupta
                         #1598, Level 1, Sector 22-B
                         Chandigarh 160022
                         E-mail: navguptaca@gmail.com
                                 harvestcirp@gmail.com

Last date for
submission of claims:    March 20, 2019


HILLWOOD FURNITURE: CRISIL Migrates D Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hillwood
Furniture Private Limited (HFPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit           3.0       CRISIL D (ISSUER NOT   
                                   COOPERATING; Rating Migrated)

   Letter of Credit     35.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HFPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 HFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HFPL 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 HFPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

HFPL based in Kerala, were incorporated in 2001-02 and process
timber logs. HFPL also manufactures building materials such as
window, door, and kitchen frames. HFPL primarily deals in teakwood,
while HIEPL deals mostly in hardwood.


HUTCH INDIA: ICRA Raises Rating on INR15.55cr Loans to B-
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Hutch
India Private Limited (HIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term, Fund-      13.62      [ICRA]B-(Stable); revised
   Based-Cash                       from [ICRA]D
   Credit Limit         
                                   
   Long-term, Fund-       1.93      [ICRA]B-(Stable); revised
   based-Term Loan                  from [ICRA]D

Rationale

The revision in the rating of HIPL factors in the timely servicing
of debt repayments during the past three months. ICRA notes that
the company's liquidity has remained stretched following its
increasing working capital requirement and weak accruals. The
rating takes into account the highly leveraged capital structure on
account of its dependence on external borrowings and weak tangible
net worth. The debt protection metrics have also remained weak due
to a modest profit margin and high debt.

ICRA notes that HIPL's profitability is susceptible to volatility
in the prices of steel and zinc, as well as its limited bargaining
power against established raw material suppliers. Besides, the
fragmented nature of the industry and the intense price-based
competition exerts pressure on the company's margins.

The rating, however, draws comfort from the established presence of
the management in the steel manufacturing industry and stable
revenue growth reported by the company during the past five years.

Outlook: Stable

ICRA expects HIPL to continue to benefit from the extensive
experience of its management. The outlook may be revised to
Positive if the company is able to sustain its revenue growth while
maintaining its profit margin and managing its working capital
cycle efficiently. The outlook may be revised to Negative if
increasing working capital gap weakens the company's liquidity or
deteriorates the capital structure further.

Key rating drivers

Credit strengths

Extensive experience of the management in the galvanised pipe
manufacturing: The company was set up in 2003 by Mr. Kamlesh
Agarwal and his family, with commercial operations commencing from
June 2014. The management has an extensive experience of more than
three decades in the steel industry, which has helped the company
establish its position in the domestic market. Prior to the
incorporation of HIPL, the management was associated with
Rawalwasia Steel Plant Private Limited.

Stable revenue growth over the past five years: HIPL has reported
strong revenue growth since the commencement of operations in
FY2015. The company reported a strong revenue growth with a CAGR of
56% to INR80.16 crore in FY2018 from INR21.18 crore in FY2015 on
the back of increasing sales volume. The revenues in 9M FY2019
stood at INR86.17 crore on the back of increased sales
realisation.

Credit challenges

Highly leveraged capital structure and modest debt protection
metrics due to weak margin: HIPL's capital structure has remained
highly leveraged with a gearing of 5.96 times as on December 31,
2018 owing to a modest tangible net worth and high reliance on
external borrowings. The total debt increased to INR28.56 crore as
on December 31, 2018 from INR25.71 crore as on March 31, 2018 due
increase in working capital borrowings and 10-12% interest bearing
unsecured loans. In 9M FY2018, the debt protection metrics measured
as total debt/operating profit before interest, depreciation and
tax (total debt/OPBDITA) and net cash accruals/total debt
(NCA/total debt) stood at 6.71 times and 6%, respectively. Debt
service coverage ratio stood weak at 1.06 times as on December 31,
2018.

Sensitivity of margins to volatile prices of major raw materials
like steel and zinc; limited bargaining power against established
suppliers: Raw material accounts for more than 95% of the company's
total manufacturing cost. As HIPL maintains high inventory levels,
its profitability is susceptible to price risks. Although the raw
material inventory is low, it maintains a finished stock inventory
of a variety of pipes (black, galvanise and hollow sections) in
different sizes and a likely decline in zinc and HR coil prices can
adversely hit its margins. HIPL procures most of its raw material
from established players, which limits its bargaining power.

Fragmented nature of the industry and intense price-based
competition putting pressure on margins: The competitive nature of
the fragmented steel pipe industry limits pricing flexibility,
keeping margins under pressure. However, the company holds the
upper edge over other competitors because of its location. As
galvanised pipe major manufacturers are mainly located in the
northern part of the country, HIPL is able to save on its freight
costs while catering to customers in western India.

Increasing working capital requirement and term loan repayments
exerting pressure on company's cash flows: HIPL's cash flows have
remained under pressure during 9M FY2019, following an increase in
working capital gap to support the growing scale of operations and
term loan repayments. The company has been funding the incremental
requirement through working capital borrowings and unsecured loans,
thereby deteriorating its capitalisation ratios.

Liquidity position

HIPL's liquidity profile has remained stretched during past two
years attributable to increasing working capital requirement. The
company had secured long-term loans of INR2.32 crore as on December
31, 2018, comprising a term loan, vehicle loans and a property
loan. As a result, it has repayment obligations of INR1.01 crore in
FY2020. With negative cash flows from operations expected in the
following three fiscals, the company will rely largely on external
funds to support its cash flows and repayment obligations. The
average utilisation of working capital limits as a percentage of
drawing power stood high at 91% during the November 2017 to
December 2018 period.

Incorporated in 2003, Hutch India Pvt. Ltd. (HIPL) manufactures
electric resistance welded (ERW) black and hot dipped galvanised
steel pipes. Its registered office is in Hisar, Haryana, and its
manufacturing facility, with an installed manufacturing capacity of
25,000 metric tonne per annum (MTPA), is in Surat, Gujarat. The
company commenced manufacturing from June 2014. HIPL is an ISO
9001:2008-accredited company, also certified by the Bureau of
Indian Standards. Its products are sold under its Hindustar, Hutch
and Jaldhari brands. Mr. Kamlesh Agarwal, who looks after the
overall operations, has a vast experience of over three decades in
steel pipe manufacturing.

In FY2018, HIPL reported a net profit of INR0.30 crore on an
operating income (OI) of INR80.16 crore, compared to a net profit
of INR0.07 crore on an OI of INR59.12 crore in FY2017. As per
provisional results, the company has reported profit before tax of
INR0.55 crore on an operating income of INR75.25 crore in the first
nine months of FY2019.


INFOLINK SOLUTIONS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Infolink Solutions Pvt Ltd
        Room No. 2225, Bldg. No. 45
        Samadhan CHS Ltd
        Near Mhada Office
        Gandhinagar, Bandra
        East Mumbai
        Mumbai 400051

Insolvency Commencement Date: March 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 2, 2019

Insolvency professional: Prashant Bhatia

Interim Resolution
Professional:            Prashant Bhatia
                         A-561, Sarita Vihar
                         New Delhi, South
                         National Capital Territory of Delhi
                         110076
                         E-mail: bhatiaprashant.ca@gmail.com

                            - and -

                         505A, 5th Floor, Rectangle-1
                         D-4, District Centre, Saket
                         Delhi 110017
                         E-mail: rrcoipservices@gmail.com

Last date for
submission of claims:    March 20, 2019


JEPPIAAR POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jeppiaar Power Corporation Private Limited
        Registered office:
        12 New No. 29 Ganapathy Street
        Royapettah, Chennai
        Tamil Nadu 600014

Insolvency Commencement Date: March 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 31, 2019

Insolvency professional: Umesh Garg

Interim Resolution
Professional:            Umesh Garg
                         2nd Floor, 3-Scindia House
                         Janpath, Connaught Place
                         New Delhi 110001
                         E-mail: umeshg60@gmail.com

                            - and -

                         Almondz Insolvency Resolution Services
                         Pvt. Ltd.
                         F33/3, Okhla Industrial Area, Phase-II
                         New Delhi 110020
                         E-mail: cirpjpc@gmail.com

Last date for
submission of claims:    March 18, 2019


JYOTI BUILDTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Jyoti Buildtech Private Limited
        68/5339, Regharpura
        Karol Bagh New Delhi 110005

Insolvency Commencement Date: March 7, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: September 2, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vijender Sharma

Interim Resolution
Professional:            Mr. Vijender Sharma
                         Building No. 11, 3rd Floor
                         Hargovind Enclave, Vikas Marg
                         New Delhi 110092
                         E-mail: vijender@vsa.net.in

Last date for
submission of claims:    March 21, 2019


KAMTANATH FOOD: CRISIL Migrates B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kamtanath Food
Product Private Limited (KFPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          4        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Long Term Loan       8        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KFPPL for obtaining
information through letters and emails dated
December 17, 2018, February 14, 2019 and February 20, 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 KFPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KFPPL 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 KFPPL to 'CRISIL B+/Stable Issuer not cooperating'.

Established in May 2017 by Mr Nitin Agarwal, Mr Neelesh Jain, Mr
Bal Kishan Sahu, and Ms Tripti Gautam, KFPPL is setting up a rice
processing unit at Dabra, Madhya Pradesh, with an installed
capacity of 6912 tonne per annum. The company is expected to
commence commercial operation from December 2017.


KASHVI POWER: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kashvi Power and
Steel Private Limited (KPSPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR449 mil. Fund-based working capital limit assigned with IND

     BB+/Stable rating; and

-- INR65 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect KPSPL's medium scale of operations, as
indicated by its revenue of INR2,142.25 million in FY18 (FY17:
INR576.06 million). The revenue rose due to an increase in orders
from domestic customers.

Additionally, the company's operating margins are modest owing to
the trading nature of business. The margin declined to around 6.5%
in FY18 (FY17: 18.2%) because of a rise in raw material costs, and
the RoCE was 11% (FY17: 9%).

The ratings also take into consideration the company's
weak-to-moderate credit metrics due to the modest EBIDA margins.
The net leverage improved to 5.1x in FY18 (FY17: 8.1x) and interest
coverage improved to 2.2x (2.0x) due to an increase in the absolute
EBITDA to INR138.93 million (INR104.81 million) because of revenue
growth.

The ratings factor in the KPSPL's moderate liquidity position, with
96.0% average use of fund-based limits over the twelve months ended
January 2019. The company's cash flow from operations rose to
INR374.47 million in FY18 (FY17: negative INR589.21 million), as
the working capital cycle improved to 23 days in FY18 (FY17: 249
days) owing to an improvement in inventory days and receivable
days. At FYE18, the company's cash equivalents stood at INR8.75
million (FYE17: INR13.82 million).

The ratings, however, benefit from the promoters' experience of
more than a decade in the trading of iron ore business.

RATING SENSITIVITIES

Negative: A decline in the revenue and operating profitability,
leading to deterioration in the credit metrics and liquidity
position, on a sustained basis, would lead to a negative rating
action.

Positive: An increase in the operating profitability along with an
improvement in the credit metrics, on a sustained basis, would lead
to a positive rating action.

COMPANY PROFILE

KPSPL was set up in 2010 in Cuttack, Odisha. The company is engaged
in the trading and exports of iron ore fines and also has a
shopping mall business.


KESHAV COTTON: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Keshav Cotton
Corporation (KCC) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Term Loan            2.75     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCC for obtaining
information through letters and emails dated November 29, 2018,
February 14, 2019 and February 20, 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 KCC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCC 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 KCC to 'CRISIL B+/Stable Issuer not cooperating'.

KCC is a partnership firm located in Nagpur (Maharashtra). The firm
is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and Mr.
Mahesh Khandelwal. Promoters have over 25 years of experience in
the cotton industry. The firm is engaged in cotton ginning and
pressing business.


KPK ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: KPK Engineering Company Private Limited
        No. 132-A, Sterling Road
        Nungambakkam
        Chennai 60034

Insolvency Commencement Date: March 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 31, 2019

Insolvency professional: S Rajagopal

Interim Resolution
Professional:            S Rajagopal
                         C/o S Rajagopal and Associates
                         11/108, 4th Street
                         Karpagam Avenue, R.A. Puram
                         Chennai 600028
                         E-mail: centaur_sr@yahoo.com
                         Copy to: sribcip@gmail.com
                                  sra.irp@gmail.com

Last date for
submission of claims:    March 20, 2019


LAKSHMI BALAJI: ICRA Keeps B+ on INR9.5cr Loan in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR9.50-crore bank facilities of
Lakshmi Balaji Oils Private Limited continue to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-          9.50      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continue
                                  to remain in 'Issuer Not
                                  Cooperating' category

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

Lakshmi Balaji Oils Private Limited (LBOPL) was incorporated in the
year 2003 and is engaged in the manufacturing of crude palm oil and
it's by products with an installed capacity of 15 TPH at Orissa and
Andhra Pradesh and is promoted by Mr. Satish Roy, Dr. M. Ravi
Sankar and Mr.G.V. Subramanyam. Until 2014 the company had only one
processing plant at Rayagada district of Orissa with 5 TPH
capacity, but with the growing demand for palm oil, the company has
started a new unit at Kurupam mandal of Vizianagaram district of
Andhra Pradesh with 10 TPH capacity. Along with manufacturing, the
company is also involved in palm oil nurseries and has 2 nurseries
with an oil palm seedling growing capacity of 2 lakh per annum.


LEAPFROG ENGINEERING: ICRA Maintains C Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Leapfrog Engineering Services Private Limited (Leapfrog) continues
to remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term: Fund      6.00      [ICRA]C ISSUER NOT COOPERATING;
   based facilities               Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long term: Non-      4.00      [ICRA]C ISSUER NOT COOPERATING;
   Fund based                     Rating continues to remain
   facilities                     under 'Issuer Not Cooperating'
                                  category

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

Leapfrog Engineering Services Pvt (LESPL) Limited was incorporated
by Mr Prabhav N Rao in 2005, in Bangalore, Karnataka. It currently
has four Directors and is an integrated Engineering Services
Company based out of Bangalore. The vision of the company is to
provide 'Design Build' solutions to its clients and to become a
reputed integrated engineering services company.


LEEDSKEM (INDIA): Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Leedskem (India) Limited
        Flat No. 1, Amrapali Apartment
        Right Bhusari Colony
        Near Saudamini Society
        Sr. No. 98, Paud Road
        Kothrud, Pune

Insolvency Commencement Date: March 6, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: September 3, 2019
                               (180 days from commencement)

Insolvency professional: Javadsha Kumarpal Vasa

Interim Resolution
Professional:            Javadsha Kumarpal Vasa
                         Basement Office No. 4, M L Spaces
                         D.J. Road, Vile Parle (West)
                         Mumbai 400056
                         E-mail: jkvasaco@gmail.com
                         Mobile: 9820777577

Last date for
submission of claims:    March 21, 2019


LINERS INDIA: ICRA Maintains 'C' Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR55.00-crore bank facilities of
Liners India Limited continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as
"MC+/[ICRA]C/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         27.00      [ICRA]C ISSUER NOT COOPERATING;
   Cash credit                    Rating continue to remain in
                                  'Issuer Not Cooperating'
                                  Category

   Fund Based-          7.20      [ICRA]C ISSUER NOT COOPERATING;
   Term Loan                      Rating continue to remain in
                                  'Issuer Not Cooperating'
                                  Category

   Non-Fund Based      15.75      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continue
                                  to remain in 'Issuer Not
                                  Cooperating' category

   Unallocated          0.05      [ICRA]C/[ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continue
                                  to remain in 'Issuer Not
                                  Cooperating' category

   Fixed Deposit        5.00       MC+ ISSUER NOT COOPERATING;
                                   Rating continue to remain in
                                   'Issuer Not Cooperating'
                                   Category

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

Liners India Limited was originally established in 1974 as a
partnership firm by Mr. S Ganesh; the firm was reconstituted as a
private limited company in 1986 and to a public limited company in
1994. LIL has two divisions: cylinder liner manufacturing and
automobile components trading. LIL manufactures cylinder liners and
cast-iron products. The centrifugally cast cylinder liners are used
in diesel automotive engines. LIL supplies to original equipment
manufacturers of heavy, medium, and light commercial vehicles,
tractors, and diesel engines worldwide. The company has
manufacturing units in Vijayawada (Andhra Pradesh), and Rudrapur
(Uttarakhand) with an installed capacity of 24 crore liners per
annum.


LOURDES MATHA: CRISIL Lowers Ratings on INR8.5cr Loans to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Lourdes Matha Catholic Educational Society (LMCES) to 'CRISIL D'
from 'CRISIL B+/Stable'.  The rating downgrade reflects delays in
payment of term debt obligation.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         6.5       CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

   Long Term Loan      2.0       CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')
  
The rating also reflects Lourdes' below-average financial risk
profile, geographical concentration in revenue and exposure to
intense competition. These weaknesses are partially offset by the
extensive experience of the trustees and the management in the
education sector.

Analytical Approach
Unsecured loans from the members have been treated as neither debt
nor equity.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: Capital structure 'negative
due to accumulated losses'is expected to remain weak over the
medium term due to limited accretion to reserve. Debt protection
metrics are average with interest coverage ratio of around 1.75
times in fiscal 2018.

* Geographic concentration in revenue: The entire revenues accrue
from the campus in Thiruvananthapuram, and the students belong
mainly to this region. This leads to geographic concentration in
revenue profile. Besides, Lourdes, like other colleges in the area,
faces competition from many reputed universities and colleges in
and around Thiruvananthapuram.

Strength:

* Extensive experience of the management: Dr V Syam Prakash,
principal, and Dr P M Homese, director, head the operations. Dr
Prakash has three decades of experience in teaching and research
and has worked in various capacities including the head of civil
engineering at the College of Engineering, Thiruvananthapuram. Dr
Hormese also has three decades of experience in teaching and has
worked as head of department in various institutions in and around
Thiruvananthapuram.

Liquidity
Liquidity is weak with delays in meeting term debt obligation. With
decline in business performance, the liquidity is expected to be
weak over the medium term.

Liquidity earlier was supported by unsecured loans from the
trustees and members in case of cash flow mismatches.

Established in 2002, Lourdes operates an engineering college and a
hotel management college in Trivandrum (Kerala).


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

The instrument-wise rating action is:

-- INR450 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1993, M.M. Detergents Company is engaged in the
trading of an agricultural commodity (wheat) and processing of
detergent powders.

MANN MEDICITI: ICRA Migrates B Ratings to Not Cooperating
---------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Mann
Mediciti Wellness Centre Private Limited (MMWC) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-
   Cash Credit          5.80       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved
                                   to the 'Issuer Not
                                   Cooperating' category

   Unallocated          1.50       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved
                                   to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating for INR7.3-crore bank facility of MMWC moved to the
'Issuer Not Cooperating' category. The rating is now denoted as
[ICRA]B (Stable) ISSUER NOT COOPERATING.

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

Incorporated in 1999, MMWC operates a hospital by the name of 'Mann
Mediciti Super Speciality Hospital'. MMWC was established in 2009
and at present it is a 100-bedded facility located in Jalandhar,
Punjab. It specialises in medicine, cardiology, neurology,
orthopaedics and plastic and reconstructive surgery, among other
branches of medical science. The company is empanelled with
ex-servicemen contributory health Scheme (ECHS), employee state
insurance scheme (ESIC) and the Food Corporation of India (FCI).
Dr. J.S. Mann serves as a senior cardiologist at MMWC and is also
the Managing Director of the company.


MONOREX PVT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Monorex Pvt Ltd
        No. 29, KNS Estate
        Karpagambal Nagar, Mylapore
        Chennai, Tamil Nadu 600004
        India

Insolvency Commencement Date: February 27, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 26, 2019

Insolvency professional: M. Murugesan

Interim Resolution
Professional:            M. Murugesan
                         Block C, 3 D, Aishwaryam Apartments
                         102, 103, Barakka Road
                         Secretariat Colony, Kilpauk
                         Chennai, Tamil Nadu 600010
                         E-mail: vasamu60@gmail.com

                            - and -

                         5th Floor, Krishna Complex
                         46B, South Boag Road, T Nagar
                         Chennai, Tamil Nadu 600017
                         E-mail: monorex.cirp@gmail.com

Last date for
submission of claims:    March 18, 2019


MV & VAJRA: ICRA Hikes Rating on INR15cr Loans to B+
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of MV &
Vajra Developers (MV Vajra), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          12.0        [ICRA]B+ (Stable); upgraded
   Term Loan                       from [ICRA]B (Stable)

   Long Term-           3.0        [ICRA]B+ (Stable); upgraded
   Unallocated                     from [ICRA]B (Stable)

Rationale

The rating upgrade considers the improved booking levels and
advanced stages of construction of the firm's ongoing project,
Value Plus, wherein, the pending receivables from the sold units
cover a significant portion of the pending costs and its debt
outstanding for the project. Additionally, it is expected to
receive around INR26 crore from the unsold inventory of the
project.

The rating also factors in the extensive experience of the promoter
groups in the real estate industry and the favourable location of
the project, Value Plus, in Doddakallsandra, off Kanakpura Main
Road, South Bangalore, which is in close proximity to international
schools, multi-speciality hospitals and other social amenities. The
rating also factors in the presence of an in-house execution team,
which results in better control over cost and quality.

The rating is, however, constrained by the firm's modest scale of
operations, which limits its operational and financial flexibility.
The rating also factors in the asset concentration risk as its
entire revenue is derived from a single project. The rating
considers the high geographical concentration risk as all the
projects of the promoter groups are in Bangalore and the
vulnerability of the firm's profitability to volatility in raw
material prices and labour costs.

Outlook: Stable

ICRA expects that MV Vajra will continue to benefit from the
extensive experience of its promoters in the real estate industry.
The outlook may be revised to Positive with further improvement in
sales and collections and reduction in project debt. The outlook
may be revised to Negative if cash flow from operations is lower
than expected, either because of subdued booking levels or low
customer advances or if any delay in completion of the ongoing
project weakens the liquidity position of the firm. Besides, the
nature and scale of the upcoming projects and the funding pattern
of the same will be a key monitorable.

Key rating drivers

Credit strengths

Advance stages of construction and improved booking levels: The
project is nearing completion with ~INR9.5 crore of the balance
cost to be incurred as on January 31, 2019. The firm has achieved
satisfactory booking levels of 68% and a collection efficiency of
70% as against the construction progress of 86%.

Balance receivables provide cover over the entire pending cost and
debt outstanding: As on January 31, 2019, pending
receivables provide a cover of 94% over the pending costs to be
incurred and the debt outstanding for the project.
Besides, the firm has ~INR26-crore unsold inventory in the project,
which supports the expected cash flow generation.

Extensive experience of the promoter groups in the real estate
industry: MV Vajra is promoted by the Vajra Constructions Group and
MV Infra Group. Both are well-established business groups with
extensive experience in diverse industries such as real estate,
telecommunication network infrastructure and manufacturing.

Favourable location of the project: The entity's ongoing project,
Value Plus, is located in Doddakallsandra, off Kanakpura Main Road,
South Bengaluru, which is in close proximity to international
schools, multi-speciality hospitals, social clubs and malls,
besides having good connectivity to Central Bangalore.

Credit challenges

Modest scale of operations: At present, the firm is carrying out a
single project, Value Plus, its first project, thereby
restricting the operational and financial flexibility to an extent.
Besides, there remains uncertainty regarding the nature,
scale and finding pattern of its upcoming projects.

Concentration risks arising from presence only in Bengaluru: The
promoter group's current market activities are concentrated in the
Bengaluru real estate market, which exposes it to geographical
concentration risks. Any adverse development in the region can
impact the execution and sales levels of its projects.

Exposed to inherent cyclicality in real estate industry amid the
prevailing weak macro-economic scenario: Being a cyclical industry,
real estate is highly dependent on macro-economic factors. This
makes the firm's sales vulnerable to any downturn in real estate
demand and exposes it to the intense competition within the region
from various established developers.

Liquidity position

The firm has balance receivables of INR18.3 crore from its sold
units. Against this, the pending cost to be incurred is INR9.5
crore and the debt outstanding of INR10.0 crore as on January 31,
2019. Thus, the liquidity position remains adequate as the balance
receivables will cover a significant portion of the pending costs
and the debt outstanding. Additionally, it expects to realise
~INR26 crore from the remaining unsold units, which provides
further comfort.

MV Vajra is a partnership firm, promoted by business families
comprising Vajra Constructions Group, led by Mr. G. Raj Kumar &
Associates and the MV Infra Group, led by Mr. K. Kiran Kumar and
family. It has been established to develop real estate activities
involving construction of residential apartments in Bangalore. Both
the Vajra Group and MV Group have extensive experience and exposure
in civil engineering, construction, real estate development,
telecommunication network infrastructure services and
manufacturing. The firm is developing its first project, Value
Plus, which was launched in February 2017 at Doddakallsandra, off
Kanakapura Main Road, South Bangalore. The project comes under the
affordable segment with G+4 floors structure. The project's
saleable area is 189,905 sq. ft. comprising 149 flats of 2, 2.5 and
3-BHK apartments.

In FY2018, MV Vajra reported a net profit of INR1.3 crore on an
operating income (OI) of INR17.3 crore. It follows the
percentage-completion method for recognising revenue and did not
recognise any revenue in FY2017.


NAVANIDHI ELECTRONICS: CRISIL Moves D Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Navanidhi Electronics
Private Limited (NEPL) have been migrated to 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      3.85      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Letter of Credit    2.00      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Open Cash Credit    7.65      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NEPL and has sought
information through a letter and email dated February 18, 2019,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of NEPL, and this restricts CRISIL's ability to
take a forward-looking view on the entity's credit quality. CRISIL
believes information available on NEPL is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

Based on the last available information, the ratings on bank
facilities of NEPL have been migrated to 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

NEPL was set up as a partnership firm named NNE in 1983, and got
its current name in 1984.  NNE was engaged in design, development,
manufacture and testing of amplifiers, filters, broadband antennae,
power combiners /dividers and telecom masts. Mr Adithe Ramanadha
Sastry is the promoter. The manufacturing and assembly facility is
based in Hyderabad.


NET 4 INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Net 4 India Limited
        139-A-1 S/F Mohammadpur New Delhi
        New Delhi South West Delhi 110061

Insolvency Commencement Date: March 8, 2019

Court: National Company Law Tribunal, Principal Bench, Delhi

Estimated date of closure of
insolvency resolution process: September 4, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vikram Bajaj

Interim Resolution
Professional:            Mr. Vikram Bajaj
                         313A, Vardhman North Ex Plaza
                         Netaji Subhash Place, Pitampura
                         Delhi 110034
                         E-mail: Bajaj.vikram@gmail.com

                            - and -

                         308, 3rd Floor, Pearl Business Park
                         Netaji Subhash Place, Pitampura
                         Delhi 110034
                         E-mail: ip.net4india@gmail.com

Last date for
submission of claims:    March 22, 2019


NIDHI ENGICON: CRISIL Migrates 'B+' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nidhi Engicon
India Private Limited (NEIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------      -----------     -------
   Cash Credit          4.00       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        .98       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    .02       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NEIPL for obtaining
information through letters and emails dated
December 17, 2018, February 14, 2019 and February 20, 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 NEIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NEIPL 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 NEIPL to 'CRISIL B+/Stable Issuer not cooperating'.

NEIPL was incorporated on May 2008 by Mr. Sunil Kumar Singh and his
wife, Mrs. Nirmala Devi. The company was initially into
architectural, engineering and other technical activities. In 2016,
NEIPL shifted its focus from construction activities to automotive
dealership of HMI. Mr Anish Kumar (son of Mr Sunil Kumar Singh) was
introduced as the director of the company who jointly runs the
business with his father. The company is based in Sambika Nagar,
Bihar.


OAISIS ALCOHOL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Oaisis Alcohol Limited

        Registered office (As per MCA Records):
        Sr. No. 657/6 Plot No. 6 Shelke Wasti
        Near Shelke Gotha, Upper Indira Nagar
        Pune 411037
        Maharashtra

        Other address:
        Flat No. 103, Building No. B-3
        Yellow Blousum Society
        B.T. Kawade Road, Hadapsar
        Pune 411013

        Works:
        Shri Adrishyakadsiddh Nagar, Al. Pangarkhel
        Po Budh, Tal. Khatav
        District Satara 415503

Insolvency Commencement Date: March 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 1, 2019
                               (180 days from commencement)

Insolvency professional: Tejas Jatin Parikh

Interim Resolution
Professional:            Tejas Jatin Parikh
                         Flat no. 1203 Vishwadeep Heights
                         K T Soni Marg
                         Mahavir Nagar Kandivali West
                         Mumbai 400067
                         Maharashtra
                         E-mail: tejas2704@gmail.com

                            - and -

                         C/o Gokhale & Sathe, Chartered
                             Accountants
                         308/309 Udyog Mandir No. 1
                         7-C Bhagoji Keer Marg, Mahim
                         Mumbai 400016
                         Maharashtra

Last date for
submission of claims:    March 21, 2019


OMEGA TANNERY: CRISIL Withdraws B+ Rating on INR15cr Loan
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Omega
Tannery India Private Limited (OTIPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Packing Credit         15       CRISIL B+/Stable (ISSUER NOT
   (pre-shipment                   COOPERATING; Migrated
   credit)                         from 'CRISIL B+/Stable';
                                   Rating Withdrawn)

CRISIL has been consistently following up with OTIPL for obtaining
information through letters and emails dated February 14, 2019 and
February 20, 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 OTIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for OTIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of OTIPL to 'CRISIL
B+/Stable Issuer not cooperating'.

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

OTIPL, incorporated in August 2013, processes finished leather from
wet blue hides or skins, which is exported to Europe and China.
Operations commenced in November 2017.


P V S TEXTILES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s P V S Textiles Private Limited
        SF No. 178/B2, Pethapalayam Village Pongalur
        Punjai Puliampatti
        Coimbatore 638459

Insolvency Commencement Date: March 8, 2019

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: September 5, 2019
                               (180 days from commencement)

Insolvency professional: CA. Mahalingam Suresh Kumar

Interim Resolution
Professional:            CA. Mahalingam Suresh Kumar
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road, Puliyakulam
                         Coimbatore 641045
                         E-mail: msureshkumar@icai.org

Last date for
submission of claims:    March 22, 2019


PARMATAMA FERRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Parmatama Ferro Alloys Private Limited

        Regional office:
        7/21, Top Floor
        Ansari Road, Darya Ganj
        New Delhi 110002

        Principal office:
        Vikrampur, Bazpur, Udham
        Singh Nagar, Uttrakhand 262401

Insolvency Commencement Date: March 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019

Insolvency professional: Rakesh Kumar Jain

Interim Resolution
Professional:            Rakesh Kumar Jain
                         1203/81, 1st Floor
                         Shanti Nagar, Tri-Nagar
                         New Delhi 110035
                         E-mail: rakeshjainca@rediffmail.com

                            - and -

                         1670/120, Shanti Nagar, Tri-Nagar
                         Delhi 110035
                         E-mail: iprakeshJ1@gmail.com

Last date for
submission of claims:    March 15, 2019


RANGANATHAN RAJESWARI: ICRA Keeps D on INR8cr Loan in NonCooperatin
-------------------------------------------------------------------
ICRA said the ratings of INR8.50 crore bank facilities of
Ranganathan Rajeswari Charitable Trust (RRCT) continues to remain
in 'Issuer Not Cooperating' Category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         8.50       [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain in
                                'Issuer Not Cooperating'
                                Category

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

Ranganathan Rajeswari Charitable Trust was established in 2006 to
impart professional education to students in Tamil Nadu. The trust
owns and manages 'Ranganathan Engineering College' ("REC"),
'Ranganathan Architecture College' ("RAC") and 'Ranganathan
Polytechnic College' ("RPC") situated in Coimbatore, Tamil Nadu.
The promoters of the trust are Dr. R. Murugesan, Dr. P. Tamilarasi
Murugesan, Mr. R. Karuna Boopathy, Mrs. K. Tamilarasi, Mr. R.
Subramanian, Mrs. B. Ezhilarasi and Mrs. M. Praveena. The promoters
have more than 30 years of experience in the education sector.


SADANI OVERSEAS: CRISIL Withdraws B+ Ratings on INR8.75cr Loans
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sadani
Overseas (Sadani) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Export Packing       8        CRISIL B+/Stable (ISSUER NOT
   Credit                        COOPERATING; Migrated from
                                 'CRISIL B+/Stable'; Rating
                                 Withdrawn)

   Long Term Loan      0.75      CRISIL B+/Stable (ISSUER NOT
                                 'CRISIL B+/Stable'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with Sadani for obtaining
information through letters and emails dated January 28, 2019,
February 14, 2019 and February 20, 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 Sadani. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for Sadani
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of Sadani to
'CRISIL B+/Stable Issuer not cooperating'.

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

Sadani manufactures and exports a wide range of brass hardware,
ironmongery, aluminium hardware & locks, largely to South Africa
and Germany. The manufacturing unit is in Agra Road, Aligarh.


SAFAL FLEXIBOND: CRISIL Lowers Ratings on INR23.5cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Safal Flexibond Private Limited (Safal) to 'CRISIL D' from
'CRISIL BB+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         22.5      CRISIL D (Downgraded from
                                 'CRISIL BB+/Stable')

   Term Loan            1.0      CRISIL D (Downgraded from
                                 'CRISIL BB+/Stable')

The downgrade reflects constrained liquidity, marked by delay in
servicing term debt and nearly full utilisation of the bank limit.

Analytical Approach

Unsecured loans extended by the promoters (INR5.68 crore as on
March 31, 2018), are treated as 75% equity and 25% debt as the
loans are interest-free, and the management plans to convert these
into equity by March 2019, as done in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak liquidity marked by delay in servicing of term debt and full
bank limit utilisation: Delay in servicing term debt and payment of
interest on working capital debt have led to the company's account
being categorized as a non-performing asset.

* Modest scale of operations, and exposure to volatility in raw
material prices: Revenue was modest at INR73.03 crore in fiscal
2018. Intense competition in the adhesive tapes industry, which has
few large players and several small entities, limits scalability
and bargaining power with customers and suppliers, and thus, keeps
the operating margin low.

* Working capital-intensive operations: Operations were highly
working capital intensive, marked by large gross current assets of
237 days, driven by receivables and inventory of 108 and 86 days,
respectively, as on March 31, 2018. Bank limit utilisation averaged
around 90% over the 12 months through June 2018. Being in the
packing material industry, the company has to provide higher credit
of 60-90 days, and maintain inventory of 70-80 days to ensure that
customer requirements are met on time. Against this, it receives
only credit of 15-30 days from suppliers.

Strength:

* Moderate financial risk profile: Financial risk profile was
marked by a modest networth and high gearing of INR17.78 crore and
2.05 times, respectively, as on March 31, 2018. Net cash accrual to
total debt ratio was low at 0.10 time in fiscal 2018. With moderate
profitability, sustenance of the working capital cycle, and absence
of any major capital expenditure plans, financial risk profile
should remain moderate over the medium term.

Liquidity

Liquidity is stretched marked by delay in servicing of term debt
and full bank limit utilisation.

Safal was established in 2009, by the promoters, Mr Prashant
Thakkar, his brother Mr Hemal Thakkar, and their mother, Mrs Niru
Thakkar. The company manufactures self-adhesive/BOPP tapes. Its
manufacturing unit at Kubadthal in Ahmedabad, has an installed
capacity of 25 crore square metre per annum, of which around 60%
capacity is being utilised currently.


SAKAR POULTRY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sakar Poultry Private Limited
        Office No. 4A, Visionnarie
        S.No. 232/1&2 Plot No. 121 & 122
        Sakorenagar Society
        Lohegaon Pune
        Pune 411014

Insolvency Commencement Date: March 7, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: September 3, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Neelima Anil Bhate

Interim Resolution
Professional:            Ms. Neelima Anil Bhate
                         401 City, Centre Opp. Ayurved Rasashala
                         Karve Road, Pune 411004
                         E-mail: neelima_bhate@yahoo.com
                                 nbirp01@gmail.com
                         Mobile: 9822076964

Last date for
submission of claims:    March 21, 2019


SBS TRANSPOLE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s SBS Transpole Logistics Private Limited
        A-173, 1st Floor, Road No. 4
        Street No. 10, Mahipalpur Extn.
        New Delhi 110037

           - and -

        Plot No. 217, Phase-1
        Udyog Vihar
        Gurgaon 122016
        Haryana

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019

Insolvency professional: Mohit Maheshwari

Interim Resolution
Professional:            Mohit Maheshwari
                         M-81, Jalvayu Vihar, Sector 29
                         Faridabad 121008
                         Tel No: 9811840657
                         E-mail: maheshwari_m2000@yahoo.com

Last date for
submission of claims:    March 19, 2019


SHREE SATYA: CRISIL Withdraws 'D' Ratings on INR20cr Loans
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Shree
Satya Educational Trust (SSET) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       1.5      CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

   Long Term Loan      13.9      CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

   Overdraft            1.0      CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

   Proposed Working     3.6      CRISIL D (ISSUER NOT
   Capital Facility              COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with SSET for obtaining
information through letters and emails dated February 14, 2019 and
February 20, 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 SSET. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for SSET is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of SSET to 'CRISIL
D Issuer not cooperating'.

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

Shree Satya Education trust (SSET) was established in August, 2008
by Mr. V.K.S Malik and Mr. Ajay Malik at Moradabad, Uttar Pradesh.
The trust consist of five institutes under it namely Shree Satya
Institute of Management, Shree Satya College of higher education;
Shree Satya College of Medical Sciences; Shree Satya College of
Education.


SHRIMAN ENTERPRISES: ICRA Keeps B on INR36cr Loan in NonCooperating
-------------------------------------------------------------------
ICRA said the rating for the INR36.00 crore bank facilities of
Shriman Enterprises continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      36.00       [ICRA]B (Stable); ISSUER NOT
   Based-Term Loan                 COOPERATING; Rating continues
                                   to remain in 'Issuer Not
                                   Cooperating' category

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

Constituted in 2015, SE is a partnership firm that is setting up a
150-bedded multi-speciality hospital in Jalandhar (Punjab). All the
four partners of the firm are qualified doctors having relevant
experience across different medical fields.


SREE JAYA: ICRA Moves B Rating on INR7.5cr Loan to Not Cooperating
------------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Sree
Jaya Surya Hospital Private Limited (SJH) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         7.50        [ICRA]B(Stable); ISSUER NOT
   term loan                       COOPERATING; Rating moved
                                   to Issuer not cooperating
                                   category

Rationale

The ratings for the bank facilities of SJH are moved to
non-cooperating category. The rating is denoted as
"[ICRA]B(Stable)ISSUER NOT COOPERATING".

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

Incorporated in 2015, Sree Jayasurya Hospital Private Limited (SJH)
has been set up to run a multispecialty hospital in the Villivakkam
district of Chennai. The hospital is proposed to have 50 beds,
focusing majorly on Orthopaedics, physiotherapy, obstetrics and
gynaecology and general and physiological treatments. The company
is promoted by Dr. M. S. Palanichamy and his wife Dr. D.
Jayalakshmi, who has more than two decades of experience in the
healthcare industry.


SRI KRISHNA: ICRA Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR15.00-crore bank facilities of Sri
Krishna Shelters Private Limited (SKSPL) continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

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

   Short Term-
   Non fund Based    5.00      [ICRA]D; ISSUER NOT COOPERATING;
                               Rating continues to remain in
                               the 'Issuer Not Cooperating'
                               category

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

Sri Krishna Shelters Pvt. Ltd. (SKSPL) is a construction company,
based in Bangalore, promoted by Mr. Raghavendra. It was started as
a proprietorship concern named Sri Krishna Builders & Developers in
the year 1990. In 2003, it was converted to a partnership concern
with Mr. Raghavendra as Managing partner and Mrs. Sri Lakshmi as
partner in the name of Sri Krishna Builders and Develop. In 2007 it
was converted to a private limited company, Sri Krishna Shelters
Pvt. Ltd., with Mr. Raghavendra as Managing Director and Mrs. Sri
Lakshmi as Director. Over the last two decades, the Company has
undertaken and completed many projects of diverse nature and
concentrates on commercial projects, such as industrial buildings,
hospitals, IT buildings, buildings for government organizations and
for other major institutions.


SRINIVASA EDUCATIONAL: ICRA Maintains B Ratings in Not Cooperating
------------------------------------------------------------------
ICRA said the rating of INR10.00-crore bank limits of Srinivasa
Educational Society continues to remain under 'Issuer not
cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans           3.62      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   LT-Fund-based        0.70      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   LT unallocated       5.68      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Srinivasa Educational Society (SEC, the society) was started in
2004 by Mr. B. Srinivasa Rao, has set up Kakinada Institute of
Technology and Science (KITS, the institute) in 2008 which is
affiliated to Jawaharlal Nehru Technical University, Kakinada
(JNTUK). The institute offers 6 courses in B-tech, 6
specializations in M-tech, 2 specializations in M Pharmacy, MBA,
and polytechnic courses.


SURYA PANEL: CRISIL Moves B on INR15cr Loan to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Surya Panel
Private Limited (SPPL) to 'CRISIL B/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated November 30, 2018,
February 14, 2019 and February 20, 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 SPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPPL 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 SPPL to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in December 2014 and promoted by Mr Sudharshan
Hadihalli Byregowda and Mr Rushil Krupesh Thakkar, SPPL is setting
up a manufacturing facility for high-density fibre boards and
medium-density fibre boards.


TDI INTERNATIONAL: ICRA Cuts Rating on INR47.20cr Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
TDI International India (P) Ltd. (TDI) as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          47.20       [ICRA]D; Downgraded from  
   Term Loans                      [ICRA]B+(Stable)

   Fund-based          20.00       [ICRA]D; Downgraded from
   Working Capital                 [ICRA]B+(Stable)
   Facilities          
                                   
   Non-fund Based      69.00       [ICRA]D; Downgraded from  
   Working Capital                 [ICRA]A4
   Facilities         
                                   
   Unallocated         5.42        [ICRA]D; Downgraded from
   Limits                          [ICRA]B+(Stable)/[ICRA]A4

Rationale

The ratings downgrade factors in the recent delay in repayment of
term loan instalment by TDI. The rating remains constrained by
TDI's weak financial profile, increased repayment obligations on
existing borrowings, limited financial flexibility and significant
corporate guarantee extended to its Group company, Bhadra
International (India) Private Limited (BIPL, rated [ICRA]D), which
continues to face operational challenges. Going forward, a track
record of timely debt servicing will be the key rating
sensitivity.

Key rating drivers

Credit strengths

Experienced promoter with over 30 years of experience in OOH and
transit advertising industry: TDI, established in 1986 by Mr. Prem
Bajaj, ventured into the airport advertising space with its first
contract with the Indira Gandhi International Airport, New Delhi.
Over the years, it has emerged as one of the largest airport
advertisers in India with presence across eight Indian cities.
Additionally, the company enjoys advertising rights at 114 metro
stations in New Delhi awarded by the Delhi Metro Rail Corporation
Limited (DMRC).

Diversification into metro, digital and MAD advertising reduces
revenue concentration risk: A healthy scale-up in the metro
advertising revenues, backed by an increase in the number of
operational metro stations to 102 in FY2018 from 22 in FY2012, has
supported TDI's overall revenues and aided in revenue
diversification.

Credit challenges

Recent delays in debt servicing: There was a delay in repayment of
the company's principal term loan instalment in December 2018.

Stretched liquidity; dependence on external funds: The company's
working capital intensive nature of business resulted in tight
liquidity over the years, as evident from the weak current ratio
and the stretched creditors. TDI remains significantly dependent on
external funding to meet the working capital requirements.

Leveraged capital structure; moderate debt coverage indicators:
TDI's TOL/TNW ratio stood at 4.5 times as on March 31, 2018 (and
even higher in the past), reflecting a leveraged capital structure.
The debt coverage indicators were moderate, with interest coverage
of 3.3 times and DSCR of 1.5 times as on
March 31, 2018.

Significant contingent liabilities include corporate guarantee to
BIPL: TDI continues to have significant contingent liabilities (Rs.
454 crore as on March 31, 2018) on its books, with the major
liability accruing on account of a corporate guarantee extended to
its Group company, BIPL. Any devolvement of such guarantees
provided by TDI will adversely impact its credit profile and
remains a key rating sensitivity.

Liquidity position

TDI's liquidity position is weak in comparison to its repayment
obligations, as evidenced from the recent instance of delays in
debt servicing. The company remains significantly dependant on
external funding (from banks and creditors) to meet its working
capital requirements.

TDI was established in 1986 by Mr. Prem Bajaj to provide
Out-of-home (OOH) advertising services. Over the years, the company
has emerged as one of the largest airport advertisers in India with
over 2,100 advertising sites across eight airport locations -
Ahmedabad, Chennai, Tirupati, Trivandrum, Calicut, Kochi, Goa and
Pune. It also enjoys advertising rights at 114 metro stations in
New Delhi awarded by the DMRC. It provides other media services
like outdoor media, mobile and internet advertising, strategic
planning, media buying and creative media solutions. TDI has its
corporate office in New Delhi and 22 regional sales offices across
India.


TEESTAVALLEY POWER: ICRA Reaffirms D Rating on INR962.49cr Loan
---------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Teestavalley
Power Transmission Limited (TPTL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-
   Term Loan           962.49     [ICRA]D; reaffirmed

Rationale

The rating reaffirmation takes into account the weak credit profile
of TPTL, which has recently developed a 215 km long double circuit
400-kV transmission line (t/l) project in Sikkim, West Bengal and
Bihar. The delays in servicing of interest during construction
(IDC) continue.  Delays in debt and equity tie-ups for the project
is expected to result in persistent delays. The project has faced
multiple time and cost overruns on account of delay in obtaining
forest clearance, right of way (RoW) issues, Gorkhaland movements
(impacting project execution), earthquake in Sikkim in September
2011 and non-performance of contract by the transmission line
contractor (Abir Infrastructure Pvt. Ltd.), which was subsequently
cancelled by TPTL and re-awarded to Tata Projects and others. On
the other hand, the company witnessed cost overruns owing to
increase in hard costs due to extension of the length of line,
deviation in alignment, shifting of the substation to Kishanganj,
price variation in contracts as well as significant increase in the
IDC element of the project cost because of the hardening of
interest rates as well as time overruns. The Central Electricity
Regulatory Commission (CERC) has approved ~20% lower project cost
(against the petitioned amount)1 for two segments of t/l (36 km and
14 km long) which were commissioned in January and April 2017,
respectively. Entire project cost will have to be approved for the
project to enable recovery of costs and realization of regulated
return through transmission tariffs for regulated sales.

ICRA takes note of the transmission service agreement (TSA) and
revenue sharing agreement (RSA) signed with Power Grid Corporation
of India Limited (PGCIL) – acting as the Central Transmission
Utility (CTU) – which significantly reduces offtake and
counterparty credit risks for the company. PGCIL is does the
billing and collection of transmission charges on behalf of TPTL as
per the point of connection (PoC) mechanism.

Timely tie-up of debt and equity funds, and approval of tariff by
CERC for the entire project cost will be crucial for timely
servicing of debt and realising reasonable returns.

Key rating drivers

Credit strengths

Presence of PGCIL as promoter and consultant lends comfort for
operations and maintenance: PGCIL owns a 26% stake and is also the
project management consultant for TPTL. The rating derives comfort
from PGCIL's rich experience as a t/l developer and operator, which
should result in reduced operations and maintenance risks with
respect to t/l availability. TPTL is eligible for full recovery of
approved costs if it is able to maintain t/l availability of 98%.

Reduced counterparty credit risks being an ISTS line: The asset
developed is an inter-state transmission system (ISTS) line and
hence it is the responsibility of PGCIL (acting as the CTU) to
raise bills on behalf of TPTL, based on the monthly availability
certificate provided by the latter. PGCIL will remit collections to
TPTL as and when the payments are received for bills pertaining to
TPTL. On an all-India basis, PGCIL maintains a collection
efficiency of more than 95%. Through various payment security
mechanisms, which include letter of credit and regulation of power
supply, PGCIL is able to ensure timely collection from state
distribution utilities.

Credit challenges

Delay in mobilising of cost overrun funds may result in continued
delays in debt servicing: Although the project construction is now
complete, only INR1149.3 crore of debt has been sanctioned and
INR373.9 crore of equity has been infused as against estimated
project cost of ~INR1,700 crore (currently under assessment).
Funding shortfall has not posed any threat to completion as these
largely pertained to IDC. However, the delays are expected to
persist on account of this funding shortfall.

Substantial time and cost overruns pose uncertainty about extent of
project cost approval by regulator: The project has witnessed
substantial cost and time overruns, which has resulted in a high
project cost (more than double the initial envisaged cost). This
raises serious concerns regarding the quantum of project cost to be
eventually approved by the regulator if the delays are attributed
to the developer, i.e. TPTL. Even though the tariff for TPTL is
cost plus in nature, a lower approved project cost can hamper the
company's ability to service its debt adequately. The debt
repayment is expected to commence from April 2019, as the existing
repayment schedule pertains to the earlier project commissioning
schedule of March 2018.

Liquidity position

The project has just commissioned and as such the delays in debt
servicing are ongoing because of delayed sanction of cost overrun
debt. With uncertainty regarding the quantum of project costs that
will be approved for the project, and repayments expected to
commence from April 2019 (INR110.9 crore annually), project cash
flows are expected to remain inadequate.

Teestavalley Power Transmission Limited (TPTL) is a 74:26 joint
venture (JV) between Teesta Urja Limited (TUL) and PGCIL
incorporated for implementation of the transmission link from the
1,200-MW Teesta III HEP to the substation of PGCIL at Village
Barhmasia, Kishanganj district in Bihar on a build, own and operate
(BOO) basis. The total length of the transmission line is 215 km.
The estimated project cost is ~Rs. 1,700 crore (the same is under
assessment). The construction of entire line has been completed in
December 2018. Being an ISTS line, the tariff is on cost plus basis
(as per regulations) and the billing and collection will be done by
PGCIL on behalf of the company.

In FY2018, TPTL reported a net loss of INR6.6 crore on an operating
income (OI) of INR30.9 crore compared with a net loss of INR2.7
crore on an OI of INR6.0 crore in the previous year.


TIGER STEEL: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tiger Steel
Engineering India Private Limited (TSEIPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      17.51    CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Cash Credit         16.00    CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Letter of Credit    22.00    CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Term Loan            6.49    CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TSEIPL for obtaining
information through letters and emails dated
February 18, 2019 and February 22, 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 TSEIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TSEIPL 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 TSEIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

Incorporated in 1995, TSEIPL is engaged in design, fabrication and
erection of Pre-engineered Buildings (PEB) for warehouses, factory
buildings, shopping malls, heavy to light steel pipe racks,
platforms for automobiles, infrastructure, oil & gas, petrochemical
Industries, pharmaceuticals, nuclear and thermal power, chemicals,
fertilizers and food processing industries. The company is a
wholly-owned subsidiary of Tiger Steel Industries LLC, Dubai (UAE)
(Tiger Group).


UIC CORP: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: UIC Corporation Private Limited
        Dadra and Nagar Haveli, Survey No. 285
        Main Khanvel Kherdi Road, Kherdi
        Silvasa, Dadra & Nagar Haveli 396230

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019
                               (180 days from commencement)

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
                         608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge, Ashram Road
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    March 19, 2019


UJJAIN PACKAGING: CRISIL Withdraws B Ratings on INR7.78cr Loans
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Ujjain
Packaging Private Limited (UPPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         3.21      CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B/Stable'; Rating
                                 Withdrawn)

   Term Loan           4.57      CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B/Stable'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with UPPL for obtaining
information through letters and emails dated February 14, 2019 and
February 20, 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 UPPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for UPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of UPPL to 'CRISIL
B/Stable Issuer not cooperating'.

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

UPPL was incorporated in 2008 by Mr. Anand Bangur and Mr. Vishnu
Jajoo. The company manufactures corrugated packing boxes. Its
manufacturing unit in Ujjain (Madhya Pradesh) has an automated
corrugation line.


VAKRANGEE FOUNDATION: Ind-Ra Keeps B+ LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vakrangee
Foundation's bank loan rating in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR35.30 mil. Term loans due on February 2022 maintained in  
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Vakrangee Foundation was established in July 2010 and is
incorporated under the Societies Registration Act, 1973. The
society was founded by Mr. Manish Bohra and Mrs. Bhawna Bohra. The
society is running a school by the name Academic World School in
Bemetara, Chhattisgarh.


VENKATESWARA CAPITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Venkateswara Capital Management Limited
        Marshall House, Room No. 303
        33/1, N.S. Road
        Kolkata 700001

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 1, 2019

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 s9339216750@rediffmail.com

Last date for
submission of claims:    March 19, 2019


VHCL INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: VHCL Industries Limited
        Survey No. 285, Gala No. II
        Main Khanvel Kherdi Road
        Village Kherdi, Silvasa
        Dadra & Nagar Haveli 396230

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge, Ashram Road
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    March 19, 2019


VIMLESH PRASAD: CRISIL Lowers Ratings on INR11cr Loans to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of M/s
Vimlesh Prasad Singh (VPS) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      10       CRISIL D (Downgraded from
                                'CRISIL A4+')

   Cash Credit          1       CRISIL D (Downgraded from
                                'CRISIL BB-/Stable')

The downgrade reflects continuous overdrawing of cash credit limit
for more than 30 days.

The ratings also factor in small scale of operations and large
working capital requirement. These weaknesses are partially offset
by the experience of the partners.

Key Rating Drivers & Detailed Description

Weakness:

* Weak liquidity: Liquidity has been weak resulting in cash credit
account continuously being overdrawn for more than 30 days.

* Small scale of operations: Scale of operations remains small,
with revenue of around INR24 crore in fiscal 2018. With operations
restricted to Bihar, and dependence on few clients, the firm
remains susceptible to risk of delays, any change in investment
plans, and the political situation.

* Large working capital requirement: Operations may remain working
capital intensive over the medium term. Gross current assets were
around 225 days as on March 31, 2018, driven by high loans and
advances.

Strengths:

* Experience of the partners: Benefits from the partners'
experience of a decade, their strong understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business.

Liquidity
Liquidity has been weak resulting in cash credit account
continuously being overdrawn for more than 30 days.

VPS was set up in 1990 as a proprietorship firm, Vimlesh Prasad
Singh; it was reconstituted as a partnership firm in fiscal 2009.
The Patna (Bihar)-based firm is a civil contractor and is managed
by Mr Manishankar and family.


VYANKTESH CORRUGATORS: CRISIL Moves B+ Rating to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vyanktesh
Corrugators Private Limited (VCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         11.25     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VCPL for obtaining
information through letters and emails dated February 14, 2019 and
February 20, 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 VCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VCPL 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 VCPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 1996 as a part of the Packing People group, VCPL
manufactures corrugated boxes using kraft paper; it is based in
Ujjain (Madhya Pradesh). The company is promoted by Bangur family.


WALNUT PACKAGING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Walnut Packaging Private Limited
        A-49/1, IDA Kukatpally Gandhi Nagar Extn
        Hyderabad 500037, Telangana

Insolvency Commencement Date: January 21, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 20, 2019

Insolvency professional: L. Dhanamjaya Reddy

Interim Resolution
Professional:            L. Dhanamjaya Reddy
                         504 Afzal Commercial Complex
                         Lakdikapool
                         Hyderabad 500004
                         Tel No: 040-23315262
                         Mobile: 09949938181, 09849269757
                         E-mail: l.d.reddy@gmail.com

Last date for
submission of claims:    March 19, 2019


WELCOME DISTILLERIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Welcome Distileries Private Limited
        2nd Floor, Agrasen Chowk, Bilaspur
        Chhattisgarh 495001

Insolvency Commencement Date: March 6, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: September 2, 2019
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue, Pimpri
                         Pune 411018
                         Mobile No.: 9921516368, 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    March 23, 2019




=================
I N D O N E S I A
=================

ALAM SUTERA: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Alam Sutera Realty Tbk's (ASRI) Long-Term Issuer Default Rating
(IDR) at 'B' with Stable Outlook. Fitch has also affirmed ASRI's
senior unsecured debt rating at 'B' with Recovery Rating of 'RR4'.


The affirmation reflects Fitch's view that the company's business
and financial risk profiles remain unchanged, supported by stable
leverage and strong presales in 2018. Fitch believes ASRI's rating
reflects its sizeable low-cost land bank, quality assets and
established domestic franchise.

KEY RATING DRIVERS

Demand Subdued; Upcoming Elections: ASRI reported presales of
IDR4.3 trillion in 2018, which almost doubled yoy due to over a
IDR500 billion one-off bulk commercial lot sale in the Alam Sutera
township, IDR1.3 trillion (2017: IDR743 billion) in land sales to
its Chinese development partner - China Fortune Land Development
Co., Ltd. (CFLD; BB+/Stable) - and better-than-expected take-up of
its recently launched low-rise apartments. However, Fitch forecasts
annual presales to moderate to around IDR3 trillion-3.5 trillion in
the next three years as it does not forecast any one-off commercial
lot sale and expect land sales to CFLD to remain stable at around
IDR1.3 trillion over the period. Fitch also expects weaker presales
from the Suvarna Sutera township given increasing competition from
CFLD's own products in the area. Fitch's forecast of lower presales
also reflects demand risk due to the upcoming Indonesian
presidential elections in April 2019 and a more gradual demand
pick-up in the market. Fitch believes the political uncertainty may
deter consumers from big-ticket purchases, such as property.

Land Sales Increase Concentration: ASRI's liquidity has benefited
from its partnership with CFLD in its Suvarna Sutera township
project in Pasar Kemis, under which CFLD buys raw, zoned land from
ASRI's extensive local land bank. This strategy does, however, make
ASRI's cash flow more dependent on a single buyer. The land sales
have helped plug slow presales in a challenging market, but it has
been at the cost of lowering the overall realisation from the
company's land bank. CFLD's involvement will accelerate the
achievement of critical mass for a development located on the outer
edge of greater Jakarta, but ties ASRI's own land bank in the area
more closely to the development success or failure of a third
party.

Shift in Development Strategy: Fitch believes ASRI's new
developments may have a more balanced mix of landed and high-rise
properties, where ASRI has a shorter track record. ASRI's original
Alam Sutera township, close to Jakarta's central business district
(CBD) and served by retail, commercial and increasingly
light-business properties, is approaching maturity and new
developments may be more geared towards high-rise units in the
longer term. Nevertheless, this is balanced by the landed
residential projects that the company plans to launch in North
Serpong.

The company's commercial projects are also likely to feature
condominiums as part of mixed-use developments, notably in the
potential redevelopment of ASRI's other Jakarta CBD property, the
older Wisma Argo Manunggal. This redevelopment will be timed to
match sales from the completed The Tower.

Established Township, Solid Land Bank: The company has a sizeable
low-cost land bank and an established domestic franchise, with
close to 20 million sq m of land available for development with a
carrying value of over IDR10 trillion at end-September 2018. ASRI
still benefits from around 120 hectares of prime development land
bank within the original Alam Sutera township, plus adjacent land
purchased or under negotiation for purchase from fellow developer,
PT Modernland Realty Tbk (B/Stable), and other land owners.

DERIVATION SUMMARY

ASRI's Long-Term IDR may be compared with those of peers, such as
PT Bumi Serpong Damai Tbk (BSD; BB-/Stable), Modernland and PT
Kawasan Industri Jababeka Tbk (B/Stable). ASRI has smaller property
presales scale, lower geographic and product diversification and a
weaker financial profile in comparison with BSD. This, combined
with ASRI's negligible non-development interest cover, warrants a
multiple-notch difference between the ratings of the two
companies.

ASRI's established record in residential development is a key
difference from Modernland. Fitch believes ASRI has a better record
of selling residential properties and a larger land bank to support
sales compared with Modernland. Modernland's lower leverage profile
also offsets ASRI's wider profit margin. These reasons, combined
with both companies' similar presales scale, support their ratings
at the same level.

Fitch believes Jababeka's development profile is weaker than that
of ASRI. Jababeka's main estate in Cikarang is better located and
more mature compared with ASRI's township in Pasar Kemis, but there
is also a greater degree of competition in the area and therefore
higher demand risk. Fitch also believes ASRI's
residential/commercial township in Serpong is more strategically
located and commands a premium compared with Jababeka's nascent
second estate in Kendal, central Java. Nevertheless, Fitch thinks
Jababeka's stronger and more stable non-development interest
coverage, which stems from its 20-year power-purchase agreement
with the state electricity company, compensates for its weaker
development profile.

KEY ASSUMPTIONS

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

  - Annual property presales of IDR3.2 trillion in 2019

  - EBITDA margins to remain around 50% in 2018-2019, but to
decline to around 40% in 2020-2021 as revenue contribution from
high rise projects, which bear lower margin, increase.

  - ASRI to spend around IDR300 billion on discretionary land
banking in 2019-2021.

Key Recovery Rating Assumptions:

  - The recovery analysis assumes ASRI will be liquidated in a
bankruptcy rather than continue as a going concern because it is an
asset-trading company

  - To estimate liquidation value, Fitch has assumed a 75% advance
rate against the value of accounts receivable and a 50% advance
rate against inventory and fixed assets. Fitch believes the
company's reported land bank value, which is based on historical
land cost, is at a significant discount to current market value
and, thus, is already conservative. Based on the 3Q18 financials,
the book value of the land is around IDR560,000/sqm, significantly
lower than the commercial land lot price at Serpong of IDR19
million/sqm and IDR5 million/sqm at Pasar Kemis in 2018.

  - Fitch has assumed that ASRI's approximately IDR1 trillion of
secured bank loans outstanding as of September 2018 will rank prior
to its USD480 million senior unsecured notes in a liquidation

  - Fitch has deducted 10% of the resulting liquidation value for
administrative claims

  - The estimates result in a recovery of 91%-100% of ASRI's
unsecured debt, corresponding to a 'RR1' Recovery Rating for the
senior unsecured notes. Nevertheless, Fitch has rated the senior
notes at 'B' with a Recovery Rating of 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings criteria, Indonesia
falls into 'Group D' of creditor friendliness. Instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

  - ASRI has refinanced USD162 million of its USD235 million 2020
bond by using the proceeds of the recently issued USD175 million
bond. The company plans to take on rupiah-denominated secured debt
to refinance the remaining USD73 million of the 2020 bond. Assuming
this goes through, the recovery rating on the senior unsecured
USD245 million 2022 bond and USD175 million 2021 bond will remain
at 'RR4'.

RATING SENSITIVITIES

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

  - Annual presales, including sales to CFLD, sustained at more
than IDR3.5 trillion

  - Net debt/adjusted inventory sustained below 50%

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

  - Net debt/adjusted inventory above 60% for a sustained period

  - Significant weakening in liquidity, for example inability to
refinance the company's outstanding USD73 million bond within the
next six months

LIQUIDITY AND DEBT STRUCTURE

Ongoing Refinancing: The company's debt maturity profile will be
partially extended should its refinancing be successful, providing
greater flexibility to manage cash flow and shore up liquidity.
Liquidity remains a key factor and failure to successfully address
upcoming maturities may lead to negative rating action. ASRI has
recently refinanced USD162 million out of its USD235 million bonds
maturing in March 2020, and is planning to repay the remaining
USD73 million by using an Indonesian rupiah-based syndicated loan.
The company has successfully attained the required consent
solicitation from its bondholders to incur additional secured debt
for this refinancing purpose, and is in talks with a number of
domestic banks. ASRI had a cash balance of around IDR560 billion as
of September 2018 compared with around IDR440 billion of maturing
short-term bank loans and no unused debt facility.

ASRI's capex in the short term is largely limited to construction
costs and is partly contingent upon meeting sales thresholds for
the period required. This, coupled with the discretionary nature of
land acquisitions, may allow ASRI to accumulate cash and further
shore up its liquidity profile. Liquidity is also supported by
ASRI's access to local banks and capital markets. ASRI also employs
corridor hedging for its US dollar bonds, which represent 85%-90%
of its debt, helping defray foreign-currency exposure arising from
a dollar-funded/rupiah-income profile.

SUMMARY OF FINANCIAL ADJUSTMENTS

ASRI reports land purchase costs under investment cash flow
(capex). Fitch removed these costs from cash flow from investments
and included them under cash flow from operations as working
capital (payments made to suppliers under the direct cash flow
method).

The company reports land bank as a long-term asset on its balance
sheet. Fitch has classified land bank as part of current inventory
given the nature of ASRI's business of land development and sales.
This adjustment was also reflected in the cash flow statement.

Fitch has adjusted all taxation to be incorporated in a single line
after operating income.

Fitch has included around IDR200 billion of cash in an escrow
account subject to CFLD's co-signature as restricted cash as at
end-2017, alongside IDR235 billion of cash held as collateral for
mortgages extended to ASRI's customers. The blocked cash for land
purchases has also been removed from the net debt/adjusted
inventory ratio's denominator to reflect that it is earmarked
against future inventory.


DELTA MERLIN: S&P Assigns BB- Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to PT Delta Merlin Dunia Textile (DMDT). S&P also assigned
its 'BB-' long-term issue rating to the Indonesia-based textile
weaving company's US$300 million senior unsecured notes.

S&P said, "The rating on DMDT reflects our view of the
creditworthiness of the broader PT Duniatex Group. We assess the
company as a core subsidiary and having a stronger stand-alone
credit profile (SACP). The company successfully raised US$300
million as part of its refinancing plan to better structure its
balance sheet. The rating is in line with our preliminary rating on
DMDT assigned on Feb. 25, 2019.

"We view DMDT as core to the group's operations, given its
substantial revenue and profit contribution. The company is a key
player in the group's weaving business, and plays an important role
by connecting the upstream spinning business with the midstream
dyeing and finishing business. Given the closely intertwined
operations and brand name, DMDT's weaving operation is integral to
the broader group, in our view.

"Our assessment of Duniatex Group reflects its higher leverage and
dependence on short-term working capital debt. At the same time,
the group has a strong market position in the domestic textile
market with strong and stable profitability. In contrast, DMDT has
lower leverage than the wider group and a much better liquidity
position. We expect the company's liquidity to improve because it
plans to use its proceeds from the notes largely to refinance
short-term working capital debt."

Duniatex Group is the largest vertically integrated textile
manufacturing group in Indonesia, with revenue of Indonesian rupiah
(IDR) 19 trillion and EBITDA of IDR6 trillion. It is twice the size
of PT Sri Rejeki Isman Tbk., its closest competitor. Duniatex Group
has a strong market presence domestically, especially in the
weaving business. The group has a good ability to manage costs,
with above-average EBITDA margins of more than 30%. S&P similarly
expects DMDT to have EBITDA margins of marginally above 20%.

While Duniatex Group has a larger scale than DMDT's, it is small
relative to global peers such as Shandong Ruyi Technology Group Co.
Ltd., which has revenue almost 4x Duniatex Group's. The group's
business is still highly dependent on the domestic market, with
only about 10% of sales to the export market. The small scale and
limited geographic diversification leaves the group vulnerable to
volatile demand in a downturn, in S&P's view.

While DMDT has adequate debt-servicing capability on a stand-alone
basis, the group's weaker credit profile, due to its higher
leverage and weaker liquidity, constrains the ratings to 'BB-'. S&P
sees some liquidity risk at the group level, given it needs to roll
over approximately IDR5.4 trillion of short-term working capital
every 12 months. However, management has a track record of
successfully rolling over these short-term loans, which tempers the
risk.

S&P also expects stable operating performance at the group level,
which should mitigate some of the liquidity risks. Overall, the
group is likely to maintain stable growth over the next three
years, resulting in moderate cash flow generation. The group has a
track record of stable top-line growth and prudent expansion, in
line with market's ability to absorb the supply. However, the group
has historically faced volatile working capital movements, which
hampers its ability to convert earnings to cash.

Leverage across the group is higher than at DMDT, with debt mainly
geared toward expanding facilities. S&P said, "We see some risk
that the group will undertake larger capital spending than we
expect, driving up leverage. However, we believe the group has some
headroom to tolerate some debt increases, given that its credit
ratios are supported by strong top-line earnings. Barring any
outsize debt-funded capital expenditure, we expect the group to
maintain its ratio of funds from operations (FFO) to debt at about
18% (including shareholder loans)." DMDT should maintain this ratio
at 21%-26% for the next two to three years.

Duniatex Group has a track record of shareholder support, which
could help bolster liquidity in the case of stress. S&P sees a
demonstrated commitment by key shareholders to help shore up
capital through infusion of shareholder loans. Up to IDR2.7
trillion of non-interest bearing subordinated loans have been
injected across the group. However, the business remains
fundamentally family-owned, and shareholders do not have any public
commitment or obligation to maintain liquidity levels.

S&P said, "The stable outlook on DMDT reflects our expectations
that Duniatex Group will maintain its leading market position and
have steady operating performance over the next 12-24 months, while
keeping its financial leverage at or below the current level. We
also do not expect the group to face challenges in rolling over its
short-term working capital debt.

"We could downgrade DMDT if we lower our assessment of Duniatex
Group's credit profile. This could happen if the group's
FFO-to-debt ratio deteriorates below 15%, possibly on account of
outsized debt-funded capital expenditure or significant adverse
working capital movements. Our group assessment could also come
under pressure if we believe the group faced challenges in rolling
over its working capital facilities.

"We may lower our assessment of DMDT's SACP by one notch if we
anticipate that the company's FFO-to-debt ratio will fall below
20%. This may happen if the company undertakes higher-than-expected
capital spending or faces significant adverse working capital
movements. However, this would not affect the final rating.

"We could raise the rating on DMDT if we raise our assessment of
Duniatex Group's credit profile. However, upside potential is
limited over the next 12 months, given the high level of short-term
debt in the group's capital structure. However, we could raise our
assessment if the group significantly reduces its dependence on
short-term debt. In addition, we would expect some improvement in
the group's financial position, with the FFO-to-debt rising to stay
above 20%. This assumes that DMDT will maintain its strong
relationship with the group."




=========
J A P A N
=========

MT. GOX: Former CEO Karpeles Faces Court Verdict Today
------------------------------------------------------
The Japan Times reports that the former high-flying head of
collapsed bitcoin exchange Mt. Gox will learn his fate today, March
15, as a Tokyo court hands down its verdict on charges of faking
digital data and embezzling millions of dollars.

The Japan Times says prosecutors have called for a 10-year jail
sentence for French-born Mark Karpeles, 33, who denies the
charges.

According to the report, Mr. Karpeles is alleged to have repeatedly
manipulated computer data over several years while embezzling a
total of JPY341 million (US$3 million) of clients' money deposited
at the company.

The report relates that prosecutors claim he splashed the embezzled
money on a 3D-printing software business unnecessary for Mt. Gox,
as well as on personal expenses, including some JPY6 million
($54,000) for a canopy bed.

He also spent millions of yen on arranging overseas trips for his
estranged wife, as well as utility bills and cleaning services at
his luxury apartment, prosecutors allege, the report says.

The Japan Times notes that Mt. Gox was shut down in 2014 after
850,000 bitcoins, worth an estimated JPY48 billion at the time,
disappeared from its virtual vaults, a mystery that remains
unsolved.  The disappearance left a trail of angry investors,
rocked the virtual currency community and dented confidence in the
security of bitcoin.

At one point, Mt. Gox claimed to be handling around 80 percent of
all global bitcoin transactions.

The Japan Times says the spectacular failure of the exchange caused
a dramatic slump in the value of bitcoin, but the cryptocurrency
rallied to an all-time high above JPY2 million in December 2017
before dropping off sharply.

According to The Japan Times, Japan issued new regulations after
the Mt. Gox case, but the exchange Coincheck was forced last year
to refund customers more than JPY46.6 billion in virtual currency
that disappeared from its holdings.

During the trial, Mr. Karpeles apologized to customers for the
company's bankruptcy but denied both data falsification and
embezzlement.

"I swear to God that I am innocent," Mr. Karpeles, speaking in
Japanese, told the three-judge panel hearing when his trial
opened.

The Japan Times relates that Mr. Karpeles has said the bitcoins
were lost due to an external "hacking attack" and later claimed he
had found some 200,000 coins in a "cold wallet" - a storage device
not connected to other computers.

"Most people will not believe what I say. The only solution I have
is to actually find the real culprits," he told reporters after the
hearing.

The charges against the former CEO are not directly related to how
the Mt. Gox losses came about.

"If it was an outside hacker who stole the currency, it's a
problem. But if he stole even part of the money, it would be
embezzlement," the report quotes Satoshi Mihira, chief attorney at
Mizuho Chuo law firm, as saying.  "His defense counsel needs a high
level of evidence to win an innocent verdict," he said.

"If he's found guilty, it is possible he will get a jail term
considering the significant money losses (suffered by customers),"
said the lawyer, an expert on cryptocurrency issues.

The Japan Times says the odds are stacked against Mr. Karpeles as
the vast majority of cases that come to trial in Japan end in a
conviction.

The report notes that the Frenchman was first arrested in August
2015 and, in an echo of another high-profile case against former
Nissan chief and compatriot Carlos Ghosn, was re-arrested several
times on different charges.

Mr. Karpeles eventually won bail in July 2016 - nearly a year after
his arrest - reportedly paying JPY10 million to secure his freedom
pending a trial, which began in July 2017.

During his time on bail, Mr. Karpeles has been active on social
media - notably voicing doubts about bitcoin and replying to some
media questions about conditions in Japanese detention centers.

However, he has largely avoided commenting on his case in detail.

The Japan Times adds that the court is expected to issue a verdict
and, if it finds Mr. Karpeles guilty, will likely hand down a
sentence at the same time.

However, even if he were to lose the case, he has the right to
appeal, which would keep him on bail, the report says.

                            About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins
valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.
It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on Oct. 3,
2014, ordered, pursuant to Section 272 of the Bankruptcy and
Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be
recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret
Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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

AMTEK HOLDINGS: Faces Delisting Risk by End of the Month
--------------------------------------------------------
Samantha Ho at theedgemarkets.com reports that Amtek Holdings Bhd
may be delisted from Bursa Malaysia by the end of the month, after
the regulator rejected the group's application for more time to
submit its regularisation plan.

theedgemarkets.com relates that trading in the Practice Note 17
(PN17) company's shares will be suspended on March 18, and
subsequently delisted on March 29 - unless an appeal against the
delisting is submitted on or before March 15, Bursa Malaysia
Securities Bhd announced in a stock exchange filing on March 8.

Amtek triggered the PN17 status in January last year, after its
shareholders' equity on a consolidated basis fell to below RM40
million and was not more than 25% of its issued and paid up capital
then. In the same month, the group also sold off its entire
Crocodile Brand inventory, theedgemarkets.com discloses.

After that, it had been given twelve months to submit its
regularisation plan.

Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad
markets and distributes garments and electrical goods.  It also
manufactures shoes, garments and food products, trades fabrics and
related accessories, markets and distributes jeans wear, property
investment, provides management services and is also an investment
holding.  Operations are carried out in Malaysia, Europe,
Australia, Singapore, United States and other Asian countries.  The
Company is currently undergoing a business reorganization program
to curb losses.  For the quarter ended March 31, 2006, the Company
booked a net loss of MYR1.9 million due to the poor performances in
its apparels and electrical
divisions.  The prospects for the remaining quarters are not
expected to improve as the apparels and electrical divisions are
undergoing business reviews and revamp exercises.


BERJAYA MEDIA: Posts MYR7.96MM Net Loss in 3Q Ended Jan. 31
-----------------------------------------------------------
The Star reports that Berjaya Media Bhd, the publisher of theSun
newspaper, recorded a wider net loss of MYR7.96 million in the
third quarter of financial year of 2019 (3Q19), due to lower
revenue and a MYR5.91 million compensation that is expected to be
paid for legal suits.

The Star relates that the Practice Note 17 (PN17) company, which is
majority-owned by tycoon Tan Sri Vincent Tan, saw its net loss in
the third quarter rising from a net loss of MYR2.45 million a year
earlier.

Berjaya Media Berhad is an investment holding company. The Company,
through its subsidiaries, is engaged in publication, printing and
distribution of daily newspaper. The Company's segments include
investment holding, publishing and others. The Company's
publication, theSun, is read in the market centers of the Klang
Valley, Penang and Johor Bharu, as well as in cities and towns of
Peninsular Malaysia. The Company's publication publishes news on
politics and business, human interest and governance, entertainment
and lifestyle, and sports. theSun also has an online presence at
www.thesundaily.my, where top news of
the day is updated and presented to its readers. The Company offers
theSun through approximately 3,200 sunspots or pick-up points along
morning routes to the workplace, gym, college or breakfast. The
Company's subsidiaries include Sun Media Corporation Sdn. Bhd. and
Gemtech (M) Sdn. Bhd.

Berjaya Media slipped into PN17 (Practice Note 17) status in June
2017 as its shareholders' equity fell short of listing
requirements.

The company has been granted an extension of time up to Dec. 20,
2018 to submit a regularisation plan to the regulatory
authorities.




=================
S R I   L A N K A
=================

SRI LANKA: Fitch Gives Final B Rating on $2.4BB Bonds Due 2024/2029
-------------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B' to the following
bonds issued by Sri Lanka on March 7, 2019:

  - USD1 billion 6.85% bond due 2024

  - USD1.4 billion 7.85% bond due 2029

This replaces the expected rating of 'B (EXP)' that Fitch assigned
on March 6, 2019.

KEY RATING DRIVERS

The ratings are in line with Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B' with a Stable Outlook.

RATING SENSITIVITIES

The ratings would be sensitive to any changes in Sri Lanka's
Long-Term Foreign-Currency IDR. Fitch downgraded Sri Lanka's
Long-Term Foreign- and Local-Currency IDRs to 'B' from 'B+', with a
Stable Outlook, on December 3, 2018.


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

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

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

This material is copyrighted and any commercial use, resale or
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