TCRAP_Public/190318.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, March 18, 2019, Vol. 22, No. 55

                           Headlines



A U S T R A L I A

CARNEGIE CLEAN: Enters Administration After Gov't. Pulled Funding
CARNEGIE CLEAN: First Creditors' Meeting Set for March 26
ROBAYNE PTY: Second Creditors' Meeting Set for March 25
SW FABRICATIONS: First Creditors' Meeting Set for March 25
TIDE TRAINING: First Creditors' Meeting Set for March 25

VBFORM PTY: Second Creditors' Meeting Set for March 26
WYATT HOLDINGS: First Creditors' Meeting Set for March 25


C H I N A

CHINA MINSHENG: Hana Bank Risks Losing KRW362BB Investment
DR. PENG TELECOM: S&P Lowers Long-Term Issuer Credit Rating to 'B'
FUJIAN YANGO: Fitch Rates Proposed USD Sr. Unsec. Notes 'B(EXP)'
HENGDA REAL: Fitch Gives Final B+ on  $600MM Senior Notes Due 2021


I N D I A

A R S FABRICS: CRISIL Withdraws D Rating on INR10cr Term Loan
AZEEM INFINITE: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
BKM INDUSTRIES: CARE Moves D on INR108.5cr Loans to Not Cooperating
BL FOOD: CRISIL Migrates Rating on INR10cr Loans to 'B/Stable'
CONSTRO SOLUTIONS: CRISIL Withdraws D Ratings on INR30cr Loans

G. R. MULTIFLEX: CARE Moves D on INR12cr Loans to Not Cooperating
G.K.K. EXPORTS: Insolvency Resolution Process Case Summary
GAGAN AGRO: CARE Reaffirms 'D' Rating on INR19cr LT Loan
GARDEN SILK: CARE Reaffirms D Ratings on INR2,311.32cr Loans
GEETA MACHINE: CRISIL Withdraws 'D' Ratings on INR30cr Loans

GOLDLINE VENTURE: Insolvency Resolution Process Case Summary
HERITAGE FINLEASE: Ind-Ra Moves BB+ Rating to Non-Cooperating
HIGHEND PROPERTIES: CARE Lowers Rating on INR33.62cr Loan to D
INDU PROJECTS: Insolvency Resolution Process Case Summary
INMARK RETAIL: CARE Lowers Rating on INR19.05cr LT Loan to C

JADEJA INDUSTRIES: CARE Keeps D on INR9cr Loans in Not Cooperating
JEYPORE SUGAR: Insolvency Resolution Process Case Summary
JSR DEVELOPERS: CRISIL Moves B on INR9cr Loan to Not Cooperating
KASHYAP MOTORS: Insolvency Resolution Process Case Summary
KESAR MUTLIMODAL: CARE Reaffirms D Rating on INR108.11cr Loans

KHANDAKA SONS: CARE Reaffirms 'D' Rating on INR6cr LT Loan
KOLLURI IMPEX: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
L N CONSTRUCTIONS: CARE Lowers Rating on INR8.75cr Loans to D
L N CONSTRUCTIONS: CRISIL Lowers Rating on INR7cr Bank Loan to D
LEADE LIQUOR: CRISIL Moves D on INR9.75cr Loans to Not Cooperating

MAHAVIR ROADS: Insolvency Resolution Process Case Summary
MALAR TEXTILES: CRISIL Assigns 'B-' Rating to INR8cr LT Loan
MALNADY TEA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
MBS SERVICES: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
MDH TRUCKS: CARE Lowers Rating on INR10cr LT Loan to C

MEHTA API: Ind-Ra Lowers LT Issuer Rating to BB+, Outlook Stable
MIRRIKH MOTORS: CRISIL Withdraws B Rating on INR15cr Cash Loan
NOVELTY ASSOCIATES: Ind-Ra Raises Long Term Issuer Rating to 'BB'
ODYSSEUS LOGOS: CRISIL Moves B+ on INR10cr Loans to Not Cooperating
OM COTTEX: CARE Maintains D on INR6cr Loan to Non-Cooperating

ORTEL COMMUNICATIONS: CARE Migrates D Ratings to Not Cooperating
P RAMU: Ind-Ra Assigns B+ LongTerm Issuer Rating, Outlook Stable
POWER MAX: Ind-Ra Assigns 'C' Long Term Issuer Rating
PRAKASH PLASTIC: CARE Migrates D Ratings to Not Cooperating
PROTHOM INDUSTRIES: Insolvency Resolution Process Case Summary

RABIRUN VINIMAY: Insolvency Resolution Process Case Summary
RADHEGOVINDKRIPA DEV: CARE Hikes Rating on INR49.11cr Loan to B+
RAJA MOTORS: CRISIL Migrates 'B+' Ratings to Not Cooperating
RAYS POWER: Insolvency Resolution Process Case Summary
REGENT ENERGY: CRISIL Withdraws D Rating on INR12cr LT Loan

RELIGARE FINVEST: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
RELIGARE HOUSING: Ind-Ra Affirms BB- Rating on INR4BB Bank Loan
SARASWATI VEHICLES: CRISIL Hikes Rating on INR9.70cr Loan to B+
SARDAR COTTON: CARE Moves D on INR10.87cr Loan in Not Cooperating
SETHU EDUCATIONAL: Ind-Ra Maintains BB Rating in Non-Cooperating

SHREE BHARKA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SHREE KRISHNA: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
SHRINE BUILDTECH: CARE Hikes Rating on INR5cr LT Loan to BB-
SHRINIWAS TRADING: CRISIL Rates INR10cr Loans 'B+/Stable'
SIMOCO TELECOM: CARE Moves D on INR18cr Loan to Not Cooperating

SINDHU CARGO: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SITARA JEWELLERY: CRISIL Withdraws 'B' Rating on INR7.5cr Loan
URBAN TRANSIT: CARE Migrates 'D' Ratings to Not Cooperating
VEE ESS: Insolvency Resolution Process Case Summary
VEEKAS PIPES: CRISIL Moves B+ on INRcr Debt to Not Cooperating

VIN AUTO: CRISIL Migrates D Ratings to Not Cooperating Category
VISHVAS POWER: Ind-Ra Raises Long Term Issuer Rating to 'B'


I N D O N E S I A

LIPPO KARAWACI: Moody's Alters Outlook on B3 CFR to Stable
LIPPO KARAWACI: S&P Puts 'CCC+' ICR on CreditWatch Positive


J A P A N

MT. GOX: Founder Gets Suspended Jail Term for Falsifying Data


M A L A Y S I A

DAYA MATERIALS: Deadline to Submit Plan Extended to Aug. 27

                           - - - - -


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

CARNEGIE CLEAN: Enters Administration After Gov't. Pulled Funding
-----------------------------------------------------------------
Sarah Danckert, Cole Latimer and Hamish Hastie at The Sydney
Morning Herald report that Carnegie Clean Energy, a renewable
energy company tied to former AFL chairman and business heavyweight
Mike Fitzpatrick, has collapsed after the West Australian
government pulled funding to its flagship wave energy project.

Carnegie Clean Energy called in administrator KordaMentha on March
15, just days after the state government walked away from part
funding a commercial wave farm in Albany, SMH says.

According to the report, Carnegie Clean Energy has received tens of
millions in public grants and loans over the past few years
including AUD20 million from the federal Clean Energy Finance
Corporation in 2014 and several grants from the WA government and
the Australian Renewable Energy Agency.

The company's market capitalisation has slumped from a high of
AUD202 million in late January 2017 to just AUD11.5 million ahead
of its collapse, the report discloses.

SMH relates that the slide in its share price cut the value of
non-executive director Mr. Fitzpatrick's almost 5 per cent stake
from AUD11 million to just under AUD400,000 ahead of the collapse.
It will now be worth nothing, the report states.

Mr. Fitzpatrick is known to many in the football world as a former
Carlton Football Club player and later a board member at the club.
He is also the founder of multibillion-dollar infrastructure
investor Hastings Funds Management and a former director of Rio
Tinto.

Earlier in the week, Carnegie requested the Australian Securities
Exchange extend the voluntary suspension of its shares "pending an
announcement regarding a strategic review of the company's
operations and a fund-raising initiative”. It said it would
update the market on March 19, according to SMH.

SMH says Carnegie's shares were suspended from trading in early
March after it failed to lodge its half-year accounts on time.

It released its accounts on March 6, which revealed it had booked a
loss of AUD45 million for the first half, in large part due to
writedowns on the value of its intellectual property. It also
blamed negative media publicity surrounding the wave energy
project.

On March 15, KordaMentha told the Australian Securities Exchange
Richard Tucker and John Bumbak had been appointed administrators of
Carnegie and four subsidiaries - EMC Co, Energy Made Clean, and EMC
Engineering Australia, SMH discloses.

"The administrators are in discussions with key stakeholders to
secure funding to allow the company to continue to trade whilst the
administrators pursue a recapitalisation of the company via a deed
of company arrangement," it said, adding it would update the market
in the coming days, the report relays.

According to the report, the McGowan government had for several
months voiced concerns about the financial viability of the
Carnegie Clean Energy as a result of potential changes to federal
research and development tax concessions, losses from other
operations and writedowns on other projects.

SMH relates that Regional Development Minister Alannah MacTiernan
said the company's collapse would be extremely disappointing for
the company and its employees but she defended the government's
decisison to pull funding for the Albany wave project.

"The state government made a tough but sensible decision to protect
taxpayers funds and today's news is - regrettably - evidence that
we made the right call," the report quotes Ms. MacTiernan as
saying.

CARNEGIE CLEAN: First Creditors' Meeting Set for March 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Carnegie Clean Energy Limited;
   -- Energy Made Clean Pty Ltd;
   -- EMC Engineering Australia Pty Ltd; and
   -- EMC Co Pty Ltd

will be held at the offices of KordaMentha at Level 10, 40 St
Georges Terrace, in Perth, WA, on March 26, 2019, at 2:30 p.m.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Carnegie Clean on March 14, 2019.


ROBAYNE PTY: Second Creditors' Meeting Set for March 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Robayne Pty Ltd
has been set for March 25, 2019, at Theatrette, Central Park
Business Centre, 152-158 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 22, 2019, at 4:00 p.m.

Ian Charles Francis and Daniel Hillston Woodhouse of FTI Consulting
were appointed as administrators of Robayne Pty on Jan. 23, 2019.


SW FABRICATIONS: First Creditors' Meeting Set for March 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of SW
Fabrications (Aust) Pty Ltd ATF The Baratta Family Trust, trading
as Stylish Window Fabrications, will be held at the offices of
Hamilton Murphy, at Level 1, 255 Mary Street, in Richmond,
Victoria, on March 25, 2019, at 10:30 a.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of SW Fabrications on March 13, 2019.


TIDE TRAINING: First Creditors' Meeting Set for March 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tide
Training Pty Ltd will be held at the offices of Hamilton Murphy, at
Level 1, 255 Mary Street, in Richmond, Victoria, on March 25, 2019,
at 11:30 a.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Tide Training on March 13, 2019.


VBFORM PTY: Second Creditors' Meeting Set for March 26
------------------------------------------------------
A second meeting of creditors in the proceedings of VBForm Pty Ltd
has been set for March 26, 2019, at the offices of McLeod &
Partners, at Level 9, 300 Adelaide Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 25, 2019, at 5:00 p.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of VBForm Pty on Feb. 19, 2019.


WYATT HOLDINGS: First Creditors' Meeting Set for March 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Wyatt
Holdings (Tas) Pty Ltd, formerly trading as "Wyatt Constructions",
will be held at Wellington Room at the Best Western Hobart, at 156
Bathurst Street, in Hobart, Tasmania, on March 25, 2019, at 12:00
p.m.

Michael Carrafa and Peter Gountzos of SV Partners were appointed as
administrators of Wyatt Holdings on March 13, 2019.




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

CHINA MINSHENG: Hana Bank Risks Losing KRW362BB Investment
----------------------------------------------------------
Jhoo Dong-chan at The Korea Times reports that KEB Hana Bank is
facing mounting risks to suffer a loss in its KRW362 billion
(US$318.1 million) investment in a Chinese firm that is undergoing
a liquidity crisis.

In 2015, KEB Hana invested KRW132 billion in establishing a leasing
company jointly with China Minsheng Investment Group, the report
recalls. The lender owns a 25 percent stake in the leasing company.


In the following year, KEB Hana additionally invested KRW230
billion in China Minsheng Investment Holdings, the group's overseas
investment platform unit.

As it did with HNA Group and Anbang Insurance Group, the Chinese
government stepped in to take over the group's control to keep it
afloat, the notes. KEB Hana has reportedly financed the group in
loans as well, raising concerns that risk exposure could be more
than the KRW362 billion, The Korea Times says.

The Korea Times relates that KEB Hana Bank said, however, it is
unlikely to suffer a loss since the Chinese government is actively
engaging in the group's restructuring, but the gravity of the
situation seemed to be overlooked by the lender considering the
total of the Chinese firm's debt.

The Korea Times, citing Bloomberg News, says China Minsheng
Investment Group is struggling to repay its debt after embarking on
a spending spree. Currently, the Shanghai-based conglomerate owes
about $34 billion as of June last year, one of the biggest debt
piles among China's private companies, the report discloses.

A majority of its bonds are scheduled to mature this year, the
report says.

"A China Minsheng Investment default would arguably be the most
serious in China in more than two decades," The Korea Times quotes
Australia & New Zealand Banking Group credit strategy head Owen
Gallimore as saying.

KEB Hana Bank said it reported the case with the Financial
Supervisory Service (FSS) about its possible loss.

"We are also closely monitoring the situation," the report quotes
an FSS official as saying.  "KEB Hana Bank reported that it is
unlikely to suffer a loss since the Chinese government displays its
strong determination to keep the group afloat. The group's
creditors will announce its restructuring plan by the end of next
month. We need to see how the matter develops by then."

The group's creditors, including the Export-Import Bank of China,
China Construction Bank Corp. and the city of Shanghai, said they
will announce a restructuring plan next month. The plan is expected
to include a possible repayment delay and lowering interest rate,
The Korea Times notes.

China Minsheng Investment Group is a private equity firm. The firm
seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business jet
services. The firm seeks to invest in Europe and the United
States.


DR. PENG TELECOM: S&P Lowers Long-Term Issuer Credit Rating to 'B'
------------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'B+' its long-term issuer
credit rating on Shanghai-listed telecommunication service provider
Dr. Peng Telecom & Media Group and the issue rating on the
company's guaranteed senior unsecured debt.

S&P lowered the rating to reflect Dr. Peng's rising refinancing
risk related to its bond maturities in 2020.

The company has about RMB4.7 billion bond maturities in the first
half of 2020. These include US$423 million offshore bonds due June
2020 and two domestic puttable bonds totaling RMB2.0 billion with
exercise dates in April 2020 and June 2020. Meanwhile, Dr. Peng's
operating cash flows are likely to reduce due to the company's
weakening fixed-line broadband business and expanding investments
in Internet data center (IDC) capacity. Although the company is
pursuing various options to refinance or repay the bonds, S&P
believes some of these initiatives are still in the early stages.

S&P said, "In our view, the Dr. Peng management is taking steps to
ease the liquidity pressure. The company has pledged its submarine
cable assets to secure credit lines of US$150 million, of which
US$65.4 million has been disbursed. It has also redeemed US$77
million of offshore bonds with cash on hand. However, the debt
shortfall is considerable after we take into account the interest
expense. Additional refinancing options including collecting
prepayments for submarine cable services or asset disposals are
subject to execution risks and uncertainties around the timing and
amount. That said, some initiatives could resolve the offshore bond
maturity if smoothly executed.

"We believe it is premature to conclude if Dr. Peng's considerable
efforts to improve its relationship with banks will pay off. The
company's banking relationships remain limited as indicated by the
lack of access to long-term bank financing and interactions with
state-owned banks. The credit lines from local banks are short-term
and not sizable.

"We believe Dr. Peng remains committed to rapidly expanding IDC
capacity over the next two to three years. This is a key strategic
focus for the company as it seeks to offset the lackluster
performance of its fixed-line broadband business. To fund
investments for such business transition, Dr. Peng could use
project financing, finance leases, and other debt-like
arrangements. Therefore, we expect its leverage to reach 3.3x-3.7x
in 2019, from 2.2x-2.6x in 2018. The company's rising leverage
could further weigh on its ability to manage liquidity and get
refinancing.

"The negative outlook reflects the pressure on Dr. Peng's liquidity
over the next 12 months because of the company's significant
offshore and domestic bond maturities. While Dr. Peng is exploring
refinancing and repayment options, many plans are in early stages.

"We could lower the rating if Dr. Peng's liquidity deteriorates.
This could be a result of faster cash burn than our already high
estimates.

"We could also downgrade Dr. Peng if the company's debt leverage
approaches 5x, possibly due to poor operating results or aggressive
debt-funded capital expenditure. We view a liquidity driven
downgrade as more likely.

"We could revise the outlook to stable if Dr. Peng improves its
liquidity through a highly credible refinancing plan with minimal
execution uncertainties or a significant improvement in cash
flows."


FUJIAN YANGO: Fitch Rates Proposed USD Sr. Unsec. Notes 'B(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Fujian Yango Group Co., Ltd.'s
(B/Stable) proposed US dollar senior unsecured notes an expected
rating of 'B(EXP)' with a Recovery Rating of 'RR4'. The proposed
notes have an expected rating at the same level as Fujian Yango's
senior unsecured rating, as they will represent the company's
unconditional and irrevocable obligations.

Fujian Yango intends to use the net proceeds from the proposed US
dollar senior notes to refinance its existing debt, replenish
working capital and conduct investment activities, and for general
corporate purposes. The final rating is subject to the receipt of
final documentation conforming to information already received.

KEY RATING DRIVERS

Financial Profile Constrains Ratings: Fujian Yango's financial
profile is weak. Fitch estimates leverage, as measured by net debt
adjusted for external guarantee over cash income, remained high at
above 15.0x in 2018 (2017: 17.7x), driven by its debt-funded
investments during the year. It invested in the newly listed
Jiangxi Bank Co., Ltd. at CNY1.2 billion, and further increased its
shareholding in Yango Group Co., Ltd. (Yango, B/Positive) and
Fujian Longking Co., Ltd.

Fitch also estimates the company's cash income/interest ratio came
under pressure in 2018 from higher interest expenses, and recovery
would be slow as the dividend from the new investments would be
insufficient to make up the incremental interest expenses incurred
from acquiring the assets. Fujian Yango's coverage ratio improved
temporarily to around 1.4x in 2017 from below 0.5x, after the
receipt of a cash dividend from its long-term investments,
especially in Industrial Bank Co., Ltd (BB+/Stable), in which
Fujian Yango acquired a 2.3% stake in 2017.

Substantial External Guarantees: Fitch estimates the impact on
leverage from external guaranteed debt fell to around 4x in 2018
and will be lower thereafter as the company is committed to reduce
guarantees gradually. Fujian Yango had almost CNY5.3 billion in
guaranteed debt - provided as cross-guarantees with long-standing
business partners - at end-2017. This off-balance-sheet liability
accounted for 40% of total debt of CNY13 billion on the balance
sheet and is added to its adjusted net debt. The guaranteed debt
comprised CNY1.7 billion in direct guarantees and CNY3.6 billion in
guarantees using Yango's shares as pledged assets, and any failure
to reduce the latter as the company promised would lead to negative
rating actions.

Improving Property Credit Profile: Fitch estimates the business
profile of Yango improved in 2018 in line with its expanding scale
and better financial profile. Leverage should fall closer to 65% in
2019, from 73% at end-1H18, and contracted sales/gross debt should
improve to above 1.0x, as Yango replenishes its land bank at a
slower pace. Yango's ratings are supported by a large, quality land
bank that is comparable with that of 'BB' category homebuilders and
its increasing business scale, which has reached CNY163bn by total
contracted sales in 2018. Yango's high leverage means slower
dividend payments to Fujian Yango while it undergoes rapid
expansion.

Cash Generating Long-Term Investments: Fujian Yango's cash income
mainly comes from dividends and its education business. The credit
profile of Yango is the weakest among its dividend-generating
assets. Fujian Yango's investments in financial institutions,
mainly in Industrial Bank, are of higher credit quality and
generated the largest proportion of cash income in 2017. Longking,
which maintains a steady net profit margin of 8%-9%, is likely to
sustain stable dividend payments. Fujian Yango also showed its
ability to proactively adjust its investment portfolio, as evident
in selling all its shares in the distressed China Minsheng
Investment Group last year.

Rapidly Expanding Education Business: Fujian Yango is starting to
capitalise on the brand name of its rapidly expanding education
business, which provides comprehensive private educational services
from preschool to college. The company is expecting enrolments to
increase to 62,000 students by 2020, from around 30,000 students at
end-2017. Fujian Yango undertakes an asset-light model by
cooperating with property owners and charges tuition fees.

The business complements Yango's housing projects, as Yango takes
advantage of the education business's strong reputation to improve
selling prices. However, the boost from the education business is
limited because of its small scale, and it only generated CNY340
million in revenue in the 12 months ended-1H18.

Subordinate to Yango: Fitch sees Fujian Yango as weaker relative to
subsidiary Yango. Fujian Yango's subordination to Yango's cash flow
and Fujian Yango's pledging of almost all of Yango's shares means
the default likelihood of each entity differs. Fitch also sees the
linkages between parent and subsidiary as weak, in light of the
parent's low shareholding of 33% and the shares being substantially
pledged. This weak legal linkage is compounded when Fujian Yango's
financial profile is deteriorating. Fujian Yango is operationally
involved in Yango, but this is offset by its limited direct access
to Yango's operating cash flow. As a result, Fujian Yango is
therefore rated on a standalone basis, in accordance with Fitch's
Parent and Subsidiary Rating Linkage criteria.

DERIVATION SUMMARY

Fujian Yango's ratings reflects its high 'B' category aggregate
business profile from its property segment through its 33%
ownership of Yango, large investment portfolio of CNY13.5 billion
at cost - including banks and other industries supportive of a high
'B' category credit profile - and an expanding education business
that has a mid-to-low 'B' category credit profile. However, Fujian
Yango's weak financial profile constrains its ratings.

The rating approach is comparable with that of Beijing Capital
Group Company Limited (BBB/Stable), which has a standalone rating
of 'BB+'/Stable based on the aggregate credit profile of its three
core business segments: property (BB category), infrastructure (BBB
category) and environment protection (high B category). Fujian
Yango is rated on a standalone basis, and its credit profile is of
no more than a one-notch difference from that of Yango.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

For Yango

  - Replenishing land to maintain a land bank life of around four
years

  - Contracted sales to grow 25% in 2019, with attributable sales
accounting for 70% of contracted sales (2018: 73%)

  - Stable EBITDA of around 23%-25% from 2018 to 2020 (2017: 19%)

  - Cash collection ratio of 75%-80% from 2018 to 2020 (2017: 83%)
For Fujian Yango

  - Additional investments of CNY300 million a year

  - Education business expanding to 50,000 enrolments from 2019,
with an average 35% EBITDA margin

  - Dividend income from Industrial Bank increasing by 10% a year

Recovery Analysis

  - Based on financials after deconsolidating Yango

  - Fujian Yango would be liquidated in a bankruptcy because it is
an asset-trading company, as Fitch estimates the value of Fujian
Yango's investment portfolios and other assets can be realised and
distributed to creditors.

  - Fitch applied a haircut of 25% to account receivables, based on
non-performing receivables of less than 1%

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

  - Fitch applied a haircut of 60% to Fujian Yango's investment
portfolio at cost value, including available-for-sale assets and
equity investments.

  - Fitch estimates the recovery rate of the offshore senior
unsecured debt to be 43%, which corresponds to a Recovery Rating of
'RR4', based on its calculation of the adjusted liquidation value,
after administrative claims of 10%

RATING SENSITIVITIES

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

  - Significant improvement in the credit profile of Fujian Yango's
major businesses

  - Holding company cash income/interest paid sustained above 2.0x
(2017: 1.4x)

  - Holding company adjusted net debt/cash income sustained below
7.0x (2017: 17.7x)

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

  - Deterioration in the credit profile of Fujian Yango's major
businesses

  - Holding company cash income/interest paid below 1.2x for a
sustained period

  - Failure to reduce guarantees provided to third parties by
pledging Yango shares

LIQUIDITY

Tight Liquidity: Fujian Yango had CNY2.5 billion in cash on hand at
the holding company-level at end-1H18, insufficient to cover
short-term debt (including current portion of long-term debt and
other short-term liabilities) of CNY7.4 billion. However, its high
quality equity investments would provide extra funding room through
pledged borrowing. It also has access to both onshore and offshore
bonds, which could help it to optimise its debt structure and
extend its debt maturity.

HENGDA REAL: Fitch Gives Final B+ on  $600MM Senior Notes Due 2021
------------------------------------------------------------------
Fitch Ratings has assigned Hengda Real Estate Group Co., Ltd's
(B+/Positive) USD600 million 9.0% senior notes due 2021 a final
rating of 'B+', with a Recovery Rating of 'RR4'.

The notes are issued by Scenery Journey Limited and guaranteed by
Tianji Holding Limited, both fully owned subsidiaries of Hengda.
Hengda has granted a keepwell deed and a deed of equity interest
purchase undertaking to ensure that the guarantor has sufficient
assets and liquidity to meet its obligations for the senior
unsecured notes. The final rating is in line with the expected
rating assigned on March 1, 2019.

Hengda's rating is equalised with that of its parent, China
Evergrande Group (Evergrande, B+/Positive), under the top-down
rating approach taken in line with Fitch's Parent and Subsidiary
Rating Linkage criteria.

KEY RATING DRIVERS

Ratings Linked to Parent's: Fitch has equalised Hengda's rating
with that of its parent and rates Hengda based on the consolidated
profile of the Evergrande Group. This reflects the very strong
linkages between the two entities as well as Evergrande's weaker
credit profile than Hengda. Evergrande continues to exercise
control over Hengda even though its stake in the subsidiary fell to
63.5% from 100% after Hengda issued new shares. This is because
there is a large number of new shareholders who are unconnected,
with the second-largest shareholder having only a 5.7% stake. Fitch
also expects Hengda to continue to be the sole platform for
Evergrande to expand its core China homebuilding business.

Improving Leverage: Evergrande's leverage, measured by net
debt/adjusted inventory, fell to 42% by end-June 2018 from 50% at
end-2017. The company's total and net debt dropped by around CNY60
billion and CNY26 billion, respectively, in 1H18. The deleveraging
was mainly driven by a rise in construction payables and increased
participation in joint venture (JV) projects that raised the equity
contributions from its non-controlling interests.

Evergrande's payables-to-inventory ratio increased to 0.44x by
end-June 2018 from 0.38x at end-2017 as the company used more
working capital to fund its property-development operations in
1H18. Fitch will assess Evergrande's deleveraging plan in
conjunction with its trade payable changes to ensure that the
company is not merely increasing its reliance on its contractors
and suppliers to extend more credit to help it deleverage.

Strong Sales Performance: Evergrande remains one of China's three
largest property developers, with 10% yoy growth in total sales to
CNY551 billion in 2018, driven by a 4% increase in gross floor area
sold and a 6% rise in average selling price (ASP) to CNY10,515/sq
m. Nevertheless, Evergrande's sales growth on an attributable basis
may be slower in 2019, even if total contracted sales growth can be
sustained because of an increase in investment in projects with JV
partners or associates.

Sufficient Low-Cost Land Reserves: Evergrande has land reserves of
305 million sq m with a low cost of CNY1,683/sq m, of which Tier
1-2 cities with average land cost of CNY2,092/sq m accounted for
68% and Tier 3 cities with average land cost of CNY1,196/sq m made
up 32%. Fitch thinks Evergrande's land reserves are sufficient for
around five years of development.

Shareholder-Friendly Measures: Evergrande bought back shares
totalling HKD6.3 billion (CNY5.6 billion) in 2017. It has also
declared a high dividend of 50% of distributable profit since 2016.
These measures will exhaust liquidity at the holding-company level
and weaken its debt-servicing capacity.

Positive Outlook: Fitch revised the Outlook on Evergrande's Issuer
Default Rating to Positive from Stable in May 2018 on its
expectation that the company's leverage can be sustained below 50%,
if management follows through with its commitment to lower the
company's gearing. The Positive Outlook takes into consideration
the uncertainty over management's commitment to lower the company's
leverage while keeping control of its payable-to-inventory ratio to
prevent a material increase and reduce its reliance on suppliers'
credit.

DERIVATION SUMMARY

Hengda's rating is equalised with that of its parent, Evergrande,
using the top-down approach because of very strong linkages between
the two entities. Hengda accounts for essentially all of
Evergrande's profit and supports Evergrande's capacity to pay
dividends.

Evergrande's business profile is more reflective of 'BB' category
peers, as the company has a diversified footprint across the
country and products. This is offset by its very aggressive
financial profile, which is in line with that of Chinese
homebuilders rated in the weak 'B' category.

Its peers, like Country Garden Holdings Co. Ltd. (BBB-/Stable),
Greenland Holding Group Company Limited (BB-/Stable) and Sunac
China Holdings Limited (BB-/Stable) operate with similar
aggressiveness in expansion and are of similar size, except for
Sunac, which is growing very rapidly to match these peers.

Country Garden's leverage of around 30% and churn rate of over 1.5x
are commensurate with an investment-grade profile and explain the
multiple-notch rating difference with Evergrande. Greenland's
leverage is higher than Evergrande's but Greenland has a large
level of uncollected sales and lower payables to offset its high
leverage. Greenland, a state-owned enterprise, has a strong
position in acquiring land at low cost, especially in new city
districts that local governments are keen to develop. Fitch expects
Sunac's leverage to fall below 50% in 2018 and it does not have
high payables risk, unlike Evergrande.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Evergrande (as
its analytical approach is driven by Evergrande's ratings)

  - Low single-digit total growth in land bank over the next three
years

  - Increase in average selling price in 2018 but falling back to
the 2017 level by 2020; gross floor area sold to increase by
between 5% and 10%, with single-digit contracted sales growth from
2019

  - Land cost to increase by 5% per annum resulting in EBITDA
margin narrowing towards 25%

Recovery Rating assumptions for Hengda:

  - Hengda will be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

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

  - Fitch applied a haircut of 30% on its receivables and 50% on
its investment properties

  - Fitch applied a higher haircut of 40% on adjusted inventory
despite Hengda's high margin, which would otherwise support a lower
25% to 30% discount rate, because it believes there will be a
leakage of its recoverable value to its very high level of trade
creditors

  - Fitch also assumed Hengda will be able to use 100% of the
restricted cash to pay debt

Fitch estimates the recovery rate of the offshore senior unsecured
debt at 86%, which corresponds to a Recovery Rating of 'RR2'.
However, Hengda's Recovery Rating is capped at 'RR4', which is the
cap for Group D countries that include China, in accordance to
Fitch's Country-Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

  - Evergrande is upgraded, provided linkages between Hengda and
its parent remain intact

For Evergrande, Developments that May, Individually or
Collectively, Lead to Positive Rating Action Are:

  - Net debt/adjusted inventory sustained below 50.0% (2017:
49.6%)

  - Contracted sales/gross debt sustained above 0.8x (2017: 0.7x)

As the Outlook on Evergrande is Positive, no negative action is
envisaged. However, the Outlook on Hengda may revert to Stable if
the same happens to Evergrande. Developments that may lead to the
Outlook on Evergrande reverting to Stable are:

  - Failure to achieve the positive rating sensitivities over the
next 12 months

  - Change in management strategy to refocus on aggressive
expansion from stated objective to reduce gearing ratio

  - Failure to reduce short-term debt to below 35% of total debt
(end-2017: 48%; end-June 2018: 44%)

LIQUIDITY

Liquidity Remains Adequate: Hengda had a large cash balance
totalling CNY223 billion at end-June 2018, including CNY99 billion
of restricted cash. It had CNY273 billion of debt maturing before
June 2019 that can be funded by ongoing contracted sales and
existing cash. Fitch expects Hengda's working capital investment to
reduce sufficiently to generate positive cash flow from operations
in 2018 to support debt repayment.



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

A R S FABRICS: CRISIL Withdraws D Rating on INR10cr Term Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of A R S
Fabrics Private Limited (ARS) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Term Loan           10      CRISIL D (ISSUER NOT COOPERATING;
                               Migrated from 'CRISIL D'; Rating
                               Withdrawn)

CRISIL has been consistently following up with ARS 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 ARS. 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 ARS 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 ARS to 'CRISIL D
Issuer not cooperating'.

ARS was incorporated in 2005, in Namakkal (Tamil Nadu) by
Mr.Vasudevan. The company undertakes job work to process yarn into
fabrics.


AZEEM INFINITE: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Azeem Infinite
Dwelling India Private Limited's (AIDIPL) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR2.0 bil. NCDs - Series 1 due on September 2022 ISIN
     INE265Y07018 issued on November 16, 2017 coupon rate 12%
     affirmed with IND BB/Stable rating; and

-- INR1.950 bil. NCDs - Series 2 due on September 2022 ISIN
     INE265Y07026 issued on November 16, 2017 coupon rate 12%
     affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects the continued moderate financing,
execution and offtake risks associated with AIDIPL's ongoing and
upcoming projects. The company was incorporated in 2016 to execute
five residential real estate projects in Bengaluru. It has launched
two projects till date and the remaining three projects will be
launched in different phases during the next few years. As of
December 2018, about 35% of the two projects had been completed,
and 44% of the area had been sold.

The total project cost on the two ongoing projects is about
INR10,457 million, of which INR3,591 million had been incurred till
December 2018. The incurred cost was funded through external
borrowings of INR2,463 million, promoters contribution of INR442
million, and customer advances of INR687 million.

The ratings factor in AIPIPL's moderate liquidity. The company
expects to have a cash debt service coverage ratio of 1.1x-1.5x
over the life of the projects. As of December 2018, AIDIPL had
collected customer advances amounting to INR1,141 million for both
projects. The company had an undisbursed term loan of INR2,000
million and receivables of INR3,908 million from current bookings
against the pending construction cost of INR6,865 million.

The ratings, however, are supported by AIDIPL's association with
the G M Infinite group, whose promoters have an experience of over
25 years in the real estate industry.

RATING SENSITIVITIES

Positive: Fast bookings with large customer advances and timely
execution of upcoming projects, without incurring additional debt,
could result in a positive rating action.

Negative: Lower-than-expected bookings and/or lower realizations in
the upcoming projects and/or significant time or cost overruns in
the projects could result in a negative rating action.

COMPANY PROFILE

AIDIPL was incorporated in 2016 by the G M Infinite group to
execute five real estate projects. The company is managed by Gulam
Mustafa and Jawind Hussain. The G M Infinite group commenced
operations as a construction contractor in 1962 and constructed
several projects with a total area of about 10 million square feet
(sf) till 2007, when the group switched to real estate development.
As of December 2018, the group had completed residential projects
with a cumulative area of 2.12 million sf in Bengaluru.
Furthermore, through other group companies, it is developing 7.8
million sf of area in the city.


BKM INDUSTRIES: CARE Moves D on INR108.5cr Loans to Not Cooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of BKM
Industries Ltd. (BKM) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     80.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 information
   Short-term Bank
   Facilities         28.50      CARE D; ISSUER NOT COOPERATING;
                                 Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

BKM has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on BKM's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of BKM Industries Ltd
(BKM) takes into account the ongoing delays in interest servicing
due to tight liquidity position.

Detailed description on Key Rating Driver

At the time of last review on September 17, 2018, following were
the rating weaknesses (updated for the latest information available
in the company's website):

Key Rating Weaknesses

Ongoing delays in the account: There have been instances of LC
devolvement and the cash credit account remained overdrawn for a
period of more than 30 days. This liquidity mismatch is primarily
due to delay in collection from the debtors and decline in
the revenue since Q1FY19 due to weak demand scenario.

Deterioration in financial performance of the company in Q1FY19
marked by cash losses: BKM's operating income declined by 58.32%
from previous quarter to INR17.30 crore in Q1FY19 (as against Rs
45.05 crore in Q1FY18) on the back of lower execution of orders.
This coupled with under absorption of fixed cost and execution of
less margin products lead to operational losses in Q1FY19. Further,
higher interest expenses resulted in cash losses during the said
quarter. This apart in July 2018, the company had also decided to
discontinue its manufacturing operations at the Barjora (Bankura,
West Bengal) and resultantly reported loss of Rs -0.57 crore in
Q1FY19.  During 9MFY19, BKM reported cash loss of INR22.15 crore on
a total operating income of INR34.64 crores.

BKM Industries Ltd (BKM) was incorporated on March 25, 2011. It was
a dormant company till October 1, 2013 before the demerger of
packaging division of Manaksia Ltd (ML) to BKM. BKM manufactures
packaging products and aluminum semi-rigid containers. Major
packaging products manufactured by the company includes (1) Roll on
Pilfer Proof closures for the premium liquor and pharmaceutical
sector, (2) Crown closures for carbonated soft drinks and beer, (3)
Plastic closures for carbonated soft drinks and mineral water
sectors, and (4) Metal containers for shoe polishes, cosmetics and
tea. The company currently has manufacturing facilities located in
West Bengal, Telengana and Dadra & Nagar Haveli. In July 2019, the
company has strategically planned to discontinue its manufacturing
operations at the Barjora (Bankura, West Bengal).


BL FOOD: CRISIL Migrates Rating on INR10cr Loans to 'B/Stable'
--------------------------------------------------------------
Due to inadequate information, CRISIL, in-line with the Securities
Exchange Board of India guidelines, had migrated the rating of BL
Food Industries (BLFI) to 'CRISIL B/Stable Issuer Not Cooperating'
on September 3, 2018. However, the management has subsequently
started sharing information, necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the bank facilities of BLFI from 'CRISIL
B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Open Cash Credit     9.75       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan            0.25       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The ratings reflect the firm's modest scale of operations in the
intensely competitive rice-milling industry, below-average
financial risk profile, and large working capital requirement.
These weaknesses are partially offset by the partners' extensive
industry experience and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive industry:
Despite increase in fiscal 2018, scale of operations will remain
modest (reflected in net sales of INR18.73 crore in fiscal 2018),
constraining business risk profile in the intensely competitive
rice milling industry.

* Large working capital requirement: The firm's operations are
working capital intensive, as reflected in gross current assets of
244 days as on March 31, 2018, driven by large inventory and
receivables of over 2 months. The working capital requirement will
remain large over the medium term.

* Below-average financial risk profile: The financial risk profile
is constrained by high gearing and subdued debt protection metrics.
Networth was INR6.52 crore and gearing was 1.98 times as on March
31, 2018. Net cash accrual to total debt and interest coverage
stood at 0.07 time and 1.93 times, respectively, for fiscal 2018.

Strengths:
* Partners' extensive experience and their funding support:
Benefits from the partners' experience of over two decades through
group entities, and need-based capital infusion by them should
continue to support the firm's operations.

Liquidity

The firm's liquidity is moderate with the company expected to
generate modest accruals in the near term. The bank limit of
INR9.75 crore is utilized at only 40-50%for the last 12 months
ended Dec 31, 2018. While the utilisation is high during the
season, the same is low during non-peak season. The firm is likely
to generate accruals in the range of INR1.0-1.3 crore over the
medium against repayment obligations of INR0.5 crore.

Outlook: Stable

CRISIL believes BLFI will continue to benefit from the partners'
extensive experience. The outlook may be revised to 'Positive' if
substantial increase in revenue and improved working capital
management strengthen the financial risk profile and liquidity. The
outlook may be revised to 'Negative' if any further stretch in
working capital cycle or any large capital expenditure weakens the
financial risk profile and liquidity.

Established in 2014, BLFI mills and processes paddy into basmati
and non-basmati rice at its facility in Nizamabad, Andhra Pradesh.
The firm's partners are Mr G Shekar, Ms G Jyothi, Mr G Balaiah, Ms
G Bharatamma, Mr G Srinivas, Mr K Ramesh, and Mr R Srinivas.

CONSTRO SOLUTIONS: CRISIL Withdraws D Ratings on INR30cr Loans
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Constro
Solutions Private Limited (CSPL) 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)

   Cash Credit         6.5      CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Term Loan          22.0      CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

CRISIL has been consistently following up with CSPL 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 CSPL. 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 CSPL 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 CSPL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of CSPL 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.

CSPL was set up in April 2013 by Mr. Mukund Joshi, Mr. Saji Pillai
and Mr. Satish Chauhan. The company is engaged in manufacturing of
Autoclaved Aerated Concrete (AAC) blocks with its plant in Nasik,
Maharashtra.


G. R. MULTIFLEX: CARE Moves D on INR12cr Loans to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of G. R.
Multiflex Packaging Private Ltd to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       12.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from G. R. Multiflex Packaging
Private Ltd to monitor the ratings vide e-mail
communications/letters dated Feb. 5, 2019 and numerous phone calls.
However, despite CARE's  repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on G. R. Multiflex Packaging Private Ltd's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in December 15, 2017 the following were
the rating strengths and weaknesses:

On-going delay in debt servicing on account of stressed liquidity
position of the company: There are ongoing delays in the debt
servicing of the company due to its stressed liquidity position.

Kolkata based G.R Multiflex Packaging Private Ltd (GRMPL) was
incorporated in July 2002 and currently managed by Mr. Rabindra
Kumar Jaiswal and Mrs. PrativaJaiswal. Since its inception, the
company has been engaged in manufacturing of flexible packaging
materials such as polyester laminated rolls, multilayer flexible
films, oil print films, water printed films, and bags and pouches.
The company's manufacturing facility is located in Kolkata with
aggregated installed capacity of 1404 metric ton per annum.

Liqudity position

The liquidity position of the company remained stressed as
reflected by continuous over drawings in the working capital
limits.


G.K.K. EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: G.K.K. Exports Private Limited
        40/7, Ramakrishna Street, T. Nagar
        Chennai 600017

Insolvency Commencement Date: March 1, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 29, 2019

Insolvency professional: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         R.A. Puram, Mandaveli
                         Chennai, Tamil Nadu 600028
                         E-mail aneethaca@gmail.com

Last date for
submission of claims:    March 20, 2019


GAGAN AGRO: CARE Reaffirms 'D' Rating on INR19cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Gagan
Agro and Rice Exporters (GARE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           19.00      CARE D Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GARE continues to be
constrained by its ongoing delays in debt servicing, small scale of
operations, negative net worth base, elongated operating cycle and
partnership nature of constitution. The rating is further
constrained by limited experience of partners, susceptibility to
fluctuation in raw material prices and monsoon dependent
operations, and firm has presence in fragmented nature of industry
coupled with high level of government regulation. However, the
rating derives strength from moderate profitability margins.

Going forward, the ability of the firm to scale up its operations
while improving its overall solvency position and efficient
utilization of working capital borrowings would remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Moderate profitability margins: The profitability margins of the
firm stood moderate marked by PBILDT margin of 24.93% and PAT
margin of 11.76% in FY18 (PY: (-)0.57% and (-)17.58% respectively
in FY17).

Key Rating Weaknesses

Ongoing delays in debt servicing: As per the discussion with the
banker, there are few instances of over-utilization of the working
capital limits. The delays are on account of weak liquidity
position as the firm is unable to generate funds on timely manner
leading to cash flow mismatches.

Limited experience of partners: GARE was established in 2014 as a
partnership firm and is currently being managed by Mr. Sumit
Singla, Mr. Rahul Garg and Mrs. Amandeep Kaur. The partners have an
industry experience of four years which they have gained through
GARE and other family run businesses. However, the partners are
supported by experienced staff members to run day to day
operations.

Small scale of operations with negative net worth base: The scale
of operations of the firm remained small marked by total operating
income of INR58.76 crore in FY18 (refers to the period from April
01 to March 31). The small scale limits the financial flexibility
of the firm in times of stress and deprives it of the scale
benefits. Further, the firm witnessed a fluctuating trend in the
FY16-FY18 period as the TOI of the firm declined to INR58.76 crore
in FY18 from INR60.91 crore in FY17 due to lower quantity sold
owing to lower orders received. . The net worth of the company
stood at INR(-)19.55 crore as on March 31, 2018 as the firm has
been incurring losses in the past.

Elongated operating cycle: The operating cycle of the firm stood
elongated at 139 days for FY18 (PY: 177 days). Owing to the
seasonality of rice harvest, entities engaged in the rice
processing industry have to accumulate an adequate amount of raw
material inventory to ensure uninterrupted production throughout
the year. Furthermore, basmati rice requires longer ageing of the
semi-finished rice for better quality, which further elongates the
inventory holding period of the firm which resulted in average
inventory period of 268 days for FY18 (PY: 290 days). Furthermore,
the firm provides credit period of around 10-15 days to its
customers which led to average collection period of 7 days for FY18
(PY: 5 days). GARE procures raw materials with average payable
period of around 3-4 months, however, delay in payment to creditors
resulted into average creditor period of 137 days for FY18. The
working capital limits remained fully utilized for the last 12
months period ended January 2019.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Any sudden spurt in raw material prices may not be passed on to
customers completely owing to firm's presence in highly competitive
industry.

Partnership nature of constitution: GARE's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the  death/retirement/insolvency of
partners. The partners
withdrew funds amounting to INR1.68 crore during FY16-FY18 period.

Fragmented nature of industry coupled with high level of government
regulation: The commodity nature of the product makes the industry
highly fragmented with numerous players operating in the
unorganized sector with very less product differentiation. There
are several small scale operators which are not into endto-end
processing of rice from paddy, instead they merely complete a small
fraction of processing and dispose-off semiprocessed rice to other
big rice millers for further processing. Furthermore, the
concentration of rice millers around the
paddy growing regions makes the business intensely competitive. The
raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.

Gagan Agro and Rice Exporters was established as a partnership firm
in 2014 and it is currently being managed by Mr. Sumit Singla, Mr.
Rahul Garg and Mrs. Amandeep Kaur sharing profits and losses in the
ratio of 3:3:4 respectively. The firm is engaged in processing of
paddy at its manufacturing facility located in Sangrur, Punjab with
an installed capacity of 32000 metric Tonnes of paddy per annum as
on December 31, 2018. It is also engaged in trading of rice (income
from trading constituted 20% of the total income in FY18). GARE
sells rice primarily to various rice wholesalers through brokers,
dealers and commission agents based in Punjab, Haryana New Delhi
and Uttar Pradesh.

GARDEN SILK: CARE Reaffirms D Ratings on INR2,311.32cr Loans
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Garden Silk Mills Limited (GSML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities-
   Term loan         1,480.61      CARE D Reaffirmed

   Long-term Bank
   Facilities-Fund
   based working
   capital limits      298.71      CARE D Reaffirmed


   Short-term Bank
   Facilities-
   Non-fund based
   working capital
   limits              532.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities of
GSML takes into account continuing delays in servicing of its debt
obligations on account of stretched liquidity position.  GSML's
ability to improve its cash flows and regularize its debt servicing
are the key monitorable.

Incorporated in 1979, Garden Silk Mills Limited (GSML) is engaged
in manufacturing of polyester chips, polyester filament yarn and
polyester textile fabrics. It manufactures synthetic fabric under
the brand names, Garden and Vareli, they deal in wide range of
Polyester Chips, Polyester Filament Yarns (PFY), Preparatory Yarns,
Woven (grey) Fabric as well as Dyed and Printed Sarees and Dress
Materials The manufacturing facilities are located in Vareli
(weaving unit) and Jolwa (manufacturing unit of chips and yarn), in
Surat District.

As on December 31, 2018, the company had polyester chips capacity
of 5,06,000 metric tonnes per annum (MTPA) and Polyester Filament
Yarn (PFY) capacity of 2,21,061 MTPA – comprising of 1,58,610
MTPA of Partially Oriented Yarn (POY) and 62,451 MTPA of Fully
Drawn Yarn (FDY). GSML is promoted by Mr Praful A Shah, a
first-generation entrepreneur. He is also the Chairman and Managing
Director of the company. He has more than four decades of
experience in the industry. He is involved in the strategic
decision making process of the company. He is well supported by his
son Mr Alok P. Shah, promoter and joint managing director in the
day-to-day operations of the company; who also possesses
significant experience in the industry.

GSML is predominantly a domestic player with around 81% in FY18 of
the gross sales from the domestic market while remaining is in the
form of exports.


GEETA MACHINE: CRISIL Withdraws 'D' Ratings on INR30cr Loans
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Geeta
Machine Tools Private Limited (GMT) 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          12       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Cash Credit              9       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Letter of Credit         3       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)
   Proposed Long Term
   Bank Loan Facility       2.5     CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Term Loan                3.5     CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with GMT 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 GMT. 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 GMT 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 GMT to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of GMT 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.

GMT, incorporated in 1989, is promoted by the Jamnagar,
Gujarat-based Jadeja family. Mr Sardarsinh L Jadeja is its key
promoter, and operations are managed by directors Mr Vanrajsinh
Jadeja and Mr Vasant Bhadra. The company manufactures a wide range
of boring, milling, lathe, and radial drilling machines, and other
industrial equipment.


GOLDLINE VENTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Goldline Venture Private Limited
        KG-3/147, Third Floor
        Vikaspuri New Delhi
        West Delhi DL 110018 IN
        E-mail: gvpvtltd1@gmail.com

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: Rocky Ravinder Gupta

Interim Resolution
Professional:            Rocky Ravinder Gupta
                         4582/52, Arya Samaj Road
                         Karol Bagh, New Delhi 110005
                         E-mail: rrgupta.irp@gmail.com

                            - and -

                         KG III/147, 3rd Floor, Vikas Puri
                         Near Kerala School
                         New Delhi 110018
                         E-mail: irp.gvpl@gmail.com

Last date for
submission of claims:    March 16, 2019


HERITAGE FINLEASE: Ind-Ra Moves BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Heritage Finlease
Limited's bank loans' 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:

-- INR210 mil. Bank loans migrated to non-cooperating category
     with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The rating was 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 rating.

COMPANY PROFILE

Heritage Finlease is a non-bank finance company that provides loans
to milk supplying cattle farmers towards the purchase of livestock.
It is a captive financier for Heritage Foods Limited's farmers.


HIGHEND PROPERTIES: CARE Lowers Rating on INR33.62cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Highend Properties Private Limited (HPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      33.62       CARE D Revised from
   Facilities                      CARE BBB-; Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HPPL factors in
reduced occupancy of the property which resulted in cash flow
mismatch and subsequently delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Reduced occupancy rates in FY18 resulting cash flow mismatch and
delays in debt servicing: HPPL has a single property at Bangalore
having an aggregate space of 1.02 lakh sft which was 100% occupied
earlier. However, the occupancy reduced to 96.42% during March
2018, and the vacant space remained unoccupied for a short time
period. Given the time lag in occupancy, the promoters had
brought-in unsecured loans of INR2.91 crore to manage the cash flow
mismatch. However, given an area of 3.58% remained unoccupied as on
March 31, 2018; the cash flow mismatch continued resulting in
delays in debt servicing.

Decline in financial performance during FY18: HPPL registered
significant y-o-y decline of 44.1% in total operating income during
the year (to INR6.84 crore), mainly on account of absence of
interest income (Rs.3.90 crore in FY17) during FY18. The same was
on account of demerger of company's finance business undertaking
into holding company, NSL Properties Private Limited (NPPL), during
FY17, resulting in transfer of inter-corporate loans to NPPL and
absence of any interest income from the same. In line with lower
total income, PBILDT level and margin also witnessed decline by
50.8% and 1098 bps (to 81.16%). Lower PBILDT level coupled with
higher capital expenses on account of higher amortization during
the year resulted in the company registering net loss of INR3.98
crore FY18. However, the company registered GCA of INR1.70 crore
the year.

Client concentration risk: The property caters to IT/ITES companies
and is occupied by companies including HSBC Electronic Data
Processing Indian Private Ltd and Datamatics Vista Infosystems Ltd.
Though the concentration on the IT/ITES clientele could adversely
affect HPPL's operations during recessionary cycles, the risk is
partly mitigated by the fact that the tenants are reputed players
with relatively stable business models.

Leveraged capital structure: The capital structure of the HPPL
continues to remain leveraged. As on March 31, 2018, the debt
profile of the company consisted majorly of LRD loans and unsecured
loans availed in H2FY19. The company recognized goodwill in the
books as on March 31, 2017, due to merger/demerger of the finance
business resulting in erosion of networth.

Key Rating Strengths

Experienced promoter group and management team: HPPL is a wholly
owned subsidiary of NSL Properties Private Limited (NPPL), and is
part of the diversified NSL group. NSL is a well-established
business group in South India, with promoters having experience of
more than three decades in multiple business lines viz. hybrid/open
pollinated seeds, cotton ginning and pressing, textiles, sugar,
real estate infrastructure, power, real estate and property
leasing. The promoters are well supported by a team of qualified
and experienced management team.

In-built rent escalation clause in the lease agreements: HPPL has
escalation clause incorporated into lease agreements with all its
clients, providing revenue visibility in the near term. Also, most
of the lease agreements call for a notice period of six months in
the event of termination of lease, which provides the company some
cushion to find new tenants.

Highend Properties Private Limited (HPPL), incorporated in 2006, is
engaged in leasing out space primarily to IT/ITES companies on
medium to long term commercial leasing arrangements. The company is
a wholly owned subsidiary of NSL Properties Private Limited. The
company has, at present, office space of 1.11 lakh sq. ft. located
on Kadubasanahalli, Varthur Hobli, Bengaluru. The overall occupancy
ratio of commercial office space was 96.42% as on February 28,
2018.


INDU PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Indu Projects Limited
        1009, Indu Fortune Fields, 13th Phase
        KPHB Colony, Kukatpally
        Hyderabad 500072 Telangana

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 31, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Gopi Krishna Byadigera

Interim Resolution
Professional:            Mr. Gopi Krishna Byadigera
                         H. No. 2-2-271/73/1, Plot 73
                         Lakshmi Enclave, Phase 2
                         Near Sanjeeva Reddy Garden
                         Macha Bolaram, Hyderabad 500010
                         Mobile: 9618524112
                         E-mail: bgopikrishna2000@gmail.com

Last date for
submission of claims:    March 22, 2019


INMARK RETAIL: CARE Lowers Rating on INR19.05cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Inmark Retail Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      19.05       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Inmark Retail Private
Limited to monitor the rating vide e-mail communications/letters
dated December 7, 2018, December 5, 2018, December 3, 2018,
November 30, 2018, November 28, 2018, November 15, 2018,
November 8, 2018, November 5, 2018, November 1, 2018, October 17,
2018, October 4, 2018, October 1, 2018, September 30, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Inmark Retail Private Ltd.'s
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING*.

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

In the absence of information on company's financial performance
and other critical data including the scale of operations,
geographical presence and material updates since the date of last
review April 10, 2018, CARE is unable to assess the firm's ability
to service the debt onligations and hence the revision in rating.

Detailed description of the key rating drivers

At the time of last rating on April 11, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Significant deterioration in financial risk profile in FY17 with
stretched liquidity: Company's sales declined from INR68.5 crore in
FY16 to INR59.3 crore in FY17 and consequently, company's PBDIT
margin declined from 22.2% in FY16 to 13.6% in FY17. The company's
networth remained negative at INR28.9 crore as on Mar'17 (Mar'16:
Negative INR17.0 crore). Further, the company's working capital
cycle stretched further from 146 days in FY16 to 214 days in FY17
due to increase in inventory holding.

Geographical concentration risk: IRPL's scale of operations
continues to remain small and is susceptible to geographical
concentration risk. Out of 18 retail stores being operated, 8 are
in Karnataka and remaining in Andhra Pradesh and Telangana region
covering a total area of 1.24 lakhs sq. ft.

Key Rating Strengths

Experienced management: IRPL is promoted by Mr Naseer Ahmed. He was
the former Minister of state for small scale industries in State of
Karnataka, India during October 1990 to November 1992. The
day-to-day operations of the company are looked after by Mr Naseer,
who is adequately supported by a group of professionals.

Originally incorporated as M/s. Scotts Dresses Private Limited on
July 23, 2008 by Mr. Naseer Ahmed, the company's name was changed
to M/s. Inmark Retail Private Ltd (IRPL) in Sep 2011. The company
is an associate company of Scotts Garments Limited (SGL) and is
engaged in the business of retailing fashion apparels through
various retail shops under the brand INMARK. Company has 18 retail
outlets in South India, covering a total area of 1.24 lakhs sq.
ft.


JADEJA INDUSTRIES: CARE Keeps D on INR9cr Loans in Not Cooperating
------------------------------------------------------------------
CARE had, vide its press release dated January 18, 2018, placed the
ratings of Jadeja Industries Private Limited (JIPL) under the
'issuer non-cooperating' category as JIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JIPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
letter/emails dated February 8, 2019, February 11, 2019, February
13, 2019 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.90      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating done on January 18, 2018, the following
were the rating weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: JIPL has been irregular in
servicing its debt obligation due to its weak liquidity position.

Morbi-based (Gujarat) JIPL was incorporated as a private limited
company during September, 2004 as Jadeja Refractories Private
Limited (JRPL). Subsequently, JRPL was converted into JIPL during
December, 2013. JIPL is managed by three promoters namely Mr.
Keshrisinh Jadeja, Mr. Hitendrasinh Jadeja and Mr. Devendrasinh
Rana. Currently JIPL is engaged in to manufacturing of refractory
bricks which is used in lining furnaces, kilns, fireboxes, and
fireplaces. JIPL operates from its sole manufacturing facility
located in Morbi (Gujarat).


JEYPORE SUGAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s The Jeypore Sugar Company Limited
        239, Anna Salai
        Ramakrishna Buildings
        Chennai 600006
        Tamil Nadu, India

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: V. Venkata Sivakumar

Interim Resolution
Professional:            V. Venkata Sivakumar
                         No. 10/11, Dr. Subbrayan Nagar Main Road
                         Near Samiyarmadam, Kodambakkam
                         Chennai 600024
                         E-mail: arunasri.siva@gmail.com

Last date for
submission of claims:    March 12, 2019


JSR DEVELOPERS: CRISIL Moves B on INR9cr Loan to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JSR Developers
Private Limited (JDPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

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

JSR was incorporated in 2005 by Mr. Gyanendra Upadhayay. The
company currently operates a solar power plant in Indore. The
company also undertakes civil construction works primarily related
to roads and bridges in Madhya Pradesh. The power division is the
major contributor to the revenues of the company. The company's
registered office is in Indore, Madhya Pradesh.


KASHYAP MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kashyap Motors India Private Limited
        20, Industrial Estate, Okhla
        New Delhi 110020

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 31, 2019
                               (180 days from commencement)

Insolvency professional: Jatin Madan

Interim Resolution
Professional:            Jatin Madan
                         25, DDA LSC, Block M1, Vikaspuri
                         New Delhi 110018
                         E-mail: cajatinmadan@yahoo.com
                                 kashyapirp@gmail.com

Last date for
submission of claims:    March 21, 2019


KESAR MUTLIMODAL: CARE Reaffirms D Rating on INR108.11cr Loans
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kesar Mutlimodal Logistics Limited (KMLL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities
   (Term Loan)         99.11       CARE D Reaffirmed

   Short Term Bank
   Facilities
   (Non Fund Based-
   BG limits)           9.00       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KMLL considers the
continuing delay in the debt servicing.

Detailed description of the key rating drivers

Continuing delays in debt servicing: Due to subdued performance,
KMLL was unable to service the liabilities on time.

Analytical approach: Consolidated financials of Kesar Terminals and
Infrastruture Limited (KTIL) along with its subsidiary KMLL has
been considered for analysis purpose. KTIL has extended corporate
guarantee to the bank facilities availed by KMLL.

KTIL in association with KEL has set up a Special Purpose Vehicle
named "Kesar Multimodal Logistics Limited" (KMLL) in FY12 to
execute its project of setting up a Composite Logistic Hub on an
area of 88.3 acres of leased land provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. KTIL has extended
corporate guarantee for the bank facilities to be availed by KMLL.


KHANDAKA SONS: CARE Reaffirms 'D' Rating on INR6cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Khandaka Sons Jewellers (KSJ), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            6.00      CARE D Reaffirmed

Detailed Rationale & Key rating Drivers

The rating of KSJ takes into account overdrawing in the cash credit
account for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous overdrawing in the cash credit account: As per banker
interaction, there is continuous overdrawing in the cash credit
account for more than 30 days owing to stressed liquidity
position.

Jaipur-based (Rajasthan) Khandaka Sons Jewellers (KSJ) was formed
in April, 2015 by Mr. Kuber Kumar Khandaka and Mrs. Alka Khandaka
as a partnership firm to share profit or loss in equal ratio. KSJ
is engaged in the business of manufacturing and retailing of gold,
diamond and platinum hallmark jewellery. The firm offers wide range
of products that include rings, earrings, pendants, necklaces,
bracelets, bangles, colour stones and medallions.


KOLLURI IMPEX: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kolluri Impex
Private Limited (KIPL) a Long-term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR40 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect KIPL's improved-yet-moderate scale of
operations and credit metrics. Revenue grew at a CAGR of 53% over
FY15-FY18 to INR906.2 million (FY17: INR433.1 million) owing to
increased orders from new and existing customers. It derived around
45% and 55% of its revenue in FY18 (FY17: 36%, 64%) from the
trading of coal and sponge iron, respectively. The company booked
revenue of INR595.4 million in 9MFY19. Ind-Ra expects revenue to
improve with the addition of new customers and further expansion in
its coal trading business.

Gross interest coverage (operating EBITDA/gross interest expense)
improved to 8.5x in FY18 (FY17: 4.6x) and net leverage (net
adjusted debt/operating EBITDAR) to 1.1x (5.6x), owing to an
increase in the absolute EBITDA to INR27.3 million (INR5.1 million)
and low debt levels. However, Ind-Ra expects deterioration of
credit metrics in the medium term owing to an expected increase in
working capital borrowings to support the rising scale of
operations.

The ratings are constrained by KIPL's tight liquidity position, as
indicated by 100% utilization of the fund-based limits on an
average during the 12 months ended January 2019. Cash flow from
operations improved on improved working capital management, yet
remained negative at INR13.2 million in FY18 (FY17: negative
INR21.3 million). KIPL's net working capital cycle improved to 38
days in FY18 (FY17: 66 days) on account of an improved collection
period of 39 days (92 days). As on March 31, 2018, it had a cash
balance of INR3.8 million.

The ratings are also constrained by KIPL's thin EBITDA margin of 3%
in FY18 (FY17: 1.2%) on account of the trading nature of the
business which has low or no value added to the end product sold.
The margins improved in FY18 due to better price realization.
However, the return on capital employed was high at 26.4% in FY18
(FY17: 6.4%), because of the improvement in profitability.

The ratings also reflect a significant customer concentration risk
faced by KIPL, considering its operations are largely concentrated
in and around Andhra Pradesh and Telangana.

However, the ratings are also supported by KIPL's promoters' over
three decades of experience in the steel and coal trading
business.

RATING SENSITIVITIES

Negative: A decline in the scale of operations and/or operating
profitability, leading to deterioration in the credit metrics and
stress liquidity, on a sustained basis, will be negative for the
ratings.

Positive: A growth in the revenue along with an improvement in the
EBITDA margin, while maintaining the credit metrics at the current
levels, all on a sustained basis, could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2012, located at Yellareddyguda, Telangana, KIPL is
engaged in the trading of coal, sponge iron and other steel allied
products.


L N CONSTRUCTIONS: CARE Lowers Rating on INR8.75cr Loans to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
L N Constructions (LNC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.75       CARE D Revised from CARE B+;
   Facilities                      Stable

   Short term Bank
   Facilities           4.00       CARE D Revised from CARE A4

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of LNC takes into
account on-going delays for over one month in the working capital
facility due to stressed liquidity position, leveraged capital
structure albeit improved in FY18 and weak debt coverage
indicators, short term revenue visibility from order book position,
satisfactory PBILDT margin and thin PAT margin, working capital
intensive nature of operations However the ratings derive benefit
from satisfactory track record and long experience of partners for
more than two decades in the civil construction industry and growth
in total operating income during the review period.

Going forward ability of the firm to increase its scale of
operations, improve its profitability margins in the competitive
environment, ability of the firm to improve its capital structure,
debt coverage indicator while utilizing working capital requirement
efficiently would be key rating factors.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays for over one month in the working capital facility
due to stressed liquidity position: The firm is facing stressed
liquidity position resulting in on-going delays for over one month
in the working capital facility.

Leveraged capital structure albeit improved in FY18 and weak debt
coverage indicators: The capital structure of the firm marked by
overall gearing ratio improved from 3.15x as on March 31, 2017 to
2.86x as on March 31, 2018 at the back of increase in net worth of
the firm due to accretion of profits to the net worth coupled with
infusion of capital.  Total debt/GCA also deteriorated from 23.70x
in FY17 to 29.76x in FY18 on account of decrease in cash accruals
coupled with increase in working capital utilization to meet day to
day operations. The PBILDT interest coverage ratio deteriorated
from 1.30x in FY17 to 1.22x in FY18 due to absolute increase in
financial expenses.  The total debt/CFO deteriorated from 6.43x in
FY17 to 76.50x in FY18 due to increase in total sundry debtors.
Short term revenue visibility from order book position The firm has
pending works in hands worth of INR26.70 crore as on February 18,
2019 as against INR18 crore as on November 30, 2017 which
translates to 1.08x to the total operating income in FY18 and the
same is likely to be executed by December 2019. The said order book
is related to construction of high level bridges, construction of
roads and related to crusher works.

Satisfactory PBILDT margin and thin PAT margin: The PBILDT margin
of the firm has improved from 5.94% in FY17 to 6.66% in FY18 due to
decrease in employee costs, power and fuel charges. However, the
PAT margin of the firm decreased from 0.66% in FY17 to 0.57% in
FY18 on account of increase in financial expenses.

Working capital intensive nature of operations: The operating cycle
of the firm remained moderate at 74 days in FY18 as against 75 days
in FY17 due to improvement in collection and inventory days from 44
and 107 respectively in FY17 to 34 and 105 days respectively in
FY18. The firm receives the payment from the principal contractor
on average of 30-45 days and avails the credit period from its
suppliers 60-90 days. However, sometimes the firm avails the
extension in credit period from its suppliers, if there is any
delay of collections from its principal contractor. The firm has
work-in-progress projects and also maintains high level inventories
in hand in view of expected rise in input material prices in
future. The average utilization of working capital in the last 12
months ended with February 21, 2019 was 100%.

Key Rating Strengths

Satisfactory track record and long experience of partners in the
civil construction industry: The partners of LN Constructions have
experience of more than one decade in the civil construction
industry. The firm is into the business of civil constructions work
for PWD works since inception.

Growth in total operating income: The total operating income of the
firm increased by 6.28% from INR23.08 crore in FY17 to INR24.53
crore in FY18 due to increase in number of contracts received and
executed in timely manner. Furthermore, the firm has achieved total
operating income of INR12 crore in 10MFY19 (Prov.).

L N Constructions (LNC) is a partnership firm based in Hyderabad.
It was established in the year 2006 by Mr Sudarshan Reddy. The
partners of the firm are Mr K. R. Sudershan Reddy, Mr S. Vinay
Kumar Reddy, Mr. P. Satyajith Reddy and Mr Surender Rao. Currently,
Mr Vinay Kumar manages the day to day operations of the firm. LNC
undertakes various civil construction projects for Public Works
Department (PWD) Telangana and operates in the capacity of a
sub-contractor for principal contractor's viz. BVSR Constructions
Private Limited, Manikanta Construction, BRR Infra Pvt Ltd and
Hotcrete Infrastructure Pvt Ltd. The firm has worked on various
projects including construction of high level bridges, road works,
construction of railway crossing and broad gauge line work etc.


L N CONSTRUCTIONS: CRISIL Lowers Rating on INR7cr Bank Loan to D
----------------------------------------------------------------
CRISIL has downgraded the bank facilities of L N Constructions (LN)
to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       7        CRISIL D (ISSUER NOT
                                 COOPERATING; Downgraded from
                                 'CRISIL A4 ISSUER NOT
                                 COOPERATING')

   Cash Credit          4        CRISIL D (ISSUER NOT
                                 COOPERATING; Downgraded from
                                 'CRISIL B-/Stable ISSUER NOT
                                 COOPERATING')

CRISIL has been consistently following up with LN for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LN 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 LN is downgraded to 'CRISIL D/CRISIL D Issuer not
cooperating'. The rating reflects delays for more than one month in
working capital facilities caused by weak liquidity.

LN was established as a partnership concern by Mr. Sudarshan Reddy
and his family in 2004. The firm undertakes construction of
irrigation projects, roads, and bridges for the Government of
Andhra Pradesh and the Indian Railways. It is based in Hyderabad.


LEADE LIQUOR: CRISIL Moves D on INR9.75cr Loans to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Leade Liquor
Manufacturing Private Limited (LLMPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Long         6.84      CRISIL D (ISSUER NOT
   Term Bank Loan                  COOPERATING; Rating Migrated)
   Facility               

   Term Loan             2.91      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

LLMPL was set up in fiscal 2011, by the promoter, Mr Sumit Kumar
Jain and his family members, for setting up an IMFL bottling plant
at Hooghly. The plant commenced commercial operations in December
2012. The company has a bottling capacity of around 150,000 cases
per month.


MAHAVIR ROADS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mahavir Roads and Infrastructure Private Limited

        Registered office:
        601/602, Destination SRA CHS Ltd
        CTS No. 5, 6th Floor, Near Shopper Stop
        Chembur (West), Mumbai
        Maharashtra 400089, India

        Corportate office:
        111-117, Krishna Govinda Complex
        Sector 24, Opp. Sanpada Railway Station
        Vashi, Navi Mumbai
        Maharashtra 400705, India

Insolvency Commencement Date: March 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 8, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park, G-Block
                         Bandra Kurla Complex, Bandra (E)
                         Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 mahavir-cirp@ezylaws.com

Last date for
submission of claims:    March 26, 2019


MALAR TEXTILES: CRISIL Assigns 'B-' Rating to INR8cr LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Malar Textiles (MR).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       8        CRISIL B-/Stable (Assigned)

The rating reflects the firm's small scale of operations in the
highly fragmented textile industry and its weak financial risk
profile owing to small networth and additional debt, resulting in a
leveraged capital structure. These weaknesses are partially offset
by the extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a highly fragmented and competitive
industry: The textile industry is highly fragmented and
competitive, with a large number of unorganised players in the
market. These factors limit the pricing flexibility and bargaining
power of the players. Also, threat from large integrated players in
the form of capacity additions limits the growth. The industry is
exposed to the risk of low entry barriers. The small initial
investment and the low complexity of operations have resulted in
the existence of innumerable entities, leading to significant
fragmentation.

* Below-average financial risk profile: MR's financial risk profile
is below average, owing to small networth of INR0.52 crore as on
March 31, 2018. Though the firm does not have any major debt
currently, the capital structure is expected to be leveraged due to
expectation of new debt being availed for the purchase of a
residential house. With accretion to reserves expected to be
modest, networth is expected to remain small over the medium term.
Debt protection metrics were healthy in fiscal 2018, with interest
coverage ratio of 4.59 times, but are expected to deteriorate over
the medium term, owing to the new debt undertaken. Profitability
should remain thin, given the trading nature of operations.

Strength

* Extensive industry experience of promoter and adoption of latest
machinery in the steady textile industry: Mr Thilip Kumar, with
experience of almost 25 years in the textile industry, is the
promoter of MR and has helped the firm establish relationships with
its customers and suppliers. His extensive experience should
continue to benefit the firm over the medium term.

Liquidity

Liquidity is modest, owing to small cash accrual. MR is expected to
generate cash accrual of INR0.15 to 0.20 crore over the medium term
against repayment obligations of around INR0.50 crore, expected to
commence from fiscal 2020.  Nevertheless, liquidity should be
supported by need-based funding support in the form of unsecured
loans from promoters.

Outlook: Stable

CRISIL believes MR will continue to benefit from the long-standing
experience of its promoter and established relationships with
clients. The outlook may be revised to 'Positive' if revenue and
profitability increase on a sustained basis and efficient working
capital cycle and healthy capital structure are maintained. The
outlook may be revised to 'Negative' if decline in profitability,
stretched working capital cycle, or large, debt-funded capital
expenditure weakens the capital structure.

With Mr Thilip Kumar as the promoter, MR is engaged in the trading
and processing of viscose fibre and yarn.


MALNADY TEA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Malnady Tea Estate
Private 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 these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR1.65 mil. Term loan due on March 31, 2020 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR15 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR90 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 1973, Malnady Tea Estate has its registered office
in Kolkata and a tea garden in Malbazar, Jalpaiguri. The company
manufactures green tea and trades veneer.


MBS SERVICES: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MBS Services a
Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR164 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating.

Analytical Approach: Ind-Ra has applied its 'Parent-Subsidiary
Rating Linkage' criteria while arriving at the rating. The ratings
reflect the corporate guarantee extended by Manohar Infrastructure
Private Limited ('IND BBB'/Stable) for the partial debt of INR164
million (total debt at FYE18: INR393.16 million) raised by MBS in
FY18.

KEY RATING DRIVERS

The ratings reflect the single revenue stream from property
rentals, and moderate debt service capabilities due to a marginal
difference between annual rental income and annual debt repayment
commitments.

The ratings also take into consideration the company's small scale
of operations, as indicated by revenue of INR35.70 million in FY18
(FY17: INR47.36 million). The revenue decreased due to the impact
of GST implementation.

Moreover, the company's credit metrics are weak because of the high
debt. In FY18, the interest coverage (operating EBITDA/gross
interest expense) deteriorated to 0.64x (FY17: 0.79x) and the net
financial leverage (total adjusted net debt/operating EBITDAR)
worsened to 15.90x (12.59x) because of a decline in the absolute
EBITDA to INR35.37 million in FY18 (FY17: INR46.90 million). The
debt service coverage ratio stood at around 1.03x in FY18 (FY17:
1.12x). Ind-Ra expects the debt-service coverage ratio to improve
to 1.07x in FY19 and 1.38x in FY20 as the company intends to give
the balance 52.46% of its total area (around 63,956 square feet) on
lease over the medium term. Also, MBS paid off its term loan in
February 2019, which would result in lower repayment and interest
expenses over the medium term.

The company's liquidity was moderate in FY18. The cash flow from
operations increased to INR33.82 million in FY18 (FY17: negative
INR87.30 million) on account of an improvement in the working
capital cycle. The cash and cash equivalent stood at around INR1.70
million in FY18 (FY17: INR7.25 million).

The ratings are further constrained by the proprietorship nature of
the business.

The ratings, however, are supported by the company's long-term
lease and maintenance agreements with almost all its major
counterparties.

Also, MBS's EBITDA margin stood at a strong 99.08% in FY18 (FY17:
99.03%).

In addition, the ratings are supported by the promoters' experience
of over two decades in the real estate development business.

RATING SENSITIVITIES

Positive: An increase in the lease income, resulting in a
significant reduction in the net leverage, all on a sustained
basis, will be positive for the ratings.

Negative: Cancellation of rental agreements with customers, causing
a substantial deterioration in the scale of operations, which would
impact the liquidity position, will lead to a negative rating
action.

COMPANY PROFILE

MBS Services, promoted by Mr. Tarninder Singh, was formed in 2005
with the aim of leasing out commercial properties in Chandigarh.


MDH TRUCKS: CARE Lowers Rating on INR10cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MDH Trucks Private Limited (MDHTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           10.00       CARE C; Stable, Issuer Not
   Bank Facilities                 Cooperating; Revised from
                                   CARE B; Stable (On the basis
                                   of best available information)

   Short-term           2.00       CARE A4, Issuer Not Cooperating
   Bank Facilities                 On the basis of best available
                                   Information

CARE has been seeking information from MDHTPL to monitor the rating
vide e-mail communications/letters dated January 8, 2019, January
14, 2019, January 18, 2019, January 21, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
MDH Trucks Private Limited's bank facilities will now be denoted as
CARE C; Stable/CARE A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of MDH Trucks Private
Limited continue to be tempered by the Small scale of operations
with decrease in total operating income and low networth base, thin
and fluctuating Profitability margins during review period,
Leveraged capital structure and weak debt coverage indicators
during review period, Working capital intensive nature of
operations, However, the rating also takes into account significant
decrease in total operating income during FY18. The rating continue
to take into account long track record of the entity and experience
of the promoters for more than two decades in auto-dealership
business, Stable outlook of automobile industry.

Ability of the company to increase its scale of operations and
improve profitability margins in competitive environment, ability
of the company to bag with new orders and execute the same in
timely manner and ability to utilize working capital utilization
effectively.

Key Rating Weakness

Small scale of operations with decrease in total operating income
and low networth base: The company's scale of operations were small
in nature as marked by a TOI of INR9.95 crore in FY18 and low
networth base of INR 2.93 crore in FY18. The TOI of the company
decreased from INR 64.09 crore in FY17 to INR 9.95 Crore in FY18
Thin and fluctuating profitability margins during review period The
PBILDT margin and PAT margin though improved from 3.83x and 0.21x
as on march 31, 2017 to 14.11x and 0.58x as on march 31, 2018
respectively but still remained thin.

Leveraged capital structure and weak debt coverage indicators
during review period: Thecapital structure marked by overall
gearing ratio stood leveraged however improved from 4.60x as on
march 31, 2017 to 3.00x as on march 31, 2018 due to lower
utilization of working capital. Working capital intensive nature of
operations:The operating cycle increased from 73 days in FY17 to
440 days in FY18.

Key Rating Strengths

Experience of the promoters for more than two decades in
auto-dealership business: MDH Trucks Private Limited (MDHTPL) was
promoted by Mr.S.MD. Naveed (Managing Director) and Mrs. S.Feroza
(Director). Mr.S.MD. Naveed is a qualified graduate (B.com) and has
more than 25 years of experience in auto-dealership industry. Mrs.
S.Feroza is a qualified graduate (B.com) and has more than 20 years
in auto-dealership industry.

Stable outlook of automobile industry: The automotive industry in
India is one of the largest in the world, following a growth of
2.57 per cent over the last year. The automobile industry accounts
for 7.1 per cent of the country's gross domestic product (GDP). The
Two Wheelers segment, with 81 per cent market share, is the leader
of the Indian Automobile market, owing to a growing middle class
and a young population. Moreover, the growing interest of companies
in exploring the rural markets further aided the growth of the
sector.

The overall Passenger Vehicle (PV) segment has 13 per cent market
share. India is also a prominent auto exporter and has strong
export growth expectations for the near future. In addition,
several initiatives by the Government of India and the major
automobile players in the Indian market are expected to make India
a leader in the Two Wheeler (2W) and Four Wheeler (4W) market in
the world by 2020.Almost Self-governing cars are predicted to be on
the streets by 2020. More than half the cars on the streets are
going to be powered by diesel by 2020. High Performance Hybrid cars
are likely to gain greater popularity among consumers. The Indian
automobile industry has a prominent future in India. Apart from
meeting the advancing domestic demands, it is penetrating the
international market too

Andhra Pradesh based, MDH Trucks Private Limited (MDHTPL) was
incorporated in the year 2011 as a Private Limited Company by
Mr.S.MD.Naveed (Managing Director) and Mrs. S.Feroza (Director).
The operation of the company started in the year 2012. The company
is an authorized dealer of Tata Motors Limited. The Company is
engaged in sale of new vehicles and spare parts as well as
servicing of vehicles. The vehicles sold by MDHTPL are small
commercial vehicles (Tata Ace, Tata Magic, Tata xenon etc.), medium
and heavy vehicles (Star bus, City ride, LPT'S etc.). The company
derives 97% of the revenue from sale of vehicles and sale of spare
parts and remaining 3% from the services rendered by the company to
its customers.


MEHTA API: Ind-Ra Lowers LT Issuer Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mehta API
Private Limited's (MAPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits downgraded with IND
     BB+/Stable/IND A4+ rating;

-- INR305 mil. Non-fund-based limits downgraded with IND
     BB+/Stable/IND A4+ rating; and

-- INR8.89 mil. (reduced from INR20 mil.) Term loan due on August

     2019 - February 2023 downgraded with IND BB+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in the credit metrics of MAPL
to modest in FY18 from comfortable in FY17, as the company took an
intercorporate deposit to provide an intercorporate loan to
unrelated parties. The negative guideline was breached on account
of the infusion of the deposit. Although the deposit has been
repaid, any further rising of an intercorporate deposit may have a
negative impact on the credit metrics.

In FY18, MAPL's net financial leverage (total adjusted net
debt/operating EBITDA) was 7.0x (FY17: 1.6x), against the agency's
expectation of below 3.5x. However, its interest coverage
(operating EBITDAR/gross interest expense) improved to 4.2x in FY18
from 3.6x in FY17 because of a decline in financial cost due to
scheduled term loan repayment and low working limit use.

The ratings are constrained by a decline in absolute EBITDA to
INR68 million in FY18 from INR73 million in FY17 owing to a fall in
revenue to INR1,245 million from INR1,411 million due to a fall in
order flows and low demand for products. The scale of operations
remained moderate. MAPL's EBITDA margin was modest at 5.5% in FY18
(FY17: 5.2%). In addition, its return on capital employed was 9.0%
in FY18 (FY17: 15.0%).

The ratings are also constrained by a customer concentration risk,
given a single customer contributed 26% to the total revenue in
FY18.

The ratings remain constrained by the highly regulated nature of
the pharmaceutical industry.

The ratings factors in MAPL's modest liquidity, indicated by an
average fund-based limit use of less than 60% for the 12 months
ended January 2019. Its cash flow from operations turned negative
at INR53 million in FY18 from INR92 million in FY17 due to the fall
in EBITDA and an increase in working capital. Moreover, its cash
and cash equivalent stood at INR4 million at FYE18 (FYE17: INR2
million).

The ratings continue to draw support from the promoters' experience
of five decades in the pharmaceutical industry. In addition, MAPL
has decade-long associations with reputed clients such as Cadila
Pharmaceuticals Limited, IPCA Laboratories Limited, and Strides
Arcolab Ltd.

RATING SENSITIVITIES

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

Positive: A substantial increase in the absolute EBITDA, along with
the net financial leverage reducing below 3.5x, will be positive
for the ratings.

COMPANY PROFILE

MAPL manufactures and trades active pharmaceutical ingredients and
intermediates. It is managed by Harshadrai P Mehta.


MIRRIKH MOTORS: CRISIL Withdraws B Rating on INR15cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Mirrikh
Motors Private Limited (MMPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          15       CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B/Stable'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with MMPL 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 MMPL. 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 MMPL 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 MMPL to 'CRISIL
B/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of MMPL 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.

MMPL, based in Surat, is an authorised dealer for HMIL in Surat and
Bardoli in Gujarat. It also deals in spares and accessories, and
undertakes servicing of vehicles.

NOVELTY ASSOCIATES: Ind-Ra Raises Long Term Issuer Rating to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Novelty Associates
Private Limited's (NAPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR108.85 mil. (reduced from INR120 mil.) Term loans due on
     August 2023 upgraded with IND BB/Stable rating;

-- INR960 mil. (increased from INR900 mil.) Fund-based working
     capital limits Long term upgraded; Short term affirmed with
     IND BB/Stable/IND A4+ rating; and

-- INR113.50 mil. Fund-based working capital limits assigned with

     IND BB/Stable/IND A4+ rating.
   
KEY RATING DRIVERS

The upgrade reflects an 18% yoy surge in NAPL's revenue to INR5,330
million in FY18, driven by the addition of a new showroom and a
workshop, as well as an increase in sales volume of existing
showrooms. Total car sales volume increased to 6,996 units in FY18
(FY17: 6,331 units). Car sales contributed about 94% to the total
revenue in FY18 (FY17: 96%), followed by sales of spares and
accessories, and services (FY18: 6%, FY17: 4%). The company's scale
of operations is medium.

NAPL's EBITDAR increased to INR165 million (FY17: INR148 million)
due to the increase in revenue. Consequently, its interest coverage
(operating EBITDA/gross interest expense) improved to 1.73x in FY18
(FY17: 1.51x) and net leverage (total adjusted net debt/operating
EBITDAR) to 7.88x (8.75x). Despite the improvement, the company's
credit metrics are weak. Although EBITDAR improved, the margin
declined to 3.09% in FY18 (FY17: 3.27%) due to an increase in the
cost of cars. NAPL's return on capital employed was 9.49% in FY18
(FY17: 8.88%) and EBITDAR margins were modest at 3%-4% over
FY15-FY18.

The ratings continue to be constrained by NAPL's stretched
liquidity position as evident by full utilization of its fund-based
working capital facilities during the 12 months ended February
2019. However, the company reported positive cash flow from
operations during FY17-FY18 (FY18: INR72.21 million; FY17: INR45.06
million; FY16: negative INR230 million) due to improvement in
operating profits and net working capital cycle (FY18: 85 days,
FY17: 98 days).  

The ratings, however, are supported by NAPL's stable business
profile. NAPL is the oldest authorized dealer of Hyundai Motors
India Limited (second-largest passenger car original equipment
manufacturer in India with about 16% market as of March 2018) in
the Amritsar and Gurdaspur districts of Punjab.

RATING SENSITIVITIES

Positive: An improvement in the revenue and operating profit, along
with strengthening of the credit metrics and liquidity profile, all
on a sustained basis, could be positive for the ratings.

Negative: Any decline in the revenue and profitability, leading to
deterioration in the liquidity profile could be negative for the
ratings.

COMPANY PROFILE

NAPL is a part of the Novelty group formed by Mr. S Kartar Singh in
1950. The group owns the famous Novelty Sweets in Amritsar and has
interests in the food, automobile and real estate businesses.


ODYSSEUS LOGOS: CRISIL Moves B+ on INR10cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Odysseus Logos
LLP (OLL) to 'CRISIL B+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term     1.75      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Term Loan     8.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OLL 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 OLL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OLL is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' rating category or
lower'.

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

Setup in January 2016, OLL is setting up a 2 MW solar power plant
at Ananthapur, Andhra Pradesh, which is expected to be completed by
April 2018. It has entered into a 25 years PPA with Vignan
Foundation.


OM COTTEX: CARE Maintains D on INR6cr Loan to Non-Cooperating
-------------------------------------------------------------
CARE had, vide its press release dated January 5, 2018, placed the
rating(s) of Om Cottex (OMC) under the 'issuer non-cooperating'
category as OMC had failed to provide information for monitoring of
the rating for the rating exercise as agreed to in its Rating
Agreement. OMC continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
letter/email-s dated January 11, 2019, January 24, 2019 and
February 7, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      6.00      CARE D; Issuer not cooperating;
   Facilities                    Based on Best Available
                                 Information

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

Detailed description of the key rating drivers

At the time of last rating on January 5, 2018, the following were
the rating weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: OMC has been irregular in
servicing its debt obligation due to its weak liquidity position of
the firm.

Botad (Gujarat) based Om Cottex (OMC) was established in 2008 as a
partnership firm. Currently, OMC is managed by six partners with
unequal profit and loss sharing agreement between them. OMC is into
the business of cotton ginning & pressing and crushing of cotton
seeds. While cotton bales are used in manufacturing of cotton yarn,
cotton seeds are further processed for extraction of edible oil.
OMC operates from its sole manufacturing facility located in Botad
(Gujarat) and has an installed capacity of 6,048 metric tons per
annum (MTPA) for cotton bales, 756 MTPA for cotton seed oil & 5,418
MTPA for cake as on March 31, 2016. OMC markets its products in the
states of Gujarat, Tamil Nadu and Maharashtra.


ORTEL COMMUNICATIONS: CARE Migrates D Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ortel
Communications Limited (OCL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      39.98      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank     20.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

OCL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on OCL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on November 5, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from Stock Exchange filings):

Key Rating Weaknesses

Delays in debt servicing: The liquidity position of the company has
been stretched due to significant losses incurred in FY18 (refers
to the period April 1 to March 31) and 9MFY19. OCL reported net
loss of INR95.27 crore in FY18 (as against PAT of INR0.05 crore in
FY17) on total operating income of INR184.04 crore (as against
INR203.21 crore in FY17). It reported net loss of INR43.79 crore in
9MFY19.

With respect to a petition filed with National Company Law tribunal
against OCL by one of their creditors, Corporate Insolvency
Resolution process has been initiated against OCL and Resolution
Professional has been appointed

OCL was incorporated on June 2, 1995 by the Bhubaneswar-based Mr.
Baijayant Panda & family. OCL is a regional cable and broadband
service provider. The company provides services in the state of
Odisha, Chhattisgarh, Andhra Pradesh, Telengana, Madhya Pradesh and
West Bengal.


P RAMU: Ind-Ra Assigns B+ LongTerm Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P Ramu a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR4.4 mil. Term loan due on March 2021 assigned with IND
     B+/Stable rating;

-- INR60.0 mil. Fund-based facility assigned with IND
     B+/Stable/IND A4 rating; and

-- INR13.5 mil. Non-fund-based facility assigned with IND A4
     rating.

KEY RATING DRIVERS

The ratings reflect P Ramu's small scale of operations as indicated
by revenue of INR248 million in FY18 (FY17: INR165 million). The
improvement in revenue was on account of higher execution of
orders. The firm recorded revenue of INR248 million in 9MFY19. As
of February 2019, it had an order book of INR274 million (1.1x of
FY18 revenue), to be executed in FY20.

The ratings are constrained by the firm's tight liquidity position
as indicated by 99% average use of its fund-based facilities during
the 12 months ended February 2019. Cash flow from operations turned
negative to INR28 million in FY18 from positive INR4 million in
FY17 due to elongation of cash conversion cycle to 28 days (0
days), resulting from an increase in debtor collection period to 26
days (5 days). As on March 31, 2018, P Ramu had a cash balance of
INR8 million. The firm has scheduled term loan repayment of INR9.6
million in FY19.

The firm's return on capital employed was 14% and EBITDA margin was
average at 8.5% in FY18 (FY17: 8.0%). Ind-Ra expects the EBITDA
margin to remain at a similar level in FY19 due to stable margin
orders margin.

The ratings factor in the firm's moderate credit metrics Its net
financial leverage (total adjusted net debt/operating EBITDA)
improved to 3.9x in FY18 (FY17: 3.8x) and gross interest coverage
operating (EBITDA/gross interest expense) to 2.1x (1.6x), mainly
due to an increase in absolute EBITDA to INR21 million (INR13
million).

The ratings are also constrained by proprietorship nature of the
business.

However, the ratings are supported by the promoter's experience of
more than three decades in execution of road contracts.

RATING SENSITIVITIES

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

Negative: Any decline in revenue or profitability resulting in
deterioration in the credit metrics or stretch in the liquidity
position will lead to a negative rating action.

COMPANY PROFILE

P Ramu is engaged in execution of road contracts.


POWER MAX: Ind-Ra Assigns 'C' Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Power Max (India)
Pvt Ltd (PMIPL) a Long-Term Issuer Rating of 'IND C'.

The instrument-wise rating actions are:

-- INR210 mil. Fund-based limits assigned with IND C rating; and

-- INR271.5 mil. Non-fund-based limits assigned with IND A4
     rating.

KEY RATING DRIVERS

The ratings reflect PMIPL's weak credit metrics due to its large
debt size and tight liquidity position because of working capital
intensity on account of extended receivable days. Interest coverage
(operating EBITDA/gross interest expense) fell to 1.2x in FY18
(FY17: 1.4x) while net financial leverage (adjusted net
debt/operating EBITDAR) increased to 6.8x (3.9x) due to a decline
in absolute EBITDA to INR43.88 million (INR74.21 million). The
company's average maximum utilization of the fund-based limits was
100.7% during the three months ended January 2019. Cash flow from
operations were low at INR2.61 million in FY18 (FY17: INR7.99
million) and cash balance was INR3.80 million (INR7.50 million).

Moreover, PMIPL's EBITDA margins are modest and ranged between
11.3%-12.7% over FY16-FY18 with return on capital employed at 10%
in FY18 (FY17: 18%). The modest margins are as a result of intense
competition in the engineering procurement construction line of
business.

The ratings also factor in PMIPL's modest scale of operations, with
revenue of INR351.95 million in FY18 (FY17: INR585.99 million). The
company has booked INR361 million in revenue in 9MFY19.

The ratings however are supported by the company's promoter's
experience of more than five decades in providing integrated
engineering services.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 1977, PMIPL provides integrated engineering
services, such as design, infrastructure development, construction,
and equipment erection, installation of pipelines, tanks and
vessels, majorly to power plants apart from steel, coal, alumina,
and other core industries.


PRAKASH PLASTIC: CARE Migrates D Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Prakash
Plastic Industries to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/Short      7.50       CARE D/CARE D Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information


   Short Term Bank      6.40       CARE D/CARE D Issuer not
   Facilities                      cooperating; Based on best
                                   available information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Prakash Plastic Industries
to monitor the ratings vide e-mail communications/letters dated
December 6, 2018, January 2, 2019, February 5, 2019 and numerous
phone calls. However, despite CARE's  repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the rating.
In line with the extant SEBI guidelines CARE's rating on Prakash
Plastic Industries' bank facilities and instruments will now be
denoted as CARE D; ISSUER NOT COOPERATING/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position of the
firm as per interaction with the banker.

Dadra, Silvassa (Union Territory) based PPI was formed in March
2003 in the name of Prakash Plastic Industries by Bhimrajka family.
PPI is into the business of manufacturing of HDPE/PP Woven
Fab-ric/Bags. PPI is operating from its sole manufacturing plant
located in Dadra with an installed capacity of 2700 metric tonnes
per annum (MTPA) as on March 31, 2017.


PROTHOM INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Prothom Industries India Private Limited
        Dynamic Logistics & Trade Park
        Survey No. 78/1, Dighi
        Talera Nagar, Bhosari Aland Road
        Pune MH 411015

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019
                               (180 days from commencement)

Insolvency professional: Vinodkumar Pukhraj Ambavat

Interim Resolution
Professional:            Vinodkumar Pukhraj Ambavat
                         Room No. 40, 9/15, Morarji Velji Bldg
                         1st Floor, Dr M B Velkar Street
                         Kalbadevi Road, Mumbai
                         Maharashtra 400002
                         E-mail: vinod.ambavat@ajallp.com

                            - and -

                         Ambavat Jain & Associates LLP
                         5-B, Ground Floor, Onlooker Building
                         14, Sir P M Road, Fort
                         Mumbai 400001, India
                         E-mail: irp.prothom@gmail.com

Last date for
submission of claims:    March 20, 2019


RABIRUN VINIMAY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rabirun Vinimay Pvt. Ltd.
        Godrej Waterside Suite No. 402-403-404
        Plot No. 5, Sector-5, Salt Lake City
        West Bengal 700091, India

Insolvency Commencement Date: March 7, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kannan Tiruvengadam

Interim Resolution
Professional:            Kannan Tiruvengadam
                         Netaji Subhas Villa Flat No. 3 C
                         3rd Floor, 18 Karunamoyee Ghat Road
                         Near Dharapara Tollygunge, Kolkata
                         West Bengal 700082
                         E-mail: calkannan@gmail.com

                            - and -

                         C/O LSI Resolution Pvt. Ltd.
                         Sagar Trade Cube
                         104, S.P. Mukherjee Road
                         Kolkata 700026
                         E-mail: cirp.rabirun@gmail.com

Last date for
submission of claims:    March 21, 2019


RADHEGOVINDKRIPA DEV: CARE Hikes Rating on INR49.11cr Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Radhegovindkripa Developers Private Limited (RDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   facilities          49.11       CARE B+; Stable Revised
                                   from CARE D

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of RDPL
is on account of regularity in the debt servicing with continuous
financial support from promoter group through regular
infusion of unsecured loans.

The rating, however, continues to remain constrained on account of
its weak financial risk profile marked by relatively small scale of
operations in the cyclical hotel industry, net as well cash loss
incurred during FY18 (refers to the period April 1 to March 31)
which have resulted in weak debt coverage indicators and stressed
liquidity position along with deterioration in its capital
structure following erosion of net-worth on account of net losses
in FY18 and increase in debt following infusion of unsecured loan
by promoter to support its operations. The rating is further,
constrained on account of competition from existing hotels located
in Jaisalmer (Rajasthan) and dependence on the tourist arrivals.
The rating, however; favourably takes into account the
management-cum-marketing tie-up with the US based Marriot
International and strategic location of the hotel property.

RDPL's ability to increase its scale of operations while improving
profitability and capital structure along with continuous financial
support from promoter group as well as efficient working capital
management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Increase in scale of operations albeit net and cash loss incurred
in FY18: RDPL commenced its commercial operations from October 29,
2016 onwards, with FY18 being its first full year of operations.
During FY18, the company reported TOI of around INR18.59 crore with
operating profit of INR1.91 crore, however due to higher operating
cost which was also factored by low occupancy along with higher
interest and depreciation expenses on account of accounting for
interest and depreciation following completion of its debt funded
capex, it incurred net and cash loss of INR23.03 crore and INR5.63
crore respectively.  Further, during 9MFY19 the company has
reported TOI of INR16.46 crore with PBILDT of INR3.93 crore,
although it continued to incur net and cash loss.

Leveraged capital structure and weak debt coverage indicators with
stressed liquidity position: Its capital structure stood highly
leveraged with an overall gearing of 5.53 times as on March 31,
2018; deteriorated from 2.16 times as on March 31, 2017 attributed
to erosion in its net worth base due to net loss incurred in FY18.
Further, deterioration in its capital structure was also on account
of increase in its total debt level following infusion of unsecured
loans by the promoters to support its operations and debt
servicing. Moreover, debt coverage indicators of the company stood
weak owing to lower operating profit vis-à-vis interest expenses
and net as well as cash loss incurred by the company in FY18.

On account of net loss and cash loss position, the company's
liquidity position continued to remain stressed and apart from
meeting working capital requirements, debt obligations are also
being serviced through fund infusion by promoters.

The company is maintaining fixed deposit as well as cash and bank
balance of INR2.00 crore which is being utilized for meeting
working capital requirement along with this the promoter group has
continuously infused funds during FY18 and current year to support
its operations due to net loss and cash loss.

Competition from existing hotels in Jaisalmer and inherent
cyclicality of the hospitality industry and dependence on tourist
arrivals: The Indian hotel industry is highly fragmented and region
specific in nature with presence of large number of organized and
unorganized players spread across all regions.

Leisure destinations like Jaisalmer are highly dependent on tourist
arrivals and it receives a mix of domestic as well as foreign
tourists during the season. The demand is seasonal in nature due to
dependency on tourist arrivals (both foreign and domestic).

Key Rating Strengths

Regularity in debt servicing with continuous financial support from
promoters: The company has been regular in servicing of its debt
obligation since October 18, 2018 onwards and the same was
confirmed by both of its bankers and the same fact was also
verified through its bank account statements. Further, as per
account statement there was shortfall in recovery of minor interest
obligation pertaining to one of the loan account for the month of
October, 2018 and December, 2018, although as per written
confirmation by the banker it was due to short recovery of the same
by bank. The promoter in order to support its working capital
requirement as well as for servicing its loan obligation has been
continuously infusing funds.

Operational risk is mitigated due to tie up with Marriott
International with strategic location of the hotel: The promoters
of RDPL do not have relevant experience in the hospitality
industry. However, RDPL's operational risk is mitigated to a
certain extent by the marketing-cum-management agreement with USA
based luxury hotel chain "Marriott International" for the brand
"Marriott Spa & Resorts" for an initial term of 30 years with
automatic renewals of two ten year terms. The project site is
located in the heart of Jaisalmer city; 3.50 km from railway
station, 1.50 km from bus stand and around 15 km from the airport.
As RDPL's property is the only branded property in Jaisalmer, the
same is a preferred choice among tourists.

Outlook on Industry

The hospitality industry is highly cyclical in nature and sensitive
to any untoward events such as slowdown in the economy. With the
expected improvement in investment cycle, the occupancy rates are
expected to rise going ahead. However, with majority of supply to
be added in mid-market & budget category, ARR growth is projected
to stay muted.

Radhegovindkripa Developers Pvt Ltd (RDPL) is promoted by G K Group
(GKG) with an objective to foray into hospitality business. GKG has
been promoted by Maheshwari family and is engaged in businesses
ranging from gems and jewellery to real estate. RDPL has developed
135 rooms luxury resort property which is being marketed by USA
based Marriott International under the brand of "Jaisalmer Marriott
Resort and Spa". The hotel has 1 indoor restaurant, a roof top
restaurant, 3 event rooms for business meetings/conferences and
modern facilities including a swimming pool, a gymnasium, spa,
conferencing facilities, kids club and extensive parking space. The
hotel commenced partial operations (90 rooms) of hotel property
from October 29, 2016 and full operations from November 10, 2016.


RAJA MOTORS: CRISIL Migrates 'B+' Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raja Motors
(Bathinda) (RMB) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           6.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft             2.0       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.13      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

RMB was set up in 2008 as a partnership between Mr Om Prakash
Makkar and his son, Mr Rajesh Kumar Makkar. It is the sole
authorised dealer for HMIL's passenger cars in Bhatinda.


RAYS POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Rays Power Experts Private Limited
        R-1 Shreesheel Mohar Plaza
        Yudister Marg, C-Scheme
        Near Yojana Bhawan
        Jaipur RJ 302001 IN

Insolvency Commencement Date: March 8, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: September 4, 2019

Insolvency professional: Mr. Manoj Kulshrestha

Interim Resolution
Professional:            Mr. Manoj Kulshrestha
                         4th Floor, CS-14, Ansal Plaza
                         Opp. Dabur, Vaishali, Ghaziabad
                         U.P. 201010
                         E-mail: costadviser@hotmail.com
                         Tel No.: 0120-4226157

Last date for
submission of claims:    March 22, 2019


REGENT ENERGY: CRISIL Withdraws D Rating on INR12cr LT Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Regent
Energy Limited (REL) 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
   ----------       -----------    -------
   Long Term Loan        12        CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated
                                   from 'CRISIL D'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with REL 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 REL. 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 REL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of REL to 'CRISIL D
Issuer not cooperating'.

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

Incorporated in 2005, Regent Energy Limited (REL) setup up and
operates The Rakchad Hydro Power Project of 5 MW at Salaring Khad a
tributary of Satluj River in Kinnaur District of Himachal Pradesh.


RELIGARE FINVEST: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Religare Finvest
Limited's (RFL) Long-Term Issuer Rating to 'IND B+' from 'IND BB'
while maintaining it on Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR4 mil. (reduced from INR 7.5 mil.) Lower Tier 2 sub-debt#
     downgraded; maintained on RWN with IND B+/RWN;

-- INR150 mil. Long-term bank loans downgraded; maintained on RWN

     with IND B+/RWN;

-- INR30 mil. Long-term debentures# withdrawn (paid in full);

-- INR30 mil. Commercial paper^ downgraded; maintained on RWN
     with IND A4/RWN; and

-- INR30 mil. Short-term bank loans downgraded; maintained on RWN

     with IND A4/RWN.

#Details in Annexure
^Unutilised

KEY RATING DRIVERS

The downgrade reflects the deepened stress in RFL's near-term
liquidity situation and its strained funding profile. Due to
continuous depletion of its standard advances book through
repayments, its average monthly collections, which till now were
able to meet the monthly liabilities, have reduced. Owing to
certain bunch up of repayments in the near term, the company faces
repayment challenges. While RFL is in discussions with banks to
assign a certain proportion of its advances to meet its near-term
obligations, an unsuccessful and timely execution of fund raising
through loan assignment could result in repayment challenges.

RFL's medium-term financial situation has also deteriorated, as the
standard advances book as well as the book below 30 days past due
amounts to INR32.8 billion (end-December 2018) and thus falls short
of the total outstanding bank borrowings of INR60.3 billion. The
situation is further impacted owing to the disputed fixed deposit
of INR7.9 billion kept with Laxmi Vilas Bank (LVB). This amount had
been adjusted by LVB against the loans given to the erstwhile
promoter holding company of Religare Enterprises Limited. The
matter is under judicial consideration. According to RFL's asset
liability profile for end-January 2019, the one year inflows (loan
receivables) and available cash equivalents (excluding the fixed
deposits with LVB) at INR6.7 billion fall significantly short of
the one-year debt repayment obligation of INR26.1 billion.

In October 2018, RFL was directed by The Securities and Exchange
Board of India (SEBI) to pay an amount of INR2 billion along with
due interest, to Fortis Healthcare Limited (FHL). This was as a
result of SEBI's finding that this amount was routed from FHL to
RFL during the tenure of the erstwhile sponsor of FHL and Religare
Enterprises. While RFL has appealed against the order, Ind-Ra
believes payment of this amount would pressure RFL's already
stressed liquidity position, given its limited flexibility on the
external funding front. While RFL has been meeting its scheduled
debt repayments, it has not paid the increased amount of interest
rate implemented by its lenders since last few months. RFL is
contesting the increase in interest rates and is in talks with
banks to get these reversed.

RFL has been shrinking its balance sheet amid challenges on
external funding and due to regulatory directions. The company has
recognized as non-performing asset (NPA) its entire corporate loans
(30% of total loans at 9MFYE19), against which the Reserve Bank of
India (RBI) had raised concerns in 2017, as they were given by RFL
to the entities known to its erstwhile promoter group. The
recognition led to RFL's 90-dpd gross NPA ratio rising to 49.5% at
end-December 2018 (1HFYE18: 8.9%; FYE17: 5.1%).

The tangible net worth (net of deferred tax assets and intangible
assets) has been impacted due to the rising credit costs and stands
at INR8.2 billion at 9MFYE19 (FYE18: INR14.4 billion). The tangible
equity to assets ratio stands at 11.2%. Religare Enterprises has
delayed the infusion of the much-needed capital into RFL. The
holding company's new stakeholders group had planned in early 2018
to infuse equity into RFL in a phased manner. While only INR2.96
billion has been infused so far, the amount essential to re-start
business disbursals as well as replenish the equity base still
needs to be brought in.

RFL's auditor's report for FY17 has referred to the concerns raised
by the RBI on the corporate governance norms followed by the
company. According to the report, the RBI has also raised concerns
on the systems and processes followed in respect of the loan amount
in RFL's corporate loan portfolio as well as certain assignment
transactions.

RATING SENSITIVITIES

The agency continues to monitor the developments, on equity
infusion in the company, on liability towards the SEBI mandated
payment, a decision on the disputed fixed deposit, and firming up
business strategy including re-start of business disbursals or on
discussion with bankers. In case of an extended weakness in the
liquidity profile on account of refinancing challenges or delays in
easing of the financial condition of the company, the rating could
be further downgraded.

COMPANY PROFILE

RFL is a non-bank finance company that primarily provides loans to
SMEs through its product offering of loan against property and
working capital loans. RFL had total assets worth INR73.5 billion
at end-December 2018. During 9MFY19, RFL incurred a net loss of
INR11.7 billion.


RELIGARE HOUSING: Ind-Ra Affirms BB- Rating on INR4BB Bank Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on Religare Housing Development Finance Corporation
Limited's (RHDFC) debt instruments:

-- INR4.90 bil. (reduced from INR10.0 bil.) Long-term bank loan
     affirmed; Maintained on RWN with IND BB-/RWN;

-- INR1.0 bil. Non-convertible debentures (NCDs)* withdrawn (paid

     in full);

-- INR2.0 bil. Commercial paper (CP)^ withdrawn (no debt
     outstanding); and

-- INR2.0 bil. Short-term bank loan withdrawn (no debt
     outstanding).

* Details in annexure

^ Unutilized

KEY RATING DRIVERS

The ratings factor in RHDFC's intrinsic credit profile as well as
the overhang of stress at its 87.5% parent, Religare Finvest
Limited (RFL; 'IND B+'/RWN) level. RHDFC's operations and
flexibility on the external funding front have been affected by the
financial challenges faced by the Religare group. Ind-Ra has
changed its rating approach for RHDFC to a standalone view; the
earlier approach was based on RFL's credit strength according to
the rating criteria for FI Subsidiaries and Holding Companies. This
change is in light of RFL's much weakened credit profile and
consequently it's reduced ability to provide support to RHDFC.

RHDFC contributes towards the expansion of RFL's product portfolio.
Its loan book reduced to INR7.9 billion at end-9MFY19 (1QFY19:
INR8.7 billion; 1HFYE18: INR10 billion) due to reduced
disbursements. This along with declining operating leverage has
reduced its pre-provisioning operating profitability over the
years. Pre-provisioning operating profitability to earning assets
ratio was 1.76% in 9MFY19 (FY18: 1.65%, FY17: 3.16%). Moreover, its
delinquencies have increased as reflected in a rise in gross NPAs
(90 days past due) to 6% in 9MFY19 (1QFY19: 4.2%; FY17: 2.4%).
Also, RHDFC has minor gaps in short-term (up to 1 year) buckets in
its asset-liability maturity profile. RHDFC had an equity base of
INR2 billion at end-9MFY19, with an equity to assets ratio of 24.3%
which provides buffer towards an asset quality shock.

While RHDFC has been meeting its scheduled debt repayments, it has
not paid the increased amount of interest rate implemented by its
lenders since last few months. RHDFC is contesting the increase in
interest rates and is in talks with banks to get these reversed.
Ind-Ra would monitor the developments as the outcome and the
subsequent stance of RHDFC could have a material impact on its
credit profile.

RATING SENSITIVITIES

RHDFC's ratings could be upgraded if the overhang on funding and
liquidity front is reduced leading to an increase in business
volumes along with maintaining stable asset quality. The ratings
could be downgraded in case of delays in the resolution of the
funding challenges, which could further shrink the business and
financial profile of the company.

COMPANY PROFILE

RHDFC provides housing loans to low-/middle-income borrowers in the
unorganized sector. In addition, it provides loans for commercial
real estate (FYE17: 13% share in the loan portfolio) and loans
against property (17% share in the loan portfolio).


SARASWATI VEHICLES: CRISIL Hikes Rating on INR9.70cr Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Saraswati Vehicles LLP (SVL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed the 'CRISIL A4' rating on the firm's
short-term facility.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       0.20       CRISIL A4 (Reaffirmed)

   Cash Credit          9.70       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Cash        1.60       CRISIL B+/Stable (Upgraded
   Credit Limit                    from 'CRISIL B/Stable')

The upgrade reflects the sustainable improvement in the firm's
business risk profile. Revenue rose 49% in fiscal 2018 over the
previous fiscal, and operating margin was 2.1%. The business risk
profile should remain strong over the medium term with increase in
revenue from the dealership of passenger cars of Maruti Suzuki
India Ltd.

The ratings reflect SVL's modest financial risk profile driven by
high TOLTNW ratio and subdued debt protection metrics, and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the partners in the automotive
dealership business and the firm's diversified supplier base.

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate financial risk profile: The financial risk profile is
constrained by high TOLTNW ratio (expected at 4.5-5.5 times over
the medium term) and modest networth (Rs 2.4-2.9 crore). Debt
protection metrics are subdued, with interest coverage expected at
1.5-1.6 times and net cash accrual to adjusted debt ratio at 0.06
time over the medium term.

* Large working capital requirement: Working capital requirement is
likely to remain large over the medium term and its management will
remain a key rating sensitivity factor. Gross current assets were
at 63 days over the three fiscals ended March 31, 2018, driven by
sizeable receivables (35 days) and moderate inventory (18 days).

Strengths:

* Experience of the partners in the automobile dealership business:
Longstanding association with principal suppliers has enabled the
partners to establish a strong market position and gain expertise
in the dealership business. The firm has dealership of tractors in
Mirzapur, Aparna, Chandoli, and Sonebhadra (all in Uttar Pradesh).

* Diversified supplier profile: SVL has distributorship of two
principal brands for tractors: Mahindra & Mahindra Ltd and New
Holland India, and dealership of Maruti Suzuki India Ltd for
passenger cars, and is insulated from any adverse demand scenario
in any particular segment.

Liquidity

Liquidity is adequate, with bank limit utilisation averaging 93%
over the 12 months through December 2018. Net cash accrual is
expected at INR0.54 crore in fiscal 2019, against nil debt
obligation. The current ratio was moderate at 1.14 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes SVL will continue to benefit from its established
relationships with its principal suppliers and the partners'
industry experience. The outlook may be revised to 'Positive' if
the firm reports better-than-expected cash accrual and improvement
in capital structure, most likely because of infusion of capital by
the partners. The outlook may be revised to 'Negative' if a
significant decline in revenue or operating margin weakens the
financial risk profile, particularly debt protection metrics.

SVL is a partnership firm established in July 2009 and founded by
Mr Satyam Agarwal and Ms Shyama Agarwal in Mirzapur. The firm has
distributorship of tractors manufactured by Mahindra & Mahindra Ltd
and New Holland India, and passenger cars of Maruti Suzuki India
Ltd.


SARDAR COTTON: CARE Moves D on INR10.87cr Loan in Not Cooperating
-----------------------------------------------------------------
CARE had, vide its press release dated January 25, 2018, placed the
ratings of Sardar Cotton (SC) under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/emails dated February
12, 2019, February 13, 2019, February 14, 2019 and numerous phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      10.87     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

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

Detailed description of the key rating drivers
At the time of last rating done on January 25, 2018 the following
were the rating weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: SC has been irregular in servicing
its debt obligation due to weak liquidity position of the firm.

Rajkot (Gujarat)-based, SC is a partnership firm established in
2012 by Mr. Pravinbhai Kurjibhai Mendpara, Mr. Ajaybhai Haribhai
Zalavadiya and Mr. Dineshbhai Virjibhai Tada. The firm is engaged
into the business of cotton ginning and pressing of raw cotton to
produce cotton bales and cottonseeds. SC spreads across 2 acres and
possesses set of 24 cotton ginning machines with an installed
capacity of manufacturing 200 bales per day.

Status of non-cooperation with previous CRA: ICRA has put rating
assigned to the bank facilities of Sardar Cotton (SC) in to 'Non
Cooperation' vide press release dated November 9, 2017 on account
of non-cooperation by SC with ICRA's efforts to undertake a review
of the rating outstanding.


SETHU EDUCATIONAL: Ind-Ra Maintains BB Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sethu
Educational Trust's term 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 BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR270.06 mil. Term loan due on December 31, 2022 maintained
     in Non-Cooperating Category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
10, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Sethu Educational Trust was started with three disciplines in 1995.
It now offers courses in 11 disciplines of B.E/ B.Tech and five
disciplines of M.E programmes with an annual intake of 1,590
students. All courses are affiliated to Anna University, Chennai.
The trust is based in Kariapatti in the Virudhunagar district,
Tamil Nadu.


SHREE BHARKA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Bharka
(India) 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 these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR240 mil. Fund-based 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 13, 018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on April 6, 1995, Shree Bharka (India) manufactures
and exports of all types synthetic and cotton fabrics, and yarns
under the SBIL brand at its manufacturing plant located at
Bhilwara, Rajasthan.


SHREE KRISHNA: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Krishna
Educational & Charitable Society's (SKECS) bank loan ratings 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 ratings. The ratings will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR66 mil. Term loan maintained in Non-Cooperating Category
     with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Working capital facility maintained in Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shree Krishna Educational & Charitable Society was established in
2008 under the Societies Registration Act, 1860, by Mr. Rakesh
Kumar Gupta, Mr. Rajiv Mangla, Mr. Vicky Singhal, and Mr. Anoop
Bansal.

The society operates two institutes (Aryabhatta Group of Institutes
and Aryabhatta College) Barnala, Punjab, that offer courses in
various disciplines such as engineering and management, along with
other graduation courses.


SHRINE BUILDTECH: CARE Hikes Rating on INR5cr LT Loan to BB-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shrine Buildtech Private Limited (SBPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE BB-; Stable Revised from
   Facilities                      CARE D

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SBPL factors in the
full repayment of bank loan via re-financing through
Non-convertible debentures, advanced stages of project execution
with full project construction cost being already incurred with
only Occupancy certificate pending for the project.  However, the
key rating strengths of the company are partially offset by slow
sales momentum coupled with slow customer collections, dependence
on customer advances for debt repayments and subdued scenario of
the real estate industry.

Going forward, the ability of the company to timely realize its
customer advances and sell the balance available area, which is
inherently dependent upon receipt of Occupancy certificate will
remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced Promoters with long-track record of operations: SBPL
established in June, 2013 was promoted by Mr. Vinod Goswami, Mr.
Sanjay Garg, Mr. Vipul Giri and Mr. Tilak Raj Garg. Mr. Vipul Giri,
the Managing Director of the company holds a Bachelor's Degree in
Sciences in Civil Engineering domain and has a rich experience of
over 15 years in the construction and real estate industry. He is
well supported by the Chairman Mr. Vinod Goswami having an
experience of over 25 years in the industry. The promoter directors
Mr. Vipul Giri and Mr. Vinod Goswami have an extensive track record
of operations by successful delivery of 7 projects with a total
developed area of 5.95 lsf through SBPL's group company "SCC
Builders Pvt. Ltd.". The projects delivered by SCC Builders Pvt.
Ltd. includes about 5 residential, 1 group housing and 1 commercial
project mainly in Ghaziabad region. Furthermore, the directors are
aided by a well-qualified and technically experienced team across
all domains including Marketing & Sales, Finance and Civil
Engineering and contracting.

Project linked to Group Company's project: The project "SCC
Sapphire Block F" being developed by Shrine Buildtech Private
Limited is a part of the project "SCC Sapphire" which was
undertaken by the SCC group under "SCC Builders Pvt. Ltd.". The
project comprising of 6 blocks viz. Block A, Block B, Block C,
Block D, Block E and Block F is a venture by the SCC group being
developed under different SPV's. The project "SCC Sapphire"
includes development of both residential and commercial units
including Kids Play School, Club Area, shopping complexes within
the premise of the township. The project Phase 1 and Phase 2 being
undertaken by the "SCC Builders Pvt. Ltd." has been completed. For
phase-1, OC has already been received and for phase- 2, it is
expected to be received by March 2019. SBPL engaged in development
of Block F under the project, is also fully constructed and the
company is in process to apply for OC of the block envisaging to
receive by April 2019.

Final stages of Project Delivery: The project developed by SBPL is
in the final stages of delivery to the buyers as major of its
project cost has been incurred as on October 31, 2018 with only
interest cost remaining to be incurred in respect of newly issued
debentures. SBPL, currently, has applied for NOCs in the relevant
departments so that post receipt of NOC, it can apply for Occupancy
certificate. Moreover, company expects to give possession to buyers
by April 2019.

Refinancing of debt facilities: There has been delays in the past
due to tight liquidity position, however the company has refinanced
its bank facilities with new NCD having repayment linked to the
collection of the receivable from the customers.

Key Rating Weaknesses

Slow sales momentum coupled with slow customer collections: The
project launched in 2015 has reached its completion stage with
possession being expected to be offered shortly i.e. by April 2019.
However, due to sluggish performance of the industry and slow sales
in Raj Nagar extension area, the company has been able to sell only
1.68 lsf i.e., 69% of the total saleable area of 2.43 lsf.
Furthermore, the collections from the sold area remained low at
INR15.13 Cr with a pending receivable of INR37.46 Cr as on October
31, 2018. The company has thus, only been able to realize 29% of
the total value of sold inventory of INR52.59 Cr as majority of the
inventory payments are possession linked.

Debt Repayments dependent upon realizations of customer advances:
In November 2018, the company has foreclosed its construction
finance loan of INR35 Cr with Bank of India. This amount has been
re-financed by proceeds from issue of debentures of INR35 Cr by the
company. These debentures are to be repaid after 1 year of
moratorium period, in tenure of 24 months starting from Q3FY20. The
debentures carry interest rate of 14.55% p.a. Its repayments are
dependent upon realizations of customer advances which remained low
at INR15.13 Cr as on October 31, 2018. Though, the company has
sufficient time buffer post grant of possession expected to be done
by April 2019, to receive the customer advances, the risk of
default of repayments in case of non-receipt of pending and
envisaged customer advances persists on account of low collection
efficiency of the company. However, the risk is
mitigated to some extent by the present stage of project i.e. the
project cost has been incurred and SBPL has initiated its process
to apply for occupancy certificate of the block.

Prospects of growth in the industry: For Real Estate sector, with
consumers becoming more discerning, ready-to-move-in homes will be
the main demand drivers in the coming period as well. Developers
will continue to focus on reducing their present inventory, before
launching new projects. The developer's track record, quality of
construction and delivery timelines, will be crucial aspects that
home buyers will consider, in their purchase decisions. With RERA
in place, the investment environment is also expected to improve.
The expected capital inflow would help the segment. Additionally,
with the government providing benefits for affordable housing,
including setting up of a dedicated fund, we can expect more
private developers to get into this segment.

Shrine Buildtech Private Limited (SBPL), registered with the ROC-
Delhi on June 13, 2013 is engaged in development of commercial and
residential real estate projects with the objective to sale and
lease developed units in the National Capital Territory region.
SBPL being a part of the SCC Group, engaged in the real estate
development activities for over a decade now, is currently
developing a residential project "SCC Sapphire (Block F)" in Raj
Nagar Extension, Ghaziabad. The residential project "Block F" with
a total developable area of 2.43 lsf comprising of 2BHK and 3BHK
apartments is a part of the township project "SCC Sapphire" which
is divided into 6 blocks viz. Blocks A, B, C, D, E and F. While the
"Block F" being developed under SBPL is near completion stages, the
other blocks under the project initiated by the group company of
SBPL, "SCC Builders Pvt. Ltd." in 2012 have obtained completion
certificates in 2017.


SHRINIWAS TRADING: CRISIL Rates INR10cr Loans 'B+/Stable'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shriniwas Trading Co. (STC).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Warehouse Receipts       5        CRISIL B+/Stable (Assigned)

   Cash Credit              1.75     CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       3.25     CRISIL B+/Stable (Assigned)

The rating reflects the small scale of STC's operations, large
working capital requirement, and an average capital structure.
These weaknesses are partially offset by the experience of the
partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Intense competition and modest
production capacity of 3 tonne per hour may continue to constrain
scalability, pricing power, and profitability. Revenue was modest
at INR9.88 crore in fiscal 2018.

* Large working capital requirement: As paddy (major raw material)
is available only in the crop season (November-February), players
have to procure a substantial portion (50-60%) of their annual
paddy requirement during this period. Thus, gross current assets
were high at around 262 days as on March 31, 2018, driven by large
inventory of 231 days.

* Average capital structure: Gearing has been high at 2.73 times as
on March 31, 2018, with networth low at INR1.94 crore.

Strength

* 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 is moderate with expected cash accruals of INR30-35 lakh
per fiscal over the medium term against no debt obligation. This
would support the incremental working capital requirements of the
firm. The large working capital requirements led to high reliance
on bank debt with bank limit of INR1.75 crore being utilized at
94%, averaging for 9 months through December 2018. The current
ratio is also comfortable at 1.2 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes STC will continue to benefit from the experience of
the partners. The outlook may be revised to 'Positive' if a
substantial and sustainable increase in revenue and profitability
along with prudent working capital management strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a steep decline in profitability, a stretch in the
working capital cycle, or any large, debt-funded capital
expenditure weakens the financial risk profile, especially the
capital structure.

STC was set up in 2005 as a partnership between Mr Shriniwas
Edupungati and Ms Sarika Paga The Nagpur (Maharashtra)-based firm
executes milling and sorting of non-basmati rice.

SIMOCO TELECOM: CARE Moves D on INR18cr Loan to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Simoco
Telecommunications (South Asia) Limited (STL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       18.00     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from STL to monitor the rating
vide e-mail communications/letters dated October 4, 2018, October
26, 2018, November 16, 2018, January 30, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on STL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account its on-going delays in debt
servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stressed liquidity condition leading to continuous over drawl in
the cash credit account: There is ogoing delay in interest
servicing of bank facilities since December 2018.

Simoco Telecommunication (South Asia) Limited (STL) incorporated in
the year April 1979, was initially engaged in manufacturing of
wireless equipment, mobile phones, computer parts and accessories,
software solutions, surveillance system and solar products. The
company was taken over by Mr. Sanjoy Kumar Ghosh, Managing
Director, from Simoco International Limited, U.K., in the year
2001. STL is currently engaged in manufacturing of LED products,
solar lantern and two way radio communication equipment and is
currently running with an installed capacity of 1,28,300 numbers
per annum.

Mr. Sanjoy Kumar Ghosh, aged about 54 years, having around three
decades of experience in electric equipment industry, looks after
the overall management of the company. He is also assisted by other
director and a team of experienced personnel.


SINDHU CARGO: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sindhu Cargo
Services Private 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 these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

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

-- INR20 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR530 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND BB+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Sindhu Cargo Services was incorporated in 1987 and provides
diversified logistic services such as customs clearing, freight
forwarding, transportation, warehousing, and supply chain
management, among others through the air, water and land.


SITARA JEWELLERY: CRISIL Withdraws 'B' Rating on INR7.5cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sitara
Jewellery Private Limited (SJPL) 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        7.5       CRISIL B/Stable (ISSUER NOT
   Credit                          COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with SJPL 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 SJPL. 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 SJPL 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 SJPL to 'CRISIL
B/Stable Issuer not cooperating'.

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

Established in 2006 by Ms Amita Lavlakha and her son, Mr Divanshu
Lavlakha, SJPL manufactures and exports diamond-studded gold
jewellery; it also deals in gold, silver, and other jewellery.
Facility is in SEEPZ, Mumbai.


URBAN TRANSIT: CARE Migrates 'D' Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Urban
Transit Private Limited (UTPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     152.00       CARE D; Issuer not cooperating;

   Facilities                      Based on best available
                                   Information

   Short-term Bank     10.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers & Detailed description of
the key rating drivers

CARE has been seeking information from UTPL to monitor the rating
vide e-mail communications dated dated 17th October 18, 14th
November 18, 6th December 18, 19th December 2018, 22nd January
2019, 28th January 2019, 29th January 2019; 6th February 2019 and
numerous phone calls. However, despite CARE's repeated requests,
UTPL has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on UTPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delays in delays/defaults
in debt servicing on the loans rated by CARE. Further SEB
(guarantor) has also been served notice of demand by lenders of
UTPL and the same is pending to be settled.

Urban Transit Pvt. Ltd. (UTPL) is a wholly owned subsidiary of
Scomi Engineering Bhd, Malaysia (SEB). UTPL is executing a
subcontract of Mumbai Monorail Project which entails supply of
Telecommunications, Signalling and Communication Equipment and
Installation, Testing and Commissioning (ITC) of these systems and
the rolling stock including Operation and Maintenance of Monorail
System in Mumbai Metropolitan Region, Mumbai. The subcontract has
been awarded to UTPL by the unincorporated consortium of Larsen &
Toubro Ltd. (L&T) and SEB, hereafter called LTSE, which is the
contractor for 19.7 km Mumbai Monorail appointed by Mumbai
Metropolitan Region Development Authority (MMRDA). SEB's portion of
the contract relates to provision of train cars and its related
electrical systems and L&T's part pertains to civil and structural
construction works. The original value of the contract for UTPL was
INR292 crore.


VEE ESS: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Vee Ess Forgings Private Limited
        No. 105, SIDCO Industrial Estate
        Thirumudivakkam
        Chennai 600044

Insolvency Commencement Date: March 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 3, 2019

Insolvency professional: Mathur Sabhapathy Viswanathan

Interim Resolution
Professional:            Mathur Sabhapathy Viswanathan
                         15/35 Musafer Jung Bahadur Street
                         Triplicane, Chennai 600005
                         E-mail: msv8200@gmail.com
                                 veeessforgings0703@gmail.com

Last date for
submission of claims:    March 21, 2019


VEEKAS PIPES: CRISIL Moves B+ on INRcr Debt to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Veekas Pipes
Private Limited (VPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

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

Started in 1971 as a partnership concern, VPPL was reconstituted as
a private limited company in 1994. The company, promoted by Mr
Prakash Patel and his cousin Mr Deepak Patel, is a trader of steel
pipes such as electric resistance welded steel pipe, galvanized
steel pipe, structural-rectangulars, rounds, and hollow section
steel pipes used in housing, irrigation, and various industries.


VIN AUTO: CRISIL Migrates D Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VIN Auto (VA)
to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Channel Financing      5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     2.35     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              2.65     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).


VISHVAS POWER: Ind-Ra Raises Long Term Issuer Rating to 'B'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vishvas Power
Engineering Services Private Limited's (VPESPL) Long-Term Issuer
Rating to 'IND B' from 'IND D (ISSUER NOT COOPERATING).' The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR4 mil. Long-term loans due on April 28, 2020, upgraded with

     IND B/Stable rating;

-- INR75 mil. Fund-based Limit upgraded with IND B/Stable/IND A4
     rating;

-- INR120 mil. Non-fund-based limit upgraded with IND A4 rating;
     and

-- INR15 mil. Long-term loans* due on March 2026 assigned with   

     IND B/Stable rating.

*The final rating has been assigned following the receipt of the
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects VPESPL's timely debt servicing since October
2019 owing to regular payments by counterparties. However, the
liquidity position remains tight on account of the working capital
intensive nature of the business. The company's peak utilization of
the fund-based facilities was 107.5% on an average during the 12
months ended January 2019. It had a cash balance of INR3.26 million
and cash flow from the operation of negative INR3 million during
FY18 (FY17: INR18 million).

The ratings continue to reflect VPESPL's small scale of operations.
Revenue declined to INR248 million in FY18 (FY17: INR290 million),
due to the implication of GST during FY18. The company has an
outstanding order book of INR354.38 million as of February 2018
(1.4x of FY18 revenue), which will be executed by March 2020.
VPESPL has recorded revenue of INR240 million in 10MFY19.
Management expects the top line to increase on account of faster
execution of orders during FY19.

The rating factor in VPESPL's moderate credit metrics, with
interest coverage (operating EBITDA/gross interest expense) at 2.2x
in FY18 (FY17: 2.0x) and net leverage (adjusted net debt/operating
EBITDA) at 2.5x (2.1x). The improvement in coverage was on account
of an improvement in absolute EBITDA to INR52 million in FY18
(FY17: INR46 million). The deterioration in net leverage was
because of an increase in total debt. Ind-Ra expects the company to
sustain the credit metrics to remain in the near term, due to a
similar level of working capital limit utilization and no debt-led
capital expenditure in the near future.

The ratings are supported by VPESPL's healthy EBITDA margins which
ranged between 16.6%-22.6% over FY15-FY18. EBITDA margin was 20.9%
in FY18 (FY17: 15.7%, FY16: 22.6%). Return on capital employed was
16% in FY18 (FY17: 15%). The fluctuations in EBITDA margin were due
to variations in the project mix. The management expects the EBITDA
margin to remain along similar lines.

The ratings are also supported by the promoter's three-decade-long
experience in the manufacturing and service industries.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position along with
revenue growth, and stable EBITDA margin, leading to an improvement
in the credit metrics, all on a sustained basis, could be positive
for the ratings.

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

COMPANY PROFILE

Incorporated in 1995, Nagpur-based VPESPL is engaged in the
manufacturing, repair, remanufacturing, refurbishment and servicing
of power transformers up to 220kV at its factory. Moreover, it is
engaged in the complete overhauling, testing-commissioning, and
erection-commissioning of power transformers up to 765kV at the
customer site.




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

LIPPO KARAWACI: Moody's Alters Outlook on B3 CFR to Stable
----------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Lippo Karawaci Tbk (P.T.) and affirmed the B3 backed
senior unsecured rating of the bonds issued by Theta Capital Pte.
Ltd., a wholly-owned subsidiary of Lippo Karawaci. The bonds are
guaranteed by Lippo Karawaci and some of its subsidiaries.

At the same time, Moody's changed the outlook on the ratings to
stable from negative.

RATINGS RATIONALE

"The change in Lippo Karawaci's ratings outlook to stable from
negative reflects our expectation that liquidity at the holding
company level will improve following its rights issue, such that
Lippo Karawaci will have sufficient cash to fund its operating cash
needs and service its debt obligations over the next 12-18 months,"
says Jacintha Poh, a Moody's Vice President and Senior Credit
Officer.

"The underwritten rights issue demonstrates the strong commitment
from the Riady family to support Lippo Karawaci's effort to reduce
debt and complete existing projects under construction," adds Poh,
who is Moody's Lead Analyst for Lippo Karawaci.

On March 12, 2019, Lippo Karawaci announced that the company will
raise around $730 million from a rights issue that is underwritten
by its promoter, the Riady family. The rights issue is expected to
complete during the first half of 2019, but Lippo Karawaci will
receive cash of $280 million in March 2019 through a
non-interest-bearing, non-refundable advanced subscription.

The company will further raise (1) $20 million from the sale of two
healthcare joint ventures in Myanmar to OUE Lippo Healthcare
Limited, expected to complete during the first half of 2019, and
(3) $260 million from the sale of Lippo Mall Puri to Lippo Malls
Indonesia Retail Trust, expected to complete during the second half
of 2019.

Lippo Karawaci intends to use and set aside around (1) $275 million
of the proceeds raised towards debt reduction via a fixed-price
tender offer of up to $150 million on its $410 million 7% notes due
April 2022 and $425 million 6.95% notes due October 2026, and $125
million for repayment of debt maturing in 2019 and 2020; (2) $315
million for the payment of rental obligations to its real estate
investment trusts (REITs), interest expenses and working capital
needs in 2019 and 2020; (3) $100 million for construction of
existing projects; (4) $200 million to support the development of
its Meikarta project; and (5) $120 million for costs and funding
related to the sale of Lippo Mall Puri.

Lippo Karawaci's near term refinancing risk will be alleviated
because funds will be set aside to repay the company's debt
maturities in 2019 and 2020.

As of December 31, 2018, Lippo Karawaci had around IDR2.5 trillion
of debt coming due in 2019 and 2020. This total includes (1) IDR660
billion of bank loans with various local banks maturing in 2019 and
2020; (2) a $50 million syndicated loan with UBS AG and Deutsche
Bank maturing in April 2019; and (3) $75 million in private
placement notes maturing in June 2020.

Lippo Karawaci will use $100 million of the proceeds to complete
construction of existing key projects at the holding company level,
but Moody's does not expect these projects to contribute
significant cash flows until 2020 because sales will remain
lackluster in 2019 owing to weak market sentiment.

Assuming no new project launches, Moody's expects Lippo Karawaci to
generate negative operating cash flows of around IDR3.5 trillion
($240 million) in 2019 and around IDR3 trillion in 2020 at the
holding company level. Despite this situation, the holding
company's cash needs can be met by the proceeds from its rights
issue and asset divestments.

Moody's analyze cash flow at the holding company using Lippo
Karawaci's consolidated cash flows excluding the cash flows of
Siloam International Hospitals Tbk (P.T.) and Lippo Cikarang Tbk
(P.T.), but including any intercompany cash flows such as proceeds
from asset sales.

Moody's views Lippo Karawaci's $200 million investment into
Meikarta, through its 54%-owned Lippo Cikarang Tbk (P.T.), as
credit negative because the holding company's partial ownership of
the project limits its ability to access funds in their entirety.
Further, the project is currently in a growth phase. Hence Moody's
expects operating cash flows to remain negative over the next three
to five years.

Lippo Karawaci's B3 corporate family rating reflects the company's
reliance on asset sales and external funding, which stems from the
weakness in its core property development business, because it has
not launched a new project since 2016 at the holding company
level.

The stable outlook reflects Moody's expectation that Lippo Karawaci
will have sufficient cash to fund its operating cash needs and
service its debt obligations over the next 12-18 months.

Lippo Karawaci's ratings are unlikely to be upgraded as long as the
company's ability to service its debt is contingent upon its
ability to execute assets sales. However, positive momentum could
build if there is an improvement in company's core property
development business, such that successful project launches result
in higher operating cash flows at the holding company level.

On the other hand, the ratings could be downgraded if (1) operating
cash flow deteriorates at the holding company level and results in
the weakening of Lippo Karawaci's liquidity, and (2) there are
signs of cash leaking from Lippo Karawaci to fund affiliated
companies, for example, through intercompany loans, aggressive cash
dividends, or investments in affiliates. Lippo Karawaci's senior
unsecured bond rating could also undergo a downgrade if debt is
incurred at its subsidiaries.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Lippo Karawaci Tbk (P.T.) is one of the largest listed property
company in Indonesia, with a sizable land bank of around 1,297
hectares as of 31 December 2018. It owns and/or manages — either
directly or via its real estate investment trusts — 51 malls, 35
hospitals and ten hotels. Lippo Karawaci also owns a 11% stake in
First REIT and a 31% stake in Lippo Malls Indonesia Retail Trust.

LIPPO KARAWACI: S&P Puts 'CCC+' ICR on CreditWatch Positive
-----------------------------------------------------------
On March 14, 2019, S&P Global Ratings placed its 'CCC+' long-term
issuer credit rating on PT Lippo Karawaci Tbk.(Lippo) and the
'CCC+' long-term issue rating on the company's outstanding
guaranteed senior unsecured notes on CreditWatch with positive
implications.

The CreditWatch placement reflects S&P's view that the proposed
rights issue of US$730 million will significantly improve the
company's liquidity and help reduce debt.

The proposed fund raising will help Lippo ensure it has adequate
liquidity until Dec. 31, 2020. The company will use the funds to
repay its US$50 million bank loan and US$75 million bond due by the
middle of 2020. In addition, Lippo will keep aside US$315 million
to fund all its remaining obligations, including interest payments
for 2019 and 2020.

The proposed fund-raising plan will also help improve the financial
position of the company by reducing debt and funding future growth
in its property business. In addition to the US$125 million debt to
be repaid, the company plans to use an additional US$150 million to
repay debt.

The US$150 million debt reduction is through a proposed tender
offer for up to US$150 million for its outstanding senior unsecured
bonds maturing in 2022 and 2026. S&P believes the offer is
opportunistic in nature and does not constitute a distressed
exchange. This is because the bonds are not due for the next three
to four years and Lippo will have adequate liquidity for at least
the next two years. Therefore, the company will not face any
financial distress even if the tender offer fails.

Lippo's financial and liquidity position will be further bolstered
by the planned sale of Puri Mall in the second half of this year.
The company has entered into a conditional sales and purchase
agreement with Lippo Malls Indonesia Retail Trust and we estimate
that it would result in net inflow of US$200 million.

The fund raising will aid Lippo in business continuity and growth.
S&P believes that further investment to complete existing projects
and the Meikarta township should provide future cash flows. Cash
flows could also be augmented by the launch of Value Homes in Lippo
Village by 2020.

S&P expects to resolve the CreditWatch placement once Lippo
completes the proposed rights issue because it will help reduce
debt and ensure sufficient funds to cover rental and interest
expenses to December 2020. S&P said, "When we resolve the
CreditWatch, we will also review the impact of Lippo's proposed
business plan on cash flows from its property business as well as
its longer-term strategy and financial policy. We expect this to
occur in the next 90 days. The CreditWatch resolution could result
in the rating being raised by one or two notches."




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

MT. GOX: Founder Gets Suspended Jail Term for Falsifying Data
-------------------------------------------------------------
Nikkei Asian Review reports that the Tokyo District Court on March
15 sentenced Mark Karpeles, the French-born CEO of Mt. Gox, to two
and a half years in prison, suspended for four years.

The Nikkei relates that Mr. Karpeles, 33, was given the suspended
jail sentence for manipulating Mt. Gox's bitcoin trade data, but
acquitted of embezzlement and violating corporate law by committing
aggravated breach of trust. Prosecutors had demanded a 10-year jail
sentence.

According to the report, the case involved significant amounts of
bitcoin that allegedly disappeared from the exchange, which is now
undergoing civil rehabilitation procedures following bankruptcy in
2014.

Mr. Karpeles pleaded not guilty to all charges and denied any
involvement in the disappearance of the cryptocurrency, claiming it
had been stolen by hackers, the report says.

According to the Nikkei, the Tokyo Metropolitan Police Department's
investigation has so far failed to establish the cause of the
disappearance.

At issue in the trail was an offense over fund manipulation not
directly related to the missing currency, the report relates. Mr.
Karpeles' defense lawyers also stressed that "the content of the
indictment is totally unrelated to Mt. Gox's failure."

The Nikkei says the indictment alleged that Mr. Karpeles embezzled
about JPY340 million (US$3 million) by transferring funds that
customers held with Mt. Gox to his and other accounts between
September and December 2013. He allegedly used it for business
acquisitions, living expenses and payment for furniture, the
indictment said.

The Nikkei relates that the indictment also alleged Mr. Karpeles
had committed the crime of unauthorized creation of private
electromagnetic records by manipulating transaction systems to
disguise cash balances.

Prosecutors added violation of the companies act, through
aggravated breach of trust, as a preliminary count, the report
says.

The Nikkei adds that Mr. Karpeles insisted that he had not used
customers' money illicitly. He pleaded not guilty, claiming the
money had been booked as loans to him by his company that he
intended to settle at a later date.

The court ruled that Mr. Karpeles had accessed his company's
trading system between February and September 2013 and falsified
data to show that $33.5 million had supposedly been credited to his
account, the Nikkei adds.

                           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
===============

DAYA MATERIALS: Deadline to Submit Plan Extended to Aug. 27
-----------------------------------------------------------
Bursa Securities has decided to grant Daya Materials Bhd an
extension of time up to Aug. 27, 2019 to submit a regularisation
plan to the regulatory authorities.

Bursa said the extension of time is without prejudice to Bursa
Securities' right to proceed to suspend the trading of the listed
securities of DMB and to de-list the Company in the event:

  (i)  the Company fails to submit a regularisation plan to
       the regulatory authorities on or before Aug. 27, 2019;

(ii)  the Company fails to obtain the approval from any of the
       regulatory authorities necessary for the implementation of
       its regularisation plan; and

(iii)  the Company fails to implement its regularisation plan
       within the time frame or extended time frame stipulated
       by any of the regulatory authorities.

"Upon occurrence of any of the events set out above, Bursa
Securities shall suspend the trading of the listed securities of
DMB on the 6th market day after the date of notification of
suspension by Bursa Securities and de-list the Company, subject to
the Company's right to appeal against the delisting," the regulator
added.

Daya Materials Berhad -- http://dayagroup.com.my/-- engages in  
investment holding and providing management services to its
subsidiaries. The Company's segments include polymer, oil and
gas, technical services and others. The polymer segment
manufactures materials for the power cables and wires industry,
and trades other related polymer compounds and specialty chemical
products.

Daya Materials Bhd fell into Practice Note 17 (PN17) status after
its shareholder equity retreated to under 25% of its issued
capital as at Dec. 31, 2017.



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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
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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