TCRAP_Public/190321.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

          Thursday, March 21, 2019, Vol. 22, No. 58

                           Headlines



A U S T R A L I A

AVIATION 3030: ASIC Gets Court Nod to Wind Up Land Banking Scheme
CHEMICAL SYSTEMS: First Creditors' Meeting Set for March 28
FLEXI ABS 2019-1: Moody's Gives (P)Ba2 Rating to Class E Notes
HAMILTON ROOFING: Second Creditors' Meeting Set for April 1
HEIDENS HARDWARE: Second Creditors' Meeting Set for March 27

K SHAW: First Creditors' Meeting Set for March 28
RCR TOMLINSON: May Have Traded While Insolvent, McGrathNicol Says
RCR TOMLINSON: Second Creditors' Meeting Set for March 26
SMART SEATING: First Creditors' Meeting Set for March 28


C H I N A

361 DEGREES: S&P Lowers ICR to 'BB-' on Weakening Market Position


H O N G   K O N G

CSC HOLDINGS: Fitch Rates Proposed USD Senior Notes 'B(EXP)'


I N D I A

AMISHA STEELS: CRISIL Hikes Rating on INR5.5cr Cash Loan to B+
ARYA TRADEX: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
B.N. INDUSTRIES: Ind-Ra Lowers Issuer Rating to B, Outlook Stable
BABA BHUMAN: CRISIL Reaffirms 'B+' Ratings on INR11cr Loans
BAJRANG FOOD: CRISIL Reaffirms 'B+' Ratings on INR15cr Loans

CHIRAG GOEL: CRISIL Migrates 'B' Rating From Not Cooperating
CHURIWAL TECHNOPACK: CRISIL Hikes Rating on INR20cr Loan to B+
CITRON ECOPOWER: Ind-Ra Lowers Rating on INR2.75BB Term Loan to BB
CLOVER ENERGY: Ind-Ra Lowers Term Loan Rating to 'BB'
EPYGEN BIOTECH: CRISIL Lowers Rating on INR25cr Term Loan to D

FILM FARM: CRISIL Reaffirms B+ Rating on INR10cr Loans
FIVE K PROPERTIES: Insolvency Resolution Process Case Summary
GAURAV BHARTI: CRISIL Reaffirms 'D' Rating on INR10cr Term Loan
GOURMET RENAISSANCE: Insolvency Resolution Process Case Summary
HOTEL MIRAMAR: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating

JCBL LIMITED: CRISIL Hikes Rating on INR29cr Cash Loan From D
JET AIRWAYS: Cash Crunch Grounds Two-Third of Jet's Fleet
JET AIRWAYS: India Asked Banks to Save Carrier, Avoid Bankruptcy
JSR INFRA: CRISIL Withdraws 'B' Rating on INR50cr Loans
KARNIZ PACKS: CRISIL Lowers Ratings on INR10.64cr Loans to D

KEEN AND CORE: CRISIL Assigns 'C' Rating to INR6cr Cash Loan
MAPLE RENEWABLE: Ind-Ra Lowers Term Loan Rating to 'BB'
MDA MINERAL: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
MINERVA EXECUTIVE: Insolvency Resolution Process Case Summary
NAMASTE EXPORTS: CRISIL Hikes Rating on INR7.5cr Loan to B-

NATIONAL EXPORT: CRISIL Hikes Rating on INR12cr Loan to B+
NEERG ENERGY: Fitch Affirms B+ Rating on $475MM Sr. Notes Due 2022
PALLAVA GRANITE IND: CRISIL Reaffirms 'D' Ratings on INR40cr Loans
PALLAVA GRANITE: CRISIL Hikes Ratings on INR8cr Loans to D
RAJHANS INFRATECH: CRISIL Assigns 'D' Rating to INR16cr Term Loan

RICHLINE FINANCE: Ind-Ra Withdraws B- on INR60MM Bank Loan
S.K. TRANSLINES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
SANTOSH KUMAR: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
SHREE VAISHNAV: Insolvency Resolution Process Case Summary
SRI NOMULA: CRISIL Reaffirms 'B' Rating on INR7cr Cash Loan

SRI RAGHAVENDRA: CRISIL Assigns 'D' Ratings to INR5cr Loans
STERLING VEHICLES: Insolvency Resolution Process Case Summary
SUDARSHAN ELECTRICAL: CRISIL Lowers Ratings on INR20cr Loans to D
THERMO PRODUCTS: Insolvency Resolution Process Case Summary
UP KORAUN: Ind-Ra Lowers Term Loan Rating to BB-

UP MEHRAUNI: Ind-Ra Lowers Term Loan Rating to BB-
UP SARILA: Ind-Ra Lowers Term Loan Rating to BB-
VADALI INFOTECH: Insolvency Resolution Process Case Summary
VAST INDUSTRIES: Insolvency Resolution Process Case Summary
VIGHNESHWAR ISPAT: CRISIL Withdraws B Rating on INR5.5cr Loans

VIPUL-S PLASTOCRAFTS: Insolvency Resolution Process Case Summary


I N D O N E S I A

LIPPO KARAWACI: Fitch Puts CCC+ IDRs on Watch Positive


M A L A Y S I A

MALAYSIA AIRLINES: Gets Interests From Some Local, Foreign Firms


N E W   Z E A L A N D

TARATAHI INSTITUTE: Owes NZ$15.86MM to 1,194 Unsecured Creditors
WAIWERA THERMAL: Owes Creditors NZ$5 Million, Liquidators Reveal


S I N G A P O R E

YUUZOO NETWORKS: Secures Commitment for SGD30MM Equity Facility

                           - - - - -


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A U S T R A L I A
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AVIATION 3030: ASIC Gets Court Nod to Wind Up Land Banking Scheme
-----------------------------------------------------------------
Australian Securities and Investments Commission has successfully
sought orders from the Federal Court to wind up Melbourne-based
company Aviation 3030 Pty Ltd on the basis that there is a
justifiable lack of confidence in the management of Aviation by its
directors.

In ordering that Aviation be wound up, Justice O'Callaghan stated:

'[T]he case that ASIC makes to wind up Aviation is an overwhelming
one . . . [D]irectors have issued to themselves and to their
associates large numbers of shares at a gross undervalue; they have
fabricated correspondence and invoices; they have provided false
instructions to the company's external solicitors; they duped and
misled investors; they entered into related party loans; and they
made unauthorised and exorbitant expenditures. The audacity of the
March 2016 share issue alone could well be enough to warrant a
winding up order, but it is not necessary to decide the case on
that sole basis because of the many and varied ways that the
directors have demonstrated that they are unfit to sit on the board
of Aviation.'

ASIC's winding up application was opposed at trial by Aviation and
its two majority shareholders (which were companies associated with
the directors of Aviation) to which 63% of Aviation's share capital
was issued in March 2016. ASIC's application was supported,
however, by a group of 12 minority investors who were granted leave
to intervene in the proceeding.

The Federal Court also ordered the winding up of an unregistered
managed investment scheme operated by Aviation through five
separate trusts, as well as their trustee companies, which were
also used to raise funds for the Aviation scheme. John Lindholm and
George Georges of Ferrier Hodgson were appointed as joint and
several liquidators of Aviation, the Aviation scheme and associated
entities.

The orders have been stayed for seven days to allow the defendants
to consider an appeal.

ASIC Commissioner John Price said, 'The orders made by the Court
will allow an orderly and lawful winding up of the companies and
the investment scheme they have operated and will place the future
process of distribution of funds to investors into independent
hands. This action shows ASIC will intervene where directors
prioritise their own interests above those of investors.'

Aviation's primary asset is property located at 756 Aviation Rd,
Point Cook, which it purchased for AUD7.8 million in 2011 with a
view to rezoning the property to increase its value. To facilitate
the purchase and rezoning of the property, Aviation raised around
AUD10.59 million from approximately 73 shareholders and
unitholders. On Sept. 13, 2012, the Aviation property was rezoned
from Green Wedge Zone to Farming and significantly increased in
value. In March 2016, Aviation issued 63% of its share capital to
companies associated with the directors of Aviation.

On Oct. 25, 2018, the property at Point Cook was sold to
Shanghai-based developer, Dahua.

Following an investigation, ASIC commenced proceedings in September
2018 to wind up Aviation, the trustee companies and the Aviation
scheme.

ASIC has targeted and wound up a number of land banking schemes due
to concerns they are operating outside the law.  ASIC will continue
to scrutinise investment schemes suspected of operating outside of
the managed investment scheme legislative regime.


CHEMICAL SYSTEMS: First Creditors' Meeting Set for March 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Chemical
Systems Australia Pty Ltd, trading as Bulk Cleaning and Pool
Supplies, will be held on March 28, 2019, at 9:30 a.m. at the
offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

Liam Thomas Bailey of O'Brien Palmer was appointed as administrator
of Chemical Systems on March 18, 2019.


FLEXI ABS 2019-1: Moody's Gives (P)Ba2 Rating to Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Flexi ABS Trust 2019-1.

Issuer: Flexi ABS Trust 2019-1

  AUD100.00 million Class A1 Notes, Assigned (P)P-1 (sf)

  AUD72.50 million Class A2 Notes, Assigned (P)Aaa (sf)

  AUD54.90 million Class A2-G Notes, Assigned (P)Aaa (sf)

  AUD19.20 million Class B-G Notes, Assigned (P)Aa2 (sf)

  AUD16.80 million Class C-G Notes, Assigned (P)A2 (sf)

  AUD11.10 million Class D Notes, Assigned (P)Baa2 (sf)

  AUD10.50 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD15.00 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, 'no interest ever' payment plans, originated by
Certegy Ezi-Pay Pty Ltd ("Certegy"), a subsidiary of FlexiGroup Ltd
("FlexiGroup").

This is FlexiGroup's ninth term-securitisation of Certegy assets.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 1.50% of the rated note balance,
the interest rate swaps provided by Commonwealth Bank of Australia
("CBA", Aa3/P-1/Aa2(cr)/P-1(cr)) and National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)), the experience of
Flexirent Capital Pty Limited as servicer, and the back-up
servicing arrangements with illion Australia Pty Ltd.

Initially, the Class A Notes (which include Class A1, Class A2 and
A2-G), Class B-G, Class C-G, Class D and Class E Notes benefit from
24.2%, 17.8%, 12.2%, 8.5% and 5.0% of note subordination,
respectively.

The transaction features a sequential/pro rata paydown structure.
Principal collections will first be used to pay down Class A1
Notes. Once Class A1 Notes are repaid and if the pro rata paydown
conditions are satisfied, principal will be distributed pro rata
among the Class A2 to Class F Notes. Following the call date of if
the pro rata conditions are otherwise not satisfied, the principal
collections will be distributed sequentially to the Class A2 to
Class F Notes (although pro rata between the Class A2 and A2-G
Notes).

The transaction features a short-term (P)P-1 (sf) rated tranche,
with a legal final maturity of 12 months from issuance. The tranche
represents 33.3% of the total issuance. Key factors supporting the
(P)P-1 (sf) rating include:

  - Principal cashflows -- which will be allocated to the short-
    term tranche in priority to other tranches until it is fully
    repaid -- will be sufficient to amortise the tranche within
    the 12-month period. The amortisation is tested with no
    prepayment and assuming a P-1-commensurate level of defaults
    and delinquencies occurring during the amortisation period.

  - The corporate administration and insolvency regime in
    Australia and the hot back-up servicing arrangements with
    illion Australia Pty Ltd mitigate the risk of a prolonged
    servicer disruption. illion Australia Pty Ltd carries out
    servicing in parallel with Certegy, providing near 'hot'
    levels of support and mitigating risks of a prolonged
    servicing disruption.

These two factors are relevant in the context of assigning the
(P)P-1 (sf) rating because FlexiGroup and Certegy are unrated.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.30%,
coefficient of variation (CoV) of 59.0%, a recovery rate of 0.0%,
and a Aaa portfolio credit enhancement ("PCE") of 32.5%.

Moody's assumed mean default rate is stressed compared to the
historical levels of 2.438%. The expected default captures our
expectations of performance considering the current economic
outlook, while the PCE captures the loss we expect the portfolio to
suffer in the event of a severe recession scenario.

Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

The stress Moody's has applied in determining its mean default rate
reflects the lack of economic stress in Australia during the
historical data period (2008-2018).

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

HAMILTON ROOFING: Second Creditors' Meeting Set for April 1
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Hamilton
Roofing (Aust) Pty Ltd has been set for April 1, 2019, at 2:00 p.m.
at the offices of SV Partners, at Level 3, 12 Short Street, in
Southport, 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 29, 2019, at 4:00 p.m.

Matthew John Bookless of SV Partners was appointed as administrator
of Hamilton Roofing on March 20, 2019.


HEIDENS HARDWARE: Second Creditors' Meeting Set for March 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Heidens
Hardware Pty. Ltd. has been set for March 27, 2019, at 12:00 p.m.
at the offices of BRI Ferrier Western Australia, at Unit 3, 99-101
Francis Street, in Northbridge, 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 26, 2019, at 4:00 p.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Heidens Hardware on Dec. 6, 2018.

K SHAW: First Creditors' Meeting Set for March 28
-------------------------------------------------
A first meeting of the creditors in the proceedings of K Shaw
Investments Pty Ltd, trading as Shaws Realty, will be held on March
28, 2019, at 10:30 a.m. at the offices of Jirsch Sutherland, at
Level 27, 259 George Street, in Sydney, NSW.

Sule Arnautovic and Daniel Jean Civil of Jirsch Sutherland were
appointed as administrators of K Shaw on March 18, 2019.


RCR TOMLINSON: May Have Traded While Insolvent, McGrathNicol Says
-----------------------------------------------------------------
Peter Williams at The West Australian reports that RCR Tomlinson
may have been trading insolvent for at least a month before the
engineering company collapsed owing creditors hundreds of millions
of dollars, administrators said.

A report to creditors by administrators from McGrathNicol released
on March 9 said RCR Tomlinson may have become insolvent prior to
the end of last October or possibly earlier.

The Roderick Brown-chaired company called in the administrators on
November 21, the West Australian notes.

"When the October 2018 month end accounts were produced, the
creditor ageing profile had increased from the prior month, showing
debts incurred were not being paid as and when due," the report
said.

The West Australian relates that the report also said completed
sales of RCR Tomlinson's businesses had raised about AUD51 million,
excluding a deal to sell the WA-based power, resources and water
units.

The company owed creditors up to AUD435 million. While payments are
expected for former employees and secured creditors, unsecured
creditors including subcontractors and suppliers owed AUD170
million would get no return, the West Australian discloses.

RCR failed in the wake of a cost blowout on a Queensland solar
energy project and despite raising AUD100 million from investors in
August.

The West Australian adds that the report said there were no rescue
plans proposed and recommended liquidating RCR.

It estimated secured creditors, who are owed up to AUD232 million
and include the Commonwealth Bank, could obtain payments of between
AUD72 million and AUD157 million.

Former employees owed up to AUD33 million were likely to receive
between AUD16 million and AUD18 million.

According to the West Australian, the report revealed the sale
prices of RCR businesses, the highest of which was the AUD19.3
million John Holland paid for the rail division.

Wangara-based Unique Metal Works paid AUD10.6 million for the laser
business, Cimic's UGL paid AUD8 million for the upgrades and
maintenance unit and The Environment Group paid AUD3 million for
energy services, the West Australian relays.

The AUD10 million sale price for NRW Holdings' acquisition of the
mining and heat treatment businesses was disclosed when announced
last month.

The West Australian adds that the report said the deal to sell the
power, resources and water units to Indian-owned AvidSys was
expected to settle on Friday.

A second creditors meeting for RCR will be held in Sydney on
March 26. One only for creditors of the asset maintenance and heat
treatment businesses will take place in Perth the same day, the
West Australian notes.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
26, 2018, SmartCompany said one of Australia's largest publically
listed construction companies RCR Tomlinson has collapsed just a
few months after raising over AUD100 million from investors, with
the company blaming an inability to secure additional funding as
the reason for the business' collapse.

RCR, based in Perth, is the company behind a number of major
infrastructure projects across Australia, specifically in the
mining and energy sectors. It was most recently working on two
solar farms in Queensland, for which it was required to secure
the additional AUD100 million of capital after the costs for the
projects ballooned to over AUD50 million.


RCR TOMLINSON: Second Creditors' Meeting Set for March 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of RCR Tomlinson
Ltd and its subsidiaries has been set for March 26, 2019, at 1:00
p.m. at The Lyceum, Wesley Conference Centre, 220 Pitt Street, in
Sydney, NSW.

RCR Group entities over which the Administrators are appointed:

   -- RCR Tomlinson Ltd, trading as R C R Tomlinson,
      RCR Ausheat, Tomlinson Boilers
   -- A.C.N. 076 421 755 Pty Limited
   -- Applied Laser Pty Ltd
   -- Positron Group Pty Ltd
   -- Positron Power Pty. Ltd.
   -- RCR Building Products (Holdings) Pty Ltd
   -- RCR Building Services (Egan Bros) Pty Ltd, trading
      as Egan Bros Building Services
   -- RCR Corporate Pty. Ltd., trading as RCR Engineering
      Management Co
   -- RCR Energy (Gladstone) Pty Ltd, trading as Eagle
      Engineering
   -- RCR Energy (Stelform VRBT) Pty Ltd
   -- RCR Energy (Stelform) Pty Ltd, trading as RCR Stelform,
      Stelform Engineering
   -- RCR Energy Pty Ltd
   -- RCR Energy Service Pty Ltd, trading as Tomlinson Boilers,
      RCR Ausheat, RCR Tomlinson
   -- RCR Haden (Holdings) Pty Ltd
   -- RCR Haden (Telco) Pty Ltd, trading as Ductclean Australia
      Pty Limited
   -- RCR Haden Pty Ltd, trading as Haden, Tempest
   -- RCR Infrastructure (Corporate) Pty Ltd
   -- RCR Infrastructure Group (XNFK) Pty Ltd
   -- RCR Infrastructure Pty Ltd
   -- RCR Laser Pty Ltd, trading as RCR Laser
   -- A.C.N 060 002 940 Pty Ltd (formerly known as RCR Mining
      Pty Ltd)
   -- ACN: 060 002 940, trading as RCR Mining Technologies,
      RCR Mining OSR
   -- A.C.N 111 148 835 Pty Ltd (formerly known as RCR O'Donnell
      Griffin (Holdings) Pty Ltd)
   -- A.C.N 151 990 573 (formerly known as RCR O'Donnell Griffin
     (Projects) Pty Ltd), trading as Norfolk Projects Pty Limited
   -- A.C.N 003 905 093 Pty Ltd (formerly known as RCR O'Donnell
      Griffin Pty Ltd), trading as O'Donnell Griffin Pty Limited,
      Priestley Electrical, Tyco Safety Products Distribution,
      Fire Guard A.F.S., Grinnell Supply Sales, O'Donnell
      Griffin, W F Energy, Tyco Asia Pacific Pty Ltd, Grinnell
      Controlled Atmospheres, Grinnell Fire Protection Systems,
      Grinnell Supply Sales, O'Donnell Griffin, O'Donnell Griffin
      -  Aldridge Electrical, O'Donnell Griffin Automation,
      O'Donnell Griffin Power, O'Donnell Griffin Services,
      Passifire Fire Stop Products, Planned    
   -- Communications Australia
   -- RCR Oil & Gas Pty Ltd
   -- RCR Power Pty Ltd, trading as RCR Power Positron
   -- RCR Rel Corp Management Services Pty Ltd
   -- RCR Resolve FM (Engineering) Pty Ltd, trading as
      Resolve Engineering Pty Ltd
   -- RCR Resolve FM (Holdings) Pty Ltd
   -- RCR Resolve FM Pty Ltd, trading as Resolve FM
   -- RCR Resources (Tripower) Pty Ltd, trading as Mckay Fluid
      Power and Mckay Air and Fluid Systems
   -- RCR Resources Pty Ltd, trading as RCR Resources
      Construction & Maintenance
   -- RCR Tomlinson (Custodian) Pty Ltd
   -- RCR Trafalgar Building Products Pty Ltd, trading as
      Metalbilt
   -- CR Water (WA) Pty Ltd
   -- RCR Water Pty. Ltd.
   -- RCReate Pty Ltd
   -- Sartap Pty Ltd, tradinga as Stelform Engineering
   -- Stelform Piping Systems Pty Ltd

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 24, 2019, at 10:00 a.m.


Jason Preston, Jamie Harris, Matthew Caddy and Rob Brauer of
McGrathNicol were appointed as administrators of RCR Tomlinson on
Nov. 21, 2018.

SMART SEATING: First Creditors' Meeting Set for March 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Smart
Seating Pty Ltd will be held on March 28, 2019, at 3:00 p.m. at the
offices of JHK Legal, at Floor 8, 530 Little Collins Street, in
Melbourne, Victoria.

Bruce Gleeson and Alan Topp of Jones Partners were appointed as
administrators of Smart Seating on March 18, 2019.




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361 DEGREES: S&P Lowers ICR to 'BB-' on Weakening Market Position
-----------------------------------------------------------------
On March 19, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on 361 Degrees International Ltd. to 'BB-' from 'BB'.
At the same time, S&P lowered its long-term issue rating on the
company's senior unsecured notes to 'BB-' from 'BB'.

S&P lowered the rating on 361 Degrees because it believes the
company will continue to face increasing competition in China's
sportswear industry and weakened operating cash flow.

For the 12 months ended Dec. 31, 2018, the company's adjusted debt
leverage was 4x, up from 2.9x at the end of 2017. Over the same
period, free operating cash flow declined to Chinese renminbi (RMB)
161 million from RMB671 million.

361 Degrees lost market share to global brands and other leading
domestic sportswear brands in 2018. S&P anticipates that trend will
continue in 2019 with the company's growth below the industry
average due to a lack of product differentiation and limited
pricing power.

Competition in the sportswear industry in China is intensifying,
with global brands increasing their penetration into lower-tier
cities and leading domestic brands expanding their stores.
According to market-research group Euromonitor, 361 Degrees' market
share declined to 3.2% in 2018, from 3.6% in 2017 and 4.1% in 2016.
While the company is increasing its research and development
spending and launching new products, it is likely to be difficult
for 361 Degrees to quickly reverse the trend.

After a period of flat growth for 361 Degrees in 2018, S&P expects
its revenue to grow at 2%-4% in 2019 and 2020, partly due to a
lower comparison base in 2018. Nonetheless, the company's growth
will still lag the overall industry's 7%-9% in 2019 and 2020.
The company's efforts in brand rebuilding and product innovation
will take time to materialize, and the effectiveness of these
initiatives is uncertain. S&P anticipates 361 Degrees' EBITDA
margin to further drop to 12.5%-13.5% over the next 12-24 months,
from 13.7% in 2018 and 17.1% in 2017. The company should see
increased production costs and higher marketing and distribution
expenses amid intense competition.

Working capital management, especially long accounts receivable
turnover days, remains a key challenge for 361 Degrees. S&P
believes the company is offering longer credit terms to
distributors to maintain its strong relationship with them. There
was also a notable increase in its inventory days from 86 days in
2017 to 115 days in 2018, partly due to the company's revised
strategy to shorten the delivery time to distributors in 2018.

S&P said, "Our base case assumes annual operating cash flow will
remain modest at RMB300 million-RMB400 million in 2019-2020, from
RMB718 million in 2017, because of slower revenue growth and
working capital turnover. We expect capital expenditure to stay
around RMB50 million for capacity maintenance in 2019-2020,
resulting a free operating cash flow of RMB250 million-RMB350
million for the same period.  

"361 Degrees has a large balance of cash and limited capital
investment requirement. Although part of the cash is likely to be
utilized to fund working capital, we see a possibility that the
company may choose to use its liquidity to manage its debt leverage
profile, given the U.S.-dollar-denominated notes will become
callable after June 3, 2019.

"The negative outlook reflects our expectation that 361 Degrees'
market position and operating cash flow could continue to
deteriorate due to intensifying competition in the sportswear
industry in China.

"We could lower the rating if the company's debt-to-EBITDA ratio
exceeds 4.0x without signs of improvement. This could happen if the
company's margin deteriorates amid intensifying competition and if
the company's incremental investments in sales and marketing don't
result in sufficient revenue growth.

"We could revise the outlook to stable if 361 Degrees can
effectively execute its brand rebuilding strategy to restore its
growth prospect, such that its market share stabilizes and
debt-to-EBITDA ratio decreases meaningfully below 4.0x. Rating
upside also exists if the company uses its cash to repay debt."




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H O N G   K O N G
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CSC HOLDINGS: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) proposed US dollar senior notes a 'B(EXP)' expected
rating and a Recovery Rating of 'RR4'. The proposed notes are rated
at the same level as CSC's senior unsecured rating because they
will constitute its direct and senior unsecured obligations. The
final rating is subject to the receipt of final documentation
conforming to information already received. CSC intends to use the
net proceeds from the proposed notes to refinance debt and for
general working capital.

CSC's ratings are supported by rising residential sales from its
well-located projects in high-tier cities, a long record in
integrated trade-centre development and sufficient liquidity. The
ratings are constrained by limited project diversification, rising
leverage, higher-than-Fitch-expected land costs and a weak industry
outlook. Fitch estimates leverage will rise in the next three
years, but remain below 50%. In addition, CSC's development margin
is likely to drop due to recognition of more residential sales,
which have lower margins than trade-centre sales.

KEY RATING DRIVERS

Residential Sales Support Performance: Fitch expects CSC to
continue to rely on residential sales in the next three years to
provide cash flow for its land banking and construction needs, with
trade-centre sales underperformance persisting in light of weak
demand from SMEs. Fitch forecasts CSC's contracted sales to reach
the company's annual target of HKD16 billion in the financial year
ended March 2019 (FY19). Contracted sales increased by 39% yoy to
HKD12 billion in FY18, with ancillary residential sales from
projects in the cities of Hefei, Nanchang, Chongqing and Zhengzhou
accounting for 84% of sales, compared with below 35% before FY16.

Higher Leverage, Land Cost: Fitch expects leverage, as measured by
net debt/adjusted inventory (including investment property at
cost), to stay below 50% in the next two years if CSC slows land
acquisitions and maintains satisfactory sales, as planned by
management. However, the company is likely to continue to replenish
residential land at an average land cost of above CNY2,000 a square
metre (sqm), as its residential land may only be sufficient for two
years of sales. Any unexpected increase in land premium outflow
will pressure CSC's leverage, which rose to 46.3% in FY18 (FY17:
46%, FY16: 44%) due to large cash outflows for land acquisitions to
replenish its residential land bank.

We estimate that CSC's total land premium was equivalent to around
50% of sales proceeds in FY18, from 35% in FY17. At the same time,
its average new-land cost increased significantly to CNY2,074/sqm,
from CNY450/sqm, following fiercer competition for land than
management expected in Zhengzhou, Hefei and Chongqing.

Development Margin to Decline: Fitch estimates that the overall
development margin will drop by 1pp-2pp a year in the next three
years due to higher revenue recognition from lower-margin
residential units and a retreat in trade-centre sales margins.
CSC's gross profit margin, including capitalised interest, for
trade-centre development was around 50% in FY18 and around 40% for
residential units. Trade centres and residential units accounted
for 27% and 72%, respectively, of development revenue in FY18.

Low Non-Development EBITDA Interest Coverage: Fitch expects CSC's
non-development EBITDA interest coverage ratio to remain below 0.3x
in the next three years, which will provide only limited support to
the rating in the short term. Income from non-development business
increased by 26% yoy to HKD2 billion in FY18, driven by growth in
its outlet, property-management services and e-commerce businesses.
Fitch believes CSC's diversification will enhance the company's
cash flow, but that its non-development business is small in terms
of EBITDA generation because its non-development EBITDA interest
coverage was only 0.21x in FY18, up from 0.15x in FY17.

DERIVATION SUMMARY

CSC's eight projects are in tier 1 and 2 cities in China, which are
better located than those of the other Fitch-rated trade-centre
developer - Hydoo International Holding Limited (B-/Stable), whose
10-12 projects are mainly in tier 3 and 4 cities. This translates
into better sales and EBITDA margins compared with Hydoo and other
competitors in the industry.

CSC generated HKD12 billion in contracted sales in FY18, with an
average selling price of CNY7,300/sqm, compared with Hydoo's CNY2.7
billion of sales in 2017 at CNY5,833/sqm. CSC was also able to
generate HKD2 billion in non-development income; the segment is
still small in terms of EBITDA generation but may be able to
support debt interest service in the future. CSC's leverage of
46.3% in FY18 is comparable with that of other 'B' rated peers.

KEY ASSUMPTIONS

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

  -- Property development contracted sales to reach HKD16 billion
in FY19 and HKD19 billion in FY20

  -- Property development EBITDA margin (excluding capitalised
interest and government grants) sustained above 25% in FY19-FY21
(FY18: 26%).

  -- Non-development income to increase by 10% each year in
FY19-FY21, with an EBITDA margin of around 20% (FY18:21%).

  -- Construction and land acquisition cash outflow to account for
around 70% of sales proceeds in FY19-FY21 (FY18: 96%).

Recovery Rating Assumptions:

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

  -- 10% administrative claims

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

  -- Fitch applied a haircut of 100% on available cash, 25% on
receivables, 30% on adjusted inventory (including investment
properties at cost) and 0% on restricted cash.

  -- Based on its calculation of the adjusted liquidation value
after administrative claims, Fitch estimates the recovery rate of
the offshore senior unsecured debt to be 100%. However, the
Recovery Rating assigned to the senior unsecured rating is 'RR4',
as China falls into Group D of creditor friendliness. Instrument
ratings of issuers with assets in this group are subject to a soft
cap at the level of the issuer's Issuer Default Rating under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

  -- EBITDA margin sustained below 20% (FY18: 25%)

  -- Net debt/adjusted inventory (including investment property at
cost) sustained above 50%.

  -- Deterioration in liquidity or difficulty in debt refinancing.


No positive rating action is expected in the next 12-18 months
given persistent weak demand for trade and logistic centres.

LIQUIDITY

Adequate Liquidity, Higher Cost: CSC had cash and cash equivalents,
including restricted cash, of around HKD10.6 billion and unutilised
banking facilities of HKD10.0 billion at end-March 2018, covering
short-term debt of HKD15.8 billion. Fitch has treated the onshore
bond's puttable date as the effective maturity date and has also
included all redeemed offshore debt as maturing in the next fiscal
year. CSC's successful issuance in the offshore bond market has
also alleviated its refinancing pressure, although the coupon of
its recently issued senior notes due 2020 rose to 10.875%, compared
with its average funding cost of 6.680% in FY18.




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

AMISHA STEELS: CRISIL Hikes Rating on INR5.5cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Amisha Steels Private Limited (ASPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5.5      CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

The upgrade reflects expectation of increase in revenue to INR85
crore in fiscal 2019 from INR60 crore in fiscal 2018. Also,
increase in operating profit over the four fiscals through 2018,
coupled with decrease in interest expense, improved interest
coverage ratio to 1.3 times for fiscal 2018 from 0.7 time for
fiscal 2015.

The rating reflects ASPL's weak financial risk profile small
networth and muted debt protection metrics, and small scale of
operations. These weaknesses are partially offset by the extensive
experience of its promoters in the steel trading industry and small
working capital requirement.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth was small at INR2.8 crore
as on March 31, 2018. Despite improving over the four fiscals
through 2018, debt protection metrics remained muted, reflected in
interest coverage and net cash accrual to total debt ratios of 1.3
times and 0.01 time, respectively, in fiscal 2018.

* Small scale of operations: With revenue of INR60 crore in fiscal
2018, scale remains modest. This is compounded by intense
competition in the iron and steel trading segment. However,
turnover is likely to improve to INR85 crore for fiscal 2019.

Strengths
* Promoters' extensive experience: Industry presence of around 15
years has helped the promoters to establish healthy relationship
with customers and set up a strong procurement network.

* Small working capital requirement: Receivables and inventory
levels were low at 18 days and 1 day, respectively, as on March 31,
2018, and are expected to remain steady over the medium term.

Liquidity
Liquidity is adequate, as reflected in low bank limit utilization
of 67% averaged over 12 months ended Jan 31, 2019, sufficient
cushion between  net cash accrual  and repayment obligation over
medium term, comfortable current ratio of 1.4 times as on March 31,
2018.

Outlook: Stable

CRISIL believes ASPL will continue to benefit from its promoters'
extensive experience and established relationship with customers
and suppliers. The outlook may be revised to 'Positive' if
significant increase in operating income or improvement in capital
structure, most likely due to equity infusion by promoters,
strengthens credit metrics. The outlook may be revised to
'Negative' if decline in operating income or stretch in working
capital cycle constrains financial risk profile.

Established in 2004 in Mandi Gobindgarh, Punjab, by Mr Amit Kumar
Agarwal and Mr Sumit Kumar Agarwal, ASPL trades in iron and steel
products, including billets, slabs, and thermo-mechanically treated
bars and angles.


ARYA TRADEX: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Arya Tradex
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 B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating action is:

-- INR100 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 7, 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 2014, Arya Tradex is engaged in the broking and
trading of commodities. It is active on both the MCX and National
Commodity and Derivatives Exchange.


B.N. INDUSTRIES: Ind-Ra Lowers Issuer Rating to B, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded B.N. Industries'
(BNI) Long-Term Issuer Rating to 'IND B' from 'IND B+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR65 mil. Fund-based limits Long term rating downgraded;
     Short-term rating affirmed with IND B/Stable/IND A4 rating;
     and

-- INR30 mil. Non-fund based limits affirmed with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects a further weakening of BNI's liquidity,
indicated by the full utilization of the working capital limits
during the 12 months ended February 2019, along with a few
instances of over-utilization, which were regularized within 15
days. Its networking capital cycle further elongated to 191 days in
FY18 from 186 days in FY17, primarily due to an increase in the
inventory holding period to 199 days from 186 days. In addition,
its cash flow from operations turned negative at INR7.94 million in
FY18 from INR28.87 million in FY17 due to a rise in working capital
requirements. Moreover, its cash and cash equivalents were INR1.03
million at FYE18 (FYE17: INR0.11 million).

The ratings continue to be constrained by BNI's continued small
scale of operations and weak credit metrics. In FY18, BNI's revenue
fell to INR213.40 million from INR239.71 million in FY17 despite an
increase in production to 2.28 million units from 1.51 million
units as raw material prices decreased. BNI's gross interest
coverage (operating EBITDA/gross interest expense) marginally
improved to 1.44x in FY18 from 1.34x in FY17 due to a decline in
interest cost. Its net financial leverage (total adjusted net
debt/operating EBITDAR) marginally deteriorated to 6.27x in FY18
from 6.12x in FY17, primarily owing to a decrease in EBITDA to INR
20.86 million from INR22.93 million.

The rating factor in BNI's modest EBITDA margin of 9.78% in FY18
(FY17: 9.57%). The rise in the margin was due to a decline in the
cost of raw material consumed. In addition, its return on capital
employed was 10.74% in FY18 (FY17: 12.27%).

The ratings, however, remain supported by the promoters' over 26
years of experience in the industrial chemical manufacturing
business.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity will be negative for
the ratings.

Positive: Any substantial improvement in the revenue, along with an
improvement in the credit metrics or the liquidity, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1989, BNI is a partnership firm engaged in the
manufacturing of zinc oxide, zinc sulphate, copper ingots, brass
metallic/ingots and zinc powder at its daman facility.

The firm is promoted by Ashwani Kumar Singhal, Animesh Singhal,
Abhishek Singhal, and Ritesh Singhal.


BABA BHUMAN: CRISIL Reaffirms 'B+' Ratings on INR11cr Loans
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Baba Bhuman Shah Ji Industries (BBSJI) at 'CRISIL B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           9          CRISIL B+/Stable (Reaffirmed)
   Term Loan             1.3        CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts     .7        CRISIL B+/Stable (Reaffirmed)

The rating reflects a modest scale of operations in the intensely
competitive rice industry, a weak financial risk profile, and large
working capital requirement. These weaknesses are partially offset
by the advantageous location in terms of raw material supply.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: The scale of
operations remains restricted by intense competition in the rice
industry, modest milling capacity in comparison with large players,
and limited value addition. Hence, revenue has been modest at
INR39.67 crore in fiscal 2018.

* Large working capital requirement: Gross current assets were high
at 303 days as on March 31, 2018, mainly driven by large inventory,
as paddy, the key raw material, is available mainly during the crop
season (October-February).

* Weak financial risk profile: The gearing was high at 5.21 times
as on March 31, 2018, while interest coverage and net cash accrual
to total debt ratios were average at 1.34 times and 0.02 time,
respectively, in fiscal 2018.

Strength

* Advantageous location in terms of raw material supply: The plant
is located at Ladhuka in Fazilka, Punjab, which is one the main
rice-producing regions of India. This ensures adequate supply of
raw materials at low transportation cost.

Liquidity
Liquidity is adequate, reflected by expected net cash accruals of
INR0.59 crore, against repayment obligation of 0.4 crore in fiscal
2019. Bank limits of INR9 crore are utilized at 100% for 10 months
through December. However, liquidity is supported by unsecured
loans of INR5.71 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes BBSJI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' if there is substantial improvement in the financial
risk profile, driven by higher-than-expected growth in revenue land
hence better cash accrual, or capital infusion, along with
efficient working capital management. The outlook may be revised to
'Negative' if cash accrual is lower than anticipated, working
capital requirement is larger than expected, or in case of large,
debt funded capital expenditure, leading to pressure on liquidity.

BBSJI was established as a partnership firm in 2014 by Mr. Rakesh
Kumar and his family members. The firm mills, processes, and
packages basmati and non-basmati rice. The production facilities in
Ladhuka have a milling and sorting capacity of around 3 tonne per
hour, utilised at around 80%.


BAJRANG FOOD: CRISIL Reaffirms 'B+' Ratings on INR15cr Loans
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Bajrang Food Processing Industry (BFPI) at 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          9.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          .39     CRISIL B+/Stable (Reaffirmed)

   Term Loan            5.11     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average financial
risk profile. This weakness is partially offset by the extensive
experience of the partners in the agricultural industry.

Analytical Approach

Unsecured loans (outstanding at INR7.60 crore as on March 31, 2018)
extended to BFPI by the partners have been treated as neither debt
nor equity as the loans are likely to be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile is
weak because of modest networth and high gearing, of around INR3.83
crore and 4 times, respectively, as on March 31, 2018. Debt
protection metrics were average, too'with net cash accrual to total
debt and interest coverage ratios of 0.05 time and 1.47 times,
respectively, in fiscal 2018'and should remain so over the medium
term because of low profitability.

Strength
* Extensive experience of the partners: The key partner's, Mr
Venkatesh Muppaneni's, experience of two decades through BFPI and
Bajrang Rice Mill (BRM) has helped gain a deep insight into market
dynamics and develop healthy relationships with customers. BRM was
a partnership firm of Mr Venkatesh Muppaneni's parents. After the
demise of his father, Mr Venkatesh Muppaneni merged BRM with BFPI
(in September 2016).

Liquidity

Liquidity is moderate. Cash accrual was INR1.10 crore in fiscal
2018 and expected at INR1.59-2.05 crore over the medium term, as
against yearly debt obligation of INR0.80 crore. Furthermore,
financial assistance may be expected from the partners whenever
necessary, as in the past. Utilisation of bank limit averaged a
high 94% in the nine months through December 2018, because of a
stretched working capital cycle.

Outlook: Stable

CRISIL believes BFPI will continue to benefit from the extensive
experience of its partners and their funding support. The outlook
may be revised to 'Positive' if ramp up in revenue, profitability,
and cash accrual strengthens the capital structure. The outlook may
be revised to 'Negative' if lower-than-expected cash accrual,
stretch in working capital cycle, or large, debt-funded capital
expenditure leads to deterioration in the financial risk profile.

BFPI, established in 2005, was set up as a proprietorship and
converted into a partnership firm between Mr Venkatesh Muppaneni
and Jhansirani Muppaneni. It mills and processes, and trades in
non-basmati rice. The processing unit is in Banor (Nagpur);
installed milling capacity is 10 tonne per hour. Operations are
managed by Mr Venkatesh Muppaneni.


CHIRAG GOEL: CRISIL Migrates 'B' Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
the bank facilities of Chirag Goel Enterprises Private Limited
(CGEPL) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.
However, the management has subsequently started sharing
information necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL is migrating its ratings from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5        CRISIL B/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Inland/Import        5        CRISIL A4 (Migrated from
   Letter of Credit              'CRISIL A4 ISSUER NOT
                                 COOPERATING')

The ratings continue to reflect the company's working
capital-intensive operations, below-average financial risk profile
because of weak capital structure, and exposure to intense
competition. These weaknesses are partially offset by its
promoter's extensive experience in the trading business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets are
estimated at 213 days as on March 31, 2018, driven by receivables
of 113 days and inventory of 17 days.

* Below-average financial risk profile: CGEPL had a small networth
of INR4.29 crore and high total outside liabilities to tangible
networth ratio of 2.58 times as on March 31, 2018. Debt protection
metrics were weak, reflected in adjusted interest coverage ratio of
1.2 times and net cash accrual to total debt ratio of 0.02 time in
fiscal 2018.

Strength:

* Promoter's extensive experience in the trading business:
The promoter's experience of 30 years in trading in ferrous metals
and copper coils and pipes has helped build strong relationships
with customers and suppliers, and develop ability to grasp business
opportunities and modify product profile as required.

Liquidity

The bank line utilization is at an average of 95.32% for the past
12 months. Further the net cash accruals are modest at INR15-17
lakhs against nil repayment obligations. The unsecured loans from
promoters are at INR52 lakhs. The company has no capital
expenditure plans for the medium term.

Outlook: Stable

CRISIL believes CGEPL will benefit from its promoter's experience
in the trading business. The outlook may be revised to 'Positive'
if financial risk profile improves because of better profitability
and capital structure led by increase in revenue. The outlook may
be revised to 'Negative' if the financial risk profile deteriorates
on account of lower-than-expected profitability, sizeable working
capital requirement, or large, debt-funded capital expenditure.

CGEPL, incorporated in 2006 and based in Mumbai, is promoted by Mr
Dayakishan Goel. It trades in non-ferrous metals and copper pancake
coils and pipes. It has a warehouse at Bhiwandi in Thane.


CHURIWAL TECHNOPACK: CRISIL Hikes Rating on INR20cr Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Churiwal Technopack Private Limited (CTPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', and reaffirmed its 'CRISIL A4' rating on
the company's short-term facility.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit            20        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      1.77     CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               1.23     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects improvement in CTPL's business risk profile.
Sales have increased considerably since fiscal 2017. The upgrade
also factors in improvement in financial risk profile driven by
equity infusion resulting in increase in networth to INR14.26 crore
as on March 31, 2018, from INR9.89 crore as on March 31, 2016.
Liquidity is expected to remain adequate backed by expected healthy
growth in cash accrual and the absence of any major debt-funded
capital expenditure (capex).

The ratings reflect the company's large working capital
requirement, and exposure to intense competition in the highly
fragmented polypropylene (PP) woven sacks industry. These
weaknesses are partially offset by the extensive industry
experience of its promoter.

Analytical Approach
Unsecured loans of INR7.5 crore as on March 31, 2018, have been
treated as neither debt nor equity as they are from the promoter
and are expected to remain in the business.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement: The company had gross current
assets of 169 days as on March 31, 2018, mainly because of large
inventory. Its operations will remain working capital intensive
over the medium term.

* Exposure to intense competition: The PP bags industry has several
unorganised players with small capacity, which mainly cater to
regional demand to save on transportation cost and to meet
short-period service requirements of customers. This restricts
opportunities for players to expand in new geographies and
consolidate business.

Strengths
* Extensive industry experience of the promoter: Although CTPL
commenced operations in December 2008, the promoter has experience
of over three decades through group companies that manufacture and
trade jute sacking bags. As the customer profile for PP bags is
largely the same as that for jute sacking, the company has
established a clientele across diverse end-user industries.

Liquidity

Liquidity has been moderate, reflected in expected adequate cash
accrual to meet term debt obligation. Cash accrual was INR78 lakh
in fiscal 2018 against debt obligation of INR91 lakh. The promoter
has brought in funds to support liquidity, when required. Liquidity
should remain moderate over the medium term backed by adequate cash
accrual to meet term debt obligation and absence of any significant
debt-funded capex.

Outlook: Stable

CRISIL believes CTPL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if higher-than-expected revenue and cash accrual result
in better financial risk profile and liquidity. The outlook may be
revised to 'Negative' if large, debt-funded capex weakens capital
structure, or if a fall in cash accrual because of lower revenue or
profitability, or increase in working capital requirement leads to
pressure on liquidity.

CTPL (formerly, Abhisek Projects Pvt Ltd) was acquired by its
current promoter, Mr Vishnu Kumar Churiwal, in 2006. The company
began manufacturing PP bags in December 2008.


CITRON ECOPOWER: Ind-Ra Lowers Rating on INR2.75BB Term Loan to BB
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Citron Ecopower Private Limited's (Citron) debt facilities to 'IND
BB' with a Negative Outlook from 'IND BBB-' as follows:

-- INR2.750 bil. Term loan due on November 30, 2028, downgraded
     with IND BB/Negative rating; and

-- INR250 mil. Overdraft downgraded with IND BB/Negative rating.

KEY RATING DRIVERS

The downgrade reflects Citron's strained liquidity due to the
depletion of its debt service reserve (DSR) which was used for
purposes other than debt service. The company maintained a DSR of
INR119.1 million until February 2019. The sponsor i.e., Leap Green
Energy Private Limited's plan to raise capital to build new assets
and refinance the existing loans both at the project and holding
company levels has been delayed beyond the envisaged time,
resulting in tight liquidity at the sponsor level. Therefore, the
replenishment of DSR from the sponsor would be a challenging task.


The Negative Outlook reflects Citron's increased dependence on
timely project cash flows to meet debt servicing for the short term
and the lack of clarity on the current receivable position and
generation levels.


The rating is constrained by the regulatory risk associated with a
group captive business, as any changes in Electricity Rules, 2005
notified by the Ministry of Power and/or the regulations notified
by Tamil Nadu Electricity Regulatory Commission from time to time
may directly impact the project cash flows.

The rating, however, is supported by the presence of a medium-term
power purchase agreement for the entire capacity with captive
consumers, where power is directly sold to industries or commercial
entities and tariff will track the state's industrial tariff. The
rating also factors in Citron's plant load factor being consistent
with the historical output levels till 1HFY19. Also, the presence
of diversified off-takers for the group captive business partly
reduces the receivable risk to a certain extent.

RATING SENSITIVITIES

Negative: An increase in operating expenses beyond Ind-Ra's base
case and a weak plant load factor resulting in debt service
coverage ratios lower than Ind-Ra's base case and non-replenishment
of DSR for a sustained period could lead to a negative rating
action.

Positive: Creation and maintenance of DSR for a sustained period,
sustained plant generation in line with Ind-Ra's base case and debt
service coverage ratios higher than Ind-Ra's base case estimates
could result in a positive rating action.

COMPANY PROFILE

Incorporated on 8 March 2016, Citron is a special purpose vehicle
that was formed by Leap Green Energy to operate two wind power
plants (42.45MW and 33.00MW) in Tamil Nadu.

CLOVER ENERGY: Ind-Ra Lowers Term Loan Rating to 'BB'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Clover Energy Private Limited's (CEPL) debt facilities to 'IND BB'
with a Negative Outlook from 'IND BBB+' as follows:

-- INR939.4 mil. Rupee term loan due on September 2025 downgraded

     with IND BB/Negative rating.

KEY RATING DRIVERS

The downgrade reflects CEPL's strained liquidity due to the
depletion of its debt service reserve (DSR) which was used for
purposes other than debt service. The company maintained a DSR of
INR47.4 million until February 2019. The sponsor i.e., Leap Green
Energy Private Limited's plan to raise capital to build new assets
and refinance the existing loans both at the project and holding
company levels has been delayed beyond the envisaged time,
resulting in tight liquidity at the sponsor level. Therefore, the
replenishment of DSR from the sponsor would be a challenging task.
Furthermore, the probability of timely injection of funds by the
sponsor for debt service (to comply with the sponsor undertakings)
is grim.

The Negative Outlook reflects CEPL's increased dependence on timely
project cash flows to meet debt servicing for the short term and
the lack of clarity on the current receivable position and
generation levels.

The rating is constrained by the regulatory risk associated with a
group captive business, as any changes in Electricity Rules, 2005
notified by the Ministry of Power and/or the regulations notified
by Tamil Nadu Electricity Regulatory Commission from time to time
may directly impact the project cash flows.

The rating, however, is supported by the presence of a medium-term
power purchase agreement for the entire capacity with captive
consumers, where power is directly sold to industries or commercial
entities and tariff will track the state's industrial tariff. The
rating also factors in CEPL's plant load factor being consistent
with the historical output levels till 1HFY19. Also, the presence
of diversified off-takers for the group captive business partly
reduces the receivable risk to a certain extent.

RATING SENSITIVITIES

Negative: An increase in operating expenses beyond Ind-Ra's base
case and a weak plant load factor resulting in debt service
coverage ratios lower than Ind-Ra's base case and non-replenishment
of DSR for a sustained period could lead to a negative rating
action.

Positive: Creation and maintenance of DSR for a sustained period,
sustained plant generation in line with Ind-Ra's base case and debt
service coverage ratios higher than Ind-Ra's base case estimates
could result in a positive rating action.

COMPANY PROFILE

CEPL owns and operates a combined capacity of 71.50MW across Tamil
Nadu. It recorded a total income of INR441.48 million in 1HFY19
with EBITDA of INR304.68 million and a cash balance of INR15.72
million.


EPYGEN BIOTECH: CRISIL Lowers Rating on INR25cr Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Epygen
Biotech Private Limited (EBPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            25       CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

The downgrade reflects ongoing delays in servicing of interest on
term loans.

The rating also factors in risks relating to successful ramp up of
operations post implementation and susceptibility of revenue and
profitability to change in government regulations. These weaknesses
are offset by extensive experience of promoters in the
pharmaceutical industry.

Key Rating Drivers & Detailed Description

Weakness

* Risks relating to ramp up of revenue and profitability: The
Company started partial production in Sep-2018. Due to additional
cost incurred for new equipment and additional requirements, the
company has not been able to commence operations fully. CRISIL
believes timely completion of the project and successful ramp up of
operations in the initial phase, will remain a rating sensitivity
factor.

* Susceptible to changes in government regulations: EBPL is setting
up a facility for manufacturing the life-saving thrombolytic enzyme
drug - Recombinant- Streptokinase for the cardiovascular market.
Though the company has received the Government of India's approval
for producing the drug, it remains susceptible to any adverse
change in Government regulations.

Strengths

* Extensive experience of the promoters: The principal director, Mr
Debayan Ghosh, has experience of over 16 years in the
pharmaceutical industry, and has executed various projects
successfully in the past which is expected to benefit the business
risk profile of the company over the medium term.

Liquidity

The company ongoing delays e in servicing of interest due on the
term loan. The interest is being serviced with delays of around
30-35 days. Further in absence of any fund based working capital
limits available with the company, the liquidity position is
stretched.

Incorporated in 2011, EBPL is setting up a manufacturing facility
for producing the life-saving thrombolytic enzyme drug- Recombinant
- Streptokinase for the cardiovascular market. The company was
incorporated by Mr Debayan Sukhamoy Ghosh and Mr Ineeyan
Ariyaratnam. The manufacturing facility has been set up at
Patalganga, Maharashtra and the incubation center is located at
Navi Mumbai.


FILM FARM: CRISIL Reaffirms B+ Rating on INR10cr Loans
------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Film Farm India Private Limited (FFIPL) at 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       0.36     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.64     CRISIL B+/Stable (Reaffirmed)

The ratings reflects the stretched liquidity profile of the
company, average financial Risk Profile and Regulatory laws
prevalent in the Industry .These weaknesses are partially offset by
the extensive experience of promoters and addition of new Revenue
stream in the form of Web series.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks inherent in TV content production and New
Subscription Law: The biggest risk in the media and entertainment
industry, particularly for content producers, is rapidly changing
consumer tastes and preferences. With changing audience tastes and
preferences, ability to identify emerging themes is key to succeed
in content production. Content producers are always at the risk of
being unable to adapt to evolving viewership patterns and generate
innovative content. FFIPL is exposed to the risk of time or cost
overruns in production, which may adversely impact its margins.
Also the Channel Subscription rules from Feb 2019 might propel
broadcasters to enrich their content to face competition from other
TV Channels as subscribers have a free hand in choosing their
channels.

* Average financial risk profile: Financial risk profile is average
marked by modest net worth of Rs. 6.17 cr., moderate gearing of
1.06 times as on March 31, 2018. The firm has moderate debt
protection metrics with net cash accrual to total debt (NCATD) and
interest coverage ratios of 0.11 and 1.8 times, respectively, for
2017-18. Financial risk profile may remain average over the medium
term. However the gearing is expected to improve to less than 1.0
time in the medium term with Debt being brought down in the books
and no capex expected.

Strength

* Extensive experience of promoters and established presence as
television serial content production house: FFIPL's promoters, Mr.
Kalyan Guha and Mrs. Rupali Guha, have experience of more than 2
decades in the media and entertainment business. They began their
career as a producer and director at UTV and has also produced
India's first game show at the launch of the Zee Network. Mrs.
Rupali Guha, hails from family of producers, being the daughter of
producer-director Mr. Basu Chatterjee. She has directed a Hindi
film-Aamrasand a Bengali film. FFIPL started as a producer of TV
commercials and over the years, has grown from a commercial
advertisement production company to a successful TV serial
production house. Over the past few years, FFIPL has established
healthy relationships with channel broadcasters, such as Colors,
Zee TV, SAB TV, NDTV Imagine, star Pravah and Zee Marathi.

* Producing content for OTT Platform Services provider through Web
series: With the evolution of OTT web broadcasting services like
Zee5 and ALT Balaji, the company will have a chance to produce
content for these service providers. It is already producing a web
series called Home for ALT Balaji. This will help in expanding
customer base and mitigate the risks involved in an otherwise
competitive conventional TV Broadcasting market where content is
constrained by TRP by the Broadcaster and Limited Air time. Also
with more internet and mobile penetration rates in India, online
appetite from customers is going to grow. The company expects at
least 15% margins for producing the web series.

* Improving financial risk profile: Financial risk profile is
marked by steady growth in net worth of Rs. 6.17 cr, moderate
gearing of 1.06 times as on March 31, 2018. The firm has moderate
debt protection metrics with net cash accrual to total debt (NCATD)
and interest coverage ratios of 0.11 and 1.8 times, respectively,
for 2017-18. Financial risk profile may improve over the medium
term with gearing is expected to improve to less than 1.0 time and
Debt Protection metrics to improve from 0.1 in FY 18 to 0.2 in the
medium term with Debt being brought down in the books and no capex
expected. Liquidity is stretched and BLU was 89 per cent utilized
for last 12 months. However company has expressed to reduce the
limit in the medium term in the absence of any liquidity
pressures.

Liquidity
BLU was 89 per cent utilized for last 12 months but the company
does not intend to borrow on this account in the medium term and
has enough cash accruals to meet working capital requirements.

Outlook: Stable

CRISIL believes FFIPL will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' in
case of higher-than-expected accruals, backed by diversification in
revenue and sustaining margins. The outlook may be revised to
'Negative' if there is a greater than expected decline in revenue
or profitability, or a stretch in working capital cycle,
significantly impacting the financial risk and liquidity profile.

FFIPL, incorporated in 1999 by Mr. Kalyan Guha, is engaged in
production of television (TV) serials and commercial
advertisements. The company entered into film production in 2013.
It has produced popular Hindi serials like Uttaran, Kashi, Tumhari
Disha, etc. It started film production in 2013 and released a
Marathi film, Narbachi Wadi, in September 2013.

For fiscal 2018, FFIPL net profit was INR0.86 crore on net sales of
INR24.57 crore, against a PAT loss of INR0.19 crore on net sales of
INR21.23 crore for fiscal 2017.


FIVE K PROPERTIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Five K Properties Private Limited
        1401, LA Solita 16th Road
        Bandra West Mumbai MH 400050
        India

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Thane Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near East-West Flyover
                         Bhayander West, Thane 401101
                         Maharashtra
                         E-mail: vimalpagarwal@rediffmail.com

Last date for
submission of claims:    March 25, 2019


GAURAV BHARTI: CRISIL Reaffirms 'D' Rating on INR10cr Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Gaurav Bharti Shiksha Sansthan (GBSS) at 'CRISIL D'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           10        CRISIL D (Reaffirmed)

CRISIL rating reflects recent delays by GBSS in servicing its term
debt obligations. The interest payment due for December 2018 and
January 2019 has not been paid yet. Further, principal payment due
for November 2018, too, was served with delay.

The rating reflects modest scale of operations and exposure to
regulatory risks associated with educational institutions and
modest interest coverage ratio. These weaknesses are partially
offset by healthy demand prospects for education industry.

Analytical Approach
CRISIL has treated the unsecured loan from trust (outstanding at
INR1.08 crores as on March 31, 2018) as debt.

Key Rating Drivers & Detailed Description

* Recent instance of delay in repayment obligation of term loan

Weaknesses

* Modest scale of operations and exposure to regulatory risks
associated with educational institutions: GBSS has modest scale of
operations as reflected in the operating revenues of INR10.38 crore
in fiscal 2018. The trust's revenue has remained stagnant over the
past few due to its limited intake capacity and cap on the fee
charged by the governing authorities in most of the courses offered
by it.

* Modest interest coverage ratio: Interest coverage ratio was
modest at 1.6 times in fiscal 2018, constraining financial risk
profile.

Strengths

* Healthy demand prospects for education industry: Over the years,
there has been thrust on education by the governments at both the
central and state levels. To facilitate the doubling of student
intake into the system, the National Knowledge Commission has
recommended setting up 1500 universities. The private sector is
playing a significant role in education sector, especially
professional education, in the country.

Liquidity

Liquidity is weak as reflected in delays in servicing of term debt
obligations. The interest payment due for December 2018 and January
2019 has not been paid yet. Further, principal payment due for
November 2018, too, was served with delay.

GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs the Sardar Bhagwan Singh (PG) Institute of Biomedical Sciences
& Research. The institute, recognized by the All India Council of
Technical Education, is located at Balawala, Dehradun
(Uttarakhand). The trust has also opened an engineering college in
FY16.


GOURMET RENAISSANCE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Gourmet Renaissance Pvt. Ltd.
        No. 1307, Dalamal Towers, A Wing
        Fress Press Journal Marg
        Nariman Point, Mumbai
        Maharashtra 400021

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel.: 022 66322870
                         E-mail: mkindia58@gmail.com
                                 rp.gourmet@gmail.com

Last date for
submission of claims:    March 24, 2019


HOTEL MIRAMAR: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hotel Miramar'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:

-- INR75 mil. Term loan due on May 2027 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
22, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Mirasol Resorts is a hotel, resort and water park in Daman,
Gujarat.


JCBL LIMITED: CRISIL Hikes Rating on INR29cr Cash Loan From D
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of JCBL
Limited (JCBL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D.'

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          6        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit            29        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Corporate Loan         11.92     CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Foreign Exchange        2        CRISIL A4 (Upgraded from
   Forward                          'CRISIL D')

   Inland/Import          22        CRISIL A4 (Upgraded from
   Letter of Credit                 'CRISIL D')

   Long Term Loan          1.68     CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Rupee Term Loan        15        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term     22.4      CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

The upgrade reflects JCBL's track record of on-time servicing of
maturing debt over the past eight months. Business risk profile has
been strengthened by moderate growth in revenue over the previous
year in fiscal 2018, while operating margin was 7.4%. Growing
demand, and diversification into manufacturing special purpose
vehicles should help strengthen the business risk profile further.


Though liquidity remains weak, and bank limit utilisation high, the
absence of debt-funded capital expenditure (capex) will support the
financial risk profile over the medium term.

The rating continues to reflect JCBL's weak financial risk profile
and exposure to intense competitive pressure in the bus body
building industry. These weaknesses are partially offset by the
established market position.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial profile: Financial risk profile may remain weak
owing to large debt, including working capital borrowings. Total
outside liabilities to adjusted networth (TOLANW) ratio was high at
8.19 times as on March 31, 2018. Debt protection metrics were weak:
interest coverage and net cash accrual to adjusted debt ratios were
1.7 times and 0.13 time, respectively, in fiscal 2018.

* Intense competition in the bus body building industry: Since
industry is dominated by large players such as Tata Motors, Swaraj
Mazda and Eicher, small players often have low bargaining power
resulting in low operating margin. JCBL, small player in industry,
manufactures bodies for school buses, staff buses, luxury coaches
and special applications vehicles and has limited geographic
presence (in North India, with a plant near Chandigarh, Punjab)
which restricts the company's growth potential and profitability.

Strength

* Established market position: JCBL began operations as a bus body
builder for Swaraj Mazda, which was its only client for many years.
Having developed sufficient expertise, JCBL acquired new customers
including Tata Motors, Eicher, Volvo, Ashok Leyland and various
state road undertakings. Longstanding experience and strong
relationships with original equipment manufacturers will continue
to help JCBL maintain its market position over the medium term.

Liquidity
Liquidity remains weak, marked by high bank limit utilisation of
98% over the 12 months through January 2019. However, cash accrual
of INR8.7-10.9 crore expected in fiscals 2019 and 2020, should
comfortably cover maturing debt'of INR5.0-5.7 crore. The absence of
capex plans should also support liquidity over the medium term.

Outlook: Stable

CRISIL believes JCBL will continue to benefit over the medium term
from its established market position in the intensely competitive
bus manufacturing segment. The outlook may be revised to 'Positive'
if liquidity improves substantially, because of equity infusion,
efficient working capital management, or higher revenue and cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low profitability and cash accrual, or significant deterioration in
working capital management weakens key credit metrics.

Incorporated in 1989, JCBL is promoted by Mr Rajinder Aggarwal. The
Chandigarh-based company manufactures bus bodies for luxury coaches
and special vehicles such as ambulances, mobile automated teller
machines (ATMs), bullet-proof vans (for politicians), political
campaign vehicles, and hospitals-on-wheels. It also manufactures
transport containers.


JET AIRWAYS: Cash Crunch Grounds Two-Third of Jet's Fleet
---------------------------------------------------------
Debjit Chakraborty at Bloomberg News reports that Jet Airways India
Ltd., once India's second-biggest airline, is flying just about a
third of its fleet because its inability to pay lessors is
grounding aircraft. The number may drop further, the nation's
airline regulator said.

The company has 41 planes available, Bloomberg discloses citing a
statement released by the Directorate General of Civil Aviation
after it reviewed Jet Air's performance in New Delhi on March 19.
The beleaguered airline, which has a fleet of 119 as per its
website, has been forced to ground planes as it awaits
restructuring of its debt, Bloomberg says.

According to Bloomberg, the regulator's review comes on a day the
company missed a bond payment, and saw a flurry of speculation
about its fate. Reports included India's government asking banks to
bailout the company, to Etihad Airways PJSC, which owns 24 percent
in the Indian carrier, offering to sell its stake to lenders at
INR150 rupees, Bloomberg says. Jet Airways, which needs INR85
billion ($1.2 billion) to help it recover, is seeking a revival
with banks becoming the biggest shareholders of the company, it
said last month, Bloomberg notes.

Bloomberg says collapse of the airline could put about 23,000 jobs
at stake and dent Prime Minister Narendra Modi's image ahead of his
re-election bid. Mumbai-based Jet Airways' collapse will also
damage his business-friendly image and will push up airfares,
Bloomberg states.

Jet missed a bond interest payment due on March 19, "owing to
temporary liquidity constraints," the company said in an exchange
filing on March 18, Bloomberg discloses.

"It is a dynamic situation and there may be further attrition in
coming weeks," the regulator, as cited by Bloomberg, said of the
company's fleet. "DGCA is continuously monitoring overall situation
and based on the same, will take appropriate steps by the end of
the month, if needed."

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries. As of November 22, 2018, the company had a
fleet of 124 aircraft, comprising Boeing 777-300 ERs, Airbus
A330-200/300, the latest Boeing 737 Max 8, Next Generation Boeing
737s, and ATR 72-500/600s.

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


JET AIRWAYS: India Asked Banks to Save Carrier, Avoid Bankruptcy
----------------------------------------------------------------
India's government has asked state-run banks to rescue privately
held Jet Airways without pushing it into bankruptcy, as Prime
Minister Narendra Modi seeks to avert thousands of job losses weeks
before a general election, two people within the administration
told Reuters.

Reuters relates that the people said the finance ministry has in
the past year sought regular updates from the banks, led by State
Bank of India (SBI), on Jet's financial health. In recent months,
the banks have provided weekly updates about a revival plan and
also sought government advice, the people added.

"Top officials at the finance ministry seek regular updates on the
issue," Reuters quotes an official at one of Jet's lenders, who did
not want to be identified as discussions are private, as saying.

Details of the discussion between the finance ministry and bankers
on bailing out Jet have not been previously reported, Reuters
notes.

According to Reuters, New Delhi has urged state-run banks to
convert debt into equity and take a stake in Jet in a rare move in
India to use taxpayer money to save a struggling private-sector
company from bankruptcy. The two people plus one more source,
however, said this would be "transitory" and lenders could sell the
stakes once Jet revives, Reuters relates.

The government has also nudged its 49 percent-owned National
Investment and Infrastructure Fund (NIIF) - created to invest in
stalled and new infrastructure projects - to buy a stake in Jet, a
separate government source said, Reuters relays.

Saddled with more than 1 billion dollars of debt, Jet is struggling
to stay aloft. It has delayed payments to banks, suppliers,
employees and aircraft lessors - some of which have begun
terminating lease deals.

The world's biggest democracy is gearing up for an election next
month and its booming aviation sector, which employs close to a
million people, has been one of the job-creation success stories
that Modi can point to as he seeks a second term.

It is crucial for India that Jet revives as the fall of its
second-largest airline could have "disastrous consequences for the
investment climate" in the sector, a top government official told
Reuters.

The official is concerned that if Jet collapses it could drive up
airfare in a fast-growing market, wiping out efforts to bring
low-cost air travel to India's hinterland, Reuters says.

Reuters says a chaotic end could also make it more difficult for
the government to sell a stake in Air India, at least in the short
run. Last year, it failed to sell part of its stake in the indebted
carrier which currently relies on taxpayer money.

If the government's plan for Jet succeeds, then state-run banks
including SBI and Punjab National Bank (PNB) as well as NIIF would
together own at least a third of the airline until they find a new
buyer, Reuters states.

Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder
with a 24 percent stake.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries. As of November 22, 2018, the company had a
fleet of 124 aircraft, comprising Boeing 777-300 ERs, Airbus
A330-200/300, the latest Boeing 737 Max 8, Next Generation Boeing
737s, and ATR 72-500/600s.

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


JSR INFRA: CRISIL Withdraws 'B' Rating on INR50cr Loans
-------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings on the bank facilities of JSR
Infra Developers Private Limited (JSR) to 'CRISIL B/Stable/CRISIL
A4; issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       6        CRISIL A4 (Migrated from
                                 'CRISIL A4 ISSUER NOT
                                 COOPERATING'; Rating withdrawn)

   Cash Credit         37        CRISIL B/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING'; Rating withdrawn)

   Proposed Long       11        CRISIL B/Stable (Migrated from
   Term Bank Loan                'CRISIL B/Stable ISSUER NOT
   Facility                      COOPERATING'; Rating withdrawn)

CRISIL has withdrawn its ratings on bank facilities of JSR
following a request from the company and on receipt of 'no
objection certificate' from the bankers. Consequently, CRISIL is
migrating the ratings on bank facilities of JSR from 'CRISIL
B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4' while withdrawing the ratings. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

Established in 2009 as a partnership firm by Mr J Sekar and Ms
Jayasree, and reconstituted as a private limited company in 2015,
JSR undertakes civil construction works, primarily of roads, in
Tamil Nadu.

KARNIZ PACKS: CRISIL Lowers Ratings on INR10.64cr Loans to D
------------------------------------------------------------
CRISIL has downgraded its ratings to the long-term bank facilities
of Karniz Packs LLP (KPL) to 'CRISIL D' from 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         3.9       CRISIL D (Downgraded from
                                 'CRISIL B/Stable')

   Term Loan           6.74      CRISIL D (Downgraded from
                                 'CRISIL B/Stable')

The downgrade reflects delays by the firm in servicing its debt
obligations on account of stretch in receivables collection.

The ratings continue to reflect KPL's nascent stage of operations
and its working capital intensive nature of operation. These rating
weaknesses are partially offset by the promoter's extensive
experience in the industry and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations: Firm commenced operations in April
2018 and its business risk profile is constrained due to nascent
stage of operations.

* Working capital intensive operations: KPL's operations are
working capital intensive with GCA days of 150 days expected over
the medium term. This is due to high receivables and inventory
holding period.

Strength:
* Extensive industry experience of promoters: Promoters have over a
decade of experience in the industry and have well-established
relationships with suppliers and customers, which is expected to
help KPL's business profile over medium term. There has also been
funding support from promoters in the form of unsecured loans.

Liquidity

The firm has weak liquidity as reflected in delays in servicing
debt obligation because of working capital intensive operation.
With below-average financial risk profile, the liquidity is
expected to remain weak

Established in 2018, Kerala-based KPL is engaged in manufacturing
and printing of monocartons used in packaging industry. The company
has its facility in Ernakulam region of Kerala.


KEEN AND CORE: CRISIL Assigns 'C' Rating to INR6cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Keen and Core Developers (KCD). The rating on the
long-term facility reflects a recent instance of delay by KCD in
servicing a construction equipment loan (not rated by CRISIL). The
delay was caused by stretched liquidity.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       5        CRISIL A4 (Assigned)
   Cash Credit          6        CRISIL C (Assigned)

The firm's operations remain modest in scale, and working capital
intensive. These rating weaknesses are partially offset by the
extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing unrated facility: There has been a delay by
KCD in servicing a vehicle loan (not rated by CRISIL). The delay
was due to stretched liquidity.

* Modest scale and working capital intensity in operations:
Operations remain modest in scale and working capital intensive.
Revenue was INR32.50 crore in fiscal 2018. Gross current assets
were a sizeable 207 days (receivables were of 95 days) keeping
liquidity under pressure.

Strength

* Extensive experience of the proprietor: Benefits from the
proprietor, Mr Satyabeer Singh's experience of more than two
decades in the civil construction industry, should continue to
support KCD's business risk profile.

Liquidity
Liquidity is stretched, with bank limit remaining overdrawn at 101%
on average in the six months through December 2018. Realisation of
receivables continues to be delayed, adding to the pressure on
working capital. Current ratio, however, was adequate at 1.57 times
as on
March 31, 2018.


KC is proprietorship of Mr Satyabeer Singh registered in June 2008.
The firm is engaged in civil, building and road construction work.
Operations are concentrated in Uttar Pradesh and Madhya Pradesh.


MAPLE RENEWABLE: Ind-Ra Lowers Term Loan Rating to 'BB'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Maple Renewable Power Private Limited's (MRPPL) debt facilities to
'IND BB' with a Negative Outlook from 'IND BBB+' as follows:

-- INR850 mil. Rupee term loan due on December 2025 downgraded
     with IND BB/Negative rating.

KEY RATING DRIVERS

The downgrade reflects MRPPL's strained liquidity due to the
depletion of its debt service reserve (DSR) which was used for
purposes other than debt service. The company maintained a DSR of
INR24.2 million until February 2019. The sponsor i.e., Leap Green
Energy Private Limited's plan to raise capital to build new assets
and refinance the existing loans both at the project and holding
company levels has been delayed beyond the envisaged time,
resulting in tight liquidity at the sponsor level. Therefore, the
replenishment of DSR from the sponsor would be a challenging task.
Furthermore, the probability of timely injection of funds by the
sponsor for debt service (to comply with the sponsor undertakings)
is grim.

The Negative Outlook reflects MRPPL's increased dependence on
timely project cash flows to meet debt servicing for the short term
and the lack of clarity on the current receivable position and
generation levels.

The rating is constrained by the regulatory risk associated with a
group captive business, as any changes in Electricity Rules, 2005
notified by the Ministry of Power and/or the regulations notified
by Tamil Nadu Electricity Regulatory Commission from time to time
may directly impact the project cash flows.

The rating, however, is supported by the presence of a medium-term
power purchase agreement for the entire capacity with captive
consumers, where power is directly sold to industries or commercial
entities and tariff will track the state's industrial tariff. The
rating also factors in MRPPL's plant load factor being consistent
with the historical output levels till 1HFY19. Also, the presence
of diversified off-takers for the group captive business partly
reduces the receivable risk to a certain extent.

RATING SENSITIVITIES

Negative: An increase in operating expenses beyond Ind-Ra's base
case and a weak plant load factor resulting in debt service
coverage ratios lower than Ind-Ra's base case and non-replenishment
of DSR for a sustained period could lead to a negative rating
action.

Positive: Creation and maintenance of DSR for a sustained period,
sustained plant generation in line with Ind-Ra's base case and debt
service coverage ratios higher than Ind-Ra's base case estimates
could result in a positive rating action.

COMPANY PROFILE

MRPPL owns and operates a combined wind power capacity of 61.50MW
across Tamil Nadu. MRPPL recorded a total income of INR328.8
million in 1HFY19 with EBITDA of INR207.31 million and a cash
balance of INR3.5 million.


MDA MINERAL: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated MDA Mineral Dhatu
(AP) 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 the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR50 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in May 2010, MDA Mineral Dhatu (AP) has a 6MVA (5MW)
ferro-alloy electric furnace unit in Vizianagaram, Andhra Pradesh.
It manufactures high-carbon ferro manganese, ferro silicon, and
silicon manganese.


MINERVA EXECUTIVE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Minerva Executive Apartments Private Limited

        Registered office:
        Plot no. 258, Road no. 18, Jubilee Hills
        Hyderabad 500033 (Telangana Site)

        Site address:
        Service Apartments at Plot No. 13, Sy. No. 75
        Sadaramangala Village, K.R.Puram, Hobel
        Bangalore East Taluk (Now under Mahadevpur
        City Council KIADB layout), Whitefield
        Bangalore

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Kasa Venkata Ramanaiah

Interim Resolution
Professional:            Kasa Venkata Ramanaiah
                         Flat No. 510, Raja’s Courtyard
                         Near ICBM College, Upperpally
                         Hyderabad 500048
                         E-mail: ramanaiahkasa@gmail.com

Last date for
submission of claims:    March 25, 2019


NAMASTE EXPORTS: CRISIL Hikes Rating on INR7.5cr Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Namaste Exports Limited (NEL) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' while reaffirming its 'CRISIL A4' rating on the short
term bank facility.

                       Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Export Packing       7.5       CRISIL B-/Stable (Downgraded
   Credit                         from 'CRISIL B/Stable')

   Foreign Bill         4.0       CRISIL B-/Stable (Downgraded
   Discounting                    from 'CRISIL B/Stable')

   Letter of Credit     1.5       CRISIL A4 (Reaffirmed)

The Rating downgrade reflects pressure on company's business and
financial risk profile, as reflected in EBITDA loss of INR4.44
Crore in fiscal 2018 leading to negative cash accruals and weak
debt protection metrics, as reflected in interest coverage of -4.29
times. The company continued to face low demand for leather
products in the international market, which had resulted in a
decline in price realizations. This along with lower absorption in
fixed costs, continued to result in operating losses, even for
fiscal 2018. Further, the liquidity is expected to remain under
pressure on the back of continued losses.

The Rating continues to reflect small scale of operations in highly
fragmented industry for leather garments export and susceptibility
of margins to adverse movement in forex rates. These weaknesses are
mitigated by promoters' extensive experience in this line of
business.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations in highly fragmented industry for
leather garments export: NEL has small scale of operations, as
reflected in its revenues of around Rs.32 crore in fiscal 2018. The
overseas market is highly competitive in nature due to competition
from other players across the globe as well as from domestic
players.

* Susceptibility of margins to adverse movement in foreign exchange
(forex) rates: About 95% of the company's sales are from exports.
The company hedges 50% of its export receivables through forward
contracts, while the balance remains uncovered exposing the company
to forex fluctuation risk.

Strengths:
* Promoters' extensive experience in leather industry: The
promoters have been in this line of business from over 3 decades
and has built a long standing relationships with several
customers.

Liquidity
Liquidity is weak, as reflected by negative cash accrual of INR4.44
Crore in fiscal 18 and the position is not expected to improve as
the company is expected to make EBITDA losses in fiscal 19. Bank
limit of INR7.5 Crore was utilised at an average of 87% over the 12
months through December 2018.

Outlook: Stable

CRISIL believes that NEL's business profile will be constrained
over the medium term on account of subdued demand in the leather
industry. The outlook may be revised to 'Positive' if NEL scales up
its operations most likely on the back of ramp up of revenue from
new products, along with an improvement in its operating margin.
Conversely, the outlook may be revised to 'Negative' if the
company's operating margin continues to remain weak thus weakening
its liquidity and financial profiles.

Established in 1988 by Mrs. Madhura Bhat, NEL is engaged in
manufacture and exports of leather garments. About 95% of total
turnover is from exports to countries including Italy, Spain,
France, US, Canada. The company sells its products to famous
fashion brands including Bugatti, Spengler, Milestone, and Tommy
Hilfiger.


NATIONAL EXPORT: CRISIL Hikes Rating on INR12cr Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
National Export Industries (NEI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed the short-term rating at 'CRISIL A4'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          .01       CRISIL A4 (Reaffirmed)

   Cash Credit           12          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     1.35       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

Rating upgrade reflects improvement in business risk profile on
account of expected increase in scale of operations and profit
margin for fiscal 2019. In fiscal 2019, revenue is expected to
increase to around 40 crore, from INR33.5 crore in fiscal 2018,
operations expected to turn profitable as compared with operating
loss of INR1.47 crore in fiscal 2018). Working capital requirement
has also reduced, yet remains high, as reflected in gross current
assets of 131 days as on March 31, 2018, as compared with 203 days
a year earlier.

The ratings continue to reflect NEI's modest scale of operations
and adverse regulatory issues associated with edible oil
manufacturing industry. These weaknesses are partially offset by
extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in edible oil
manufacturing industry, in which unorganized players contribute to
over 50% of the industry has constrained the scale of operations,
as indicated by revenue of INR33.5 crore in fiscal 2018, expected
to increase, yet remain modest over the medium term.

* Adverse regulatory issues: The firm had incurred operating loss
in fiscal 2018 on account of high MSP (minimum support price)
imposed by the Government of Gujarat on groundnut and castor, to
safeguard the interests of farmers which had made sourcing of raw
materials challenging for players like NEI at reasonable prices.
While the firm's operations are expected to turn profitable in
fiscal 2019 due to availability of groundnut, the business
performance remains susceptible to government regulations.

Strengths

* Extensive experience of partners: The three decade-long
experience of the partners in the edible oil manufacturing
industry, and their established relationships with suppliers and
customers, will continue to support the business risk profile.

Liquidity

* Low bank limit utilisation: The firm enjoys cash credit facility
of INR12 crore, utilized at INR3.62 crore as on Feb 2019.
Utilization averaged 56% in the past 12 months.

* Cash accruals, expected in the range of INR0.6-0.8 crore per year
over the medium term are low, yet sufficient in the absence of any
term debt repayment obligation.

* Current ratio was high at 1.85 times as on March 31, 2018.

Outlook: Stable

CRISIL believes NEI will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if higher-than-expected sales and profitability lead to
better cash accrual. The outlook may be revised to 'Negative' if in
case of a decline in profitability, which in turn could weaken the
financial risk profile.

NEI is a Rajkot, Gujarat based partnership firm involved in the
manufacturing and trading of ground nut oil and de-oiled cake
(DOC).


NEERG ENERGY: Fitch Affirms B+ Rating on $475MM Sr. Notes Due 2022
------------------------------------------------------------------
Fitch Ratings has affirmed Neerg Energy Ltd's USD475 million 6%
senior notes due 2022 at 'B+' with a Recovery Rating of 'RR4'. The
rating on the notes reflects the credit profile of a restricted
group of operating entities under ReNew Power Limited, a company
involved in renewable power generation in India.

Neerg Energy is a SPV held by a trust and its ownership is not
linked to ReNew Group. The SPV used the proceeds of the US dollar
notes to subscribe to masala bonds (offshore bonds denominated in
Indian rupee but settled in US dollars) issued by the entities in
the restricted group. The SPV does not undertake any business
activity other than investing in the masala bonds.

Key Rating Drivers

Recent Performance Meets Expectations: The restricted group's cash
flow generation has been in line with Fitch's expectation, driven
by improvement in its receivable position during the financial year
ended March 2018 (FY18) and strong plant loan factor (PLF) levels
due to a relatively good wind season in the first half of FY19.
However, Fitch expects the receivable position to deteriorate in
FY19 to over 125 days (FY18: 73 days) due to higher receivables due
from the state utilities of Maharashtra and Andhra Pradesh. Fitch
expects the average PLF of the restricted group to rise to 23% in
FY19 (FY18: 21%).

Stable Financial Profile: Fitch expects the restricted group's
financial profile to improve during FY19 because cash generation is
likely to increase and remain stable over the medium term. Fitch
expects the restricted group's net leverage (net adjusted debt/
operating EBITDAR) to fall to 4.9x in FY19 (FY18: 5.7x) and EBITDAR
net interest coverage ratio to rise to 1.7x (FY18: 1.5x). This will
be mainly supported by higher EBITDA from the improved PLFs and
cash accumulation at the restricted group.

Management plans to augment the restricted group's capacity from
FY20, which it will finance via cash flow from operations and
external debt, while keeping within the covenants of the US dollar
notes.  Fitch expects the additional capacity to increase EBITDA,
and the additional debt to keep the group's financial ratios at
levels similar to those expected for FY19.

Weak Counterparty Profile: The rating on the notes also reflects
the weak credit profile of the restricted group's key
counterparties - state-owned power distribution utilities - which
account for about 80% of the restricted group's offtake. The rest
of the offtake is sold directly to corporate customers,
diversifying the group's counterparties. The utilities in
Maharashtra and Andhra Pradesh, which offtake around 58% of
restricted group's capacity, have taken a longer time to pay than
utilities of the other states like Gujarat. State utilities have
not defaulted on their payments to the renewable sector to date,
despite payment delays.

Seasoned Portfolio, Diversified Operations: The restricted group's
portfolio of 511 MW is fairly stable - around 38% of capacity has
operated for more than five years and 100% of capacity for more
than two years. The assets of the restricted group are diversified
by type (wind: 78% of total capacity; solar: 22%) and location,
which mitigates risks from adverse climatic conditions. The wind
assets are spread across five Indian states; though wind patterns
across larger geographic areas tend to be correlated, they are
complemented by the solar power plants.

Price Certainty, Volume Risks: The restricted group's assets
benefit from long-term power purchase agreements (PPAs) for all its
wind and solar assets, with tenors of 10-25 years for state utility
contracts, and 7-10 years for direct sales. Although the long-term
PPAs provide protection from price risk, production volumes will
vary with wind and solar radiation patterns.

Ratings Linked to Restricted Group: Fitch's rating on the US dollar
notes reflects the credit strengths and weaknesses of the debt
structure and assets of the operating entities that form the
restricted group. The US dollar noteholders benefit from a first
charge over the masala bonds in addition to a charge over the bank
accounts and 100% of the shares of the SPV.  The masala bonds in
turn are secured by a first charge on all assets (excluding
accounts receivables) and cash flows of the operating entities in
the restricted group.

The indentures on US dollar notes and masala bonds restrict cash
outflows and debt incurrence. Dividend pay-outs are limited to 50%
of the aggregate amount of the combined net income  accrued on a
cumulative basis. The restricted group is constrained from making
restricted payments, except for certain carve outs, or incurring
additional debt, if they raise the restricted group's ratio of
gross debt/EBITDA to above 5.5x, aside from a working capital debt
facility of up to USD30 million. Any other prior-ranking debt at
the restricted group, which is not included in the calculation of
the gross debt/EBITDA covenant, is limited to 15% of total assets.


Forex Hedging, Some Refinancing Risk: The restricted group's
earnings are in rupees, but the notes are denominated in US
dollars, resulting in exposure to foreign-exchange risk. However,
the SPV has fully hedged its semi-annual coupon payments and
substantially hedged the principal of its US dollar notes. The
redemption premium on the masala bonds issued by the operating
entities in the restricted group, which is payable to the SPV,
provide an additional cushion. The US dollar notes face refinancing
risk as the cash balance at the restricted group is not likely to
be sufficient to repay the notes at maturity. However, this risk is
mitigated by ReNew Power's strong access to funding in banking and
capital markets.

Derivation Summary

ReNew RG II (US dollar notes: BB(EXP)), Azure Power Energy Ltd.
(APEL, US dollar notes: BB-) and Greeko Investment Company (GIL, US
dollar notes: BB-; standalone B+) are Neerg Energy's closest peers,
in Fitch's view.

ReNew RG II has higher proportion of more stable solar assets (56%
of total capacity with the rest from wind assets) than Neerg and
more expsoure to industrial and commercial customers, which account
for 25% of offtake. Fitch expects ReNew RG II to benefit from
higher initial EBITDAR net interest cover of 2x, helped by
covenanted interest income on initial advances to its parent, which
will push the ratio to around 2.5x by 2024. This together with
restrictions on any additional indebtedness (excluding working
capital debt), the proposal to maintain the interest service
reserve account and the amortisation of rupee borrowings (about 20%
of initial total borrowings post the US dollar note funding) over
the life of the bonds result in the US dollar notes of ReNew RG II
being rated two notches above those of Neerg.

APEL benefits from exposure to stable and predictable solar-based
power plants and a lower counterparty risk profile, with a third of
its capacity contracted to sovereign-backed counterparties. APEL
has a stronger net coverage ratio, which Fitch expects to be above
2.0x in FY20. These factors result in APEL's notes being rated one
notch higher than those of Neerg.

The 'BB-' rating on GIL's notes benefits from a guarantee from
parent Greenko Energy Holdings (GEH, BB-/Stable). GIL's standalone
credit quality of 'B+' reflects its moderately diversified
portfolio across fuel type (wind and hydro, which have generally
more volatile performance than solar) and location (spread across
five Indian states) with a shorter weighted-average operating
history of about three years than Neerg's portfolio. GIL has higher
average leverage, but a better coverage ratio than Neerg. Also, GIL
benefits from its management's plan to deleverage. These factors
lead to Fitch assessing GIL's standalone credit profile at same
level as that of Neerg.

In terms of global peers, China-based Concord New Energy Group
Limited (CNE, BB-/Negative) has 819MW of wind-based power capacity
from 20 projects in China. The assets are in areas with low
curtailment risk and benefit from a stable feed-in-tariff regime.
The counterparty risk is lower for CNE as it derives most of its
revenue from state-owned State Grid Corporation of China
(A+/Stable) and China's Renewable Energy Subsidy Fund, although CNE
faces some time lag in receiving subsidies. Fitch also expects
CNE's financial profile to be stronger than Neerg with FFO
fixed-charge coverage of  above 2.5x, compared with Neerg's less
than 2x. Hence, Neerg's US dollar notes are rated one notch lower
than CNE.

Key Assumptions

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

  -- PLF ranging from 18% to 30% for all assets, in line with
historical performance and Fitch's expectations of improvement
during FY19

  -- Plant-wise tariff in accordance with respective PPAs

  -- EBITDA margins of 86%-93% for all assets, in line with
historical performance

  -- Receivable days of around 125 days (FY18: 73 days)  

  -- New assets to be added to the restricted group in FY20 and
FY21, subject to covenants of the notes

  -- No dividend payout in the medium term

RATING SENSITIVITIES

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

  -- EBITDAR net-fixed charge coverage sustained above 2.0x. The
fixed charges includes the cost of forex hedging.

  -- Improvement in leverage, as measured by net-adjusted
debt/operating EBITDAR, to below 4.5x for a sustained period.

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

  -- EBITDAR net-fixed charge coverage not meeting Fitch's
expectation of above 1.5x over the medium term

  -- Significant, sustained deterioration of the restricted group's
receivable position

  -- Failure to adequately mitigate foreign-exchange risk

  -- Significant increase in refinancing risks, including on
account of a significant weakening of ReNew Power's credit profile

Liquidity and Debt Structure

Improved Liquidity: The US dollar notes that mature in February
2022 represent most of the borrowings of the restricted group,
which leads to minimal debt maturities in the medium term. Fitch
expects the management to deploy a mix of cash flows from
operations and additional debt to augment the restricted group's
capacity in the medium term, subject to covenants of the dollar
notes.

RATING ACTIONS

ENTITY/DEBT         RATING               RECOVERY    PRIOR

Neerg Energy Ltd
   
  senior unsecured  LT   B+  Affirmed    RR4         B+


PALLAVA GRANITE IND: CRISIL Reaffirms 'D' Ratings on INR40cr Loans
------------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Pallava
Granite Industries India Private Limited (PGIPL; part of the
Pallava Granite group) at 'CRISIL D/CRISIL D'

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting          6       CRISIL D (Reaffirmed)

   Export Packing Credit    18       CRISIL D (Reaffirmed)

   Letter of Credit          5       CRISIL D (Reaffirmed)

   Packing Credit            4       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        4.5     CRISIL D (Reaffirmed)

   Term Loan                 2.5     CRISIL D (Reaffirmed)

The rating reflects delays in repayment of bank debt. These delays
have been due to weak operating performance.

The ratings also reflects Pallava Granite group's
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the granite industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGIPL, Pallava Granite Industries
Chennai Private Limited (PGICPL), and Pallava RED Granite Pvt Ltd
(PGPL). This is because all these entities, collectively referred
to as the Pallava group, are in a similar line of business and
managed by the same promoter, and have significant operational
linkages.

Please refer Annexure - Details of Consolidation, which captures
the list of entities considered and their analytical treatment of
consolidation.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Operations are working
capital intensive as reflected by gross current asset days of over
500 days as on March 31, 2017. This was majorly on account of high
inventory and debtors.

Strength:

* Extensive experience of group's promoters in the granite
industry: Pallava group's promoter, Mr. Subba Reddy, has over three
decades of experience in the granite industry. The promoter also
operates owned quarries in Tamil Nadu and Andhra Pradesh, which
cater to the majority of the group's raw material requirements.

Liquidity
There has been significant stretch in the company's as well as the
group's liquidity that is also reflected in continued delays in
repayment of bank debt.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set up
in 1983 and PGIPL in 1989. The group is based in Chennai.


PALLAVA GRANITE: CRISIL Hikes Ratings on INR8cr Loans to D
----------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had downgraded its
ratings on the bank facilities of Pallava Granite Industries
Chennai Private Limited (PGICPL) to 'CRISIL C Issuer Not
Cooperating'. However, PGICPL's management has started sharing the
information necessary for a comprehensive review of the rating.
Consequently, CRISIL is downgrading the ratings to 'CRISIL D' from
'CRISIL C Issuer Not Cooperating'.

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

   Export Packing          4        CRISIL D (Downgraded from
   Credit                           'CRISIL C ISSUER NOT
                                    COOPERATING')

   Letter of Credit        1        CRISIL D (Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      2        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL C ISSUER NOT
                                    COOPERATING')

The downgrade reflects CRISIL's expectation that the rated
facilities may face irregularity going forward. The unrated
facilities of working capital demand loan (WCDL) continues to
remain irregular because of significant stretch in the company's as
well as the group's liquidity.

The ratings also reflect Pallava Granite group's
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the granite industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Pallava Granite Industries India Private
Limited (PGIPL), PGICPL, and Pallava RED Granite Pvt Ltd (PGPL).
This is because all these entities, collectively referred to as the
Pallava group, are in a similar line of business and managed by the
same promoter, and have significant operational linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital intensive operations: Operations are working
capital intensive as reflected by gross current asset days of over
500 days as on March 31, 2017. This was majorly on account of high
inventory and debtors.

Strength:

* Extensive experience of group's promoters in the granite
industry: Pallava group's promoter, Mr. Subba Reddy, has over three
decades of experience in the granite industry. The promoter also
operates owned quarries in Tamil Nadu and Andhra Pradesh, which
cater to the majority of the group's raw material requirements.

Liquidity

There has been significant stretch in the company's as well as the
group's liquidity that is also reflected in continued default on
its WCDL facility (not rated by CRISIL), making the default on the
rated facility appear imminent.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set up
in 1983 and PGIPL in 1989. The group is based in Chennai.


RAJHANS INFRATECH: CRISIL Assigns 'D' Rating to INR16cr Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facility of Rajhans Infratech Private Limited (RIPL)

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            16       CRISIL D (Assigned)

The rating reflects delays by RIPL in servicing debt.

RIPL's scale of operations remains modest, and its financial risk
profile average. These rating weaknesses are partially offset by
the promoters' extensive experience in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in debt servicing: RIPL's term loan of INR30.00 crore is
being serviced with delays of 25-30 days. The delays have been on
account of weak liquidity, caused by modest net cash accrual and
slowdown in customer advances.

Other credit weaknesses:

* Modest scale of operations in an intensely competitive industry:
Intense competition in the civil construction industry restricts
scalability. RIPL has not booked any revenue in the past two
years.

* Weak financial risk profile: Networth is low at a negative
INR9.28 crore as on March 31, 2018. The capital structure is
leveraged with gearing at a negative 7.28 times.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over three decades, and their healthy
relationships with suppliers and customers, should continue to
support the business.

Liquidity

Liquidity is stretched, resulting in delays in debt servicing.
There have been delays of 25-30 days in servicing the term loan.
Low net cash accrual and slowdown in customer advances constrain
liquidity, and will necessitate the continued support of the
promoters.

Incorporated in 1982, RIPL develops real estate in Noida, Uttar
Pradesh. Mr Ramesh Goel and Mrs Neelam Goel are the promoters.


RICHLINE FINANCE: Ind-Ra Withdraws B- on INR60MM Bank Loan
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Richline Finance Limited's (RFL) bank loan rating as follows:

-- The 'IND B-' rating on the INR60 mil. Bank loan* affirmed &
     withdrawn.

* Affirmed at 'IND B-'/Stable before being withdrawn

KEY RATING DRIVERS

The rating is constrained by RFL's small scale of operations,
indicated by a loan portfolio of INR23.7 million as of March 2018
(INR19.8 million in March 2017). The company provides financing
through the self-help group and joint liability group models. These
groups have 8-15 woman members. Moreover, RFL's operations are
concentrated in Tamil Nadu with only one branch in Namakkal. The
company does not have any funding facilities.

The rating, however, is supported by RFL's comfortable
capitalization for the current scale of operations. In FY18, it had
a net worth of INR23 million in FY18 (FY17: INR20 million) and an
equity-to-loan ratio of about 97.8% (101.0%).

Also, the company's asset quality is healthy, indicated by a gross
non-performing loan ratio of zero at 9MFYE19 (FY18: 0.0%; 1HFYE18:
0.81%).

Ind-Ra is no longer required to maintain the rating as the company
did not proceed with the instrument as envisaged.

COMPANY PROFILE

RFL is a non-banking finance company that commenced operations in
1991.


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

The instrument-wise rating action is:

-- INR3.30 mil. Long-term loans due on October 2021 migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR65 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR35 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2004, S.K. Translines offers multimodal (road and
rail) freight forwarding and logistics services throughout India.


SANTOSH KUMAR: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the
long-term bank facility of Santosh Kumar Rajesh Kumar (SKRK).

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

The rating continues to reflect SKRK's modest scale of operations,
exposure to intense competitive pressure, and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the proprietor.

Analytical Approach

Unsecured loan of INR1.17 Crs as on Mar 31, 2018 by promoters has
been treated as 75% equity and 25% debt as it has been supporting
business for three fiscals, is subordinated to bank debt and is
expected to remain in business over medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competitive pressure:
Intense competition may continue to restrict the scale of
operations and pricing power with suppliers and customers, thereby
constraining profitability; revenue was INR22.86 crore in fiscal
2018.

* Below-average financial risk profile: Networth was modest at
INR2.96 crore as on March 31, 2018, while total outside liabilities
to tangible networth (TOL/TNW) was high at 2.65 times. Interest
coverage and net cash accruals to adjusted debt ratios were weak at
1.40 times and 0.03 time, respectively, in fiscal 2018.

Strength

* Experience of proprietor: Benefits derived from the proprietor's
experience of about 40 years in trading in edible oils, his strong
understanding of market dynamics, and healthy relations with
customers and suppliers should continue to support the business.

Liquidity
Expected cash accrual of INR0.12 crore should be sufficient to
cover the term debt of INR0.10 crore in fiscal 2019. Bank limit
utilisation was high at around 99.32% for the 12 months ended
December 31, 2018. Current ratio was healthy at 1.49 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes SKRK will continue to benefit over the medium term
from the experience of the proprietor. The outlook may be revised
to 'Positive' if a substantial increase in revenue and
profitability leads to sizeable cash accrual. Conversely, the
outlook may be revised to 'Negative', if a decline in revenue,
stretch in working capital cycle, or lower-than-expected cash
accrual weakens the liquidity.

SKRK was incorporated in 1978 by the proprietor, Mr Santosh
Agarwal. The Lucknow-based firm trades in edible oil.


SHREE VAISHNAV: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shree Vaishnav Casting Private Limited
        104, Shiv Ashish Complex
        Plot No. 10 19th Road
        Near Malhar Hotel, Chembur (East)
        Mumbai MH 400071 IN

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019

Insolvency professional: Bharat Ramakant Upadhyay

Interim Resolution
Professional:            Bharat Ramakant Upadhyay
                         507, 5th floor, C2 Wing
                         Skyline Wealth Space
                         Skyline Oasis Complex, Premier Road
                         Near Vidyavihar Station
                         Ghatkopar-West
                         Mumbai 400086
                         E-mail: brupadhyay@hotmail.com
                                 brupadhyay.irp@gmail.com

Last date for
submission of claims:    March 25, 2019


SRI NOMULA: CRISIL Reaffirms 'B' Rating on INR7cr Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Sri Nomula Brothers (SNB) at 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          7        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its modest scale of operations in a
highly fragmented industry and vulnerability to changes in
government policies. Rating also factors in weak financial risk
profile because of modest net worth, high TOL/ANW and modest
interest coverage ratio. These rating weaknesses are partially
offset by the extensive experience of its promoter in the cotton
trading and ginning industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in fragmented industry: The cotton
ginning and trading industry is largely unorganized with various
players having small capacity. This has led to a highly fragmented
industry structure with intense competition among the players.
Further, modest scale of operations as reflected in modest revenues
of Rs.52.8 cr in Fiscal 2018 in fragmented industry has led to
limited pricing and bargaining power with the firm.

* Susceptibility to unfavourable government policies: The
Government of India (GoI) fixes a Minimum Support Price (MSP) for
every crop year. This helps the cotton farmers sell their produce
at the MSP and avoid distress sales. Further, government's
restriction and limits on exports also affect the cotton and yarn
price. Any abrupt changes in regulations can lead to distortion of
market prices and affect the profitability of various players in
the cotton value chain, including SNB.

* Weak Financial risk profile: Financial risk profile is marked by
modest net worth, high TOL/ANW and modest interest coverage ratio.
Interest coverage and net cash accruals to total debt (NCATD)
ratios were at around at 1.49 times and 1 per cent, for Fiscal
2018. The debt protection metrics are expected to remain modest
over the medium term on account of high dependence on bank
borrowings for working capital and small accretions.

Furthermore TOL/ANW ratio was high at around 6.9 times as on March
31 2018 which is expected to remain so over the medium term.

Strength:

* Extensive experience of the promoters: The company was promoted
by Mr. Subba Rao, who has experience of three decades in the cotton
ginning and trading business. With his extensive experience and
customer contacts gained over this period, he has been able to ramp
up operations in SNB over the year. He has built healthy
relationship with farmers and agents and has been instrumental in
the steady growth of the firm since inception.

CRISIL believes that SNB would continue to benefit from the
extensive experience of its promoter.

Liquidity
SNB has weak liquidity marked by marginal cash and cash equivalents
of Rs.6 lacs as on March 31, 2018 and tightly matched accruals to
term debt obligations of Rs.0.1 cr over FY19 as well as FY20. The
firm has access to fund based limits of Rs.8.8 cr, which are almost
fully utilized over the 12 months ended December 31, 2018. The
liquidity risk is mitigated by funding support from promoters in
the form of unsecured loans which stood at Rs.0.9 cr as on March
31, 2018.

Outlook: Stable

CRISIL believes that SNB will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company's revenues and profitability
increase substantially leading to an improvement in its financial
risk profile or in case of significant infusion of capital
resulting in an improvement in SNB's capital structure. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
aggressive, debt-funded expansions, or if its revenues and
profitability decline substantially leading to deterioration in its
financial risk profile.

Established in 2008, SNB is engaged in ginning and trading of raw
cotton and cotton lints respectively. The firm is promoted by
Mr.Subba Rao who is currently managing the day-to-day operations.
The firm is based out of Guntur.


SRI RAGHAVENDRA: CRISIL Assigns 'D' Ratings to INR5cr Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sri Raghavendra Poultry Farm (SRHPF; a part of the
Sri Poultry group).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         .2        CRISIL D (Assigned)
   Term Loan          4.8        CRISIL D (Assigned)

The rating reflects delays in the payment of principal on the solar
term loan due to stretched liquidity, driven by elongated
receivables, along with modest scale of operations, and a weak
financial risk profile. However, these weaknesses are partially
offset of the experience of the partners.

Analytical Approach

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of SRHPF and Sri Rajalakshmi Poultry
Farm (SRPF). That is because these two firms, together referred to
as the Sri Poultry group, have similar nature of operations,
operational & financial fungibility, and a common management.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: Stretched liquidity led to delays of
20-25 days in principal repayment on the term loan availed of for
the solar plant. Liquidity has been weak owing to delays in receipt
of payment from Bengaluru Electricity Supply Co Ltd (BESCOM) for
the power supply undertaken.

* Modest scale of operations: The poultry industry is driven by
regional demand and supply factors due to transportation
constraints and perishable nature of the product. Further, intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was modest at INR7.33 crore in fiscal
2018.

Furthermore the cash accruals generated from the poultry business
are insufficient to meet repayment obligations for the solar term
loan and hence timely receipt from BESCOM is highly critical to
meet its term loan obligations.

* Weak financial risk profile: Financial risk profile should remain
restricted over the medium term. Total outside liabilities to
adjusted networth ratio was high at 6.97 times as on March 31,
2018, due to modest networth of INR1.83 crore and significant term
debt undertaken to fund the solar plant. Net cash accrual to
adjusted debt ratio was also below average at 0.06 time in fiscal
2018

Strength

* Experience of the partners: Benefits from the partners'
experience of over 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 likely to remain weak over the medium term. Delays in
receipt of payments from BESCOM led to deferrals in debt repayment
by the Sri Poultry group. Further, cash flow may also remain modest
due to the small scale of operations.

                          About the Group

The Sri Poultry group was set up by Mr B H Thippeswamy and family
in Kodihally (Karnataka).

SRPF is engaged in poultry farming with capacity of 60,000 birds;
it also operates a 1 megawatt (MW) solar roof top plant and has a
25-year power-purchase agreement (PPA) with BESCOM.

SRHPF is engaged in poultry farming with capacity of 75,000 birds;
it also operates a 1 MW solar roof top plant and has a 25-year PPA
with BESCOM.


STERLING VEHICLES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sterling Vehicles & General Sales Private Limited
        6-A, Tata Apartment
        23, Prithvi Raj Road
        New Delhi 110001

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, New Delhi Principal Bench

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

Insolvency professional: Sunil Prakash Sharma

Interim Resolution
Professional:            Sunil Prakash Sharma
                         Lower Ground Floor, E-25
                         Lajpat Nagar-3
                         New Delhi 24
                         E-mail: adv.sunilprakash@gmail.com

                            - and -

                         Lower Ground Floor, J-12
                         Jangpura Extension
                         New Delhi 14
                         E-mail: irpsunil.sterlingvehicles@
                                 gmail.com

Last date for
submission of claims:    March 23, 2019


SUDARSHAN ELECTRICAL: CRISIL Lowers Ratings on INR20cr Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sudarshan Electrical Engg. Works (SEEW) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       14       CRISIL D (Downgraded from
                                 'CRISIL A4')

   Cash Credit           6       CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

The downgrade reflects instances of delay in interest servicing in
the cash credit facility for a period more than 30 days, on back of
elongated receivables from the firm's customers.

The ratings also factor in modest scale of operation geographical
concentration, and working capital intensity in operations. These
rating weaknesses are partially offset by the proprietor's
extensive experience in the electrical contracting business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale and geographic concentration in operations: Modest
scale, reflected in net sales of INR29.92 crore in fiscal 2018,
restricts bargaining power with customers and suppliers in the
intensely competitive electrical contracting business. Geographical
concentration risk also persists, with operations focused largely
in Maharashtra.

* Large working capital requirement: Operations continue to be
working capital intensive, with gross current assets of 459 days as
on March 31, 2018, and receivables of 278 days.

Strength
* Proprietor's extensive experience: Benefits from the proprietor,
Mr. Ram S Patil's experience of over three decades in electrical
contracting, and healthy relationships with suppliers and
customers, should continue to support the business.

Liquidity

The firm has weak liquidity as reflected in instances of delay in
interest servicing and thereby irregularities in the cash credit
facility for a period more than 30 days, on back of stretched
receivables. The liquidity is expected to remain weak with the
receivables period expected to remain elongated.

Started in 1988, by Mr Patil, SEEW is a proprietorship firm. SEEW
undertakes tenders for laying electrical cable and electrification,
instrumentation projects, and electrical contracting job. The firm
mainly caters to Maharashtra State Electricity Distribution Co. Ltd
(MSEDCL).


THERMO PRODUCTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Thermo Products Private Ltd.
        Plot No. 5, Gat No. 906
        Sanaswadi, Tal. Shirur
        Pune 412208

Insolvency Commencement Date: March 14, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: October 14, 2019

Insolvency professional: Mr. Anil Seetaram Vaidya

Interim Resolution
Professional:            Mr. Anil Seetaram Vaidya
                         Plot No. 107, Survey no. 62/65
                         Mahatma Society, Bhusari Colony, Kothrud
                         Pune 411038
                         E-mail: anilvaidya38@gmail.com

                            - and -

                         Mitcon Consultancy and Engineering
                         Services Ltd
                         1st Floor, Kubera Chambers, Shivaji Nagar
                         Pune 411005
                         E-mail: anilvaidya38@gmail.com

Last date for
submission of claims:    March 28, 2019


UP KORAUN: Ind-Ra Lowers Term Loan Rating to BB-
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded UP Koraun Urja
Private Limited's (UPKUPL) rupee term loan rating to 'IND BB-' from
'IND BBB-' while placing it on Rating Watch Negative (RWN). The
agency has simultaneously migrated the rating to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. 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)/RWN' on
the agency's website.

The instrument-wise rating action is:

-- INR1.69 bil. Rupee term loan due on December 31, 2035
     downgraded; Placed on RWN; Migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) / RWN rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects uncertainty over UPKUPL's debt servicing
capability and a reduction in the financial flexibility of the
Essel Group.

In Ind-Ra's opinion, the delay of about a year in project
commissioning has heightened the risk of a substantial reduction in
the applicable tariff for the project. As per the power purchase
agreement signed with Solar Energy Corporation of India, any delay
in project commissioning beyond three months would lead to a
reduction in a tariff of INR0.05/kWh per day. The resultant tariff
could be significantly lower than the power purchase agreement
tariff of INR4.43/kWh and could, thus, significantly reduce cash
flow generation and push debt service coverage ratios sustainably
below 1.0x. UPKUPL believes that it will be awarded an extension of
scheduled commercial operation date and, hence, the reduction in
tariff would not be so significant. There is uncertainty over
whether the scheduled commercial operation date would be extended
and its resultant impact on the tariff.

The downgrade factors in the reduction in the financial flexibility
of UPKUPL's sponsor Essel Infraprojects Limited and promoter Essel
Green Energy Private Limited (EGEPL), which are both parts of the
Essel Group. The sub-1.0x coverage ratio necessitates support from
Essel Infraprojects, which is currently facing liquidity issues on
account of an increase in support of many group-level projects.
Ind-Ra is unable to ascertain the current status of the debt
service reserve account.

Also, UPKUPL has signed a five-year operations and maintenance
contract with EGEPL. The weakening credit profile of EGEPL renders
the project vulnerable to operations and maintenance risks, which
can impede future generation levels. The absence of clarity on
operational track record to demonstrate plant performance, grid
availability and receivable days constrain the rating.

The RWN reflects the absence of clarity on the applicable tariff
and the ongoing issues at the Essel Group (the ultimate promoter
group of EGEPL and Essel Infraprojects).

The rating has been migrated to the non-cooperating category as
UPKUPL did not provide Ind-Ra information related to its business
and financial profiles, despite continuous requests and follow-ups
by the agency.

RATING SENSITIVITIES

The RWN indicates the rating will either be downgraded or affirmed.
Ind-Ra will continue to closely monitor the developments at the
Essel Group and their consequent impact on EGEPL and the solar
projects held by EGEPL, if any, and will undertake an appropriate
rating action on achieving clarity on the final applicable tariff
of the project.

COMPANY PROFILE

UPKUPL was formed by EGEPL for the development of a 40MW AC solar
power project in Koraon Tehsil, Prayagraj District, Uttar Pradesh.
EGEPL has been awarded a cumulative capacity of 160MW in Uttar
Pradesh for the development of solar power projects under Phase
–II Batch-III of the Jawaharlal Nehru National Solar Mission
through the viability gap funding model.


UP MEHRAUNI: Ind-Ra Lowers Term Loan Rating to BB-
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded UP Mehrauni II
Urja Private Limited's (UPMUPL) term loan rating to 'IND BB-' from
'IND BBB-' while maintaining it on Rating Watch Negative (RWN). The
agency has simultaneously migrated the rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. 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)/RWN' on the
agency's website.

The instrument-wise rating action is:

-- INR1.79 bil. Term loan due on December 31, 2035 downgraded;
     maintained on RWN; migrated to Non-Cooperating Category with
     IND BB- (ISSUER NOT COOPERATING) /RWN rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects uncertainty over UPMUPL's debt servicing
capability and a reduction in the financial flexibility of the
Essel Group.

In Ind-Ra's opinion, the delay of about a year in project
commissioning has heightened the risk of a substantial reduction in
the applicable tariff for the project. As per the power purchase
agreement signed with Solar Energy Corporation of India, any delay
in project commissioning beyond three months would lead to a
reduction in tariff of INR0.05/kWh per day. The resultant tariff
could be significantly lower than the power purchase agreement
tariff of INR4.43/kWh and could, thus, significantly reduce cash
flow generation and push debt service coverage ratios sustainably
below 1.0x. UPMUPL believes that it will be awarded an extension of
scheduled commercial operation date and, hence, the reduction in
tariff would not be so significant. There is uncertainty over
whether the scheduled commercial operation date would be extended
and its resultant impact on the tariff.

The downgrade factors in the reduction in the financial flexibility
of UPMUPL's sponsor Essel Infraprojects Limited and promoter Essel
Green Energy Private Limited (EGEPL), which are both part of the
Essel Group. The sub-1.0x coverage ratio necessitates support from
Essel Infraprojects, which is currently facing liquidity issues on
account of an increase in support to many group-level projects.
Ind-Ra is unable to ascertain the current status of the debt
service reserve account.

Also, UPMUPL has signed a five-year operations and maintenance
contract with EGEPL. The weakening credit profile of EGEPL renders
the project vulnerable to operations and maintenance risks, which
can impede future generation levels. The absence of clarity on
operational track record to demonstrate plant performance, grid
availability and receivable days constrains the rating.

The RWN reflects the absence of clarity on the applicable tariff
and the ongoing issues at the Essel Group (the ultimate promoter
group of EGEPL and Essel Infraprojects).

The rating has been migrated to the non-cooperating category as
UPMUPL did not provide Ind-Ra information related to its business
and financial profiles, despite continuous requests and follow-ups
by the agency.

RATING SENSITIVITIES

The RWN indicates that the rating will either be downgraded or
affirmed. Ind-Ra will continue to closely monitor the developments
at the Essel Group and their consequent impact on EGEPL and the
solar projects held by EGEPL, if any, and will undertake an
appropriate rating action on achieving clarity on the final
applicable tariff of the project.

COMPANY PROFILE

UPMUPL was formed by EGEPL for the development of a 40MW
alternating current grid-connected solar power project in the
Prayagraj district, Uttar Pradesh. EGEPL has been awarded a
cumulative capacity of 160MW in Uttar Pradesh for the development
of solar power projects under Phase –II Batch-III of the
Jawaharlal Nehru National Solar Mission through the viability gap
funding mode.

UP SARILA: Ind-Ra Lowers Term Loan Rating to BB-
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded UP Sarila Urja
Private Limited's (UPSUPL) project term loan rating to 'IND BB-'
from 'IND BBB-' while maintaining it on Rating Watch Negative
(RWN). The agency has simultaneously migrated the rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. 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)/RWN' on the
agency's website.

The instrument-wise rating action is:

-- INR2.0 bil. Project term loan due on December 31, 2035
     downgraded; maintained on RWN; migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) /RWN rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects uncertainty over UPSUPL's debt servicing
capability and a reduction in the financial flexibility of the
Essel Group.

In Ind-Ra's opinion, the delay of about a year in project
commissioning has heightened the risk of a substantial reduction in
the applicable tariff for the project. As per the power purchase
agreement signed with Solar Energy Corporation of India, any delay
in project commissioning beyond three months would lead to a
reduction in tariff of INR0.05/kWh per day. The resultant tariff
could be significantly lower than the power purchase agreement
tariff of INR4.43/kWh and could, thus, significantly reduce cash
flow generation and push debt service coverage ratios sustainably
below 1.0x. UPSUPL believes that it will be awarded an extension of
scheduled commercial operation date and, hence, the reduction in
tariff would not be so significant. There is uncertainty over
whether the scheduled commercial operation date would be extended
and its resultant impact on the tariff.

The downgrade factors in the reduction in the financial flexibility
of UPSUPL's sponsor Essel Infraprojects Limited and promoter Essel
Green Energy Private Limited (EGEPL), which are both parts of the
Essel Group. The sub-1.0x coverage ratio necessitates support from
Essel Infraprojects, which is currently facing liquidity issues on
account of an increase in support of many group-level projects.
Ind-Ra is unable to ascertain the current status of the debt
service reserve account.

Also, UPSUPL has signed a five-year operations and maintenance
contract with EGEPL. The weakening credit profile of EGEPL renders
the project vulnerable to operations and maintenance risks, which
can impede future generation levels. The absence of clarity on
operational track record to demonstrate plant performance, grid
availability and receivable days constrain the rating.

The RWN reflects the absence of clarity on the applicable tariff
and the ongoing issues at the Essel Group (the ultimate promoter
group of EGEPL and Essel Infraprojects).

The rating has been migrated to the non-cooperating category as
UPSUPL did not provide Ind-Ra information related to its business
and financial profiles, despite continuous requests and follow-ups
by the agency.

RATING SENSITIVITIES

The RWN indicates that the rating will either be downgraded or
affirmed. Ind-Ra will continue to closely monitor the developments
at the Essel Group and their consequent impact on EGEPL and the
solar projects held by EGEPL, if any, and will undertake an
appropriate rating action on achieving clarity on the final
applicable tariff of the project.

COMPANY PROFILE

UPSUPL was formed by EGEPL for the development of a 40MW AC solar
power project in the Rijola village, Usawan Tehsil, Budaun District
of Uttar Pradesh. EGEPL has been awarded a cumulative capacity of
160MW in Uttar Pradesh for the development of solar power projects
under Phase – II Batch-III of the Jawaharlal Nehru National Solar
Mission through the viability gap funding mode.


VADALI INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vadali Infotech Private Limited
        Anuradha, Dr. D.G. Palkar Marg
        Borivali (West)
        Mumbai 400092

Insolvency Commencement Date: March 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 8, 2019

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel.: 022 66322870
                         E-mail: mkindia58@gmail.com
                                 nvsheth@mkindia.com

Last date for
submission of claims:    March 26, 2019


VAST INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vast Industries Pvt. Ltd.
        B-821, Pranik Chamber
        Saki Vihar Road, Sakinaka
        Andheri (East) Mumbai MH 400072 IN

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 9, 2019
                               (180 days from commencement)

Insolvency professional: Kashinath Ratnoba Palekar

Interim Resolution
Professional:            Kashinath Ratnoba Palekar
                         201, Amartaru 3
                         Opp Pinky Cinema
                         New Nagardas X Road, Andheri East
                         Mumbai 400069
                         E-mail: k.palekar1951@gmail.com
                                 kpirp01@gmail.com
                         Mobile: 9892570062

Last date for
submission of claims:    March 27, 2019


VIGHNESHWAR ISPAT: CRISIL Withdraws B Rating on INR5.5cr Loans
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Vighneshwar Ispat Private Limited (VIPL) 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         4.5       CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

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

CRISIL has been consistently following up with VIPL 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 VIPL. 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 VIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of VIPL to 'CRISIL
B/Stable Issuer not cooperating'.

VIPL, incorporated in October 2009, manufactures mild-steel ingots.
The company is promoted and managed by Mr. Hemant Tayal and Mr.
Akshit Tayal who are also the directors. Its facility is located in
Raipur (Chhattisgarh).


VIPUL-S PLASTOCRAFTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Vipul-S Plastocrafts Private Limited
        Orchid Villa, Plot No. 85
        Sector 25, Pentda Pradhikaran
        Nigdi Pune MH 411044

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 6, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Jovita Reema Mathias

Interim Resolution
Professional:            Ms. Jovita Reema Mathias
                         506, Inizio Building
                         Cardinal Gracious Road
                         Chakala, Andheri East
                         Mumbai 400059
                         E-mail: ip.reemajm@gmail.com
                                 ip.vipuls@gmail.com

Last date for
submission of claims:    March 28, 2019




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

LIPPO KARAWACI: Fitch Puts CCC+ IDRs on Watch Positive
------------------------------------------------------
Fitch Ratings has placed Indonesia-based property developer PT
Lippo Karawaci TBK's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) of 'CCC+' on Rating Watch Positive (RWP). At
the same time, Fitch Ratings Indonesia has placed Lippo's National
Long-Term Rating of 'BB-(idn)' on RWP.

The RWP follows the announcement on March 12, 2019 of a USD730
million rights issue that will be completed by end-June 2019 and an
asset-disposal plan of USD280 million to be completed in 2H19.
Fitch believes the new equity will provide Lippo with substantial
liquidity until at least end-2020, such that the company has the
financial capacity to execute its turnaround plan while meeting
interest costs and near-term debt maturities.

Lippo's ability to improve operating cash flow at the standalone
company level (that is, excluding key listed subsidiaries; PT
Siloam International Hospitals Tbk and PT Lippo Cikarang Tbk) in a
meaningful and sustained manner over the medium-term will depend on
its success in affordable housing and ability to drive high sales
volume, but carries some near-term execution risk.

Fitch will resolve the RWP when the rights issue is completed and
may upgrade Lippo's IDRs by up to one notch to 'B-' and the
National Long-Term Rating by up to two notches to 'BB+(idn)'. Lippo
has entered into a conditional sale and purchase agreement for Puri
Mall for net proceeds of USD200 million. The proceeds may cover an
additional year of liquidity up to end-2021, but the sale, by
itself, does not enhance the company's credit profile beyond
'B-'/'BB+(idn)'. Any further rating action will be dependent on
Lippo demonstrating its ability to revive property presales at the
standalone company in a meaningful and sustained manner.

KEY RATING DRIVERS

Funding, Land Bank Supports Turnaround: Fitch expects the
availability of a large liquidity buffer post the completion of the
rights issue, the renewed focus of Lippo's new management team and
the company's large land bank of 1,297 hectares (excluding the
Meikarta project, which is held under Lippo Cikarang) in attractive
locations to mitigate risks to the turnaround strategy. Lippo plans
to win back customer confidence and spur property presales by
fast-tracking completion of existing inventory in 2019, for which
it has earmarked to spend USD100 million, and will look to launch
new projects, with a focus on high-rise high-density affordable
housing products, from 2020.

Higher Operating Cash Flow: Lippo is expecting higher dividend
income from subsidiaries from 2021 and lower interest costs
following debt repayments to halve its cash flow from operation
(CFFO) deficit at the standalone company to around IDR1 trillion.
Reducing the remainder of the deficit hinges on the success of its
affordable housing projects, for which there is healthy demand in
general, although the ability to regain customer confidence and
pre-sell projects before construction commences will be key to this
strategy.

Meikarta Investment to Rebuild Brand: Lippo's plan to invest up to
USD200 million of its rights issue proceeds in the Meikarta
affordable housing project will not improve short-term cash
generation at the standalone company due to the project's growth
phase. However, it could boost confidence in Lippo's brand, as the
company's ability to complete the first and subsequent phases of
the project may be seen as a testament to its revamped execution
prowess and drive sales from other projects.

Bond Buy-back Opportunistic: Fitch treats Lippo's tender offer to
buy back part of its 2022 and 2026 unsecured bonds as opportunistic
and not as a distressed debt exchange. The offer to buy back the
bonds was below par value, but acceptance of the offer is not
contingent on a minimum acceptance level by bondholders nor does
the offer contain any covenant changes. Furthermore, the buy back,
by itself, is not large enough for Lippo to avert a default on the
2022 bond.

Puri Mall Sale Subject to Market Risk: The bulk of Lippo's asset
disposal plan comprises the sale of Lippo Mall Puri to Lippo Malls
Indonesia Retail Trust (LMIRT) for a gross value of USD260 million,
to be completed in 2H19. LMIRT needs to raise fresh equity via a
rights issue to fund the purchase if it is to remain within the
regulatory debt/assets threshold of 45% for Singapore-listed real
estate investment trusts (REIT). Lippo plans to use up to USD60
million of new equity to fund its 30.7% share of LMIRT's rights
issue, but raising the balance funds at the REIT - and therefore
completing the sale - is subject to material market risk. Fitch has
therefore not included the sale in its 2019 and 2020 forecasts.

DERIVATION SUMMARY

Lippo's 'CCC+' Long-Term IDR is driven by weak property sales over
the last few years that have led to an unsustainable capital
structure and large operating cash flow deficit. The RWP reflects
the increased likelihood that the rating will be upgraded by up to
one notch if Lippo completes its planned rights issue, which will
provide the funds required to invest in its turnaround plan, while
managing liquidity over the next two years.

The RWP on Lippo's National Long-Term Rating of 'BB-(idn)' is based
on the increased likelihood that the rating may be upgraded by up
to two notches to 'BB+(idn)' upon the completion of the rights
issue. Lippo's National Long-Term Rating will then be higher than
that of PT Greenwood Sejahtera Tbk (BB(idn)/Stable), reflecting
Lippo's abundant liquidity post rights issue and strong turnaround
prospects. In contrast, Greenwood's rating reflects the risk that
it may use debt to fast track the development of its Capital Square
project through to 2020, even if presales remain weak, thereby
weakening its healthy recurring cash flow interest coverage and
liquidity.

KEY ASSUMPTIONS

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

  -- The advance subscription from promotors of USD280 million will
be received by end-March 2019 and will be used to repay the USD50
million syndicated loan from Deutsche Bank AG (BBB+/Negative)/UBS
AG (AA-/Stable), which is due in April 2019

  -- The rights issue, which is underwritten by the promotors, will
be completed by end-June 2019

  -- CFFO at the standalone company level will remain negative, at
around IDR2 trillion in 2019 and 2020, before proceeds from the
sale of Mall Puri

  -- The proposed disposal of Lippo's two Myanmar hospitals for
USD20 million will be completed in 2019

  -- Collections from sales of existing property inventory of
IDR1.0 trillion in 2019 and IDR1.3 trillion in 2020

  -- Potential new property-project launches are not included in
2019 or 2020

  -- The sale of Mall Puri to LMIRT is not included, as it is
subject to market risk

Recovery Rating Assumptions:

  -- Fitch assumes Lippo will be liquidated in a bankruptcy rather
than continue as a going concern, because it is an asset-trading
company

  -- To estimate Lippo's liquidation value, Fitch has assumed a 75%
advance rate against accounts receivable at the standalone level
and a 50% advance rate against the carrying value of adjusted
inventory and fixed assets

  -- Proceeds from the disposal of Lippo's 51% share of Siloam
Hospital's market value will be available during a liquidation

  -- Based on the above calculation of the adjusted liquidation
value after administrative claims, Fitch estimates the Recovery
Rating of the senior unsecured bonds at 97%, which corresponds to a
Recovery Rating of 'RR1'. However, Fitch has rated the senior
unsecured bonds 'CCC+'/'RR4' because Indonesia falls into Group D
of creditor-friendliness under Fitch's Country-Specific Treatment
of Recovery Ratings criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at the
company's IDR.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Resolution of the Rating Watch

  -- Fitch will review Lippo's ratings once the company completes
its USD730 million rights issue by end-June 2019, as intended, and
could upgrade the IDRs and senior unsecured debt rating by up to
one notch and the National Long-Term Rating by up to two notches.

LIQUIDITY

Liquidity to Improve Significantly: Fitch expects liquidity to
improve significantly by end-March 2019, following the receipt of a
USD280 million non-refundable, non-interest-bearing advance from
the promotor and shareholders. The receipt of the advance is
independent of the success of the proposed rights issue, although
it will count towards the promotors' share in the rights issue if
the latter is approved at the shareholders' meeting in April 2019.


Lippo is likely to use the advance to pay down its USD50 million
bank loan due April 2019 and meet immediate liquidity needs. If the
rights issue is successful, Lippo will also repay the USD75 million
unsecured bond when it falls due in 2020. The refinancing of the
USD410 million 7% unsecured bond due 2022 will then be contingent
on the company's ability to improve property presales in a
meaningful and sustained manner.

FULL LIST OF RATING ACTIONS

PT Lippo Karawaci TBK

  Long-Term Foreign Currency IDR of 'CCC+' placed on RWP

  Term Local Currency IDR of 'CCC+' placed on RWP

  Senior unsecured debt rating of 'CCC+'/'RR4' placed on RWP

  National Long-Term Rating of 'BB-(idn)' placed on RWP

Theta Capital Pte Ltd
  
  Senior unsecured long-term rating of 'CCC+'/'RR4' on USD410
  million 7.00% notes due 2022 placed on RWP

  Senior unsecured long-term rating of 'CCC+'/'RR4' on USD425
  million 6.75% notes due 2026 placed on RWP




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

MALAYSIA AIRLINES: Gets Interests From Some Local, Foreign Firms
----------------------------------------------------------------
Channel News Asia reports that Malaysia has received interest from
some local and foreign firms to buy national carrier Malaysia
Airlines Bhd (MAB), Prime Minister Mahathir Mohamad said on March
20.

Malaysia was still studying options for the financially troubled
flagship carrier, he told reporters, CNA relates.

"There are certain parties who are interested to buy (the airline),
so we don't reject (the possibility of selling)," the report quotes
Mahathir as saying, without disclosing the names of the firms.

The government will consider whether to change the airline's
management, downsize or expand it, Mahathir said, CNA relays.

"Although we hired foreign management, MAS still faced losses.
Therefore, one of the options is to sell," he said, referring to
Malaysia Airlines by its former acronym MAS.

The airline has had two foreign CEOs leave before the end of their
contracts since it was taken private by sovereign wealth fund
Khazanah Nasional in 2014.

"I love MAS. I want MAS to be a national airline, but it looks like
we cannot afford it," the leader, as cited by CNA, added.

Last week, Mahathir said the government was considering whether to
shut, sell or refinance the airline, and that a decision would be
made soon, recalls CNA.

MAB has been trying to transform its operations and return to
profitability by 2019 as it recovers from two disasters in 2014,
when flight MH370 disappeared in what remains a mystery and flight
MH17 was shot down over eastern Ukraine.

Khazanah Nasional had said earlier this month that the government
needed to decide on its investment in, and level of support for,
the struggling airline, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 8, 2019, New Straits Times said Malaysia Airlines' days as a
national carrier may be numbered as it has failed to meet its
three-year target to be profitable, but is instead bleeding since
it was taken private in 2014, aviation analysts said.  The analysts
said the best deal for the airline is to completely shut down its
operations or sell it to interested parties or spin off
its business divisions, NST related.

Khazanah is the sole shareholder of MAS after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat, NST noted.

From its delisting from Bursa Malaysia from 2015 to 2017, MAS had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs, NST disclosed.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.




=====================
N E W   Z E A L A N D
=====================

TARATAHI INSTITUTE: Owes NZ$15.86MM to 1,194 Unsecured Creditors
----------------------------------------------------------------
Pam Graham at Wairarapa Times-Age reports that there are 1,194
unsecured creditors owed NZ$15.86 million from the collapse of
Taratahi Institute of Agriculture but they rank behind secured
creditors owed NZ$12.55 million and also preferential creditors.

That is according to the first report from liquidator Grant
Thornton, which says Taratahi had cash of just NZ$2,650 on hand
when it collapsed, the report relates.

Wairarapa Times-Age says the secured creditors, who are likely to
be paid, are listed as Westpac, CSG Finance, HJ Asmuss & Co, Fuji
Xerox Finance, NZ Farmers Livestock, Ricoh Finance, Sgfleet NZ and
Swanndri New Zealand.

Inland Revenue is a preferential creditor owed NZ$655,000, and
there is also NZ$2.09 million of employee entitlements that have a
preferred status, Wairarapa Times-Age discloses.

According to Wairarapa Times-Age, the report lists total assets of
NZ$16.89 million, suggesting a shortfall of NZ$14.27 million. But
the asset figure excludes land and buildings.

The report said after the sale of "sufficient" livestock, the
liquidators expect the preferential liabilities will be paid in
full, Wairarapa Times-Age relays.

It gives no indication of how much unsecured creditors will get but
the shortfall will be reduced by the sale of two farms,
Wairarapa Times-Age states.

Taratahi owns its home farm and buildings, which is continuing to
be run as a dairy farm, and Mangarata, a 518ha breeding and
semi-finishing farm situated five minutes northeast of Masterton,
which is on the market.

The value of these are not disclosed "due to commercial
sensitivity", but when sold they can be expected to reduce the
shortfall by several million dollars, Wairarapa Times-Age says.

Taratahi's listed assets include NZ$1.86 million of accounts
receivable, NZ$11.49 million of livestock, shares in organisations
like Fonterra worth NZ$2.2 million and fixed assets worth NZ$1.32
million, Wairarapa Times-Age discloses.

Wairarapa Times-Age says a meeting of creditors is not being
convened yet. The report says it is too early, but notes creditors
can request one in writing and at it they can appoint a liquidation
committee to act with the liquidators.

The report reiterated that while in interim liquidation there was
no viable proposal received to maintain education operations at the
Wairarapa campus, Wairarapa Times-Age relays.

Some staff were retained to assist with the collection of assets
and the completion of educational filing requirements. A farm
expert was appointed to help keep the farms running and staff were
kept on to run the farms.

Taratahi had eight farms and the ones not owned are on leases.
There was little information in the report about negotiations with
leasors.

"The liquidators are looking to sell certain leasehold interests
where possible, including stock and plant and equipment, and
continue to operate the home dairy farm and certain leased
properties," the report, as cited by Wairarapa Times-Age, said.

Taratahi was placed in interim liquidation on December 19 last year
and on February 5 it was placed in full liquidation by a High Court
order.  Taratahi had 2,500 students around New Zealand when it
collapsed, and employed 250 staff.


WAIWERA THERMAL: Owes Creditors NZ$5 Million, Liquidators Reveal
----------------------------------------------------------------
NZ Herald reports that troubled pool business Waiwera Thermal
Resort is in hot water with creditors, owing around NZ$5 million,
according to the first liquidators' report.

Tony Maginness and Jared Booth, Staples Rodway liquidators, have
just issued their first report into the failure of the business
which once ran the resort visited by tens of thousands of people
annually, the Herald says.

The Herald relates that claims are:

Kiwibank              NZ$1.2 million
Waiwera Group         NZ$2.1 million
Unsecured creditors   NZ$1.1 million
Inland Revenue        NZ$584,841

A creditor applied successfully to the High Court to have the
company liquidated and a list of creditors has now been released,
showing big entities claiming money including Kiwibank, Inland
Revenue, Auckland Council, Vodafone, Watercare Services, Contact
Energy, Sky TV, Hirepool, ASB, NZ Crane Hire, NZ Safety, Bidfood,
Lowndes Jordan and Genesis, according to the Herald.

Since 2010, Waiwera Thermal Resort has held the lease to use the
resort but last year the property was shut, leaving extensive but
only-partly completed renovations, many people out of pocket and
the landowner cancelling the lease, the report says.

Waiwera Thermal Resort's directors are Leon Fingerhut of Las Vegas
and Russian Mikhail Khimich. The company is fully owned by Ordover
Trust, listed as being at the same Las Vegas address as Fingerhut.

Kiwibank is owed NZ$1.2 million but has a first-ranking general
security agreement, the liquidators said, the Herald relays.
Waiwera Group, associated with the liquidated company, is claiming
NZ$2.1 million and has a second-ranking agreement. Inland Revenue
is owed NZ$584,000.

The Herald says unsecured creditors are owed NZ$1.1 million but the
report said that excludes the contingent claim from the company's
landlord. The report lists the names of all unsecured creditors who
have filed documents with the liquidators.

A list of 87 creditors appears in the report, the Herald notes.

Waiwera Thermal Resort Ltd was placed into liquidation on Feb. 15.




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

YUUZOO NETWORKS: Secures Commitment for SGD30MM Equity Facility
---------------------------------------------------------------
The Business Times reports that YuuZoo Networks Group Corp said
that it has secured commitment for a three-year, SGD30 million
funding facility from "Swiss-based" Asia Financial Group (AFG).

According to the report, YuuZoo said in a filing to the Singapore
Exchange March 19 it may draw down up to SGD30 million over three
years by issuing YuuZoo shares to AFG at a 7.5 per cent discount to
the closing price of YuuZoo stock on the drawdown date.

BT relates that the troubled social commerce company did not
provide details about AFG, and gave only a brief summary of the
terms of the deal in its filing. It is also unclear how, when and
if YuuZoo will be able to tap this commitment, given that its stock
has been under an exchange-imposed suspension since 2018 and there
is still no visibility on when the suspension may be lifted, the
report relays.

BT says the agreement will also see YuuZoo issuing 65 million
warrants to AFG, each carrying the right to subscribe to one new
ordinary share in the company at a 10 per cent premium to the
three-day average market price of YuuZoo stock. Should AFG fully
exercise the options, YuuZoo will receive an additional SGD2.72
million in funds, the statement, as cited by BT, said.

The deal is subject to approval by the Singapore Exchange (SGX) and
shareholders, the report notes.

Attempts by BT to contact the company on March 19 were
unsuccessful. The contact person provided by YuuZoo was former
Singapore CEO Mohandas, who the company is now describing as a
non-executive director. Mr Mohandas, who goes by one name, has told
BT that he no longer works for the company, has not accepted any
new positions at YuuZoo, and does not represent them. The
announcement on the AFG deal was submitted to the Exchange by
YuuZoo non-executive chairman Anthony Williams.

BT notes that YuuZoo's announcement came a day after the company
revealed that it had shut down all of its operations in Singapore,
including laying off all staff in the country. The Business Times
had also discovered that YuuZoo's landlord at its now-vacated
offices in Teletech Park issued a notice to YuuZoo on unpaid
rents.
  
YuuZoo had also said on March 18 that its shares were first
suspended in March last year after then auditor RT LLP failed to
reply to queries from the SGX, BT adds.

But RT LLP noted on March 18 that a disclaimer had been issued to
YuuZoo, in response to the questions posed by SGX, because the
auditor had been "unable to form an opinion due to limitation of
scope," BT relays.

According to BT, the Commercial Affairs Department, which
investigates white-collar crimes in Singapore, has been
investigating YuuZoo based on a 2018 referral by SGX, which raised
questions about the company's accounts. SGX has said that it will
lift the suspension when it is satisfied that the company's shares
can be traded on a fair, orderly and transparent basis.

In responding to YuuZoo's assertions on March 18 that the trading
suspension led to shuttering of its Singapore operations, SGX said
on March 18: "The state of affairs at the company is unclear and
the company's shares therefore remain suspended," adds BT.

YuuZoo Networks Group Corporation -- http://www.yuuzoo.com/-- an  
investment holding company, engages in social networking,
e-commerce, payments, and gaming businesses in Singapore and
internationally. It operates through Network Development and
Franchise Sales; E-Commerce; and Logistic segments. The Network
Development and Franchise Sales segment is primarily involved in
building mobile-optimized device agnostic that targets social
e-commerce networks for businesses and consumers. This segment also
sells franchise and marketing rights. The E-Commerce segment
provides a range of services for online mobile transactions,
including payment processing, advertising, mobile social games, and
other online transactions.



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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,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



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