TCRAP_Public/190327.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

          Wednesday, March 27, 2019, Vol. 22, No. 62

                           Headlines



A U S T R A L I A

BARTER TRADE: First Creditors' Meeting Set for April 3
CENTENNIAL MINING: Placed Into Voluntary Administration
COLOMBO'S BALWYN: First Creditors' Meeting Set for April 4
ELYPSYS PTY: First Creditors' Meeting Set for April 3
EXPRESS OFFICE: First Creditors' Meeting Set for April 3

HWM CONTRACTORS: First Creditors' Meeting Set for April 3
I PIPE: First Creditors' Meeting Set for April 3
J & R WALL: Second Creditors' Meeting Set for April 2
WILLIAMS DAVIS: First Creditors' Meeting Set for April 3


C H I N A

CHINA AOYUAN: S&P Alters Outlook to Positive on Steady Sales Growth
XINJIANG FINANCIAL: Fitch Rates $200MM Sr. Unsecured Notes 'BB+'


H O N G   K O N G

TRINITY LIMITED: Posts HK$264.8 Million Net Loss in 2018


I N D I A

ALLIED ENERGY: ICRA Lowers Ratings on INR34cr Loans to D
BELGAUM WIND: Ind-Ra Cuts Issuer Rating to BB, Outlook Negative
BHAVIN AGRI-INFRA: ICRA Reaffirms B+ Rating on INR2.0cr Loans
CHOICE BOARDS: ICRA Assigns B+ Rating to INR1cr Cash Loan
CHVV SUBBA: ICRA Moves B+ Rating to Not Cooperating Category

EDIMANNICKAL JEWELLERY: Ind-Ra Moves B+ Rating to Non-Cooperating
FLOWTECH EQUIPMENTS: Insolvency Resolution Process Case Summary
GB RAJA TOP: Insolvency Resolution Process Case Summary
GOKAK TEXTILES: ICRA Reaffirms B+ Rating on INR24.35cr Loan
HAJEE A.P. BAVA: Insolvency Resolution Process Case Summary

HARITHA FERTILISERS: ICRA Lowers Ratings on INR35cr Loans to D
HMT LTD: Unit Gets Shareholders' Nod for Voluntary Liquidation
JET AIRWAYS: Founder Steps Down, Banks to Infuse INR1,500cr
LAKSHMI SRINIVASA: ICRA Maintains B+ Rating in Not Cooperating
LOYAL AUTO: Insolvency Resolution Process Case Summary

MAITHRI DEVELOPERS: ICRA Withdraws B- Rating on INR30cr Loan
PADMAJA FARMS: ICRA Reaffirms B+ Ratings on INR10cr Loans
PERFECTO ELECTRICALS: ICRA Lowers Rating on INR7.50cr Loan to C
PRAFFUL OVERSEAS: ICRA Lowers Ratings on INR235.07cr Loans to D
PRASAD AGRICO: ICRA Reaffirms 'B+' Ratings on INR30cr Loans

R L CONSTRUCTION: Ind-Ra Migrates BB LT Rating to Non-Cooperating
RATNAAKAR SHELTERS: ICRA Assigns B+ Ratings to INR50cr Loans
REAL FAST: Insolvency Resolution Process Case Summary
ROYAL PRESSING: Insolvency Resolution Process Case Summary
SAH POLYMERS: ICRA Reaffirms B+ Rating on INR6.50cr LT Loan

SAPPHIRE LIFESCIENCES: ICRA Reaffirms D Rating on INR28.46cr Loans
SHINING STAR: Ind-Ra Withdraws B- LT Issuer Rating, Outlook Stable
SHIVTEX SPINNING: Ind-Ra Raises Long Term Issuer Rating to BB+
SHRENUJ AND COMPANY: Insolvency Resolution Process Case Summary
SHRI DARSHANA: ICRA Reaffirms B+ Rating on INR7cr Cash Loan

SITARAM MAHARAJ: ICRA Assigns 'C' Ratings to INR150cr Loans
SRI LAKSHMI: ICRA Withdraws B- Rating on INR16cr Cash Loan
TATA STEEL: Fitch Maintains 'BB' IDR on Rating Watch Evolving
VANSHIKA SUGAR: ICRA Reaffirms B+ Ratings on INR36.50cr Loans
VENKATESHWARA POWER: Ind-Ra Assigns BB+ LongTerm Issuer Rating

VIJAY STONE: ICRA Hikes Ratings on INR5cr Loans to B+
VIJAY TEXTILES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
VIL LIMITED: Insolvency Resolution Process Case Summary
VRV FOODS: Ind-Ra Affirms 'D' Long Term Issuer Rating
ZILLION INFRAPROJECTS: ICRA Retains D Ratings on INR330cr Loans



M A L A Y S I A

BUMI ARMADA: Potential $500MM Bank Loan Deal in the Works


N E W   Z E A L A N D

FOWLER HOMES: Creditors Owed More than NZ$1MM after Liquidation
KELVIN WOOD: Trader Admits Defrauding Clients of NZ$7 Million
MAINZEAL: Appeals by Directors Will Delay Payments to Creditors


S I N G A P O R E

HYFLUX: Sias Asks PUB for Evidence SMI Will Walk Away From Offer
LINCOLN FINANCING: Fitch Affirms 'BB-' LT IDR, Outlook Stable

                           - - - - -


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

BARTER TRADE: First Creditors' Meeting Set for April 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Barter Trade
Management Pty Ltd will be held on April 3, 2019, at 10:00 a.m. at
the offices of BCR Advisory, at Level 14, 60 Margaret Street, in
Sydney, NSW.  

Geoffrey Davis and John Morgan of BCR Advisory were appointed as
administrators of Barter Trade on March 25, 2019.


CENTENNIAL MINING: Placed Into Voluntary Administration
-------------------------------------------------------
Centennial Mining Limited has been placed into administration.

Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha
Restructuring were appointed as voluntary administrators of the
Company and its wholly owned subsidiary, Maldon Resources Pty Ltd
on March 21, 2019.

"The administrators are in discussions with potential investors for
funding to allow the Companies to continue trading while the
administrators pursue a recapitalization of the Companies via a
Deed of Company Arrangement," the miner said in a filing to the
ASX.

Centennial Mining Limited (ASX:CTL) -- www.centennialmining.com/
-- engages in the exploration and development of gold projects in
Australia. It primarily develops the A1 Gold Mine located in
Eastern Victoria.


COLOMBO'S BALWYN: First Creditors' Meeting Set for April 4
----------------------------------------------------------
A second meeting of creditors in the proceedings of Colombo's
Balwyn Pty Ltd has been set for April 4, 2019, at 11:00 a.m. at the
offices of Hamilton Murphy, at Level 1, 255 Mary Street, in
Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 3, 2019, at 4:00 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Colombo's Balwyn on Feb. 27, 2019.


ELYPSYS PTY: First Creditors' Meeting Set for April 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Elypsys Pty
Ltd will be held on April 3, 2019, at 11:30 a.m. at Surfair Beach
Hotel Marcoola, Dunes Room, 923 David Low Way, in Marcoola Beach,
Queensland.

Blair Pleash and Glenn Shannon of Hall Chadwick were appointed as
administrators of Elypsys Pty on March 22, 2019.


EXPRESS OFFICE: First Creditors' Meeting Set for April 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Express
Office Systems Pty Ltd, trading as Express Office Supplies, will be
held on April 3, 2019, at 10:00 a.m. at Level 12, 460 Lonsdale
Street, in Melbourne, Victoria.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Express Office on March 25, 2019.


HWM CONTRACTORS: First Creditors' Meeting Set for April 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of HWM
Contractors (Vic) Pty Limited will be held on April 3, 2019, at
5:00 p.m. at Chartered Accountants Australia and New Zealand at
Level 18, 600 Bourke Street, in Melbourne, Victoria.

Ivan Glavas and Matthew Kucianski of Worrells Solvency were
appointed as administrators of HWM Contractors on March 22, 2019.


I PIPE: First Creditors' Meeting Set for April 3
------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- I Pipe Pty Ltd;
     -- I Pipe Equipment Pty Ltd;
     -- I Pipe Training Pty Ltd;
     -- I Pipe Group Pty Ltd;
     -- I Pipe IP Pty Ltd; and
     -- I Pipe Services

will be held on April 3, 2019, at 11:00 a.m. at Karstens, Level 14,
215 Adelaide Street, in Brisbane, Queensland.

Brett Lord and Marcus Ayers of EY were appointed as administrators
of I Pipe on March 22, 2019.


J & R WALL: Second Creditors' Meeting Set for April 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of J & R Wall
Investments Pty Ltd has been set for April 2, 2019, at 10:30 a.m.
at the offices of Menzies Advisory, at 68-72 York Street, in  
South Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 1, 2019, at 5:00 p.m.

Michael Caspaney of Menzies Advisory was appointed as administrator
of J & R Wall on Feb. 26, 2019.


WILLIAMS DAVIS: First Creditors' Meeting Set for April 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Williams
Davis Pty Ltd will be held on April 3, 2019, at 10:00 a.m. at Level
17, One international Towers Sydney, Watermans Quay, in Barangaroo,
NSW.

Sam Marsden and Andrew Scott of PwC were appointed as
administrators of Williams Davis on March 25, 2019.




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C H I N A
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CHINA AOYUAN: S&P Alters Outlook to Positive on Steady Sales Growth
-------------------------------------------------------------------
S&P Global Ratings, on March 22, 2019, revised its outlook on China
Aoyuan Group Ltd. to positive from stable. At the same time, S&P
affirmed its 'B+' long-term issuer credit rating on Aoyuan and its
'B' long-term issue rating on the company's outstanding senior
unsecured notes.

S&P said, "We revised the outlook because we expect Aoyuan's
leverage to continue to decline over the next 12-24 months,
supported by the company's steady sales expansion with controlled
debt growth.

"We have high visibility on Aoyuan's contracted sales, revenue, and
profitability, considering the company's solid sales execution
capability and its deep market knowledge and penetration in Greater
Bay Area (GBA). Such a market position in the GBA has already
enabled Aoyuan to ride on the region's good growth, including
expansion in average selling prices (ASP) over the past few years.
GBA is undergoing some significant changes that include
strengthening ties and greater integration between cities in the
mainland and Hong Kong and Macau.

"The outlook revision is also based on our expectation that Aoyuan
will replenish its land bank at a more conservative pace, given
lower targeted sales growth in 2019 and an already strong land
bank."

Saleable resources of Chinese renminbi (RMB) 190 billion and strong
execution ability will underpin Aoyuan's sales growth in the next
two years. The company targets sales of RMB110 billion-RMB120
billion in 2019. This represents an increase of 25% over 2018 and a
sell-through ratio of 60%, which we consider reasonable. The GBA
and the rest of southern China will remain key regions for Aoyuan.
S&P forecasts these regions will contribute about 40% of sales in
2019, compared with 20% from eastern China and 25% from central and
western China. S&P's forecast indicates improved regional diversity
compared to 2017, when 71% of sales were from southern China.

S&P said, "In our view, Aoyuan's appetite for debt-fueled growth is
slowing. We estimate Aoyuan's land acquisition budget to be RMB40
billion-RMB42 billion this year." This is about 33% of the 2019
sales target, about the same as the 30% in 2018, but much lower
than the 52% in 2017. As of end-2018, the company has 34 million
square meters of land reserves and another 9.8 million square
meters of urban renewal projects.

That said, Aoyuan's debt growth has been faster than expected,
leading to its leverage still being high, especially in comparison
to some 'BB-' rated peers. Despite Aoyuan starting to acquire less
land in 2018, its reported debt still grew by 43% during the year.
The company has not used much of its increased cash balance to slow
down the debt growth. However, given Aoyuan's strong cash flows and
ample cash balance of RMB37 billion as of end-2018, the company can
be more disciplined in its debt growth in 2019-2020.

S&P said, "In our view, Aoyuan's visibility on revenue booking
stems from significant operational improvements. The company's
contracted sales grew 78% in 2017 and 100% in 2018, with a high
attributable ratio of above 80%. It has over RMB110 billion sold
but unrecognized revenue with gross margins of 28%-30%. This
supports our forecast of Aoyuan's revenue increasing to
RMB45-billion-RMB47 billion in 2019 and RMB76 billion-RMB77 billion
in 2020.

"We expect Aoyuan's leverage to continue to improve, with its
debt-to-EBITDA ratio falling to about 5x in 2019 and 2020, from
close to 6x in 2018. Although debt growth will remain substantial,
it will still decelerate with adjusted debt increasing to about
RMB70 billion by the year's end, from RMB53 billion last year. We
also anticipate the increase in revenue and EBITDA will outpace the
growth in debt.

"The positive outlook reflects our expectation that Aoyuan will
continue to deleverage, given strong sales and revenue growth with
sound margins over the next 12 months. We also expect the
deleveraging to be driven by disciplined debt growth, including
controlled land acquisitions.

"We could raise the rating if Aoyuan can balance its business
expansion and debt growth, such that its debt-to-EBITDA ratio
declines to about 5x and shows signs of improving further.

"We may revise the outlook back to stable if Aoyuan's
debt-to-EBITDA ratio does not improve to about 5x. This could
happen if the company becomes more aggressive in debt-fueled growth
or its sales fall short of our expectation."


XINJIANG FINANCIAL: Fitch Rates $200MM Sr. Unsecured Notes 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned Xinjiang Financial Investment Co.,
Ltd.'s (BB+/Stable) USD200 million 7.5% senior unsecured notes due
2022 a final rating of 'BB+'.

The final rating is the same as the expected rating assigned on 28
November 2018 and follows the receipt of documents conforming to
information received.

KEY RATING DRIVERS

The notes constitute Xinjiang Financial's direct, unconditional,
unsubordinated and unsecured obligations and rank pari passu with
its other present and future unsecured and unsubordinated
obligations. Proceeds will be used for refinancing of the group's
onshore debt, the group's business development and for general
corporate purposes.

The notes are rated at the same level as Xinjiang Financial's
Issuer Default Rating.

RATING SENSITIVITIES

Any change in Xinjiang Financial's Issuer Default Rating will
result in a similar change in the rating of the notes.




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

TRINITY LIMITED: Posts HK$264.8 Million Net Loss in 2018
--------------------------------------------------------
The Standard reports that Trinity Limited, which owns luxury brands
including Cerruti 1881, Gieves & Hawkes and Kent & Curwen, reported
a loss of HK$264.8 million for 2018.

Loss per share was of 8.7 HK cents, The Standard relates.

Overall revenue grew by 1.3 percent to HK$1.72 billion from 2017.

The Standard says though full year retail sales fell by 2.6
percent, same-stores sales increased by 1 percent.

According to The Standard, Trinity said licensing revenue increased
notably by 108.9 perdent due to new licensing agreements with Ruyi
and its associates, which resulted in an overall increase in
revenue for 2018.

The group has narrowed its core operating loss to HK$248.1 million,
compared with a loss of HK$441 million in the previous year, The
Standard discloses.

A core operating profit of HK$12.8 million was recorded in the
fourth quarter of 2018, which suggests a turnaround is underway,
the company said, The Standard relays. This was the result of brand
repositioning and pricing strategy that led to an improvement in
gross profit margin.

The upturn can also be attributed to the management's efforts to
streamline operating costs through an extensive restructuring in
the quarter, The Standard says.

Headquartered in Kowloon, Hong Kong, Trinity Limited, an investment
holding company, engages in the retailing and wholesale of menswear
in the Chinese Mainland, Hong Kong, Macau, Taiwan, Singapore, and
Europe. The company offers menswear and accessories under Cerruti
1881, Gieves & Hawkes, Kent & Curwen, D'URBAN, and Hardy Amies
brands. It also licenses its owned brands; trades garments; and
provides management services, as well as operates e-commerce
platforms. As of December 31, 2017, the company operated 297
stores.

Trinity Limited reported annual net losses of HK$88.51 million,
HK$441.47 million, and HK$608.34 million for the year ended Dec.
31, 2015, 2016 and 2017, respectively.




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I N D I A
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ALLIED ENERGY: ICRA Lowers Ratings on INR34cr Loans to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Allied Energy Systems Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          8.00       [ICRA]D; revised from
                                   [ICRA]B+(Stable)

   Unallocated         16.50       [ICRA]D; revised from
                                   [ICRA]B+(Stable)

   Non-fund Based       9.50       [ICRA]D; revised from
                                   [ICRA]A4

Rationale

The revision in rating is on account of delays in debt repayments
owing to the stretched liquidity position of the company. ICRA
takes note of weak financial profile as reflected by highly
leveraged capital structure and stretched debt coverage indicators

Going forward, the company's ability to improve its liquidity
position and service its debt in a timely manner will be the key
rating sensitivity.

Outlook: Not applicable

Key rating drivers

Credit strengths

Promoter's extensive experience in the industry: The promoters and
their family members have been involved in the business from more
than a decade. This has helped them to maintain relationship with
its customers and suppliers.

Credit challenges

Stretched liquidity position resulted in delays in debt servicing:
There have been delays in debt servicing owing to the stretched
liquidity position of the company.

Liquidity position

There have been delay in debt servicing owing to the stretched
liquidity position of the company.

Incorporated in 2005, Allied Energy Systems Private Limited is
primarily engaged in designing fabrication and erection of
Deaerators for boilers which are used in industries like Chemicals,
Power, Petrochem, Fertilizer, Sugar, Paper etc. The company is also
engaged in manufacturing of steel fabricated products like Pressure
Vessels, Heat Exchangers, and Evaporators etc. The company has two
manufacturing facilities in Bhiwadi, Rajasthan.


BELGAUM WIND: Ind-Ra Cuts Issuer Rating to BB, Outlook Negative
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Belgaum Wind
Farms Private Limited's (BWFPL) senior project bank loan to 'IND
BB' from 'IND BBB-' while resolving the Rating Watch Negative
(RWN). The Outlook is Negative.

The detailed rating action is:

-- INR700 mil. (outstanding INR440.8 mil. as on March 7, 2019)
     Senior project bank loan downgraded; Off RWN; Outlook
     Negative with IND BB/Negative rating.

The downgrade and RWN resolution reflect the weakening of the
coverage ratios due to the lower tariff imposed by Karnataka
Electricity Regulatory Commission (KERC) for the remainder of the
20-year power purchase agreement (PPA) with Bangalore Electricity
Supply Company Ltd (BESCOM) against Ind-Ra's base case expectations
and the possible erosion of internal liquidity, including the debt
service reserve, in the coming months.  The Negative Outlook
reflects the reduced financial flexibility of the project to build
up any further liquidity from the project cash flows.

KEY RATING DRIVERS

The ratings reflect KERC's affirmation regarding the continuance of
the existing tariff (INR3.40/kWh), which is lower than Ind-Ra's
base case estimates, for the remainder of the PPA term. In Ind-Ra's
opinion, this tariff level will cause a decline in revenues and
erases the margin on the debt service coverage ratios of the
project for the remainder of the loan tenor. Consequently, the
project will have to dip into internal liquidity, including the
debt service reserve, for debt servicing in the next few months.
With debt service reserve not being maintained as per the loan
stipulations, the financial profile will be further impaired.
Ind-Ra expects the project's built up liquidity to decline on a yoy
basis in the coming years.

Also, the power generated by the project (mean PLF of 19.53% over
FY11-FY18 and 18.33% in the 12 months ended December 2018) was
lower than the P90 estimate (20.89%). Power generation was affected
by low machine availability and wind velocity, according to the
management. Typically, wind plants exhibit volatile PLF due to
fluctuations in wind velocity.

BWFPL's debt structure is moderate. While the debt facility was for
INR700 million, the amount drawn down till date is INR544.3
million. The remaining amount, which was to be invested in new
renewable energy projects, has been canceled. The current
outstanding debt of INR440.8 million will be amortized in 28
structured quarterly payments ending December 31, 2025. The
repayments have not been structured keeping in mind the generation
seasonality associated with wind power plants. The interest rate is
floating and exposes the company's cash flows to some volatility.

In addition, BWFPL continues to be vulnerable to the risks related
to a single revenue counterparty, though the company has been
receiving payments from BESCOM within an average of 20 days from
raising invoices. Payments are further secured by a non-revolving,
irrevocable and unconditional letter of credit in favor of the
company equal to one month's projected payments payable by BESCOM.

The project's machine availability was continuously above 99%
during August-December 2018, though it had declined to 94.95% in
FY18 (FY17: 96.10%, FY16: 99.11%). As per the management, the
machine availability fell on a yoy basis in FY18 due to technical
issues with the generators. The problems were resolved
subsequently, resulting in higher machine availability.

The project's financial performance in FY18 and 9MFY19 was in line
with Ind-Ra's base case estimates. In FY18, the project paid
INR13.5 million (FY17: INR13.38 million) to a group company as
professional fees.

The original operation and maintenance contract signed with Wind
World India Limited expired in February 2019. The company is
currently negotiating a new operation and maintenance contract;
Wind World India is continuing to look after the O&M activities
while the new contract is negotiated.

RATING SENSITIVITIES

Negative: Lower-than-expected plant performance, any significant
payment delays from the off-taker, non-maintenance of DSRA as per
loan covenants, depletion of liquidity and operational expenses
higher than Ind-Ra's base case estimates could result in a rating
downgrade.

COMPANY PROFILE

BWFPL is a 24.8MW wind power project that is located in the Garage
plains near Belgaum, Karnataka. The project has been set up and
promoted by the Indian Energy Group.

BHAVIN AGRI-INFRA: ICRA Reaffirms B+ Rating on INR2.0cr Loans
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Bhavin Agri-Infra Private Limited's (BAIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based/          1.00       [ICRA]B+ (Stable); Reaffirmed;
   Cash Credit                     Removed from non-cooperation
                                   Category

   Fund-based/          1.00       [ICRA]B+ (Stable); Reaffirmed;
   Term Loan                       Removed from non-cooperation
                                   Category

   Non-fund based/     14.00       [ICRA]A4; Reaffirmed; Removed
   Letter of Credit                from non-cooperation category

Rationale

The reaffirmed ratings continue to draw comfort from the vast
experience of BAIPL's promoters in the wheat and pulse milling
industry. Further, the company is a part of the Rajdhani Group,
which is well established in the National Capital Region (NCR).
BAIPL derives comfort from the Group's growing client base and
brand image. This apart, the ratings factor in the minimal offtake
risk as pulses comprise an important part of the staple diet in
India. Further, the company exhibits comfortable working capital
intensity owing to favourable terms from suppliers for import.

However, the reaffirmed ratings are constrained by the company's
declining scale and profitability metrics. Deterioration of
realisations, coupled with the need to procure a higher proportion
of indigenous raw material due to the Government's import
restrictions, affected the company's scale and profitability. Since
most of its raw material is procured from foreign suppliers, BAIPL
is also exposed to foreign exchange rate fluctuations risks and the
regulatory policies of the Indian Government and foreign
Governments.

Outlook: Stable

ICRA believes that BAIPL will continue to benefit from the
favourable offtake of pulses in India. The outlook may be revised
to Positive in case of substantial growth in revenues as well as
significant improvement in profitability and liquidity. The outlook
may be revised to Negative in case of further deterioration in the
company's scale and profitability metrics.

Key rating drivers

Credit strengths

Extensive experience of promoters in wheat and pulses milling
industry; part of Rajdhani Group: Though BAIPL was incorporated in
2007, its promoters have extensive experience in the wheat and
pulses milling industry as they incorporated their first company in
1966. The company is a part of the Rajdhani Group, which is well
established in the NCR. The company benefits from the Group's brand
image and growing customer base.

Low offtake risk as pulses constitute and important part of Indian
staple diet: BAIPL is involved in the processing of pulses, of
which toor dal is the highest revenue-generating product. Since
pulses are important in the Indian staple diet, BAIPL's offtake
risk is minimal. However, the company lacks product diversification
as it does not sell any product apart from pulses.

Comfortable working capital intensity despite deterioration in
FY2018: Most of BAIPL's raw material procurement is through letter
of credit backed imports. The company receives favourable terms
from foreign suppliers and hence has high creditor days. As such,
BAIPL exhibits healthy working capital intensity. NWC/OI stood at
3.48% in FY2018 against (13.48%) in FY2017. ICRA notes that the
deterioration in its working capital intensity was due to a higher
amount of domestically sourced raw materials, usually settled by
the company on a cash basis.

Credit challenges

Significant decline in operating income in FY2018: BAIPL's
operating income (OI) declined by 38% to INR22.44 crore in FY2018
from INR36.05 crore in FY2017. A decrease in realisation of pulses
and less raw material purchased owing to import restrictions
imposed by the Government contributed to the declining scale. This
apart, the company stopped receiving job work income from its Group
companies in FY2018, which led to a decline in its OI.

Declining profitability metrics: BAIPL's operating profit margin
declined to 2.23% in FY2018 from 4.91% in FY2017. This trickled
down to the net level as the net profit margin fell from 0.81% in
FY2017 to 0.39% in FY2018. The company usually imports most of its
raw material by reason of quality and pricing. However, due to
import restrictions imposed by the Government, in FY2018, it
procured a larger amount of indigenous raw material at less
favourable prices, leading to the decline in margins.

Exposure to foreign exchange fluctuations: BAIPL procures most of
its raw material from foreign suppliers. This exposes it adverse
changes in foreign exchange rates. This apart, the company is
vulnerable to risks associated with foreign or domestic regulatory
policies on its imports.

Liquidity position

BAIPL has a satisfactory liquidity position owing to the lack of
major capital expenditure plans in the medium term, and no external
term loan repayments. The company's long-term debt is in the form
of non-interest bearing unsecured loans from its promoters and
their friends and family.

Incorporated in 2007, BAIPL is promoted by the Jain family. The
company is involved in processing of pulses (toor dal, chana dal,
moong dal etc.). Its production facility at Jalgaon (Maharashtra)
has an installed capacity of 28,800 MTPA. The company is a part of
the Rajdhani Group, which manufactures and retails agro products.
The main operations are carried out in Victoria Foods Pvt Ltd,
which is the flagship company of the Rajdhani Group. The company
sells processed pulses to agro distributors across India. Up to
FY2017, the company also undertook processing activity for Victoria
Foods Pvt Ltd on a job work basis.

In FY2018, the company reported a net profit of INR0.09 crore on an
OI of INR22.44 crore compared with a net profit of INR0.39 crore on
an OI of INR36.05 crore in the previous year.


CHOICE BOARDS: ICRA Assigns B+ Rating to INR1cr Cash Loan
---------------------------------------------------------
ICRA has assigned rating to the bank facilities of Choice Boards
Pvt. Ltd. (CBPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash credit          1.00       [ICRA]B+(Stable) assigned
   Non-fund based       3.00       [ICRA]A4 assigned

Rationale

The assigned ratings are constrained by the company's small scale
of operations with revenues of INR27.00 crore in FY2018, which
declined from INR38.10 crore in FY2015 due to lower raw material
availability, primarily Gurjan timber. Besides, the operating
margins reduced from 3.6% in FY2015 to 1.2% in FY2018 with decline
in share of revenues from the company's manufacturing operations
since FY2016. The ratings also consider modest coverage metrics
with adjusted interest coverage ratio of 0.95 times, TOL/TNW of
1.15 and NCA/TD at 30% for 9MFY2019. Given the reduced availability
of Gurjan timber, the company had started trading in steel,
primarily TMT bars from FY2015. The ratings are also constrained by
the intensely competitive and fragmented nature of plywood and
steel trading industry with presence of numerous players in both
the organised and the unorganised markets. However, the ratings
positively factor in the promoters' long track record of more than
two decades in the plywood industry. Further, the working capital
intensity remained moderate with NWC/OI at 18% for 9M FY2019 owing
to lower debtors and inventory days.

Outlook: Stable

The Stable outlook reflects ICRA's belief that CBPL will continue
to benefit from the extensive experience of its promoters in the
plywood industry and steel trading. The outlook may be revised to
Positive if substantial growth in revenue and profitability
strengthens the financial risk profile. The outlook may be revised
to Negative if margins decline significantly, or if the company
incurs debt-funded capex or stretch in working capital, weakening
liquidity.

Key rating drivers

Credit strengths

Experience of promoters in the plywood industry: Incorporated in
1997, CBPL manufactures plywood, veneer, black board and flush
doors. The Promoters and Directors, Mr. Sahadev Singh Meherwal and
Mr. Prithvi Singh, have extensive experience in manufacturing
plywood, face veneer, core veneer and black boards. The
manufacturing facility is located in Dakamarri village,
Bhimillipatnam Mandal, Visakhapatnam. The unit has an annual
installed capacity of 3.33 lakh sq. mt. for veneers, 0.22 lakh sq.
mt for plywood and 0.22 lakh sq. Mt. for blockboards/flush doors,
respectively. The company markets its plywood and face veneer with
brand name, Choice.

Comfortable capital structure: The total debt of the company
decreased from INR5.61 crore as on March 31, 2015 to INR0.99 crore
as on December 31, 2018 due to repayment of debt availed from State
Bank of India. The gearing reduced from 1.90 times as on March 31,
2015 to 0.27 times as on December 31, 2018. The net worth of the
company increased from INR2.94 crore to INR3.65 crore during the
same period.

Moderate working capital intensity: The working capital intensity
was moderate at 28% and 18% in FY2018 and 9M FY2019, respectively
on account of lower debtor days. The company generally offers 1-2
months of credit for its customers in steel trading and wood
products divisions. The inventory days stood low at 15 in FY2018
and 9 in 9M FY2019 on account of an increase in proportion of steel
trading business, which is sold immediately.

Credit challenges

Decline in operating income due to lower raw material availability:
The operating income declined from INR38.10 crore in FY2015 to
INR27.00 crore in FY2018 due to reduced manufacturing operations.
With the export restrictions in Myanmar, the prices of Gurjan
timber available from other countries increased, which rendered
veneer manufacturing uncompetitive. Further, CBPL changed its focus
to block board/flush door manufacturing and steel trading
business.

Weak operating margins: The operating margins has decreased from
3.61% in FY2015 to 1.21% in FY2018 and 0.65% in 9MFY2019 due to
higher proportion of income from steel trading and increase in raw
material prices for core veneers/plywood/block boards
manufacturing. The company derived 95% of its revenue from steel
trading and the remaining 5% from the manufacturing segment in 9M
FY2019.

Weak financial risk profile: Though the capital structure is
comfortable, the coverage metrics are weak on account of lower
profitability with adjusted interest coverage ratio of 0.95 times,
TOL/TNW of 1.15 and NCA/Debt of 30% for 9M FY2019.

Intense competition, given the fragmented nature of the plywood and
steel industry: Intensely competitive and fragmented nature of
plywood and steel trading industry with presence of numerous
players in both the organised and the unorganised markets result in
high competition. The industry is marked by the presence of
established players like Archidply, Centuryply, Kitply etc. which
have established brand presence. This limits CBPL's pricing
flexibility and bargaining power with customers, putting pressure
on its revenues and margins.

Liquidity position
The company's liquidity position is weak with high average working
capital utilisation of 99% from February 2018 to January 2019.

Incorporated in 1997, Choice Boards Pvt. Ltd. (CBPL) manufactures
plywood, veneer, black board and flush doors. The Promoters and
Directors, Mr. Sahadev Singh Meherwal and Mr. Prithvi Singh, have
extensive experience in manufacturing plywood, face veneer, core
veneer and black boards. The manufacturing facility is located in
Dakamarri village, Bhimillipatnam Mandal, Visakhapatnam. The
company is ISO-9001:2008 certified and all its products are
certified with IS 303, IS 710 and IS 1659 by the Bureau of Indian
Standards. The company also trades in timber and steel products.


CHVV SUBBA: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long term and short term ratings for the bank
facilities of CHVV Subba Rao (CHVVSR) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund-        2.00      [ICRA]B+ (Stable)/ISSUER NOT
   based Cash Credit                COOPERATING; Rating moved to
                                    'Issuer Not Cooperating'
                                    Category

   Short-term Non-       10.00      [ICRA] A4; ISSUER NOT
   fund Based                       COOPERATING; Rating moved to
   Facilities                       'Issuer Not Cooperating'
                                    Category

   Long-term/Short-      11.00      [ICRA]B+ (Stable)/[ICRA]A4;
   term Unallocated                 ISSUER NOT COOPERATING;
   Facilities                       Rating moved to 'Issuer Not
                                    Cooperating' category

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

CHVV Subba Rao was incorporated as a proprietorship concern in 1995
to undertake civil engineering projects pertaining to the
comprehensive protected water supply and sanitation (CPWS&S) in
Andhra Pradesh. The civil work includes laying of pipelines for
water supply, tapping of surface water, construction of filtration
plants for brackish water and fluoride water etc, construction of
over-head tanks etc. The entity executes these projects for the
Government of Andhra Pradesh under various schemes of Andhra
Pradesh Rural Water Supply and Sanitation (RWS&S). At present, the
firm is executing a railway project for the West-Central Railways.


EDIMANNICKAL JEWELLERY: Ind-Ra Moves B+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Edimannickal
Jewellery'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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR165 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 18, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Edimannickal Jewellery was incorporated in 2009 in Changanacherry.
The firm manufactures and sells gold jewelry.


FLOWTECH EQUIPMENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Flowtech Equipments (India) Private Limited
        W-203, MIDCTTC Industrial Area
        Thane, Belapur Road
        New Mumbai 400705
        Maharashta, India

Insolvency Commencement Date: March 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms. Rajshree Padia

Interim Resolution
Professional:            Ms. Rajshree Padia
                         Office No. 17, 10th Floor
                         Pinnacle Corporate Park, G-Block
                         Bandra Kurla Complex, Bandra (E)
                         Mumbai 400051
                         E-mail: rajshreecs@hotmail.com
                                 flowtechcirp@gmail.com

Last date for
submission of claims:    March 27, 2019


GB RAJA TOP: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: GB Raja Top Weaving Private Limited
        152/1 Avvaiyar Street, CST Colony
        Veerappanchatram, Erode 638004

Insolvency Commencement Date: March 15, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 11, 2019
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd Floor, Gaiety Palace
                         No. 1L, Blackers Road, Mount Road
                         Chennai 600002
                         E-mail: fcs.rms@gmail.com

Last date for
submission of claims:    March 29, 2019


GOKAK TEXTILES: ICRA Reaffirms B+ Rating on INR24.35cr Loan
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Gokak
Textiles Limited (GTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           24.35      [ICRA]B+ (Stable); Reaffirmed
   Working Capital
   Limits               

   Unallocated         142.59      [ICRA]A4; Reaffirmed
   Limits  

Rationale:

The ratings remain constrained by GTL's weak operational and
financial performance for the last few years, characterised by
strained liquidity, negative net worth and inadequate coverage
metrics owing to decline in revenues and significant losses at the
operating level. The company faced labour unrest at its spinning
unit, which adversely impacted its capacity utilisation in FY2017.
Though the restoration of workforce ensured better utilisation in
FY2018 and the current fiscal, the improvement was offset by
subdued demand and relatively high overheads. The ratings also
consider the highly fragmented and competitive industry structure,
which restricts pricing flexibility and exposes the company's
earnings to volatility in cotton prices and foreign exchange
rates.

The ratings, however, favourably factor in the company's strong
parentage—Shapoorji Pallonji and Company Private Limited (SPCPL,
rated at ICRA AA&/A1+&). The parent provides regular funding
support to meet the company's debt servicing obligations. The
company has repaid all external long-term borrowings in FY2019 from
funds infused by SPCPL. While repayment of term loans will
significantly lower interest expenses, subdued demand scenario and
high overheads are expected to dent the profitability indicators.
Consequently, GTL will remain dependent on SPCPL to meet its debt
servicing obligations.

Outlook: Stable

The outlook may be revised to Positive in case of sustained
improvement in the financial risk profile characterised by healthy
revenue growth and better profitability margins. The outlook may be
revised to Negative in case of any further deterioration in the
financial risk profile of the company.

Key rating drivers

Credit strengths

Strong parentage with demonstrated track record of regular support:
SPCPL, rated [ICRA]AA&/[ICRA]A1+, is the holding company of GTL
with ~74% stake in the company. GTL has received funding support
from the holding company over the years, by way of preference
shares (~Rs.175) and unsecured loans infused during the period
FY2013 to 9M FY2019. Support from the group is expected to continue
supporting liquidity position and debt servicing for GTL.

Credit challenges

Weak financial profile: GTL reported losses from operations for the
fifth consecutive year in FY2018. The company faced labour unrest
at its spinning unit, which adversely impacted its capacity
utilisation in FY2017. Though the restoration of workforce ensured
better utilisation in FY2018 and the current fiscal, the
improvement was offset by subdued demand and relatively high
overheads and resulted in continued losses from operations and
further deteriorated GTL's financial risk profile.

Earnings exposed to fluctuation in cotton prices amid challenging
demand scenario and intense competition: Earnings of GTL are
exposed to the volatility in cotton prices. The vulnerability is
further compounded by the company's limited pricing flexibility due
to intense competition and lower-than-expected demand during the
recent quarters. Further, earnings also remain exposed to currency
exchange fluctuations.

Liquidity position

The company's liquidity position remains weak due to losses at the
operating level and high average utilisation of working capital
limits. However, the liquidity was supported by timely infusion of
funds from promoters.

The rating assigned to GTL factors in the high likelihood of its
parent, SPCPL, extending financial support to it because of close
business linkages between them.

GTL was incorporated in 2007, subsequent to a scheme of demerger of
the textile arm of Forbes Gokak Limited (FGL) into a separate
company. GTL has two units -a spinning mill at Gokak Falls
(Karnataka) and a garment-manufacturing unit in Belgaum district of
Karnataka. The spinning mill with a capacity of 91000 spindles and
1,104 rotors produces cotton yarn and other value-added yarns apart
from small volumes of readymade items such as cotton canvas and
terry towels. The Belgaum unit specialises in readymade knitted
garments including combed polo and T-shirts for export markets. In
FY2012, the company hived off its power-generation business under a
subsidiary named Gokak Power & Energy Limited (GPEL). While GTL
holds 51 percent stake in GPEL, the remaining 49 percent is held by
Shapoorji Pallonji Infrastructure Capital Company Limited. The
power generated by GPEL is primarily used by GTL for its spinning
unit.


HAJEE A.P. BAVA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Hajee A.P. Bava & Company Constructions Private Limited
        HAPBCO Tower, #32 (Old No. 1355/B)
        9th Main Road, Near Muneshwara Temple
        RPC Layout, Vijayanagar
        Bangalore Karnataka 560104

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Addanki Haresh

Interim Resolution
Professional:            Mr. Addanki Haresh
                         No. 36/1, 2nd Floor, Munivenkatappa
                         Complex Bellary Road, Ganganagar
                         Bangalore 560032
                         E-mail: addanki.haresh@gmail.com

Last date for
submission of claims:    March 26, 2019


HARITHA FERTILISERS: ICRA Lowers Ratings on INR35cr Loans to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Haritha Fertilisers Limited (HFL), as:

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Long Term-       31.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                 Revised from [ICRA]C and
                               continues under 'Issuer Not
                               Cooperating' category

   Long Term/        4.00      [ICRA]D ISSUER NOT COOPERATING;
   Short Term-                 Revised from [ICRA]C/[ICRA]A4
   Unallocated                 and continues under 'Issuer Not
   Limits                      Cooperating' category

ICRA has revised the rating of bank facilities of HFL to [ICRA]D
from [ICRA]C/[ICRA]A4. ICRA has also moved the ratings to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

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

Rationale

The rating downgrade follows the delays in debt servicing by HFL to
the lender(s), as confirmed by them to ICRA and company's stretched
working capital cycle.

Incorporated in 2006, HFL is involved in the manufacturing of
nitrogen-phosphorous-potassium (NPK) fertilisers. The company has
two manufacturing facilities with installed capacity of 1.50 lakh
metric tonne per annum each. The unit-I is located at
Ankireddypalli village in Ranga Reddy district and unit-II is
located at Damaracherla village in Nalgonda district of Telangana.
The company sells products under own brand "Nandi" in Telangana.


HMT LTD: Unit Gets Shareholders' Nod for Voluntary Liquidation
--------------------------------------------------------------
Press Trust of India reports that HMT Chinar Watches, which was
cleared for closure by the government, on March 25 received
shareholders' approval for voluntary liquidation of the company,
HMT Ltd said in a regulatory filing to the exchanges.

At an extra ordinary general meeting, the shareholders of HMT Ltd's
arm also cleared the appointment of insolvency professional
Akhilesh Kumar Gupta as liquidator, which was also approved by the
creditors in the meeting, it said, PTI relates.

According to the report, the Cabinet Committee on Economic Affairs
had in January 2016 approved the closure of three subsidary
companies of HMT Ltd -- HMT Watches, HMT Chinar Watches and HMT
Bearings.

At the time, the Chinar unit, with 31 employees, had a defunct
factory at Srinagar in Kashmir and an assembly unit at Jammu, while
the bearing arm had 56 employees.

"The voluntary liquidation proceedings in respect of HMT Chinar
Watches Limited shall be deemed to have commenced from the date of
shareholders' approval i.e. March 25, 2019," the filing, as cited
by PTI, said.

Headquartered in Bangalore, India, HMT Limited --
http://www.hmtindia.com/-- manufactures and sells machine tools
and food processing machines in India and internationally. The
company's machine tools include turning machines, grinding
machines, gear manufacturing machines, machining centers, special
application machines, die casting and plastic injection molding
machines, precision ball screws, presses, CNC systems, and other
GPMs. Its food processing machines comprise butter making and
packing machines, plate heat exchangers, centrifugal pumps and
separators, oil purification and clarification systems, and
homogenizers. In addition, the company provides printing machinery,
watches, tractors, and bearings.


JET AIRWAYS: Founder Steps Down, Banks to Infuse INR1,500cr
-----------------------------------------------------------
India Today reports that Jet Airways founder Naresh Goyal and his
wife Anita Goyal have stepped down from the board of Jet Airways
after a board meeting was held on March 25.

India Today relates that the airline's CEO Vinay Dube will continue
in his position and has been tasked with guiding the company out of
the crisis situation.

After the board meeting, Jet Airways informed stock exchanges that
promoters of the airline, Naresh Goyal and Anita Goyal, and one
nominee of Etihad Airways PJSC have stepped down from the board,
according to the report.

"Resignation by Naresh Goyal, Anita Goyal, and Kevin Knight, as
directors of the company, and induction of two nominee directors of
lenders. Naresh Goyal will also cease to be the chairman of the
Company," the statement said.

The airline will also receive immediate funding of up to Rs 1,500
crore by lenders, the report relays.

"Immediate funding support of up to Rs 1,500 crore by lenders by
way of issue of appropriate debt instrument against the security of
its assets which will restore normalcy to Company's level of
operations," it said.

India Today, citing reports, says Etihad's stakes in the company
will be halved from 24 per cent to 12 per cent while Goyal's stake
will be reduced to 25.5 per cent from the existing 51 per cent.

The decision paves the way for lenders, led by the State Bank of
India (SBI), to invoke some of Goyal's shareholding and rescue the
airline on an immediate basis, the report notes.

It is likely that the lenders will take over more than 50 per cent
of the airline's stake and convert its debt into shares, India
Today states.

India Today says this marks the road to recovery for the airline
but experts indicated that there is a long way to go before the
airline can recuperate from its losses.

Experts also made it clear that the airline needs a swift capital
infusion to stay afloat, relates India Today.

At present, Jet Airways is operating with just 41 planes out of its
fleet of 119 planes after failing to repay rentals.

India Today notes that the airline is also on the verge of losing
hundreds of pilots who are on the lookout for new opportunities
after Jet failed to pay their salaries since December.

While Jet stocks zoomed after Goyal's exit, banks now have a huge
challenge to infuse funds to the ailing airline and also to find a
new buyer for it within the next few months, says India Today.

                        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 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.


LAKSHMI SRINIVASA: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of Sri
Lakshmi Srinivasa Raw & Boiled Rice Mill continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term fund      11.25       [ICRA]B+(Stable); ISSUER NOT
   based limits                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          3.75       [ICRA]B+(Stable)/[ICRA]A4;
   limits                          ISSUER NOT COOPERATING; Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBRM) was
established as a proprietorship firm in 1983. In 2002, SLSRBRM was
reconstituted as partnership firm, SLSRBRM is engaged in the
milling of paddy, and produces raw and boiled rice. The firm has a
milling unit in Nellore District of Andhra Pradesh. SLSRBRM has a
milling capacity of 36000 MTPA of paddy.


LOYAL AUTO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Loyal Auto Globe Private Limited

        Registered office (As per MCA Records):
        102 Suraj Building, Gazdhar Bandh
        S.B. Patil Marg, Santacruz (West)
        Mumbai 400054, Maharashtra

        Corporate office:
        10, Bonanza Arcade, Amboli
        Swami Vivekananda Road, Andheri (West)
        Mumbai 400058

Insolvency Commencement Date: March 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019
                               (180 days from commencement)

Insolvency professional: Tejas Jatin Parikh

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

                            - and -

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

Last date for
submission of claims:    April 2, 2019


MAITHRI DEVELOPERS: ICRA Withdraws B- Rating on INR30cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Maithri Developers, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          30.00       [ICRA]B- (Stable) ISSUER NOT
   Proposed                        COOPERATING; Withdrawn
   Term Loan                
                                   
Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company as Maithri
Developers did not avail any bank facilities against the proposed
term loan rated by ICRA.

Incorporated in 2004, Maithri Developers (MD) is a proprietorship
firm engaged in real estate development in Bangalore, Karnataka.
The proprietor has long experience in the field of real estate
development and construction and the firm has successfully executed
seven residential projects since its establishment encompassing
~2.5 million square feet (msf) of constructed area. The residential
projects include apartments, with amenities such as clubhouse,
swimming pool and gymnasium. The firm undertakes all the activities
with the assistance of its in-house team of engineers and
architects.


PADMAJA FARMS: ICRA Reaffirms B+ Ratings on INR10cr Loans
---------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Padmaja
Farms, as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits-
   Cash Credit            6.95      [ICRA]B+ (Stable); Reaffirmed

   Unallocated limits     3.05      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating considers the firm's small scale of operations in the
poultry farming business with a weak financial profile as reflected
by thin margins, high gearing and stretched coverage indicators for
FY2018.The rating considers its high working capital intensity of
30.2% as on March 31, 2018 due to its high inventory. The rating is
also constrained by the exposure of the firm's margins to feed
costs and egg prices. ICRA notes the cyclicality associated with
the Indian poultry industry and the resultant volatility in prices
of eggs. The rating also considers risk arising from partnership
nature of the firm.

However, the ratings draw comfort from the vast experience of the
management in the poultry farming and the healthy demand outlook
for the layer eggs on account of increasing acceptance of eggs as a
daily meal component.

Outlook: Stable

ICRA believes that Padmaja Farms will continue to benefit from the
extensive experience of its promoters and the favourable demand
prospects for the sector. The outlook may be revised to Positive if
the scale of operations and profitability improve or if there is
sustained improvement in the capital structure. The outlook might
be revised Negative if any significant debt-funded capital
expenditure, lower-than-expected cash accruals, or stretched
working capital cycle weakens the capital structure and liquidity
position.

Key rating drivers

Credit strengths

Significant experience of the promoter in the poultry industry: The
promoters have established presence with over two decades of
experience in the poultry industry resulting in established
relationship with customers.

Healthy demand outlook for the layers segment of the industry: The
demand for eggs is likely to increase with an increase in the
acceptance of eggs as a daily meal component.

Credit challenges

Small scale of operations: The firm's scale of operations has been
small with revenues of INR35.1 crore in FY2018, limiting its
financial flexibility.

Reduced operating margins: The firm's operating margins reduced to
3.6% in FY2018 from 4.3% in FY2017 due to increased raw material
prices.

Weak financial profile: The firm's financial profile is
characterised by thin margins, high gearing of 2.2 times as on
March 31, 2018 and stretched coverage indicators. Its interest
coverage ratio remained at 1.3 times with NCA/total debt ratio at
-21% in FY2018 due to capital withdrawals.

Vulnerability to rise in feed prices and cyclicality associated
with the Indian poultry industry: Maize and soya forms the major
raw material for feed, which account for ~87%-90% of raw material
consumption. Thus, fluctuation in the price of these agro
commodities would impact its profitability. The firm is also
affected by the cyclicality associated with the Indian poultry
industry and the resultant volatility in the prices of eggs.
Risks inherent to the partnership nature of the firm: Padmaja Farms
is exposed to the risks associated with partnership firms including
capital withdrawal risks that could adversely impact the capital
structure.

Liquidity position

Padmaja Farm's working capital intensity is high owing to high
inventory (feed stock) held by the firm. However, its average
working capital utilisation had been moderate at ~60% of the
sanctioned limits for the period March 2018 to February 2019.

Padmaja Farms operates poultry farms with a total capacity of
3,07,374 layer birds in Basapura and Bullapur village, Koppal
district, Karnataka. The farm at Bullapur has a capacity of
1,65,000 and the farm at Basapura has a capacity of 1,42,374. It is
involved in the sale of table eggs.

It reported an operating income (OI) of INR35.1 crore and net
profit of INR0.1 crore in FY2018 as against an OI of INR34.1 crore
and net profit of INR0.1 crore in FY2017.


PERFECTO ELECTRICALS: ICRA Lowers Rating on INR7.50cr Loan to C
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Perfecto Electricals (PE), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based Limit-    7.50      [ICRA]C; Downgraded to [ICRA]D  

   Cash Credit                    from [ICRA]C+ and
                                  simultaneously upgraded to
                                  [ICRA]C

    Non-fund based     20.00      [ICRA]A4; Downgraded to [ICRA]D
    Limit-Bank                    from [ICRA]A4 and
    Guarantee                     simultaneously upgraded to
                                  [ICRA]A4

    Unallocated         8.00      [ICRA]C/[ICRA]A4; Downgraded
    Limits                        to [ICRA]D from [ICRA]C+/
                                  [ICRA]A4 and simultaneously
                                  upgraded to [ICRA]C/[ICRA]A4

Rationale

The downward revision in the ratings follows the irregularity in
debt servicing by PE in the past due to stretched liquidity
position of the firm. With subsequent regularisation of debt
servicing, ICRA has simultaneously upgraded the ratings.

The ratings take into account a steep increase in the working
capital intensity of the business on the back of a rise in
receivables, leading to a stretched liquidity position. The ratings
also consider PE's relatively small scale of current operations and
de-growth in the top-line in FY2018 over the previous fiscal, and
an aggressive capital structure and subdued coverage indicators.
ICRA notes that the Indian Railways accounts for the entire revenue
of the firm and the current outstanding order book is primarily
concentrated in Eastern India, which leads to high customer as well
as geographical concentration risks. Besides, there is execution
risk arising from delays in availability of land. The ratings
further incorporate the risk associated with the entity's status as
a partnership firm, including the risk of capital withdrawal by the
partners.
The ratings, however, derive comfort from the promoters' extensive
experience in the supply and installation of signalling and
telecommunication systems and a reputed client base, which
mitigates the counterparty credit risk to a large extent.
In ICRA's opinion, the firm's ability to scale up operations while
improving its capital structure and coverage indicators and
managing its working capital requirement efficiently would remain
key rating sensitivities, going forward.

Outlook: Not Applicable

Key rating drivers

Credit strengths

Long experience of promoters: PE was promoted by the Kolkata-based
Kothari family in 1964. The promoters have an experience of more
than five decades in the supply and installation of signalling and
telecommunication systems for the Indian Railways. It has also been
undertaking air-conditioning contracts from the Kolkata Metro
Railway since 1988.

Reputed customer profile reduces counterparty risk to an extent:
The promoters of the firm have established relationship with
various divisions of the Indian Railways and have availed repeat
orders. The counterparty risk reduces to a large extent due to a
reputed client base.

Credit challenges

Steep increase in working capital intensity of the business,
leading to a stretched liquidity position: PE's working capital
intensity of operations has increased substantially in FY2018 due
to an increase in receivables of the firm, as reflected by the net
working capital relative to operating income (NWC/OI) of 77% in
FY2018 compared to 33% in FY2017. This in turn, has stretched the
firm's liquidity position, which led to an unsatisfactory debt
servicing (overutilisation of the cash credit limit and invocation
of bank guarantee) track record by PE in the past.

Relatively small scale of current operations; significant decline
in the top-line in FY2018: The firm's scale of operations continued
to remain relatively small. Moreover, it declined from INR43.33
crore in FY2017 to INR18.20 crore in FY2018, depicting a de-growth
of ~58%, on the back of lower execution of contracts, which in turn
resulted in a decline in the firm's profits.

Weak financial profile, characterised by an aggressive capital
structure and subdued coverage indicators: The capital structure
remained aggressive as depicted by a gearing of 4.19 times as on
March 31, 2018. The profits and cash accrual of the firm have
declined in FY2018 over the previous fiscal primarily due to a
decline in the scale of operations. Consequently, the coverage
indicators deteriorated, as indicated by an interest coverage
indicator of 1.06 times (1.21 times in FY2017), total debt relative
to operating profit (Total Debt/OPBDITA) of 6.27 times (4.49 times
in FY2017) and net cash accrual relative to total debt (NCA/Total
Debt) of 0% (1% in FY2017) in FY2018.

Exposure to execution risk: The firm remains exposed to the
execution risk arising from delays in availability of land, which
results in delay in execution of contracts.

Risk associated with the entity's status as a partnership firm:
PE's legal status as a partnership firm gives rise to the risk of
capital withdrawal by the partners, which might impact the capital
structure and the liquidity position.

Liquidity position
The firm does not have any long-term debt repayment obligations.
However, PE's fund flow from operations (FFO) declined in FY2018 on
account of a decline in profits from operations compared to the
previous fiscal. With the company's business expected to record a
modest growth in the medium term, its FFO is estimated to remain
low in the near term, at least. Moreover, PE's deposits in the form
of margin money for non-fund based limits, earnest money,
performance guarantee and retention money, increase the working
capital requirements and stretch the firm's liquidity position,
which restricts its financial flexibility to a large extent.

Established in 1964, Perfecto Electricals is promoted by the
Kolkata-based Kothari family. It is involved in execution of
signalling and telecommunication system for the Indian Railways and
air-conditioning facilities for the Kolkata Metro Railway. It is
also involved in planning, designing, testing, commissioning, and
maintenance of projects.


PRAFFUL OVERSEAS: ICRA Lowers Ratings on INR235.07cr Loans to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Prafful Overseas Private Limited (POPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           111.92      [ICRA]D; downgraded from
                                   [ICRA]BBB (Stable)

   Cash Credit          45.30      [ICRA]D; downgraded from
                                   [ICRA]BBB (Stable)

   Letter of Credit/    77.85      [ICRA]D; downgraded from
   Bank Guarantee                  [ICRA]A3+

Rationale

The rating downgrade factors in the delay in debt servicing
obligations in the recent past by POPL's on account of weakening of
its liquidity profile, emanating from stretch working capital cycle
and delay in stabilisation of newly added capacity of nylon yarn
resulting in lower than anticipated cash accruals. The stretch in
working capital was aggravated on account of elongation in receipt
of GST (Goods and Service Tax) dues, as well as delay in timely
sanction of enhanced limits. Going forward, a track record of
timely debt servicing and efficient working capital management will
be the monitorable.

The ratings also factor in the long and established track record of
promoters in the textile industry and expected sales growth in
healthy plant capacity utilisation levels, with sustained growth in
nylon yarn segment.

Outlook: Not applicable

Key rating drivers

Credit strengths

Extensive experience of promoters and long-standing customer
relationship- POPL is a part of the Prafful Group, which has an
established presence in the textiles business for over three
decades. Thus, the promoters' long experience in the industry,
established relationships with suppliers and customers and range of
quality product offerings are expected to support the business
profile.

Credit challenges

Recent Delay in debt servicing: Instances of LC devolvement and
delay in servicing interest and principal obligation on term loan
in the recent past.

Revenue witnessed dip of ~6% in FY2018: The revenue of the company
witnessed dip of ~6% to INR287.49 crore in FY2018 as compared to
INR304.86 crore in FY2017 owing to reduction in sales of fabrics by
~22% in FY2018. The operating margins however improved to 13.99% in
FY2018 as against 11.82% in FY2017 as a result of increased
contribution of high value yarn sales in overall sales mix. At the
net level, the company reported profit of INR10.54 crore while net
cash accruals stood at INR26.09 crore in FY2018.

Stretched liquidity position emanating from elongated working
capital cycle: POPL's working capital cycle increased in FY2018 and
6M FY2019 as indicated by NWC/OI of 34% for FY2018 and 33% in
6MFY2019 from ~21% in FY2017 on account of elongated receivable
period and increase in inventory days. This along with elongation
in GST receipts and delay in enhancement in bank limits, weakened
the liquidity profile.

Margins susceptible to volatility in raw material prices and
foreign exchange rate fluctuation: The company's operating margins
are exposed to raw material price volatility, which is mitigated to
some extent with back-to-back purchases and continuous orders in
hand (about a month). Nevertheless, it will remain exposed to any
sharp price movements in its crude derivatives based raw materials
(nylon chips). The margins are also vulnerable to any steep forex
rate fluctuations, due to the large portion of raw material imports
and foreign currency debt.

Intense competition and fragmented industry structure: The spinning
and fabric segment of the textile industry is highly fragmented
with competition from the organised as well as large number of
unorganised players in the industry.

Liquidity position

The overall liquidity position of the company remains weak as
evident from stretched working capital cycle, high debt repayment
obligations and full utilisation of working capital limits.

Incorporated in 1990, Prafful Overseas Private Limited (POPL)
manufactures embroidered fabric and nylon filament yarn. POPL
originally started its manufacturing operations for embroidered
fabrics from its facility at GIDC Sachin, Surat (Gujarat). Later in
2008, it diversified its operations by setting up a unit at GIDC
Panoli, Ankleshwar (Gujarat) for manufacturing nylon yarn. POPL
(the flagship company) is a part of the Surat-based Prafful Group,
promoted by Sri Narain Aggarwal and family. The Group has an
established presence in various segments of the textile industry
like yarn manufacturing, dyeing, printing, ready-to-stitch ethnic
women's wear, saris, dress materials and embroidery work through
various entities.

In FY2018, POPL reported a net profit of INR10.54 crore on an
operating income of INR287.49 crore as against a net profit of
INR10.51 crore on an operating income of INR304.86 crore in
FY2017.


PRASAD AGRICO: ICRA Reaffirms 'B+' Ratings on INR30cr Loans
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Prasad Agrico
Industries Private Limited (PAIPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based Limits     24.25      [ICRA]B+(Stable); reaffirmed
   Unallocated            5.75      [ICRA]B+(Stable); reaffirmed

Rationale:

The rating is constrained by execution and implementation risks
that projects under construction are generally exposed to. However,
the rice milling unit has made significant progress and is likely
to start by April 2019. Further, the rating is constrained by the
intense competition in the rice milling industry which may limit
the company's profitability, and agro-climatic risks associated
with the availability of paddy in adverse weather conditions.
Moreover, the rating factors in PAIPL's small scale of operations
and weak financial profile characterised by weak return indicators,
high gearing and weak debt-coverage indicators.

However, the rating derives comfort from the well-qualified and
professional promoters, and the advantage of proximity of the
company's storage facility to the different trading items like
potatoes, fruits, poultry etc. Further ICRA notes that the
promoters have infused interest free long term unsecured loans to
the tune of INR7.73 crore to fund the working capital needs of the
business. Going forward, PAIPL's ability to achieve commercial
production as per schedule and achieve desired operating parameters
will be the key rating sensitivities.

Outlook: Stable

ICRA believes that PAIPL will continue to benefit from its
resourceful promoters. The outlook may be revised to Positive if
the operations from its rice milling unit stabilises and thereby
increase in the company's revenues and profitability. Conversely,
the outlook may be revised to Negative in case of any further delay
in commissioning of rice milling unit beyond the proposed
timeline.

Key rating drivers:

Credit strengths Location-specific advantage with cold storage unit
in Bihar's East Champaran district: The cold storage unit of PAIPL
is located in close proximity to the different farm products like
vegetables, fruits and poultry items. This has helped the company
save on transportation cost.

Credit challenges

Execution and implementation risks: PAIPL is setting up a rice
milling plant with a capacity of 52,800 metric tonne per annum
(MTPA). The original commissioning date (CoD) for rice milling unit
was March 2018, however due to land clearance issues the CoD has
been revised to April 2019. Given that commercial operations are
expected by April 2019, PAIPL remains exposed to execution and
implementation risks that are generally inherent to projects under
construction.

Vulnerability to the vagaries of monsoon and other agricultural
risks: Rice being an agricultural commodity is exposed to the
vagaries of monsoon and other agricultural risks such as the
outbreak of diseases, lower/higher-than-projected production levels
(that impact the supply and hence the price), poor storage
capacities and inconsistencies in quality. The company's ability to
buy paddy of consistent quality at the right price is the key to
its success in the rice industry.

Intense competition limits profitability: The rice industry is
highly competitive and fragmented in nature because of the presence
of established players as well as numerous small players in the
unorganised sector. Given the low capex and technical complexity of
the work, the entry barriers have remained low and resulted in the
presence of a large number of small-to-medium scale enterprises.
This in turn would put pressure on profitability.

Liquidity position Liquidity profile of the company remains weak
during FY2018 represented by current ratio of 1.29x (FY2017:
1.24x). The cash and bank balance as on March 31, 2018 stood at
INR0.04 crores and further the working capital utilization has
remained high during the last 12 months period ended February 2019.


PAIPL was established in November 2013 but became operational in
April 2015. The company provides cold storage facilities for
different kinds of farm products on a rental basis with an
installed capacity to store 9,000 MT. It also trades in of farm
products. The facility is located in the Manguraha village of East
Champaran (Bihar).

The company is in process of setting up a rice milling unit in the
same premises. It will process Basmati and non-Basmati rice. The
commercial production is expected from April 2019 with a milling
capacity of 8 tonne per hour (tph). The active promoters are Mr.
Yogendra Prasad and Mrs. Pratima Prasad.


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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits Migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR130 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 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Assam-based R L Construction executes earthwork and construction
works for North Eastern Railway. The firm is managed by Gouranga
Paul and Mukul Paul.


RATNAAKAR SHELTERS: ICRA Assigns B+ Ratings to INR50cr Loans
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Ratnaakar
Shelters LLP (RSLLP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term-Fund-
   based TL             49.30      [ICRA]B+ (Stable); Assigned

   Long-Term-
   Unallocated          00.70      [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by exposure of RSLLP to high
project execution risk since 60% of the total project cost is yet
to be incurred and high funding risk given the high reliance of the
firm on customer advances (43% of total project funding) for
project completion and low level of advances received till December
2018. ICRA also notes the significant market risk associated with
the project with 72% of the total project area yet to be sold.
Furthermore, the rating also takes into account the stiff
competition from other ongoing and completed projects by
established developers in the project vicinity as well as the risk
of capital withdrawal inherent in the limited liability partnership
firm.

The rating, however, favorably factors in the extensive experience
and track record of the promoters in real estate development,
spanning over three decades.

Outlook: Stable ICRA expects RSLLP to benefit from the extensive
experience of its promoters in the real estate sector. The outlook
may be revised to Positive if the project registers healthy
improvement in bookings and customer advances coupled with timely
execution of the project. However, the outlook may be revised to
Negative, if the cash flows are affected by significant slowdown in
sales for the remaining units and the firm is unable to maintain
comfortable collection efficiency, given the low level of advances
received till December 2018.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the real estate sector:
Ratnaakar Shelters LLP (RSLLP) was established in 2015 and is a
part of the Mumbai-based Aventus Realty Group (erstwhile Ratnaakar
Group), which is jointly promoted by Mr. Sukhraj Mehta, Mr. Vinod
S. Mehta and Mr. Deven P. Mody. In the past, the group has a
reasonable track record of developing over 2 lakh square feet
(sqft) in residential and commercial space in Mumbai.

Favourable location of the project with good connectivity and
presence of social and physical infrastructure: The project is
located at Govandi in Mumbai and enjoys good social infrastructure
in the vicinity. Furthermore, the project draws from its advantage
of being near various retail and entertainment centres. The project
also enjoys good connectivity with mass transit terminals as well
as the airport.

Credit challenges

High project execution risk since 60% of the total project cost is
yet to be incurred: The company has incurred a total project cost
of INR51.82 crore out of the budgeted project cost of INR130.45
crore, translating into 39.70% of the budgeted project cost. The
project is a slum rehabilitation authority (SRA) society consisting
of two towers – composite building reserved for existing tenants
and saleable building for sale in open market. As of December 2018,
the composite building has been constructed upto the 8th floor
while Wings A and C of saleable building have been constructed upto
the 6th floor and Wing B has been constructed till plinth level.
Thus, the project faces high execution risk with considerable
amount of construction still left to be done.
High funding risk due to high reliance on customer advances: The
capital outlay of the project is estimated at around INR130.45
crore, which would be funded by term loan of INR49.30 crore (38% of
the total project cost), partner's contribution of INR25.00 crore
(19% of the total project cost) and advance from customers worth
INR56.15 crore (43% of the total project cost). Till December 2018,
the company had received only INR3.39 crore of customer advances
out of the total sale value of INR36.27 crore. High reliance of the
firm on customer advances for funding of the project and low level
of advances received till December 2018, accentuates the funding
risk of the project. Consequently, regular bookings and timely
receipt of advances from the customers would remain crucial for
smooth progress of the project.

Significant market risk as only ~28% of the total area has been
booked since the project launch: During the last 16 months ending
December 2018, RSLLP has sold an area of 23,136 sqft (28% of the
total project area) which translates into a weak sales velocity of
1446 sqft per month. Furthermore, low level of advances received
till date exposes the firm to booking cancellation risk.

High competition from nearby projects and risk of capital
withdrawal inherent in the partnership firm: The project faces
stiff competition from several ongoing and completed projects in
the vicinity. With the real estate industry being cyclical, this
might affect demand for the project and pose a challenge.
Furthermore, given RSLLP's constitution as a limited liability
partnership firm, it is exposed to discrete risks including the
possibility of withdrawal of capital by the partners and the risk
of dissolution of the firm upon the death, retirement or insolvency
of the partners.

Liquidity Position:

The company had an outstanding term loan of INR14.50 crore as on
March 31, 2018. The firm has a total sanctioned limit of INR50.00
crore for the term loan out of which it had availed a total loan of
INR28.00 crore as of December 2018. The loan was availed in
December 2017 and is currently under moratorium period. The
principal repayment will begin from December 2019 and the loan has
to be fully repaid by December 2022 with repayments of INR0.40
crore, INR8.80 crore, INR24.20 crore and INR15.90 crore to be done
in FY2020, FY2021, FY2022 and FY2023 respectively.
The company had a cash and bank balance of INR2.73 crore as on
March 31, 2018. The firm booked sales value of INR36.27 crore as of
December 2018 out of which only INR3.39 crore of advance inflows
has been received. ICRA foresees moderate concerns on liquidity
given the low bookings registered in the project as of December
2018 and high reliance on customer advances for project funding.
Furthermore, timely receipts of customer advances will remain
critical for debt servicing.

RSLLP was set up in March 2015, as a limited liability partnership
firm and is a part of the Mumbai-based Aventus realty group
(erstwhile Ratnaakar Group), which is jointly promoted by Mr.
Sukhraj Mehta, Mr. Vinod S. Mehta and Mr. Deven P. Mody. RSLLP is a
special purpose vehicle (SPV) established with a purpose to develop
a residential project under the slum rehabilitation scheme in
Govandi (East), Mumbai. The scope of the project includes
redevelopment of a slum rehabilitation authority (SRA) society
located in Govandi (E) by construction of two buildings i.e.
composite building and saleable building. The composite building
with a carpet area of 59,924 sq. ft is reserved for the existing
tenants while the saleable building (in the name of 'Aventus
Heights') with a carpet area of 99,780 sq. ft. is for sale in open
market. The project offers affordable 1 BHK and 2 BHK units.

The company did not report any revenues and profits for FY2017 and
FY2018 as it follows completion method of revenue recognition.


REAL FAST: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Real Fast Cargo Express Pvt. Ltd.
        Real Fast House, Ground Floor, Church Pakhadi
        Road No. 1, Sahar Village
        Andheri (East) Mumbai 400099

Insolvency Commencement Date: March 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Sharad Saboo

Interim Resolution
Professional:            Mr. Sharad Saboo
                         91/95, Saraswati Banglow
                         RDP 1 Link Road, Gorai
                         Borivali-W, Mumbai 400091
                         E-mail: saboosharad@gmail.com
                                 shsirp01@gmail.com
                         Tel.: 9820028137

Last date for
submission of claims:    March 24, 2019


ROYAL PRESSING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Royal Pressing and Components Private Limited

        Registered office:
        C 9 CDDA Flats, Munrika
        New Delhi 110048

        Head office:
        I-35-38, Site C, U.P.S.I.D.C.
        Surajpur Dadri Road, Surajpur
        Greater Noida, Uttar Pradesh

Insolvency Commencement Date: March 15, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: September 10, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Shashi Sharma

Interim Resolution
Professional:            Mr. Shashi Sharma
                         D-8, Gali No. 07, Shani Bazar Road
                         Shiv Ram Park, Nangloi
                         Delhi 110041
                         E-mail: shashi@firmca.com

                         UG-12, Kirti Shikhar Complex
                         District Center, Janak Puri
                         Delhi 110058
                         E-mail: irp.royalpressing@gmail.com

                            - and -

                         Insolvency & Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Last date for
submission of claims:    April 2, 2019


SAH POLYMERS: ICRA Reaffirms B+ Rating on INR6.50cr LT Loan
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Sah Polymers Limited, as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Cash        6.50      [ICRA]B+ (Stable); reaffirmed
   credit limits          

   Long Term: Fund        1.25      [ICRA]B+ (Stable); reaffirmed
   based term loan        

   Long/Short Term:       3.25      [ICRA]B+ (Stable)/[ICRA]A4;
   Unallocated                      reaffirmed

Rationale

The ratings reaffirmation factors in the established track record
of promoters in the poly-woven sacks industry for more than three
decades and favourable location with its current manufacturing
facility with an installed capacity of 6.062 metric tonne per annum
(MTPA) situated in Udaipur, Rajasthan providing proximity to
customers and suppliers. The ratings are however constrained by
stretched liquidity position of the company as reflected by high
utilisation of working capital limits with average utilisation of
~97% during the twelve-month period ending December 2018. The
ratings also take note of the decline in operating income by ~5.2%
in FY2018 to INR35.15 crore (PY: INR37.07 crore) due to the decline
in the sales volumes and realisations. The ratings continue to
remain constrained by the entity's weak financial profile
characterised by low operating profit margins, weak cash accruals
resulting in modest coverage indicators with with TD/ OPBIDTA of
6.8 times, interest cover of 1.0 time and NCA/ Total Debt of 12% in
FY2018. The ratings, also factor in the highly fragmented nature of
the woven sack industry characterised by a large number of small
players and the limited product differentiation leading to intense
competition.

Outlook: Stable

ICRA believes SPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case there is substantial growth in revenue and
profitability, and strengthening liquidity position. The outlook
may be revised to 'Negative' if cash accruals are lower than
expected, or stretch in the working capital cycle, weakening the
liquidity.

Key rating drivers

Credit strengths

Established track record of the promoters: Incorporated in 1992,
SPL manufactures polywoven sacks and fabric made of polypropylene
granules. The company has an annual manufacturing capacity of 6,062
metric tonne per annum (MTPA). The promoters of the company have an
established track record of more than three decades in the
business.

Favourable location of manufacturing unit: SPL's plant is
favourably located in Udaipur, Rajasthan with proximity to major
customer industries like cement, textile and fertiliser industries
in Rajasthan. This has helped the company in securing repeat
orders.

Credit weaknesses

Stretched liquidity position: SPL's working-capital intensity
remains high due to stretched receivables and high inventory
holding requirement, as also reflected by high working capital
limit utilisation of ~97% during the twelve-month period ending
December 2018.

Decline in revenues in FY2018: The operating income of the company
declined by ~5.2% in FY2018 to INR35.15 crore (PY: INR37.07 crore)
due to the decline in the sales volumes and realisations. Also,
with increasing focus in the lower volume export business impacted
the overall volumes for SPL.

Modest coverage metrics: The financial profile of SPL is weak
characterised by low operating profit margins, weak cash accruals
resulting in modest coverage indicators with with TD/ OPBIDTA of
6.8 times, interest cover of 1.0 time and NCA/ Total Debt of 12% in
FY2018.

Intense competition: PP sack manufacturing is a fragmented industry
with a large number of players operating in this segment. A large
number of small-scale units resulted in fragmented nature of the
industry, leading to intense competition amongst the players.

Vulnerability of profitability to fluctuation in crude oil-linked
prices of polymers: The price of granules, a crude oil derivative
and the primary raw material for SPL, has shown volatility during
the past few years. The company has limited ability to pass on the
fluctuations in raw material price increase to its consumers.

Liquidity Position:

The liquidity position remains stretched with high working capital
limit utilisation of ~97% during the twelve-month period ending
December 2018. Further, the company has low cash balances of INR0.2
crore as on March 31, 2018.

SPL is engaged in the manufacture of high density polyethylene
(HDPE)/polypropylene (PP) woven fabrics and sacks. It is a public
limited company, incorporated in April 1992 as Peacock Continental
Limited, and has its manufacturing facility at Udaipur, Rajasthan
with an installed capacity of 6,062 metric tonnes per annum
(MTPA).


SAPPHIRE LIFESCIENCES: ICRA Reaffirms D Rating on INR28.46cr Loans
------------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Sapphire Lifesciences Private Limited (SLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Cash Credit         12.50       [ICRA]D; Reaffirmed

   Fund-based
   Term Loan           12.21       [ICRA]D; Reaffirmed

   Unallocated
   Limits               3.75       [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation takes into account the ongoing delays in
servicing debt obligations by SLPL owing to its strained liquidity
position. This is attributable to its high working capital
requirement, high interest cost and impending repayment obligations
(arising from the debt-funded capital expenditure undertaken in the
recent past), which have resulted in a stressed cash flow
position.

Outlook: Not applicable

Key rating drivers

Credit strengths

Extensive experience of promoters in pharmaceutical industry: Mr.
Parag Shah, a chemical engineer and the company's key management
member, has an experience of over 25 years in the pharmaceutical
industry and handles commercial activities of the business. The
management's extensive experience within the industry would lend
comfort to the company's credit profile, going ahead.

Credit challenges

Stretched liquidity position delayed servicing debt obligations:
ICRA has noted that the company delayed its term loan repayments
and over utilised its fund-based working capital limits for the
last few months, as confirmed by the lender. Increase in the
working capital requirement, coupled with significant debt-funded
capex during the last few years, resulted in high interest cost and
repayment obligations, straining the company's cash flow position.

Leveraged capital structure with weak coverage indicators: The
company's capital structure remained leveraged with a gearing of
1.9 times as on March 31, 2018. This, however, improved from 3
times as on March 31, 2017 as a result of the repayment of
unsecured loans from directors and related parties. Moreover, a
decline in the operating profitability and high interest expenses
led to weak coverage indicators, with OPBDIT/Interest of 1.9 times
in FY2018.

Intense competition and relatively low entry barriers in
semi-regulated market: The continuous effort to boost Indian
pharmaceutical exports to Southeast Asia, Africa and Latin America
(including regular buyer-seller meets and exhibitions to showcase
India's pharmaceutical capabilities) have resulted in a significant
demand for Indian pharmaceutical products over the last couple of
years. Low entry barriers, coupled with the presence of numerous
pharmaceutical formulation-manufacturing companies, result in
intense competition within the industry and limit the company's
margin flexibility.

Liquidity position
The company's liquidity position is highly stretched, resulting in
a delay in term loan repayments since October 2017 and consistent
over-utilisation of the working capital limits.

Sapphire Lifesciences Private Limited, earlier known as Saphire
Capsules Pvt. Ltd., is an integrated three-dosage section (tablets,
capsules and external dusting powder) pharmaceutical
contract-manufacturing enterprise. The company manufactures
tablets, capsules and external dusting powder from its WHO-GMP
certified plant located at Palghar in Thane, Maharashtra.

In FY2018, the company reported a net profit of INR0.1 crore on an
operating income (OI) of INR142.6 crore, compared to a net profit
of INR0.5 crore on an OI of INR130.1 crore in the previous year.


SHINING STAR: Ind-Ra Withdraws B- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shining Star
Solutions & Services Private Limited's Long-Term Issuer Rating of
'IND B-'. The Outlook was Stable.

The instrument-wise rating action is:

-- The 'IND B-' rating on the INR254 mil. Non-convertible
     debentures (NCDs) due on September 26, 2018 ISIN INE551P07019

     issued on September 26, 2013 6% coupon rate are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the NCDs as
they have been fully redeemed. Consequently, the Long-Term Issuer
Rating has also been withdrawn.

COMPANY PROFILE

Shining Star Solutions & Services was incorporated in September
2013 to provide various support services in the areas of human
resources, administration, information technology, primarily to
financial services companies globally.

SHIVTEX SPINNING: Ind-Ra Raises Long Term Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shivtex Spinning
Private Limited's (SSPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR678.14 mil. (increased from INR299 mil.) Term loan due on
     September 2026 upgraded with IND BB+/Stable rating;

-- INR100 mil. (increased from INR80 mil.) Fund-based limits
     upgraded with IND BB+/Stable rating; and

-- INR17 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a ramp-up of operations in the first phase
(which commenced operation in September 2017) of the spinning plant
of SSPL, indicated by a healthy revenue of INR697 million for 1
April 2018-15 March 2019 (FY18: INR355 million), reflecting over
80% capacity utilization (installed capacity 5,500 metric tons per
annum) in its first full year of operations. The second phase
demonstrated healthy capacity utilization in the eight months of
operation since the commencement in August 2018. In FY19, a top
line of INR318 million was reported for the period ended 15 March
2019 under the second phase. The scale of operations is moderate.

The ratings are supported by SSPL's eligibility for various
benefits such as interest rate subsidy (7%) and other fiscal befits
under the Gujarat Textile Policy 2012. In FY19 so far, SSPL has
already received an interest subsidy of INR26 million and a power
subsidy of INR7.61 million. Ind-Ra believes that timely receipt of
subsidy receipt will accelerate the improvement in leverage and
coverage indicators.

The ratings, however, reflect SSPL's modest EBITDA margin, which
was 11.6% in FY18. The margin stood at 13% in 9MFY19. The timely
ramp-up of operations will lead to a rise in return on capital
employed, which was weak at less than 10% for 9MFY19.

The ratings also reflect SSPL's weak credit metrics. Its leverage
(debt/EBITDA) was 10.0x in FY18 and interest coverage (operating
EBITDA/gross interest expense) was below 2.0x. The company's debt
includes unsecured loans of INR45.2 million from the
directors/promoters that are subordinated to bank borrowings. SSPL
has given an undertaking to maintain the unsecured loans until the
currency of the bank loan. These loans are interest-free in nature.
In FY19, the leverage is likely to remain elevated at 3.5x-4.0x in
view of high debt as there was a debt-led CapEx incurred on the
second phase in FY19, despite a likely improvement in EBITDA margin
in view of healthy capacity utilization and realization. The likely
improvement in EBITDA would improve the coverage in FY19.

The ratings are constrained by SSPL's weak liquidity position,
indicated by a working capital facility utilization of above 90%
during the 12 months ended January 2019 owing to the working
capital-intensive nature of the business. It had a negative cash
flow from operation of INR163 million in FY18.

The ratings continue to be constrained by SSPL's presence in
cyclical and highly competitive textile industry and exposure to
risks related to compliance with stringent pollution control norms.


The ratings, however, continue to benefit from the promoters'
experience of more than 20 years in the textile industry and SSPL's
association with and support from Ahmedabad-based Chiripal group,
which has vertically integrated operations and a proven track
record of over four decades in the textile industry.

RATING SENSITIVITIES

Negative: A delay in the ramp-up of operations in the second phase,
leading to any further deterioration in the leverage, could lead to
a negative rating action.

Positive: Any substantial revenue growth, along with any rise in
EBITDA and credit metrics, could lead to a positive rating action.

COMPANY PROFILE

SSPL was incorporated in 2017 by Mr. Sanjay Bindal, Mr. Navin
Saraogi, Mr. Dinesh Agarwal and Mr. Aman Agarwal. The company
manufactures denim yarn with nine and 16 counts.


SHRENUJ AND COMPANY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shrenuj and Company Limited
        C-405, Dharam Palace 100-103
        N S Patkar Marg, Mumbai
        MH 400007 IN

Insolvency Commencement Date: March 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019
                               (180 days from commencement)

Insolvency professional: Hiten Mukundbhai Parikh

Interim Resolution
Professional:            Hiten Mukundbhai Parikh
                         B-303, GCP Business Center
                         Opp. Memnagar Fire Station
                         Nr. Vijay Cross Roads Navrangpura
                         Ahmedabad, Gujarat 380009
                         E-mail: hiten@smajmudar.com

                            - and -

                         D-511, 5th Floor, Kanakia Zillion
                         Junction of LBS Road & CST Road
                         BKC Annexe, Kurla (West) Mumbai
                         Mumbai City MH 400070 IN
                         E-mail: irp.shrenuj@gmail.com

Last date for
submission of claims:    April 2, 2019


SHRI DARSHANA: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Shri Darshana Industries (SDI), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         7.00      [ICRA]B+ (Stable); Reaffirmed
   Cash Credit         

   Unallocated         3.00      [ICRA]B+ (Stable)/[ICRA]A4;
                                  Reaffirmed

Rationale

The ratings factor in the extensive experience of the partners
spanning over four decades in the cotton ginning industry resulting
in the established customer and supplier base of the firm. The
ratings also consider the location advantage with firm's proximity
to cotton growing areas of Adilabad, providing logistic advantage.

However, the ratings are constrained by the company's moderate
financial risk characterised by high gearing and moderate debt
protection metrics in FY2018. The ratings also factor in the small
scale of operations in the highly fragmented ginning industry and
commoditised nature of the product, leading to low pricing power.
The firm's revenues and profitability are exposed to fluctuations
in the prices of raw material, cotton, which is an agro-commodity,
and its prices are subject to seasonality and crop harvest.
Further, the ratings consider the risks associated with partnership
nature of firm.

Outlook: Stable

ICRA believes SDI will continue to benefit from the extensive
experience of its partners and established customer relationships.
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, strengthens the financial risk profile.
The outlook may be revised to 'Negative' if cash accrual is lower
than expected, or if any major capital expenditure, or stretch in
the working capital cycle, weakens its liquidity.

Key rating drivers

Credit strengths

Long experience of partners: The partners have extensive experience
in cotton ginning and trading business. The partners operate other
companies engaged in the similar line of business leading to
established supplier base and sales network.
Locational advantage – The firm's plant is located near major
cotton-growing area of Telangana, resulting in easy availability of
raw material and savings in transportation costs.

Credit weaknesses

Small scale of operations: The firm's scale of operations remained
small with revenues of INR44.8 crore in FY2018, limiting its
financial flexibility. Moreover, the firm's revenues have been
fluctuating in the past and are expected to increase by ~9.0-10.0%
in FY2019.

Moderate financial risk profile: The firm's financial risk profile
remained moderate with high gearing of 1.8 times as on March 31,
2018 and moderate debt protection with interest coverage at 2.0
times, DSCR at 2.1 times and NCA/total debt at 6.5% in FY2018.

Intense competition and fragmentation in the industry given the low
entry barriers: The firm faces stiff competition from organised and
unorganised players limiting its pricing flexibility and bargaining
power.

Profitability exposed to fluctuation in raw material prices which
is subject to seasonality and Government regulations – The firm's
profit margins are exposed to the fluctuation in raw material
prices, which depend upon factors like seasonality, monsoon
condition, international demand and supply situation, export policy
etc. Further, it is exposed to the regulatory risks, as prices are
decided through the minimum support price, set by the Government.

Inherent risks being a partnership firm: Being a partnership firm,
it is vulnerable to capital withdrawals by the partners.

Liquidity Position:

The firm's liquidity position remains moderate given limited term
loan repayments, moderate average working capital utilisation of
38.8% for the period November 2017 to January 2019 and no major
capex in the near term.

Shri Darshana Industries (SDI) was constituted as a partnership
firm in the year 2010 and commenced operations in November 2010.
The firm is engaged in ginning; pressing & trading of cotton lint
with installed capacity of with 24 gins and 1 bale press (capacity
to produce 27,000 bales per annum) and its plant is located at
Neradigonda, Adilabad district of Andhra Pradesh.

In FY2018, the firm reported a net profit of INR0.3 crore on an
operating income of INR44.8 crore, as compared to a net profit of
INR0.2 crore on an operating income of INR22.8 crore in FY2017.


SITARAM MAHARAJ: ICRA Assigns 'C' Ratings to INR150cr Loans
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Sitaram Maharaj
Sakhar Karkhana (Khardi) Ltd. (Sitaram Sugar), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based-
   Term Loan              50.00     [ICRA]C; Assigned

   Fund-based-
   Working Capital
   Facilities            100.00     [ICRA]C; assigned

Rationale

The assigned rating takes into account the weak financial profile
of Sitaram Sugar marked by significant losses in the past,
resulting in erosion of net worth and stressed liquidity position,
and the subsequent corporate debt restructuring in October 2018.
The assigned rating remains constrained by the high working capital
intensity of operations owing to significant inventory build-up and
the vulnerability of the company's profitability to high volatility
in sugar prices. ICRA also notes the inherent cyclicality in the
sugar industry and the company's exposure to agro-climactic risks
related to cane production.
The rating, however, factors in the extensive experience of the
promoters in the sugar industry and its forward integration in the
power cogeneration segment. The rating also factors in the
Government support to the sugar industry in the form of soft loans
and subsidies, among others.

Outlook: Not Applicable

Key rating drivers

Credit strengths

Extensive experience of the promoters in the sugar industry:
Sitaram Sugar is a closely held entity promoted by the
Solapur-based Kale family. The key promoter, Mr. Kalyanrao V. Kale,
has an industry experience of close to 20 years and has also
promoted the Sahakar Shiromani Vasantrao Kale Sahakari Sakhar
Karkhana Limited located in the vicinity of the factory.

Government support to the sugar industry; forward integration into
co-generation of energy provides some cushion against the
cyclicality in the sugar business: The company benefits from the
Government support to the sugar industry in the form of low cost
soft loans and interest subvention schemes, among others, which
have material impact on the profitability of the domestic sugar
industry. The company's sugar operations are fully integrated with
a 10.00-Mega Watt (MW) power co-generation unit, which provides
some comfort vis-à-vis cyclical sugar operations. In FY2018, the
company derived INR14.08 crore (80%) in revenues from its sugar
operations, while INR3.02 crore (17%) was generated by the sale of
energy. The company has a long-term Power Purchase Agreement (PPA)
with the Maharashtra State Electricity Distribution Company Limited
(MSEDCL) for sale of power at a tariff of INR6.43 / unit, valid
till 2020.

Credit challenges

Weak financial profile due to losses in the past, leading to debt
restructuring in October 2018: The company reported heavy operating
losses in FY2017 and FY2018 due to sharp decline in revenues, high
operating costs and sizeable interest burden, resulting in erosion
of net worth. The company's liquidity position remained stretched,
given the heavy losses, which impacted its debt servicing ability,
ultimately resulting in corporate debt restructuring in October
2018.

Modest scale of operations: The company's operational history spans
close to nine years, excluding SY (Sugar Year) 2017, when
operations were stalled because of cane paucity in the command
area. In SY2019, the company operated for close to 90 days crushing
174,333 MT of cane, recording a recovery of 9.77% over the
operational period of 93 days in SY2018, when the company crushed
90,714 MT of cane, recording a recovery of 10.60%. The operating
income declined by 26% in FY2018 to INR19.33 crore from INR26.04
crore in FY2017 due to low sugar volumes sold on softening
realisations, especially since December 2017. In the current fiscal
period from April 2018 to February 2019, the company has booked
revenues of INR27.60 crore.

High working capital intensity of operations: The working capital
intensity of the company increased in FY2018 on account of high
sugar inventory levels during the year-end, standing at 52% in
FY2018 (44% in FY2017). As on March 31, 2018, the company's
inventory stood at 438 days, up from 86 days as on March 31, 2017.

Exposure to agro-climatic risks and cyclical trends in the sugar
industry: Cane production remains a function of agro-climatic
conditions, which ultimately impacts the volumes and realisations
of sugar and its by-products. Lower than expected rainfall in the
cooperative's catchment area can result in restricted cane
availability, thus impacting the crushing volumes for the season.
Further, the sugar business also remains vulnerable to any
unfavourable changes in Government policies related to sugar trade.

Vulnerability of profitability to volatility in sugar realisations
and cane procurement costs: Typically, the profitability of sugar
entities remains driven by their sugar realisations and cane
procurement costs. While sugar realisations remain market driven,
state governments usually fix the minimum support price for
sugarcane. Any adverse movements in the same impacts the
contribution margins and, hence, the profitability of sugar mills.

Liquidity position

The liquidity profile has remained constrained, especially in the
past two fiscals, given the heavy losses, ultimately leading to
debt restructuring. Post debt restructuring, the company has
obtained a moratorium of 12 months for its long-term debt
obligations, and its repayments will commence from September 2019.
Nevertheless, the repayment obligations remain high at INR8.21
crore each for FY2020, FY2021 and FY2022. The ability of the
company to ensure healthy scale up of its operations with notable
improvement in profitability will be crucial for timely debt
servicing. The average utilisation of the sanctioned working
capital limits for the 12-month period ending December 2018 stood
at around 83%, while the peak utilisation stood at 108%.

Incorporated in 2010, the Pandharpur-based (Maharashtra) Sitaram
Maharaj Sakhar Karkhana (Khardi) Ltd. has an installed crushing
capacity of 2,500 tonne crushed per day (TCD). Its daily crushing
capacity is integrated with a 10-MW power cogeneration unit. The
catchment area of the company extends to villages of the Pandharpur
Taluka in Solapur District.

In FY2018, Sitaram Sugar reported a net loss of INR11.17 crore on
an operating income of INR19.33 crore, as compared to a net loss of
INR13.91 crore on an operating income of INR26.04 crore in the
previous year.


SRI LAKSHMI: ICRA Withdraws B- Rating on INR16cr Cash Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B-(Stable) ISSUER
NOT COOPERATING and short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING assigned to the INR24.05 crore bank limits of Sri
Lakshmi Narasimha Spinning Mills (India) Pvt. Ltd (SLNSMIPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         16.00       [ICRA]B-(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

   Term Loan            2.96       [ICRA]B-(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

   Unallocated          0.09       [ICRA]B-(Stable) ISSUER NOT
   Limits                          COOPERATING; Withdrawn

   Non-fund             5.00       [ICRA]A4 ISSUER NOT
   based limits                    COOPERATING; Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request from the company based on
no objection letter from the banker.

Key rating drivers

Key Rating drivers has not been captured as the rated instruments
are being withdrawn.

Liquidity Position:
Key Rating drivers has not been captured as the rated instruments
are being withdrawn.

SLNSMIPL is promoted by K. Poli Reddy, K. Rajasekhar Reddy and K.
Narasimha Reddy. The company was incorporated in 2005. SLNPL is a
Guntur (Andhra Pradesh) based yarn manufacturing company producing
30s and 40s carded and combed cotton yarn. The Company commenced
commercial production in July 2008 and has current installed
capacity of 15,600 spindles.


TATA STEEL: Fitch Maintains 'BB' IDR on Rating Watch Evolving
-------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Evolving on Tata
Steel Limited's (TSL) 'BB' Long-Term Issuer Default Rating (IDR)
and Tata Steel UK Holdings Limited's (TSUKH) 'B' Long-Term IDR.

TSL's proposed 50:50 joint venture (JV) with thyssenkrupp AG
(BB+/Rating Watch Negative) is currently being reviewed by the
European Commission, which has set a May 13 deadline for its
decision. The commission on October 30, 2018 raised preliminary
competition concerns around certain specialty flat carbon steel and
electrical steel products produced by the proposed JV. The JV, if
successfully completed, will allow TSL to improve its focus on
India where it benefits from relatively fast-growing steel demand,
substantial scale and vertical integration. The partners remain
committed to completing the transaction by 2Q19, but Fitch thinks
the deal may be delayed if the European Commission demands
significant changes to the proposed business structure. Fitch
awaits completion of the process for the proposed JV to resolve the
Rating Watch Evolving on TSL's ratings.

KEY RATING DRIVERS

Strong Margins; Likely to Moderate: TSL's reported consolidated
EBITDA jumped 45% in first nine months of the financial year ending
March 2019 (9MFY19), mainly driven by higher margins for its
existing operations in India and consolidation of earnings from
Bhushan Steel Limited from late 1QFY19. The 9MFY19 EBITDA/tonne
margin for existing operations at Jamshedpur and Kalinganagar in
India jumped to above INR17,000 from around INR12,000 a year
earlier, helped by higher steel prices. The existing operations
benefit from significant captive raw material production that meets
100% of its needs for iron ore and 29% for coal.

However, global steel prices have moderated since October 2018 and
domestic prices in India have followed suit, despite relatively
strong finished steel consumption growth of around 8% yoy in
3QFY19. Fitch expects global steel prices and producers' margins to
fall in 2019 and have assumed a 20% decrease in TSL's standalone
EBITDA/tonne in FY20 in US dollar terms. Margins are likely to be
lower, but Fitch does not forecast an abrupt squeeze such as that
seen in 2015. Fitch expects restrained exports from China to be a
key support for the global steel sector. However, the pace of
global economic growth and raw-material prices remain key
uncertainties for the sector.

JV to Improve Business Profile: The JV in Europe, once completed,
will improve TSL's operating profile by reducing its exposure to
structural weaknesses in the region. TSL and thyssenkrupp signed a
definitive agreement on June 30, 2018 to create the JV, and the
JV's intended capital structure has been designed by the two
partners to be self-sustaining, with the ratio of term debt to
EBITDA below 2x. The liabilities of the JV will not have recourse
to the partners, with their cash-flow exposure limited to
dividends. Fitch has not assumed any material dividend payout for
its estimates due to potential restructuring needs at the JV.
Fitch will use the equity accounting treatment for the new entity,
rather than proportionally consolidate it. Fitch will also
emphasise the significance of TSL's Indian business when assessing
the business profile of the company.

Acquisitions, Divestment Strengthen India Focus: TSL completed the
acquisition of Bhushan Steel Ltd. (BSL) in 1QFY19, which increased
TSL's net debt by around INR350 billion, excluding additional
working capital at BSL. BSL has steelmaking capacity of 5.6 million
tonnes per annum (mtpa) and around 2mtpa of cold-rolled-product
facilities. TSL has been able to improve profitability at BSL
significantly after the acquisition with EBITDA margin of close to
INR11,000/tonne in 3QFY19. TSL aims to reach close to 100%
utilisation at BSL in the next two years and increase supply of its
iron ore to BSL. TSL is also nearing completion of the acquisition
of Usha Martin Ltd.'s steel business (UML) for around INR45
billion. UML has around 1 mtpa of alloy based long products
manufacturing capacity in Jamshedpur and iron-ore and coal mines.
TSL has also signed definitive agreements in January 2019 to divest
a 70% stake in its operations in Singapore, Thailand and Vietnam.
Upon completion, Fitch estimates a drop in TSL's net debt of around
INR35 billion.
   
Capex for Expansion, Upgrade: TSL's capex has picked up in FY19
after declining over FY15-FY18, with the start of spending on the
second phase of its Kalinganagar plant. The INR235 billion project
will increase capacity at the plant by 5mtpa and add a 2.2mtpa cold
rolling mill to produce high-end steel for use in products such as
automobiles. TSL aims to commission the additional capacity by
2022. Fitch expects capex to remain elevated over the next three
years as the Kalinganagar expansion gathers pace and operations at
recently acquired assets are enhanced. The increase in spending
should be partly offset by deconsolidation of its European steel
assets.

Steady Leverage, Neutral FCF: Fitch expects TSL's gross adjusted
debt to EBITDAR leverage to remain at around 4x in FY19-FY22, based
on a decline in margins from FY20, deconsolidation of debt
transferred to the European JV and sustained capex levels. This is
also likely to result in largely neutral FCF over FY20-FY22. Fitch
has not assumed any further acquisitions or asset sales for its
forecasts, but TSL may well seek acquisitions to achieve its aim of
30mtpa of capacity in India by 2025. Fitch has switched to using a
leverage metric based on EBITDAR rather than funds from operations
to allow a better peer comparison and potential adjustments for
minority interests following recent acquisitions.

Rating for TSUKH on Watch: The rating for TSUKH factors in a very
weak financial profile and a two-notch uplift due to strategic ties
with TSL. While TSUKH's profitability has improved markedly since
FY17 due to TSL's restructuring efforts in Europe and higher steel
prices, its leverage and liquidity metrics remain poor. The credit
profile of TSUKH is likely to improve under the proposed JV with
thyssenkrupp, but the linkages between TSL and TSUKH have weakened
due to TSL's decision to transfer TSUKH's assets to the JV.  Fitch
awaits details of the corporate structure, business profile and
financial plans for TSUKH to resolve the Rating Watch.

Tata Group Support for TSL: TSL's ratings benefit from a one-notch
uplift due to potential support from the Tata Group based on TSL's
strategic importance to the group.

DERIVATION SUMMARY

TSL's standalone rating of 'BB-' is based on a combination of
robust operations in India and a much weaker operating profile in
Europe, where the company is on track to cut exposure. Compared
with domestic peer JSW Steel Limited (JSW, BB/Stable), TSL is more
vertically integrated and has higher EBITDA margin on a standalone
basis. However, this is partly counterbalanced by JSW Steel's
cost-efficient operations and lower leverage in FY17 and FY18.

ArcelorMittal S.A. (BBB-/Stable) is rated higher than TSL, based on
ArcelorMittal's position as the world's largest as well as most
diversified steel producer by product type and geography.
ArcelorMittal also has significantly better leverage and coverage
metrics than TSL. These strengths are partly offset by its thinner
margins due to having manufacturing facilities globally, including
large operations in geographies with structurally high costs such
as Europe and the US.

TSL has a larger EBITDAR scale and better margins than United
States Steel Corporation (BB-/Positive). U.S. Steel's leverage and
coverage metrics are significantly better than those of TSL, but
its significant exposure to the U.S. oil and gas sector implies a
higher demand and earnings volatility than for TSL.

KEY ASSUMPTIONS

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

  - Sales volumes in India of around 16 million tonnes in FY19,
increasing to 18 million tonnes from FY20 mainly due to recent
acquisitions.

  - Standalone annual EBITDA/tonne of around INR13,000 from FY20;
INR9,000 for Bhushan Steel

  - Consolidated average annual capex of INR100 billion from FY20

  - Annual dividend payout of INR15 billion from FY20

  - Deconsolidation of European operations and related debt in
FY20

  - Around INR40 billion of equity inflows in FY20 on a
consolidated basis

RATING SENSITIVITIES

TSL

The Rating Watch Evolving will be resolved following a review of
TSL's credit profile once the process for the JV in Europe is
completed. An upgrade is probable if TSL successfully forms the JV,
which will reduce its exposure to Europe to improve its business
profile, and total adjusted debt to EBITDAR leverage is forecast to
remain below 4x. However, Fitch may downgrade the rating if the JV
is unsuccessful and leverage remains above 4x.

TSUKH

The Rating Watch Evolving will be resolved following a review of
TSUKH's credit profile after the completion of the JV process, once
details of the corporate structure and financials for the proposed
JV and TSUKH emerge.

The developments needed for resolution of TSL's and TSUKH's ratings
may take more than six months due to reasons such as a delay in
regulatory approval.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: TSL reported cash and cash equivalents of INR85
billion and undrawn credit lines of around INR108 billion as of
December 31, 2018. TSL had only INR89 billion of long-term debt
repayments due in FY20, according to its FY18 annual report. The
company enjoys strong banking relationships and access to financial
markets and its short-term debt is likely to be rolled-over.

SUMMARY OF FINANCIAL ADJUSTMENTS

Key financial statement adjustments that depart materially from
those contained in the published financial statements include:

  - The INR22.75 billion of hybrid perpetual bonds issued by TSL
have not been provided any equity credit in line with Fitch's
criteria. Distribution on hybrid perpetual securities has been
treated as interest.

  - Capitalised debt transaction costs (FY18: INR15.6 billion) have
been added back to better reflect the amount repayable at
maturity.

  - Non-current bank balances (FY18E: INR638 million) and current
investments in mutual funds (FY18E: INR149 billion), which are
highly liquid, have been treated as readily available cash.

  - Fitch has calculated change in working capital based on
balance-sheet values for trade receivables, inventories, trade
payables, advances from customers and deferred income.

  - Guarantee of INR273 million as of FYE18 against a loan granted
to a joint venture has been added to TSL's off-balance sheet debt
amount.

  - TSL's operating lease expense (FY18: INR8.5 billion) has been
capitalised using an 8x multiple.

Tata Steel Limited

  - LT IDR BB; Rating Watch Maintained  
  
  - Senior Unsecured LT BB; Rating Watch Maintained   

Tata Steel UK Holdings Limited

  - LT IDR B; Rating Watch Maintained   

ABJA Investments Co Pte Ltd
  
  - Senior Unsecured LT BB; Rating Watch Maintained

VANSHIKA SUGAR: ICRA Reaffirms B+ Ratings on INR36.50cr Loans
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Vanshika
Sugar & Power Industries Limited (VSPIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         14.50       [ICRA]B+(Stable); reaffirmed,
                                   Removed from Issuer Non
                                   Cooperation category

   Term Loan           12.00       [ICRA]B+(Stable); reaffirmed,
                                   Removed from Issuer Non
                                   Cooperation category

   Unallocated         10.00       [ICRA]B+(Stable); reaffirmed,
                                   Removed from Issuer Non
                                   Cooperation category

Rationale:

The rating reaffirmation factors in growth in company's operating
income and improvement in the working capital intensity in FY 2018.
This was however, accompanied by decline in operating profitability
and return indicators.

The rating continues to factor in vulnerability of company's
profitability to any adverse change in Fair and Remunerative price
(FRP) and highly regulated Sugar industry. The rating is further
constrained by absence of integrated operations like lack of
forward integration into distilleries and co-generation. This makes
the company's performance more vulnerable to vagaries of the sugar
cycle. Profitability of the sugar mills also remain vulnerable to
the cyclical nature of the sugar industry and the agro-climatic
risks related to cane production. The rating continues to favorably
factor in the experience of the promoters in the industry,
favorable location of the plant, the measures taken by the
Government of India (GOI) for revival of the industry as well as
healthy cash accruals in past few years. Going forward, ability of
the company to profitably increase its operating income along with
the optimal working capital intensity, will be the key
monitorable.

Outlook: Stable

The stable outlook reflects ICRA's expectation that sugar prices
will remain stable in the near term supported by the recent
government initiatives. The outlook may be revised to Positive if
support measures taken by GoI are implemented successfully,
resulting in favourable supply-demand dynamics, which in turn would
result in higher sugar prices. The outlook may be revised to
Negative in case of any significant increase in the cane
procurement cost impacting the sugar contribution margins or in
case of any significant increase in leveraging level of the
company.

Key rating drivers:

Credit strengths

Location-specific advantage as the Sugar Mill is located in
Narsingpur (M.P): The Sugar Mill of VSPIL is located in close
proximity to the sugar growing areas resulting in low
transportation cost for the company.

Government's measure to support sugar prices: In June 2018, the GoI
announced support measures for the sugar industry, which included
creation of 3 million MT of buffer stock, fixation of MSP at
INR29,000/MT (increased further to INR31,000/MT in February 2019).
This helped in recovery of sugar prices from lows of INR26,500/MT
in May 2018.

Credit challenges

Exposure to agro-climatic risks and cyclical trends in sugar
business; vulnerability to Government regulatory policies:
Profitability of sugar mills remain vulnerable to the cyclical
nature of the sugar industry, agro-climatic risks related to cane
production, geographical-concentration risks associated with
single-mill operations of VSPIL and Government policies on import
and export of sugar.

High working capital intensity characterised by high inventory
holdings: As inherent in the sugar business, the company's working
capital intensity remains high because of high inventory holdings.

Liquidity position

The liquidity position of the company remains adequate with average
utilisation of its fund based facility has remained 43% utilised in
the last 12 months. The cash and bank balance as on March 31, 2018
stood at INR7.99 crores Analytical approach: For arriving at the
ratings, ICRA has applied its rating methodology as indicated
below.

VSPIL, incorporated in 2012, manufactures white crystal sugar and
its by-products. The company's cane processing plant is located in
Narsinghpur, Madhya Pradesh, with an installed crushing capacity of
2,500 tonnes per day (TCD).


VENKATESHWARA POWER: Ind-Ra Assigns BB+ LongTerm Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Venkateshwara
Power Project Limited (VPPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR402 mil. Term loan due on September 2026 assigned IND
     BB+/Stable rating; and

-- INR1.70 bil. Fund-based facilities assigned with IND
     BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect VPPL's weak credit metrics and high working
capital-intensive business owing to the seasonal nature of
business. In FY18, the company's interest coverage was 1.2x (FY17:
2.0x) and net leverage was 9.9x (6.5x). The deterioration in the
coverage was due to a decrease in absolute EBITDA (FY18: INR322
million; FY17: INR485 million), a rise in interest expenses (INR287
million; INR244 million). The deterioration in the leverage was
owing to a proportionately higher fall in absolute EBITDA than that
in debt (INR3,063 million; INR3,218 million). In FY18, the working
capital cycle improved, but remained elongated, at 125 days (FY17:
138 days) owing to an increase in creditor days to 101 (33).

The ratings also reflect a modest operating margin of 5.8% in FY18
(FY17: 8.3%). The decline in the margin was due to a slight decline
in sugar price (FY18: INR31.6/kg; FY17: INR32.6/kg) owing to an
increased sugar production in the country during sugar season
2017-18. VPPL's EBITDA margin improved to 10.0% in 9MFY19, as the
company started the high-margin extra neutral alcohol and ethanol
segment in 2HFY19, involving a capex of INR900 million which was
40% funded by bank debt and remaining from internal accruals. The
company's return on capital was 11% in FY18 (FY17: 10%).

The ratings further reflect a modest liquidity position of VPPL,
indicated by a 63% average fund-based facility use for the 12
months ended February 2019. At FYE18, VPPL had a negative cash
balance of INR117 million and an unutilized credit line of INR36
million. It has a term loan repayment of INR274.8 million repayable
in March 2019.

The ratings, however, are supported by VPPL's medium scale of
operations, albeit revenue declined to INR5,723 million in FY18
from INR5,861 million in FY17 due to a fall in revenue from traded
sugar to INR1,552 million from INR3,044 million and a decline in
average sugar realization to INR31.6/kg from INR32.6/kg. The
decline in revenue was despite a rise in sugar production to 1.1
million quintals in FY18 from 0.6 million quintal in FY17, as sugar
price and sale volume declined. VPPL booked INR3,428 million in
revenue for 9MFY19. Ind-Ra expects VPPL's revenue to rise in view
of the extra neutral alcohol and ethanol division.

The ratings are also supported by the extensive operational track
record of around two decades of the promoter group, the Mahadik
Business Group. The promoter has had long-standing relationships
with suppliers (farmers) in Karnataka.

RATING SENSITIVITIES

Negative: Any significant fall in the revenue and/or the operating
margin than Ind-Ra's expectations, higher-than-expected debt-funded
capex, and/or a stretch in the liquidity, leading to deterioration
in the credit metrics, will be negative for the company.

Positive: Any significant improvement in the operating margin, the
liquidity position and/or the credit metrics, while maintaining the
revenue, will be positive for the ratings.

COMPANY PROFILE

VPPL has an integrated sugar plant in Bedkihal Village, Chikkodi
Taluk, Belgaum District, Karnataka. The plant has a cane crushing
capacity of 8,500 tons of cane per day, a 23MW co-generation unit
and a distillery and ethanol unit of 100 kilolitres per day.  In
Maharashtra, the company has one sugar unit with a cane crushing
capacity of 2,000 tons of cane per day in Nagpur.


VIJAY STONE: ICRA Hikes Ratings on INR5cr Loans to B+
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Vijay Stone Quarries Private Limited (VSQPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based             5.00      [ICRA]A4; Reaffirmed

   Term Loan              0.27      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B (Stable)

   Unallocated            4.73      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B (Stable)

Rationale

The rating upgrade takes into account consistent improvement in
capital structure and coverage indicators on the back of stable
accruals. The ratings also derive comfort from the experience of
promoters in the stone quarrying business and easy availability of
stones on account of favourable location of its leased quarries in
Telangana. The ratings are, however, constrained by small scale of
operations in the stone quarrying business, low profitability and
high working capital intensity of operations on account of high
credit period extended to customers and high inventory maintained.
The ratings are also constrained by the high competition and
company's operations being vulnerable to slowdown in the real
estate and construction industry. Further, given that exports
account for company's entire revenues, and in the absence of any
hedging policy, it is exposed to foreign exchange fluctuation
risk.

Outlook: Stable

The stable outlook reflects ICRA's expectation that VSQPL will
continue to benefit from the extensive experience of its promoters
and established customer relationships. The outlook may be revised
to 'Positive' if substantial growth in revenue and profitability,
and better working capital management strengthens the financial
risk profile. The outlook may be revised to 'Negative' if cash
accrual is lower than expected, or stretch in the working-capital
cycle, or larger than anticipated debt-funded capex, weakens
liquidity.

Key rating drivers

Credit strengths

Consistent improvement in capital structure and coverage
indicators: The company witnessed consistent improvement in capital
structure and coverage indicators on the back of steady accruals
over the years. This is reflected by TD/TNW of 1.12 times as on
March 31, 2018, which improved from 1.22 times as on March 31,2018
and interest coverage of 2.91 times in FY2018, improving from 2.64
times in FY2017.

Significant experience of promoters: The management has more than
two decades of experience in the stone quarrying and export
industry leading to established customer relationships. They have
been involved in quarrying and export of lime stone, sand stone and
slate and trading of other building materials.

Favourable location of quarries: The company has leased around 5
acres of land in Tandur, Vikarabad district, Telangana; and the
quarry has sufficient reserves to last for the entire term of the
license which is valid till 2020. Also, there are massive deposits
covering thousands of acres of land spread from Ranga Reddy
district in Telangana to Gulbarga District in Karnataka which
ensures availability of lime stones and slates.

Credit challenges

Small scale of operations and low profitability: The company has
small scale of operations with operating income of INR8.74 crore in
FY2018, limiting the financial flexibility. The operating margin
improved marginally from 4.72% in FY2017 to 5.22% in FY2018,
however, remained low owing to high overhead expenses. Thin
operating margins are inherent to the industry owing to limited
value addition in quarrying of stones.

High competition in the industry and dependence on construction
industry: The company's operations remain vulnerable to intense
competition from the presence of a several other stone crushing
units in the vicinity thereby pressurizing its margins. Also, the
company's operations are vulnerable to downturns in the
construction and real estate industry.

High working capital intensity resulting from high inventory levels
which impacts liquidity: VSQPL's working capital intensity has been
high over the years and remained high at ~58% in FY2018 on account
of high inventory maintained and high credit extended to customers.
A part of working capital requirement has been funded by higher
creditor days. High working capital intensity of operation
constrains the liquidity position of the company.

Absence of hedging policy exposes to volatility in foreign exchange
rate: The company derives its entire revenue from exports. However,
the company does not hedge its receivables, which exposes it to
volatility in foreign exchange rate. Any volatility in foreign
exchange rate would impact the company's margins.

Liquidity Position

Despite limited debt repayment obligations, the company's liquidity
profile remains stretched owing to high receivables and inventory
levels, a part of which is being funded by stretching payments to
suppliers. The average working capital utilization has been
moderate at ~45% of sanctioned limit during the period March 2018
to January 2019.

Vijay Stone Quarries Private Limited was incorporated in 1991 by Mr
M Ramesh and his brothers. The directors have an experience of more
than 25 years in quarrying and export of lime stone and slate
stone. The company is involved in the quarrying of lime stone, sand
stone and slate. The entire sale is made in international market to
countries like USA, UK, France, Belgium, Japan, China and others.


VIJAY TEXTILES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vijay Textiles
Ltd.'s Long-Term Issuer Rating to 'IND D' from 'IND B'. The Outlook
was Stable.

The instrument-wise rating actions are:

-- INR665.7 mil. Fund-based working capital limits (long- and
     short-term) downgraded with IND D rating;

-- INR520.2 mil. Long-term loans (long-term) due on December 2021

     downgraded with IND D rating; and

-- INR10 mil. Non-fund-based working capital limits (long- and
     short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects a delay in servicing debt obligations by
Vijay Textiles because of a stretched liquidity due to an elongated
net working capital cycle of 1,136 days in FY18 (FY17: 868 days).

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1990, Vijay Textiles has a 15
million-meter-per-annum home textile printing and embroidery
facility in the Mahbubnagar district near Hyderabad. Vijay Textiles
is listed on the Bombay Stock Exchange.

According to 9MFY19 provisional financials, Vijay Textiles' revenue
was INR724.3 million, EBITDA were INR198.8 million and interest
coverage was 1.2x.


VIL LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. VIL Limited

        Registered office:
        Pankaj Galaxy 1, Second Floor
        Plot No. 8, Sector 12, Dwarka
        New Delhi 110075

        Principal office:
        B-5/21, Vishal Khand
        Gomti Nagar Lucknow 226010 UP IN

Insolvency Commencement Date: March 19, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: September 14, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vijender Sharma

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

Last date for
submission of claims:    April 2, 2019


VRV FOODS: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed VRV Foods
Limited's (VRVFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR30.5 mil. Fund-based working capital limit (long-term)
     affirmed with IND D rating;

-- INR70.6 mil. (reduced from INR96.2 mil.) Working capital term
     loan (long-term) due on March 2022 affirmed with IND D
     rating; and

-- INR140 mil. Non-fund-based limits (short-term) affirmed with
     IND D rating.

KEY RATING DRIVERS

The ratings reflect VRVFL's continuous instances of delays in term
loans repayments for the 12-month period ended February 2019.

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, VRVFL is engaged in the bottling of Indian
made foreign liquor and trading of edible oils.


ZILLION INFRAPROJECTS: ICRA Retains D Ratings on INR330cr Loans
---------------------------------------------------------------
ICRA has noted that insolvency proceedings have been initiated
against Zillion Infraprojects Private Limited (ZIPL) on
Feb. 5, 2019, by the Principal Bench of the National Company Law
Tribunal (NCLT). L&T Finance, a financial creditor, had petitioned
for the Corporate Insolvency Process for ZIPL. The NCLT has
admitted the insolvency proceedings and the estimated date of
closure of the insolvency resolution process is August 3, 2019 (180
days from the date of the commencement of the resolution process).
The rating continues to be constrained by delays in debt servicing
and the ongoing insolvency proceedings against the company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   facilities           80.0       [ICRA]D; Retained

   Non-fund
   based
  facilities           250.0       [ICRA]D; Retained

Credit challenges

Irregularities in debt servicing: The company has been irregular in
debt servicing as confirmed to ICRA by the lender.

Insolvency proceedings admitted against ZIPL: The company is likely
to face additional challenges owing to the onerous legal and
procedural restrictions placed on it under the corporate insolvency
proceedings.

Liquidity Position:

ZIPL's liquidity position is stressed as reflected by the
irregularities in debt servicing.

ZIPL, formerly known as Durha Constructions Private Limited, has
been involved in infrastructure business since 1977. The company
was incorporated in 1975 by Mr. C S Saxena. Mr. Saxena is an M.Sc.
and has done an Advance Course in Non-destructive Testing. He
started his career in Bhabha Atomic Research Centre. He was later
joined by his younger brother, Mr. Anant Saxena, who is a bachelor
in technology from IT BHU. Over the years, the company has grown
from a labour contractor and provider of non-destructive technology
(NDT) services to engineering, procurement and commissioning (EPC)
contractor. The main activities of the company are site
fabrication, installation of steel structures, equipment and
piping, all types of civil work, pipelines, and electrical
installations. In December 2010, Sintex Industries Limited (SIL),
through its Group company Sintex Infra Projects Ltd. (SIPL),
acquired a 30% stake in the company.




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

BUMI ARMADA: Potential $500MM Bank Loan Deal in the Works
---------------------------------------------------------
Bloomberg News reports that Malaysian billionaire T. Ananda
Krishnan's Bumi Armada Bhd. is nearing an agreement for a loan of
around $500 million, people with knowledge of the matter said, in a
deal that will give the embattled energy firm more time to
restructure.

Banks are finalizing details of a five-year credit facility,
according to the people, who asked not to be identified because the
information is private, Bloomberg relates. The funds will be used
to refinance existing debt that matures in May and for working
capital, one of the people said.

Bumi Armada swung to a loss last year as lower crude prices hurt
demand for its offshore oilfield services, making it more difficult
for the company to pay back its debt. The company had MYR10.4
billion (US$2.5 billion) of total borrowings at the end of
December, data compiled by Bloomberg show.

Bloomberg relates that the loan would give Bumi Armada breathing
room to sell assets and restructure its business in a bid to return
to profitability, one of the people said. The company is expected
to sign the loan agreement with lenders as soon as the next few
weeks, the people said.

"The company has stated that it is working with the lenders and
aims to have a refinancing of the corporate debt in place by the
end of April," Bloomberg quotes a representative for Bumi Armada as
saying, declining to comment further. "That remains the current
position."

According to Bloomberg, local brokerage JF Apex Securities Bhd. cut
its recommendation on the stock this month to "hold," from "buy,"
over concerns about its debt refinancing as well as execution risks
and lower crude oil prices. It's also recently been downgraded by
CIMB Group Holdings Bhd. and Macquarie Group Ltd.

Shares of Bumi Armada tanked 80 percent last year, while the
benchmark FTSE Bursa Malaysia KLCI Index declined 5.9 percent,
Bloomberg discloses. The company reported a net loss of MYR2.3
billion in 2018, compared with a net income of MYR352.2 million a
year earlier.
Bumi Armada had MYR1.58 billion of unsecured short-term term loans
at the end of last year, and is in discussions with lenders about
refinancing the debt with long-term borrowings, Bloomberg discloses
citing a February exchange filing. The company is planning to sell
assets, optimize its cost structure and pursue collections from
customers to strengthen its cash flow, the filing showed, Bloomberg
relays.

Krishnan is Malaysia's fifth-richest person with a net worth of
about $4.5 billion, according to the Bloomberg Billionaires Index.

Based in Kuala Lumpur, Malaysia, Bumi Armada Berhad, an investment
holding company, provides offshore energy facilities and services
in Malaysia, Asia, Australia, Africa, Europe, and Latin America. It
operates through two segments, Floating Production and Operation
(FPO) and Offshore Marine Services (OMS).




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

FOWLER HOMES: Creditors Owed More than NZ$1MM after Liquidation
---------------------------------------------------------------
Otago Daily Times reports that trade creditors are owed more than
NZ$1 million by Queenstown building company Fowler Homes Southern
Lakes Ltd (FHSL), which went into voluntary liquidation this
month.

Liquidators Colin Gower and Tim Ward of BDO were appointed by
Fowler Homes shareholders on March 15, ODT discloses.

ODT relates that the liquidators' first report, released last week,
said the company held a licence agreement through Fowler Homes New
Zealand for residential house builds in the Southern Lakes.

"The director has attributed the liquidation to be the result of
the inability to collect two historic debts, which has impacted the
company's cashflow and ability to pay the company's creditors," the
report said, ODT relays.

According to ODT, the liquidators said there were limited prospects
of funds being available for payment to creditors, other than those
who held specific security or had a preferential claim.

Unsecured trade creditors are owed NZ$1,099,189, ODT discloses.

ODT says secured creditors are owed NZ$56,833. Of that, NZ$52,381
is owed to the Inland Revenue Department. The rest is owed to
employees.

Assets available for preferential creditors totalled NZ$1,015,374,
leaving a NZ$70,970 shortfall, ODT adds.

ODT relates that the report said the company "ceased to trade"
before the liquidation.

A total of 96 creditors are listed in the first report.

Almost 50% of them are from either Queenstown or wider Central
Otago.

Creditors had until April 30 to make claims, ODT notes.


KELVIN WOOD: Trader Admits Defrauding Clients of NZ$7 Million
-------------------------------------------------------------
Foreign exchange broker Kelvin Clive Wood, 69, has pleaded guilty
to running a Ponzi scheme to defraud his clients of more than NZ$7
million.

Mr. Wood on March 20 pleaded guilty at the Auckland District Court
to representative charges of 'Obtaining by deception' and 'Theft by
person in a special relationship' brought by the Serious Fraud
Office.

Mr. Wood created a Ponzi scheme after his foreign exchange
brokerage began to suffer net trading losses. He used new
investors' funds to pay other investors their reported gains or to
refund investment principal. None of Mr. Wood's clients were aware
that their funds were being used to repay other investors.

More than $7 million of investment principal belonging to 18
investors was lost by the defendant over an eight-year period.

The defendant knowingly reported fictitious profits and false or
inaccurate foreign currency trades to investors.

The Director of the Serious Fraud Office Julie Read said, "Mr. Wood
earned the trust of a group of investors through his personal and
professional association with them. He misappropriated their funds
and falsely reported trading profits so they would not seek to
withdraw their funds. The SFO will prosecute all serious fraud
matters brought to our attention to protect other investors and New
Zealand's reputation as a corruption-free market."

The defendant has been remanded on bail to reappear for sentencing
at the Auckland District Court on July 24.

The Financial Markets Authority referred the case to the SFO to
investigate in May 2017.

Mr. Wood facilitated foreign exchange and trading services through
two companies - Forex (NZ) Limited and Forex NZ 2000 Limited.
Forex NZ ceased trading in May 2017 after Mr. Wood bankrupted
himself. Both Forex NZ and Forex NZ 2000 went into liquidation in
July 2017.


MAINZEAL: Appeals by Directors Will Delay Payments to Creditors
---------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that the Mainzeal liquidators
say they are disappointed at the court appeals lodged by directors
because it means subcontractors and creditors will have to wait
longer to receive any of the NZ$36 million awarded to them.  

According to Stuff, Mainzeal directors Dame Jenny Shipley, Clive
Tilby and Peter Gomm are following the lead of director Richard Yan
and will file a notice of appeal against the recent High Court
NZ$36 million judgment against them.

Stuff relates that liquidators Andrew Bethell and Brian Mayo-Smith
of BDO said the High Court judgment against them was "emphatic".

"Many creditors, who through no fault of their own, lost millions
when Mainzeal was put into liquidation and were put into serious
financial difficulty as a result," the liquidators said.

Stuff says the High Court upheld charges of reckless trading and
ordered the directors collectively pay the NZ$36 million as
compensation.

The High Court action was taken by the liquidators of Mainzeal
following the collapse of the construction company in 2013 and
subsequent liquidation which revealed unsecured creditors were owed
more than NZ$110 million, Stuff states.

"The directors do not agree with the High Court judgment and
believe they have strong grounds to challenge the decision," they
said in a prepared statement.

Their move follows that of director Richard Yan who filed a notice
of appeal to the Appeal Court, Stuff notes.

According to Stuff, Ms. Shipley, who was chairwoman at Mainzeal,
and Tilby and Gomm, were represented by law firm Chapman Tripp
which will file a notice of appeal on their behalf.

A copy of the notice of appeal is due to be made available by Jack
Hodder QC, Stuff states.

                       About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.




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

HYFLUX: Sias Asks PUB for Evidence SMI Will Walk Away From Offer
----------------------------------------------------------------
The Straits Times reports that investor watchdog Securities
Investors Association (Singapore), or Sias, on March 26 asked
national water agency PUB if it had "any intimation" from white
knight Salim-Medco consortium that it was walking out of its SGD530
million restructuring offer for beleaguered water treatment firm
Hyflux.

ST says SM Investments (SMI) has offered to bail out Hyflux with a
SGD530 million lifeline for 60 per cent of the restructured
company, but it has also notified Hyflux that it reserves the right
to leave the deal on April 1 unless Hyflux fixes the defaults as
stated by PUB.

According to the report, Sias president David Gerald said in a
letter to the PUB that it represents the interests of the retail
investors of Hyflux perpetual securities and preference shares, who
are now in a predicament over the possibility of the company facing
liquidation. They stand to get nothing if Hyflux is liquidated.

"The only hope for the some 50,000 Singapore citizens in this saga
is the entry of SMI, the only investor to come forward.

"Sias fully appreciates that PUB has to safeguard Singapore's water
security. However, recent actions by PUB, such as the service of
default notice on Tuaspring Private Limited (TPL) and its recent
announcements have caused serious concerns to investors and
stakeholders, quite a number of whom have raised their serious
concerns with Sias."

Mr. Gerald asked PUB to address a list of 16 questions to allay the
investors' concerns, ST relays.

"It was reported by The Business Times on March 22, 2019, 'Hyflux's
reluctant white knight should not use PUB as an excuse to back out
of its investment agreement with the water company, the national
water agency said on March 21.'

"Did PUB make this statement? If so, why? Does PUB have any
intimation from SMI to that effect?" he asked.

ST relates that Mr. Gerald also asked why PUB chose to issue the
notice of default which is to expire on April 5, the date that
several creditor classes are to vote on the restructuring scheme,
given that PUB has already been aware of the situation in Hyflux
and its subsidiary TPL since 2017.

"Is this because that TPL was not included as part of the
court-sanctioned moratorium?" he asked.

He added that the National Environment Agency (NEA) could have also
issued a notice of default for the construction of TuasOne
waste-to-energy plant, which is to be Singapore's largest, whose
construction has been delayed to before the end of this year, ST
relays.

"Taking NEA as an example, why couldn't PUB also wait till after
the Hyflux scheme meeting to issue the default notice? Wouldn't
that be helpful to the plight of the 50,000 Singapore citizens who
have ploughed their money into Hyflux, to avoid further
uncertainty?

"Couldn't PUB have waited till the outcome of the restructuring, on
how the default could be remedied? Could PUB have waited a little
longer?" Mr. Gerald, as cited by ST, asked.

Further, he asked: "PUB buys water from TPL at SGD0.45 per cubic
meter and charges consumers from SGD2.74 per cubic meter. Given
that this was a PPP (public-private partnership) contract, couldn't
the price have been revised knowing that the company was incurring
losses year after year?," adds ST.

                           About Hyflux

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

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

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


LINCOLN FINANCING: Fitch Affirms 'BB-' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Lincoln Financing S.a.r.l's (LF)
proposed senior secured notes an expected 'BB-(EXP)' long-term
rating. At the same time, Fitch has affirmed the Long-Term Issuer
Default Rating (IDR) of the notes' guarantor, Lincoln Financing
Holdings Pte Ltd (LFHPL) at 'BB-' with a Stable Outlook.

LeasePlan Corporation NV's (LeasePlan; BBB+/Stable) ratings are
unaffected by this rating action.

The EUR1.35 billion five-year floating and fixed senior secured
notes will be issued by LF, a newly incorporated special purpose
vehicle (SPV), and guaranteed by LFHPL. Issuance proceeds will (in
addition to available cash reserves at the guarantor level) be used
to refinance EUR1.55 billion existing senior secured notes (rated
'BB-') issued by Lincoln Finance Limited (LFL) in March 2016 in
connection with the acquisition of LeasePlan by a consortium of new
owners. Key terms of the issuance are broadly in line with LFL's
March 2016 issuance.

LeasePlan is a global leader in vehicle leasing and a licensed
bank, regulated by De Nederlandsche Bank.

Following the conclusion of the refinancing exercise and the
redemption of LFL's existing notes, Fitch will withdraw LFL's
issuer and issue ratings.

Final ratings are contingent upon the receipt of final documents
conforming to information already received. Failure to issue the
instruments would result in the withdrawal of the expected IDR and
senior secured debt ratings.

KEY RATING DRIVERS

IDR AND SENIOR SECURED DEBT

LeasePlan continues to represent LFHPL's only significant asset,
and neither LFHPL nor LF are expected to have any material source
of income other than dividends from LeasePlan. There will be no
cross-guarantees of debt between LF and LeasePlan, and the ratings
reflect the structural subordination of LFHPL's and LF's creditors
to those of LeasePlan. In Fitch's view, debt issued by LF is
sufficiently isolated from LeasePlan so that failure to service it,
all else being equal, would have limited implications for the
creditworthiness of LeasePlan. Consequently, the instrument rating
is based on the standalone profile of LF and LFHPL as the issuance
guarantor.

In line with covenants in LFL's existing senior secured notes,
LFHPL will maintain an interest reserve account containing cash
equal to a minimum of 2.5 years' coupon payments on the senior
secured notes. Replenishment of this cash will be dependent both on
LeasePlan's ongoing ability to generate profits, and on De
Nederlandsche Bank approval for their distribution in dividend
form. Between 2014-2017, LeasePlan's dividend pay-out ratio has
been around 60%, which has amply covered LFHPL's debt servicing
needs and has allowed it to increase available cash reserves beyond
covenanted levels. Fitch expects dividend pay-out ratios to remain
broadly in line with historical levels, which should ensure
adequate dividend coverage ratios.

Fitch does not expect LeasePlan to adopt a significantly different
strategy in light of this holding company debt refinancing
exercise. Its recent results have been sound, with net income
totalling EUR424 million and total equity amounting to EUR3.3
billion at end-2018. Its common equity Tier 1 ratio stood at 18.3%
at end-2018. This compares with Supervisory and Evaluation Process
(SREP) requirements of 10.0% (CET1 ratio) and 13.5% (total SREP
capital ratio).

RATING SENSITIVITIES

IDR AND SENIOR SECURED DEBT

LFHPL's Long-Term IDR and the notes' rating are sensitive to any
significant depletion of liquidity close to covenanted levels that
affected its continuing ability to service its debt obligations.
This would most likely be prompted by a material fall in earnings
within LeasePlan, which restricted its capacity to pay dividends.

Positive rating action would be likely to require accumulation of
significant additional cash within LFHPL, accompanied by
expectation of its retention there, as this would reduce the
dependence of ongoing debt service on future LeasePlan dividends.

The ratings could also be sensitive to the addition of new
liabilities or assets within LFHPL, but the impact would depend on
the balance struck between increasing LFHPL's debt service
obligations and diversifying its income away from reliance on
LeasePlan dividends.


                           *********


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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