TCRAP_Public/190408.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, April 8, 2019, Vol. 22, No. 70

                           Headlines



A U S T R A L I A

FORTESCUE METALS: Fitch Affirms LT IDRs at BB+, Outlook Stable
FRAPPE GROUP: First Creditors' Meeting Set for April 15
HOOD MILK: First Creditors' Meeting Set for April 15
LAUNCH FILM: Newlyweds May Get Wedding Photos at AUD300 Fee
LEYKOVA PTY: First Creditors' Meeting Set for April 16

LOCALE CAFE: First Creditors' Meeting Set for April 15
MURADEL PTY: First Creditors' Meeting Set for April 12
SNOWS FINE: First Creditors' Meeting Set for April 15
STRONGBUILD PTY: Fails to Find Buyer for Prefab Facility
TZIOMAKIS HOLDINGS: First Creditors' Meeting Set for April 15

VNEX PTY: First Creditors' Meeting Set for April 15


C H I N A

FANTASIA HOLDINGS: S&P Alters Outlook to Stable & Affirms 'B' ICR


H O N G   K O N G

JUNFA PROPERTY: Fitch Assigns Final B+ IDR, Outlook Stable


I N D I A

134 INFRA: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
ARINITS SALES: Insolvency Resolution Process Case Summary
BMS HOSPITALITY: CRISIL Assigns B+ Rating to INR7.5cr Term Loan
BRT INDUSTRIES: CRISIL Withdraws 'B' Rating on INR3.8cr Loan
CATVISION LIMITED: Ind-Ra Downgrades LT Issuer Rating to 'B+'

CHINCHOLI SUGAR: Insolvency Resolution Process Case Summary
D. THAKKAR: Insolvency Resolution Process Case Summary
DURGAMBA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR12cr Loan
ETERNA LIFE: Insolvency Resolution Process Case Summary
EXCEL GLASSES: Insolvency Resolution Process Case Summary

FRANSKO AGRO: CRISIL Lowers Rating on INR7.0cr Cash Loan to B
GUHAN TEXTILE: CRISIL Assigns B+ Rating to INR14cr Cash Credit
HAMSINI FOUNDATION: Insolvency Resolution Process Case Summary
HEERA CONSTRUCTION: Insolvency Resolution Process Case Summary
HILLWOOD IMPORTS: CRISIL Migrates 'D' Rating to Not Cooperating

IL&FS: Stares at 90% Gross NPA for Main Lending Arm
IRIS ELECTRO: Insolvency Resolution Process Case Summary
JHABUA POWER: Insolvency Resolution Process Case Summary
KALIKA ENTERPRISE: CRISIL Migrates 'D' Rating to Not Cooperating
KSC ENGINEERS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

LALWANI INDUSTRIES: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
LANGLAI TEA: Insolvency Resolution Process Case Summary
LAVISH EXIM: Ind-Ra Maintains 'D' Loan Rating in Non-Cooperating
MAGDHA CREATIVE: CRISIL Withdraws D Rating on INR15cr Pack Credit
MARGRA INDUSTRIES: Insolvency Resolution Process Case Summary

MOTHER POULTRY: CRISIL Assigns B Rating to INR7.35cr Term Loan
N.D. PLASTICS: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
NAGARWALA ENTERPRISES: CRISIL Moves B+ Rating from Not Cooperating
NAMO ALLOYS: Insolvency Resolution Process Case Summary
NEW WIN: Insolvency Resolution Process Case Summary

ORCHID HEALTH: Insolvency Resolution Process Case Summary
PARANI SPINNING: CRISIL Assigns B+ Rating to INR14cr Loan
PAULOSE ABRAHAM: CRISIL Upgrades Rating on INR8cr Cash Loan to B
PEARL POLYMERS: Ind-Ra Lowers LT Rating to 'BB+', Outlook Negative
PEERLESS FABRIKKERNE: Insolvency Resolution Process Case Summary

POPULAR SHOE: CRISIL Migrates B+ Rating to Not Cooperating
PRESIDENCY EXPORTS: CRISIL Assigns B- Rating to INR17cr Loans
PRO KNITS: CRISIL Migrates 'D' Rating to Not Cooperating
RA POWERGEN ENGINEERS: Insolvency Resolution Process Case Summary
RAJDEEP STEEL: Insolvency Resolution Process Case Summary

RICHLOOK CREATIONS: CRISIL Lowers Rating on INR6.37cr Loan to D
RIHANNA INDUSTRIES: CRISIL Assigns B+ Rating to INR12.5cr Loan
SAKSHI AUTO: CRISIL Migrates 'B-' Rating to Not Cooperating
SAMYS INTERNATIONAL: CRISIL Assigns B+ Rating to INR0.25cr Loan
SCOPE PROPERTIES: Insolvency Resolution Process Case Summary

SEABIRD SEAPLANE: Insolvency Resolution Process Case Summary
SHAARC PROJECTS: Ind-Ra Withdraws 'BB+' Non-Cooperating Rating
SHREE SATYA: CRISIL Assigns B- Rating to INR14cr LT Loan
SHREE SHYAM: Insolvency Resolution Process Case Summary
SMARTEC BUILD: Insolvency Resolution Process Case Summary

SRI JYOTI: Insolvency Resolution Process Case Summary
SRI KRISHNA TOBACCOS: CRISIL Assigns B+ Rating to INR10cr Loans
SRI KRISHNA: CRISIL Withdraws B Rating on INR2.0cr LT Loan
TRIMEX INDUSTRIES: CRISIL Hikes Rating on INR130.4cr Loans to B
UNNATI FORTUNE: Insolvency Resolution Process Case Summary

VEDANTA RESOURCES: Moody's Rates New Senior Unsecured Notes 'B2'
VJ GOTE: CRISIL Assigns B+ Rating to INR7.5cr Cash Loan
WESTERN INDIA METAL: Insolvency Resolution Process Case Summary
XEDON MEDIA: Insolvency Resolution Process Case Summary


I N D O N E S I A

BANK NEGARA: S&P Affirms BB+/B Long/Short-Term ICR, Outlook Stable


J A P A N

NOMURA HOLDINGS: $1BB Turnaround Plan Starts with Wave of Job Cuts


T H A I L A N D

STRATEGIC HOSPITALITY: Fitch Affirms 'BB+(tha)'; Withdraws Rating

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FORTESCUE METALS: Fitch Affirms LT IDRs at BB+, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Fortescue Metals Group Limited's
Long-Term Issuer Default Rating at 'BB+' following the company's
approval of the USD2.6 billion development of Stage 2 of the Iron
Bridge Magnetite Project. The Outlook is Stable.

The affirmation reflects Fitch's view that the project supports the
Australia-based miner's efforts to improve production flexibility
and moves it closer to its strategic goal of having a majority of
products with greater-than-60% iron content. This, combined with
the additional flexibility to be provided by the USD1.3 billion
Eliwana mine development announced in May 2018, will further
enhance the miner's ability to respond to cyclical and structural
global demand shifts for iron ore, supporting its profit margins
and allowing it to retain its market share.

The company expects the Stage 2 development, an unincorporated
joint venture between its subsidiary, FMG Iron Bridge Limited, and
Formosa Steel IB Pty Ltd, to deliver 22 million tonnes per annum
(mtpa) in high-grade 67% Fe content magnetite concentrate iron ore
by mid-2022. FMG Iron Bridge will contribute USD2.1 billion to the
total cost of Stage 2, including USD274 million in deferred
contributions from Stage 1, from the financial year ending June
2019 (FY19) to FY22, with Formosa funding the remainder. Fitch will
likely consolidate Fortescue's proportionate share of debt in its
adjusted debt metrics despite the intention to fund its
subsidiary's contributions with non-recourse project debt. Fitch
expects Fortescue's leverage, measured by FFO to adjusted net
leverage, to remain below 3.0x, the level at which Fitch would
consider negative rating action. Fitch's forecasts also factor in
Fortescue's already significant capex pipeline with the Eliwana
development.

Fitch believes Fortescue's record in developing, constructing and
operating mines on time and on budget - having constructed five
iron ore mines in less than 15 years - minimises the execution risk
around a project of this size and a shift to processing a different
type of iron ore. The company has also invested USD0.5 billion in
Stage 1 of the project to reduce processing technical risk, which
has allowed it to perform extensive testing and development work at
Iron Bridge, including the construction of a pilot plant and
full-scale project plant, which replicates the full flowsheet, to
prove the viability of the mine. To date, one million tonnes of ore
have been processed through the plant. Fitch  understands this
testing will continue over the construction period to optimise the
processing procedures.

KEY RATING DRIVERS

Price Realisation Impacts Profitability: Fortescue's cost of mining
and shipping iron ore to its main market in China compares well
with other major low-cost iron-ore producers such as Rio Tinto Ltd
(A/Stable) and BHP Group Limited (A/Stable). However, its
profitability is not as strong due to price adjustments based on
its lower Fe content blend. The price adjustment to the benchmark
(62% Fe Platts CFR Index) has narrowed from its highest level of
around 35% since December 2018 due to increased demand from Chinese
steel mills that are currently experiencing lower steel margins.
The company's mines were positioned in the second and lower-third
quartiles of the iron-ore global cost curves in 2018, according to
CRU's business-cost model, which adjusts for grade and price
realisation.

Fitch expects price realisation to improve as Eliwana and Iron
Bridge come into production and raise production flexibility and
the average Fe content of its products. Eliwana's approval has
enabled Fortescue to introduce a 60% Fe content blend - West
Pilbara Fines - which was first delivered in 2019 and volumes are
likely to rise to 40mtpa once Eliwana begins production in December
2020. Iron Bridge will enable Fortescue to market the mine's 67% Fe
content ore as a distinct product or use the ore in the blending of
other products, depending on market conditions. This will enhance
Fortescue's profitability as it can respond to changes in demand
and price realisation for various grades of iron ore.

Further Cost Improvements Challenging: Fitch expects the company's
C1 costs (which include the cost of mining, processing, port and
rail) to average around USD13 per wet metric tonne (wmt) in FY19,
which is at the top end of the company's guidance of USD12-13 per
wmt. This recognises that factors beyond Fortescue's control can
have an impact, such as crude oil prices and the Australian dollar
exchange rate.

Investment-Grade Credit Metrics: Fortescue's credit metrics are
strong for its rating, and Fitch expects FFO adjusted net leverage
to remain below 2.5x over the next four years. This includes the
impact of the Eliwana mine project, which will be financed by
operating cash flows, the USD2.1 billion contribution to Stage 2 of
the Iron Bridge project, which Fortescue has indicated will be
funded by a combination of specific non-recourse project debt and
operating cash flows - although the project financing has not yet
been agreed - as well as Fortescue increasing its dividends to
shareholders.

Fitch's consolidation of Fortescue's proportionate share of funding
for the Stage 2 development at this point is due to the strategic
importance of the Iron Bridge mine despite the plan for
non-recourse project debt to fund the project.

Flat Iron-Ore Prices: Fitch increased its expectation for benchmark
iron ore prices in March 2019 to USD75 per dry metric tonne (dmt)
for 2019, and increased the price to USD70/dmt in 2020 and
USD60/dmt in 2021, keeping its long-term price at USD55/dmt
thereafter. This is based on its forecast that iron-ore prices will
remain elevated following the recent rises in iron ore prices after
Vale S.A. (BBB-/Rating Watch Negative), the world's largest
iron-ore miner, said it would cut around 10% of its output for up
to three years after the collapse of a tailings dam in January
2019, and drives Fitch's expectations that Fortescue's EBITDA
margins will increase in FY19 (FY18: 45%).

DERIVATION SUMMARY

Fortescue is among the leading low-cost iron-ore producers
globally, which positions it well against peers. Both Fortescue and
Vale are highly exposed to a single commodity - iron ore. Vale has
historically been considered stronger than Fortescue due to the
high iron content in its ore and low cost, despite Fortescue
benefiting from its proximity to China and lower sovereign risk
than Brazil. However, the financial impact of the tailings dam and
the lower production caused by the incident, which resulted in
Vale's downgrade and continue to be reflected in the Rating Watch
Negative, have offset these benefits and reduced the rating
differential between the companies to one notch. The gap between
their relative strengths will continue to narrow with Fitch's
expectations of the increase in the average grade of Fortescue's
product suite as its new mines come online.

Anglo American plc's (BBB-/Stable) rating reflects its significant
commodity exposure and geographic diversification as one of the
world's largest mining companies. This is despite its high exposure
to South Africa, which is a challenging environment with an active,
unionised workforce and comparatively high wage and electricity
cost inflation. Fortescue, like Anglo American, has improved its
financial profile as it prioritises balance-sheet strength.
However, Fortescue's weaker profitability is reflected in the
one-notch difference between the ratings on the two companies as a
result of lower price realisation due to the iron content of its
ore being lower than the benchmark.

KEY ASSUMPTIONS

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

  - Benchmark iron-ore price to average USD75 per dmt for 2019,
USD70 per dmt for 2020, USD60 per dmt for 2021 and USD55 per dmt
for 2022

  - Fortescue's C1 cost to be around USD13 per wmt in FY19 and
FY20

  - Capex of around USD1.3 billion for FY19, including the
contribution to Iron Bridge, in line with company guidance

  - Dividend payout ratio to remain at the upper end of Fortescue's
guidance of 50%-80% of net profit after tax from FY19 to FY22

RATING SENSITIVITIES

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

  - Maintaining FFO adjusted net leverage at less than 2.5x on a
sustained basis (FY18: 1.6x).

  - Cost position of key operations, adjusted for grade and price
realisation, moving to the second quartile on a sustained basis.

  - Maintaining neutral free cash flow on average on a sustained
basis.

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

  - FFO adjusted net leverage that is higher than 3.0x on a
sustained basis.

LIQUIDITY

Comfortable Liquidity, Debt Structure: Fortescue had USD962 million
of cash on hand at 1HFY19 and a USD1,025 million undrawn revolving
credit facility. It has no debt maturities until 2022, when the
first tranche of the unsecured notes issued in FY17 of USD750
million falls due, together with a USD1.4 billion term loan. Total
debt (including finance leases) of USD4.0 billion at FYE18 does not
include financial maintenance covenants. This provides the
flexibility to reshape its capital structure, which is supported by
its strengthened financial credit profile.

FULL LIST OF RATING ACTIONS

Fortescue Metals Group Limited

  - Long Term issuer Default Rating affirmed at 'BB+'; Outlook
Stable

  - Long-term rating on senior unsecured debt affirmed at 'BB+'
FMG Resources (August 2006) Pty Ltd

  - Senior unsecured notes due 2022, 2023 and 2024 affirmed at
'BB+'

FRAPPE GROUP: First Creditors' Meeting Set for April 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Frappe Group
Pty Ltd will be held on April 15, 2019, at 3:00 p.m. at the offices
of Cor Cordis, at One Wharf Lane, Level 20, 171 Sussex Street, in
Sydney, NSW.

Andre Lakomy of Cor Cordis was appointed as administrator of Frappe
Group on April 3, 2019.

HOOD MILK: First Creditors' Meeting Set for April 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of The Hood
Milk Bar Pty Ltd, also known as "The Hood Cafe and Restaurant" and
"The Hood Cafe and Bar", will be held on April 15, 2019, at 10:00
a.m. at the offices of PKF, at 755 Hunter Street, in Newcastle,
West NSW.

Simon Thorn of PKF was appointed as administrator of The Hood Milk
on April 3, 2019.

LAUNCH FILM: Newlyweds May Get Wedding Photos at AUD300 Fee
-----------------------------------------------------------
Heather McNeill at WA Today reports that newlyweds caught up in the
collapse of Perth wedding company Launch Film Productions have been
told they may be able to retrieve photos and video from their
nuptials, but at a cost.

According to WA Today, couples who married as far back as November
2018 feared the memories from their big day had been lost forever
when the business went into liquidation two weeks ago, leaving them
thousands of dollars out of pocket.

WA Today relates that the company had continued trading despite
having a AUD368,000 tax debt, before shutting without warning on
March 25, one day before the Federal Court of Australia ordered it
cease trading and appointed liquidators.

PriceWaterhouseCoopers took carriage of the process and on April 3
advised newlywed couples their photographs and footage may be able
to be retrieved, the report says.

In order to search the database and recover any footage, couples
have been asked to pay AUD300 and supply a hard drive for media
transfer and a reply paid parcel, relates WA Today.

"The payment of AUD300 is required to contribute towards the costs
of extracting, transferring and providing the media to you," a
letter from PwC dated April 3 said, WA Today relays.

"AUD100 will be paid to those former employees who will assist with
media transfer process in completing the transfer process [and]
AUD200 to contribute to the liquidator's costs of facilitating the
transfer."

According to the report, PwC said the AUD200 fee to assist couples
was unlikely to cover its time and out of pocket expenses,
suggesting the agency was assisting with the media transfers,
partly on good will.

If a couple's files are not located during the search, they will be
refunded the AUD300, the report notes.

WA Today says more than a dozen newlyweds attended the Federal
Court hearing on March 26 to learn Launch Film Productions had gone
into liquidation.

Many at the time said they were disappointed to have lost their
money, but that the memories were the most important thing they
wanted back.

Most spent about AUD5,000 to AUD6,000 for a wedding photography and
videography package.

Consumer Protection has received 90 complaints totalling AUD400,000
in undelivered services in relation to Launch Films Production
since it went into liquidation, the report adds.

LEYKOVA PTY: First Creditors' Meeting Set for April 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Leykova Pty.
Limited, trading as Enfold Projects, will be held on April 16,
2019, at 3:00 p.m. at "Premier 2", McGrath Executive Suites at
Level 5, 115 Pitt Street, in Sydney, NSW.

Ronald John Dean-Willcocks and Cameron Hamish Gray of DW Advisory
were appointed as administrators of Leykova Pty on April 4, 2019.

LOCALE CAFE: First Creditors' Meeting Set for April 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Locale
Cafe Pty Ltd will be held on April 15, 2019, at 10:30 a.m., at the
offices of PKF, at 755 Hunter Street, in Newcastle, West NSW.

Simon Thorn of PKF was appointed as administrator of The Locale
Cafe on April 3, 2019.

MURADEL PTY: First Creditors' Meeting Set for April 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Muradel Pty
Ltd will be held on April 12, 2019, at 11:00 a.m. at the offices of
BDO, at 7/420 King William Street, in Adelaide, SA.

Nicholas Martin and Andrew Fielding of BDO were appointed as
administrators of Muradel Pty on April 3, 2019.

SNOWS FINE: First Creditors' Meeting Set for April 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Snows Fine
Foods Pty. Limited, also known as "Snows Patisserie" and "Snows
Artisan Bakers", will be held on April 15, 2019, at 11:00 a.m. at
the offices of PKF, at 755 Hunter Street, in Newcastle, West NSW.

Simon Thorn of PKF was appointed as administrator of Snows Fine on
April 3, 2019.

STRONGBUILD PTY: Fails to Find Buyer for Prefab Facility
--------------------------------------------------------
Tina Perinotto at The Fifth State reports that there might have
been 70 parties kicking around to buy the Strongbuild prefab
lightweight construction facility at Bella Vista in Sydney after it
went into voluntary administration late last year. But after a
strong marketing campaign and plenty of initial interest, none in
the end put up their hand to buy the facility as a going concern,
the report says.

The Fifth State says neither did they bid a good price to pick up
the expensive equipment that's said to have contributed to the
financial difficulties in the first place at an auction held in mid
March.

"There were so many people that you would not regard as tyre
kickers," the report quotes voluntary administrator Brian Silvia of
BRI Ferrier as saying. "We had 70 odd prospective purchaser – a
Who's Who of building companies," he said.

They included CSR, John Holland, Mirvac and ADCO Constructions, the
report says. Lendlease was not in the running and neither was XLam
whose owner Hyne Timber is currently reviewing whether to keep its
manufacturing at Nelson on New Zealand's South Island open.

According to the report, strong interest from a keen potential
purchaser who had been prepared to pay a "substantial" price for
the Bella Vista factory in north west Sydney came to nothing.

The interested party, which remains undisclosed, went through an
expressions of interest process but failed to proceed, Mr. Silvia
said, The Fifth State relays.

He said creditors of the Strongbuild operation on the South Coast
of NSW have agreed to a deed of company arrangement, with projects
expected to be completed and a likely continuation of the
business.

The Fifth State notes that a sticking point for potential buyers at
Bella Vista was the eroding confidence in the property market and
the banks' reluctance to lend funds in the wake of the banking
royal commission.

Another problem was the lease arrangement for the premises, owned
by Mulpha, the report relates.

"Some of the people looking to get into the business in the
existing premise thought it was too expensive," Mr. Silvia said,
notes the report. Mulpha maintained the premises were underleased.

In addition, there was the difficulty of disassembling the complex
plant and the cost of moving to new premises, considered
prohibitive, says the report.

This was despite prospects of reasonable levels of work coming
through the business.

The plant and equipment were then auctioned separately but results
there were also disappointing, relates The Fifth State.

"We went through an expressions of interest program; we tried to
sell the business as a going concern and when that failed we tried
to sell the major items of equipment through an expressions of
interest campaign, because we knew that if we had to resort to
going to auction the result may not be pretty."

The reason for an expected poor showing at auction, Mr. Silvia
said, is that in an auction room a prospective buyer needs to
secure all the different parts of the machinery to make the
operation viable "and you may not get all the parts," The Fifth
State relays.

Yet another sticking point was the need to reach a viable agreement
with the Strong family, which retained much of the intellectual
knowledge, according to the report.

The Fifth State notes that replacement cost of all the equipment
would be between AUD12 to AUD13 million though it's understood the
Strongs paid significantly less because of favourable exchange
rates they managed to secure.

Biggest creditor was Bendigo Bank owed AUD3.5 million.  Other
creditors including Westpac, St George and the Bank of Queensland,
the report discloses.

At least part of this debt was in relation to the plant and
equipment, which is typically leased for around five years and then
transferred to the lessee.

In all, lessors are owed AUD5.5 million, but may not be paid in
full, Mr. Silvia said, adds The Fifth State.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
16, 2018, The Australian Financial Review said Strongbuild went
into voluntary administration on Nov. 15 after developer Frasers
Property Australia's cancellation of a AUD45 million contract left
the builder unable to pay its bills.  According to the AFR, BRI
Ferrier administrator Brian Silvia said the family-owned company
that two years ago was behind Australia's largest wooden building
project - a 101-unit affordable housing project in south-western
Sydney's Campbelltown - employed 150 staff in three divisions and
had a turnover last year of AUD160 million, but had been suffering
from a "lull" in work.

Brian Raymond Silvia and Andrew John Cummins of BRI Ferrier were
appointed as administrators of Strongbuild Pty Ltd, Strongbuild
Manufacturing Pty Ltd, and Strongbuild Commercial Pty Ltd on Nov.
15, 2018.

TZIOMAKIS HOLDINGS: First Creditors' Meeting Set for April 15
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Tziomakis
Holdings No. 2 Pty Ltd will be held on April 15, 2019, at 2:30 p.m.
at the offices of Cor Cordis, at One Wharf Lane, Level 20, 171
Sussex Street, in Sydney, NSW.

Andre Lakomy of Cor Cordis was appointed as administrator of
Tziomakis Holdings on April 3, 2019.

VNEX PTY: First Creditors' Meeting Set for April 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of Vnex Pty Ltd
will be held on April 15, 2019, at 11:00 a.m. at the offices of Cor
Cordis, at One Wharf Lane, Level 20, 171 Sussex Street, in Sydney,
NSW.

Jason Tang & Ahmed Sowaid of Cor Cordis were appointed as
administrators of Vnex Pty on April 3, 2019.



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FANTASIA HOLDINGS: S&P Alters Outlook to Stable & Affirms 'B' ICR
-----------------------------------------------------------------
On April 4, 2019, S&P Global Ratings revised its outlook on
Fantasia Holdings Group Co. Ltd. to stable from negative. S&P
affirmed its 'B' long-term issuer credit rating on the company and
the 'B' long-term issue rating on its outstanding U.S. dollar
senior unsecured notes.

S&P said, "We revised the outlook and affirmed the ratings to
reflect Fantasia's reduced refinancing risk following its offshore
and onshore debt issuances in recent months. We also expect the
company to grow its contracted sales and have sound cash collection
in 2019, supporting its liquidity. At the same time, we anticipate
that Fantasia will progressively improve its capital structure by
increasing bank-based or longer-dated borrowing."

Fantasia's financial leverage is likely to remain high as it
expands its scale and speeds up construction. This is despite a
modest improvement from 2017. S&P projects that the company's
debt-to-EBTIDA ratio will decline to about 9x in 2019 and 2020,
from 10.1x in 2018. The EBTIDA interest coverage is likely to hover
around 1.2x in 2019 and 1.3x-1.5x in 2020, compared with 1.1x in
2018.

Fantasia's recent onshore and offshore issuances demonstrate its
ability to raise funds despite difficult credit market conditions
in the last quarter of 2018. The offshore issuances totaling about
Chinese renminbi (RMB) 3 billion since December helped the company
to repay its bond maturities. However, the refinancing was at a
higher cost. S&P anticipates that the company will seek funding
channels with more favorable costs to lower the overall interest
expense. These include domestic bonds and bank financing.

S&P said, "We expect Fantasia to gradually improve its capital
structure by continuing to issue longer-term debt, instead of the
364-days notes it issued previously. In addition, we believe the
company will proactively manage its large offshore maturities in
2021 and spread out its refinancing needs.

"We believe Fantasia will continue to have sound growth of about
20% per year in contracted sales in the next 12-24 months,
supported by its growing saleable resources. Fantasia's sellable
resources are mainly in tier-one and key tier-two cities such as
Chengdu, Nanjing, Wuhan, and Shenzhen. These cities generally have
good demand, in our view. In particular, we believe the Shenzhen
urban renewal projects will be an important growth driver. These
projects have a total reserve value of RMB85 billion and are likely
to be gradually launched from 2019 to 2021.

"We expect Fantasia to maintain a good cash collection rate of
about 80%. This should support a 20% growth in land acquisitions,
in our view, enabling the company to expand its scale without
increasing its financial leverage. We also expect Fantasia to
increase joint venture projects to reduce the overall cost and
execution risk.

"The stable outlook reflects our view that Fantasia's leverage will
moderately improve over the next 12 months due to its good sales
growth, growing revenue, and stable margins. We also expect the
company to improve its capital structure over the period.

"We could lower the rating if Fantasia's debt-funded expansion is
more aggressive than we anticipate, or if its sales and revenue is
weaker than our forecast, such that the debt-to-EBITDA ratio rises
above our expectation of 9x-10x, or if its EBITDA interest coverage
falls below 1x.

"We could also lower the rating if the company's liquidity weakens
over the next 12 months, possibly due to a rise in short-term debt
or declining operating cash flows. This could be indicated by
liquidity sources falling to less than 1.2x of liquidity uses.

"We may raise the rating if: (1) Fantasia maintains good sales
execution and controls its leverage, such that the debt-to-EBITDA
ratio falls below 6x; and (2) the company's capital structure
substantially improves through a higher share of bank borrowings
and a longer debt maturity profile."



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JUNFA PROPERTY: Fitch Assigns Final B+ IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Hong Kong JunFa Property Company Limited
(Junfa) a final Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'B+' with a Stable Outlook. Fitch has also assigned Junfa
a final senior unsecured rating of 'B+', with Recovery Rating of
'RR4'.

At the same time, Fitch has assigned Power Best Global Investments
Limited's USD100 million 13.0% senior notes due 2021 a final rating
of 'B+' with Recovery Rating of 'RR4'. The notes are
unconditionally and irrevocably guaranteed by Junfa and are rated
at the same level as Junfa's senior unsecured rating because they
constitute direct and senior unsecured obligations of the company.


The final IDR assumes Junfa will continue to disclose its full
financial information on a regular basis. The final rating of the
IDR, the senior unsecured rating and rating of the notes reflect
Junfa's successful issuance of the bond and the receipt of the
final bond documentation conforming to information already
received.

Junfa's rating is supported by its strong market position in Yunnan
province in south-west China, as well as its experience in old-town
redevelopment projects. The concentration of Junfa's land bank in
Kunming, the capital of Yunnan, constrains the rating. However, the
risks are mitigated by the high proportion of land that is located
in areas where the local government is focused on regeneration.
Junfa's leverage, measured by net debt/adjusted inventory, is
somewhat high for a 'B+' rating. However, Fitch expects leverage to
gradually decrease in the next few years. Junfa's recurring income
from its investment properties also supports its rating.

KEY RATING DRIVERS

Strong Position in Yunnan: Junfa has strong brand recognition in
Kunming and Yunnan province and was the top-selling developer in
Kunming from 2009 to 2018. Junfa is experienced in old-town
redevelopment projects in Kunming. These projects take much longer
than other primary development projects, but Junfa has demonstrated
a strong track record in relocation of residents, demolition,
development and phased project launches. It has also improved the
infrastructure and landscape surrounding its projects.

The company had CNY25 billion in attributable contracted sales in
2017, with an average selling price (ASP) of CNY10,072 per sq m.
Fitch estimates Junfa's attributable contracted sales increased by
10% in 2018, mainly driven by ASP growth.

Good Quality Land Bank: Junfa had attributable saleable land bank
gross floor area of 10.61 million sq m at end-June 2018 and
potential land reserves of a further 26 million sq m that it can
develop in the longer term. Much of Junfa's land bank is in areas
that are the focus of government redevelopment policies. The
company's strong experience in urban redevelopment gives it a
competitive advantage in obtaining such low-cost projects. Fitch
estimates Junfa will be able to maintain EBITDA margin (excluding
capitalised interest) of around 25%.

Recurring Income to Increase: Junfa in 2018 acquired a large-scale
wholesale trade centre in Kunming called Luosiwan International
Trade Centre that has total leasable floor area of 1.37 million sq
m and has been in operation since 2009. Fitch expects the trade
centre to provide Junfa with stable rental income.

The trade centre is an important project for the local government
and is part of its plans to develop the area into a second central
business district in Kunming, which will involve some old-town
redevelopment. In addition, Junfa will seek to increase recurring
income with a number of offices, malls and recreational facilities
that will gradually start operating from 2020. Fitch expects
Junfa's recurring EBITDA/gross interest expense (including the
acquisition) to increase to about 0.5x starting end-2018 from 0.2x
at end-2017.

High Leverage During Expansion: Leverage increased temporarily to
58% by end-2017 from around 48% a year earlier as Junfa raised debt
in anticipation of the Luosiwan acquisition. Fitch estimates that
leverage at end-2018 (including the acquisition) would have been
below 50%. Fitch expects the ratio to improve in the next few
years, even though Junfa will increase capex on investment
properties, as it maintains stable contracted sales.

Financial Transparency: Junfa is not a listed company and full
financial information is not widely available but Fitch's
assignment of Junfa's final IDR reflects its expectation that the
issuance of the US dollar notes will result in increased
transparency and timeliness of full financial disclosure to
offshore investors.

DERIVATION SUMMARY

Junfa's closest peer is Times China Holdings Limited (BB-/Stable)
as the two companies focus on old-town redevelopment projects.
Junfa's land bank is less geographically diversified than Times
China's, although Junfa's local market position is stronger. Times
China's leverage is lower than that of Junfa, which warrants the
one-notch rating gap between the two companies despite Junfa's
stronger recurring income. Junfa has similar contracted sales scale
to KWG Group Holdings Limited (BB-/Stable) although Junfa's
leverage is higher.

Junfa's contracted sales scale and leverage are in line with 'B+'
peers, such as Guangdong Helenbergh Real Estate Group Co., Ltd.
(B+/Stable). Guangdong Helenbergh's land bank quality is lower than
Junfa's as it is focused on lower second- and third-tier Chinese
cities, although Junfa's land bank is more geographically
concentrated.

Junfa's sales scale, land bank and recurring EBITDA coverage are
better than those of Beijing Hongkun Weiye Real Estate Development
Co., Ltd. (B/Stable), and slightly better than those of Hong Yang
Group Company Limited (B/Positive).

KEY ASSUMPTIONS

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

  - 2018 contracted sales and land bank in line with management
guidance

  - Contracted sales to grow by 0% to 5% from 2019 to 2021 while
contracted ASP remains largely flat

  - Saleable land-bank life increasing to 4.5 years by 2021

  - Land premium to account for 37%-39% of sales receipts from
2019

  - Construction cash outflow at 43% of sales receipts from 2019

  - Capex of CNY2 billion-2.5 billion per year to expand
investment-property business in 2019-2021

Key Recovery Rating Assumptions:

  - Assumes Junfa would be liquidated in a bankruptcy rather than
continue as a going concern as it is an asset-trading company

  - 10% administrative claims

  - The value of inventory and other assets can be realised in a
reorganisation and distributed to creditors

  - Cash balance is adjusted such that only cash in excess of three
months of contracted sales is factored in

  - 30% haircut to net inventory

  - 35% haircut to investment properties

  - 30% haircut to accounts receivables

  - Fitch estimates the recovery rate of the offshore senior
unsecured debt to be 100%, corresponding to a 'RR1' Recovery
Rating. However, the Recovery Rating is capped at 'RR4' because
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in this group are subject
to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory at 40% or below for a sustained
period

  - EBITDA margin (excluding capitalised interest) at 30% or above
for a sustained period

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

  - Net debt/adjusted inventory above 50% for a sustained period

  - EBITDA margin (excluding capitalised interest) below 25% for a
sustained period

  - Failure to improve transparency to public investors, including
regular disclosure of full financial information

LIQUIDITY

Adequate Liquidity: As of end-June 2018, Junfa had cash and cash
equivalents of CNY4.8 billion, of which CNY1.3 billion were
three-month deposits. In addition, the company had restricted cash
of CNY793 million, which were guarantee deposits for construction
and buyers' mortgages for pre-sold properties.

The company had unutilised credit facilities of CNY30.58 billion,
which combined with its cash and cash equivalents, are adequate to
cover the CNY4.8 billion of maturities due in the next 12 months.



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

134 INFRA: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed 134 Infra LLP's
(formerly 134 Infra) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR1,210.0 bil. Term loan* due on October 2022 assigned with
     IND BB+/Stable rating.

* The assignment of the final rating follows the receipt of the
sanction letter conforming to the information already received by
Ind-Ra.

KEY RATING DRIVERS

The ratings continue to reflect the high finance risk faced by 134
Infra's under-construction project CASA RIVERA, a
0.85-million-square-foot residential space on the Pal-Hazira Road
in Surat. The project cost is INR2,930 million, which is being
funded by a partner contribution of INR640 million, a customer
advance of INR1080 million and a term loan of INR1,210 million. As
on 30 December 2018, the partners had contributed INR530 million
and a term loan of INR550 million had been invested in the project.
Moreover, the firm is yet to receive INR610 million in term loan.

The ratings factor in the moderate execution risk faced by the
project. The project has 141 units: 137 residential flats and four
penthouses. As of December 2018, the firm had completed about 42%
of the construction and incurred INR1,040 million of construction
cost (total construction cost INR2,420 million). Timely
disbursement of the term loan and receipt of customer advances will
be critical for timely project execution.

The ratings also factor in the moderate offtake risk as the firm
has received bookings for 53 units (38% of the total units) and
collected INR135 million in customer advances (7.5% of the total
booking value). The major portion of the project is yet to be
booked. Ind-Ra earlier expected booking to have improved as the
project neared completion. 134 Infra's debt service coverage ratio
is likely to be 2.3x-6.0x over the project life, in view of timely
realisation from bookings.         

The ratings continue to be supported by the partners' track record
in successful project completion and extensive experience in the
Surat real estate market. It has 14 partners, who are promoters of
Marvella Group and Vasupujaya Group, each of which has over 10
years of experience in the real estate market of Surat. Vasupujaya
Group has completed nine residential projects (total saleable area
of 2.5 million square feet) and Marvella Group has completed nine
projects (total saleable area of 2.6 million square feet).

The ratings further continue to be supported by the low regulatory
risk faced by the project, considering 134 Infra has obtained the
construction permission, the approval for the layout plan, the
environment clearance and the airport no-objection certificate.

RATING SENSITIVITIES

Negative: Lower-than-expected bookings, slow realisation of
customer advances and/or significant time or cost overruns could
result in a downgrade.

Positive: Fast bookings, along with timely realisation of customer
advances and timely project execution without additional debt,
could result in an upgrade.

COMPANY PROFILE

134 Infra was converted into a limited liability partnership from a
partnership firm on 15 December 2017. The 14-partner firm is
engaged in the construction of residential and commercial real
estate projects in Surat, Gujarat.

ARINITS SALES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Arinits Sales Private Limited

        Registered office:
        322, DLF Tower B, Jasola
        Distt. Centre
        New Delhi 110025 (IN)

Insolvency Commencement Date: January 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Santosh Goel

Interim Resolution
Professional:            Santosh Goel
                         604, Laxmideep Building
                         District Centre, Laxmi Nagar
                         New Delhi 110092
                         E-mail: casantoshgoel@gmail.com

Last date for
submission of claims:    April 11, 2019

BMS HOSPITALITY: CRISIL Assigns B+ Rating to INR7.5cr Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of BMS Hospitality Private Limited (BMHOPL).

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          7.5       CRISIL B+/Stable (Assigned)

The rating reflects BMHOPL's short track record of operations and
exposure to intense competition in the hospitality industry. These
weaknesses are partially offset by the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Short track record: BMHOPL was incorporated in May 2017, and the
hotel commenced operations in January 2018. Occupancy levels, which
were low in the initially, has improved supported by inflow of
tourists during the peak season. However, the company will remain
exposed to risks related to the initial stage of the business.

* Exposure to intense competition: The hotel industry in Goa is
highly fragmented, and faces intense competition from unorganized
players having majority market share. High fragmentation limits the
pricing flexibility and bargaining power, thereby constraining
profitability.

Strength

* Experience of the promoters and location advantage: Benefits from
the promoters' experience of more than a decade in the hospitality
business, and their strong understanding of market dynamics is
expected to support the business. Additionally, the hotels location
close to popular beaches in North Goa is expected to benefit the
business.

Liquidity
BMHOPL has weak liquidity, with cash accruals expected to be modest
at around INR0.5 crores in FY19 and FY20. The company has long term
repayment obligations of INR0.2 crore in FY19 and INR0.6 crore in
FY20, which is expected to be tightly matched against internal
accruals. The company does not have any major debt funded capex
plans over the medium term. Promoters have supported the company in
the past with unsecured loans of INR5.38 crores, and are expected
to continue to do so as and when required.

Outlook: Stable

CRISIL believes BMHOPL will continue to benefit from the experience
of the promoters and the locational advantage of the hotel. The
outlook may be revised to 'Positive' if an increase in scale of
operations leads to considerably higher cash accrual and networth.
Conversely, the outlook may be revised to 'Negative' if liquidity
deteriorates due to lower-than-expected cash accrual or any large,
debt-funded capital expenditure

BMHOPL, incorporated in May 2017, operates a 4 star hotel named
Evoke Lifestyle in Candolim, Goa. The company is promoted by Mr.
Bimlesh Dutta Mishra, Mr. Shalini Manish Mishra and Mr. Manish
Rajendra Mishra.

BRT INDUSTRIES: CRISIL Withdraws 'B' Rating on INR3.8cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of B R T
Industries - Wardha (BRT) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           3.2       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Long Term Loan        3.8       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Proposed Long Term
   Bank Loan Facility    3.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with BRT for obtaining
information through letters and emails dated February 28, 2019,
March 7, 2019 and March 12, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BRT. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for BRT is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of BRT to 'CRISIL
B/Stable Issuer not cooperating'.

BRT was incorporated on June 15, 2017, by Mr Vijay Tewari along
with his brother, Mr Ajay Tewari, and his wife, Ms Payal Tewari.
The firm executes ginning of raw cotton (kapas); it began
commercial production from February 10, 2018. The company has its
manufacturing unit at Hinganghat, Maharashtra.

CATVISION LIMITED: Ind-Ra Downgrades LT Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Catvision
Limited's (CL) Long-Term Issuer Rating to 'IND B+' from 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR85 mil. Fund-based working capital limits downgraded with
     IND B+/Stable/IND A4 rating;

-- INR42.5 mil. Non-fund based working capital limits downgraded
     with IND A4 rating; and

-- INR12.5 mil. Term deposit* due on September 30, 2019 affirmed;

     Outlook revised to Stable from Negative with IND B+/Stable
     rating.

* Term deposit is valid up to the date of the next annual general
meeting or within six months from the close of the next financial
year, whichever is earlier.

KEY RATING DRIVERS

The downgrade reflects CL's inability to ramp up its scale of
operations, leading to deterioration in its credit metrics. In
9MFY19, revenue declined to INR314.28 million (9MFY18: INR 623.523
million) and operating profit margin to 1.27% (8.05%) as FY19 was
the last year for digitalisation of cable TV in India. As a result,
its interest coverage (operating EBITDA/gross interest expense) was
weak and deteriorated to around 0.59x in 9MFY19 (FY18: 1.59x). Its
scale of operations is medium.

Ind-Ra expects the revenue to have declined further in FY19 because
of the nature of business and intense competition in the cable and
broadcasting industry. The agency also expects the margins to have
plunged and remained subdued in FY19, owing to adverse market
conditions, leading to a decline in the credit metrics and a
further elongation of the working capital cycle 184 days to
in1HFY19 (FY18: 65 days, FY17: 121 days).

The ratings also factor in the company's moderate liquidity
position as indicated by 74% and 85% average use of the fund-based
and non-fund-based working capital facilities, respectively, during
the 12 months ended March 2019. The cash flow from operations was
around INR44.07 million in FY18 (FY17: INR55.07 million). CL's cash
and cash equivalents were around INR38.88 million at FYE18 (FYE17:
INR38.61 million).

However, the ratings benefit from CL's tie-ups with new customers,
which is likely to result in an improvement in the revenue.

The ratings are also supported by the company's more than three
decades of experience in the cable TV business.

RATING SENSITIVITIES

Positive: Any substantial improvement in the scale of operations
leading to an improvement in the credit metrics and working capital
cycle would be positive for the ratings.

Negative: Any further decline in the scale of operations, leading
to further deterioration in the credit metrics, and elongation of
the working capital cycle would be negative for the ratings.

COMPANY PROFILE

Incorporated on 28 June 1985, CL manufactures community antenna
television equipment for providing cable television services and
also produces cable TV products, such as modulators, combiners,
optic transmitters, optic nodes, radio frequency amplifiers, power
supplies and splitters, and tap-offs of different functionalities.

CHINCHOLI SUGAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Chincholi Sugar & Bio Industries Limited

        Registered office:
        Sri Laxminarasimha Nilaya
        H.No. 15, 5th Main, 13th Cross
        M.S.R. Nagar, Mathikere
        Bangalore Karnataka 560054
        India

        Factory office:
        Chincholi Sugar & Bio Industries Limited
        Chincoli Village, Gulbargh Dist.
        Karnataka

Insolvency Commencement Date: March 15, 2019

Court: National Company Law Tribunal, Hyderbad Bench

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

Insolvency professional: Madhusudhan Rao Gonugunta

Interim Resolution
Professional:            Madhusudhan Rao Gonugunta
                         7-1-285, Flat No. 103
                         Sri Sai Swapnasampada Apartments
                         Balkampet, Sanjeev Reddy Nagar
                         Hyderabad, Telangana 500038
                         E-mail: madhucs1@gmail.com

Last date for
submission of claims:    April 6, 2019

D. THAKKAR: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: D. Thakkar Constructions Pvt. Ltd.
        103, Prince Tower
        LBS Marg, Ghatkopar (West)
        Mumbai 400086

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019

Insolvency professional: Mr. Ashish M. Chandak

Interim Resolution
Professional:            Mr. Ashish M. Chandak
                         366, Tekdi Road, Sitabuldi
                         Nagpur 440012
                         E-mail: ca.ashish.chandak@gmail.com

                            - and -

                         B-6, Hotel Orange City Building
                         Mahajan Market, Sitabuldi
                         Nagpur 12
                         E-mail: ip.acca18@gmail.com

Last date for
submission of claims:    April 10, 2019

DURGAMBA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR12cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Durgamba Constructions (DC).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee      1.25       CRISIL A4 (Assigned)
   Cash Credit        12.00       CRISIL B+/Stable (Assigned)

The ratings reflect DC's modest scale of operations and constrained
financial risk profile driven by large working capital
requirements. These rating weaknesses are partially offset by
established track record and extensive experience of promoters in
civil contract works and moderate order book.

Key Rating Drivers & Detailed Description

Weaknesses

* Improving yet modest scale of operations: DC has modest scale of
operations indicated by operating income of INR24.8 crore in fiscal
2018 and expected revenues of little over INR30 crore for fiscal
2019. Nonetheless the revenue had increased at a CAGR of over 24%
in last three years through 2018.

* Working capital intensive operations: Firm's operations have
high working capital intensity marked by GCA of 281 days as on
March 31, 2018. Firm has high inventory and debtors as it undertook
real estate construction work as well as government contracts for
which the certification of work occurs on pre-defined milestones
and payments are released thereafter. The large working capital
requirements are met by extensive reliance on bank line which
remains fully utilised.

* Constrained financial risk profile:  As on March 2018, networth
was small at INR6.89 crore. Further debt protection metrics were
also subdued in fiscal 2018, reflected in interest coverage of 1.7
times and NCATD of 0.06 times.

Strengths

* Established track record and promoters' extensive experience
DC under the able guidance of its promoter, has executed projects
such as roads and bridges and building for Mangalore City
Corporation, Vivekananda Engineering College, Nirmithi Kendra
Udupi, Belthangady Panchayath among others. It also undertakes
construction of real estate projects from developers. With a track
record of successful implementation of many projects the firm has
established a track record which enables it to receive new work
orders regularly.

* Moderate order book: Current order book of INR55 crore is
moderate and provides adequate revenue visibility over medium
term.

Liquidity
Liquidity is average, with sufficient accruals against repayment
obligations. Expected cash accrual of INR1.1 ' 1.5 crores over the
medium term should more than suffice to cover the term debt of
INR0.58 crores in fiscal 2019 and INR0.62 crore in fiscal 2020.
Bank limits were fully utilised over the 12 months through October
2018, and current ratio was moderate at 1.2 times as on March 31,
2018.

Outlook: Stable

CRISIL believes DC will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a significant increase in the
scale of operations and an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, or large, debt-funded capital
expenditure weakening the financial risk profile, or stretch in the
working capital cycle resulting in weak liquidity.

DC is a proprietorship concern started by Mr. Santosh Kumar Shetty.
Durgamba Constructions executes projects which involves operations
like road widening, asphalting, laying of drainage lines etc. The
firm mainly operates in the South Kanara District. DC is also
engaged in construction of layouts, Independent Houses, Flats and
Commercial Complexes; and has tied up with its sister concern Matha
Developers Pvt Ltd for a few on-going residential projects like
Matha Jyoti.

The proprietor is a qualified engineer and has successfully
executed many government projects and also built independent
houses.

ETERNA LIFE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Eterna Life Sciences Private Limited
        102, Aakash Ganga Apartments
        8-2-287/11/5/102, Banjara Hills
        Hyderabad 500034

Insolvency Commencement Date: March 18, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Kalvakolanu Murali Krishna Prasad

Interim Resolution
Professional:            Kalvakolanu Murali Krishna Prasad
                         8-27, Mythripuram Colony
                         Jillelguda, Karmanghat
                         Vyshalinagar Post
                         Hyderabad 500079
                         E-mail: kmk123ip@gmail.com

Last date for
submission of claims:    April 5, 2019

EXCEL GLASSES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Excel Glasses Limited

        Registered office & works:
        Udayanagar, Pathirapally
        Allapuzha, PO Alleppey
        Kerala 688521

Insolvency Commencement Date: March 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019

Insolvency professional: Ravindra Chaturvedi

Interim Resolution
Professional:            Ravindra Chaturvedi
                         C/o Parekh Shah & Lodha
                         31E, BKC Centre, Laxmi Industrial Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: ravinchaturvedi@hotmail.com
                                 ip.ravinchaturvedi@gmail.com

Last date for
submission of claims:    April 10, 2019

FRANSKO AGRO: CRISIL Lowers Rating on INR7.0cr Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Fransko Agro Foods (FAF) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'; while reaffirming its short-term rating at 'CRISIL
A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1.5      CRISIL A4 (Reaffirmed)
   
   Cash Credit            7.0      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan         1.5      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that FAF's business
profile will weaken for fiscal 2019 due to impact of floods in
Kerala. The anticipated weakening of business profile will lead to
lower-than-expected cash accruals; this coupled with high reliance
on working capital limits and scheduled repayments of term loans
will weaken the overall credit risk profile.

The ratings also reflects the firm's modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of its promoters in the rice
milling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: The firm has modest scale of
operations as indicated by the estimated revenue for fiscal 2018 at
INR27 crores. The scale is expected to remain modest in an
intensely competitive industry.

* Large Working Capital Requirements: The operations of the
company were working capital intensive in nature as indicated by
the Gross Current Asset (GCA) days of 208 during fiscal 2018. The
GCA days were high due to rise in inventory levels.

Strength

* Extensive experience of promoters: The promoter of the firm Mr.
Felvin Francis has been in the rice milling business for more than
25 years. They have established relationships with suppliers across
India.

Liquidity
Liquidity is below-average marked by high bank limit utilisation
and modest expected cash accruals. Firm has working capital
intensive operations.

Outlook: Stable

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

Set up in 2013, FAF is a partnership firm, engaged in milling and
processing of paddy into boiled rice, rice bran, broken rice and
husk. The firm is promoted by Mr. Felvin Francis and his family and
is based out of Ernakullam (Kerala).

GUHAN TEXTILE: CRISIL Assigns B+ Rating to INR14cr Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facilities of Guhan Textile Mills Private Limited (GTMPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facility of the Company. CRISIL had, on March 20, 2012, suspended
the ratings as GTMPL had not provided the necessary information for
rating review. GTMPL has now shared the requisite information,
enabling CRISIL to assign a rating.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Foreign Exchange       .15      CRISIL A4 (Assigned;
   Forward                         Suspension Revoked)

   Letter Of Guarantee    .13      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Letter of Credit      3.00      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Open Cash Credit     14.00      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan              .72      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects GTM's working-capital-intensive operations
along with weak financial risk profile. These weaknesses are
partially offset by promoter's extensive experience in the
industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTM and Parani Spinning Mills Private
Limited (PSM). This is because all these entities, together
referred as the Guhan group, operate in the same industry and have
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive operations: Gross current assets were
high at 240 days as on March 31, 2018, on account of receivables
and inventory of 60 days and 158 days, respectively. However,
working capital requirement is partly supported by payables of
around 118 days, resulting in high bank limit utilization of 99% on
average for the 12 months ended January 2019. Management of working
capital requirement amid growing scale will remain a monitorable.

* Weak financial risk profile: Net worth was moderate at INR5.48
crore as on March 31, 2018, albeit gearing and TOLTNW ratio has
been high at 9.31 times and 15.90 times respectively as on March
31, 2018 but is expected to improve in medium term due to no major
debt funded capex plans and expected moderate accretion to
reserves. Debt protection metrics remained below average, with
interest coverage and net cash accrual to total debt ratios of 1.37
times and 0.05 time, respectively, for fiscal 2018, driven by
moderate operating margin.

Strengths:

* Extensive experience of promoters and proximity to textile hub
Presence of over two decades in the textile spinning industry has
enabled the promoters to understand domestic market dynamics,
withstanding economic cycles, and establish strong relationship
with customers and suppliers. Moreover, manufacturing facilities
are located in Tiruppur, Tamil Nadu, which is one of the major
textile manufacturing and processing hub and gives easy access to a
large clientele.

Liquidity

* High bank limit utilization: Bank limit utilization is high
around 99.65 percent for the past twelve months ended January 31,
2018. CRISIL believes that bank limit utilization is expected to
remain high on account large working capital requirement.

* Cash accrual sufficient/insufficient to meet debt obligation  
Cash accrual are expected to be over INR3 crore which are
sufficient against term debt obligation of INR1.1 crore over the
medium term. In addition, it will be act as cushion to the
liquidity of the company.

* Moderate current ratio: Current ratio is moderate as on March
31, 2018 at 1.05 times.

* Support from promoters in form of infusion of unsecured loan or
equity: The promoters are likely to extend support in the form of
equity and unsecured loans to the company to meet its working
capital requirements and repayment obligations.

Outlook: Stable

CRISIL believes the Guhan group will continue to benefit over the
medium term from the extensive experience of its promoters,
moderate business and financial risk profiles, and proximity to
textile manufacturing and processing hub. The outlook may be
revised to 'Positive' if increase in revenue and profitability
leads to higher-than-expected cash accrual, and if prudent working
capital management improves financial risk profile. The outlook may
be revised to 'Negative' if substantially low accrual, stretched
working capital management, or large, unanticipated debt-funded
capex weakens financial risk profile, particularly liquidity.

Incorporated in 1992, GTMPL is engaged in the business of
manufacturing of Cotton hosiery combed and slub yarns ranging from
25 to 66s counts. The company is promoted by Mr. Karuppusamy and
family and is based out of Tiruppur, Tamil Nadu.

PSM is engaged in the business of manufacturing of cotton hosiery
combed and melange yarns ranging from 25 to 40s counts, and is
based out of Tiruppur, Tamil Nadu.

HAMSINI FOUNDATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hamsini Foundation Pvt Ltd, Chennai
        8 Square, Plot. no. 26
        Balasubramanian Street
        Sapthgirinagar Valasaravakkam, Chennai
        Tamil Nadu Pin 600116

Insolvency Commencement Date: March 12, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Arumugam Arumugam

Interim Resolution
Professional:            Arumugam Arumugam
                         1/56, Market Road
                         Devi Stores, 1st Floor
                         Kelambakkam
                         Chennai 603103
                         E-mail: arumuru2008@gmail.com
                         Mobile: +91-8015240147

Classes of creditors:    Home Buyers
                         Financial Creditors at Class

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. C.KK. Krishnamacheri
                         109/30, 2nd Floor, T.P. Koil St.
                         Triplicane, Chennai
                         E-mail: ckkchari@gmail.com
                         Mobile: 9840463781

                         Mr. S. Vasudevan
                         Manasarovar Apartment Plots
                         Bagawathinagar, Chennai
                         E-mail: ksvasu1956@gmail.com
                         Mobile: 9710419502

                         Mr. Bhaskar B.
                         4/447-A, 7th Street, Aruna Nagar
                         K. Vadamadurai Post
                         Coimbatore 641017
                         E-mail: bhasja@gmail.com
                         Mobile: 8870010863

Last date for
submission of claims:    March 27, 2019

HEERA CONSTRUCTION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Heera Construction Company Private Limited

        Registered address:
        City Centre, 113 Patto Plaza
        Panaji, Goa 403001 India

        Principal office:
        Heera Park
        M.P. Appan Road, Vazhuthacaud
        Trivandrum 695014, Kerala, India

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: September 22, 2019

Insolvency professional: Mr. Raju Palanilkunnathil Kesavan

Interim Resolution
Professional:            Mr. Raju Palanilkunnathil Kesavan
                         Kodamessary Lane
                         Chalikkavattom, Vennala, PO.
                         Kochi, Ernakulam
                         Kerala 682028
                         E-mail: rajupkin@gmail.com

                            - and -

                         Agasti & Associates, Chartered
                         Accountants
                         First Floor, "Nandhanam"
                         79, 6th Cross Road
                         Girinagar, Kadavanthara
                         Kochi 682020
                         E-mail: carajuip@gmail.com

Classes of creditors:    Home Buyers (Financial Creditors)

Insolvency
Professionals
Representative of
Creditors in a class:    Adv. Padmakumar K.C.
                         CS Balakrishnan Baburajan
                         Adv. Sathiq Buhari

Last date for
submission of claims:    April 11, 2019

HILLWOOD IMPORTS: CRISIL Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hillwood
Imports and Exports Private Limited (HIEPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           1        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit     20        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HIEPL for obtaining
information through letters and emails dated
December 17, 2018 and January 31, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HIEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HIEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

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

IL&FS: Stares at 90% Gross NPA for Main Lending Arm
---------------------------------------------------
Reuters reports that debt-laden Infrastructure Leasing & Financial
Services (IL&FS) is "staring" at a 90 percent gross bad loans as a
percentage of total loans of its main lending arm IL&FS Financial
Services, the firm's non-executive Chairman Uday Kotak said on
April 3.

IL&FS, a major infrastructure financing and construction company,
has a total debt of INR910 billion ($12.97 billion) and has been
trying to sell its assets to repay debt after several defaults
forced the government to overhaul its management, Reuters says.

According to Reuters, the company said it is expecting a
"reasonably faster and fair" outcome for its resolution through the
country's bankruptcy court, but added it is difficult to predict a
timeline for it.

Earlier this week, India's Serious Fraud Investigation Office
(SFIO) had arrested Hari Sankaran, former chairman of IL&FS, in
connection with an ongoing investigation into the lender.

                            About IL& FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1
stepped in to take control of crisis-ridden IL&FS by moving the
National Company Law Tribunal (NCLT) to supersede and reconstitute
the board of the firm which has defaulted on a series of its debt
payments over the last one month. This was said to be an attempt to
restore the confidence of financial markets in the credibility and
solvency of the infrastructure financing and development group.

IRIS ELECTRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Iris Electro Optics Private Limited
        Flat No. 201, S R Sai Residency
        55 & 56, Hastinapuri, Sainikpuri
        Hyderabad TG 500094

Insolvency Commencement Date: March 28, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 24, 2019

Insolvency professional: Chakravarthi Srinivasan

Interim Resolution
Professional:            Chakravarthi Srinivasan
                         1-4-211/42/1, Pradhamapuri Colony
                         Sainikpuri, Hyderbad 500062
                         E-mail: csriniirp@gmail.com

Last date for
submission of claims:    April 11, 2019

JHABUA POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Jhabua Power Limited
        Macmet House, 7th Floor
        10B, O C Ganguly Sarani
        Kolkata WB 700020 IN

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 22, 2019

Insolvency professional: CA Sonu Jain

Interim Resolution
Professional:            CA Sonu Jain
                         Poddar Court, Gate No. 2
                         18, Rabindra Sarani
                         Suit No. 327, 3rd Floor
                         Kolkata 700001
                         E-mail: casonujain@gmail.com
                                 crp.jhabuapower@gmail.com

Last date for
submission of claims:    April 10, 2019

KALIKA ENTERPRISE: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kalika
Enterprise (KE) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          9.5       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Funded Interest      2.0       CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KE for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KE to 'CRISIL D Issuer not cooperating'.

KE was set up as a partnership firm in 1997. The firm undertook
trading of coal and coke in Durgapur. Currently, the business is
currently not operational, due to unavailability of coal and coke
at a viable price.

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

The instrument-wise rating action is:

-- INR80.40 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated as a private limited company in 1985, KSC Engineers
manufactures auto components such as fasteners, sheet metal
components, brake and clutch parts, auto electric parts at its
factory in Noida, Uttar Pradesh. The company supplies to the
overseas markets of Africa, Latin America, the Far East, and the
Middle East, among others.

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

The instrument-wise rating actions are:

-- INR14 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR91 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 2, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Lalwani Industries manufactures ferroalloys, including ferro silico
magnesium, ferro aluminium, ferrochrome, ferromolybdenum, and
nickel magnesium. The company also trades in manganese ore, moly
oxide, and nickel. Its manufacturing facility is located in South
24 Parganas, West Bengal.

LANGLAI TEA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Langlai Tea and Insutries Limited
        Housing Colony Road
        Rukmani Nagar, Dispur
        Guwahati Assam 781006

Insolvency Commencement Date: March 30, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: September 25, 2019

Insolvency professional: Yogender Pal Singhal

Interim Resolution
Professional:            Yogender Pal Singhal
                         51, (2nd Floor), Rani Jhansi Road
                         New Delhi 110055
                         E-mail: info@ypsinghalassociates.com
                                 irp.langlaitea@gmail.com

Last date for
submission of claims:    April 12, 2019

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

The detailed rating action is:

-- INR51.5 mil. Term loans (long-term) due on March 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on April
18, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Incorporated on December 23, 2005, Lavish Exim operates an
international school under the name Greater Noida World School, in
Greater Noida, Uttar Pradesh. The company is in the process of
changing its objective and getting itself registered under section
8 of the Companies Act 2013.

MAGDHA CREATIVE: CRISIL Withdraws D Rating on INR15cr Pack Credit
-----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Magdha
Creative Merchant LLP (MCML; a part of Aditya Group) on the request
of the company and after receiving no objection certificate from
the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.
                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Packing Credit         15      CRISIL D (ISSUER NOT
                                  COOPERATING; Migrated from
                                  'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with MCML for obtaining
information through letters and emails dated March 7, 2019 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MCML. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MCML is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of MCML to 'CRISIL
D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCML and its group companies Aaryan
Trade and Exim LLP (ATEL), Aditya Investment And Exim Trade Company
Private Limited (AIETPL), Vaishnavi Exports and Import Company
(VEIC), Vedant Trade Impex Private Limited (VTIPL), Veeaar Fabware
Private Limited (VFPL) and Vihaan Infin And Exim Private Limited
(VIEPL), collectively referred to as the Aditya group. This is
because all these entities, together referred to as the Aditya
group, are in the same line of business and under a common
management, and have operational synergies.

Aditya Group was established by Mr Ramesh Singh in 2008. The group
is engaged into exports of food grains, coconuts, confiseries
(Stationery, Biscuits and Chocolates), Textiles products (RMG,
Shirting & Suiting and fabrics).  The group is based out of Mumbai,
Maharashtra.

MARGRA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Margra Industries Limited
        Near Primary School
        Vilage Gharoli, Delhi

Insolvency Commencement Date: March 26, 2019

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: September 22, 2019

Insolvency professional: Rajender Kumar Girdhar

Interim Resolution
Professional:            Rajender Kumar Girdhar
                         Oshiwara Mahada Complex
                         Building No. 5, Aster CHS
                         Flat no. 205, 2nd Floor
                         New Link Road, Oshiwara
                         Andheri (west)
                         Mumbai 400053
                         E-mail: rkgirdhar1@yahoo.co.in

                            - and -

                        Sumedha Management Solutions Private
                        Limited
                        C-703, Marathon Innova
                        Off Ganapatrao Kadam Marg
                        Lower Parel (West), Mumbai City
                        Maharashtra 400013
                        E-mail: mil@sumedhamanagement.com

Last date for
submission of claims:   April 9 , 2019

MOTHER POULTRY: CRISIL Assigns B Rating to INR7.35cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Mother Poultry Farm (MPF).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           7.35      CRISIL B/Stable (Assigned)

The rating reflects modest scale of operations and below average
financial risk profile. These weaknesses are partially offset by
extensive experience of the promoter in the poultry industry and
established customer base.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The scale of operations is modest
marked by operating income of INR20.6 crore in FY 2018 which has
decreased from INR25 crore in FY 2017. Competition from local as
well as established players in the regional markets, i.e., primary
sales area, makes business expansion via new customer acquisition
tough.

* Below Average Financial Risk Profile: With net worth at around
INR 90 lakh and gearing at around 3.13 times. Capital structure is
below average and is expected to improve with rise in accruals,
over the medium term.

Strengths

* Extensive experience of the promoter in the poultry industry and
established customer base: The promoters have collectively got
around one and a half decade of experience in the industry. Long
standing presence in the industry has helped to develop established
customer base.

CRISIL believes that going ahead the industry expertise and
regional grip in business of the promoters will continue to
contribute in the business performance of MPF.

Liquidity
Bank limit utilization is moderate, for the past 12 months, ended
on January, 2019. Cash accrual in FY 2018 was around INR29 lakh
which along with cash balance of INR125 lakh is sufficient against
term debt obligation of INR29 lakh. Current ratio is low at 0.76
times as on March 31, 2018.

Outlook: Stable

CRISIL believes MPF will continue to benefit from the extensive
experience of its promoters and their established market position.
The outlook may be revised to 'Positive' in case of ramp up in
scale of operations and increment in profitability. The outlook may
be revised to 'Negative' if low cash accrual, deterioration in
working capital cycle, or any large, debt-funded capital
expenditure weakens financial risk profile, particularly
liquidity.

Incorporated in 2009, Namakkal (Tamil Nadu) based proprietorship
firm MPF is engaged in selling of poultry products and bird feed.
The promoter is a second generation entrepreneur with around one
and a half decades of experience in the industry.

N.D. PLASTICS: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned N.D. Plastics
(NDP) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR80.0 mil. Fund-based facilities assigned with IND
     B/Stable/IND A4 rating; and

-- INR30.0 mil. Non-fund based facilities assigned with IND A4
     rating.

KEY RATING DRIVERS

The ratings reflect NDP's small scale of operations and weak credit
metrics. The firm's revenue rose to INR1,134 million in FY18 from
INR785 million in FY17, as the firm started purchasing more
domestically. The firm's revenue was INR746.7 million in 10MFY19.
In FY18 NDP’s interest coverage (operating EBITDA/gross interest
expense) was 1.1x (FY17: 1.6x) and net leverage (total adjusted net
debt/operating EBITDAR) was 4.3x (3.4x). The credit metrics
deteriorated owing to fall in absolute EBITDA, an increase in debt
(due to a rise in the fund-based limit use) and a subsequent
increase in interest expenses.

The ratings also reflect volatile, albeit average, EBITDA margin,
which was 1.0%-3.2% in FY15-FY18, due to the trading nature of
business. Moreover, NDP's return on capital employed was 14% in
FY18 (FY17: 19%).

The ratings further reflect the tight liquidity of NDP, given the
firm almost fully utilised its fund- and non-based limits at an
average of 98.4% and 99.4% during the 12 months ended February
2019. Its fund flow from operations remained positive in FY18 at
INR4 million (FY17: INR10 million).

However, the ratings are supported by the modest net cash
conversion cycle of NDP, which was 29-52 days during FY15-FY18. The
cycle improved to 31 days in FY18 from 52 days in FY17 on account
of an increase in the creditor days to 84 from 28.

The ratings are further supported by the proprietor's experience of
more than three decades in the trading business that has led
long-standing ties with customers and suppliers.

RATING SENSITIVITIES

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

Positive: A substantial rise in the revenue and the EBITDA margin,
leading to an improvement in the credit metrics, all on a sustained
basis, will be positive for the ratings.

COMPANY PROFILE

Formed in 1987, Mumbai-based NDP is a proprietorship firm engaged
in the trading and importing of polymer products such as high- and
low-density polyethylene, polyvinyl chloride and others.

NAGARWALA ENTERPRISES: CRISIL Moves B+ Rating from Not Cooperating
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its rating on the
long-term bank facility of Nagarwala Enterprises (NE) to 'CRISIL
B+/Stable Issuer Not Cooperating'. NE has subsequently provided the
necessary information and CRISIL has migrated the long-term rating
from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

The rating reflects the modest scale of operations in a highly
fragmented industry, a below-average financial risk profile, and
susceptibility to variations in regulations and raw material
prices. These weaknesses are partially offset by the extensive
experience of the partners in the cotton ginning industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in a highly fragmented industry:
Revenue of INR48.21 crore in fiscal 2018 represents modest scale of
operations which is mainly on account of cotton ginning industry
being largely unorganized with various players having small
capacities.

* Below-average financial risk profile: Modest networth of INR5.38
crore as on March 31, 2018 along with modest debt protections
metrics with interest coverage and net cash accrual to total debt
ratios at 1.33 times and 0.03 time, respectively, in fiscal 2018
represents below average financial risk profile. However total
outside liabilities to tangible networth ratio remained low at 0.87
time.

* Susceptibility to changes in regulation and volatile raw
material prices: Since cost of procuring the major raw material
accounts for a bulk of the production expense, even a slight
variation in price can drastically impact profitability. Moreover,
the industry is highly regulated in terms of cotton prices,
export/import policies, thereby affecting the business.

Strength:

* Extensive experience of the partners: The partners' of NE have
vast experience for more than five decades in the cotton ginning
industry along with understanding of the dynamics of the local
market which has helped firm to establish healthy relationships
with customers and suppliers.

Liquidity
NE has moderate liquidity driven by expected cash accruals of more
than INR0.25-0.28 crore in fiscal 2019 and 2020 along with cash and
cash equivalent of INR0.09 crore as on March 31, 2018. Current
ratio was adequate at 2.04 times as on March 31, 2018. Moreover,
the firm has no long term repayment obligations and no capex plans
over the medium term. NE also has access to fund based limit of
INR10 crore, utilised fully in the current fiscal. CRISIL expects
internal accruals and cash and cash equivalent to be sufficient to
meet incremental working capital requirements.

Outlook: Stable

CRISIL believes NE will continue to benefit from the extensive
industry experience of its partners and established relationship
with customers. The outlook may be revised to 'Positive' in case of
a significant increase in revenue or operating profits leading to
improvement in financial risk profile. The outlook may be revised
to 'Negative', in case of deterioration in the financial risk
profile due to a stretched working capital cycle, or lower than
expected cash accruals, or in case of any significant debt funded
capex.

Incorporated in 1980, NE is a partnership concern. Firm is promoted
by Mr Narendra Nagarwala. The firm is engaged into ginning and
pressing of the raw cotton and crushing of cotton seeds and factory
is situated in Wani, Maharashtra.

NAMO ALLOYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Namo Alloys Private Limited

        Registered office:
        3721, Gali Barna, Sadar Baxar
        New Delhi 110006

        Unit:
        Prithla-Dhatir Road, Palwal
        Haryana 121102

Insolvency Commencement Date: March 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Ashok Kumar Dewan

Interim Resolution
Professional:            Mr. Ashok Kumar Dewan
                         Building No. B1/D2, IInd Floor
                         Mohan Co-operative Industrial Estate
                         New Delhi
                         National Capital Territory of Delhi
                         110044
                         E-mail: akdewan1001@gmail.com

                            - and -

                         ARCK Resolution Professional LLP
                         409, 4th Floor, Ansal Bhawan
                         16 K G Marg, Connaught Place
                         New Delhi 110001
                         E-mail: insolvency@arck.in

Last date for
submission of claims:    April 8, 2019

NEW WIN: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: New Win Win Feeds Private Limited

        Registered office address as per the MCA Records:
        40, B.N. Sen Road
        P.O. Khagra Murishidabad WB 742103
        India

Insolvency Commencement Date: March 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 16, 2019

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         33A J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in

                            - and -

                         Chatterjee International Centre
                         17th Floor, Flat No. 13A
                         33A, J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kdutta.ip@gmail.com

Last date for
submission of claims:    April 8, 2019

ORCHID HEALTH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Orchid Health Care Private Limited
        No. 1, 6th Floor, Crown Court
        128 Old No. 34, Cathedral Road
        Chennai 600086

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019
                               (180 days from commencement)

Insolvency professional: Ramakrishnan Sadasivan

Interim Resolution
Professional:            Ramakrishnan Sadasivan
                         New No. 28 Old No. 22
                         Menod Street, Purasawalkam
                         Chennai 600007
                         E-mail: sadasivanr@gmail.com
                                 sadasivan.irp@gmail.com

Last date for
submission of claims:    April 10, 2019

PARANI SPINNING: CRISIL Assigns B+ Rating to INR14cr Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facilities of Parani Spinning Mills Private Limited (PSMPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facility of the Company. CRISIL had, on March 20, 2012, suspended
the ratings as PSMPL had not provided the necessary information for
rating review. PSMPL has now shared the requisite information,
enabling CRISIL to assign a rating.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Buyer's Credit         .79      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Inland/Import         3.00      CRISIL A4 (Assigned;
   Letter of Credit                Suspension Revoked)

   Open Cash Credit     14.00      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan              .21      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects PSMPL's working-capital-intensive operations
along with weak financial risk profile. These weaknesses are
partially offset by promoter's extensive experience in the
industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Guhan Textile Mills Private Limited
(GTMPL) and PSMPL. This is because all these entities, together
referred as the Guhan group, operate in the same industry and have
operational and financial linkages.

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

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive operations: Gross current assets were
high at 240 days as on March 31, 2018, on account of receivables
and inventory of 60 days and 158 days, respectively. However,
working capital requirement is partly supported by payables of
around 118 days, resulting in high bank limit utilization of 99% on
average for the 12 months ended January 2019. Management of working
capital requirement amid growing scale will remain a monitorable.

* Weak financial risk profile: Net worth was moderate at INR5.48
crore as on March 31, 2018, albeit gearing and TOLTNW ratio has
been high at 9.31 times and 15.90 times respectively as on March
31, 2018 but is expected to improve in medium term due to no major
debt funded capex plans and expected moderate accretion to
reserves. Debt protection metrics remained below average, with
interest coverage and net cash accrual to total debt ratios of 1.37
times and 0.05 time, respectively, for fiscal 2018, driven by
moderate operating margin.

Strengths:

* Extensive experience of promoters and proximity to textile hub
Presence of over two decades in the textile spinning industry has
enabled the promoters to understand domestic market dynamics,
withstanding economic cycles, and establish strong relationship
with customers and suppliers. Moreover, manufacturing facilities
are located in Tiruppur, Tamil Nadu, which is one of the major
textile manufacturing and processing hub and gives easy access to a
large clientele.

Liquidity

* High bank limit utilization: Bank limit utilization is high
around 99.65 percent for the past twelve months ended January 31,
2018. CRISIL believes that bank limit utilization is expected to
remain high on account large working capital requirement.

* Cash accrual sufficient/insufficient to meet debt obligation:  
Cash accrual are expected to be over INR3 crore which are
sufficient against term debt obligation of INR1.1 crore over the
medium term. In addition, it will be act as cushion to the
liquidity of the company.

* Moderate current ratio: Current ratio is moderate as on March
31,2018 at 1.05 times.

* Support from promoters in form of infusion of unsecured loan or
equity: The promoters are likely to extend support in the form of
equity and unsecured loans to the company to meet its working
capital requirements and repayment obligations.

Outlook: Stable

CRISIL believes the Guhan group will continue to benefit over the
medium term from the extensive experience of its promoters,
moderate business and financial risk profiles, and proximity to
textile manufacturing and processing hub. The outlook may be
revised to 'Positive' if increase in revenue and profitability
leads to higher-than-expected cash accrual, and if prudent working
capital management improves financial risk profile. The outlook may
be revised to 'Negative' if substantially low accrual, stretched
working capital management, or large, unanticipated debt-funded
capex weakens financial risk profile, particularly liquidity.

Incorporated in 1992, Guhan Textile Mills Private Limited (GTM) is
engaged in the business of manufacturing of Cotton hosiery combed
and slub yarns ranging from 25 to 66s counts. The company is
promoted by Mr. Karuppusamy and family and is based out of
Tiruppur, Tamil Nadu.

PSMPL is engaged in the business of manufacturing of cotton hosiery
combed and melange yarns ranging from 25 to 40s counts, and is
based out of Tiruppur, Tamil Nadu.

PAULOSE ABRAHAM: CRISIL Upgrades Rating on INR8cr Cash Loan to B
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Paulose
Abraham (PA) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'. The rating upgrade showcases timely repayment of debt
obligations over the last six months. The ratings reflect PA's weak
debt protection metrics and modest scale of operations in the
intensely competitive civil construction segment, these rating
weaknesses are partially offset by the extensive industry
experience of the promoter.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.25      CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           8.00      CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Letter of Credit       .75      CRISIL A4 (Upgraded from
                                   'CRISIL D')

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak Debt Protection Metrics: Debt protection metrics is weak
marked by NCATD at 3 % and interest coverage of 1.29 times.

* Modest Scale of operations: The scale of operation is modest
marked by revenue of around INR10 crore in FY 2018. The reason for
the same is that the firm takes only projects from PWD and thus
customer segment is highly concentrated and also competition from
peers is intense.

Strengths:
* Extensive Experience of the promoters: The promoter has been in
the industry for around 2 decades, which has helped to develop
strong reputation in the civil construction sector.

Liquidity
Bank limit Utilization is high at around 99% for the last 12
months, ended on November 2018. Liquidity is modest with NCA of
around INR35 lakh against no major repayment obligations, debt
protection metrics is weak with NCATD at 3 % and interest coverage
of 1.29 times.

Outlook: Stable

CRISIL believes that PA will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if the firm significantly scales up its
operations while maintaining its operating profitability, or
improves its working capital management, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PA's accruals decline or if its working capital
management weakens, leading to deterioration in its financial risk
profile, especially its liquidity.

PA is a Kolenchery (Ernakulam, Kerala) based civil contractor. The
firm primarily undertakes water projects (construction of wells and
providing pipelines to houses) for public works department (PWD) in
Kerala. The day to day operations of the firm are managed by the
promoter Mr. Paulose Abraham.

For 2014-15 (refers to financial year, April 1 to
March 31),on a provisional basis, PA reported a net profit of
INR0.51 crore on gross bill receipts of INR20.27 crore, against a
net profit of INR0.46 crore on gross bill receipts of INR16.96
crore for 2013-14.

PEARL POLYMERS: Ind-Ra Lowers LT Rating to 'BB+', Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pearl Polymers
Limited's (PPL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR188 mil. Fund-based working capital limit downgraded with
     IND BB+/Negative/IND A4+ rating; and

-- INR97 mil. Non-fund-based working capital limit downgraded
     with IND BB+/Negative/IND A4+ rating.

KEY RATING DRIVERS

The downgrade and Negative Outlook reflect a sustained decline in
PPL's EBITDA margins in 11MFY19, leading to deterioration in its
credit metrics. The company is exposed to raw material price
volatility risk, given the prices of polyethylene terephthalate
resin (key raw material) are linked to crude prices. During
11MFY19, PPL's EBITDA margin declined to 2.33% (FY18: 3.10%, FY17:
5.80%) owing to an increase in input prices. Ind-Ra expects the
margins to have declined further in FY19 due to the absence of any
price escalation clause in its contracts.

In 11MFY19, the company's interest coverage further deteriorated to
0.85x (FY18: 1.23x, FY17: 2.24x) on account of the decline in the
margins. Its net financial leverage (total adjusted net
debt/operating EBITDA) was 5.05x in FY18 (FY17: 2.78x). The agency
expects the credit metrics to have deteriorated further in FY19 on
account of the likely decline in the EBITDA margins.

The ratings also factor in PPL's moderate liquidity position as
indicated by 95.4% average maximum utilisation of its fund-based
limit during the 12 months ended February 2019. Cash flow from
operations was around INR67.80 million in FY18 (FY17: INR84.80
million) and is likely to have remained positive in FY19. However,
free cash flow turned negative to INR17.40 million in FY18 from
positive INR28.70 million in FY19 owing to regular capex. At
end-FY18, the company's cash and cash equivalent stood at around
INR12.5 million (end-FY17: INR11.3 million).

The ratings, however, continue to be supported by PPL's promoters'
three-decade-long experience in the bottle manufacturing industry.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin leading to an
improvement in credit metrics, all on a sustained basis, will
result in the revision of Outlook back to Stable.

Negative: A significant decline in the operating EBITDA margin
and/or any unexpected debt-led capex leading to a further
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

PPL manufactures polyethylene terephthalate bottles and jars under
the Pearlpet brand. The company supplies to various major
fast-moving consumer goods, pharmaceutical and other companies such
as GlaxoSmithKline Pharmaceuticals Ltd, Johnson & Johnson Pvt Ltd,
and Reckitt Benckiser India Limited. It has 80 machines across four
locations namely Mahad (Maharashtra), Baddi (Himachal Pradesh),
Jigani (Karnataka) and Pant Nagar (Uttarakhand). In 11MFY19, the
company's revenue was around INR1,665 million.

PEERLESS FABRIKKERNE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Peerless Fabrikkerne (India) Limited
        18, S.D.F.-1, SEEPZ
        Andheri (East)
        Mumbai 400096
        Maharashtra, India

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Adesh Kumar Gupta

Interim Resolution
Professional:            Mr. Adesh Kumar Gupta
                         408, Dheeraj Heritage
                         Milan Subway Junction
                         S.V. Road, Santacruz (West)
                         Mumbai 400054
                         E-mail: adeshkgupta.irp@probizadvisor.com

                            - and -

                         DMKH Insolvency Resolution Services LLP
                         803/804 Akshok Heights
                         Old Nagardas X Road
                         Opp. Saraswati Apartment
                         Gundavali, Andheri (East)
                         Mumbai 400069
                         Tel.: 26824800/4900
                         Mobile: 9821142587
                         E-mail: peerlessfabrik@gmail.com

Last date for
submission of claims:    April 12, 2019

POPULAR SHOE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Popular Shoe
Mart India Private Limited (Popular) to 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1.8       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        8.2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Popular for
obtaining information through letters and emails dated December 17,
2018 and January 31, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Popular. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Popular is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1962 as a partnership firm in the name of Popular
Shoe Mart and later converted in private limited company in 2004 as
Popular Shoe Mart India Pvt Ltd (Popular), the company is engaged
into footwear trading (for Men, Women and Kids) through its retail
outlets across AP, Telangana and Karnataka. Popular is Vijayawada
based and is promoted and managed by Mr. Amar Kumar Chukkapalli.

PRESIDENCY EXPORTS: CRISIL Assigns B- Rating to INR17cr Loans
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facilities of Presidency Exports and Industries Limited (PEIL) and
has assigned its 'CRISIL B-/Stable' rating to the bank facility of
the Company. CRISIL had, on December 17, 2014, suspended the
ratings as PEIL had not provided the necessary information for
rating review. PEIL has now shared the requisite information,
enabling CRISIL to assign a rating.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            13       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan               4       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects exposure to risks related to timely renewal of
lease contracts, working capital-intensive operations, and weak
financial risk profile. These weaknesses are partially offset by
Support from promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to timely renewal of lease contracts:
Timely renewal of lease agreements comes with risks, which PEIL
will remain exposed to.

* Working capital-intensive operations:  Operations are working
capital-intensive: gross current assets were 4440 days as on March
31, 2018, driven by high receivables and inventory.

* Weak financial profile: Networth is negative at INR15.10 crore
and capital structure is weak at negative 1.37 times as on March
31, 2018. Debt protection metrics are weak due to high gearing and
low accrual. Interest coverage and net cash accrual to total debt
ratios are at 0.32 time and negative 0.09 time for 2018. The
metrics are expected to remain weak because of high debt levels.

Strength

* Support from promoters: The promoters have supported liquidity
through regular infusion of advances or unsecured loans.

Liquidity
Bank limit utilisation was high over the 12 months through December
2018 and is expected to remain so on account of large working
capital requirement. Current ratio was low at 0.47 times as on
March 31, 2018.

Outlook: Stable

CRISIL believes PEIL will continue to benefit over the medium term
from experience of the promoters. The outlook may be revised to
'Positive' if sustained revenue growth over the medium term
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if business stagnancy due to weak demand, stretched
receivables, or pile-up of inventory weakens liquidity.

Incorporated in 1919 and based in Kolkata, PEIL provides
warehousing and is engaged in the lease rental business.

PRO KNITS: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PRO Knits (PK)
to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bill Discounting        8      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Packing Credit         20      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PK for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PK. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

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

Established in 1998 by Mr. Ravi Kumar and Mrs. Mallika as a
partnership firm, Pro Knits is into manufacture and export of
readymade garments to UK and various other European countries. The
firm specialises in the manufacture of knitted garments of kids,
men, and women. The firm has a manufacturing plant in Tirpur.

RA POWERGEN ENGINEERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: RA PowerGen Engineers Pvt Ltd
        No. 53, 3rd Floor, Shree Chambers
        Subbarama Chetty Road
        Netkallappa Circle
        Bengaluru 560004

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: September 22, 2019

Insolvency professional: Manjula B.S.

Interim Resolution
Professional:            Manjula B.S.
                         #1, 4th Floor, I Main Road
                         8th Cross, Prashanthnagar
                         Bengaluru 560079
                         E-mail: bs99ma@hotmail.com

Last date for
submission of claims:    April 9, 2019

RAJDEEP STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rajdeep Steel Products Pvt. Ltd.
        6, Parag Building
        Opp. Hira Mongi Hospital
        Ganesh Gawade Road
        Mulund (W) Mumbai
        MH 400080

Insolvency Commencement Date: February 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 10, 2019

Insolvency professional: Bharat Ramakant Upadhyay

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

Last date for
submission of claims:    April 12, 2019

RICHLOOK CREATIONS: CRISIL Lowers Rating on INR6.37cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Richlook Creations Private Limited (RCPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.
The downgrade reflects delay by RCPL in servicing term debt
repayment obligations in past 12 months ended Feb 2019.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

   Proposed Long Term     6.37     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

   Term Loan              4.13     CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

CRISIL has been consistently following up with RCPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of RCPL. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity.

Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million metres of saris per annum and knitting
to the extent of 20 million meters per annum.

RIHANNA INDUSTRIES: CRISIL Assigns B+ Rating to INR12.5cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Rihanna Industries (RI).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         12.5      CRISIL B+/Stable (Assigned)

The rating reflects RI's exposure to competition from domestic and
international players in readymade garment industry, modest
financial risk profile due to low networth levels, and large
working capital requirement driven by higher inventory days. These
weaknesses are partially offset by the experience of the promoters
in the textile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition: The domestic readymade garment
industry has a few organised players and several unorganised
players. On the export front, India faces pricing pressure from
players in Vietnam and Bangladesh, which have garnered a
substantial portion of the United States and the European Union
markets on the basis of lower prices and free trade agreements.

* Modest financial risk profile: Financial risk profile is marked
by a modest networth and total outside liabilities to tangible
networth ratios of INR1.74 crore and 14.20 times, respectively, as
on March 31, 2018.  Debt protection metrics were moderate with
interest coverage and net cash accrual to total debt ratios of 1.27
times and 0.02 times, respectively, for fiscal 2018.

* Large working capital requirement: RI operations are highly
working capital intensive with GCA days of more than 176 days as on
March 31, 2018. Operations are driven by high level inventory of
more than 80 days and debtor days at 88. Though same are supported
by creditor of 69 days as on March 2018. Crisil expects operations
to be working capital intensive over the medium term also.

Strength

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

Liquidity
Liquidity is likely to remain adequate over the medium term. Cash
accrual is expected at INR0.45 crore in fiscal 2019, against
maturing debt of INR0.40 crore. Current ratio was moderate at 1.26
times as on March 31, 2018.

Outlook: Stable

CRISIL believes RI will continue to benefit from the experience of
the promoters. The outlook may be revised to 'Positive' if a
substantial and sustainable increase in profitability strengthens
the overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a steep decline in revenue and
profitability or any large, debt-funded capital expenditure weakens
the financial risk profile.

RI was set up in 2011 and is promoted by Mr Avinash Agarwal and
family. The Ludhiana based firm manufactures readymade garments and
fabrics for established brands Kolkata Knight Riders, Kappa, Fame,
Royal Enfield, Code, and Forca. RI produces a wide varieties of
garments such as performance wear, mercerized polos, cotton nylon
sweaters, poly and cotton jackets, blazers and western wear.

SAKSHI AUTO: CRISIL Migrates 'B-' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sakshi Auto
Parts Private Limited (SAPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     8        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAPL for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

SAPL, incorporated in October 2011, was promoted by Mr Jitendra
Gupta and Ms Premsheela Gupta. The company executes smelting and
refining of battery scrap to recover lead. Its manufacturing
facility is in Shikrapur (Maharashtra).

SAMYS INTERNATIONAL: CRISIL Assigns B+ Rating to INR0.25cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Samys International (SI).

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Packing Credit         5       CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.25    CRISIL B+/Stable (Assigned)

The ratings reflect the modest scale of operations in the intensely
competitive garments business and below average financial risk
profile. These weaknesses are partially offset by extensive
experience of the proprietor in the garments industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in the intensely competitive garments
business: Scale of operations is modest as reflected in operating
income of INR20.40 crores for fiscal 2018. Further, intense
competition may continue to restrict scalability of operations and
limit pricing power with suppliers and customers, thereby
constraining profitability.

* Below average financial risk profile: Financial risk profile is
below average. Networth is small at INR5 crores with gearing at
0.74 times as on March 31, 2018. Debt protection metrics is
comfortable as reflected in t interest coverage and net cash
accruals to total debt at 2.04 times and 0.11 times respectively as
on March 31, 2018.

Strengths:

* Extensive experience of the proprietor in the garment industry,
and reputed clientele: The two-decade-long experience of the
proprietor, his strong grasp over local market dynamics, and a
strong clientele in the domestic and overseas markets, will
continue to support the business risk profile.

Liquidity
Sanctioned bank limit of INR5 crore has been moderately utilised,
averaging around 74% for the 12 months ended March 31, 2018.
Expected cash accrual of over INR0.90 crores should more than
suffice to cover the term debt of INR0.34 crores in the medium
term.

Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if sustained growth in revenue and profitability leads
to substantial cash accrual, or if sizable fresh capital infusion
further improves financial risk profile. The outlook may be revised
to 'Negative' if in case of lower-than-expected profitability and
cash accrual, or if a stretched working capital cycle, or larger
than expected debt funded capex plans weakens the financial risk
profile, especially liquidity.

SI, as a proprietorship firm, manufactures and exports hosiery
garments. The manufacturing facility is located in Tirupur.
Operations are managed by Mr P Saravanan.

SCOPE PROPERTIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Scope Properties Pvt Ltd
        69, North Usman Road
        T. Nagar Chennai TN 600017
        India

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 24, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Pankaj Srivastava

Interim Resolution
Professional:            Mr. Pankaj Srivastava
                         Pai & Srivastava LLP
                         G02, Kundur Park
                         Amruthalli Jakkur Main Road
                         Jakkur, Bengaluru 560064
                         E-mail: rpal@paisri.com
                                 psri@live.com

Last date for
submission of claims:    April 11, 2019

SEABIRD SEAPLANE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Seabird Seaplane Private Limited

        Registered address:
        Flat No. 302, Block 1, Easeland Enclave
        Elamkulam Kochi KL 682020 India

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Aluva Bench

Estimated date of closure of
insolvency resolution process: September 22, 2019

Insolvency professional: Kizhakkekara Kuriakose Jose

Interim Resolution
Professional:            Kizhakkekara Kuriakose Jose
                         KK Jose & Associates
                         Yenvee Complex
                         Temple Road
                         Aluva 683101
                         Kerala
                         E-mail: kkjoseca@gmail.com
                                 kkjoseirp@gmail.com

Last date for
submission of claims:    April 13, 2019

SHAARC PROJECTS: Ind-Ra Withdraws 'BB+' Non-Cooperating Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shaarc Projects
Limited's (SPL) Long-Term Issuer rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR35 mil. Fund-based limits*
     maintained in the non-cooperating category and withdrawn;

-- The 'IND A4+' rating on the INR40 mil. Non-fund-based limits#
     maintained in the non-cooperating category and withdrawn.

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

# Maintained in IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

SPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the rating as the agency has received a no-objection
certificate from the rated facility's lender. This is consistent
with The Securities and Exchange Board of India's circular dated
March 31, 2017, for credit rating agencies.

COMPANY PROFILE

SPL was established in 2011 as a closely-held public limited
company, with its registered office in Gujarat. The company
undertakes industrial civil construction projects, including the
construction of gas pipelines, drainage pipes, water pipelines, and
plant sheds for various state-owned companies and well-established
private players in many states across India. It has also received
sub-contracts works, to be executed overseas.

SHREE SATYA: CRISIL Assigns B- Rating to INR14cr LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the Long term
bank facilities of Shree Satya Educational Trust (SSET).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         14       CRISIL B-/Stable (Assigned)

The rating reflects the modest scale of operations, average
financial risk profile and working capital intensive operations.
These weaknesses are partially offset by extensive experience of
promoters in the education sector.

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of operations: SSET has modest scale of operations
which is evident from revenue of INR6.93 crore as on March 31,
2018. CRISIL believes SSET scale of operations will remain modest
over the medium term.

* Average financial risk profile: SSET has average financial risk
profile on the back of high gearing of 6 times, modest networth of
INR2.37 crore as on March 31, 2018. In addition company have
moderate debt protection due to interest coverage ratio and NCATD
of 0.8 times and -0.02 times respectively. CRISL believes financial
risk profile of SSET will remain average over the medium term.

Strengths

* Promoter Experience: The promoter of SSET, is having an
experience of more than two decades in similar line of business.
Extensive experience and established presence has helped the trust
to launch successfully post-graduation and graduation courses over
the past years.

Liquidity
The trust have stretched liquidity as it is expected to generate
insufficient cash accruals over the medium term to meet its debt
repayment obligations.

Outlook: Stable

CRISIL believes that SSET will benefit over the medium term from
its promoters experience. The outlook may be revised to 'Positive'
if the trust records higher revenue and profitability, leading to
high cash accruals or its financial risk profile improves.
Conversely, the outlook may be revised to 'Negative' if SSET's
financial risk profile weakens because of large working capital
requirements or large debt-funded capital expenditure (capex)
programme.

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

SHREE SHYAM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shree Shyam Pulp And Board Mills Limited
        A-104, Road No. 4, Mahipalpur Ext
        New Delhi West Delhi DL 110037 IN

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019
                               (180 days from commencement)

Insolvency professional: Rohit Sehgal

Interim Resolution
Professional:            Rohit Sehgal
                         A-604, Sujjan Vihar
                         Sector-43, Gurgaon
                         Haryana 122002
                         E-mail: iamrs101@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-I
                         New Delhi 110048
                         E-mail: shreeyam@aaainsolvency.com
                                 rohit.sehgal@aaainsolvency.com
                         Tel.: 011-46664600

Last date for
submission of claims:    April 10, 2019

SMARTEC BUILD: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Smartec Build Systems Private Limited
        239/A, MLA Colony
        Road No. 12, Banjara Hills
        Hyderabad TG 500034

Insolvency Commencement Date: March 29, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 25, 2019

Insolvency professional: B. Santosh Babu

Interim Resolution
Professional:            B. Santosh Babu
                         H.No. 12-2-500/7, Sai Gardens
                         Gudi Malkapur, Mehdipatnam
                         Hyderabad 500028
                         E-mail: bsb1fca@gmail.com
                                 smartecbuildip@gmail.com

Last date for
submission of claims:    April 12, 2019

SRI JYOTI: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Sri Jyoti Renewable Energy Private Limited
        House No. 4-304, Geetanjali
        Public School Compound
        Official Colony, Srikakulam
        AP 532001

Insolvency Commencement Date: April 1, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 28, 2019

Insolvency professional: Chakravarthi Srinivasan

Interim Resolution
Professional:            Chakravarthi Srinivasan
                         1-4-211/42/1, Pradhamapuri Colony
                         Sainikpuri, Hyderabad 500062
                         E-mail: csriniirp@gmail.com

Last date for
submission of claims:    April 15, 2019

SRI KRISHNA TOBACCOS: CRISIL Assigns B+ Rating to INR10cr Loans
---------------------------------------------------------------
CRISIL had assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Sri Krishna Tobaccos (SKT). The rating
reflects modest scale of operations in intensely competitive
tobacco industry with large working capital requirement,
susceptibility of profitability margins to volatility in tobacco
prices, and exposure regulatory risks in the tobacco industry.  The
rating also factors in below-average financial risk profile of the
firm. These rating weaknesses are partially offset by extensive
experience of the promoters in the tobacco industry and an
established relationship with customers.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         8         CRISIL B+/Stable (Assigned)
   Long Term Loan      2         CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The firm's scale of operations were
modest reflected in revenues of INR12.48 crore in fiscal 2018 due
to intense competition in the tobacco processing industry and
absence of large economies of scale. CRISIL expects SKT's scale of
operation to remain modest over the medium term.

* Large working capital requirement: Gross current assets were high
at 361 days, driven by inventory of 353 days, as on March 31, 2018.
Debtor days were moderate at 39. Considering the nature of
business, the overall working capital cycle is expected to remain
high over the medium term.

* Susceptibility of profitability margins to volatility in tobacco
prices, and exposure to intense competition and regulatory risks in
the tobacco industry: Profitability margins in the tobacco industry
are highly correlated with fluctuations in raw material prices.
Moreover, the industry is fragmented and there is significant
competition, thus limiting bargaining power. This restricts the
players from fully passing on input cost increases to customers or
retaining any benefit of lower input cost. The tobacco industry
also faces high regulatory risk because of restrictive government
policies in the form of increase in excise duties and imposition of
multiple taxes.

* Below-average financial risk profile: A modest networth of
INR3.50 crore, a moderate gearing of around 2.55 times and total
outside liabilities to tangible networth (TOLTNW) of 2.91 times, as
on March 31, 2018 resulted in subdued capital structure. Moreover,
the debt protection metrics were marked with interest coverage
ratio was at 1.35 times and net cash accrual to adjusted debt
(NCATD) ratio 0.02 time in fiscal 2018. CRISIL believes the
financial risk profile of the firm shall remain at similar levels
over the medium term.

Strength:
* Extensive industry experience of the promoters and an established
relationship with customers: The promoters have been in the tobacco
industry for around 30 years. Most of the requirement of tobacco
leaves is procured from the traders and small farmers. The firm has
established relationship with some of the major players such as VST
Industries, which contributes to around 80 per cent of its net
sales. CRISIL believes that the firm is expected to benefit over
the medium term with respect to the same.

Liquidity
SKT, is expected to generate cash accruals of INR0.5-0.6 crore for
fiscal 2019 and 2020, which will be sufficient to meet its maturing
term debt obligations of INR9 crore and INR10 crore respectively.
Average utilisation of its bank lines was high, at around 90 per
cent for last 12 months till January, 2019. It had unencumbered
cash and bank balance of INR0.38 crore as on March 31, 2018. CRISIL
believes the overall liquidity position of SKT is expected to
remain moderate over the medium term. CRISIL expects internal
accruals and cash & cash equivalents to be sufficient to meet its
incremental working capital requirements over the medium term.

Outlook: Stable

CRISIL believes the SKT will continue to benefit from the extensive
industry experience of the promoters and their established
relationship with key customers. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
revenue and profitability margins, or significant improvement in
the capital structure due to sizeable capital infusion. The outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or considerable deterioration in the capital
structure caused most likely by large, debt-funded capital
expenditure or a stretch in the working capital cycle.

SKT was promoted by Mr Krishna Prasad and his father Mr Rajendra
Prasad in 2006, at Prakasam (Andhra Pradesh). The firm is engaged
in processing of tobacco.

SRI KRISHNA: CRISIL Withdraws B Rating on INR2.0cr LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Sri
Krishna Timber Mart & Saw Mill (SKTM) and subsequently withdrawn
the ratings at the company's request and on receipt of a
no-objection certificate from the banker. The withdrawal is in line
with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bills-Inland          .75       CRISIL A4 (Rating reaffirmed
                                   and withdrawn)

   Cash Credit          1.25       CRISIL B/Stable (Rating
                                   reaffirmed and withdrawn)

   Inland/Import        5.00       CRISIL A4 (Rating reaffirmed
   Letter of Credit                and withdrawn)

   Proposed Long Term   2.00       CRISIL B/Stable (Rating
   Bank Loan Facility              reaffirmed and withdrawn)

Salem-based SKTM, set up in 1985 as a proprietorship by Mr Krishna
Raj, trades in timber.

TRIMEX INDUSTRIES: CRISIL Hikes Rating on INR130.4cr Loans to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Trimex Industries Private Limited (TIPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan          6       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term    124.4     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that improvement in TIPL's
operating performance will sustain over the medium term, leading to
a better financial risk profile. Revenue is expected at INR380-400
crore in fiscal 2019, and operating margin is expected to remain
around 5%.

Key Rating Drivers & Detailed Description

Weakness:

* Average financial risk profile: Debt protection metrics were
weak till fiscal 2017 because of losses. However, with improvement
in operating performance in fiscal 2018, the debt protection
metrics have improved, as reflected in interest coverage ratio of
6.7 times in fiscal 2018. Capital structure has been comfortable
driven by large networth. But any significant impact on the credit
metrics of the subsidiary will impact the credit risk profile of
TIPL because of its large investment, and will remain a rating
sensitivity factor.

* Large working capital requirement: Gross current assets were
large because of stretched receivables of 127 days as on March 31,
2018.

Strengths:

* Experience of, and funding support from, the promoter
The promoter's experience of more than 30 years, his strong
understanding of the market dynamics, and healthy relationships
with customers and suppliers should continue to support the
business. The promoter is also likely to continue extending timely,
need-based unsecured loans to aid financial flexibility.

Liquidity
Cash accrual is expected at INR14-21 crore against debt obligation
of INR1.9 crore over the medium term. The company has working
capital limit of just INR20 lakh. Given its diversification plans,
the company plans to avail higher working capital limits. Liquidity
is aided by unsecured loans from the promoter. However,
more-than-expected advances to group entities will be a key rating
sensitivity factor.

Outlook: Stable

CRISIL believes TIPL will continue to benefit from the experience
of the promoter in the mining industry. The outlook may be revised
to 'Positive' if larger-than-expected cash accrual strengthens the
financial risk profile and liquidity. The outlook may be revised to
'Negative' if lower-than-expected cash accrual, any large,
debt-funded capital expenditure, or increase in exposure to group
companies weakens the financial risk profile and liquidity.

Established in 1984 as Trimex Agencies Ltd, Chennai-based TIPL
mines and trades industrial minerals, predominantly baryteMr
Pradeep Koneru is the promoter.

UNNATI FORTUNE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Unnati Fortune Holdings Limited

        Registered office:
        560 G.T. Road, 1st Floor Shahdara
        Opposite UCO Bank Delhi
        East Delhi DL 110032 IN

        Corporate office:
        B-117 Sector-67
        Noida 201301 UP

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sanjay Gupta

Interim Resolution
Professional:            Mr. Sanjay Gupta
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi, Delhi 110048
                         E-mail: sanjaygupta@aaainsolvency.com
                                 unnati.fortune@aaainsolvency.com

Classes of creditors:    Home Buyers (Real Estate Investors)

Insolvency
Professionals
Representative of
Creditors in a class:    Ghanshyam Kaushik
                         Pawan Kumar Garg
                         Praveen Kumar Garg

Last date for
submission of claims:    April 13, 2019

VEDANTA RESOURCES: Moody's Rates New Senior Unsecured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
senior unsecured notes guaranteed by Vedanta Resources Limited
(Vedanta, Ba3 negative) and issued by its wholly owned subsidiary,
Vedanta Resources Finance II Plc.

The proposed notes will rank pari-passu to Vedanta's existing
senior unsecured notes, and are rated at B2, two notches below the
Ba3 corporate family rating (CFR).

The rating outlook is negative.

RATINGS RATIONALE

Vedanta's Ba3 CFR is supported by the company's large-scale and
diversified, low-cost integrated operations, with strong market
positions across the broad suite of its product offerings, spanning
oil and gas, base metals and energy assets.

The CFR also incorporates the group's complex shareholding
structure and the company's exposure to inherently volatile
commodity prices that pressure earnings. Furthermore, large capital
spending and dividends will limit free cash flow generation and
keep borrowings and debt/EBITDA leverage elevated.

"Vedanta's proposed issuance constitutes a proactive step in
refinancing its amortizing term debt maturities with a long-term
bond with bullet repayment and further reducing its cost of debt,"
says Kaustubh Chaubal, a Moody's Vice President and Senior Credit
Officer.

"Pro-forma for the proposed bond, we expect Vedanta's refinancing
risk at the holding company to abate until June 2021," adds Chaubal
who is also Moody's lead analyst on Vedanta.

The proceeds from the issuance will be used towards repaying
Vedanta's existing debt, meeting its working capital and interest
servicing liabilities and in providing operational support to
subsidiaries.

Meanwhile, Vedanta's operating results for the fiscal year ending
March 2019 (fiscal 2019) will be subdued, reflecting some softness
in commodity prices and elevated costs, especially for its aluminum
business.

Moody's expects Vedanta to generate consolidated EBITDA of $3.6
billion -$3.9 billion in fiscal 2019 that should translate into
adjusted debt/EBITDA leverage of 4.0x -- 4.3x at 31 March,
exceeding the 4.0x downgrade trigger. That said, higher production,
continuing cost rationalization and some stability in commodity
prices could arrest any further pressure on debt/EBITDA leverage in
fiscal 2020.

In December 2018, Vedanta's operating subsidiary made a $561
million structured payment to ultimate shareholder Volcan
Investments Ltd.; which, along with Moody's lowered operating
earnings expectations, premised the negative outlook on all
ratings.

The negative outlook reflects Moody's concerns that there is an
increased likelihood that Vedanta may be used as a financing
vehicle for Volcan. In addition, Vedanta's operating and financial
metrics will remain sensitive to movements in commodity prices,
exposing the company to further downside risk.

Moody's could downgrade the the ratings if: (1) Vedanta takes on
any additional exposure to Volcan, including direct or indirect
upstreaming or extension of the $561 million structured payment
beyond the agreed term; or (2) Vedanta increases its dividend
payouts in challenging industry conditions; (3) commodity prices
weaken for an extended period such that consolidated EBITDA for a
12-month period falls below $3.5 billion; or (4) adjusted
debt/EBITDA remains above 4.0x, EBIT/interest coverage falls below
2.5x, or cash flow from operations less dividends/adjusted debt
falls below 15%, all on a sustained basis.

The ratings could also experience downward pressure if Vedanta
undertakes any large debt-financed acquisition that materially
skews its financial profile, or if there is an adverse ruling with
respect to Cairn India Ltd.'s disputed $3.2 billion tax liability.

Given the negative outlook, a rating upgrade is unlikely. Moody's
could change the outlook to stable if the company's adjusted
debt/EBITDA improves to around 3.5x and EBIT/interest at more than
2.5x, on a sustained basis.

The principal methodology used in this rating was Mining published
in September 2018.

Vedanta Resources Limited, headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Ltd, a 50.1%-owned subsidiary.
Through Vedanta Resources' various operating subsidiaries, the
group produces oil and gas, zinc, lead, silver, aluminum, iron ore
and power.

Delisted from the London Stock Exchange in October 2018, Vedanta
Resources is now wholly owned by Volcan Investments Ltd. Founder
chairman Anil Agarwal and his family are the key shareholders of
Volcan. For the 12 months ending 30 September 2018, Vedanta
Resources reported revenues of $15.6 billion and operating EBITDA
of $3.8 billion.

VJ GOTE: CRISIL Assigns B+ Rating to INR7.5cr Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of V. J. Gote Brothers (VJGB).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Working
   Capital Facility      0.5       CRISIL B+/Stable (Assigned)

   Bank Guarantee        2.0       CRISIL A4 (Assigned)

   Cash Credit           7.5       CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operations in the
competitive infrastructure construction segment, average financial
risk profile and large working capital requirement. These
weaknesses are partially offset by the proprietor's extensive
experience and funding support.

Analytical Approach

Unsecured loans of INR2.11 crore extended by the proprietor have
been treated as neither debt nor equity as they are to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in competitive segment: With a
turnover of INR18 crore in fiscal 2018, scale remains small in the
competitive infrastructure industry. This restricts ability to bid
for large projects. Also, operations are tender-based, thereby
reducing pricing flexibility.

* Large working capital requirement: Gross current assets were 206
days as on March 31, 2018, due to stretched receivables, retention
money, and large loans and advances in the form of security
deposits.

* Average financial risk profile: Networth was modest at INR2.83
crore and gearing is high at 2.35 time as on March 31, 2018. These
led to modest debt protection metrics with interest coverage of
2.32 times and net cash accruals to total debt of 15% in fiscal
2018. The financial risk profile is expected to remain average over
the medium term.

Strengths:

* Extensive experience of the proprietor: Presence of over a
decade in the civil construction segment has enabled the proprietor
to bid successfully for projects and execute them in an efficient
manner. Also, the proprietor has been supporting the business
through unsecured loans.

Liquidity
Liquidity is average, with bank limit utilised at around 90% in the
12 months through December 2018. Cash accrual, expected at INR1.27
crore, should be just about adequate to service maturing debt-of
INR1.0 crore per annum over the medium term.

Outlook: Stable

CRISIL believes VJGB will benefit over the medium term from
moderate growth prospects in the infrastructure and construction
industry. The outlook may be revised to 'Positive' in case of
significant improvement in operating profitability and revenue. The
outlook may be revised to 'Negative' if financial risk profile
weakens because of delays in receivable collection, large,
debt-funded capital expenditure, or lower-than-expected cash
accrual.

Incorporated in 1996, VJGB is promoted by Mr Natraj Gote. The firm
constructs roads, drains, and small bridges, and undertakes other
civil contract work for customers such as Indian Railways, Public
Works Department, and Pune Municipal Corporation.

WESTERN INDIA METAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Western India Metal Processors Limited
        132-B, Mittal Towers
        Nariman Point
        Mumbai 400021 IN

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 9, 2019
                     
Insolvency professional: Jeetendra Rajpal Daryani

Interim Resolution
Professional:            Jeetendra Rajpal Daryani
                         501, Tulip CHS Ltd.
                         Satguru Gardens, Chendani
                         Thane (East) 400603
                         E-mail: nikhil564@yahoo.com

Last date for
submission of claims:    April 9, 2019

XEDON MEDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Xedon Media Pvt Ltd
        235, Rengammapettai
        Pappri Reddypatti, Dharmapuri Dt
        Tamil Nadu Pin 636905

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 6, 2019

Insolvency professional: Arumugam Arumugam

Interim Resolution
Professional:            Arumugam Arumugam
                         1/56, Market Road
                         Devi Stores, 1st Floor
                         Kelambakkam
                         Chennai 603103
                         E-mail: arumuru2008@gmail.com
                         Mobile: +91-8015240147  

Last date for
submission of claims:    March 25, 2019



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

BANK NEGARA: S&P Affirms BB+/B Long/Short-Term ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term
issuer credit ratings on PT Bank Negara Indonesia (Persero) Tbk.
(BNI). The outlook on the long-term rating is stable.

BNI's higher stand-alone credit profile (SACP) reflects the bank's
improving business franchise, underpinned by a growth in market
share to about 9% of loans and deposits of the Indonesian banking
system. S&P revised BNI's SACP upward to 'bb+' from 'bb'.

S&P expects the bank's market share to exceed 10% over the next
18-24 months. BNI remains the fourth-largest bank in Indonesia.
However, BNI's above-average growth in recent years has reduced the
gap with the three largest banks in the country, namely PT Bank
Rakyat Indonesia (Persero) Tbk. (15%), PT Bank Mandiri (Persero)
(14%), and Bank Central Asia (10%). BNI's market share has grown to
twice that of PT Bank Tabungan Negara Tbk., the fifth-largest bank
in Indonesia. As of Dec. 31, 2018, BNI had a network of 2,256
branches and 18,311 ATMs across Indonesia.

S&P affirmed the rating because it expects a stable revenue profile
will continue to support BNI's strong business position. The bank
derives the majority of its revenues from net interest income and
lending related fee income. BNI's profitability, measured by the
ratio of core earnings to average assets, improved markedly to an
average 2.2% over 2018-2014, from an average 1.9% in 2013-2009, due
to a focus on controlling credit costs and operating expenses. The
bank's reported return on assets of 2.8% as of Dec. 31, 2018, is
comparable to that of Indonesia's top three banks, and slightly
better than the industry average of 2.6%.

S&P said, "The affirmed rating also reflects BNI's adequate
risk-adjusted capital ratio, which we forecast will be 8.5%-9.0%
over the next 12-18 months. This is based on the bank's good
financial performance and internal capital generation. BNI's credit
growth is likely to remain 13%-15%, which is higher than the
industry's.

"We expect BNI's net interest margins to increase with gradual
transmission of higher policy rates to asset yields. The bank is
likely to increase coverage against stressed assets, given the
implementation of International Financial Reporting Standard 9 in
2020. This should keep credit costs higher, although we don't
expect them to spike beyond the 2016 level. As of Dec. 31, 2018,
BNI's nonperforming loan ratio declined to 1.9%, which is below the
industry average of 2.4%, partly due to the bank's higher
write-offs in recent quarters.

"In our view, BNI's stable deposit franchise will continue to
support its funding structure. In addition, the bank's liquidity
position will provide a good cushion to meet its short-term
obligations.

"The stable outlook reflects our expectation that BNI will maintain
its strong business position and funding and liquidity profile over
the next 12-18 months. We expect the bank to grow its market share
in Indonesia while maintaining profitability in line with that of
the industry and direct peers."

A downgrade of BNI is unlikely over the next 12-18 months. Based on
the high likelihood of government support to the bank, the SACP
needs to weaken by two notches for the rating to be lowered by a
notch.

S&P may raise the rating if BNI's asset quality improves
sustainably, possibly through a decline in restructured loans and
credit costs.



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

NOMURA HOLDINGS: $1BB Turnaround Plan Starts with Wave of Job Cuts
------------------------------------------------------------------
Takashi Nakamichi, Donal Griffin and Chanyaporn Chanjaroen at
Bloomberg News report that Nomura Holdings Inc. is embarking on yet
another sweeping overhaul of its international business, as it cuts
$1 billion of costs and fires dozens of employees in its struggling
global trading operations.

Japan's largest securities firm will cull about 150 jobs across the
Americas and Europe, the Middle East and Africa on top of
reductions in Hong Kong and Singapore as part of the overhaul,
Bloomberg relates citing people with knowledge of the matter.
Nomura executives told investors they intend to shrink the bank's
presence in dicier trading businesses overseas in favor of
"risk-light" transactions for clients, Bloomberg says.

"To restart this company" as a new Nomura, "I have to commit myself
to proceeding quickly with efforts to build a muscular base," Chief
Executive Officer Koji Nagai told investors, Bloomberg relays. "We
realized that as long as we continue with the way we have done
business thus far, Nomura won't be able to get itself out of the
current situation."

According to Bloomberg, Nomura's operations outside Japan have lost
money for four straight quarters, buffeted by its stop-start
international expansions as well as headwinds in Europe. Low
interest rates, sluggish economies and fierce competition from the
U.S. have left rivals including UBS Group AG, BNP Paribas SA and
Deutsche Bank AG confronting weak results, senior departures and
even merger talks in the region.

The move got a muted reaction from shareholders, with the shares
climbing 0.7 percent at 10:04 a.m. in Tokyo on April 5, Bloomberg
says. Nomura has barely risen this year after sliding 37 percent in
2018.

In Europe, the Tokyo-based bank has struggled to generate profits
ever since it bought Lehman Brothers Holdings Inc.'s operations
there in 2008. The bank's job cuts there will mostly target rates
and credit traders in London, one of the people said, asking not to
be identified as the numbers aren't public, Bloomberg relays.

Eight out of nine employees in the Singapore equity research
operation have been let go, the people, as cited by Bloomberg,
said. Nomura also cut at least 10 jobs at its equities business in
Hong Kong, one of the people said.

Bloomberg relates that Nomura said it will "right-size" its
wholesale business, which is led by Steven Ashley and made up of
investment banking and global markets divisions. That includes:

  - scaling back areas including secondary trading in emerging
    markets as well as G-10 rates, foreign exchange and flow
    credit

  - cutting costs in flow business in Europe, the Middle East
    and Africa by 50 percent

  - optimizing cash equities including by consolidating its
    Instinet electronic trading platform in Asia.

Most of the wholesale cost cuts will be completed by March 2020,
Nomura said in the announcement, which came after trading closed in
Tokyo on April 4. Bloomberg relates that the company also said it
will eliminate at least 30 of its 156 retail brokerage branches
dotted across Japan.

"There is a strong sense that Nomura Holdings is merely taking
long-overdue steps to simplify its organization," Citigroup Inc.
analysts led by Koichi Niwa wrote in a note to investors. "What
remains to be seen is whether revenues grow as planned and the
speed at which cost cuts are implemented."

                      Bleeding Money Abroad

According to Bloomberg, Mr. Nagai commissioned the review in
January after the bank posted its biggest quarterly loss since the
global financial crisis, thanks partly to a goodwill writedown on
its 2008 acquisition of Lehman Brothers assets, the deal that
hobbled the bank's European operations.

External pressures are also at play. In fixed income, "there's
heavy competition from U.S. banks in Europe," Bloomberg quotes
Meziane Lasfer, professor of finance at Cass Business School in
London, as saying. A smaller player such as Nomura "that doesn't
have the scale, can't invest so it's better to come out of the
market," he said.

Credit rating companies have been keenly anticipating Nomura's
latest revival attempt, Bloomberg notes. S&P Global Ratings said in
February that it may consider reviewing the firm's debt ratings if
its restructuring efforts are unsuccessful and earnings power
remains weak. Moody's Investors Service said in November that it
may downgrade the rating if the bank can't improve profitability
without adding risk to its balance sheet.

Bloomberg adds that Nomura also said it will simplify its corporate
structure by reducing the number of functions by half. Excluding
the internal audit team, Nomura has 10 corporate areas ranging from
finance to risk management and compliance. These will be
streamlined into five to avoid duplication and reduce costs.

"To put the latest reform of our platform into one word, it's
simplification," the quotes Mr. Nagai as saying. "The urgent task
right now is for us to proceed with the reconstruction of the
platform with full force to put the company back on a growth path
as soon as possible."

Nomura Holdings, Inc. (NMR:NYSE), together with its subsidiaries,
provides investment, financing, and related services to
corporations, financial institutions, individuals, and governments
and governmental agencies worldwide.  The Company is headquartered
in Tokyo, Japan, with additional offices in the United States, the
United Kingdom, Singapore, and Hong Kong.



===============
T H A I L A N D
===============

STRATEGIC HOSPITALITY: Fitch Affirms 'BB+(tha)'; Withdraws Rating
-----------------------------------------------------------------
Fitch Ratings (Thailand) Limited has affirmed Strategic Hospitality
Extendable Freehold and Leasehold Real Estate Investment Trust's
(SHREIT) National Long-Term Rating at 'BB+(tha)' with Stable
Outlook. Fitch has simultaneously withdrawn SHREIT's ratings for
commercial reasons.

The ratings were withdrawn with the following reason:
  
  - For Commercial Purposes

KEY RATING DRIVERS

Small and Concentrated Portfolio: SHREIT's small asset scale
constrains its rating. It has three hotels worth about THB4.4
billion: one in Jakarta, Indonesia and two in Ho Chi Minh City,
Vietnam. The Jakarta hotel contributes about 76% of total revenue.

Less-Volatile Occupancy: Most of SHREIT's hotels have moderate
volatility in occupancy rates. For its largest asset, the hotel in
Jakarta, corporate customers comprise 40%-50% of the guest base
while about 40% are domestic guests who are less influenced by
country-specific risks, such as terrorism. The Jakarta hotel had an
occupancy rate of 75%-80% over the past two years, higher than its
Jakarta peers' average at less than 60%.

Strategic Locations: Most of SHREIT's hotels have no direct
competitors in their catchment areas. Its Jakarta hotel, the only
five-star internationally branded hotel in the west of the city, is
part of a 22-hectare mixed-use project with the largest shopping
mall in the area. The hotel is equipped with the second-largest
ballroom in Jakarta. Its two hotels in Ho Chi Minh City are also
the only two internationally branded hotels that are adjacent to
the largest and only international standard exhibition and
convention centre in the city.

Moderate FX Risk: SHREIT's foreign-exchange (FX) exposure could
cause volatility in its financial profile. Its assets are offshore
and generate local-currency revenue while the REIT's loan exposures
are in euros with about 50% hedged against US dollars. In addition,
its dividend payments are in Thai baht. The REIT has no policy at
present to hedge the euro loans against local currencies. SHREIT
showed that it could partly offset the FX risk by adjusting room
rates during the sharp depreciation of the Indonesian rupiah
against the US dollar in 2018.

Moderate Financial Leverage: Fitch expects SHREIT's net debt to
investment-property value (LTV) ratio to be at about 38% over the
next one to two years, assuming no additional investment. The LTV
ratio increased from our initial expectation of about 35% due to
the conversion of the appraisal values of assets in local
currencies into US dollars. The financial leverage in terms of LTV
ratio could also increase if the REIT uses higher debt financing
for new asset acquisitions due to the REIT's policy of maintaining
the LTV ratio at 35%-45%.

DERIVATION SUMMARY

SHREIT is the only hospitality REIT in Thailand that has all its
assets located offshore. SHREIT has a smaller portfolio and
generates lower EBITDA than Siam Future Development Public Company
Limited (SF, BBB(tha)/Stable), a leading community-mall developer
in Thailand. SHREIT's properties are located in two countries while
almost all of SF's assets are concentrated in Bangkok and its
suburbs. However, SHREIT's asset concentration is significantly
higher, and it has a smaller number of assets. SF has better
earnings visibility than SHREIT from medium- to long-term contracts
with its tenants. Both should have a similar level of financial
leverage over the medium term. However, SHREIT is more exposed to
FX risk. Therefore, SHREIT is rated below SF due to its weaker
business profile.

KEY ASSUMPTIONS

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

  - EBITDA to slightly increase to about THB280 million a year in
2019-2020

  - No new investment, new development or significant maintenance
capex in 2019-2020

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given today's rating
withdrawal.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Risk in 2021: SHREIT will have a large refinancing need
in 2021 as its existing term loans of about EUR45.8 million are due
with bullet repayment. SHREIT refinanced its 13-year term loan with
a three-year grace period on principal repayment with a three-year
term loan in June 2018. SHREIT's liquidity over the next two to
three years is manageable, assuming no instalment repayment.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                *** End of Transmission ***