---

       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 15, 2019, Vol. 22, No. 75

                           Headlines



A U S T R A L I A

HAVEN MOTELS: Clifton Hall Appointed as Liquidator
HH PORTSIDE: First Creditors' Meeting Set for April 24
JDZ ELECTRICAL: First Creditors' Meeting Set for April 24
JODI ROME: First Creditors' Meeting Set for April 24
JOSS SERVICES: First Creditors' Meeting Set for April 10

MULTIFIX CONSTRUCTIONS: First Creditors' Meeting Set for April 26
NISS TECHNOLOGIES: ASIC Winds Up 5 Abandoned Companies
RED CENTRE: First Creditors' Meeting Set for April 26
SAFE ON SITE: First Creditors' Meeting Set for April 24
SOUTH WEST: First Creditors' Meeting Set for April 24



C H I N A

FUJIAN YANGO: Fitch Cuts LT IDR & Senior Unsecured Rating to 'B-'


H O N G   K O N G

HONG KONG AIRLINES: Shareholders to See Books Before Giving Aid


I N D I A

AISWARYA GRANITES: CRISIL Lowers Rating on INR11cr Loans to B+
ANLON HEALTHCARE: CRISIL Assigns 'D' Rating to INR18cr Loans
ASHTANGA EDUCATIONAL: CRISIL Migrates D Rating to Not Cooperating
DURGESH BLOCK: CRISIL Migrates 'D' Rating to Not Cooperating
EROS INTERNATIONAL: Moody's Gives First-Time B1 CFR, Outlook Stable

EROS INTERNATIONAL: S&P Assigns Prelim 'B+' ICR, Outlook Stable
GAYATRI ROLLING: CRISIL Migrates B+ Rating to Not Cooperating
H.S. INDIA: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
HARVIN IMPEX: CRISIL Migrates 'C' Rating to Not Cooperating
JMJ CHARITABLE: Ind-Ra Rates INR400MM Loan BB, Outlook Stable

KARANJA TERMINAL: CRISIL Reaffirms 'D' Rating on INR480cr Loan
KGPS MECHANICAL: CRISIL Migrates D Rating to Not Cooperating
MARUTI OIL: CRISIL Migrates 'B+' Rating to Not Cooperating
MIJAN IMEX: CRISIL Migrates 'D' Ratings to Not Cooperating
MILESTONE ENTERPRISES: CRISIL Moves B+ Rating to Not Cooperating

NAVA HEALTHCARE: CRISIL Migrates B+ Rating to Not Cooperating
PURNO-GOURI COLD: CRISIL Migrates 'B' Rating to Not Cooperating
RADHA KRISHNA: CRISIL Assigns 'B' Rating to INR9cr Loans
SAI SRINIVASA: CRISIL Migrates 'B+' Rating to Not Cooperating
SARRA MOTORS: CRISIL Migrates 'B+' Rating to Not Cooperating

SHREE PRABHU: CRISIL Migrates 'D' Rating to Not Cooperating
SREE SATYANARAYANA: CRISIL Migrates B+ Rating to Not Cooperating
SRI VAIBHAVA: CRISIL Migrates 'C' Rating to Not Cooperating
SS AGROZONE: CRISIL Reaffirms 'B' Rating on INR6.95cr Loan
STAR CARS: CRISIL Migrates B+ Rating to Not Cooperating

STERLING SEZ: NCLT Stays Srei Plea to Withdraw Bankruptcy Process
SWASTIK ISPAT: CRISIL Migrates D Rating to Not Cooperating
TEJAS INTERNATIONAL: CRISIL Migrates B Rating to Not Cooperating
TILAK EXPORTS: CRISIL Migrates 'D' Rating to Not Cooperating
VASAVI THANGA: CRISIL Reaffirms B Rating on INR7cr Cash Loan

VELKAR ENGINEERING: CRISIL Migrates B- Rating to Not Cooperating
YASH CONSTRUCTION: CRISIL Migrates D Rating to Not Cooperating


I N D O N E S I A

SAKA ENERGI: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg.


J A P A N

JAPAN DISPLAY: OKs JPY80BB Bailout by Chinese, Taiwanese Firms


N E W   Z E A L A N D

RIOT FOODS: Creditors Given Three Options for Company's Future


S O U T H   K O R E A

SAMSUNG BIOLOGICS: Prosecutors Raid Goldman Sachs' Seoul Office

                           - - - - -


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

HAVEN MOTELS: Clifton Hall Appointed as Liquidator
--------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of
Haven Motels Pty. Ltd. (formerly known as Haven Marina Inn) on
April 10, 2019.

HH PORTSIDE: First Creditors' Meeting Set for April 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of HH Portside
Pty Ltd will be held on April 24, 2019, at 10:30 a.m. at the
offices of Worrells, at 8th Floor, 102 Adelaide St, in Brisbane,
Queensland.

Lee Andrew Crosthwaite of Worrells Solvency was appointed as
administrator of HH Portside on April 11, 2019.

JDZ ELECTRICAL: First Creditors' Meeting Set for April 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of JDZ
Electrical Pty Ltd will be held on April 24, 2019, at 10:00 a.m. at
Fenwick room of the Ramada Hotel, 2 Martin Street, in Ballina,
NSW.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of JDZ Electrical on April 10, 2019.

JODI ROME: First Creditors' Meeting Set for April 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Jodi Rome
Pty Ltd, formerly trading as Palm Beach Jewellers, will be held on
April 24, 2019, at 9:00 a.m. at the offices of Mackay Goodwin, at
Suite D, Level 14, 241 Adelaide Street, in Brisbane, Queensland.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Mackay Goodwin on April
10, 2019.

JOSS SERVICES: First Creditors' Meeting Set for April 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Joss
Services Pty Ltd, trading as Joss Services, will be held on April
10, 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 and Andre Lakomy of Cor Cordis were appointed as
administrators of Joss Services on April 10, 2019.

MULTIFIX CONSTRUCTIONS: First Creditors' Meeting Set for April 26
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Multifix
Constructions Pty. Ltd. ATF The Willaton Family Trust will be held
on April 26, 2019, at 10:30 a.m. at the offices of Worrells
Forensic and Solvency Accountants, at Level 8, 102 Adelaide Street,
in Brisbane, Queensland.

Nikhil Khatri and Morgan Lane of Worrells were appointed as
administrators of Multifix Constructions on April 11, 2019.

NISS TECHNOLOGIES: ASIC Winds Up 5 Abandoned Companies
------------------------------------------------------
The Australian Securities and Investments Commission has assisted
employees gain access to the Fair Entitlements Guarantee scheme
(FEG) by exercising its wind-up powers and appointing liquidators
to five abandoned companies.

From January 1, 2019 to March 31, 2019, ASIC appointed liquidators
to five abandoned companies owing at least 39 employees more than
AUD410,000 in employee entitlements. The companies are:

                        Current panel                   
Company                liquidator and firm           State
-------                -------------------           -----
NISS Technologies       Alan Hayes of Hayes           NSW
Pty Ltd                 Advisory Pty Ltd

Jovawill Pty Ltd        Tim Heenan of Deloitte        QLD

Rushci Pty Ltd          Rob Brauer of McGrathNicol    WA

Steel Project
Services Pty Ltd        Hugh Armenis of Bentleys      NSW

Surat Basin Group
Pty Ltd                 Damien Lau of Bentleys        QLD

Abandoned companies are those where directors are unable to
discharge their duties or have abandoned their insolvent companies
without first putting them into liquidation.

ASIC's appointment of liquidators facilitates access to FEG for
employees who would otherwise be ineligible to apply for
assistance. The appointment of liquidators also allows a full and
proper investigation into the reasons why the companies failed and
may assist the recovery of any voidable or unreasonable
director-related transactions. In addition, abandoned companies may
be an indicator that the director has engaged in illegal phoenix
activity.

Employees of abandoned companies who are owed employee entitlements
can apply to ASIC to wind up the company by lodging a report of
misconduct.

The FEG is a legislative safety net funded by the Australian
Government. It is designed to assist employees recover owed unpaid
employee entitlements because of their employer company's
liquidation or bankruptcy. In addition, the Department of Jobs and
Small Business operates the 'FEG Recovery Programme'; a programme
designed to strengthen recovery activity of amounts advanced under
the FEG. More information about it is available here.

ASIC first used its powers in 2013 and to date, has wound up 115
companies owing approximately 305 employees more than $6 million in
employee entitlements.

Employees of abandoned companies who are owed employee entitlements
can lodge a request with ASIC to wind up the company. The process
is outlined in RG 242 and includes information on how to lodge a
request, what supporting documentation must be provided and how
ASIC assesses requests.

RED CENTRE: First Creditors' Meeting Set for April 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Centre
Manufacturing Pty Ltd will be held on April 26, 2019, at 10:00 a.m.
at the offices of McLeod & Partners, at Level 9, 300 Adelaide
Street, in Brisbane, Queensland.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Red Centre on April 11, 2019.

SAFE ON SITE: First Creditors' Meeting Set for April 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Safe On Site
Traffic Control Pty Ltd will be held on April 24, 2019, at 10:00
a.m. at the offices of Cor Cordis, at One Wharf Lane, Level 20, 171
Sussex Street, in Sydney, NSW.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Safe On on April 10, 2019.

SOUTH WEST: First Creditors' Meeting Set for April 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of South West
Radiology Pty. Ltd will be held on April 24, 2019, at 10:00 a.m. at
the offices of Woodgate & Co., at Level 8, 6-10 O'Connell Street,
in Sydney, New South Wales.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of South West on April 10, 2019.



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

FUJIAN YANGO: Fitch Cuts LT IDR & Senior Unsecured Rating to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based Fujian Yango Group Co.,
Ltd.'s Long-Term Foreign-Currency Issuer Default Rating to 'B-'
from 'B' with a Stable Outlook. Fujian Yango's senior unsecured
rating and the ratings of its outstanding bonds have also been
downgraded to 'B-' from 'B' with Recovery Ratings of 'RR4'.

The downgrade reflects the heightened risk that Fujian Yango's
interest expense at the parent level may outpace its improving cash
income due to the increase in its debt, and keep its cash
income/interest expense ratio below 1.2x for a sustained period.
The company's ratings are supported by its high 'B' category
aggregate business profile, with high-quality cash flow generated
by its major businesses and investments. Fujian Yango's portfolio
includes property company Yango Group Co., Ltd. (Yango;
B/Positive), in which it owns 34.3%; environmental services
provider Fujian Longking Co., Ltd, in which it owns 25.02%;
countercyclical businesses in education; and investments in banks
and financial institutions. The credit quality of these assets
ranges from the mid 'B' category to 'BB'.

KEY RATING DRIVERS

Rated on Standalone Basis: Fujian Yango generates cash flows from
minority investments in operating subsidiaries and the direct
operations of a small but growing education business. The most
important investment is its 34.3% stake in homebuilder Yango.
Fujian Yango consolidates Yango in its financial statements but
Fitch rates Fujian Yango on a standalone basis as its linkage with
the subsidiary is deemed weak in accordance with its Parent and
Subsidiary Rating Linkage criteria. Fujian Yango has limited access
to Yango's cash flows due to its low stake and the fact that
Yango's board has a majority of professional managers and
independent directors.

Rising Debt Burden: Fujian Yango's total debt rose to CNY18 billion
in 2018 from CNY13.1 billion at end-2017 due mainly to higher
receivables of CNY7 billion at the standalone level after
deconsolidating its listed subsidiaries (1H18: CNY5.5 billion,
end-2017: CNY3.6 billion). A material part of the receivables were
from trading partners and related parties. The debt increase was
larger than its additional investments in income-generating assets
such as listed Jiangxi Bank Co., Ltd. (CNY1.2 billion), and Yango
and Longking (total of CNY347 million) in 2018.

Sustained Weak Coverage: Fitch estimates that the standalone cash
income/interest ratio was close to 1.0x in 2018. The company's
interest coverage was higher at around 1.4x in 2017, supported by
dividend from its long-term investments, especially in Industrial
Bank Co., Ltd (BB+/Stable), in which Fujian Yango acquired a 2.3%
stake in 2017, and operating cash flow from its education business.


Constrained by Governance Score: Fitch has scored Fujian Yango's
group structure at 5, a level that indicates the company's rating
is affected by this environmental, social and governance
sub-factor. The company's rating will continue to be constrained by
this score until management can show a consistent track record in
controlling related-party transactions.

Drop in External Guarantees: The company is fulfilling its
commitment in reducing external guarantees, which were provided as
cross guarantees with long-standing business partners, by cutting
them to CNY4.4 billion in 2018 from CNY5.3 billion a year earlier.
Fitch treats these guarantees as debt in calculating Fujian Yango's
leverage ratios.

Improving Property Performance: The business profile of subsidiary
Yango improved in 2018 in line with its expanding scale and better
financial profile. Leverage, measured by net debt/inventory,
improved to around 70% by end-2018 from the peak of 74% at
end-2017, after the company slowed its land replenishment. Yango's
ratings are supported by a large, quality land bank that is
comparable with that of 'BB' category homebuilders and its
increasing business scale, which reached CNY163 billion by total
contracted sales in 2018. Yango's high leverage means low dividend
payments to Fujian Yango while it undergoes rapid expansion.

Cash-Generating Long-Term Investments: Fujian Yango's investments
in financial institutions, mainly in Industrial Bank, generate
strong and stable cash income of CNY300 million-400 million
annually. Longking, which maintains a steady net profit margin of
8%-9%, is likely to sustain stable dividend payments as well.
Fujian Yango also showed its ability to proactively adjust its
investment portfolio, evident from the sale of all its shares in
the distressed China Minsheng Investment Group in 2018.

Rapidly Expanding Education Business: Fitch estimates operating
cash flow from the education business will increase by 30% yoy from
2019, underpinned by growing student numbers. Fujian Yango is
starting to capitalise on the brand name of its rapidly expanding
education business, which provides comprehensive private
educational services from preschool to college. The company is
expecting enrolments to increase to 62,000 students by 2020, from
around 38,000 students at end-2018. Fujian Yango undertakes an
asset-light model by cooperating with local governments or property
owners and charges tuition fees. The business complements Yango's
housing projects, as Yango takes advantage of the education
business's strong reputation to improve selling prices. The
education business became the largest cash income contributor in
2018.

DERIVATION SUMMARY

Fujian Yango's ratings reflect its high 'B' category aggregate
business profile from its property segment through its 34.3%
ownership of Yango, 25.04% ownership of Longking, quality
investment portfolio of CNY12.6 billion at cost - including in
banks and other industries supportive of a high 'B' category credit
profile - and an expanding education business that has a mid-to-low
'B' category credit profile. However, Fujian Yango's weak financial
profile and its complex group structure constrain its ratings at
'B-'.

Fujian Yango is viewed as a weak parent for its subsidiary Yango.
The weak linkage between the two entities and Fujian Yango's lack
of direct access to Yango means that Fujian Yango is rated on a
standalone basis, in accordance with Fitch's Parent and Subsidiary
Rating Linkage criteria.

KEY ASSUMPTIONS

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

  - Additional financial investments of CNY300 million a year

  - Operating cash flow from the education business increasing by
30% yoy between 2019 and 2021

  - Dividend income from Industrial Bank increasing by 6% a year

RATING SENSITIVITIES

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

  - Standalone cash income/interest paid above 1.5x for a sustained
period

  - Evidence of improving corporate governance, including a
reduction in related-party transactions

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

  - Any deterioration in liquidity position

  - Standalone cash income/interest paid below 1.0x for a sustained
period

LIQUIDITY

Tight Liquidity; Reliance on Refinancing: Fujian Yango had CNY2.5
billion in cash on hand at end-1H18, insufficient to cover
short-term debt (including current portion of long-term debt and
other short-term liabilities) of CNY7.4 billion. However, its large
and diversified equity portfolio provides extra funding room
through pledged borrowing. Fujian Yango has the ability to roll
over existing debt, and the use of onshore and offshore bonds to
extend its debt maturity.

FULL LIST OF RATING ACTIONS

Fujian Yango Group Co., Ltd.

  - Long-Term Foreign-Currency IDR downgraded to 'B-' from 'B';
Outlook Stable

  - Senior unsecured rating downgraded to ' 'B-'/RR4/60% from
'B'/RR4/43%

Yango (Cayman) Investment Limited

  - Senior unsecured rating downgraded to 'B-' from 'B' with
Recovery Rating of 'RR4'

  - USD110 million 9.875% senior unsecured notes due 2021
downgraded to 'B-'/RR4/60% from 'B'/RR4/43%

  - USD150 million 11.875% senior unsecured notes due 2020
downgraded to 'B-'/RR4/60% from 'B'/RR4/43%



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

HONG KONG AIRLINES: Shareholders to See Books Before Giving Aid
---------------------------------------------------------------
Reuters reports that Hong Kong Airlines shareholders have demanded
to see 2018 accounts before considering providing at least HK$2
billion needed to ensure the carrier--part-owned by the indebted
HNA Group--keeps its license, two sources said.

According to Reuters, the demand came at a tense extraordinary
shareholder meeting last week and at which former majority owner
HNA did not speak at all, the sources said of the discussion, which
has not previously been reported.

Shareholders questioned the airlines' dealings with other HNA
firms, including querying the prices paid to lease planes from
affiliates as well as the cost of materials bought from them, the
sources said, declining to be identified as the information was not
public, Reuters relays.

Just weeks earlier, Hong Kong's Air Transport Licensing Authority
(ATLA) demanded the airline detail plans to improve finances,
Reuters recalls.

Reuters relates that ALTA's demand came after a travel insurer in
January dropped protection against the airline's collapse,
prompting the airline to reassure customers it was operating as
normal. A month before, the airline suffered a series of executive
departures.

Meanwhile, the formerly acquisitive HNA--a planes-to-banking
Chinese conglomerate--has been working to improve finances since
China cracked down on aggressive debt-fuelled foreign dealmaking
began in mid-2017, Reuters reports.

At that point, a $50 billion spree had netted HNA assets including
the single largest stake in Deutsche Bank. It has since been
selling off holdings, including low-cost carrier Hong Kong Express
Airways last month, Reuters says.

At last week's meeting, Hong Kong Airlines executives told
shareholders that without fresh funds, the airline's operating
license was at risk, said the people familiar with the matter.

Reuters relates that executives then discussed raising HK$2 billion
via share placements, the people said. Such a move would
significantly dilute the holdings of shareholders if they do not
participate.

Major shareholders include Chinese private equity firm Frontier
Investment Partner with about 34 percent, and Zhong Guosong, a
former executive and director of the airline, at about 27 percent,
Reuters discloses.

HNA cut its stake in the carrier two years ago and currently owns
29 percent through Hainan Airlines, its mainland flagship airline
and China's fourth-largest carrier, Reuters notes.

According to Reuters, the people said meeting attendees demanded to
see the airline's accounts for 2018 including details of
interactions with other HNA firms before considering whether they
would participate in the share placements.

The airline also told shareholders that it swung to a loss of about
HK$3 billion last year, the people said. In 2017, it booked profit
of HK$759 million, showed accounts for that year seen by Reuters.

Reuters says the 2017 accounts showed signs of rising financial
strain, including a 50 percent jump in trade receivables--money due
but not received--while revenue rose only 11 percent. Payments owed
to the airline by HNA companies more than doubled to HK$1.3
billion, or 73 percent of total receivables.

The airline also held stock of four unlisted HNA affiliates, worth
$367 million at the end of 2017, and had outstanding loans at that
point of $300 million extended to two other HNA firms, adds
Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
7, 2019, The South China Morning Post said that a Macau-based
lender has sued troubled Hong Kong Airlines following its alleged
failure to repay a US$20 million loan despite repeated demands.
According to the Post, court documents revealed that Hong Kong
Airlines International Holdings borrowed US$20 million from Luso
International Banking in October 2017, on condition the principal
be repaid with interest by December 28 last year.  But lawyers for
the bank said the airline paid only US$257,934.44 after the
deadline, on January 1, in breach of its contractual obligations,
the Post related.

Hong Kong Airlines operates 38 passenger aircraft to 36
destinations.



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

AISWARYA GRANITES: CRISIL Lowers Rating on INR11cr Loans to B+
--------------------------------------------------------------
CRISIL has revised the rating on bank facilities of Aiswarya
Granites (AG) to CRISIL B+/Stable.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            1        CRISIL B+/Stable (Migrated
                                   from 'CRISIL BB-/Stable
                                   ISSUER NOT COOPERATING')

   Proposed Long Term
   Bank Loan Facility     1        CRISIL B+/Stable (Migrated
                                   from 'CRISIL BB-/Stable
                                   ISSUER NOT COOPERATING')

   Term Loan              9        CRISIL B+/Stable (Migrated
                                   from 'CRISIL BB-/Stable
                                   ISSUER NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of AG to 'CRISIL BB-/Stable;
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of AG from 'CRISIL
BB-/Stable; Issuer Not Cooperating' to 'CRISIL B+/Stable'.

The downgrade reflects significant decline in the revenue profile
leading to lower than expected cash accruals during 2018. The firm
has reported a revenue profile of INR11.2 crores in 2018 as against
INR19.4 crores in 2017. Also, the firm is expecting a modest growth
in the revenue profile for the upcoming fiscal, on account of
intensively competitive industry. Further, the financial risk
profile is expected to remain moderate in the medium term.

The rating reflects the modest scale of operations and geographical
concentration in revenue profile. The weakness is partially offset
by partners' extensive experience in the construction materials
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations in intensely competitive segment: With
turnover of INR11.2 crores during fiscal 2018, scale remains modest
in the intensely competitive construction materials industry that
has low entry barrier and hence many unorganized players. Subdued
scale constrains bargaining power against large customers.

* Geographical concentration in revenue profile: Entire revenue
comes from Kerala, which exposes the firm to any slowdown in
construction activities in that state.

Strength:
* Extensive experience of proprietor: The firm's proprietor has
been in the construction material industry for close to a decade.
CRISIL believes the firm will continue to derive benefit from the
proprietor's extensive experience.

Liquidity
The bank limits were highly utilized at over 95% in the past six
months ending January 2019. The net cash accruals was insufficient
to meet the repayment obligations, however, the unsecured loans
from the management provide comfort to the liquidity profile in the
medium term. The current ratio stood at 0.78 times in 2018.

Outlook: Stable

CRISIL believes AG will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant increase in scale of operations and
operating profitability improves business risk profile. The outlook
may be revised to 'Negative' if larger-than-expected debt-funded
capital expenditure, additional capital withdrawal, or sizeable
working capital requirement weakens financial risk profile.

Set up in 2007 in Kollam, Keralaby Mr A M Chackochan and his
family, AG sells blue metal and M-sand and owns a 120 acre quarry.

ANLON HEALTHCARE: CRISIL Assigns 'D' Rating to INR18cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long term bank
facilities of Anlon Healthcare Private Limited (AHPL), owing to
delay in repayment of term loan and continuous overdrawals in the
cash credit account.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL D (Assigned)
   Term Loan            15         CRISIL D (Assigned)

The rating also reflects ALPL's weak financial risk profile, and
initial and modest scale of operations in the bulk drugs industry.
These weaknesses are partially offset by promoters' experience and
established relationships with clients.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak Financial Risk Profile: Financial risk profile of ALPL is
weak owing to moderate net worth of INR7.24 crore and high gearing
of 4.38 times as on March 31, 2018. Debt protection metric were
also weak with interest coverage and Net cash accruals to total
debt ratio of 0.85 and (0.02) times respectively in fiscal 2018

* Initial and modest scale of operations: Operating revenue was
modest at INR3.78 crore in fiscal 2018 as the company started its
production in February 2018. The operations of the company got
stabilized in September 2018 and till February 2019 the company
reported a revenues of around INR24 Crores.

Strength

* Promoter's extensive experience: Promoter has extensive
experience in the healthcare industry and has longstanding
relationships with customers and suppliers which should continue to
support the business over the medium term.

Liquidity

* High bank limit utilization: Bank limit utilization is high
around 100 percent for the past nine months ended December, 2018.

* Moderate current ratio: Current ratio was moderate at 1.07 time
as on March 31, 2018.

AHPL was incorporated in the year 2013. It is engaged in the
business of manufacturing of active pharmaceutical ingredients,
intermediates and formulation. It has started its operation 2018
and having facility in Rajkot Gujarat.

ASHTANGA EDUCATIONAL: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ashtanga
Educational Trust (AET) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    .03       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Rupee Term Loan     12.72       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Set up in 2012, AET operates an Ayurveda hospital and a residential
Ayurveda college in Kottanad, Kerala. Operations are managed by Mr
Narayana Namboodiri.

DURGESH BLOCK: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Durgesh Block
and China Glass Works Limited (DBGWL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Inland/Import         3.5       CRISIL D (ISSUER NOT
   Letter of Credit                COOPERATING; Rating Migrated)

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

   Term Loan             4.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DBGWL 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 DBGWL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DBGWL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

DBGWL was incorporated in 1992 as RCL Systems Ltd and got its
present name in 1999. The company manufactures glass items such as
bottles, jars, and tumblers. Its products are used in distillery
plants, packaging of food products, kitchen ware, and decorative
items. Its manufacturing unit at Firozabad in Uttar Pradesh has
capacity to manufacture 60 tonne of glass per day.

EROS INTERNATIONAL: Moody's Gives First-Time B1 CFR, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating of
B1 to Eros International Plc. The rating outlook is stable.

This is the first time Moody's has assigned a rating to Eros Plc.

RATINGS RATIONALE

Eros Plc's B1 rating reflects the company's leading position in the
Indian film industry, with an unparalleled content library,
consisting of multi-format rights to over 3,000 films and over
12,000 digital rights. The company is an integrated operator with
an extensive and well-established global distribution platform
which provides monetization opportunities across the life cycle of
a film.

The rating also accommodates Eros Plc's very small scale (revenues
of around $300 million) compared to global peers, strained cash
flow metrics resulting from an ongoing need to invest in content,
moderate liquidity profile as well as its complex group structure.

Through its Indian and international subsidiaries, Eros Plc
distributes Indian films in India and overseas. The mechanism for
sharing revenues and costs between entities is governed by a
relationship agreement between its 62.39% indirectly-owned
subsidiary, Eros International Media Limited (India), Eros
International Plc and Eros Worldwide, whereby companies are bound
by exclusivity and non-compete clauses.

Global rights are key to its distribution strategy as they enhance
monetization opportunities beyond India. Eros Plc generates around
50% of consolidated revenues outside India through theatrical, TV
syndication and digital revenues.

"Eros Plc is shifting its strategy away from high budget films and
reducing its reliance on theatrical revenues which depend on
box-office performance. Although the company continues to produce
around 50 films annually, these are mostly low-budget and
mid-budget films which diversify its risks. Revenue contribution
from the theatrical segment reduced to 28% for 9 months ended
December 2018 from 40% for FY ended March 2017," says Nidhi Dhruv,
a Moody's Vice President and Senior Analyst.

Over the last two years, the company has significantly diversified
its content library to include regional films and content to appeal
to a wider audience, especially for its OTT platform, Eros Now.
Regional films contribute up to 83% of Eros Plc's film library.

"Given digitization of cable TV, and increasing 4G and smartphone
penetration in India, Eros Plc's strategic focus is on its digital
business, especially Eros Now, which improves revenue
diversification and also de-risks its top line through access to a
contractual revenue stream," says Nidhi Dhruv, also Moody's lead
analyst for Eros Plc.

The number of paying subscribers at Eros Now had grown to 15.9
million as of December 2018 from 5 million a year ago, recording a
YoY growth rate of 218%. About 90% of these subscribers are in
India, and Eros Now earns contractual revenues from its agreements
with various telecom providers and others.

Eros Plc is well positioned to capitalize on the expected growth in
the Indian media and entertainment industry which is expected to
grow at a CAGR of 12.3% between 2014-2023, and the favorable
macro-economic tailwinds.

Nonetheless, the company remains exposed to the risks inherent to
the film industry including production delays or cost overruns and
the challenge of continually acquiring and distributing content
that meets the changing demands of consumers. This is somewhat
mitigated by Eros Plc's track record of over 30 years as well as
its established relationships and contracts with key talent, cinema
operators and production houses.

"Eros' pre-sales strategies also provide revenue visibility and an
ability to recoup a substantial part of the production costs ahead
of a film's theatrical release. Across all content types, Eros
recouped about 31-57% of its Hindi, 93-108% of its Telegu and 96%
of its Tamil content costs through its pre-launch strategy over the
last two years," adds Dhruv.

The B1 rating also reflects the significant ongoing investments
($200-$250 million annually) required to build its content library
through the acquisition of film rights and co-productions, which
will continue to lead to negative free cash flows. The company has
an adequate financial profile for its rating level, and Moody's
expects adjusted leverage to remain within 4.5-5.0x over the next
two years, and RCF/net debt to remain in the range of 15-20%.

Eros Plc has a moderate liquidity profile, wherein the company
continues to rely on rolling over of short-term uncommitted
facilities to fund its content strategy. However, Moody's believes
the risk is limited given the track-record of successful renewal of
these annual facilities since 2016.

The stable outlook reflects Moody's expectation that the company
will retain its position as the leading aggregator of content for
Indian language films. Moody's also expects Eros Plc to grow and
deleverage in line with expectations, while maintaining adequate
liquidity through the business investment cycle.

There is limited upward pressure on the rating. Over time, the
rating can be upgraded if the company grows and deleverages in
accordance with its strategy of remaining focused on the OTT space.
Financial metrics which would lead to an upgrade include adjusted
debt/EBITDA remaining below 3.5x, EBITA margin improving to over
30% or RCF/Net Debt improving to over 20% on a sustained basis.

The rating could be downgraded if Eros Plc's operating and
financial profile weakens, such that adjusted debt/EBITDA remains
in excess of 5.0x, EBITA margin falls below 20.0-25.0% or RCF/Net
Debt falls below 15% on a sustained basis. The rating would also be
downgraded if there are significant changes to the relationship
agreement between Eros International Media Limited (India), Eros
International Plc and Eros Worldwide.

The methodology used in this rating was Business and Consumer
Service Industry published in October 2016.

Eros International Plc is the holding company of the Eros Group.
Through its Group subsidiaries, the company acquires, co-produces
and distributes Indian language films in various formats globally
(50 countries, in over 25 dubbed or subtitled languages), then
monetizes the IPRs through multiple distribution channels. Eros Plc
is listed on the New York Stock Exchange, and the promoter group
owns 38.6% of the company.

EROS INTERNATIONAL: S&P Assigns Prelim 'B+' ICR, Outlook Stable
---------------------------------------------------------------
On April 11, 2019, S&P Global Ratings assigned its 'B+' preliminary
long-term issuer credit rating to Eros International Plc.

S&P said, "Our preliminary issuer credit rating reflects Eros'
leading market presence in the Indian film entertainment market,
which is smaller and more fragmented than the English-language
entertainment industry. The rating also reflects our view of Eros'
fast-growing over-the-top (OTT) digital streaming platform Eros Now
and the company's high leverage. Our rating is predicated on the
company's successful refinancing of its upcoming maturities and
other high-cost borrowings through its proposed senior unsecured
notes of up to US$250 million."

Eros' business position reflects the company's smaller scale than
larger Hollywood counterparts such as Walt Disney Co.,
Metro-Goldwyn-Mayer Inc., Lions Gate Entertainment Corp., and
DreamWorks Animation LLC. Revenues of some of these peers are
larger than that of the entire Indian film industry. S&P also sees
Eros' revenue from the theatre business and cash flows remaining
volatile due to a dependence on new movie releases, significant
upfront investments with relatively shorter shelf-lives, and
rapidly changing tastes of Indian audiences.

Eros accounts for roughly 30% of Bollywood (Hindi) box-office
collections and about 40% of collections of all Indian language
films released in theatres in the U.K. and the U.S., albeit on a
very small scale. S&P also believes Eros has high content and
geographical concentration because it caters mainly to speakers of
Indian languages.

In S&P's view, Eros' established track record in the Hindi film
industry, long affiliations with key talents, and established
overseas distribution network should help it achieve its business
goals. The promoter's more than 40-year association with the
industry should help Eros maintain its market position.

Eros' increasing share of revenues from its OTT business could over
the next two to three years partly mitigate the inherent volatility
in the movie production business. Eros Now has a stable and
recurring subscription-led revenue model. As of Dec. 31, 2018, it
has about 15.9 million paying customers, a 218% increase over the
previous year. In India, Eros Now competes with large media company
platforms such as Walt Disney's Hotstar, Amazon Prime Video, and
Netflix.

S&P said, "We believe Eros' 12,000+ Indian digital movie library
and entertainment programming titles give it a head start over its
competitors in India. However, the company has limited resources to
spend on new content. Major streaming platforms generally aim to
constantly replenish content to induce binge watching and customer
stickiness. We believe Eros' limited financial headroom will
constrain its ability to compete on volume of content in the OTT
space, especially against competitors with deep pockets such as
Walt Disney and Amazon. Eros' partnership with Reliance Industries
Ltd. and its recent distribution tie-up with Apple Inc. could
provide necessary support to its content ambitions over the next
12-24 months."

Eros Now is benefitting from tail winds in the form of introductory
offerings by Indian wireless telecom operators, who themselves are
engaged in a bitter war to acquire subscribers. S&P said, "We
expect competition in the telecom space to remain intense over the
next two to three years, which should allow Eros Now to increase
penetration. However, rising subsidized subscriptions represent a
concentration risk, in our view." Eros aims for a substantial share
of direct app download customers, but it is likely to remain
dependent on telecom companies and their bundles for the bulk of
its subscribers over the next 12-24 months.

S&P said, "We believe Eros' TV syndication and catalogue
distribution business, which accounts for roughly one-third of its
revenues, remains a weak link because of its elongated collection
period. This is reflected in the company's receivable-day position
of 310 days in fiscal 2018 (year ended March 31, 2018). We expect
Eros to gradually reduce the receivable period to below 250 days by
fiscal 2021. A large part of the improvement will be due to the
declining share of these revenues as Eros Now expands.

"We expect Eros' financial performance to improve from fiscal 2019
onward, driven by decent box-office performance of its medium
budget movies and higher share of Eros Now revenues. We expect Eros
Now to account for about 20% of its fiscal 2019 revenues,
increasing to above 30% over the next two years. In our view, the
higher revenues should help the company manage its higher content
spending, which it would require to sustain Eros Now's growth
momentum. We believe higher content investment would prevent Eros
from generating any meaningful free operating cash flow until
fiscal 2021.

"We expect Eros' ratio of funds from operations (FFO) to debt to be
about 25% in fiscal 2019, up from 15.1% in fiscal 2018. The
company's ratio of debt to EBITDA should also slide to below 2.5x,
from 4.1x. A large part of this improvement will be due to the
US$46.6 million equity raised from Reliance, and conversion of
US$42 million worth of convertible debt to equity in fiscal 2019.
Subsequently, the FFO-to-debt ratio should gradually improve closer
to 30% by fiscal 2021, primarily reflecting the higher EBITDA from
increasing operations.

"Our stable outlook reflects our view that, post refinancing, Eros'
capital structure and liquidity will be more sustainable and allow
the company to focus on future growth. We expect growth from a good
slate of upcoming releases and Eros Now should help the company
improve its leverage (FFO-to-debt ratio) above 25% over the next
12-24 months.

"We could lower the ratings on Eros if we see the company's
performance faltering, possibly due to material underperformance of
its new releases or a significant slowdown in Eros Now's paying
subscriber growth. We would also consider a downgrade if the
company significantly overshoots content spend, resulting in its
FFO-to-debt ratio slipping to below 20% on a sustained basis or
content-led discretionary cash outflow increasing to US$50
million.

"We are unlikely to upgrade Eros in the near term unless it grows
its revenue to excess of US$500 million, with Eros Now's
subscription-based recurring revenue accounting for at least 30% of
the pie. This scenario also envisages that the company's
discretionary cash flows would turn positive and support content
spending without a material increase in debt."

GAYATRI ROLLING: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gayatri
Rolling Mills Private Limited (GRMPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          7         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan            1.59      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GRMPL 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 GRMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRMPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

GRMPL was established as a partnership firm and was reconstituted
as a private limited company in 2005. It is promoted by Raipur,
Chhattisgarh-based Mr Umesh Agarwal and his family. The company
manufactures steel ingots and thermo-mechanically treated (TMT)
bars, and is ISO 9001:2008 certified. Most of the ingot output is
used for captive consumption, and the rest is sold in the open
market.

H.S. INDIA: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned H.S. India Limited
(HSIL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR157.5 mil. Term loan due on March 2022 assigned with IND
     BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect HSIL's small scale of operations as indicated
by revenue of INR268.20 million in FY18 (FY17: INR227.67 million).
The increase in revenue was on account of higher room occupancy
rate. During 9MFY19, the company achieved revenue of INR218
million. The company's return on capital employed was 7% in FY18
and EBITDA margins are modest at 21.3% (FY17: 28.55%). Despite the
revenue increase, the margin declined because of an increase in
renovation and maintenance charges.

The ratings also factor in HSIL' modest credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expense) of
2.29x in FY18 (FY17: 2.23x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 2.65x (2.75x). The marginal
improvement in the credit metrics was attributed to term loan
repayments. Ind-Ra expects the credit metrics to improve further
due to scheduled repayment of the term loan. During 9MFY19, the
company's interest coverage was 2.4x.

However, the ratings are supported by the company's strong
liquidity position. The company had a cash balance of INR47.77
million at FYE18 (FYE17: INR54.82 million). HSIL has a short
working capital cycle of around 10 days in FY18 (FY17: 15 days).
The improvement in the working capital was due to a reduction in
the inventory holding period to 12 days (22 days), resulting from
higher sales.

The ratings also benefit from the director more than two decades of
experience in the hospitality sector and the company's locational
advantage as it is located in Surat, which is an industrial hub.

RATING SENSITIVITIES

Positive: Any substantial improvement in the revenue while
maintaining the credit metrics will be positive for the ratings.

Negative: Deterioration in the credit metrics and liquidity
position on a sustained basis will be negative for the ratings.

COMPANY PROFILE

HSIL was incorporated in 1989 in the name of Hotel Silver Plaza
Private Limited. Subsequently, the constitution was changed to a
public limited company and was listed on BSE Ltd. HSIL operates a
three-star hotel named Lords Plaza which comprises of 134 rooms, a
multi-cuisine restaurant named Blue Coriander, a sky grill
restaurant named Lime tree; six banquet halls and one liquor shop.

HARVIN IMPEX: CRISIL Migrates 'C' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Harvin Impex
Private Limited (HIPL) to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4          CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit     3.5        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   7.5        CRISIL C (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HIPL for obtaining
information through letters and emails dated January 21, 2019,
February 26, 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 HIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HIPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HIPL to 'CRISIL C/CRISIL A4 Issuer not cooperating'.

Set up in 1989 by Mr Devinder Ajmani and his family members, HIPL
trades in MDF and HDF. Its office is in New Delhi.

JMJ CHARITABLE: Ind-Ra Rates INR400MM Loan BB, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated J M J Charitable
Education Society's (JMJCES) proposed bank facilities as follows:

-- INR400.00 mil. Proposed bank loans* assigned with Provisional
     IND BB/Stable rating.

* The final rating will be assigned upon the receipt of the
sanction letter.

KEY RATING DRIVERS

JMJCES's ratings are constrained by the fall in headcount to 1,675
in FY19 from 1,763 in FY18 (FY17: 1,792). Although the overall
student strength increased at a CAGR of 10.60% during FY14-FY19,
the society's student enrolment ratio declined to 72.84% in FY19
from 92.45% in FY14. It maintained an average enrolment rate of
83.87% and acceptance rate of 11.30% over FY14-FY19.

The ratings are also constrained by the society's volatile
operating margins (including rent) during FY14-FY18, as the key
operating expenditure increased at a CAGR of 4.72%, while total
income grew at a CAGR of 2.59% over this period. The society's
operating margin (including rent) fell by 1.75 percentage points
yoy to 12.39% in FY18 owing to a 0.19% yoy decline in the operating
income. The society also reported a fall in net surplus to INR1.57
million in FY18 (FY17: INR4.33 million).

Furthermore, JMJCES's revenue, which is primarily driven by tuition
fee receipts (average contribution of 88.05%), fluctuated during
FY14-FY18. The total income fell 0.49% yoy to INR190.08 million in
FY18, mainly due to 1.62% yoy decline in student headcount and a
4.73% yoy decrease in tuition fee receipts.

The ratings also factor in the society's debt-funded capital
expenditure plan for FY20-FY21, which is likely to lead to an
increase in the debt burden in the projected years, although JMJCES
was debt-free till end-FY18. The debt represented only lease
obligations till FYE18 and stood at an average of 0.60x to current
balance before interest, depreciation, and rent (CBBIDR) during
FY14-FY18. Further, the debt (rent)/CBBIDR marginally increased to
0.74x at FYE18 (FYE17: 0.63x) due to an increase in rental
payments. The capital expenditure is meant for the construction of
Acharya Institute of Management & Sciences institutes in a new
campus located in Chikkaballapur and the start of a school that
would provide education from K-10th grade in North Bengaluru.

The ratings are supported by the society's comfortable debt
servicing capabilities during FY14-FY18. Its fixed charge coverage
ratio stood comfortable, despite falling to 1.35x in FY18 (FY17:
1.58x) because of an increase in rental payments, as the society's
only debt servicing obligation is lease rent. However, the fixed
charges increased marginally by 2.59% YoY in FY18 to INR17.43
million (FY17: 15.61%).

Moreover, JMJCES's liquidity position was moderate during
FY14-FY18. The society's available funds (cash and unrestricted
investments) grew 8.10% YoY to INR74.56 million in FY18 (FY17: up
13.68% YoY). As society is debt-free, the available funds to
long-term debt (rent) were strong at 427.78% in FY18 (FY17:
405.98%). Besides, the available fund covered 44.77% of the
society's operating expenditures (INR166.53 million) in FY18 as
against 42.06% in FY17 (INR164.00 million). The society has been
able to manage its routine working capital requirement through its
own funds/internal accruals as well as its capital expenditure
requirement till FY18.

RATING SENSITIVITIES

Positive: A substantial increase in the student headcount and
revenue base leading to better operating performance, an
improvement in the leverage ratios and the liquidity profile could
trigger a positive rating action.

Negative: Any unexpected fall in the student strength leading to
weak operating profitability, tight liquidity and
higher-than-expected debt burden would trigger a negative rating
action.

COMPANY PROFILE

JMJCES came into existence on May 16, 2013, under Registrar of
Societies, Rajajinagar, Bengaluru Urban district. The Acharya
Institute of Management & Sciences was initially under the
management of JMJ Education Society (debt rated at 'IND
BBB-'/Stable). Due to changes in location and in the management,
all the Acharya institutes managed under JMJES were transferred to
a new location viz., Soldevanahalli, Bengaluru; except JMJCES,
which remained in the Peenya campus, Bengaluru.

KARANJA TERMINAL: CRISIL Reaffirms 'D' Rating on INR480cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the bank facilities
of Karanja Terminal & Logistics Private Limited (KTLPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            480        CRISIL D (Reaffirmed)

CRISIL ratings on the bank facilities of KTLPL continues to reflect
KTLPL weak liquidity position of the company marked by delays in
the servicing of interest on term loan. This is partially offset by
extensive experience of promoters and strategic location, ability
to handle a diversified cargo-mix and diversified revenue sources.

Key Rating Drivers & Detailed Description

Weakness:

* Weak liquidity position: KTLPL's liquidity position is weak and
is marked by delays in the servicing of interest on term loan.

* Delay in Project completion: The project implementation was
delayed as the disbursement of the loan was not done timely &
funding of the project was affected, The Port has been inaugurated
in March 2019 and is functional now. The revenue generation ability
would remain a key monitarable and would remain a key sensitivity
factor.

Strengths:

* Strategic location, ability to handle a diversified cargo-mix and
diversified revenue sources: KTLPL's project has been inaugurated
and has been functional now. The project comprises of ship-related
services, port conservancy services, cargo-related services among
others and is expected to have a diversified revenue profile.
Moreover, the port is strategically located - 25 kilometres (km)
away from Jawaharlal Nehru Port Trust (JNPT), along the SH-54 and
NH-17 Highway.

* Extensive experience of promoters in the ports industry:
The promoters of KLTPL have an extensive experience in
infrastructure development and have over past twenty years
developed large scale projects in Infrastructure sector such as
Pipavav Port, Pipavav Expressway, Pipavav Railway and Pipavav
Shipyard. Additionally the promoters have supported the company
through infusion of more than anticipated equity so as to complete
its project.

Liquidity
Liquidity is weak due to lack of timely generation of revenues.
However the promoters have supported the company through infusion
of additional equity to operationalize the project. Extent of
support from the promoters and ramp up in its scale of operations
will be a key monitorable over the near to medium term.

KTLPL was incorporated in 2010 as a special purpose vehicle to set
up and operate a multipurpose terminal and ship repair facility at
Karanja creek in Raigad, Maharashtra.

KGPS MECHANICAL: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KGPS
Mechanical Private Limited (KGPS) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           5.24      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    2.26      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KGPS 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 KGPS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KGPS is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KGPS 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.

Gujarat based, KGPS undertakes mechanical fabrication work for
tanks, structures, and piping, and material handling for industries
such as petroleum and chemicals, cement, and fast moving consumer
goods (FMCG). KGPS is promoted by Mr Subramanian Pachat and Mr
Santhosh Pachat.

MARUTI OIL: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maruti Oil
Mills (MOM) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           12        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MOM 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 MOM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MOM is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

MOM was established as a partnership firm in 2007 by members of the
Agarwal family. The promoters have an experience around two decades
in cotton ginning. MOM carries out cotton ginning and oil
extraction work at its facility in Warangal.

MIJAN IMEX: CRISIL Migrates 'D' Ratings to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mijan Imex
International Private Limited (MIIPL) to 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         15        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Term Loan            4.5      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

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

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

MIIPL, incorporated in 2006 as a proprietorship concern by Mr
Masiar Atiar Rahaman, was reconstituted as a private-limited
company in 2011. The company trades in agro commodities, both in
the domestic and export markets.

MILESTONE ENTERPRISES: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Milestone
Enterprises (MSE) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          1         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Cash        0.5       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                   COOPERATING; Rating Migrated)

   Term Loan            4         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

MSE is a proprietorship firm promoted in 2015 by Mr Bhagat Singh.
It is engaged in the manufacturing of corrugated boxes for packing
automotive spare parts, fast-moving consumer goods, and agro-based
products. The firm is also setting up a unit to manufacture
rubber-related automotive spare parts. It also trades in auto
parts.

NAVA HEALTHCARE: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nava
Healthcare Private Limited (NHPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          22.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Incorporated in 2006 and promoted and managed by Delhi-based Mr
Hemant Suri, NHPL manufactures and distributes pharmaceutical and
neutraceuticals products.

PURNO-GOURI COLD: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Purno-Gouri
Cold Storage Private Limited (PGCSPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          3.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      5.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital         1.0      CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PGCSPL for obtaining
information through letters and emails dated March 07, 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 PGCSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PGCSPL 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 PGCSPL to 'CRISIL B/Stable Issuer not cooperating'.

PGCSPL was set up in June 2016 by Mr Kartick Ghosh and Ms Jhulan
Ghosh, who bought the cold storage at a total consideration of
INR3.5 crore in fiscal 2017. The cold storage, located in Paschim
Medinipur, has total capacity of 1,48,600 quintal.

RADHA KRISHNA: CRISIL Assigns 'B' Rating to INR9cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities of Radha Krishna Oil Product (RKOP).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          7          CRISIL B/Stable (Assigned)
   Term Loan            2          CRISIL B/Stable (Assigned)

The rating reflects exposure to risks related to ongoing project
and its expected leveraged capital structure. These weaknesses are
partially offset by extensive industry experience of promoters and
adoption of latest machinery in steady oil industry.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to ongoing project: RKOP is scheduled
to commence its project in April, 2019.  Demand risk is also
expected to be moderate as the industry is highly fragmented marked
by low entry barriers with small capital and technological
requirements. RKOP will be exposed to intense competition from
other players in the segment. Timely completion and successful
stabilization of its operations at the new unit will remain a key
rating sensitivity factor.

* Expected leveraged capital structure: RKOP is expected to have
high TOL/TNW during the initial phase of operations because of high
dependence on external debt for funding of the plant being setup by
the firm.

Strengths:
* Extensive industry experience of promoters and adoption of latest
machinery in steady packaging industry: RKOP is promoted by Amit
Jaiswal and family, Mr. Amit Jaiswal has industry experience of
more than 2 decades experience in core oil industry.

Liquidity
Liquidity is weak marked by expected accruals of around 0.04-0.18
crore against debt obligation of 0.31 crore over the medium term.
However liquidity is supported in the form of unsecured loans of
1.10 crore as on 31st March 2018 which is expected to remain in the
firm over the medium term. Need-based funding from the promoter
will be key monitorable factor.

Outlook: Stable

CRISIL believes that RKOP will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm stabilizes operations at its
proposed plant in time, and reports significant revenue and
profitability. Conversely, the outlook may be revised to 'Negative'
if RKOP faces a considerable delay in the commencement of its
operations, generates significantly low cash accruals during its
initial phase of operations, or witnesses a substantial increase in
its working capital requirements thus weakening its liquidity.

RKOP is a partnership firm which is engaged in the business of
processing of oils namely soya and De-oiled cake and it is based
out of Khargone, Madhya Pradesh. It is promoted and managed by Mr.
Amit Jaiswal.

SAI SRINIVASA: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sai Srinivasa
Cotton Industries (SSCI) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Fund-        0.26      CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

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

Set up in 2010 in Mahabubabad, Andhra Pradesh, as a partnership
firm by Jangala and Tallada families, SSCI gins and presses raw
cotton into bales.

SARRA MOTORS: CRISIL Migrates 'B+' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sarra Motors
Private Limited (SMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term     2.51     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Working Capital        1.49     CRISIL B+/Stable (ISSUER NOT
   Demand Loan                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMPL 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 SMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SMPL 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.

SMPL, set up in 2003, is the sole dealer of Skoda cars in
Aurangabad, Maharashtra. It also deals in spare parts and car
accessories, and provides car servicing facilities.

SHREE PRABHU: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Prabhu
Petrochemicals Private Limited (SPPPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            7       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Short         1       CRISIL D (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)  
   Facility               

   Term Loan              5.5     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPPPL 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 SPPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPPPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

SPPPL, incorporated in June, 2012, is promoted by Mr. Somnath Sakre
and Mr. Kachrulal Karva. It manufactures three, four and five-layer
water tankers of sizes ranging from 100 to 5000 litres. The
registered office is at Aurangabad, Maharashtra.

SREE SATYANARAYANA: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sree
Satyanarayana Builders (SSB) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan        25       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSB 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 SSB. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSB is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

Set up in 2008 as a partnership concern, SSB is developing a
commercial real estate project at Proddatur, Cuddapah District. The
firm is promoted by Mr. Mr. B Srinivasa Reddy and others.

SRI VAIBHAVA: CRISIL Migrates 'C' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Vaibhava
Lakshmi Enterprises Private Limited (SVLEPL) to 'CRISIL C Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan       17.2       CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Open Cash Credit      2.80      CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Set up in 2013, SVLEPL is engaged in the poultry business. It has
farms in Nandigama Village, Krishna District (Andhra Pradesh). Mr.
Venkata Narayan and his family are the promoters.

SS AGROZONE: CRISIL Reaffirms 'B' Rating on INR6.95cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of S S Agrozone Private Limited (SSAPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            4        CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      3.57     CRISIL B/Stable (Reaffirmed)

   Term Loan              6.95     CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's below-average
financial risk profile, its modest scale of operations, and weak
liquidity. These weaknesses are partially offset by the promoter's
extensive experience in the poultry feed industry and continuous
need-based funding support.

Analytical Approach

Unsecured loans (INR5.10 crore as on March 31, 2018) extended to
SSAPL by the promoter have been treated as 75% debt and 25% equity
as the loans are likely to remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Strengths:

* Weak liquidity: Liquidity will remain constrained by sizeable
debt obligation vis-a-vis net cash accrual. However, the promoter
is likely to provide support when necessary.

* Modest scale of operations: Intense competition continues to
constrain scalability, and therefore, pricing power with suppliers
and customers. Net sales stood at a modest INR16.23 crore in fiscal
2018.

* Below-average financial risk profile: Financial risk profile is
constrained by large working capital debt. Total outside
liabilities to adjusted networth ratio was high at 2.89 times as on
March 31, 2018, but is likely to improve over the medium term,
backed by ramp-up in revenue and stable operating margin. Adjusted
networth was modest at INR5.21 crore as on March 31, 2018. Interest
coverage and net cash accrual to adjusted debt ratios were 1.63
times and 0.06 time, respectively, in fiscal 2018.

Strengths:

* Promoter's experience and funding support: The promoter's
experience of over 6 years has helped establish strong
relationships with suppliers, ensuring timely supply. Regular
unsecured loans from the promoter (Rs 5.10 crore as on March 31,
2018) support the business, and will continue in the near term.
Around 60% of total revenue is now generated through job work, and
the trend will continue.
   
* Support from the promoter by way of unsecured loan or equity
infusion: The promoter is likely to extend support in the form of
equity and unsecured loans to the company to meet working capital
requirement and debt obligation.

Liquidity
Liquidity will remain stretched over the medium term. Cash accrual
is projected at INR1.3-1.4 crore per annum against annual debt
obligation of INR1.40 crore over the medium term. Financial
assistance is expected from the promoter whenever required, as in
the past. Fund-based limit of INR4.0 crore was utilised at an
average of 100% in the 12 months through November 2018. Cash and
bank balance was low at INR0.14 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes SSAPL will continue to benefit from its promoter's
extensive experience. The outlook may be revised to 'Positive' if
healthy profitability, better accrual, or substantial capital
infusion strengthens credit metrics. The outlook may be revised to
'Negative' if low operating income or margin, weak accrual, or
stretch in working capital cycle constrains the financial risk
profile and liquidity.

Incorporated in 2012 by Mr Sanjay Pandey (promoter and managing
director), SSAPL manufactures poultry feed.

STAR CARS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of The Star Cars
Private Limited (SCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Long Term Loan        4         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

SCPL, established in 2011, retails Volkswagen cars in Puducherry.
Its operations are managed by Mr. Shajahan.

STERLING SEZ: NCLT Stays Srei Plea to Withdraw Bankruptcy Process
-----------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
on April 12 stayed a plea to withdraw the bankruptcy proceedings on
Sterling SEZ & Infrastructure filed by Srei Infrastructure Finance,
till April 25.

At the last hearing on March 26, the tribunal had sought replies
from all stakeholders, including the corporate affairs ministry,
and the stay order is based on a plea by the ministry as the
promoters are absconding, Livemint relates.

According to the report, corporate affairs ministry's senior
counsel Sanjay Shorey said, "we got stay over withdrawal of IBC
proceedings on Sterling SEZ".

He said, they sought a stay as another bench of the tribunal is
hearing a similar settlement plea regarding Sterling Biotech, which
is the flagship company of the Sandesara family's Sterling Group.

The plea will be heard on April 25, the tribunal said, the report
relays.

On April 10, the tribunal had allowed the withdrawal of the
insolvency plea filed by Srei Infrastructure Finance against
Sterling SEZ, which is owned by Nitin and Chetan Sandesara, who are
absconding and are believed to be abroad, according to Livemint.

Promoters are absconding and a case is pending in a Delhi court to
declare them fugitive economic offenders, Livemint notes.

On April 12, the tribunal had allowed Srei to withdraw its
insolvency plea against the company which also had the backing of
over 92% of the creditors, adds Livemint.

                         About Sterling SEZ

Sterling SEZ & Infrastructure Ltd (SSIL, erstwhile Sterling SEZ
Private Limited), formerly known as M/s Sterling Erection and
Infrastructure Private Limited (SEIPL), is a Special Purpose
Vehicle (SPV) promoted by Sandesara group through Sterling Biotech
Ltd. SSIL was incorporated on June 22, 2006 for the development of
a multi-product SEZ in the Jambusar Taluka, Bharuch District of
Gujarat. The SEZ was aimed at providing world-class industrial,
commercial, residential and social infrastructure facilities along
with utilities, on an integrated basis to potential users of the
SEZ.

Sterling SEZ and Infrastructure Limited commenced insolvency
process on July 16, 2018.

The Gujarat-based Sterling SEZ is a subsidiary of the Sterling
group and owes over INR8,100 crore to its financial and operational
creditors, according to Livemint.com.

SWASTIK ISPAT: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik Ispat
Private Limited (SIPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Funded Interest      0.5        CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

   Proposed Cash        8.5        CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Proposed Letter      1.0        CRISIL D (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

   Proposed Long Term   2.0        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan            1.5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital      1.5        CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

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

Orissa based SIPL, incorporated in 2003, manufactures sponge iron.
Mr Rajesh Bagaria is the promoter.

TEJAS INTERNATIONAL: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tejas
International Educational Institutions (TIEI) to 'CRISIL B/Stable
Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           34       CRISIL B/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

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

Tejas International Education institutions (TIEI) is a non-profit
company incorporated under the Section 25 of Indian Company's Act,
1956. Under the TIEI umbrella, the company is starting a school
with the name Vishal International Residential School. In this
school TIEI is planning to set up a CBSE syllabus school with
hostel facilities and other extracurricular activities. The school
will be set up in Bagalkot, Karnataka.

TILAK EXPORTS: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tilak Exports
(TE) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bill Discounting       3        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit       2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit         7        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     0.15     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              3.85     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

TE was set up as a partnership firm by Ms Manju Farsaiya in 1988,
the firm manufactures and exports ladies garments. The
manufacturing facility is located at Noida (Uttar Pradesh).

Net profit of INR0.13 crore was reported on net sales of INR22.43
crore, respectively, for fiscal 2017, vis-à-vis INR0.33 crore and
INR24.91 crore, respectively, in fiscal 2016.

VASAVI THANGA: CRISIL Reaffirms B Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed the rating on bank facilities of Vasavi
Thanga Maaligai (VTM) as:

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


CRISIL rating on the long-term bank facility of VTM continues to
reflect the firm's modest scale of operations in a competitive
segment and below-average financial risk profile because of a small
networth and high gearing. These weaknesses are partially offset by
proprietor's extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment:  With
estimated revenue of around INR46 crore in fiscal 2019, scale
remains small and constrains business risk profile. The firm plans
to open a silver jewellery showroom by April 2019, which will
support future revenue growth. However, intense competition in the
retail jewellery segment will continue to restrict scaleability and
profitability.

* Below-average financial risk profile: Networth was modest at
INR2.1 crore against total debt outstanding of INR8.74 crore as on
March 31, 2018. This resulted in a high gearing of 4.24 times as on
March 31, 2018. Debt protection metrics were moderate, reflected in
interest coverage and net cash accrual to adjusted debt ratios of
1.87 times and 5%, respectively, for fiscal 2018. Financial risk
profile will remain subdued over the medium term.

Strengths:

* Extensive experience of proprietor:  Longstanding presence has
enabled the proprietor to develop a keen sense of pricing and
hedging of gold, resulting in prudent management of inventory.
Furthermore, moderate foothold in the local market supports
business risk profile. The firm has also established strong
relationship with suppliers in Maharashtra and Chennai.

Liquidity
Liquidity is modest as reflected in fully utilized working capital
limit of INR3.5 crore. (Limits of INR7.0 crore is divided into two
parts INR3.5 crore of cash credit and INR3.5 crore of gold metal
loan). Current ratio is less than 1 times. Liquidity is supported
by company's ability to raise chit fund loans as and when required.
The same stood at INR6.2 crore as on March 31, 2018. Further the
company is likely to generate accruals in the range of INR0.8-0.9
crore over the medium term against which it has a repayment
obligations of INR0.44 crore to INR0.67 crore.

Outlook: Stable

CRISIL believes VTM will continue to benefit from its proprietor's
extensive experience in the business. The outlook may be revised to
'Positive' in case of substantial improvement in scale of
operations and profitability resulting in an improved financial
risk profile. The outlook may be revised to 'Negative' if financial
risk profile weakens owing to decline in profitability or revenue,
stretch in working capital cycle, or any large, debt-funded capital
expenditure.

Set up in 2006 as a proprietorship firm by Mr A D Prabhukannt, VTM
retails gold jewellery.

VELKAR ENGINEERING: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Velkar
Engineering And Industries Private Limited (VEI) to 'CRISIL
B-/Stable Issuer not cooperating'.
                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash         5         CRISIL B-/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Proposed Overdraft    5         CRISIL B-/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VEI 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 VEI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VEI is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VEI 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.

VEI was established in April 2017 by Mr.Sanjeevan and Mr. Benedict
in Trichy,Tamil Nadu. The company is involved in design and
manufacturing processes for the engineering and fabrication
industry. The company performs orders based on their clientele's
requirements. The company is involved in the construction of
boilers, roofing, duct systems,etc and plans to enter the renewable
energy segment to construct solar panels.

YASH CONSTRUCTION: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Yash
Construction Equipments Private Limited (YCEPL) to 'CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7.3       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

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

YCEPL was set up in 2007 in Mirzapur, Uttar Pradesh, by Mr Sanjay
Kumar and his wife, Ms Sneha Kumar. The company is an authorised
dealer of Tata Hitachi's heavy earth-moving equipment such as
loaders, backhoe loaders, excavators, and car-mounted machines. It
acquired Tata Hitachi's dealership in 2007.



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

SAKA ENERGI: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based oil and
gas producer, PT Saka Energi Indonesia's Long-Term Issuer Default
Rating (IDR) to Negative from Stable and has affirmed the IDR at
'BB+'. The agency has also affirmed the rating on the company's
USD625 million 4.45% senior unsecured notes due 2024 at 'BB+'.

The Outlook revision follows the assessment of weakening linkages
between Saka and its parent, PT Perusahaan Gas Negara Tbk (PGN,
BBB-/Stable), as PGN is contemplating reducing its stake in Saka.
This creates uncertainty over Saka's position within the updated
ownership structure for state-owned oil and gas companies. Fitch
believes PGN no longer views Saka as a highly integrated and
strategic subsidiary, although the sale of its stake could be a
drawn-out process. In addition, Fitch believes the current linkage,
albeit weakening, is still sufficient to rate Saka using a top-down
approach from PGN's standalone credit profile of 'BBB-', as per its
Parent and Subsidiary Rating Linkage criteria. Fitch will re-assess
the linkage upon clarity on Saka's repositioning plan.

Fitch has downgraded Saka's standalone credit profile to 'B', from
'B+', due to its weakening business profile from an expected
decline in reserves and production.

KEY RATING DRIVERS

Weakened Linkages with PGN: Fitch believes Saka's position is
misaligned within the ownership structure of Indonesia's
state-owned oil and gas companies post state-driven restructuring,
where the state's 57% ownership of PGN was transferred to PT
Pertamina (Persero) (BBB/Stable) and PGN acquired 51% of PT
Pertamina Gas. Under the restructure, most state-owned Indonesian
upstream oil and gas operations are held under Pertamina and all
state-owned gas distribution and transmission companies are held
under PGN.

Saka played a key role in PGN's vertical integration strategy until
early 2018, benefitting from large equity infusions and
intercompany loans since its inception in 2011; these helped its
organic and inorganic growth while maintaining a healthy capital
structure. Saka accounted for over 30% of PGN's consolidated EBITDA
in 2018. However, Fitch believes the level of operational
integration and strategic importance of Saka to PGN has weakened
since mid-2018 due to PGN's positioning under Pertamina and its
focus on mid- and down-stream gas operations. This has resulted in
PGN contemplating the sale of its stake in Saka, in part or in
whole, although there is no clarity on the timing or the route to
be taken for the sale.

Moderate Legal linkages with PGN: PGN's USD1.35 billion senior
unsecured notes due 2024 include a cross default provision that
applies to any debt at its subsidiaries of over USD50 million; this
provision applies to all of Saka's debt. The linkages could break
if PGN's notes are prepaid. However, Fitch believes the likelihood
of such an event is remote. PGN notes mature after Saka's USD625
million notes become due. Fitch also considers the reputational
risk - which is enhanced by the cross default provision - for PGN
of a potential default by Saka as significant.

In addition, Saka's syndicated term loan will have to be repaid if
shareholder loans from PGN fall below USD400 million; PGN and Saka
have indicated that the shareholder loans will be maintained above
this level. Furthermore, PGN eased certain terms and conditions of
the shareholder loans to Saka in 1Q19, reflecting continuing
support.

Standalone Profile Downgraded: The downgrade of Saka's standalone
credit profile to 'B' reflects the company's declining production
and reserves. Fitch expects production to decline from 2019 to
about 40 million-45 million barrels of oil equivalent per day
(mboepd), from 50 mboepd in 2018, due to the expiry two concessions
that accounted for over 10% of 2018 production and estimate Saka's
proved reserve life to be less than five years, even with lower
2019 production.

A meaningful improvement in reserve life is contingent on reserve
acquisitions, as Fitch assesses that Saka's organic reserve
replacement is likely to remain well below 1x, the company has weak
contingent reserves against proved reserves and limited assets in
development, inhibiting organic reserve additions. However, Fitch
does not expect Saka to make large investments until its ownership
structure is finalised.

Diversified Operations; Fixed Gas Prices: Saka's operational
diversification across eight producing fields in Indonesia and one
in the US, earning mix, healthy low-cost position of USD9 per
barrel (BBL) in 2018, strong liquidity and adequate financial
profile support its ratings. Saka's gas output in Indonesia, which
comprise nearly half of its oil and gas production, is subject to
fixed-price take-or-pay contracts for the life of its production
concessions, which include escalation terms over the life of the
contracts. This is a key strength as reduces commodity-price risk
compared with most global oil and gas peers.

Adequate Financial Profile: Fitch expects Saka's financial profile
to remain adequate for its standalone credit profile, with FFO net
leverage of 2.5x-3.5x until 2021 and debt/EBITDA at around 3.0x.
However, Fitch forecasts Saka's EBITDA to decline to less than
USD350 million over the next three years, from USD408m in 2018,
owing to lower production volume and weaker oil prices.

DERIVATION SUMMARY

Saka's ratings are notched down once from the standalone credit
assessment of its parent, PGN, of 'BBB-'. The Negative Outlook
reflects Fitch's opinion of weakening operational and strategic
linkages between Saka and PGN, due to the misalignment of Saka's
position within the revised ownership structure of state-owned oil
and gas companies and PGN's potential sale of its stake in Saka.
Saka's ratings remain linked to PGN, as Fitch expects continued
support due to moderate legal linkages and significant reputational
risk of default to PGN.

The downgrade of Saka's standalone credit profile reflects its
weakening operational profile, with falling production and proved
reserve life falling to less than five years; Fitch believes a
significant improvement in reserve life is contingent on new
acquisitions. Saka's long-term fixed-price contracts on more than
half of its sales volume, competitive cost position, operational
scale and adequate financial profile compare favourably against
other oil and gas companies in the 'B' category.

Saka's ratings reflect its weaker expected reserve life compared
with Kosmos Energy Ltd. (B+/Stable) at nine years; GeoPark Limited
(B+/Stable) at seven years; Gran Tierra Energy International
Holdings Ltd. (B/Positive) at five years; and PT Medco Energi
Internasional Tbk (B/Positive) at seven years. These companies'
ratings are constrained at the 'B' category due to limited
operational scale and geographical diversification. The Positive
Outlook on Medco reflects its improving financial profile and on
Gran Tierra its expanding production scale and geographic
diversification. Saka's credit profile benefits from long-term
fixed-price contracts, similar to Medco, and healthy liquidity
profile due to linkages with PGN. Saka's leverage is better than
Medco's, comparable with Kosmos's, but is weaker than that of most
other 'B' category companies.

KEY ASSUMPTIONS

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

  - Oil price of USD65.0/bbl in 2019, USD62.5/bbl in 2020,
USD60.0/bbl in 2021 and USD57.5/bbl from 2022. Natural gas sales
prices as per contracted Indonesian production prices of between
USD5-USD7/metric million British thermal unit for the next three
years.

  - Total oil and gas volume to fall to between 40-45mboepd, from
50mboepd in 2018

  - Capex of USD280 million in 2019 to develop existing gas assets.
Capex to taper off to USD90 million in 2020 and USD130 million in
2021, also to be used to develop existing assets.

  - No major acquisitions

RATING SENSITIVITIES

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

  - Fitch may downgrade Saka's IDR if there is further weakening of
linkages between PGN and Saka. Fitch will reassess the impact of a
changed ownership structure and could widen the notching from PGN's
standalone credit profile or revise the rating approach to bottom
up from Saka's standalone credit assessment.

  - A weakening in PGN's standalone credit profile, provided there
are no changes in linkages between Saka and PGN

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

  - The Outlook maybe revised to Stable following clarity on Saka's
position if Fitch assesses that linkages between PGN and Saka
remain unchanged.

For Saka's standalone credit profile:

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

  - Fitch would consider downgrading Saka's standalone credit
profile down, if debt/EBITDA increases to more than 4.5x or if
there is a further significant deterioration in Saka's reserve
life.

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

  - Saka's standalone credit profile could be upgraded if there is
an improvement in its reserve profile that allows it to maintain
long-term EBITDA generation while preserving its robust earning mix
and a debt/EBITDA leverage of less than 3.0x.

LIQUIDITY

Strong Liquidity: Saka's liquidity profile is healthy for its
rating, with an adequate cash balance of USD513 million as at
end-2018 and USD125 million in an undrawn syndicated loan to meet
near-term capex and debt maturities. Saka also had USD638 million
of loans from PGN; USD200 million was repaid early this year and
the remainder due in 2022. Its USD625 million senior unsecured
notes are due in 2024.



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

JAPAN DISPLAY: OKs JPY80BB Bailout by Chinese, Taiwanese Firms
--------------------------------------------------------------
The Japan Times reports that Japan Display Inc. said on April 12 it
has signed a deal to receive an JPY80 billion ($715 million)
capital injection from a group of Chinese and Taiwanese firms,
leaving its revival, initially planned under a Japanese
government-backed fund, in the hands of foreign companies.

The Japan Times relates that Japan Display, a key supplier to Apple
Inc., said China's Silk Road Fund and Harvest Tech Investment
Management, as well as Taiwan's TPK Holdings and Fubon Financial
Holdings, will together own 49.8 percent of its shares once payment
is made by Dec. 30.

In addition, state-backed INCJ Ltd. will convert part of its
commitment lines and other debts in Japan Display to preferred
shares, boosting the display maker's capital by JPY117 billion in
total, the report says.

The ailing manufacturer, created in 2012 by the
government-sponsored merger of the display operations of Sony
Corp., Hitachi Ltd. and Toshiba Corp., has tried to expand with
support from INCJ, The Japan Times notes.

According to the report, Japan tried using public funds to support
the manufacturer as one of its prominent technology firms, but
failed amid fierce price competition with rivals in South Korea and
China.

While the Tokyo-based company's delay in developing technologies
for organic light-emitting diodes (OLED) also dented its
competitiveness, it remained vulnerable to changes in market
conditions due to its heavy reliance on business with Apple and
limited success in nurturing new clients other than smartphone
makers, the report states.

The Japan Times says the company expects to have booked a group net
loss for the fifth straight year in fiscal 2018 ended March.

Among other Japanese display makers, Sharp Corp. sought help from
Taiwan's Hon Hai Precision Industry Co. in 2016, becoming the first
major Japanese electronics maker to be acquired by a foreign
company, according to The Japan Times.

Japan Display's capital injection and refinancing plan still needs
to be approved by more than two-thirds of its shareholders at their
meeting on June 18, the company said, the report relays.

"Our products have been dependent too much on smartphones, and
recently shrinking demand in them hit our business," The Japan
Times quotes Japan Display President Yoshiyuki Tsukizaki as saying
at a Tokyo news conference.

The Japan Times relates that Mr. Tsukizaki said he aims to build
new factories in China to produce OLED displays and will consider
closing some production based in Japan.

He said no decisions have been made on reviewing its management
team, the report relays.

INCJ's holdings in Japan Display will eventually sink to 12.7
percent from the current 25.3 percent, The Japan Times discloses.

Japan Display Inc. (TYO:6740) is engaged in the development,
design, manufacture and sale of small and medium-size displays and
related products. The Mobile Field provides displays for mobile
equipment, such as smart phone and tab terminals. The In-Vehicle
Consumer and Industry (C&I) and Others Field provides in-vehicle
equipment, including automobile dashboard and car navigation
systems, consumer equipment, such as digital cameras, video cameras
and mobile game machine, medical equipment such as x-ray photo
interpretation monitors, as well as industrial machinery.



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

RIOT FOODS: Creditors Given Three Options for Company's Future
--------------------------------------------------------------
Aimee Shaw at The New Zealand Herald reports that creditors of
administrated snack food company Riot Foods on April 11 gave the
final vote on the future of the business.  The shareholders also
attended a watershed meeting in Auckland where three options for
the Auckland manufacturer's future were discussed, the report
says.

The Herald was not allowed to attend the meeting but McDonald Vague
administrator Iain McLennan said the meeting outlined options for
Riot Foods. He ruled out the possibility of the company being sold
as a going concern.

The Herald relates that there are three scenarios for an outcome,
Mr. McLennan said, which creditors voted. They include: placing the
company into liquidation, handing the business back to directors
Trevor Kamins and Bachelor star Art Green, or establish a deed of
company arrangement between creditors and the company's directors.

According to the Herald, Mr. McLennan said he had no further
comment to make until an outcome had been decided on.

Mr. Green told the Herald the watershed meeting was "positive for
shareholders". He had no update on the state of the business or
further comment to make.

Riot Foods was placed in voluntary administration in early February
after damage to its manufacturing plant left it desperate for
cash.

Administrators McLennan and Peri Finnigan of McDonald Vague have
since been working on sale options for the owner of the CleanPaleo
and Poppy & Olive brands, the Herald notes.

Riot Foods sells cereal, protein powders and dried meat snacks
under the CleanPaleo and Poppy and Olive brands. Riot was founded
by Ryan Kamins, former Black Cap Mitchell McClenaghan and
television personality Art Green in 2014.



=====================
S O U T H   K O R E A
=====================

SAMSUNG BIOLOGICS: Prosecutors Raid Goldman Sachs' Seoul Office
---------------------------------------------------------------
Yonhap News Agency reports that prosecutors raided the Seoul branch
of Goldman Sachs Group Inc. on April 12 as part of their
investigation into Samsung BioLogics Co.'s accounting fraud
allegations.

According to Yonhap, the Seoul Central District Prosecutors' Office
sent investigators to the offices of Goldman Sachs and Credit
Suisse in Seoul to secure documents related to the attempt to list
Samsung BioLogics' biosimilar-making subsidiary, Samsung Bioepis
Co., on the Nasdaq in 2015.

Samsung BioLogics is suspected of breaking accounting rules in
inflating the value of Samsung Bioepis ahead of BioLogics' initial
public offering in 2016, the report says.

Goldman Sachs was a lead manager in the Bioepis' listing plan,
though the plan was scrapped in the middle. Credit Suisse also took
part in the process, Yonhap notes.

After its own inquiry, South Korea's financial watchdog, the
Financial Services Commission, concluded that the alleged
fraudulent accounting possibly amounted to KRW4.5 trillion (US$3.96
billion), says Yonhap.

Yonhap say civic groups claim that the alleged fraud was aimed at
enhancing heir apparent Lee Jae-yong's control of the country's
largest business group, Samsung.

Samsung BioLogics Co., Ltd. engages in the research, development,
and commercialization of biopharmaceutical products worldwide. The
company develops immunosuppressant biosimilars, such as Enbrel
under the Brenzys and Benepali brand names; and Remicade under the
Renflexis and Flixabi brands. Its products also include
antidiabetic agents, other biosimilars of immunosuppressant drugs,
and breasts cancer drugs, which are under regulatory's deliberation
stage.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***